Description of the Business

1. DESCRIPTION OF THE BUSINESS

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

On May 8, 2017 an affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), Sun Wise (UK) Co., LTD (“ZHG”) acquired approximately 21% of the then outstanding shares of common stock of the Company (the “ZHG Transaction”) from certain affiliates of Blackstone (the “Seller”), pursuant to a Stock Purchase Agreement between ZHG and Seller (the “Stock Purchase Agreement”). Subsequent to the ZHG Transaction, Blackstone did not own any remaining shares of the Company. See further discussion in Note 17–Related-Party Transactions and Note 19–Equity-Based Compensation.

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

During each of the years ended December 31, 2018, 2017 and 2016 approximately 57% of the Company’s revenues were generated in the State of Florida.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

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

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets and liabilities, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform with the 2018 presentation, in particular the Company reclassified $0.5 million of dividends payable to other accrued liabilities as of December 31, 2017. Also see Note 3–Recent Accounting Pronouncements.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $17.4 million and $16.8 million at December 31, 2018 and 2017, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2018. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions.

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

Restricted Cash

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

	December 31,		December 31,
	2018		2017
	(In thousands)
Cash and cash equivalents	$	34,073	$	33,178
Restricted cash, included in other current assets		934		819
Total cash, cash equivalents and restricted cash	$	35,007	$	33,997

Accounts Receivable—Net

Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the provision for bad debt was immaterial related to these accounts. The Company also records an allowance on amounts due from monthly installment arrangements based on historical default rates. As of December 31, 2018 and 2017, the Company recorded $14.7 million and $9.5 million, respectively, as an allowance on its installment arrangements with a corresponding reduction to deferred revenue.

Inventories

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

Property and Equipment—Net

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

Land improvements		10-40 years
Buildings		5-40 years
Rides, attractions and equipment		3-20 years
Animals		1-50 years

Material costs to purchase animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to maintain animals are expensed as incurred, including in-house animal breeding costs, as they are immaterial to the consolidated financial statements. Construction in process assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all active construction projects. Total interest capitalized for the years ended December 31, 2018, 2017 and 2016 was $4.2 million, $2.7 million and $2.7 million, respectively.

Computer System Development Costs

The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years. Total capitalized costs related to computer system development costs, net of accumulated amortization, were $6.1 million and $9.2 million as of December 31, 2018 and 2017, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $9.9 million and $16.1 million as of December 31, 2018 and 2017, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2018, 2017 and 2016 was $3.7 million, $3.5 million and $3.4 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive income (loss). Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred.

Impairment of Long-Lived Assets

All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). See Note 8–Property and Equipment for further details.

Goodwill and Other Indefinite-Lived Intangible Assets

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

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

The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for each reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital. See Note 9–Goodwill, Net, for further details.

The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks and other intangible assets which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Significant estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details.

Other Definite-Lived Intangible Assets

The Company’s other intangible assets consist primarily of certain trade names/trademarks, relationships with ticket resellers, a favorable lease asset and a non-compete agreement. These intangible assets are amortized on the straight-line basis over their estimated remaining lives. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details.

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers compensation claims. Total claims reserves were $31.2 million at December 31, 2018, of which $3.8 million is recorded in accrued salaries, wages and benefits, $6.9 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $30.6 million at December 31, 2017, of which $2.6 million is recorded in accrued salaries, wages and benefits, $7.1 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 12–Long-Term Debt.

Share Repurchase Program and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2018 and 2017 is recorded as a reduction to stockholders’ equity as the Company does not currently intend to retire the treasury stock held. See further discussion of the Company’s share repurchase program in Note 20–Stockholders’ Equity.

Revenue Recognition

The Company has adopted Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, 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.

Admissions Revenue

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. As allowed by the practical expedient available to public companies under ASC 606, which the Company adopted, admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying this guidance to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates a redemption rate using historical and forecasted growth rates and attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.

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

Additionally, the Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expenses at the time of the exchange and approximates the estimated fair value of the goods or services provided or received, whichever is more readily determinable. Amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive income (loss) related to bartered ticket transactions were $16.6 million, $20.8 million and $29.1 million, respectively, for the years ended December 31, 2018, 2017 and 2016.

In accordance with the practical expedients available to public companies under ASC 606 which the accounting standards provide to simplify compliance, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. Additionally, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). The Company has also elected not to adjust consideration for the effects of financing components in the form of installment purchase plans as the period between when the Company transfers the promised service to the customer and when the customer pays for that service generally does not exceed one year.

Food, Merchandise and Other Revenue

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

Advertising and Promotional Costs

Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and for the years ended December 31, 2018, 2017 and 2016, totaled approximately $127.5 million, $118.0 million and $124.6 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss).

Equity-Based Compensation

In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company 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 restricted share awards and its 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 postemployment 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 450-20, Loss Contingencies.

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

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating sufficient future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more-likely-than-not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to unrecognized tax benefits are charged to the provision for (benefit from) income taxes in the accompanying consolidated statements of comprehensive income (loss). See further discussion in Note 14–Income Taxes.

Fair Value Measurements

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

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

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

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

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

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

Segment Reporting

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

Derivative Instruments and Hedging Activities

ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) 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.

During 2018, the Company has adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which aims to improve reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplify the application of the hedge accounting guidance. See Note 3–Recent Accounting Pronouncements for further details.

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

Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See further discussion in Note 13–Derivative Instruments and Hedging Activities.

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2018

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

3. RECENT ACCOUNTING PRONOUNCEMENTS

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

Recently Implemented Accounting Standards

In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU gives companies the option to reclassify to retained earnings any tax effects related to items in accumulated other comprehensive income or loss that are stranded due to the Tax Cuts and Jobs Act (the “Tax Act”). Companies are able to early adopt this ASU in any interim or annual period for which financial statements have not yet been issued and apply it either (1) in the period of adoption or (2) retrospectively to each period in which the income tax effects of the Tax Act related to items in accumulated other comprehensive income or loss are recognized. When adopted, the ASU requires all entities to make new disclosures, regardless of whether they elect to reclassify stranded amounts. Companies are required to disclose whether or not they elected to reclassify the tax effects related to the Tax Act as well as their policy for releasing income tax effects from accumulated other comprehensive income or loss. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual reporting periods with early adoption permitted. On January 1, 2018, the Company elected to early adopt the ASU and applied the amendments in the period of adoption. As a result, the Company reclassified $1.1 million of “stranded” tax effects of the Tax Act from accumulated other comprehensive income (loss) to accumulated deficit in the accompanying consolidated balance sheet and the accompanying consolidated statements of changes in stockholders’ equity. See Note 13–Derivative Instruments and Hedging Activities for additional disclosure.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 aims to improve reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplify the application of the hedge accounting guidance. This ASU is effective for fiscal years beginning after December 15, 2018 and interim periods within those annual reporting periods with early adoption permitted. For cash flow and net investment hedges existing as of the adoption date, the guidance requires a cumulative-effect adjustment as of the beginning of the fiscal year that an entity adopts the amendments; however, the presentation and disclosure guidance should be applied prospectively. The Company adopted ASU 2017-12 during the second quarter of 2018. The impact of the adoption was not material to the Company’s consolidated financial statements; as a result, no cumulative effect adjustment to beginning retained earnings was required. See Note 13–Derivative Instruments and Hedging Activities for additional disclosure.

In May 2017, the FASB issued ASU 2017-09, Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU was issued to provide clarity and reduce diversity in practice regarding the application of guidance on the modification of equity awards. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods with early adoption permitted and should be applied prospectively to an award modified on or after the adoption date. The Company adopted this standard on January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements as the Company historically has accounted for all modifications in accordance with Topic 718 and has not been subject to the exception described under this ASU.

In November 2016, the FASB issued ASU 2016-18, Restricted Cash–a Consensus of the FASB Emerging Issues Task Force. This ASU requires companies to include restricted cash balances with cash and cash equivalent balances in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods with early adoption permitted, and should be applied using a retrospective transition method. The Company adopted this standard on January 1, 2018 using the retrospective transition method. For the years ended December 31, 2017 and 2016, the adoption of ASU 2016-18 increased net cash used in investing activities by $0.4 million and decreased net cash used in investing activities by $0.2 million, respectively, when compared to the previously reported amounts in the accompanying consolidated statements of cash flows.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 simplifies the income tax accounting of intra-entity transfers of an asset other than inventory by requiring an entity to recognize the income tax effect when the transfer occurs. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods and early adoption is permitted. The Company adopted this standard on January 1, 2018 using a modified retrospective transition method. The adoption of ASU 2016-16 did not have a material impact on the Company’s consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. This ASU provides guidance on the presentation and classification of eight specific cash flow issues that previously resulted in diversity in practice. The ASU is effective for annual periods beginning after December 15, 2017 and interim periods therein. The Company adopted this standard on January 1, 2018 using a retrospective transition method for each period presented. The adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated statements of cash flows.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration expected to be received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company adopted this standard and subsequently issued amendments on January 1, 2018, using the modified retrospective transition method. The adoption of ASU 2014-09 and its subsequently issued amendments did not have a material impact on the Company’s existing or new contracts as of January 1, 2018; therefore, no cumulative adjustment to beginning retained earnings was required as a result of adoption. See Note 2–Summary of Significant Accounting Policies subtopic “Revenue Recognition” and Note 4–Revenues for additional disclosure.

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. The new guidance will require the Company to continue to classify leases as either operating or financing, with classification affecting the pattern of expense recognition in the income statement. Accounting by lessors will remain largely unchanged from current GAAP. Lessees and lessors are also required to disclose qualitative and quantitative information about leasing arrangements to enable financial statement users to assess the amount, timing and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases (Topic 842) Targeted Improvements. ASU 2018-10 clarifies how to apply certain aspects of ASU 2016-02. ASU 2018-11 provides entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to beginning retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. These ASUs will be effective for annual periods beginning after December 15, 2018, and interim periods therein with early adoption permitted. The Company adopted these ASU’s (collectively, “ASC 842”) on January 1, 2019 using the modified retrospective method. The new standard also provides a number of optional provisions, known as practical expedients, which companies may elect to adopt to facilitate implementation. Upon adoption, the Company elected the package of practical expedients which, among other items, precludes the Company from needing to reassess 1) whether any expired or existing contracts are or contain leases, 2) the lease classification of any expired or existing leases, and 3) initial direct costs for any existing leases. In preparation for the adoption of ASC 842, the Company is establishing new processes and internal controls and is also implementing a new lease accounting information system to enable the preparation of financial information to comply with the new lease accounting and disclosure requirements.

The Company is finalizing its analysis of the expected impacts that the adoption of ASC 842 will have on its consolidated financial statements. Based on preliminary estimates, the Company expects to record right-of-use assets and corresponding lease liabilities of approximately $130.0 million as of January 1, 2019 based on the present value of future minimum lease payments. The Company is currently analyzing other impacts the adoption of ASC 842 may have, however it does not expect a material impact on its consolidated statements of comprehensive income (loss), consolidated statements of cash flows or debt covenant calculations. For more information regarding the Company’s commitments under long-term operating leases requiring annual minimum lease payments, refer to Note 15–Commitments and Contingencies.

In July 2018, the FASB issued ASU 2018-09, Codification Improvements, which clarifies, corrects and makes minor improvements to a wide variety of topics in the ASC. The amendments make the ASC easier to understand and apply by eliminating inconsistencies and providing clarifications. The transition and effective dates are based on the facts and circumstances of each amendment, with some amendments becoming effective upon issuance of the ASU, and others becoming effective for annual periods beginning after December 15, 2018. Included in this ASU are amendments to ASC 718-740, Compensation - Stock Compensation - Income Taxes, which clarify that an entity should recognize excess tax benefits in the period in which the amount of deduction is determined. The Company is evaluating the effect of the amendments within ASU 2018-09, but does not expect a material impact on the Company's financial position or results of operations.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU generally aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The ASU also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s financial position or results of operations.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The ASU eliminates certain disclosures related to the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The ASU also adds new disclosure requirements for Level 3 measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company's disclosures.

In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which expands the list of United States benchmark interest rates permitted in the application of hedge accounting. The amendments in this ASU allow use of the Overnight Index Swap (OIS) rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, Derivatives and Hedging. The amendments in this ASU are effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods. The Company will adopt this guidance in the first quarter of 2019 using a prospective method. The Company does not expect adoption will have a material impact on the Company’s consolidated financial statements.

Revenues

12 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenues

4. REVENUES

Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective transition method. The adoption of ASC 606 did not have a material impact on the Company’s existing or new contracts as of January 1, 2018; therefore, no cumulative adjustment to beginning retained earnings was required as a result of adoption.

The Company recognizes revenue upon admission into a park for single day tickets and when products are received by customers for merchandise, culinary or other in-park spending. For season passes and other multi-use admission products, deferred revenue is recorded and the related revenue is recognized over the terms of the admission product and its estimated redemption rates, which is adjusted periodically. Total revenues in the accompanying consolidated statements of comprehensive income (loss) are recorded net of sales-related taxes collected from guests and remitted or payable to government taxing authorities. See further discussion in Note 2–Summary of Significant Accounting Policies-Revenue Recognition.

Deferred revenue primarily includes revenue associated with pass products and contract liability balances related to licensing and international agreements collected in advance of the Company’s performance and expected to be recognized in future periods. At December 31, 2018 and 2017, $10.1 million and $10.9 million, respectively, is included in other liabilities in the accompanying consolidated balance sheets related to the long-term portion of deferred revenue, which primarily relates to the Company’s international agreement, as discussed in the following section. The Company expects to recognize this revenue over the term of the respective license agreement beginning when substantially all of the services have been performed, which is expected to be upon opening.

The following table reflects the Company’s deferred revenue balance as of December 31, 2018 and 2017:

	2018		2017
	(In thousands)
Deferred revenue, including long-term portion	$	111,181	$	90,437
Less: Deferred revenue, long-term portion, included in other liabilities		10,071		10,883
Deferred revenue, short-term portion	$	101,110	$	79,554

With the exception of an immaterial amount, substantially all of the $79.6 million of deferred revenue, short term portion, balance outstanding as of January 1, 2018 was recognized as revenue during the year ended December 31, 2018. The change in deferred revenue as of December 31, 2018 compared to the prior period relates to additional pass product sales during the year ended December 31, 2018, offset by revenue recognized during 2018.

International Agreements

In March 2017, the Company entered into a Park Exclusivity and Concept Design Agreement (the “ECDA”) and a Center Concept and Preliminary Design Support Agreement (the “CDSA”) (collectively, the “ZHG Agreements”) with an affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), a related party, to provide design, support and advisory services for various potential projects and grant exclusive rights in China, Taiwan, Hong Kong and Macau (the “Territory”). The Company analyzed the ZHG Agreements under ASC 606 and determined that the agreements should be combined for accounting purposes and the respective performance obligations should be combined into a single performance obligation which meets the criteria to be recognized over time. Additionally, the services related to the ZHG Agreements are provided ratably over the contract term, as such, the Company recognizes revenue under the ZHG Agreements on a straight line basis over the contractual term of the agreements including approximately $5.1 million and $3.9 million in the years ended December 31, 2018 and 2017, respectively, which is included in food, merchandise and other revenue in the accompanying consolidated statements of comprehensive income (loss). See further discussion in Note 17–Related Party Transactions.

The Company has also received $10.0 million in deferred revenue recorded in other liabilities related to a nonrefundable payment received from a partner in connection with a potential project in the Middle East (the “Middle East Project”) to provide certain services pertaining to the planning and design of the Middle East Project, with funding received expected to offset internal expenses. Approximately $3.8 million and $3.1 million of costs incurred related to the Middle East Project are recorded in other assets in the accompanying consolidated balance sheet as of December 31, 2018 and 2017, respectively. The Company has recognized an asset for the costs incurred to fulfill the contract as the costs are specifically identifiable, enhance resources that will be used to satisfy performance obligations in the future and are expected to be recovered. The related deferred revenue and expense will begin to be recognized when substantially all of the services have been performed, which is expected to be upon opening of the park. The Company continually monitors performance on the contract and will make adjustments, if necessary. The Middle East Project is subject to various conditions, including, but not limited to, the parties completing the design development and there is no assurance that the Middle East Project will be completed or advance to the next stages.

Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings (Loss) per Share

5. EARNINGS (LOSS) PER SHARE

Earnings (loss) per share is computed as follows:

	Year Ended December 31,
	2018						2017								2016
	Net Income		Shares		Per Share Amount		Net Loss			Shares		Per Share Amount			Net Loss			Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings (loss) per share	$	44,788		86,170	$	0.52	$	(202,386	)		85,811	$	(2.36	)	$	(12,531	)		84,925	$	(0.15	)
Effect of dilutive incentive-based awards				740							—								—
Diluted earnings (loss) per share	$	44,788		86,910	$	0.52	$	(202,386	)		85,811	$	(2.36	)	$	(12,531	)		84,925	$	(0.15	)

In accordance with the Earnings Per Share Topic of the ASC, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock). The shares of unvested restricted stock are eligible to receive dividends; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of outstanding restricted stock are included in the calculation of basic 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 earnings (loss) per share is determined using the treasury stock method based on the dilutive effect of unvested restricted awards and certain shares of common stock that are issuable upon exercise of stock options. During the year ended December 31, 2018, there were approximately 1,299,000 anti-dilutive shares of common stock excluded from the computation of diluted earnings per share. During the years ended December 31, 2017 and 2016, there were approximately 5,090,000 and 4,807,000 potentially dilutive shares of common stock excluded from the computation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in those periods, respectively.

The Company’s outstanding performance-vesting restricted share awards are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period. For the years ended December 31, 2018, 2017 and 2016, approximately 364,000, 78,000, and 13,000 performance-vesting restricted share awards had met their performance criteria as of the end of the reporting periods, respectively, and are therefore included in the calculation of diluted earnings per share. See further discussion in Note 19–Equity-Based Compensation.

Inventories

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

6. INVENTORIES

Inventories as of December 31, 2018 and 2017 consisted of the following:

	2018		2017
	(In thousands)
Merchandise	$	31,232	$	26,586
Food and beverage		4,365		4,084
Other supplies		217		217
Total inventories	$	35,814	$	30,887

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2018

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets as of December 31, 2018 and 2017 consisted of the following:

	2018		2017
	(In thousands)
Prepaid insurance	$	5,857	$	6,711
Prepaid marketing and advertising costs		3,821		2,800
Other		9,022		6,799
Total prepaid expenses and other current assets	$	18,700	$	16,310

Property and Equipment, Net

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Property and Equipment, Net

8. PROPERTY AND EQUIPMENT, NET

The components of property and equipment, net as of December 31, 2018 and 2017, consisted of the following:

	2018			2017
	(In thousands)
Land	$	286,200		$	286,200
Land improvements		378,261			354,544
Buildings		690,921			670,121
Rides, attractions and equipment		1,476,866			1,433,246
Animals		142,081			142,147
Construction in process		82,709			65,816
Less accumulated depreciation		(1,365,006	)		(1,276,833	)
Total property and equipment, net	$	1,692,032		$	1,675,241

Depreciation expense was approximately $155.0 million, $155.2 million, and $191.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. During 2016, the Company made a decision to remove deep-water lifting floors from the orca habitats at each of its three SeaWorld theme parks. As a result, during the year ended December 31, 2016, the Company recorded approximately $33.7 million of accelerated depreciation related to the disposal of these lifting floors.

During 2018, the Company recorded approximately $10.9 million in fixed asset disposals associated with certain rides and equipment which were removed from service during 2018, which is included in operating expenses in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2018. During 2017, the Company amended an existing agreement relating to the use of certain animals, which reduced the expected future cash flows related to the agreement. As a result, the Company recognized an impairment loss of approximately $7.8 million which is included in operating expenses in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2017. During 2016, the Company recorded approximately $6.4 million in asset write-offs associated with a canceled project, which is included in operating expenses in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2016.

Goodwill, Net

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill, Net

9. GOODWILL, NET

2017 Interim Impairment Test— Due to financial performance particularly late in the second quarter of 2017 at the Company’s SeaWorld Orlando park, the Company determined a triggering event occurred that required an interim goodwill impairment test for its SeaWorld Orlando reporting unit as of June 30, 2017. Based on financial performance and the resulting impact on projections at that time of future cash flows for this reporting unit, the Company concluded that the reporting unit’s goodwill was fully impaired and recorded a non-cash goodwill impairment charge of $269.3 million in the accompanying consolidated statement of comprehensive income (loss) during the year ended December 31, 2017. The estimated fair value for the SeaWorld Orlando reporting unit was determined using the income approach and represents a Level 3 fair value measurement measured on a non-recurring basis in the fair value hierarchy due to the Company’s use of internal projections and unobservable measurement inputs.

