Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2018 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | Six Flags Entertainment Corporation | ||
Entity File Number | 1-13703 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3995059 | ||
Entity Address, Address Line One | 924 Avenue J East | ||
Entity Address, City or Town | Grand Prairie | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75050 | ||
City Area Code | 972 | ||
Local Phone Number | 595-5000 | ||
Title of 12(b) Security | Common stock, $0.025 par value per share | ||
Trading Symbol | SIX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,189.7 | ||
Entity Common Stock, Shares Outstanding | 84,656,792 | ||
Entity Central Index Key | 0000701374 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 174,179 | $ 44,608 |
Accounts receivable, net | 108,679 | 116,043 |
Inventories | 32,951 | 28,779 |
Prepaid expenses and other current assets | 60,431 | 52,499 |
Total current assets | 376,240 | 241,929 |
Property and equipment, net: | ||
Property and equipment, at cost | 2,345,283 | 2,204,678 |
Accumulated depreciation | (1,061,287) | (950,996) |
Total property and equipment, net | 1,283,996 | 1,253,682 |
Other assets: | ||
Right-of-use operating leases, net | 201,128 | |
Debt issuance costs | 3,624 | 1,793 |
Deposits and other assets | 12,722 | 11,277 |
Goodwill | 659,618 | 659,618 |
Intangible assets, net of accumulated amortization | 345,212 | 349,029 |
Total other assets | 1,222,304 | 1,021,717 |
Total assets | 2,882,540 | 2,517,328 |
Current liabilities: | ||
Accounts payable | 32,904 | 32,905 |
Accrued compensation, payroll taxes and benefits | 19,556 | 30,468 |
Accrued insurance reserves | 35,376 | 39,183 |
Accrued interest payable | 26,128 | 30,697 |
Other accrued liabilities | 63,019 | 45,880 |
Deferred revenue | 144,040 | 146,227 |
Short-term borrowings | 0 | 43,000 |
Current portion of long-term debt | 8,000 | 0 |
Short-term operating lease liabilities | 10,709 | |
Total current liabilities | 339,732 | 368,360 |
Noncurrent liabilities: | ||
Long-term debt | 2,266,884 | 2,063,512 |
Long-term operating lease liabilities | 188,149 | |
Other long-term liabilities | 27,514 | 29,280 |
Deferred income taxes | 247,121 | 173,998 |
Total noncurrent liabilities | 2,729,668 | 2,266,790 |
Total liabilities | 3,069,400 | 2,635,150 |
Redeemable noncontrolling interests | 529,258 | 525,271 |
Stockholders' deficit: | ||
Preferred stock, $1.00 par value | ||
Common stock, $0.025 par value, 280,000,000 shares authorized; 84,633,845 and 83,962,182 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 2,116 | 2,099 |
Capital in excess of par value | 1,066,223 | 1,037,640 |
Accumulated deficit | (1,709,747) | (1,611,334) |
Accumulated other comprehensive loss, net of tax | (74,710) | (71,498) |
Total stockholders' deficit | (716,118) | (643,093) |
Total liabilities and stockholders' deficit | $ 2,882,540 | $ 2,517,328 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 |
Common stock, shares issued (in shares) | 84,633,845 | 83,962,182 |
Common stock, shares outstanding (in shares) | 84,633,845 | 83,962,182 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenues | $ 1,487,583 | $ 1,463,707 | $ 1,359,074 |
Operating expenses (excluding depreciation and amortization shown separately below) | 607,791 | 574,724 | 511,873 |
Selling, general and administrative expenses (including stock-based compensation of $13,274 in 2019 and a net reversal of stock-based compensation of $46,684 and $22,697 in 2018 and 2017, respectively, and excluding depreciation and amortization shown separately below) | 199,194 | 132,168 | 159,070 |
Costs of products sold | 130,304 | 121,803 | 110,374 |
Other net periodic pension benefit | (4,186) | (5,169) | (3,322) |
Depreciation | 115,825 | 113,246 | 109,206 |
Amortization | 2,405 | 2,447 | 2,465 |
Loss on disposal of assets | 2,162 | 1,879 | 3,959 |
Interest expense | 114,703 | 108,034 | 99,766 |
Interest income | (1,401) | (791) | (756) |
Loss on debt extinguishment | 6,484 | 0 | 37,116 |
Other expense, net | 2,542 | 3,508 | 271 |
Income before income taxes | 311,760 | 411,858 | 329,052 |
Income tax expense | 91,942 | 95,855 | 16,026 |
Net income | 219,818 | 316,003 | 313,026 |
Less: Net income attributable to noncontrolling interests | (40,753) | (40,007) | (39,210) |
Net income attributable to Six Flags Entertainment Corporation | $ 179,065 | $ 275,996 | $ 273,816 |
Weighted-average common shares outstanding: | |||
Weighted-average common shares outstanding-basic (in shares) | 84,348 | 84,100 | 86,802 |
Weighted-average common shares outstanding - diluted (in shares) | 84,968 | 85,445 | 88,494 |
Net income per average common share outstanding: | |||
Net income per average common share outstanding - basic (in dollars per share) | $ 2.12 | $ 3.28 | $ 3.15 |
Net income per average common share outstanding - diluted (in dollars per share) | 2.11 | 3.23 | 3.09 |
Cash dividends declared per common share | $ 3.29 | $ 3.16 | $ 2.62 |
Park admissions | |||
Total revenues | $ 815,782 | $ 810,064 | $ 741,275 |
Park food, merchandise and other | |||
Total revenues | 574,440 | 553,527 | 524,582 |