The changes in the carrying amount of goodwill for each reporting unit for the years ended December 31, 2018 and 2017 are as follows:

	SeaWorld Orlando			Discovery Cove		Total
	(In thousands)
Gross carrying amount at January 1, 2017	$	269,332		$	66,278	$	335,610
Accumulated impairment loss at January 1, 2017		—			—		—
Net carrying amount at January 1, 2017		269,332			66,278		335,610
Goodwill impairment charge		(269,332	)		—		(269,332	)
Net carrying amount at December 31, 2017		—			66,278		66,278
Changes in goodwill		—			—		—
Net carrying amount at December 31, 2018	$	—		$	66,278	$	66,278

Annual Impairment Test—The Company performed a qualitative assessment on its remaining goodwill at December 1, 2018 and 2017, which now relates only to its Discovery Cove reporting unit, and concluded that it was more-likely-than-not that goodwill was not impaired.

Trade Names/Trademarks and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Trade Names/Trademarks and Other Intangible Assets, Net

10. TRADE NAMES/TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET

2017 Interim Impairment Test – Due to financial performance particularly late in the second quarter of 2017 at the Company’s SeaWorld San Diego and Orlando parks, the Company determined a triggering event occurred that required an interim impairment test for certain trade names/trademarks with a combined balance of $93.0 million related to the SeaWorld brand. Based on its assessment, the Company calculated that the estimated fair value of the trade names/trademarks exceeded their carrying values. As a result, the Company determined there was no impairment as the estimated fair values of these trade names/trademarks were in excess of their carrying values.

Annual Impairment Test – The Company conducted a qualitative assessment for its other indefinite-lived intangible assets at December 1, 2018 and concluded that it was more-likely-than-not that the trade names/trademarks were not impaired. The Company also conducted either a qualitative or a quantitative assessment for its other indefinite-lived intangible assets at December 1, 2017 and 2016, and concluded that it was more-likely-than-not that the trade names/trademarks were not impaired.

Trade names/trademarks, net, at December 31, 2018, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Trade names/trademarks - indefinite lives		$	157,000	$	—	$	157,000
Trade names/trademarks- finite lives	9.3 years		12,900		11,557		1,343
Total trade names/trademarks, net		$	169,900	$	11,557	$	158,343

Trade names/trademarks, net, at December 31, 2017, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Trade names/trademarks - indefinite lives		$	157,000	$	—	$	157,000
Trade names/trademarks- finite lives	9.3 years		12,900		10,098		2,802
Total trade names/trademarks, net		$	169,900	$	10,098	$	159,802

Other intangible assets, net, at December 31, 2018, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Favorable lease asset	39 years	$	18,200	$	4,200	$	14,000
Reseller agreements	8.1 years		22,300		22,300		—
Non-compete agreement	5 years		500		500		—
Other intangible assets - indefinite lives			120		—		120
Total other intangible assets, net		$	41,120	$	27,000	$	14,120

Other intangible assets, net, at December 31, 2017, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Favorable lease asset	39 years	$	18,200	$	3,734	$	14,466
Reseller agreements	8.1 years		22,300		22,032		268
Non-compete agreement	5 years		500		458		42
Other intangible assets - indefinite lives			120		—		120
Total other intangible assets, net		$	41,120	$	26,224	$	14,896

Total amortization expense was approximately $2.2 million, $4.6 million and $4.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. The total weighted average amortization period of all finite-lived intangibles is 18.8 years.

Total expected amortization expense of the finite-lived intangible assets for the succeeding five years and thereafter is as follows:

Years Ending December 31	(In thousands)
2019	$	1,849
2020		467
2021		467
2022		467
2023		467
Thereafter		11,626
	$	15,343

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2018

Payables And Accruals [Abstract]

Other Accrued Liabilities

11. OTHER ACCRUED LIABILITIES

Other accrued liabilities at December 31, 2018 and 2017, consisted of the following:

	2018		2017
	(In thousands)
Self-insurance reserve	$	6,895	$	7,084
Accrued interest		490		6,078
Dividends payable		84		470
Accrued property taxes		—		1,280
Other		15,597		5,170
Total other accrued liabilities	$	23,066	$	20,082

As of December 31, 2018 and 2017, other liabilities above includes $11.5 million and $3.4 million, respectively, related to the EZPay plan lawsuit legal settlement, further described in Note 15–Commitments and Contingencies. As of December 31, 2017, accrued interest above includes $5.1 million relating to the Company’s fourth quarter 2017 interest payable on its Term B-2 Loans, which was paid on January 5, 2018. See further discussion in Note 12–Long-Term Debt.

Long-Term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

12. LONG-TERM DEBT

Long-term debt, net, as of December 31, 2018 and 2017 consisted of the following:

	2018			2017
	(In thousands)
Term B-5 Loans (effective interest rate of 5.52% and 4.69% at December 31, 2018 and 2017, respectively)	$	1,523,389		$	990,819
Term B-2 Loans (effective interest rate of 3.94% at December 31, 2017)		—			554,227
Revolving credit facility (effective interest rate of 5.17% and 4.24% at December 31, 2018 and 2017, respectively)		30,000			15,000
Total long-term debt		1,553,389			1,560,046
Less discounts		(6,564	)		(8,685	)
Less debt issuance costs		(6,641	)		(9,045	)
Less current maturities		(45,505	)		(38,707	)
Total long-term debt, net	$	1,494,679		$	1,503,609

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

On March 31, 2017, SEA entered into a refinancing amendment, Amendment No. 8 (the “Amendment No. 8”), to its Existing Credit Agreement. In connection with Amendment No. 8, SEA borrowed $998.3 million of additional term loans (the “Term B-5 Loans”) of which the proceeds, along with cash on hand, were used to redeem all of the then outstanding principal of the Term B-3 loans (the “Term B-3 Loans”), with a principal amount equal to $244.7 million and a portion of the outstanding principal of the Term B-2 loans (the “Term B-2 Loans”), with a principal amount equal to $753.6 million, and pay other fees, costs and expenses in connection with Amendment No. 8 and related transactions. Additionally, pursuant to Amendment No. 8, SEA terminated the then existing revolving credit commitments and replaced them with a new tranche with an aggregate commitment amount of $210.0 million.

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

In connection with the issuance of the additional Term B-5 Loans and as a result of the Amended Credit Agreement, SEA recorded a discount of $0.7 million during the year ended December 31, 2018. Additionally, SEA wrote-off debt issuance costs of $8.2 million, which is included in loss on early extinguishment of debt and write-off of discounts and debt issuances costs in the accompanying consolidated statement of comprehensive income (loss) during the year ended December 31, 2018. In connection with the issuance of the Term B-5 Loans as a result of Amendment No. 8 in 2017, SEA recorded a discount of $5.0 million and immaterial debt issuance costs during the year ended December 31, 2017. Additionally, SEA wrote-off debt issuance costs of $8.0 million, which is included in loss on early extinguishment of debt and write-off of discounts and debt issuances costs in the accompanying consolidated statement of comprehensive income (loss) during the year ended December 31, 2017. See discussion in the Senior Secured Credit Facilities section which follows for further information.

As of December 31, 2018, SEA was in compliance with all covenants contained in the documents governing the Senior Secured Credit Facilities.

Senior Secured Credit Facilities

As of December 31, 2018, the Senior Secured Credit Facilities consisted of $1.523 billion in Term B-5 Loans which will mature on March 31, 2024 and a $210.0 million New Revolving Credit Facility, of which $30.0 million was outstanding as of December 31, 2018. The New Revolving Credit Facility will mature on October 31, 2023. The outstanding balance on the revolving credit facility was included in current maturities of long-term debt in the accompanying consolidated balance sheets as of December 31, 2018 and 2017 due to the Company’s intent to repay the borrowings within the following twelve month period. Subsequent to December 31, 2018, SEA borrowed an additional $45.0 million on the New Revolving Credit Facility for general working capital purposes.

The Term B-5 Loans amortize in equal quarterly installments, commencing with the fiscal quarter ending December 31, 2018, in aggregate annual amounts equal to 1.015% of the original principal amount of Term B-5 Loans outstanding on the Effective Date, with the balance payable on the final maturity date. SEA may voluntarily repay amounts outstanding under the Senior Secured Credit Facilities at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans.

SEA is required to prepay the outstanding Term B-5 Loans, subject to certain exceptions, with

(i)

50% of SEA’s annual “excess cash flow” (with step-downs to 25% and 0%, as applicable, based upon achievement by SEA of a certain secured total leverage ratio), subject to certain exceptions;

(ii)

100% of the net cash proceeds of certain non-ordinary course asset sales or other dispositions subject to reinvestment rights and certain exceptions; and

(iii)

100% of the net cash proceeds of any incurrence of debt by SEA or any of its restricted subsidiaries, other than debt permitted to be incurred or issued under the Senior Secured Credit Facilities.

Notwithstanding any of the foregoing, each lender of term loans has the right to reject its pro rata share of mandatory prepayments described above, in which case SEA may retain the amounts so rejected. The foregoing mandatory prepayments will be applied pro rata to installments of term loans in direct order of maturity. During the first quarter of 2017, the Company made a mandatory prepayment of approximately $6.3 million based on its excess cash flow calculation as of December 31, 2016. Approximately $3.5 million of the mandatory prepayment was accepted by the lenders and applied ratably to the Term B-2 and Term B-3 Loans prior to Amendment No. 8 on March 31, 2017, and the remainder of $2.8 million was applied as a voluntary prepayment to the Term B-2 Loans in the second quarter of 2017. There were no mandatory prepayments made during the years ended December 31, 2018 and 2016.

SEA may go to market to increase and/or add one or more incremental term loan facilities to the Senior Secured Credit Facilities and/or increase commitments under the New Revolving Credit Facility in an aggregate principal amount of up to $350.0 million. SEA may also incur additional incremental term loans provided that, among other things, on a pro forma basis after giving effect to the incurrence of such incremental term loans, the First Lien Secured Leverage Ratio, as defined in the Senior Secured Credit Facilities, is no greater than 3.50 to 1.00.

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

Term B-5 Loans

The Term B-5 Loans were initially borrowed in an aggregate principal amount of $998.3 million on March 31, 2017 in connection with Amendment No. 8. Additional Term B-5 Loans of $543.9 million were borrowed on October 31, 2018 in connection with the Amended Credit Agreement. Borrowings of the Term B-5 Loans under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’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%.

New Revolving Credit Facility

Borrowings of the New Revolving Credit Facility under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus ¹⁄₂ of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate”, in each case, plus an applicable margin equal to 1.75%; or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the New Revolving Credit Facility be less than 0.0% per annum) plus an applicable margin equal to 2.75%. The applicable margin for borrowings under the New Revolving Credit Facility are subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings, which the Company did not achieve as of December 31, 2018.

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

As of December 31, 2018, SEA had approximately $21.3 million of outstanding letters of credit leaving approximately $158.7 million available for borrowing under the New Revolving Credit Facility.

Restrictive Covenants

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

The Amended Credit Agreement removed all financial covenants on the Term B-5 Loans. The New Revolving Credit Facility requires that the Company comply with a springing maximum first lien secured leverage ratio of 6.25x to be tested as of the last day of any fiscal quarter, solely to the extent that on such date the aggregate amount of funded loans and letters of credit (excluding undrawn letters of credit in an amount not to exceed $30.0 million and cash collateralized letters of credit) under the New Revolving Credit Facility exceeds an amount equal to 35% of the then outstanding commitments under the New Revolving Credit Facility.

The Senior Secured Credit Facilities permit restricted payments in an aggregate amount per annum equal to the sum of (A) $25.0 million plus (B) an amount, if any, equal to (1) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment, is no greater than 3.50 to 1.00, an unlimited amount, (2) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00, the greater of (a) $95.0 million and (b) 7.50% of Market Capitalization (as defined in the Senior Secured Credit Facilities), (3) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.50 to 1.00 and greater than 4.00 to 1.00, $95.0 million and (4) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 5.00 to 1.00 and greater than 4.50 to 1.00, $65.0 million.

As of December 31, 2018, the total leverage ratio as calculated under the Senior Secured Credit Facilities was 3.58 to 1.00, which would result in the Company having approximately $180.0 million available capacity for restricted payments. However, the available capacity for restricted payments is recalculated at the beginning of each quarter, or upon declaration of a restricted payment, as set forth in the credit agreement.

Long-term debt at December 31, 2018, is repayable as follows and does not include the impact of any future voluntary prepayments. The outstanding balance under the New Revolving Credit Facility is included in current maturities of long-term debt in the accompanying consolidated balance sheet as of December 31, 2018, due to the Company’s intent to repay the borrowings within the next twelve months:

Years Ending December 31,	(In thousands)
2019	$	45,505
2020		15,505
2021		15,505
2022		15,505
2023		15,505
Thereafter		1,445,864
Total	$	1,553,389

Interest Rate Swap Agreements

As of December 31, 2018, the Company has five interest rate swap agreements (“the Interest Rate Swap Agreements”) which effectively fix the interest rate on the LIBOR-indexed interest payments associated with $1.0 billion of SEA’s outstanding long-term debt. The Interest Rate Swap Agreements became effective on September 30, 2016; have a total notional amount of $1.0 billion; mature on May 14, 2020; require the Company to pay a weighted-average fixed rate of 2.45% per annum to swap counterparties; provide that the Company receives a variable rate of interest based upon the greater of 0.75% or the BBA LIBOR; and have interest settlement dates occurring on the last day of December, March, June and September through maturity.

In 2016, the Company had four interest rate swap agreements (the “Former Interest Rate Swap Agreements”) which matured in accordance with their terms. Three of the interest rate swap agreements had a combined notional amount of $1.0 billion; required the Company to pay a fixed rate of interest between 1.049% and 1.051% per annum; paid swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and had interest settlement dates occurring on the last day of March, June, September and December through maturity. The fourth interest rate swap was executed in April 2015 to effectively fix the interest rate on $250.0 million of the Term B-3 Loans and had a notional amount of $250.0 million; required the Company to pay a fixed rate of interest of 0.901% per annum; paid swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and had interest settlement dates occurring on the last day of December, March, June and September through maturity.

SEA designated the Interest Rate Swap Agreements and the Former Interest Rate Swap Agreements above as qualifying cash flow hedge accounting relationships as further discussed in Note 13–Derivative Instruments and Hedging Activities which follows.

Cash paid for interest relating to the Senior Secured Credit Facilities, Interest Rate Swap Agreements and Former Interest Rate Swap Agreements, net of amounts capitalized, as applicable, was $82.5 million, $80.6 million and $46.9 million during the years ended December 31, 2018, 2017 and 2016, respectively. Cash paid for interest during the year ended December 31, 2017 excludes $5.1 million related to the fourth quarter interest payment on the Term B-2 Loans which was paid on January 5, 2018. Cash paid for interest during the year ended December 31, 2016 excludes $12.9 million related to the fourth quarter interest payment on the Senior Secured Credit Facilities which was paid on January 3, 2017. See Note 11–Other Accrued Liabilities for accrued interest included in the accompanying consolidated balance sheets as of December 31, 2018 and 2017.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

13. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

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

As of December 31, 2018 and 2017, the Company did not have any derivatives outstanding that were not designated in hedge accounting relationships.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the years ended December 31, 2018, 2017 and 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

As of December 31, 2018 and 2017, the Company had five Interest Rate Swap Agreements that mature on May 14, 2020, which effectively fix the interest rate on LIBOR-indexed interest payments associated with $1.0 billion of SEA’s outstanding long-term debt.

The interest rate swap agreements are designated as cash flow hedges of interest rate risk. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $2.5 million will be reclassified as a reduction to interest expense.

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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets as of December 31, 2018 and 2017:

Asset Derivatives

Liability Derivatives

As of December 31, 2018

As of December 31, 2017

Balance Sheet

Location

Fair Value

Balance Sheet

Location

Fair Value

Derivatives designated as hedging instruments:

(In thousands)

Interest rate swap agreements

Other assets

3,109

Other liabilities

8,455

Total derivatives designated as hedging instruments

$

3,109

$

8,455

Derivative instruments are valued according to the methodology outlined in Note 2–Summary of Significant Accounting Policies. The Company has determined that its derivatives fall within Level 2 of the fair value hierarchy as discussed in Note–16 Fair Value Measurements. The unrealized gain on derivatives is recorded net of a tax expense of $3.1 million and $5.7 million for the years ended December 31, 2018 and 2017, respectively, and is included in the accompanying statements of changes in stockholders’ equity and the consolidated statements of comprehensive income (loss).

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

The table below presents the pre-tax effect of the Company’s derivative financial instruments in the accompanying consolidated statements of comprehensive income (loss) for the years ended December 31, 2018 and 2017:

	2018			2017
	(In thousands)
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss)	$	14,262		$	1,619
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense	$	(2,697	)	$	12,733

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2018 and 2017, net of tax:

Accumulated other comprehensive income (loss) (In thousands):			Gains (Losses) on Cash Flow Hedges
Accumulated other comprehensive loss at December 31, 2016			$	(13,694	)
Other comprehensive income before reclassifications	972
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	7,646
Unrealized gain on derivatives, net of tax				8,618
Accumulated other comprehensive loss at December 31, 2017				(5,076	)
Effects of adoption of ASU 2018-02				(1,094	)
Other comprehensive income before reclassifications	10,426
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(1,972	)
Unrealized gain on derivatives, net of tax				8,454
Accumulated other comprehensive income at December 31, 2018			$	2,284

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

14. INCOME TAXES

For the years ended December 31, 2018, 2017 and 2016, the provision for (benefit from) income taxes is comprised of the following:

	2018			2017			2016
Current income tax provision (benefit)	(In thousands)
Federal	$	(99	)	$	(66	)	$	(72	)
State		1,113			1,525			442
Foreign		7			12			23
Total current income tax provision		1,021			1,471			393
Deferred income tax provision (benefit):
Federal		13,019			(74,312	)		5,169
State		3,875			(12,165	)		3,768
Total deferred income tax provision (benefit)		16,894			(86,477	)		8,937
Total income tax provision (benefit)	$	17,915		$	(85,006	)	$	9,330

The deferred income tax provision (benefit) represents the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Cash paid for income taxes totaled $0.8 million, $0.5 million and $0.8 million, for the years ended December 31, 2018, 2017 and 2016, respectively.

The components of deferred income tax assets and liabilities as of December 31, 2018 and 2017 are as follows:

	2018			2017
Deferred income tax assets:	(In thousands)
Acquisition and debt related costs	$	5,814		$	5,557
Net operating losses		180,658			201,604
Goodwill impairment		53,972			54,207
Self-insurance		6,847			6,992
Deferred revenue		2,718			2,627
Cash flow hedge		—			2,282
Restricted stock		4,472			4,097
Tax credits		9,317			7,922
Other		7,779			7,263
Total deferred income tax assets		271,577			292,551
Valuation allowance		(2,762	)		(2,762	)
Net deferred tax assets		268,815			289,789
Deferred income tax liabilities:
Property and equipment		(192,224	)		(201,019	)
Amortization - Goodwill		(41,803	)		(37,291	)
Amortization - Other Intangibles		(18,144	)		(15,193	)
Cash flow hedge		(836	)		—
Other		(2,992	)		(3,466	)
Total deferred income tax liabilities		(255,999	)		(256,969	)
Net deferred income tax assets	$	12,816		$	32,820

The Company files federal, state and provincial income tax returns in various jurisdictions with varying statute of limitation expiration dates. Under the tax statute of limitations applicable to the Internal Revenue Code of 1986, as amended (the “Code”), the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2013. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2009 and subsequent years, these attributes can still be audited when utilized on returns filed in the future. The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an unrecognized tax benefit. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision in the applicable period.

The Company has federal tax net operating loss carryforwards of approximately $615.3 million as of December 31, 2018 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $990.5 million as of December 31, 2018. These net operating loss carryforwards, if not used to reduce taxable income in future periods, will begin to expire in 2029, for both federal and state tax purposes.

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

Due to the uncertainty of realizing the benefit from the deferred tax asset recorded for state net operating loss carryforwards, the Company has recorded a valuation allowance of approximately $2.8 million, net of federal tax benefit, on the deferred tax assets related to those state net operating losses as of December 31, 2018 and 2017. As of December 31, 2017, the Company had approximately $0.4 million of charitable contributions which expired unused.

During 2017, an ownership shift of more than 50 percent as defined by the Internal Revenue Code (“IRC”) Section 382 occurred. The Company determined that, while an ownership shift occurred and limits were determined under Section 382 and the regulations and guidance thereunder, the applicable limits would not impair the value or anticipated use of the Company’s federal and state net operating losses. Although realization is not assured, management believes it is more likely than not that any limitation under IRC Section 382 will not impair the realizability of the deferred income tax assets related to federal and state tax net operating loss carryforwards. However, the annual limitations may impact the timeframe over which the net operating loss carryforwards can be used, potentially impacting the cash tax liabilities in a future period.

The reconciliation between the statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2018, 2017 and 2016, is as follows:

	2018							2017							2016
	Amount			%				Amount			%				Amount			%
	(In thousands)
Income tax at federal statutory rates	$	13,167			21.00		%	$	(100,587	)		35.00		%	$	(1,120	)		35.00		%
Federal net operating loss adjustment		—			—				—			—				422			(13.18	)
State taxes, net of federal benefit		4,640			7.40				(5,800	)		2.02				1,870			(58.42	)
Nondeductible equity-based compensation		668			1.07				2,901			(1.01	)			8,806			(275.10	)
Tax credits		(1,221	)		(1.95	)			(730	)		0.25				(1,881	)		58.75
Goodwill impairment		—			—				17,584			(6.12	)			—			—
Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act		—			—				(1,808	)		0.63				—			—
Nondeductible settlement		840			1.34				—			—				—			—
Valuation allowance		—			—				1,688			(0.59	)			(882	)		27.55
Other		(179	)		(0.29	)			1,746			(0.60	)			2,115			(66.07	)
Income tax provision (benefit)	$	17,915			28.57		%	$	(85,006	)		29.58		%	$	9,330			(291.47	)	%

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes significant modifications to the provisions of the Internal Revenue Code, including but not limited to a corporate tax rate decrease from 35% to 21% effective as of January 1, 2018. The Company’s net deferred tax assets and liabilities were revalued at the newly enacted U.S. corporate rate in the year of enactment.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. COMMITMENTS AND CONTINGENCIES

At December 31, 2018, the Company has commitments under long-term operating and capital leases requiring annual minimum lease payments as follows:

Years Ending December 31,	(In thousands)
2019	$	16,809
2020		14,405
2021		13,331
2022		11,624
2023		10,683
Thereafter		268,028
Total	$	334,880

Rental expense was $21.2 million, $20.5 million and $20.9 million for the years ended December 31, 2018, 2017 and 2016, respectively.

The SeaWorld theme park in San Diego, California, leases the land for the theme park from the City of San Diego. The lease term is for 50 years ending on July 1, 2048. Lease payments are based upon gross revenue from the San Diego theme park subject to certain minimums. On January 1, 2017, the minimum annual rent payment was recalculated in accordance with the lease agreement as approximately $10.4 million and is included in the table above for all periods presented. This annual rent will remain in effect until January 1, 2020, at which time the next recalculation will be completed in accordance with the lease agreement.

The Company has commenced construction of certain new theme park attractions and other projects under contracts with various third parties, including the construction of a new corporate headquarters building on owned land adjacent to its SeaWorld Orlando park, which is scheduled to be completed in 2019. At December 31, 2018, excluding certain amounts related to the License Agreement with Sesame Workshop as described below, additional capital payments of approximately $207.0 million are necessary to complete these projects. The majority of these projects are expected to be completed in 2019 and 2020.

License Agreements

On May 16, 2017, SEA entered into a License Agreement (the “License Agreement”) with Sesame Workshop (“Sesame”), a New York not-for-profit corporation. The License Agreement supersedes the previous two license agreements and extends SEA’s status as Sesame’s exclusive theme park partner in the United States, Puerto Rico and the U.S. Virgin Islands (the “Sesame Territory”), and provides for the payment of certain royalty payments based on gross receipts for stand-alone theme parks (“Standalone Parks”) and license fees and merchandise royalties for Sesame themed areas within SEA theme parks (“Sesame Lands”). Sesame will retain the right to develop certain family entertainment centers subject to certain restrictions including size, number, types of attractions and geographic location. SEA’s principal commitments pursuant to the License Agreement include: (i) opening a new Sesame Place theme park no later than mid-2021 in a location to be determined within the Sesame Territory; (ii) building a new Sesame Land in SeaWorld Orlando by fall 2022; (iii) investing in minimum annual capital and marketing thresholds; and (iv) providing support for agreed upon sponsorship and charitable initiatives, including Sesame’s annual gala event. As of December 31, 2018, the Company estimates the combined remaining obligations for these commitments could be up to approximately $79.0 million over the remaining term of the agreement. After the opening of the second Standalone Park (counting the existing Sesame Place Standalone Park in Langhorne, Pennsylvania), SEA will have the option to build additional Standalone Parks in the Sesame Territory within agreed upon timelines. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15 year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. On May 2, 2018 the Company announced that it plans to open Sesame Street at SeaWorld Orlando in Spring of 2019.

Pursuant to the License Agreement with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event.

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

Securities Class Action Lawsuits

On September 9, 2014, a purported stockholder class action lawsuit consisting of purchasers of the Company’s common stock during the periods between April 18, 2013 and August 13, 2014, captioned Baker v. SeaWorld Entertainment, Inc., et al., Case No. 14-CV-02129-MMA (KSC), was filed in the U.S. District Court for the Southern District of California against the Company, the Chairman of the Company’s Board, certain of its executive officers and Blackstone. On February 17, 2015, Court-appointed Lead Plaintiffs, Pensionskassen For Børne- Og Ungdomspædagoger and Arkansas Public Employees Retirement System, together with additional plaintiffs, Oklahoma City Employee Retirement System and Pembroke Pines Firefighters and Police Officers Pension Fund (collectively, “Plaintiffs”), then filed an amended complaint against the Company, the Chairman of the Company’s Board, certain of its executive officers, Blackstone, and underwriters of the initial public offering and secondary public offerings. The amended complaint alleges, among other things, that the prospectus and registration statements filed contained materially false and misleading information in violation of the federal securities laws and seeks unspecified compensatory damages and other relief. Plaintiffs contend that defendants knew or were reckless in not knowing that Blackfish was impacting SeaWorld’s business at the time of each public statement. On May 29, 2015, the Company and the other defendants filed motions to dismiss the amended complaint which the Court granted on March 31, 2016. On May 31, 2016, Plaintiffs filed a second amended consolidated class action complaint (“Second Amended Complaint”), which, among other things, no longer names the Company’s Board or underwriters as defendants The Court later denied a renewed motion to dismiss the Second Amended Complaint. In May 2017, Plaintiffs filed a motion for class certification which the Court granted on November 29, 2017. On December 13, 2017, Defendants filed a petition for permission to appeal the Court’s class certification order with the United States Court of Appeals for the Ninth Circuit, which was denied on June 28, 2018. Discovery is currently ongoing with the trial scheduled for fall 2019. The Company believes that the class action lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit.

On June 14, 2018, a lawsuit captioned Highfields Capital I LP et al. v. SeaWorld Entertainment, Inc. et al., Civil Action No. 18-cv-1276L-BLM was filed in the United States District Court in the Southern District of California against the Company and certain of the Company’s former and present executive officers (collectively, the “Defendants”). The plaintiffs, which are investment funds managed by a common adviser (collectively, the “Plaintiffs”) allege, among other things, that the Defendants made false and misleading statements in violation of the federal securities laws regarding the impact of the documentary Blackfish on SeaWorld’s business. The complaint further alleges that such statements were made to induce Plaintiffs to purchase common stock of the Company at artificially-inflated prices and that Plaintiffs suffered investment losses as a result. The Plaintiffs are seeking unspecified compensatory damages and other relief. On October 19, 2018, Defendants filed a motion for the partial dismissal of the Plaintiffs’ complaint. On February 7, 2019, the Court granted Defendants’ motion, which leave to amend. The Company believes that the lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit.

Shareholder Derivative Lawsuit

On December 8, 2014, a putative derivative lawsuit captioned Kistenmacher v. Atchison, et al., Civil Action No. 10437, was filed in the Court of Chancery in the State of Delaware against, among others, the Chairman of the Company’s Board, certain of the Company’s executive officers, directors and shareholders, and Blackstone. The Company is a “Nominal Defendant” in the lawsuit.

On March 30, 2015, the plaintiff filed an amended complaint against the same set of defendants. The amended complaint alleges, among other things, that the defendants breached their fiduciary duties, aided and abetted breaches of fiduciary duties, violated Florida Blue Sky laws and were unjustly enriched by (i) including materially false and misleading information in the prospectus and registration statements; and (ii) causing the Company to repurchase certain shares of its common stock from certain shareholders at an alleged artificially inflated price. The Company does not maintain any direct exposure to loss in connection with this shareholder derivative lawsuit as the lawsuit does not assert any claims against the Company. The Company’s status as a “Nominal Defendant” in the action reflects the fact that the lawsuit is maintained by the named plaintiff on behalf of the Company and that the plaintiff seeks damages on the Company’s behalf. The case is currently stayed in favor of the securities class action captioned Baker v. SeaWorld Entertainment, Inc., et al. described above.

Consumer Lawsuit

On April 13, 2015, a purported class action was filed in the Superior Court of the State of California for the City and County of San Francisco against SeaWorld Parks & Entertainment, Inc., captioned Marc Anderson, et. al., v. SeaWorld Parks & Entertainment, Inc. Civil Case No. 15-cv-02172-JSW, (the “Anderson Matter”). The putative class consisted of all consumers within California who, within the past four years, purchased tickets to SeaWorld San Diego. The complaint (as amended) alleges causes of action under the California False Advertising Law, California Unfair Competition Law and California CLRA. Plaintiffs’ claims are based on their allegations that the Company misrepresented the physical living conditions and care and treatment of its orcas, resulting in confusion or misunderstanding among ticket and orca plush purchasers with intent to deceive and mislead the plaintiffs and purported class members. The complaint seeks actual damages, equitable relief, attorneys’ fees and costs. Based on plaintiffs’ definition of the class, the amount in controversy could have exceeded $5.0 million assuming the class became certified. The liability exposure is speculative though. On May 14, 2015, the Company removed the case to the United States District Court for the Northern District of California.

The Company filed a motion for summary judgment on October 30, 2017 which the Court granted in part and denied in part. On May 23, 2018, the plaintiffs represented to the Court that they will not file a motion for class certification. The case is no longer a class action. All three named plaintiffs continue to have claims for individual restitution in a nominal amount and injunctive relief. Trial is currently scheduled for October 2019. The Company believes that the lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of these lawsuits.

EZPay Plan Class Action Lawsuit

On December 3, 2014, a purported class action lawsuit was filed in the United States District Court for the Middle District of Florida, Tampa Division against SeaWorld Parks & Entertainment, Inc., captioned Jason Herman, Joey Kratt, and Christina Lancaster, as individuals and on behalf of all others similarly situated, v. SeaWorld Parks & Entertainment, Inc. Case no: 8:14-cv-03028-MSS-JSS. The certified class action currently consists of two claims for breach of contract, unjust enrichment and violation of federal Electronic Funds Transfer Act, 15 U.S.C. section 1693 et seq. on behalf of three individual plaintiffs as well as on behalf of a two classes: (i) individuals in the states of Florida, Texas, Virginia and California who paid for an annual pass through EZ pay in “less than twelve months,” had their passes automatically renewed and did not use the renewed passes after the first year or were not issued a full refund of payments made after the twelfth payment; and (ii) all of these same individuals who used debit cards.

In April 2018, the Company reached a preliminary agreement in principle to settle this matter for a payment of $11.5 million, plus certain administrative costs and expenses associated with the proposed settlement. The proposed settlement is still subject to further documentation and court approval. The Company has accrued $11.5 million and $3.4 million related to this proposed settlement in other accrued liabilities in the accompanying consolidated balance sheet as of December 31, 2018 and 2017, respectively.

Other Matters

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

In September 2018, the Company reached a settlement with the SEC relating to a previously disclosed SEC investigation. In connection with the settlement, without admitting or denying the substantive allegations in the SEC’s complaint, the Company agreed to the entry of a final judgment ordering the Company to pay a civil penalty of $4.0 million and enjoining the Company from violation of certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and certain rules thereunder. The settlement was approved by the U.S. District Court for the Southern District of New York on September 24, 2018. The settlement is recorded in selling, general and administrative expenses for the year ended December 31, 2018 in the Company’s consolidated statements of comprehensive income (loss). On December 11, 2018, the DOJ informed the Company that it does not intend to take any action against the Company or any individuals in connection with the investigation previously disclosed by the Company concerning disclosures and public statements made by the Company and certain individuals on or before August 2014 and trading in the Company’s securities. The Company considers the DOJ matter concluded.

From time to time, various parties also bring other lawsuits against the Company. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. At this time, management does not expect any such known claims, legal proceedings or regulatory matters to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

San Diego Hotel Project

On January 22, 2018, the Company and Evans Hotel entered into a Limited Liability Company Agreement to develop, own and operate a hotel project (the “San Diego Hotel Project”) to be located on land that the Company leases from the City of San Diego. In September 2018, the Company elected not to proceed with the San Diego Hotel Project and terminated the agreement. As a result, the Company recorded a loss of approximately $2.8 million primarily related to expenses incurred and fees associated with termination of the agreement, which was recorded in operating expenses in the year ended December 31, 2018 in the accompanying consolidated statements of comprehensive income (loss).

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

16. FAIR VALUE MEASUREMENTS

The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurement 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 is not considered a significant input and the derivatives are classified as Level 2. See Note 13-Derivative Instruments and Hedging Activities. Of the Company’s long-term obligations, the Term B-5 Loans are classified in Level 2 of the fair value hierarchy as of December 31, 2018 and the Term B-2 and Term B-5 Loans were classified in Level 2 of the fair value hierarchy as of December 31, 2017. The fair value of the term loans as of December 31, 2018 and 2017 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. See Note 12–Long-Term Debt.

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2018. The following table presents the Company’s estimated fair value measurements and related classifications for assets and liabilities measured on a recurring basis as of December 31, 2018:

	Quoted 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)		2018
Assets:	(In thousands)
Derivative financial instruments ^(a)	$	—	$	3,109	$	—	$	3,109
Liabilities:
Long-term obligations ^(b)	$	—	$	1,553,389	$	—	$	1,553,389

^(a)	Reflected at fair value in the consolidated balance sheet as other assets of $3.1 million as of December 31, 2018.

^(b)	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 $45.5 million and long-term debt of $1.495 billion as of December 31, 2018.

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2017. The Company did not have any assets measured on a recurring basis at fair value at December 31, 2017. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2017:

	Quoted Prices in
	Active Markets		Significant
	for Identical		Other		Significant
	Assets and		Observable		Unobservable		Balance at
	Liabilities		Inputs		Inputs		December 31,
	(Level 1)		(Level 2)		(Level 3)		2017
Liabilities:	(In thousands)
Derivative financial instruments ^(a)	$	—	$	8,455	$	—	$	8,455
Long-term obligations ^(b)	$	—	$	1,560,046	$	—	$	1,560,046

^(a)	Reflected at fair value in the consolidated balance sheet as other liabilities of $8.5 million as of December 31, 2017.

^(b)	Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $38.7 million and long-term debt of $1.504 billion as of December 31, 2017.

Related-Party Transactions

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related-Party Transactions

12 Months Ended

Dec. 31, 2018

17. RELATED-PARTY TRANSACTIONS

ZHG Agreements

As discussed in Note 4–Revenues, in March 2017, the Company entered into the ZHG Agreements. In exchange for providing services under the ZHG Agreements, the Company is expected to receive fees as well as a travel stipend per year through 2019. The Company recognizes revenue under the ZHG Agreements on a straight line basis over the contractual term of the agreements. Revenue recognized in the year ended December 31, 2018 and 2017 was approximately $5.1 million and $3.9 million, respectively, related to these agreements which is included in food, merchandise and other revenue in the accompanying consolidated statements of comprehensive income (loss). As of December 31, 2018, a receivable related to the ZHG Agreements of approximately $1.5 million was included in accounts receivable in the accompanying consolidated balance sheet.

In connection with the ZHG Transaction as discussed in Note 1–Description of the Business, which closed on May 8, 2017, Sellers reimbursed the Company for approximately $4.0 million of related costs and expenses incurred by the Company during the year ended December 31, 2017.

Hill Path Capital LP Agreements

On November 5, 2017, the Company and Hill Path Capital LP (“Hill Path”) entered into a Cooperation Agreement (the “Cooperation Agreement”) and certain related agreements. Under the terms of the Cooperation Agreement, the Company paid Hill Path $0.5 million during the fourth quarter of 2017 to reimburse for fees and expenses incurred in connection with the negotiation and execution of the Cooperation Agreement. Pursuant to the Cooperation Agreement, on November 5, 2017, the Board appointed a designee from Hill Path (the “Designee”) to the Board and the Revenue Committee, immediately following the execution of the Cooperation Agreement.

On November 5, 2017, the Company also entered into an Undertaking Agreement (the “Undertaking Agreement”) which permits the Designee to provide information to certain personnel of Hill Path and certain of Hill Path’s advisors as described therein. The undertakings of Hill Path and the Designee pursuant to the Undertaking Agreement are effective for 12 months following the date on which there is no director serving on the Board who is designated by Hill Path. The Company also entered into a side letter with Hill Path that provides, if it obtains any requisite Board approval or the consent of SunWise (UK) Co. LTD (“ZHG”), the Company will execute and deliver to Hill Path a form of registration rights agreement (the “Registration Rights Agreement”). The Registration Rights Agreement provided that, following the date that is one day after the expiration of the Company’s advance notice period for the nomination of directors at the 2018 Annual Meeting and provided that Hill Path has not submitted any nominations for the election of directors in accordance with the Company’s advance notice period as set forth in the Company’s Second Amended and Restated Bylaws, the Hill Path entities will have limited shelf registration rights with respect to their common stock (including certain demand underwritten offering rights and piggyback registration rights). The Registration Rights Agreement also will require the Company to pay certain expenses relating to such registration and indemnify the Hill Path entities against certain liabilities under the Securities Act of 1933, as amended.

Retirement Plan

12 Months Ended

Dec. 31, 2018

Postemployment Benefits [Abstract]

Retirement Plan

18. RETIREMENT PLAN

The Company sponsors a defined contribution plan, under Section 401(k) of the Internal Revenue Code. The plan is a qualified automatic contributions arrangement, which automatically enrolls employees, once eligible, unless they opt out. The Company makes matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee. Employer matching contributions for the years ended December 31, 2018, 2017 and 2016, totaled $7.6 million, $7.9 million and $8.5 million, respectively, and is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of comprehensive income (loss).

Equity-Based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

19. EQUITY-BASED COMPENSATION

Equity compensation is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of comprehensive income (loss). Total equity compensation expense was $22.2 million, $23.2 million and $37.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. Equity compensation expense for the year ended December 31, 2018, includes approximately $5.5 million related to equity awards which were accelerated to vest in connection with the departure of certain executives as required by their respective employment agreements (see Note 21–Restructuring Programs and Other Separation Costs for further details). Equity compensation expense for the years ended December 31, 2017 and 2016, includes approximately $8.4 million and $27.5 million, respectively, related to certain of the Company’s performance-vesting restricted shares (see the 2.25x and 2.75x Performance Restricted shares section which follows for further details). Total unrecognized equity compensation expense for all equity compensation awards probable of vesting as of December 31, 2018 was approximately $18.2 million, which is expected to be recognized over a weighted-average period of 1.7 years.

The total fair value of shares which vested during the years ended December 31, 2018, 2017 and 2016 was approximately $12.1 million, $13.8 million and $32.2 million, respectively. The weighted average grant date fair value per share of time-vesting and performance-vesting restricted awards granted during the years ended December 31, 2018, 2017 and 2016 were $15.40, $17.71 and $17.20 per share, respectively.

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2018 was as follows:

						Performance-Vesting Restricted Awards
	Time-Vesting Restricted Awards					Bonus Performance Restricted Awards					Long-Term Incentive Performance Restricted Awards					2.75x Performance Restricted shares
	Shares/Units			Weighted Average Grant 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		Shares/Units			Weighted Average Grant Date Fair Value per Share
Outstanding at December 31, 2017		1,852,512		$	17.09		805,245		$	18.09		864,572		$	18.50		616,793		$	3.56
Granted		354,410		$	17.52		732,747		$	14.97		1,171,733		$	15.04		—		$	—
Vested		(647,415	)	$	16.47		(69,221	)	$	18.07		(9,010	)	$	18.79		—		$	—
Forfeited		(657,803	)	$	17.60		(908,061	)	$	17.44		(871,809	)	$	17.39		(616,793	)	$	3.56
Outstanding at December 31, 2018		901,704		$	17.34		560,710		$	15.06		1,155,486		$	15.82		—		$	—

The total intrinsic value of stock options exercised during the year ended December 31, 2018 was approximately $1.7 million. The total intrinsic value of stock options exercised during the years ended December 31, 2017 and 2016 was immaterial. The activity related to the Company’s stock option awards during the year ended December 31, 2018 was as follows:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017		2,923,448		$	18.78
Forfeited		(429,992	)	$	18.00
Expired		(1,493,902	)	$	19.46
Exercised		(234,977	)	$	18.23
Outstanding at December 31, 2018		764,577		$	18.05		6.82	$	3,087
Exercisable at December 31, 2018		435,825		$	18.16		6.72	$	1,711

Omnibus Incentive Plan

The Company has reserved 15,000,000 shares of common stock for issuance under the Company’s Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 9,770,000 are available for future issuance as of December 31, 2018.

Bonus Performance Restricted Shares

The annual bonus plan for 2018 (the “2018 Bonus Plan”) provides for bonus awards payable 50% in cash and 50% in performance-vesting restricted units (the “Bonus Performance Restricted Units”) and is based upon the Company’s achievement of specified performance goals, as defined by the 2018 Bonus Plan, with respect to the year ended December 31, 2018 (the “Fiscal 2018”). The total number of shares eligible to vest is based on the level of achievement of the targets for Fiscal 2018 which ranges from 0% (if below threshold performance) and up to 150% (at or above maximum performance). Bonus Performance Restricted Units representing the total units that could be earned under the maximum performance level of achievement were granted during the year ended December 31, 2018.

In accordance with ASC 718, Compensation-Stock Compensation, equity compensation expense is recorded on shares probable of vesting. Based on the Company’s actual Fiscal 2018 results with respect to specific performance goals, a portion of the outstanding Bonus Performance Restricted awards were considered probable of vesting as of December 31, 2018; therefore, equity compensation expense has been recorded related to these awards. These awards are expected to vest in the first quarter of 2019, with the remainder forfeiting in accordance with their terms.

The Company also had an annual bonus plan for the year ended December 31, 2017 (the “Fiscal 2017”), under which certain employees were eligible to vest in performance-vesting restricted shares (the “2017 Bonus Performance Restricted Shares”) based upon the Company’s achievement of specified performance goals with respect to Fiscal 2017. Based on the Company’s actual Fiscal 2017 results, approximately 69,000 of these 2017 Bonus Performance Restricted Shares vested in the year ended December 31, 2018 and the remainder forfeited in accordance with their terms.

2018 Long-Term Incentive Awards

The long-term incentive plan grants for 2018 (the “2018 Long-Term Incentive Grant”) were comprised of time-vesting restricted units (the “Long-Term Incentive Time Restricted Units”) and performance-vesting restricted units (the “Long-Term Incentive Performance Restricted Units”) (collectively, the “Long-Term Incentive Awards”).

Long-Term Incentive Time Restricted Units

Long-Term Incentive Time Restricted Units granted in 2018 largely vest over three years, with one-third vesting on each anniversary of the date of grant, subject to continued employment through the applicable vesting date. Other Long-Term Incentive Time Restricted Units vest on the third anniversary of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these units is recognized using the straight line method over the three-year vesting period.

Long-Term Incentive Performance Restricted Units

The Long-Term Incentive Performance Restricted Units granted in 2018 are expected to vest following the end of the three-year performance period beginning on January 1, 2018 and ending on December 31, 2020 (the “Fiscal 2020”) based upon the Company’s achievement of specified performance goals for Fiscal 2020, as defined by the 2018 Long-Term Incentive Grant. The total number of Long-Term Incentive Performance Restricted Units eligible to vest will be based on the level of achievement of the performance goals and ranges from 0% (if below threshold performance) and up to 200% (for at or above maximum performance). Long-Term Incentive Performance Restricted Units representing the total units that could be earned under the maximum performance level of achievement were granted during the year ended December 31, 2018.

The 2018 Long-Term Incentive Grant provides additional incentive for early achievement of the target as follows: if the Company’s Fiscal 2020 target was achieved in 2018, 30% of target Long-Term Incentive Performance Restricted Units would have been earned and delivered in 2019; if the Company’s Fiscal 2020 target is achieved in 2019, 20% of target Long-Term Incentive Performance Restricted Units will be earned and delivered in 2020, in each case subject to the overall maximum award of 200% of target.

Other Long-Term Incentive Awards

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

Long-Term Incentive Time Restricted Shares

For certain executives, the Long-Term Incentive Time Restricted Shares vest over five years, with one-third vesting on each of the third, fourth and fifth anniversaries of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these shares is recognized using the straight line method with one-third recognized over the initial three year vesting period and the remaining two-thirds recognized over the remaining vesting period. For other employees, the Long-Term Incentive Time Restricted Shares vest over three years, with all of the shares vesting on the third anniversary of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these shares is recognized using the straight line method over the three year vesting period. Other Long-Term Incentive Time Restricted Shares vest ratably over four years or three years from the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense is recognized using the straight line method over the respective vesting period.

Long-Term Incentive Performance Restricted Shares

During the year ended December 31, 2018, a portion of the previously granted Long-Term Incentive Performance Restricted Shares related to completed performance periods vested, with the remainder forfeiting in accordance with their terms. The remaining outstanding Long-Term Incentive Performance Restricted Shares related to future performance periods are eligible to vest based upon the Company’s achievement of pre-established performance goals for the respective performance period, as defined.

Long-Term Incentive Performance Restricted Shares granted under the 2017 long-term incentive plan (the “2017 Long-Term Incentive Plan’) are expected to vest following the end of the three year performance period beginning on January 1, 2017 and ending on December 31, 2019, based upon the Company’s achievement of pre-established performance goals. As of December 31, 2018, the Company had granted approximately 210,000 Long-Term Incentive Performance Restricted Shares, net of forfeitures, related to the 2017 Long-Term Incentive Plan which represented the total shares that could be earned under the maximum performance level of achievement. Equity compensation expense is recognized ratably over the three year performance period, if the performance condition is probable of being achieved.

Long-Term Incentive Performance Restricted Shares granted under the 2016 long-term incentive plan (the “2016 Long-Term Incentive Plan”) were expected to vest following the end of a three year performance period ending on December 31, 2018 based upon the Company’s achievement of certain performance goals for each respective fiscal year performance period, established at the beginning of each period. As such, since the performance goal for the 2018 performance period was established in the first quarter of 2018, for accounting purposes, approximately 100,500 of the Long-Term Incentive Performance Restricted Shares awarded under the 2016 Long-Term Incentive Plan, net of forfeitures, have a grant date in 2018. As of December 31, 2018, the Company had outstanding approximately 99,200 Long-Term Incentive Performance Restricted Shares, net of forfeitures, under the 2016 Long-Term Incentive Plan, which represents the total shares that could be earned under the maximum performance level of achievement for all three performance periods combined. Based on the Company’s actual results for 2018, a portion of the shares are expected to vest in the first quarter of 2019, with the remainder forfeiting in accordance with their terms.

The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period, if the performance condition is probable of being achieved. Based on the Company’s progress towards its respective performance goals, equity compensation expense includes approximately $10.3 million related to all performance-vesting restricted awards in the year ended December 31, 2018. If the probability of vesting related to these awards changes in a subsequent period, all equity compensation expense related to those awards that would have been recorded over the requisite service period had the awards been considered probable at the new percentage from inception, will be recorded as a cumulative catch-up at such subsequent date. Total unrecognized equity compensation expense for all outstanding performance-vesting restricted awards not probable of vesting was approximately $8.6 million as of December 31, 2018.

Long-Term Incentive Options

Long-Term Incentive Options granted under previous long-term incentive plans vest ratably over four years from the date of grant (25% per year), subject to continued employment through the applicable vesting date and will expire 10 years from the date of grant or earlier if the employee’s service terminates. The Long-Term Incentive Options have an exercise price per share equal to the closing price of the Company’s common stock on the date of grant. Equity compensation expense is recognized using the straight line method for each tranche over the four year vesting period. Upon stock option exercises, new shares are issued by the Company.

Other

Deferred Stock Units

During the year ended December 31, 2018, the Company granted approximately 46,000 deferred stock units (“DSUs”) to certain members of its Board of Directors (the “Board”) which will vest one year from the date of grant. Each DSU represents the right to receive one share of the Company’s common stock one year after the respective director leaves the Board.

2.25x and 2.75x Performance Restricted Shares

The Company had awarded under its previous incentive plans certain performance-vesting restricted shares (the “2.25x and 2.75x Performance Restricted shares”). During the first quarter of 2017, the Company modified certain 2.75x Performance Restricted shares to vest 60% upon the closing of the ZHG Transaction on May 8, 2017 (see Note 1–Description of the Business and Note 17–Related-Party Transactions). The remaining outstanding unvested 2.75x Performance Restricted shares continued to be eligible to vest in accordance with their terms if the Seller had received additional proceeds from ZHG sufficient to satisfy a 2.75x cumulative return multiple in the twelve month period following the closing of the ZHG Transaction. The period expired on May 8, 2018; as such, these shares forfeited in the second quarter of 2018.

As the modification discussed above was based on a liquidity event, for accounting purposes, the 2.75x Performance Restricted shares were not considered probable of vesting until such time the ZHG Transaction was consummated. In accordance with the guidance in ASC 718, Compensation-Stock Compensation, as the 2.75x Performance Restricted shares were not considered probable of vesting before or after the date of modification, the Company used the respective modification date fair value to record equity compensation expense related to the modified shares when the liquidity event occurred. As a result, during the year ended December 31, 2017, the Company recognized non-cash equity compensation expense related to all of the 2.75x Performance Restricted shares of approximately $8.4 million and paid cash accumulated dividends of approximately $1.3 million.

During the year ended December 31, 2016, based on cash proceeds previously received by certain investment funds affiliated with Blackstone from the Company’s initial public offering and subsequent secondary offerings of stock, the Company’s repurchases of shares and the cumulative dividends paid by the Company, the vesting conditions on the Company’s previously outstanding 2.25x Performance Restricted shares were satisfied. As a result, during the year ended December 31, 2016, the 2.25x Performance Restricted shares vested, and the Company recognized non-cash equity compensation expense related to all of the 2.25x Performance Restricted shares of approximately $27.5 million and paid accumulated dividends of approximately $3.4 million.

Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity

20. STOCKHOLDERS’ EQUITY

As of December 31, 2018, 93,400,929 shares of common stock were issued in the accompanying consolidated balance sheet, which includes 10,174,589 shares of treasury stock held by the Company (see Share Repurchase Program discussion below), but excludes 920,904 unvested shares of common stock and 1,696,996 unvested restricted stock units held by certain participants in the Company’s equity compensation plans (see Note 19–Equity-Based Compensation).

Share Repurchase Program

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

During the year ended December 31, 2018, the Company repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million, leaving approximately $92.0 million available under the Share Repurchase Program as of December 31, 2018. On February 22, 2019, the Company’s Board of Directors approved a replenishment to its Share Repurchase Program of $158.0 million, bringing the total amount authorized for future share repurchases to $250.0 million. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions and other factors, including legal requirements and alternative opportunities. No shares were repurchased by the Company during the years ended December 31, 2017 and 2016.

All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $252.9 million and $154.9 million as of December 31, 2018 and 2017, respectively, and are reflected as a reduction to stockholders’ equity in the accompanying consolidated statements of changes in stockholders’ equity.

Dividends

In 2016, the Board suspended the Company’s then existing quarterly dividend policy to allow greater flexibility to deploy capital to opportunities that offer the greatest long term returns to shareholders, such as, but not limited to, investments in new attractions, debt repayments or share repurchases. During the year ended December 31, 2016, the Board declared or paid quarterly cash dividends to all common stockholders of record as follows:

Record Date	Payment Date	Cash Dividend per Common Share
January 15, 2016	January 22, 2016	$	0.21
March 14, 2016 ^(a)	April 1, 2016	$	0.21
June 20, 2016 ^(a)	July 1, 2016	$	0.21
September 29, 2016	October 7, 2016	$	0.10

^(a)As the Company had an accumulated deficit at the time these dividends were declared, these dividends were accounted for as a return of capital and recorded as a reduction to additional paid-in capital in the accompanying consolidated statements of changes in stockholders’ equity.

As of December 31, 2018 and 2017, the Company had approximately $0.1 million and $0.5 million of cash dividends payable recorded in other accrued liabilities in the accompanying consolidated balance sheets, which relate to accumulated dividends on unvested time restricted shares and unvested performance restricted shares with a performance condition considered probable of being achieved. These shares, which were granted prior to the dividend suspension, carry dividend rights and therefore the dividends accumulated and will be paid as the shares vest in accordance with the underlying equity compensation grants. These dividend rights will be forfeited if the shares do not vest. Previous dividend declarations on all performance-vesting restricted share awards accumulate and are paid only if the performance conditions are met and the respective shares vest in accordance with their terms.

For the years ended December 31, 2018 and 2017, dividends paid in the accompanying consolidated statements of cash flows primarily relate to shares that carried dividend rights which vested during the respective year. For the year ended December 31, 2016, dividends paid to stockholders were $65.3 million and primarily related to dividend declarations declared prior to the dividend suspension. For tax purposes, all of the 2016 dividends were treated as a return of capital to stockholders. Distributions that qualify as a return of capital are not considered “dividends” for tax purposes only.

Restructuring Programs and Other Separation Costs

12 Months Ended

Dec. 31, 2018

Restructuring And Related Activities [Abstract]

Restructuring Programs and Other Separation Costs

21. RESTRUCTURING PROGRAMS AND OTHER SEPARATION COSTS

Restructuring Programs

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

In October 2017 and December 2016, the Company executed two separate restructuring programs in an effort to reduce costs, increase efficiencies, reduce duplication of functions and improve the Company’s operations (the “2017 Restructuring Program” and the “2016 Restructuring Program”, respectively). The 2017 Restructuring Program involved the elimination of approximately 350 positions by the end of the fourth quarter of 2017 across certain of the Company’s theme parks and corporate headquarters. The 2016 Restructuring Program involved the elimination of approximately 320 positions across all of the Company’s theme parks and corporate headquarters. As a result, during the years ended December 31, 2017 and 2016, the Company recorded approximately $5.2 million and $8.9 million, respectively, in pre-tax restructuring charges primarily related to severance and other termination benefits, which is included in restructuring and other separation costs in the accompanying consolidated statements of comprehensive income (loss). The Company will not incur any additional costs associated with the 2017 or the 2016 Restructuring Programs as all continuing service obligations were completed as of December 31, 2017 and 2016, respectively.

Liabilities related to the 2018, 2017 and 2016 Restructuring Programs as of December 31, 2018 and 2017 are included in accrued salaries, wages and benefits in the accompanying consolidated balance sheets. The 2018, 2017 and 2016 Restructuring Program activity for the years ended December 31, 2018, 2017 and 2016 was as follows:

Severance and Other Employment Expenses	2016 Restructuring Program			2017 Restructuring Program			2018 Restructuring Program			Total
	(In thousands)
Liability as of December 31, 2016	$	7,842		$	—		$	—		$	7,842
Costs incurred		—			5,200			—			5,200
Reduction in estimated expenses		(572	)		—			—			(572	)
Payments made		(7,270	)		(3,966	)		—			(11,236	)
Liability as of December 31, 2017	$	—		$	1,234		$	—		$	1,234
Costs incurred		—			—			5,548			5,548
Payments made		—			(1,234	)		(5,011	)		(6,245	)
Liability as of December 31, 2018	$	—		$	—		$	537		$	537

The remaining liability as of December 31, 2018 primarily relates to restructuring and other separation costs to be paid as contractually obligated by December 31, 2019 and is included in accrued salaries, wages and benefits in the accompanying consolidated balance sheet.

Other Separation Costs

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

Additionally, during the year ended December 31, 2018, certain equity awards were accelerated to vest in connection with the departure of specific executives as required by their respective employment agreements. As a result, the Company recorded incremental non-cash equity compensation expense related to these awards, which is included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). See Note 19–Equity-Based Compensation for further details.

Summary Quarterly Financial Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary Quarterly Financial Data

22. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED)

Unaudited summary quarterly financial data for the years ended December 31, 2018 and 2017 was as follows:

	2018
	First			Second		Third		Fourth
	Quarter ^(a)			Quarter ^(b)		Quarter ^(c)		Quarter ^(d)
	(Unaudited, in thousands, except per share amounts)
Total revenues	$	217,166		$	391,921	$	483,175	$	280,028
Operating (loss) income	$	(66,147	)	$	55,210	$	151,730	$	10,874
Net (loss) income	$	(62,844	)	$	22,697	$	95,988	$	(11,053	)
(Loss) earnings per share:
(Loss) earnings per share, basic	$	(0.73	)	$	0.26	$	1.11	$	(0.13	)
(Loss) earnings per share, diluted	$	(0.73	)	$	0.26	$	1.10	$	(0.13	)

	2017
	First			Second			Third		Fourth
	Quarter ^(e)			Quarter ^(f)			Quarter ^(g)		Quarter
	(Unaudited, in thousands, except per share amounts)
Total revenues	$	186,357		$	373,750		$	437,712	$	265,505
Operating (loss) income	$	(76,735	)	$	(222,564	)	$	108,822	$	(10,886	)
Net (loss) income	$	(61,129	)	$	(175,850	)	$	55,034	$	(20,441	)
(Loss) earnings per share:
(Loss) earnings per share, basic	$	(0.72	)	$	(2.05	)	$	0.64	$	(0.24	)
(Loss) earnings per share, diluted	$	(0.72	)	$	(2.05	)	$	0.64	$	(0.24	)

^(a⁾	During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details.

^(b⁾

During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

^(c)

During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

^(d)

During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

^(e)	During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details.

^(f)

During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details.

^(g)	During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details.

Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because seven of its theme parks are only open for a portion of the year.

Schedule I-Registrant's Condensed Financial Statements

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule I-Registrant's Condensed Financial Statements

Schedule I-Registrant’s Condensed Financial Statements

SEAWORLD ENTERTAINMENT, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(In thousands, except share and per share amounts)
	December 31,
	2018			2017
Assets
Current Assets:
Cash	$	136		$	470
Total current assets		136			470
Investment in wholly owned subsidiary		265,194			287,466
Total assets	$	265,330		$	287,936
Liabilities and Stockholders' Equity
Current Liabilities:
Dividends payable	$	84		$	470
Other accrued liabilities		52			—
Total current liabilities		136			470
Total liabilities		136			470
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017		—			—
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively		934			926
Additional paid-in capital		663,834			641,324
Accumulated other comprehensive gain (loss)		2,284			(5,076	)
Accumulated deficit		(148,955	)		(194,837	)
Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively)		(252,903	)		(154,871	)
Total stockholders' equity		265,194			287,466
Total liabilities and stockholders' equity	$	265,330		$	287,936

SEAWORLD ENTERTAINMENT, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
(In thousands)

	Year Ended December 31,
	2018		2017			2016
Equity in net income (loss) of subsidiary	$	44,788	$	(202,386	)	$	(12,531	)
Net income (loss)	$	44,788	$	(202,386	)	$	(12,531	)
Equity in other comprehensive income (loss) of subsidiary		8,454		8,618			(557	)
Comprehensive income (loss)	$	53,242	$	(193,768	)	$	(13,088	)

SEAWORLD ENTERTAINMENT, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
(In thousands)
	For the Year Ended December 31,
	2018			2017			2016
Cash Flows From Operating Activities:
Net income (loss)	$	44,788		$	(202,386	)	$	(12,531	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss of subsidiary		(44,788	)		202,386			12,531
Dividends (forfeited) received from subsidiary-return on capital, net of forfeitures		—			(31	)		26,412
Net cash (used in) provided by operating activities		—			(31	)		26,412
Cash Flows From Investing Activities:
Dividends (forfeited) received from subsidiary- return of capital, net of forfeitures		(61	)		1,137			39,372
Capital contributed to subsidiary from exercises of stock options		(4,230	)		—			—
Net cash (used in) provided by investing activities		(4,291	)		1,137			39,372
Cash Flows From Financing Activities:
Exercise of stock options		4,282			—			—
Dividends paid to common stockholders		(325	)		(1,544	)		(65,306	)
Net cash provided by (used in) financing activities		3,957			(1,544	)		(65,306	)
Change in Cash and Cash Equivalents		(334	)		(438	)		478
Cash and Cash Equivalents - Beginning of year		470			908			430
Cash and Cash Equivalents - End of year	$	136		$	470		$	908

Supplemental Disclosures of Noncash Financing Activities
Dividends from subsidiary- return of capital, for purchase of treasury stock	$	98,032		$	—		$	—
Dividends declared, but unpaid	$	84		$	470		$	908

1. DESCRIPTION OF SEAWORLD ENTERTAINMENT, INC.

SeaWorld Entertainment, Inc. (the “Parent”) was incorporated in Delaware on October 2, 2009. At that time, the Parent was owned by ten limited partnerships, ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. On May 8, 2017 an affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), Sun Wise (UK) Co., LTD (“ZHG”) acquired approximately 21% of the then outstanding shares of common stock of the Parent (the “ZHG Transaction”) from Blackstone. Subsequent to the ZHG Transaction, Blackstone did not own any remaining shares of the Company.

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

2. BASIS OF PRESENTATION

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

3. GUARANTEES

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

On March 31, 2017, SEA entered into a refinancing amendment, Amendment No. 8 (the “Amendment No. 8”) to its existing credit agreement and borrowed additional term loans of which the proceeds, along with cash on hand, were used to redeem all of the Term B-3 loans and a portion of the outstanding principal of the Term B-2 loans. Additionally, on October 31, 2018, SEA entered into another refinancing amendment, Amendment No. 9 (the “Amended Credit Agreement”), to its Existing Credit Agreement. In connection with the Amended Credit Agreement, SEA borrowed additional term loans (the “Additional Term B-5 Loans”) of which the proceeds, along with cash on hand, were used to redeem all of the then outstanding principal of the Term B-2 Loans. Additionally, pursuant to the Amended Credit Agreement, SEA terminated the existing revolving credit commitments and replaced them with a new tranche of revolving credit commitments (the “New Revolving Credit Facility”). See further discussion in Note 12–Long-Term Debt of the accompanying consolidated financial statements.

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

4. DIVIDENDS FROM SUBSIDIARY

In 2016, SEA’s Board of Directors (the “Board”) had a policy to pay, subject to legally available funds, regular quarterly cash dividends to the Parent (defined as a restricted payment in the Senior Secured Credit Facilities) and the Parent’s Board had a policy to pay regular quarterly cash dividends to its stockholders. Subsequent to the September 19, 2016 dividend declaration, both SEA’s Board and the Parent’s Board suspended the quarterly dividend policy to allow greater flexibility to deploy capital, when possible, to opportunities that offer the greatest long term returns to shareholders, such as, but not limited to, investments in new attractions, debt repayments or share repurchases. SEA paid a cash dividend to the Parent during the year ended December 31, 2016 related to dividend declarations as follows:

Payment Date	Cash Dividends Paid
	(In Thousands)
January 22, 2016	$	17,808
April 1, 2016^(a)	$	21,269
July 1, 2016^(a)	$	18,176
October 7, 2016	$	8,647

^(a)As SEA had an accumulated deficit at the time these dividends were declared to the Parent, these dividends were accounted for as a return of capital by the Parent. The remaining dividends from SEA have been reflected as a return on capital in the accompanying parent company only financial statements.

During the year ended December 31, 2016, the Parent’s Board declared or paid quarterly cash dividends to all common stockholders of record as follows:

Record Date	Payment Date	Cash Dividend Per Common Share
January 15, 2016	January 22, 2016	$	0.21
March 14, 2016	April 1, 2016	$	0.21
June 20, 2016	July 1, 2016	$	0.21
September 29, 2016	October 7, 2016	$	0.10

As of December 31, 2018 and 2017, the Parent had $0.1 million and $0.5 million of cash dividends payable included in dividends payable in the accompanying condensed balance sheet, which relates to accumulated dividend on unvested restricted shares in SEA’s equity compensation plan. These shares, which were granted prior to the dividend suspension, carry dividend rights and therefore dividends accumulate and will be paid as the shares vest in accordance with the underlying equity compensation grants. These dividend rights will be forfeited if the shares do not vest. See Note 20–Stockholders’ Equity of the accompanying consolidated financial statements for further discussion.

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

During the years ended December 31, 2018 and 2017, Parent paid accumulated dividends, net of forfeitures, related to shares that carried dividend rights which vested during the respective year. For the year ended December 31, 2016, dividends paid to stockholders were $65.3 million and primarily related to dividend declarations declared prior to the dividend suspension.

5. STOCKHOLDERS’ EQUITY

Omnibus Incentive Plan

The Parent has reserved 15,000,000 shares of common stock for future issuance under the Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 9,770,000 are available for future issuance as of December 31, 2018.

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

During the year ended December 31, 2018, Parent transferred approximately $4.2 million in proceeds received from the exercise of stock options to SEA as a capital contribution and increased its investment in SEA.

Share Repurchase Program

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

During the year ended December 31, 2018, the Parent repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million, leaving $92.0 million available under the Share Repurchase Program as of December 31, 2018. On February 22, 2019, the Parent’s Board authorized a replenishment to its Share Repurchase Program of $158.0 million, bringing the total amount authorized for future share repurchases to $250.0 million. The number of shares to be purchased and the timing of purchases will be based on the Parent’s trading windows and available liquidity, general business and market conditions and other factors, including legal requirements and alternative opportunities. There were no share repurchases during the years ended December 31, 2017 and 2016.

All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $252.9 million and $154.9 million as of the years ended December 31, 2018 and 2017, respectively, and are reflected as a reduction to stockholders’ equity in the accompanying condensed balance sheets.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Basis of Presentation and Principles of Consolidation

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

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets and liabilities, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform with the 2018 presentation, in particular the Company reclassified $0.5 million of dividends payable to other accrued liabilities as of December 31, 2017. Also see Note 3–Recent Accounting Pronouncements.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $17.4 million and $16.8 million at December 31, 2018 and 2017, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2018. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions.

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

Restricted Cash

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

	December 31,		December 31,
	2018		2017
	(In thousands)
Cash and cash equivalents	$	34,073	$	33,178
Restricted cash, included in other current assets		934		819
Total cash, cash equivalents and restricted cash	$	35,007	$	33,997

Accounts Receivable-Net

Accounts Receivable—Net

Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the provision for bad debt was immaterial related to these accounts. The Company also records an allowance on amounts due from monthly installment arrangements based on historical default rates. As of December 31, 2018 and 2017, the Company recorded $14.7 million and $9.5 million, respectively, as an allowance on its installment arrangements with a corresponding reduction to deferred revenue.

Inventories

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

Property and Equipment-Net

Property and Equipment—Net

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

Land improvements		10-40 years
Buildings		5-40 years
Rides, attractions and equipment		3-20 years
Animals		1-50 years

Material costs to purchase animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to maintain animals are expensed as incurred, including in-house animal breeding costs, as they are immaterial to the consolidated financial statements. Construction in process assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all active construction projects. Total interest capitalized for the years ended December 31, 2018, 2017 and 2016 was $4.2 million, $2.7 million and $2.7 million, respectively.

Computer System Development Costs

The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years. Total capitalized costs related to computer system development costs, net of accumulated amortization, were $6.1 million and $9.2 million as of December 31, 2018 and 2017, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $9.9 million and $16.1 million as of December 31, 2018 and 2017, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2018, 2017 and 2016 was $3.7 million, $3.5 million and $3.4 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive income (loss). Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred.

Impairment of Long-Lived Assets

All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). See Note 8–Property and Equipment for further details.

Goodwill and Other Indefinite-Lived Intangible Assets

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

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

The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for each reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital. See Note 9–Goodwill, Net, for further details.

The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks and other intangible assets which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Significant estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details.

Other Definite-Lived Intangible Assets

The Company’s other intangible assets consist primarily of certain trade names/trademarks, relationships with ticket resellers, a favorable lease asset and a non-compete agreement. These intangible assets are amortized on the straight-line basis over their estimated remaining lives. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details.

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers compensation claims. Total claims reserves were $31.2 million at December 31, 2018, of which $3.8 million is recorded in accrued salaries, wages and benefits, $6.9 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $30.6 million at December 31, 2017, of which $2.6 million is recorded in accrued salaries, wages and benefits, $7.1 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 12–Long-Term Debt.

Share Repurchase Program and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2018 and 2017 is recorded as a reduction to stockholders’ equity as the Company does not currently intend to retire the treasury stock held. See further discussion of the Company’s share repurchase program in Note 20–Stockholders’ Equity.

Revenue Recognition

The Company has adopted Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, 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.

Admissions Revenue

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. As allowed by the practical expedient available to public companies under ASC 606, which the Company adopted, admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying this guidance to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates a redemption rate using historical and forecasted growth rates and attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.

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

Additionally, the Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expenses at the time of the exchange and approximates the estimated fair value of the goods or services provided or received, whichever is more readily determinable. Amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive income (loss) related to bartered ticket transactions were $16.6 million, $20.8 million and $29.1 million, respectively, for the years ended December 31, 2018, 2017 and 2016.

In accordance with the practical expedients available to public companies under ASC 606 which the accounting standards provide to simplify compliance, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. Additionally, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). The Company has also elected not to adjust consideration for the effects of financing components in the form of installment purchase plans as the period between when the Company transfers the promised service to the customer and when the customer pays for that service generally does not exceed one year.

Food, Merchandise and Other Revenue

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

Advertising and Promotional Costs

Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and for the years ended December 31, 2018, 2017 and 2016, totaled approximately $127.5 million, $118.0 million and $124.6 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss).

Equity-Based Compensation

In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company 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 restricted share awards and its 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 postemployment 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 450-20, Loss Contingencies.

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

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating sufficient future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more-likely-than-not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to unrecognized tax benefits are charged to the provision for (benefit from) income taxes in the accompanying consolidated statements of comprehensive income (loss). See further discussion in Note 14–Income Taxes.

Fair Value Measurements

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

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

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

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

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

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

Segment Reporting

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

Derivative Instruments and Hedging Activities

ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) 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.

During 2018, the Company has adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which aims to improve reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplify the application of the hedge accounting guidance. See Note 3–Recent Accounting Pronouncements for further details.

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

Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See further discussion in Note 13–Derivative Instruments and Hedging Activities.

Recently Issued Accounting Pronouncements

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

Recently Implemented Accounting Standards

In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU gives companies the option to reclassify to retained earnings any tax effects related to items in accumulated other comprehensive income or loss that are stranded due to the Tax Cuts and Jobs Act (the “Tax Act”). Companies are able to early adopt this ASU in any interim or annual period for which financial statements have not yet been issued and apply it either (1) in the period of adoption or (2) retrospectively to each period in which the income tax effects of the Tax Act related to items in accumulated other comprehensive income or loss are recognized. When adopted, the ASU requires all entities to make new disclosures, regardless of whether they elect to reclassify stranded amounts. Companies are required to disclose whether or not they elected to reclassify the tax effects related to the Tax Act as well as their policy for releasing income tax effects from accumulated other comprehensive income or loss. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual reporting periods with early adoption permitted. On January 1, 2018, the Company elected to early adopt the ASU and applied the amendments in the period of adoption. As a result, the Company reclassified $1.1 million of “stranded” tax effects of the Tax Act from accumulated other comprehensive income (loss) to accumulated deficit in the accompanying consolidated balance sheet and the accompanying consolidated statements of changes in stockholders’ equity. See Note 13–Derivative Instruments and Hedging Activities for additional disclosure.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 aims to improve reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplify the application of the hedge accounting guidance. This ASU is effective for fiscal years beginning after December 15, 2018 and interim periods within those annual reporting periods with early adoption permitted. For cash flow and net investment hedges existing as of the adoption date, the guidance requires a cumulative-effect adjustment as of the beginning of the fiscal year that an entity adopts the amendments; however, the presentation and disclosure guidance should be applied prospectively. The Company adopted ASU 2017-12 during the second quarter of 2018. The impact of the adoption was not material to the Company’s consolidated financial statements; as a result, no cumulative effect adjustment to beginning retained earnings was required. See Note 13–Derivative Instruments and Hedging Activities for additional disclosure.

In May 2017, the FASB issued ASU 2017-09, Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU was issued to provide clarity and reduce diversity in practice regarding the application of guidance on the modification of equity awards. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods with early adoption permitted and should be applied prospectively to an award modified on or after the adoption date. The Company adopted this standard on January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements as the Company historically has accounted for all modifications in accordance with Topic 718 and has not been subject to the exception described under this ASU.

In November 2016, the FASB issued ASU 2016-18, Restricted Cash–a Consensus of the FASB Emerging Issues Task Force. This ASU requires companies to include restricted cash balances with cash and cash equivalent balances in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods with early adoption permitted, and should be applied using a retrospective transition method. The Company adopted this standard on January 1, 2018 using the retrospective transition method. For the years ended December 31, 2017 and 2016, the adoption of ASU 2016-18 increased net cash used in investing activities by $0.4 million and decreased net cash used in investing activities by $0.2 million, respectively, when compared to the previously reported amounts in the accompanying consolidated statements of cash flows.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 simplifies the income tax accounting of intra-entity transfers of an asset other than inventory by requiring an entity to recognize the income tax effect when the transfer occurs. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods and early adoption is permitted. The Company adopted this standard on January 1, 2018 using a modified retrospective transition method. The adoption of ASU 2016-16 did not have a material impact on the Company’s consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. This ASU provides guidance on the presentation and classification of eight specific cash flow issues that previously resulted in diversity in practice. The ASU is effective for annual periods beginning after December 15, 2017 and interim periods therein. The Company adopted this standard on January 1, 2018 using a retrospective transition method for each period presented. The adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated statements of cash flows.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration expected to be received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company adopted this standard and subsequently issued amendments on January 1, 2018, using the modified retrospective transition method. The adoption of ASU 2014-09 and its subsequently issued amendments did not have a material impact on the Company’s existing or new contracts as of January 1, 2018; therefore, no cumulative adjustment to beginning retained earnings was required as a result of adoption. See Note 2–Summary of Significant Accounting Policies subtopic “Revenue Recognition” and Note 4–Revenues for additional disclosure.

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. The new guidance will require the Company to continue to classify leases as either operating or financing, with classification affecting the pattern of expense recognition in the income statement. Accounting by lessors will remain largely unchanged from current GAAP. Lessees and lessors are also required to disclose qualitative and quantitative information about leasing arrangements to enable financial statement users to assess the amount, timing and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases (Topic 842) Targeted Improvements. ASU 2018-10 clarifies how to apply certain aspects of ASU 2016-02. ASU 2018-11 provides entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to beginning retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. These ASUs will be effective for annual periods beginning after December 15, 2018, and interim periods therein with early adoption permitted. The Company adopted these ASU’s (collectively, “ASC 842”) on January 1, 2019 using the modified retrospective method. The new standard also provides a number of optional provisions, known as practical expedients, which companies may elect to adopt to facilitate implementation. Upon adoption, the Company elected the package of practical expedients which, among other items, precludes the Company from needing to reassess 1) whether any expired or existing contracts are or contain leases, 2) the lease classification of any expired or existing leases, and 3) initial direct costs for any existing leases. In preparation for the adoption of ASC 842, the Company is establishing new processes and internal controls and is also implementing a new lease accounting information system to enable the preparation of financial information to comply with the new lease accounting and disclosure requirements.

The Company is finalizing its analysis of the expected impacts that the adoption of ASC 842 will have on its consolidated financial statements. Based on preliminary estimates, the Company expects to record right-of-use assets and corresponding lease liabilities of approximately $130.0 million as of January 1, 2019 based on the present value of future minimum lease payments. The Company is currently analyzing other impacts the adoption of ASC 842 may have, however it does not expect a material impact on its consolidated statements of comprehensive income (loss), consolidated statements of cash flows or debt covenant calculations. For more information regarding the Company’s commitments under long-term operating leases requiring annual minimum lease payments, refer to Note 15–Commitments and Contingencies.

In July 2018, the FASB issued ASU 2018-09, Codification Improvements, which clarifies, corrects and makes minor improvements to a wide variety of topics in the ASC. The amendments make the ASC easier to understand and apply by eliminating inconsistencies and providing clarifications. The transition and effective dates are based on the facts and circumstances of each amendment, with some amendments becoming effective upon issuance of the ASU, and others becoming effective for annual periods beginning after December 15, 2018. Included in this ASU are amendments to ASC 718-740, Compensation - Stock Compensation - Income Taxes, which clarify that an entity should recognize excess tax benefits in the period in which the amount of deduction is determined. The Company is evaluating the effect of the amendments within ASU 2018-09, but does not expect a material impact on the Company's financial position or results of operations.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU generally aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The ASU also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s financial position or results of operations.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The ASU eliminates certain disclosures related to the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The ASU also adds new disclosure requirements for Level 3 measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company's disclosures.

In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which expands the list of United States benchmark interest rates permitted in the application of hedge accounting. The amendments in this ASU allow use of the Overnight Index Swap (OIS) rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, Derivatives and Hedging. The amendments in this ASU are effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods. The Company will adopt this guidance in the first quarter of 2019 using a prospective method. The Company does not expect adoption will have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Cash, Cash Equivalents and Restricted Cash

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

	December 31,		December 31,
	2018		2017
	(In thousands)
Cash and cash equivalents	$	34,073	$	33,178
Restricted cash, included in other current assets		934		819
Total cash, cash equivalents and restricted cash	$	35,007	$	33,997

Estimated Useful Lives

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

Land improvements		10-40 years
Buildings		5-40 years
Rides, attractions and equipment		3-20 years
Animals		1-50 years

Revenues (Tables)

12 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

Deferred Revenue Balances

The following table reflects the Company’s deferred revenue balance as of December 31, 2018 and 2017:

	2018		2017
	(In thousands)
Deferred revenue, including long-term portion	$	111,181	$	90,437
Less: Deferred revenue, long-term portion, included in other liabilities		10,071		10,883
Deferred revenue, short-term portion	$	101,110	$	79,554

Earnings (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Share

Earnings (loss) per share is computed as follows:

	Year Ended December 31,
	2018						2017								2016
	Net Income		Shares		Per Share Amount		Net Loss			Shares		Per Share Amount			Net Loss			Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings (loss) per share	$	44,788		86,170	$	0.52	$	(202,386	)		85,811	$	(2.36	)	$	(12,531	)		84,925	$	(0.15	)
Effect of dilutive incentive-based awards				740							—								—
Diluted earnings (loss) per share	$	44,788		86,910	$	0.52	$	(202,386	)		85,811	$	(2.36	)	$	(12,531	)		84,925	$	(0.15	)

Inventories (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories as of December 31, 2018 and 2017 consisted of the following:

	2018		2017
	(In thousands)
Merchandise	$	31,232	$	26,586
Food and beverage		4,365		4,084
Other supplies		217		217
Total inventories	$	35,814	$	30,887

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2018

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2018 and 2017 consisted of the following:

	2018		2017
	(In thousands)
Prepaid insurance	$	5,857	$	6,711
Prepaid marketing and advertising costs		3,821		2,800
Other		9,022		6,799
Total prepaid expenses and other current assets	$	18,700	$	16,310

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Components of Property and Equipment, Net

The components of property and equipment, net as of December 31, 2018 and 2017, consisted of the following:

	2018			2017
	(In thousands)
Land	$	286,200		$	286,200
Land improvements		378,261			354,544
Buildings		690,921			670,121
Rides, attractions and equipment		1,476,866			1,433,246
Animals		142,081			142,147
Construction in process		82,709			65,816
Less accumulated depreciation		(1,365,006	)		(1,276,833	)
Total property and equipment, net	$	1,692,032		$	1,675,241

Goodwill, Net (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for each reporting unit for the years ended December 31, 2018 and 2017 are as follows:

	SeaWorld Orlando			Discovery Cove		Total
	(In thousands)
Gross carrying amount at January 1, 2017	$	269,332		$	66,278	$	335,610
Accumulated impairment loss at January 1, 2017		—			—		—
Net carrying amount at January 1, 2017		269,332			66,278		335,610
Goodwill impairment charge		(269,332	)		—		(269,332	)
Net carrying amount at December 31, 2017		—			66,278		66,278
Changes in goodwill		—			—		—
Net carrying amount at December 31, 2018	$	—		$	66,278	$	66,278

Trade Names/Trademarks and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Trade Names/Trademarks, Net

Trade names/trademarks, net, at December 31, 2018, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Trade names/trademarks - indefinite lives		$	157,000	$	—	$	157,000
Trade names/trademarks- finite lives	9.3 years		12,900		11,557		1,343
Total trade names/trademarks, net		$	169,900	$	11,557	$	158,343

Trade names/trademarks, net, at December 31, 2017, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Trade names/trademarks - indefinite lives		$	157,000	$	—	$	157,000
Trade names/trademarks- finite lives	9.3 years		12,900		10,098		2,802
Total trade names/trademarks, net		$	169,900	$	10,098	$	159,802

Other Intangible Assets-Net

Other intangible assets, net, at December 31, 2018, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Favorable lease asset	39 years	$	18,200	$	4,200	$	14,000
Reseller agreements	8.1 years		22,300		22,300		—
Non-compete agreement	5 years		500		500		—
Other intangible assets - indefinite lives			120		—		120
Total other intangible assets, net		$	41,120	$	27,000	$	14,120

Other intangible assets, net, at December 31, 2017, consisted of the following:

	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
		(In thousands)
Favorable lease asset	39 years	$	18,200	$	3,734	$	14,466
Reseller agreements	8.1 years		22,300		22,032		268
Non-compete agreement	5 years		500		458		42
Other intangible assets - indefinite lives			120		—		120
Total other intangible assets, net		$	41,120	$	26,224	$	14,896

Schedule of Expected Amortization Expense of Finite-Lived Intangible Assets

Total expected amortization expense of the finite-lived intangible assets for the succeeding five years and thereafter is as follows:

Years Ending December 31	(In thousands)
2019	$	1,849
2020		467
2021		467
2022		467
2023		467
Thereafter		11,626
	$	15,343

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Payables And Accruals [Abstract]

Schedule of Other Accrued Liabilities

Other accrued liabilities at December 31, 2018 and 2017, consisted of the following:

	2018		2017
	(In thousands)
Self-insurance reserve	$	6,895	$	7,084
Accrued interest		490		6,078
Dividends payable		84		470
Accrued property taxes		—		1,280
Other		15,597		5,170
Total other accrued liabilities	$	23,066	$	20,082

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Debt, Net

Long-term debt, net, as of December 31, 2018 and 2017 consisted of the following:

	2018			2017
	(In thousands)
Term B-5 Loans (effective interest rate of 5.52% and 4.69% at December 31, 2018 and 2017, respectively)	$	1,523,389		$	990,819
Term B-2 Loans (effective interest rate of 3.94% at December 31, 2017)		—			554,227
Revolving credit facility (effective interest rate of 5.17% and 4.24% at December 31, 2018 and 2017, respectively)		30,000			15,000
Total long-term debt		1,553,389			1,560,046
Less discounts		(6,564	)		(8,685	)
Less debt issuance costs		(6,641	)		(9,045	)
Less current maturities		(45,505	)		(38,707	)
Total long-term debt, net	$	1,494,679		$	1,503,609

Summary of Long-Term Debt Repayable

Long-term debt at December 31, 2018, is repayable as follows and does not include the impact of any future voluntary prepayments. The outstanding balance under the New Revolving Credit Facility is included in current maturities of long-term debt in the accompanying consolidated balance sheet as of December 31, 2018, due to the Company’s intent to repay the borrowings within the next twelve months:

Years Ending December 31,	(In thousands)
2019	$	45,505
2020		15,505
2021		15,505
2022		15,505
2023		15,505
Thereafter		1,445,864
Total	$	1,553,389

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value of Company's Derivative Financial Instruments Classification in Consolidated Balance Sheet

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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets as of December 31, 2018 and 2017:

Asset Derivatives

Liability Derivatives

As of December 31, 2018

As of December 31, 2017

Balance Sheet

Location

Fair Value

Balance Sheet

Location

Fair Value

Derivatives designated as hedging instruments:

(In thousands)

Interest rate swap agreements

Other assets

3,109

Other liabilities

8,455

Total derivatives designated as hedging instruments

$

3,109

$

8,455

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

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

The table below presents the pre-tax effect of the Company’s derivative financial instruments in the accompanying consolidated statements of comprehensive income (loss) for the years ended December 31, 2018 and 2017:

	2018			2017
	(In thousands)
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss)	$	14,262		$	1,619
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense	$	(2,697	)	$	12,733

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2018 and 2017, net of tax:

Accumulated other comprehensive income (loss) (In thousands):			Gains (Losses) on Cash Flow Hedges
Accumulated other comprehensive loss at December 31, 2016			$	(13,694	)
Other comprehensive income before reclassifications	972
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	7,646
Unrealized gain on derivatives, net of tax				8,618
Accumulated other comprehensive loss at December 31, 2017				(5,076	)
Effects of adoption of ASU 2018-02				(1,094	)
Other comprehensive income before reclassifications	10,426
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(1,972	)
Unrealized gain on derivatives, net of tax				8,454
Accumulated other comprehensive income at December 31, 2018			$	2,284

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Provision for (Benefit from) Income Taxes

For the years ended December 31, 2018, 2017 and 2016, the provision for (benefit from) income taxes is comprised of the following:

	2018			2017			2016
Current income tax provision (benefit)	(In thousands)
Federal	$	(99	)	$	(66	)	$	(72	)
State		1,113			1,525			442
Foreign		7			12			23
Total current income tax provision		1,021			1,471			393
Deferred income tax provision (benefit):
Federal		13,019			(74,312	)		5,169
State		3,875			(12,165	)		3,768
Total deferred income tax provision (benefit)		16,894			(86,477	)		8,937
Total income tax provision (benefit)	$	17,915		$	(85,006	)	$	9,330

Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities as of December 31, 2018 and 2017 are as follows:

	2018			2017
Deferred income tax assets:	(In thousands)
Acquisition and debt related costs	$	5,814		$	5,557
Net operating losses		180,658			201,604
Goodwill impairment		53,972			54,207
Self-insurance		6,847			6,992
Deferred revenue		2,718			2,627
Cash flow hedge		—			2,282
Restricted stock		4,472			4,097
Tax credits		9,317			7,922
Other		7,779			7,263
Total deferred income tax assets		271,577			292,551
Valuation allowance		(2,762	)		(2,762	)
Net deferred tax assets		268,815			289,789
Deferred income tax liabilities:
Property and equipment		(192,224	)		(201,019	)
Amortization - Goodwill		(41,803	)		(37,291	)
Amortization - Other Intangibles		(18,144	)		(15,193	)
Cash flow hedge		(836	)		—
Other		(2,992	)		(3,466	)
Total deferred income tax liabilities		(255,999	)		(256,969	)
Net deferred income tax assets	$	12,816		$	32,820

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

The reconciliation between the statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2018, 2017 and 2016, is as follows:

	2018							2017							2016
	Amount			%				Amount			%				Amount			%
	(In thousands)
Income tax at federal statutory rates	$	13,167			21.00		%	$	(100,587	)		35.00		%	$	(1,120	)		35.00		%
Federal net operating loss adjustment		—			—				—			—				422			(13.18	)
State taxes, net of federal benefit		4,640			7.40				(5,800	)		2.02				1,870			(58.42	)
Nondeductible equity-based compensation		668			1.07				2,901			(1.01	)			8,806			(275.10	)
Tax credits		(1,221	)		(1.95	)			(730	)		0.25				(1,881	)		58.75
Goodwill impairment		—			—				17,584			(6.12	)			—			—
Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act		—			—				(1,808	)		0.63				—			—
Nondeductible settlement		840			1.34				—			—				—			—
Valuation allowance		—			—				1,688			(0.59	)			(882	)		27.55
Other		(179	)		(0.29	)			1,746			(0.60	)			2,115			(66.07	)
Income tax provision (benefit)	$	17,915			28.57		%	$	(85,006	)		29.58		%	$	9,330			(291.47	)	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Schedule of Operating and Capital Leases Requiring Annual Minimum Lease Payments

At December 31, 2018, the Company has commitments under long-term operating and capital leases requiring annual minimum lease payments as follows:

Years Ending December 31,	(In thousands)
2019	$	16,809
2020		14,405
2021		13,331
2022		11,624
2023		10,683
Thereafter		268,028
Total	$	334,880

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s estimated fair value measurements and related classifications for assets and liabilities measured on a recurring basis as of December 31, 2018:

	Quoted 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)		2018
Assets:	(In thousands)
Derivative financial instruments ^(a)	$	—	$	3,109	$	—	$	3,109
Liabilities:
Long-term obligations ^(b)	$	—	$	1,553,389	$	—	$	1,553,389

^(a)	Reflected at fair value in the consolidated balance sheet as other assets of $3.1 million as of December 31, 2018.

^(b)	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 $45.5 million and long-term debt of $1.495 billion as of December 31, 2018.

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2017. The Company did not have any assets measured on a recurring basis at fair value at December 31, 2017. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2017:

	Quoted Prices in
	Active Markets		Significant
	for Identical		Other		Significant
	Assets and		Observable		Unobservable		Balance at
	Liabilities		Inputs		Inputs		December 31,
	(Level 1)		(Level 2)		(Level 3)		2017
Liabilities:	(In thousands)
Derivative financial instruments ^(a)	$	—	$	8,455	$	—	$	8,455
Long-term obligations ^(b)	$	—	$	1,560,046	$	—	$	1,560,046

^(a)	Reflected at fair value in the consolidated balance sheet as other liabilities of $8.5 million as of December 31, 2017.

^(b)	Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $38.7 million and long-term debt of $1.504 billion as of December 31, 2017.

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Time-Vesting and Performance Vesting Restricted Share Awards

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2018 was as follows:

						Performance-Vesting Restricted Awards
	Time-Vesting Restricted Awards					Bonus Performance Restricted Awards					Long-Term Incentive Performance Restricted Awards					2.75x Performance Restricted shares
	Shares/Units			Weighted Average Grant 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		Shares/Units			Weighted Average Grant Date Fair Value per Share
Outstanding at December 31, 2017		1,852,512		$	17.09		805,245		$	18.09		864,572		$	18.50		616,793		$	3.56
Granted		354,410		$	17.52		732,747		$	14.97		1,171,733		$	15.04		—		$	—
Vested		(647,415	)	$	16.47		(69,221	)	$	18.07		(9,010	)	$	18.79		—		$	—
Forfeited		(657,803	)	$	17.60		(908,061	)	$	17.44		(871,809	)	$	17.39		(616,793	)	$	3.56
Outstanding at December 31, 2018		901,704		$	17.34		560,710		$	15.06		1,155,486		$	15.82		—		$	—

Schedule of Activity Related to Stock Option Awards

The total intrinsic value of stock options exercised during the year ended December 31, 2018 was approximately $1.7 million. The total intrinsic value of stock options exercised during the years ended December 31, 2017 and 2016 was immaterial. The activity related to the Company’s stock option awards during the year ended December 31, 2018 was as follows:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017		2,923,448		$	18.78
Forfeited		(429,992	)	$	18.00
Expired		(1,493,902	)	$	19.46
Exercised		(234,977	)	$	18.23
Outstanding at December 31, 2018		764,577		$	18.05		6.82	$	3,087
Exercisable at December 31, 2018		435,825		$	18.16		6.72	$	1,711

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Quarterly Cash Dividends to Common Stockholders

During the year ended December 31, 2016, the Board declared or paid quarterly cash dividends to all common stockholders of record as follows:

Record Date	Payment Date	Cash Dividend per Common Share
January 15, 2016	January 22, 2016	$	0.21
March 14, 2016 ^(a)	April 1, 2016	$	0.21
June 20, 2016 ^(a)	July 1, 2016	$	0.21
September 29, 2016	October 7, 2016	$	0.10

^(a)As the Company had an accumulated deficit at the time these dividends were declared, these dividends were accounted for as a return of capital and recorded as a reduction to additional paid-in capital in the accompanying consolidated statements of changes in stockholders’ equity.

During the year ended December 31, 2016, the Parent’s Board declared or paid quarterly cash dividends to all common stockholders of record as follows:

Record Date	Payment Date	Cash Dividend Per Common Share
January 15, 2016	January 22, 2016	$	0.21
March 14, 2016	April 1, 2016	$	0.21
June 20, 2016	July 1, 2016	$	0.21
September 29, 2016	October 7, 2016	$	0.10

Parent Company [Member]

Schedule of Cash Dividends Paid to the Parent

SEA paid a cash dividend to the Parent during the year ended December 31, 2016 related to dividend declarations as follows:

Payment Date	Cash Dividends Paid
	(In Thousands)
January 22, 2016	$	17,808
April 1, 2016^(a)	$	21,269
July 1, 2016^(a)	$	18,176
October 7, 2016	$	8,647

^(a)As SEA had an accumulated deficit at the time these dividends were declared to the Parent, these dividends were accounted for as a return of capital by the Parent. The remaining dividends from SEA have been reflected as a return on capital in the accompanying parent company only financial statements.

Restructuring Programs and Other Separation Costs (Tables)

12 Months Ended

Dec. 31, 2018

Restructuring And Related Activities [Abstract]

Schedule of Restructuring Program Activity

Liabilities related to the 2018, 2017 and 2016 Restructuring Programs as of December 31, 2018 and 2017 are included in accrued salaries, wages and benefits in the accompanying consolidated balance sheets. The 2018, 2017 and 2016 Restructuring Program activity for the years ended December 31, 2018, 2017 and 2016 was as follows:

Severance and Other Employment Expenses	2016 Restructuring Program			2017 Restructuring Program			2018 Restructuring Program			Total
	(In thousands)
Liability as of December 31, 2016	$	7,842		$	—		$	—		$	7,842
Costs incurred		—			5,200			—			5,200
Reduction in estimated expenses		(572	)		—			—			(572	)
Payments made		(7,270	)		(3,966	)		—			(11,236	)
Liability as of December 31, 2017	$	—		$	1,234		$	—		$	1,234
Costs incurred		—			—			5,548			5,548
Payments made		—			(1,234	)		(5,011	)		(6,245	)
Liability as of December 31, 2018	$	—		$	—		$	537		$	537

Summary Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Data

Unaudited summary quarterly financial data for the years ended December 31, 2018 and 2017 was as follows:

	2018
	First			Second		Third		Fourth
	Quarter ^(a)			Quarter ^(b)		Quarter ^(c)		Quarter ^(d)
	(Unaudited, in thousands, except per share amounts)
Total revenues	$	217,166		$	391,921	$	483,175	$	280,028
Operating (loss) income	$	(66,147	)	$	55,210	$	151,730	$	10,874
Net (loss) income	$	(62,844	)	$	22,697	$	95,988	$	(11,053	)
(Loss) earnings per share:
(Loss) earnings per share, basic	$	(0.73	)	$	0.26	$	1.11	$	(0.13	)
(Loss) earnings per share, diluted	$	(0.73	)	$	0.26	$	1.10	$	(0.13	)

	2017
	First			Second			Third		Fourth
	Quarter ^(e)			Quarter ^(f)			Quarter ^(g)		Quarter
	(Unaudited, in thousands, except per share amounts)
Total revenues	$	186,357		$	373,750		$	437,712	$	265,505
Operating (loss) income	$	(76,735	)	$	(222,564	)	$	108,822	$	(10,886	)
Net (loss) income	$	(61,129	)	$	(175,850	)	$	55,034	$	(20,441	)
(Loss) earnings per share:
(Loss) earnings per share, basic	$	(0.72	)	$	(2.05	)	$	0.64	$	(0.24	)
(Loss) earnings per share, diluted	$	(0.72	)	$	(2.05	)	$	0.64	$	(0.24	)

^(a⁾	During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details.

^(b⁾

During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

^(c)

During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

^(d)

During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

^(e)	During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details.

^(f)

During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details.

^(g)	During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details.

Description of the Business - Additional Information (Detail)		12 Months Ended
	May 08, 2017	Dec. 31, 2018 Business	Dec. 31, 2017	Dec. 31, 2016	Oct. 02, 2009 Partnership
Business Description And Basis Of Presentation [Line Items]
Number of limited partnerships which owned the company \| Partnership					10
Number of theme parks owned and operated \| Business		12
Geographic Concentration Risk [Member] \| Revenues [Member] \| Florida [Member]
Business Description And Basis Of Presentation [Line Items]
Percentage of revenue		57.00%	57.00%	57.00%
Stock Purchase Agreement [Member] \| ZHG Group [Member]
Business Description And Basis Of Presentation [Line Items]
Percentage of common stock outstanding by partnership	21.00%
Sale of stock percentage closing date	May 08, 2017

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($) Business Segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reclassified from dividends payable to other accrued liabilities		$ 500,000
Cash and cash equivalents settlement terms	less than four days
Cash and cash equivalents	$ 34,073,000	33,178,000
Allowance on installment arrangements of accounts receivable	14,700,000	9,500,000
Reduction to deferred revenue	14,700,000	9,500,000
Interest capitalized	4,200,000	2,700,000	$ 2,700,000
Capitalized Computer Software, Net	6,100,000	9,200,000
Capitalized Computer Software, Accumulated Amortization	9,900,000	16,100,000
Capitalized Computer Software, Amortization	3,700,000	3,500,000	3,400,000
Self-insurance reserves	31,200,000	30,600,000
Revenue and related expense for bartered ticket transactions	$ 16,600,000	20,800,000	29,100,000
Revenue, practical expedient, initial application and transition, nondisclosure of transaction price allocation to remaining performance obligation	true
Revenue, practical expedient, incremental cost of obtaining contract	true
Number of theme parks owned and operated \| Business	12
Number of reportable segment \| Segment	1
Selling, General and Administrative Expenses [Member]
Summary Of Significant Accounting Policies [Line Items]
Other advertising and media costs	$ 127,500,000	118,000,000	$ 124,600,000
Accrued Salaries, Wages and Benefits [Member]
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves	3,800,000	2,600,000
Other Accrued Liabilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves	$ 6,900,000	7,100,000
Computer System Development Costs [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
FDIC insured amount	$ 250,000
Maximum [Member] \| Animals [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	50 years
Minimum [Member] \| Animals [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	1 year
Amounts Due from Third-Party Credit Card Companies [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 17,400,000	$ 16,800,000

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 34,073	$ 33,178
Restricted cash, included in other current assets	$ 934	$ 819
Restricted cash, current, asset, statement of financial position [extensible list]	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent
Total cash, cash equivalents and restricted cash	$ 35,007	$ 33,997	$ 69,378	$ 19,623

Summary of Significant Accounting Policies - Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2018
Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Buildings [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Rides, Attractions and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Rides, Attractions and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Animals [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Animals [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019
ASU 2018-02 [Member] \| Gains (Losses) on Cash Flow Hedges [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Tax Cuts and Jobs Act of 2017, reclassification from accumulated other comprehensive income to accumulated deficit	$ 1.1
ASU 2016-18 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increased (decreased) in net cash used in investing activities		$ 0.4	$ (0.2)
ASU 2016-02 [Member] \| Subsequent Event [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lease right-of-use assets				$ 130.0
Lease liabilities				$ 130.0

Revenues - Additional Information (Detail) - USD ($)

3 Months Ended

12 Months Ended

Jan. 01, 2018

Dec. 31, 2018

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3]

Mar. 31, 2018

^[4]

Dec. 31, 2017

Sep. 30, 2017

^[5]

Jun. 30, 2017

^[6]

Mar. 31, 2017

^[7]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Disaggregation Of Revenue [Line Items]

Cumulative adjustment to beginning retained earnings

$ 0

Long term deferred revenue

$ 10,071,000

$ 10,883,000

$ 10,071,000

$ 10,883,000

Deferred revenue short term portion revenue recognized

79,600,000

Revenue

280,028,000

^[1]

$ 483,175,000

$ 391,921,000

$ 217,166,000

265,505,000

$ 437,712,000

$ 373,750,000

$ 186,357,000

1,372,290,000

1,263,324,000

$ 1,344,292,000

Middle East Project [Member]

Disaggregation Of Revenue [Line Items]

Long term deferred revenue

10,000,000

Deferred costs incurred under Middle East Project

$ 3,800,000

$ 3,100,000

$ 3,800,000

$ 3,100,000

ZHG Stock Purchase Agreement [Member]

Disaggregation Of Revenue [Line Items]

Type of Revenue [Extensible List]

seas:FoodMerchandiseAndOtherRevenueMember

Revenue

$ 5,100,000

$ 3,900,000

[1]	During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[2]	During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[3]	During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[4]	During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details.
[5]	During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details.
[6]	During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details.
[7]	During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details.

Revenues - Deferred Revenue Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Revenue Disclosure [Abstract]
Deferred revenue, including long-term portion	$ 111,181	$ 90,437
Less: Deferred revenue, long-term portion, included in other liabilities	10,071	10,883
Deferred revenue, short-term portion	$ 101,110	$ 79,554

Earnings (Loss) per Share - Schedule of Earnings (Loss) per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3]

Mar. 31, 2018

^[4]

Dec. 31, 2017

Sep. 30, 2017

^[5]

Jun. 30, 2017

^[6]

Mar. 31, 2017

^[7]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Earnings Per Share [Abstract]

Basic earnings (loss) per share, Net Income (Loss)

$ 44,788

$ (202,386)

$ (12,531)

Diluted earnings (loss) per share, Net Income (Loss)

$ 44,788

$ (202,386)

$ (12,531)

Basic earnings (loss) per share, Shares

86,170

85,811

84,925

Effect of dilutive incentive-based awards, Shares

740

Diluted earnings (loss) per share, Shares

86,910

85,811

84,925

Basic earnings (loss) per share, Per Share Amount

$ (0.13)

$ 1.11

$ 0.26

$ (0.73)

$ (0.24)

$ 0.64

$ (2.05)

$ (0.72)

$ 0.52

$ (2.36)

$ (0.15)

Diluted earnings (loss) per share, Per Share Amount

$ (0.13)

$ 1.10

$ 0.26

$ (0.73)

$ (0.24)

$ 0.64

$ (2.05)

$ (0.72)

$ 0.52

$ (2.36)

$ (0.15)

[1]	During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[2]	During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[3]	During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[4]	During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details.
[5]	During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details.
[6]	During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details.
[7]	During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Quarterly Financial Information Disclosure [Abstract]

Earnings (Loss) per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Line Items]
Anti-dilutive or potentially dilutive shares excluded from the computation of diluted earnings (loss) per share	1,299,000	5,090,000	4,807,000
Shares included in calculation of diluted earnings (loss) per share	740,000
Performance-vesting Restricted Share [Member]
Earnings Per Share [Line Items]
Shares included in calculation of diluted earnings (loss) per share	364,000	78,000	13,000

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Merchandise	$ 31,232	$ 26,586
Food and beverage	4,365	4,084
Other supplies	217	217
Total inventories	$ 35,814	$ 30,887

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid insurance	$ 5,857	$ 6,711
Prepaid marketing and advertising costs	3,821	2,800
Other	9,022	6,799
Total prepaid expenses and other current assets	$ 18,700	$ 16,310

Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,057,038	$ 2,952,074
Less accumulated depreciation	(1,365,006)	(1,276,833)
Property and equipment, net	1,692,032	1,675,241
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	286,200	286,200
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	378,261	354,544
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	690,921	670,121
Rides, Attractions and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,476,866	1,433,246
Animals [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	142,081	142,147
Construction in Process [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 82,709	$ 65,816

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 155.0	$ 155.2	$ 191.5
Accelerated depreciation related to the disposal of the lifting floors			33.7
Operating Expense [Member]
Property, Plant and Equipment [Line Items]
Fixed Asset Disposals	$ 10.9
Impairment loss of long-lived assets		$ 7.8
Project asset write-offs			$ 6.4

Goodwill, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017
Goodwill [Line Items]
Goodwill impairment charge		$ 269,332
SeaWorld Orlando Reporting Unit [Member]
Goodwill [Line Items]
Goodwill impairment charge	$ 269,300	$ 269,332

Goodwill, Net - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Gross carrying amount at January 1, 2017				$ 335,610
Net carrying amount, Goodwill beginning balance		$ 66,278	$ 335,610
Goodwill impairment charge			(269,332)
Changes in goodwill		0
Net carrying amount, Goodwill ending balance		66,278	66,278
SeaWorld Orlando [Member]
Goodwill [Line Items]
Gross carrying amount at January 1, 2017				269,332
Net carrying amount, Goodwill beginning balance		0	269,332
Goodwill impairment charge	$ (269,300)		(269,332)
Changes in goodwill		0
Net carrying amount, Goodwill ending balance		0	0
Discovery Cove [Member]
Goodwill [Line Items]
Gross carrying amount at January 1, 2017				$ 66,278
Net carrying amount, Goodwill beginning balance		66,278	66,278
Changes in goodwill		0
Net carrying amount, Goodwill ending balance		$ 66,278	$ 66,278

Trade Names/Trademarks and Other Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortization expense		$ 2,200	$ 4,600	$ 4,800
Weighted Average Amortization Period, finite lives		18 years 9 months 18 days
Trade Names/Trademarks Related to SeaWorld Brand [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Other indefinite lived assets	$ 93,000
Trade Names/Trademarks [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Other indefinite lived assets		$ 157,000,000	157,000,000
Other indefinite lived assets impairment	$ 0	$ 0	$ 0
Weighted Average Amortization Period, finite lives		9 years 3 months 18 days	9 years 3 months 18 days

Trade Names/Trademarks and Other Intangible Assets, Net - Trade Names/Trademarks, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Net Carrying Value, finite lives	$ 15,343
Weighted Average Amortization Period, finite lives	18 years 9 months 18 days
Trade Names/Trademarks [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Net Carrying Value, indefinite lives	$ 157,000	$ 157,000
Gross Carrying Amount, finite lives	12,900	12,900
Accumulated Amortization, finite lives	11,557	10,098
Net Carrying Value, finite lives	1,343	2,802
Gross Carrying Amount, total	169,900	169,900
Accumulated Amortization, total	11,557	10,098
Net Carrying Value, total	$ 158,343	$ 159,802
Weighted Average Amortization Period, finite lives	9 years 3 months 18 days	9 years 3 months 18 days

Trade Names/Trademarks and Other Intangible Assets, Net - Other Intangible Assets-Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period, finite lives	18 years 9 months 18 days
Other Intangible Assets [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount, total	$ 41,120	$ 41,120
Accumulated Amortization, finite lives	27,000	26,224
Net Carrying Value, total	14,120	14,896
Net Carrying Value, indefinite lives	$ 120	$ 120
Other Intangible Assets [Member] \| Favorable Lease Asset [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period, finite lives	39 years	39 years
Gross Carrying Amount, total	$ 18,200	$ 18,200
Accumulated Amortization, finite lives	4,200	3,734
Net Carrying Value, total	$ 14,000	$ 14,466
Other Intangible Assets [Member] \| Reseller Agreements [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period, finite lives	8 years 1 month 6 days	8 years 1 month 6 days
Gross Carrying Amount, total	$ 22,300	$ 22,300
Accumulated Amortization, finite lives	$ 22,300	22,032
Net Carrying Value, total		$ 268
Other Intangible Assets [Member] \| Non-Compete Agreement [Member]
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period, finite lives	5 years	5 years
Gross Carrying Amount, total	$ 500	$ 500
Accumulated Amortization, finite lives	$ 500	458
Net Carrying Value, total		$ 42

Trade Names/Trademarks and Other Intangible Assets, Net - Schedule of Expected Amortization Expense of Finite-Lived Intangible Assets (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2019	$ 1,849
2020	467
2021	467
2022	467
2023	467
Thereafter	11,626
Net Carrying Value, finite lives	$ 15,343

Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Payables And Accruals [Abstract]
Self-insurance reserve	$ 6,895	$ 7,084
Accrued interest	490	6,078
Dividends payable	84	470
Accrued property taxes		1,280
Other	15,597	5,170
Total other accrued liabilities	$ 23,066	$ 20,082

Other Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Millions	Jan. 05, 2018	Dec. 31, 2018	Dec. 31, 2017
EZPay Plan Class Action Lawsuit [Member]
Other Accrued Liabilitiies [Line Items]
Settlement of litigation accrued		$ 11.5	$ 3.4
Term B-2 Loans [Member]
Other Accrued Liabilitiies [Line Items]
Cash paid for interest	$ 5.1

Long-Term Debt - Summary of Long-Term Debt, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 1,553,389	$ 1,560,046
Less discounts	(6,564)	(8,685)
Less debt issuance costs	(6,641)	(9,045)
Less current maturities	(45,505)	(38,707)
Total long-term debt, net	1,494,679	1,503,609
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	30,000	15,000
Term B-5 Loans [Member]
Debt Instrument [Line Items]
Long-term debt	$ 1,523,389	990,819
Term B-2 Loans [Member]
Debt Instrument [Line Items]
Long-term debt		$ 554,227

Long-Term Debt - Summary of Long-Term Debt, Net (Parenthetical) (Detail)	Dec. 31, 2018	Dec. 31, 2017
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument interest rate effective percentage	5.17%	4.24%
Term B-5 Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate effective percentage	5.52%	4.69%
Term B-2 Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate effective percentage		3.94%

Long-Term Debt - Additional Information (Detail)				3 Months Ended		12 Months Ended
Long-Term Debt - Additional Information (Detail)	Oct. 31, 2018 USD ($)	Jan. 05, 2018 USD ($)	Jan. 03, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) Swap	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) Swap	Feb. 28, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt						$ 1,553,389,000	$ 1,560,046,000
Outstanding letters of credit						$ 21,300,000
Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of interest rate swaps held \| Swap						5
Notional amount of interest rate swap						$ 1,000,000,000
Maturity of interest rate swap						May 14, 2020
Weighted average fixed interest rate						2.45%
Variable rate of interest						0.75%
Variable rate of interest, description						variable rate of interest based upon the greater of 0.75% or the BBA LIBOR
Number of interest rate swaps matured \| Swap								4
Interest Rate Swaps [Member] \| Combined Interest Rate Cash Flow Hedges On Three Swaps [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap								$ 1,000,000,000
Variable rate of interest								0.75%
Variable rate of interest, description						variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR
Number of interest rate derivatives held with combined notional amount \| Swap								3
Interest Rate Swaps [Member] \| Fourth Traditional Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap								$ 250,000,000
Variable rate of interest								0.75%
Variable rate of interest, description						variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR
Fixed interest rate								0.901%
Maximum [Member] \| Interest Rate Swaps [Member] \| Combined Interest Rate Cash Flow Hedges On Three Swaps [Member]
Debt Instrument [Line Items]
Weighted average fixed interest rate								1.051%
Minimum [Member] \| Interest Rate Swaps [Member] \| Combined Interest Rate Cash Flow Hedges On Three Swaps [Member]
Debt Instrument [Line Items]
Weighted average fixed interest rate								1.049%
Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow used to prepay outstanding loan						50.00%
Percentage of net proceeds from sale of non-ordinary assets						100.00%
Percentage of net proceeds incurrence of debt						100.00%
Mandatory prepayments					$ 6,300,000
First lien secured net leverage ratio						350.00%
Percentage of interest in subsidiary						100.00%
Line of credit facility collateral description						The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of SEA’s direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any “first tier” foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company.
Percentage of capital stock						65.00%
Cash paid for interest			$ 12,900,000			$ 82,500,000	80,600,000	$ 46,900,000
Terminated Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Senior secured revolving						210,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Senior secured revolving						210,000,000
Long-term debt						$ 30,000,000	$ 15,000,000
Long-term debt, maturity date						Oct. 31, 2023
Debt instrument, maturity date description						The New Revolving Credit Facility will mature on October 31, 2023.
Permitted increased commitments under the New Revolving Credit Facility in aggregate principal amount						$ 350,000,000
Interest rate, description						Borrowings of the New Revolving Credit Facility under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1⁄2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate”, in each case, plus an applicable margin equal to 1.75%; or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the New Revolving Credit Facility be less than 0.0% per annum) plus an applicable margin equal to 2.75%.
Debt instrument interest rate effective percentage						5.17%	4.24%
Basis point step-down in applicable margin, description						The applicable margin for borrowings under the New Revolving Credit Facility are subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings, which the Company did not achieve as of December 31, 2018.
Basis point step down on applicable margin upon achievement of certain leverage ratio						0.25%
Commitment fees on unused portion of facility						0.50%
Amount available for borrowing						$ 158,700,000
Revolving Credit Facility [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Applicable margin for Term Loans						0.50%
Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Applicable margin for Term Loans						1.75%
Revolving Credit Facility [Member] \| LIBOR Rate Loan [Member]
Debt Instrument [Line Items]
Applicable margin for Term Loans						2.75%
Revolving Credit Facility [Member] \| Minimum [Member] \| LIBOR Rate Loan [Member]
Debt Instrument [Line Items]
Debt instrument interest rate effective percentage						0.00%
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Additional borrowings under revolving credit facility									$ 45,000,000
Revolving Credit Facility [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Senior secured revolving	$ 210,000,000
Restrictive Covenants [Member]
Debt Instrument [Line Items]
Restrictive covenants, restricted payments available						$ 180,000,000
Restrictive Covenants [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
First lien secured net leverage ratio	625.00%
Restrictive covenants, description	The New Revolving Credit Facility requires that the Company comply with a springing maximum first lien secured leverage ratio of 6.25x to be tested as of the last day of any fiscal quarter, solely to the extent that on such date the aggregate amount of funded loans and letters of credit (excluding undrawn letters of credit in an amount not to exceed $30.0 million and cash collateralized letters of credit) under the New Revolving Credit Facility exceeds an amount equal to 35% of the then outstanding commitments under the New Revolving Credit Facility.					The Senior Secured Credit Facilities permit restricted payments in an aggregate amount per annum equal to the sum of (A) $25.0 million plus (B) an amount, if any, equal to (1) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment, is no greater than 3.50 to 1.00, an unlimited amount, (2) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00, the greater of (a) $95.0 million and (b) 7.50% of Market Capitalization (as defined in the Senior Secured Credit Facilities), (3) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.50 to 1.00 and greater than 4.00 to 1.00, $95.0 million and (4) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 5.00 to 1.00 and greater than 4.50 to 1.00, $65.0 million.
Percentage of Market Capitalization on restricted payment						7.50%
First lien secured net leverage ratio						350.00%
Total leverage ratio, as calculated						358.00%
Restrictive Covenants [Member] \| Senior Secured Credit Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow used to prepay outstanding loan						25.00%
Excludable letters of credit under maximum required first lien secured leverage ratio	$ 30,000,000
Restricted payment on Senior Secured Credit Facilities, base payment						$ 25,000,000
Restricted payment on Senior Secured Credit Facilities, first payment						95,000,000
Restricted payment on Senior Secured Credit Facilities, second payment						95,000,000
Restricted payment on Senior Secured Credit Facilities, third payment						$ 65,000,000
Total leverage ratio, one						400.00%
Total leverage ratio, two						450.00%
Total leverage ratio, three						500.00%
Restrictive Covenants [Member] \| Senior Secured Credit Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow used to prepay outstanding loan						0.00%
Minimum percentage of funded loan and letters of credit for covenant to apply	35.00%
Total leverage ratio, one						350.00%
Total leverage ratio, two						400.00%
Total leverage ratio, three						450.00%
Term B-5 Loans [Member]
Debt Instrument [Line Items]
Debt instrument, balance	$ 543,900,000				998,300,000
Discount initially recorded						$ 700,000	$ 5,000,000
Write-off of discounts and debt issuance costs						8,200,000	8,000,000
Long-term debt						$ 1,523,389,000	$ 990,819,000
Long-term debt, maturity date						Mar. 31, 2024
Percent of original principal amount on effective date used to calculate aggregate annual amounts which will amortize in equal quarterly installments						1.015%
Interest rate, description						Borrowings of the Term B-5 Loans under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate” (provided that in no event shall such base rate with respect to the Term B-5 Loans be less than 1.75% per annum), in each case, plus an applicable margin of 2.00% or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Term B-5 Loans be less than 0.75% per annum) plus an applicable margin of 3.00%.
Debt instrument interest rate effective percentage						5.52%	4.69%
Term B-5 Loans [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Applicable margin for Term Loans						0.50%
Term B-5 Loans [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Applicable margin for Term Loans						2.00%
Term B-5 Loans [Member] \| LIBOR Rate Loan [Member]
Debt Instrument [Line Items]
Applicable margin for Term Loans						3.00%
Term B-5 Loans [Member] \| Minimum [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rate effective percentage						1.75%
Term B-5 Loans [Member] \| Minimum [Member] \| LIBOR Rate Loan [Member]
Debt Instrument [Line Items]
Debt instrument interest rate effective percentage						0.75%
Term B-5 Loans [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, balance	543,900,000
Term B-3 Loans [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal					244,700,000
Term B-3 Loans [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Mandatory prepayments						$ 0		0
Term B-2 Loans [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal					753,600,000
Long-term debt							$ 554,227,000
Debt instrument interest rate effective percentage							3.94%
Cash paid for interest		$ 5,100,000
Term B-2 Loans [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal	$ 543,900,000
Remainder of mandatory prepayment applied				$ 2,800,000		$ 0		$ 0
Term B-2 and Term B-3 Loans [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Mandatory prepayments					$ 3,500,000

Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Maturities Of Long Term Debt [Abstract]
2019	$ 45,505
2020	15,505
2021	15,505
2022	15,505
2023	15,505
Thereafter	1,445,864
Long-term debt	$ 1,553,389	$ 1,560,046

Derivative Instruments and Hedging Activities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($) Swap	Dec. 31, 2017 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Reclassified as a reduction to interest expense, expected during the next 12 months	$ 2,500,000
Unrealized gain or loss on derivatives, tax (expense) benefit	$ 3,100,000	$ 5,700,000
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps held \| Swap	5
Notional amount of interest rate swap	$ 1,000,000,000
Not Designated as Hedge Accounting Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives outstanding	$ 0	$ 0

Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Asset Derivatives Fair Value	$ 3,109
Liability Derivatives Fair Value		$ 8,455
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives Fair Value	3,100
Liability Derivatives Fair Value		8,500
Interest Rate Swaps [Member] \| Other Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives Fair Value	$ 3,109
Interest Rate Swaps [Member] \| Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives Fair Value		$ 8,455

Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments in Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss)	$ 14,262	$ 1,619
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense	$ (2,697)	$ 12,733

Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss):
Beginning Balance	$ 287,466	$ 461,215
Ending Balance	265,194	287,466
Accumulated Other Comprehensive (Loss) Income [Member]
Accumulated other comprehensive income (loss):
Beginning Balance	(5,076)	(13,694)
Impact of adoption of ASU 2018-02	(1,094)
Ending Balance	2,284	(5,076)
Gains (Losses) on Cash Flow Hedges [Member]
Accumulated other comprehensive income (loss):
Impact of adoption of ASU 2018-02	(1,094)
Other comprehensive income (loss) before reclassifications	10,426	972
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(1,972)	7,646
Unrealized gain on derivatives, net of tax	$ 8,454	$ 8,618

Income Taxes - Schedule of Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current income tax provision (benefit)
Federal	$ (99)	$ (66)	$ (72)
State	1,113	1,525	442
Foreign	7	12	23
Total current income tax provision	1,021	1,471	393
Deferred income tax provision (benefit):
Federal	13,019	(74,312)	5,169
State	3,875	(12,165)	3,768
Total deferred income tax provision (benefit)	16,894	(86,477)	8,937
Total income tax provision (benefit)	$ 17,915	$ (85,006)	$ 9,330

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Cash paid for income taxes	$ 800,000	$ 500,000	$ 800,000
Deferred tax assets, valuation allowance	$ 2,762,000	$ 2,762,000
Income tax rate at federal statutory rates	21.00%	35.00%	35.00%
Charitable Contribution Carryforwards [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets, valuation allowance		$ 400,000
Minimum [Member]
Income Tax Disclosure [Line Items]
Year federal net operating loss carryforwards begin to expire	2029
Ownership shift as defined by IRC Section 382		50.00%
Federal Tax Credit Carry Forwards [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 615,300,000
State Tax Credit Carry Forwards [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	990,500,000
Deferred tax assets, valuation allowance	$ 2,800	$ 2,800

Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets:
Acquisition and debt related costs	$ 5,814	$ 5,557
Net operating losses	180,658	201,604
Goodwill impairment	53,972	54,207
Self-insurance	6,847	6,992
Deferred revenue	2,718	2,627
Cash flow hedge		2,282
Restricted stock	4,472	4,097
Tax credits	9,317	7,922
Other	7,779	7,263
Total deferred income tax assets	271,577	292,551
Valuation allowance	(2,762)	(2,762)
Net deferred tax assets	268,815	289,789
Deferred income tax liabilities:
Property and equipment	(192,224)	(201,019)
Amortization - Goodwill	(41,803)	(37,291)
Amortization - Other Intangibles	(18,144)	(15,193)
Cash flow hedge	(836)
Other	(2,992)	(3,466)
Total deferred income tax liabilities	(255,999)	(256,969)
Net deferred income tax assets	$ 12,816	$ 32,820

Income Taxes - Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax at federal statutory rates	21.00%	35.00%	35.00%
Federal net operating loss adjustment			(13.18%)
State taxes, net of federal benefit	7.40%	2.02%	(58.42%)
Nondeductible equity-based compensation	1.07%	(1.01%)	(275.10%)
Tax credits	(1.95%)	0.25%	58.75%
Goodwill impairment		(6.12%)
Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act		0.63%
Nondeductible settlement	1.34%
Valuation allowance		(0.59%)	27.55%
Other	(0.29%)	(0.60%)	(66.07%)
Income tax provision (benefit) rate	28.57%	29.58%	(291.47%)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax at federal statutory rates	$ 13,167	$ (100,587)	$ (1,120)
Federal net operating loss adjustment			(422)
State taxes, net of federal benefit	4,640	(5,800)	1,870
Nondeductible equity-based compensation	668	2,901	8,806
Tax credits	(1,221)	(730)	(1,881)
Goodwill impairment		17,584
Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act		(1,808)
Nondeductible settlement	840
Valuation allowance		1,688	(882)
Other	(179)	1,746	2,115
Total income tax provision (benefit)	$ 17,915	$ (85,006)	$ 9,330

Commitments and Contingencies - Schedule of Operating and Capital Leases Requiring Annual Minimum Lease Payments (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2019	$ 16,809
2020	14,405
2021	13,331
2022	11,624
2023	10,683
Thereafter	268,028
Total	$ 334,880

Commitments and Contingencies - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
	Jan. 02, 2017	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2018
Commitments And Contingencies [Line Items]
Rental expense			$ 21,200,000	$ 20,500,000	$ 20,900,000
Lease term			50 years
Lease expiration date			Jul. 01, 2048
Minimum annual rent payment	$ 10,400,000
Additional capital payments			$ 207,000,000
License agreement term, description			The License Agreement has an initial term through December 31, 2031, with an automatic additional 15 year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening.
Payment of civil penalty		$ 4,000,000
San Diego Hotel Project [Member]
Commitments And Contingencies [Line Items]
Loss on termination of agreement			$ 2,800,000
EZPay Plan Class Action Lawsuit [Member]
Commitments And Contingencies [Line Items]
Estimated liability for legal settlement						$ 11,500,000
Settlement of litigation accrued			11,500,000	$ 3,400,000
Maximum [Member]
Commitments And Contingencies [Line Items]
Estimated combined remaining obligations for commitments			79,000,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Amount in controversy, not recorded			$ 5,000,000

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Transfers between Levels	$ 0	$ 0
Assets measured at fair value		$ 0

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Derivative financial instruments	$ 3,109
Liabilities:
Derivative financial instruments		$ 8,455
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,109
Liabilities:
Long-term obligations	1,553,389	1,560,046
Derivative financial instruments		8,455
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) [Member]
Assets:
Derivative financial instruments	3,109
Liabilities:
Long-term obligations	$ 1,553,389	1,560,046
Derivative financial instruments		$ 8,455

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives Fair Value	$ 3,109
Current maturities of long-term debt	45,505	$ 38,707
Total long-term debt, net	1,494,679	1,503,609
Liability Derivatives Fair Value		8,455
Other Liabilities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives Fair Value	$ 3,100
Liability Derivatives Fair Value		$ 8,500

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
ZHG Stock Purchase Agreement [Member]
Related Party Transaction [Line Items]
Receivable from related party		$ 1.5
Reimbursement for cost and expenses incurred by company relating to sale			$ 4.0
ZHG Stock Purchase Agreement [Member] \| Food, Merchandise and Other [Member]
Related Party Transaction [Line Items]
Revenue recognized		$ 5.1	$ 3.9
Hill Path Capital LP (“Hill Path”) [Member]
Related Party Transaction [Line Items]
Reimbursement for fees and expenses incurred in connection with the agreement	$ 0.5
Related party transaction, Agreement entered date			Nov. 05, 2017
Agreement effective period, description		12 months following the date on which there is no director serving on the Board who is designated by Hill Path.

Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan name	401(k)
Defined contribution plan employer contribution description	The Company makes matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee.
Defined Contribution Plan, Sponsor Location [Extensible List]	country:US
Defined Contribution Plan, Tax Status [Extensible List]	us-gaap:QualifiedPlanMember
Selling, General and Administrative Expenses and Operating Expenses [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer- matching contributions	$ 7.6	$ 7.9	$ 8.5
First 1% [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching percentage	100.00%
Percentage of gross pay matched	1.00%
Second 5% [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching percentage	50.00%
Percentage of gross pay matched	5.00%

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense			$ 22,152	$ 23,203	$ 37,515
Recognized equity-based compensation expense	$ 8,400		5,500
Unrecognized equity compensation cost			$ 18,200
Unrecognized equity compensation cost, weighted-average period			1 year 8 months 12 days
Total fair value of shares vested during the period			$ 12,100	13,800	32,200
Total intrinsic value of stock options exercised			$ 1,700
Accumulated dividends paid related to performance shares which vested during the period				1,270	3,400
Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, gross			15,000,000
Shares available for future issuance			9,770,000
2018 Bonus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of bonus payable in cash			50.00%
2018 Long-Term Incentive Plan Below Threshold Performance [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage, per year			0.00%
2018 Long-Term Incentive Plan At or Above Maximum Performance [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage, per year			200.00%
2.75x Performance Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized equity-based compensation expense				8,400
Accumulated dividends paid related to performance shares which vested during the period				1,300
2.75x Performance Restricted Shares [Member] \| Upon Closing of Sale [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of restricted shares to vest		60.00%
2.75x Performance Restricted Shares [Member] \| Upon Closing of Sale [Member] \| Modification of Vesting Conditions [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized equity-based compensation expense				$ 8,400
2.25x Performance Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized equity-based compensation expense					27,500
Accumulated dividends paid related to performance shares which vested during the period					$ 3,400
Time Vesting and Performance Vesting Restricted Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value			$ 15.40	$ 17.71	$ 17.20
Bonus Performance Restricted Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vested			69,000
Bonus Performance Restricted Units [Member] \| 2018 Bonus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of bonus payable by units			50.00%
Below Threshold Performance Bonus Restricted Units [Member] \| 2018 Bonus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage, per year			0.00%
At or Above Maximum Performance Bonus Restricted Units [Member] \| 2018 Bonus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage, per year			150.00%
Long-Term Incentive Time Restricted Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Vesting percentage			33.00%
Long-Term Incentive Performance Restricted Units [Member] \| 2018 Long-Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period			3 years
Description of additional incentive for early achievement of adjusted EBITDA target			If the Company’s Fiscal 2020 target was achieved in 2018, 30% of target Long-Term Incentive Performance Restricted Units would have been earned and delivered in 2019; if the Company’s Fiscal 2020 target is achieved in 2019, 20% of target Long-Term Incentive Performance Restricted Units will be earned and delivered in 2020, in each case subject to the overall maximum award of 200% of target.
Long-Term Incentive Time Restricted Shares [Member] \| Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			5 years
Long-Term Incentive Time Restricted Shares [Member] \| Third Anniversary [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Vesting percentage			100.00%
Long-Term Incentive Time Restricted Shares [Member] \| Third Anniversary [Member] \| Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage			33.00%
Long-Term Incentive Time Restricted Shares [Member] \| Fourth Anniversary [Member] \| Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage			33.00%
Long-Term Incentive Time Restricted Shares [Member] \| Fifth Anniversary [Member] \| Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage			33.00%
Other Long-Term Incentive Time Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description			Other Long-Term Incentive Time Restricted Shares vest ratably over four years or three years from the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense is recognized using the straight line method over the respective vesting period.
Long-Term Incentive Performance Restricted Shares [Member] \| 2017 Long-Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period			3 years
Granted Shares/Units			210,000
Long-Term Incentive Performance Restricted Shares [Member] \| 2016 Long-Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period			3 years
Granted Shares/Units			100,500
Long-Term Incentive Performance Restricted Shares [Member] \| 2016 Long-Term Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares			99,200
Performance-vesting Restricted Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense			$ 10,300
Unrecognized equity compensation cost			$ 8,600
Long-Term Incentive Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Vesting percentage			25.00%
Long-Term Incentive Options, expiration period			10 years
Deferred Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Granted Shares/Units			46,000
Number of common stock shares to be received for each deferred stock unit			1
Period of time after director has left the board to receive shares			1 year

Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail)	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Time-Vesting Restricted Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding, Beginning Balance \| shares	1,852,512
Shares/Units, Granted \| shares	354,410
Shares/Units, Vested \| shares	(647,415)
Shares/Units, Forfeited \| shares	(657,803)
Shares/Units, Outstanding, Ending Balance \| shares	901,704
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance \| $ / shares	$ 17.09
Weighted Average Grant Date Fair Value per Award, Granted \| $ / shares	17.52
Weighted Average Grant Date Fair Value per Award, Vested \| $ / shares	16.47
Weighted Average Grant Date Fair Value per Award, Forfeited \| $ / shares	17.60
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance \| $ / shares	$ 17.34
Bonus Performance Restricted Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding, Beginning Balance \| shares	805,245
Shares/Units, Granted \| shares	732,747
Shares/Units, Vested \| shares	(69,221)
Shares/Units, Forfeited \| shares	(908,061)
Shares/Units, Outstanding, Ending Balance \| shares	560,710
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance \| $ / shares	$ 18.09
Weighted Average Grant Date Fair Value per Award, Granted \| $ / shares	14.97
Weighted Average Grant Date Fair Value per Award, Vested \| $ / shares	18.07
Weighted Average Grant Date Fair Value per Award, Forfeited \| $ / shares	17.44
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance \| $ / shares	$ 15.06
Long-Term Incentive Performance Restricted Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding, Beginning Balance \| shares	864,572
Shares/Units, Granted \| shares	1,171,733
Shares/Units, Vested \| shares	(9,010)
Shares/Units, Forfeited \| shares	(871,809)
Shares/Units, Outstanding, Ending Balance \| shares	1,155,486
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance \| $ / shares	$ 18.50
Weighted Average Grant Date Fair Value per Award, Granted \| $ / shares	15.04
Weighted Average Grant Date Fair Value per Award, Vested \| $ / shares	18.79
Weighted Average Grant Date Fair Value per Award, Forfeited \| $ / shares	17.39
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance \| $ / shares	$ 15.82
2.75x Performance Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding, Beginning Balance \| shares	616,793
Shares/Units, Forfeited \| shares	(616,793)
Shares/Units, Outstanding, Ending Balance \| shares
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance \| $ / shares	$ 3.56
Weighted Average Grant Date Fair Value per Award, Forfeited \| $ / shares	$ 3.56
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance \| $ / shares

Equity-Based Compensation - Schedule of Activity Related to Stock Option Awards (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options, Outstanding, Beginning Balance \| shares	2,923,448
Options, Forfeited \| shares	(429,992)
Options, Expired \| shares	(1,493,902)
Options, Exercised \| shares	(234,977)
Options, Outstanding, Ending Balance \| shares	764,577
Options, Exercisable at December 31, 2018 \| shares	435,825
Weighted Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 18.78
Weighted Average Exercise Price, Forfeited \| $ / shares	18.00
Weighted Average Exercise Price, Expired \| $ / shares	19.46
Weighted Average Exercise Price, Exercised \| $ / shares	18.23
Weighted Average Exercise Price, Outstanding, Ending Balance \| $ / shares	18.05
Weighted Average Exercise Price, Exercisable at December 31, 2018 \| $ / shares	$ 18.16
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2018	6 years 9 months 25 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2018	6 years 8 months 19 days
Aggregate Intrinsic Value, Outstanding at December 31, 2018 \| $	$ 3,087
Aggregate Intrinsic Value, Exercisable at December 31, 2018 \| $	$ 1,711

Stockholders' Equity - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 22, 2019	Dec. 31, 2015
Stockholders Equity [Line Items]
Common stock, shares issued	93,400,929	92,637,403
Treasury stock, shares	10,174,589	6,519,773
Share Repurchase Program, authorized amount	$ 250,000,000
Shares repurchased	3,654,816
Stock repurchased during period, total cost	$ 98,032,000
Treasury stock at cost	252,903,000	$ 154,871,000
Dividends payable	84,000	470,000
Dividends paid to stockholders	$ 325,000	$ 1,544,000	$ 65,306,000
Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Shares repurchased	3,654,816
Stock repurchased during period, total cost	$ 98,000,000
Share Repurchase Program, remaining authorized repurchase amount	$ 92,000,000
Stock Repurchase Program, number of shares repurchased		0	0
Share Repurchase Program [Member] \| Subsequent Event [Member]
Stockholders Equity [Line Items]
Share Repurchase Program, authorized amount				$ 250,000,000
Stock Repurchase Program, replenishment amount				$ 158,000,000
Common Stock [Member]
Stockholders Equity [Line Items]
Common stock, shares issued	93,400,929	92,637,403	91,861,054		90,320,374
Number of unvested shares	920,904
Restricted Stock Units [Member]
Stockholders Equity [Line Items]
Number of unvested shares	1,696,996

Stockholders' Equity - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail)	12 Months Ended
	Dec. 31, 2016 $ / shares
Stockholders Equity [Line Items]
Cash dividends declared per share	$ 0.73
Q4 2015 Declaration [Member]
Stockholders Equity [Line Items]
Cash dividends record date	Jan. 15, 2016
Cash dividends payable date	Jan. 22, 2016
Cash dividends declared per share	$ 0.21
Q1 2016 Declaration [Member]
Stockholders Equity [Line Items]
Cash dividends record date	Mar. 14, 2016
Cash dividends payable date	Apr. 01, 2016
Cash dividends declared per share	$ 0.21
Q2 2016 Declaration [Member]
Stockholders Equity [Line Items]
Cash dividends record date	Jun. 20, 2016
Cash dividends payable date	Jul. 01, 2016
Cash dividends declared per share	$ 0.21
Q3 2016 Declaration [Member]
Stockholders Equity [Line Items]
Cash dividends record date	Sep. 29, 2016
Cash dividends payable date	Oct. 07, 2016
Cash dividends declared per share	$ 0.10

Restructuring Programs and Other Separation Costs - Additional Information (Detail) $ in Millions		3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 27, 2018 USD ($)	Sep. 30, 2018 Position	Dec. 31, 2017 USD ($) Position	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($) Position
Restructuring Cost And Reserve [Line Items]
Severance related payments	$ 6.7			$ 3.8
2018 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring costs, description					involved the elimination of approximately 125 positions during the third quarter of 2018 across the Company’s theme parks and its corporate headquarters.
Number of positions eliminated \| Position		125
Restructuring and other related costs incurred to date					$ 5.5
2017 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring costs, description					involved the elimination of approximately 350 positions by the end of the fourth quarter of 2017 across certain of the Company’s theme parks and corporate headquarters.
Number of positions eliminated \| Position			350
Restructuring and other related costs incurred to date			$ 5.2
2016 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring costs, description					involved the elimination of approximately 320 positions across all of the Company’s theme parks and corporate headquarters.
Number of positions eliminated \| Position						320
Restructuring and other related costs incurred to date						$ 8.9

Restructuring Programs and Other Separation Costs - Schedule of Restructuring Program Activity (Detail) - Severance and Other Employment Expenses [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost And Reserve [Line Items]
Liability, beginning balance	$ 1,234	$ 7,842
Costs incurred	5,548	5,200
Reduction in estimated expenses		(572)
Payments made	(6,245)	(11,236)
Liability, ending balance	537	1,234
2016 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Liability, beginning balance		7,842
Reduction in estimated expenses		(572)
Payments made		(7,270)
2017 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Liability, beginning balance	1,234
Costs incurred		5,200
Payments made	(1,234)	(3,966)
Liability, ending balance		$ 1,234
2018 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Costs incurred	5,548
Payments made	(5,011)
Liability, ending balance	$ 537

Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3]

Mar. 31, 2018

^[4]

Dec. 31, 2017

Sep. 30, 2017

^[5]

Jun. 30, 2017

^[6]

Mar. 31, 2017

^[7]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Total revenues

$ 280,028

$ 483,175

$ 391,921

$ 217,166

$ 265,505

$ 437,712

$ 373,750

$ 186,357

$ 1,372,290

$ 1,263,324

$ 1,344,292

Operating (loss) income

10,874

151,730

55,210

(66,147)

(10,886)

108,822

(222,564)

(76,735)

151,667

(201,363)

59,585

Net (loss) income

$ (11,053)

$ 95,988

$ 22,697

$ (62,844)

$ (20,441)

$ 55,034

$ (175,850)

$ (61,129)

$ 44,788

$ (202,386)

$ (12,531)

(Loss) earnings per share:

(Loss) earnings per share, basic

$ (0.13)

$ 1.11

$ 0.26

$ (0.73)

$ (0.24)

$ 0.64

$ (2.05)

$ (0.72)

$ 0.52

$ (2.36)

$ (0.15)

(Loss) earnings per share, diluted

$ (0.13)

$ 1.10

$ 0.26

$ (0.73)

$ (0.24)

$ 0.64

$ (2.05)

$ (0.72)

$ 0.52

$ (2.36)

$ (0.15)

[1]	During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[2]	During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[3]	During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[4]	During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details.
[5]	During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details.
[6]	During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details.
[7]	During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 50
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Condensed Financial Statements, Captions [Line Items]

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Line Items]
Pre-tax expenses associated with separation-related costs and legal settlement accrual			$ 8,700	$ 21,500
Expense associated with fixed asset disposals including certain rides and equipment	$ 2,500	$ 3,800	$ 4,500
Restructuring and other separation cost related to severance costs and other termination benefits.		$ 3,900			$ 5,100
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs	$ 8,200						$ 8,000	$ 8,150	$ 8,143
Goodwill impairment charge									269,332
Recognized equity-based compensation expense						$ 8,400		$ 5,500
SeaWorld Orlando Reporting Unit [Member]
Quarterly Financial Information Disclosure [Line Items]
Goodwill impairment charge						$ 269,300			$ 269,332

Summary Quarterly Financial Data - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 Business
Quarterly Financial Information Disclosure [Abstract]
Number of theme parks opened for a portion of the year	7

Schedule I - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Total current assets	$ 146,567	$ 118,775
Total assets	2,115,602	2,085,782
Current liabilities:
Dividends payable	84	470
Other accrued liabilities	23,066	20,082
Total current liabilities	310,671	253,470
Total liabilities	1,850,408	1,798,316
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively	934	926
Additional paid-in capital	663,834	641,324
Accumulated other comprehensive gain (loss)	2,284	(5,076)
Accumulated deficit	(148,955)	(194,837)
Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively)	(252,903)	(154,871)
Total stockholders’ equity	265,194	287,466	$ 461,215	$ 504,120
Total liabilities and stockholders’ equity	2,115,602	2,085,782
Parent Company [Member]
Current assets:
Cash	136	470
Total current assets	136	470
Investment in wholly owned subsidiary	265,194	287,466
Total assets	265,330	287,936
Current liabilities:
Dividends payable	84	470
Other accrued liabilities	52
Total current liabilities	136	470
Total liabilities	136	470
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively	934	926
Additional paid-in capital	663,834	641,324
Accumulated other comprehensive gain (loss)	2,284	(5,076)
Accumulated deficit	(148,955)	(194,837)
Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively)	(252,903)	(154,871)
Total stockholders’ equity	265,194	287,466
Total liabilities and stockholders’ equity	$ 265,330	$ 287,936

Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	93,400,929	92,637,403
Treasury stock, shares	10,174,589	6,519,773
Parent Company [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	93,400,929	92,637,403
Treasury stock, shares	10,174,589	6,519,773

Schedule I - Condensed Statements of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3]

Mar. 31, 2018

^[4]

Dec. 31, 2017

Sep. 30, 2017

^[5]

Jun. 30, 2017

^[6]

Mar. 31, 2017

^[7]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Net income (loss)

$ (11,053)

$ 95,988

$ 22,697

$ (62,844)

$ (20,441)

$ 55,034

$ (175,850)

$ (61,129)

$ 44,788

$ (202,386)

$ (12,531)

Comprehensive income (loss)

53,242

(193,768)

(13,088)

Parent Company [Member]

Condensed Financial Statements, Captions [Line Items]

Equity in net income (loss) of subsidiary

44,788

(202,386)

(12,531)

Net income (loss)

44,788

(202,386)

(12,531)

Equity in other comprehensive income (loss) of subsidiary

8,454

8,618

(557)

Comprehensive income (loss)

$ 53,242

$ (193,768)

$ (13,088)

[1]	During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[2]	During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[3]	During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.
[4]	During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details.
[5]	During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details.
[6]	During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details.
[7]	During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details.