Sponsorship international agreements and accommodations | |||
Total revenues | $ 97,361 | $ 100,116 | $ 93,217 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Operations | |||
Stock-based compensation | $ 13,274 | $ (46,684) | $ (22,697) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 219,818 | $ 316,003 | $ 313,026 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustment | 4,081 | 1,161 | 1,376 |
Defined benefit retirement plan | (6,167) | 661 | 1,402 |
Change in cash flow hedging | (1,126) | 525 | |
Other comprehensive (loss) income, net of tax | (3,212) | 1,822 | 3,303 |
Comprehensive income | 216,606 | 317,825 | 316,329 |
Less: Comprehensive income attributable to noncontrolling interests | (40,753) | (40,007) | (39,210) |
Comprehensive income attributable to Six Flags Entertainment Corporation | $ 175,853 | $ 277,818 | $ 277,119 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Comprehensive Income | |||
Foreign currency translation adjustment, tax expense (benefit) | $ 1.1 | $ 0.3 | $ 1.7 |
Defined benefit retirement plan, tax | (2.1) | $ (0.2) | (0.6) |
Derivatives qualifying as hedges, tax benefit | $ 0.4 | $ 0.3 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands | Common stock | Capital in excess of par value | Accumulated deficit | Accumulated other comprehensive loss | Total |
Increase (Decrease) in Stockholders' Deficit | |||||
Cumulative effect adjustment | Accounting Standards Update 2016-09 | $ 98,657 | $ 98,657 | |||
Adjusted balance | $ 2,271 | $ 1,116,227 | (1,139,147) | $ (67,184) | (87,833) |
Beginning balance at Dec. 31, 2016 | $ 2,271 | 1,116,227 | (1,237,804) | (67,184) | (186,490) |
Beginning balance (in shares) at Dec. 31, 2016 | 90,849,428 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Issuance of common stock | $ 50 | 60,533 | 60,583 | ||
Issuance of common stock (in shares) | 1,980,939 | ||||
Stock-based compensation | (22,697) | (22,697) | |||
Dividends declared to common shareholders | (226,078) | (226,078) | |||
Repurchase of common stock | $ (210) | (61,001) | (438,231) | (499,442) | |
Repurchase of common stock (in shares) | (8,377,729) | ||||
Employee stock purchase plan | $ 1 | 1,918 | 1,919 | ||
Employee stock purchase plan (in shares) | 35,795 | ||||
Fresh start valuation adjustment for SFOT units purchased | 32 | 32 | |||
Change in redemption value of partnership units | (8,715) | (8,715) | |||
Net income attributable to Six Flags Entertainment Corporation | 273,816 | 273,816 | |||
Other comprehensive income (loss), net of tax | 3,303 | 3,303 | |||
Ending balance at Dec. 31, 2017 | $ 2,112 | 1,086,265 | (1,529,608) | (63,881) | (505,112) |
Ending balance (in shares) at Dec. 31, 2017 | 84,488,433 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Cumulative effect adjustment | Accounting Standards Update 2014-09 and 2018-02 | 4,557 | (9,439) | (4,882) | ||
Adjusted balance | $ 2,112 | 1,086,265 | (1,525,051) | (73,320) | (509,994) |
Issuance of common stock | $ 31 | 41,626 | 41,657 | ||
Issuance of common stock (in shares) | 1,264,497 | ||||
Stock-based compensation | (46,684) | (46,684) | |||
Dividends declared to common shareholders | (265,755) | (265,755) | |||
Repurchase of common stock | $ (45) | (14,341) | (96,604) | (110,990) | |
Repurchase of common stock (in shares) | (1,827,991) | ||||
Employee stock purchase plan | $ 1 | 2,047 | 2,048 | ||
Employee stock purchase plan (in shares) | 37,243 | ||||
Fresh start valuation adjustment for SFOT units purchased | 80 | 80 | |||
Change in redemption value of partnership units | (31,273) | (31,273) | |||
Change in redemption value of partnership units | (31,273) | ||||
Net income attributable to Six Flags Entertainment Corporation | 275,996 | 275,996 | |||
Other comprehensive income (loss), net of tax | 1,822 | 1,822 | |||
Ending balance at Dec. 31, 2018 | $ 2,099 | 1,037,640 | (1,611,334) | (71,498) | (643,093) |
Ending balance (in shares) at Dec. 31, 2018 | 83,962,182 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Issuance of common stock | $ 16 | 17,480 | 17,496 | ||
Issuance of common stock (in shares) | 622,787 | ||||
Stock-based compensation | 13,274 | 13,274 | |||
Dividends declared to common shareholders | (277,523) | (277,523) | |||
Repurchase of common stock | (52) | (52) | |||
Repurchase of common stock (in shares) | (882) | ||||
Employee stock purchase plan | $ 1 | 2,130 | 2,131 | ||
Employee stock purchase plan (in shares) | 49,758 | ||||
Fresh start valuation adjustment for SFOT units purchased | 45 | 45 | |||
Change in redemption value of partnership units | (4,249) | (4,249) | |||
Change in redemption value of partnership units | (4,249) | ||||
Net income attributable to Six Flags Entertainment Corporation | 179,065 | 179,065 | |||
Other comprehensive income (loss), net of tax | (3,212) | (3,212) | |||
Ending balance at Dec. 31, 2019 | $ 2,116 | $ 1,066,223 | $ (1,709,747) | $ (74,710) | $ (716,118) |
Ending balance (in shares) at Dec. 31, 2019 | 84,633,845 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 219,818 | $ 316,003 | $ 313,026 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 118,230 | 115,693 | 111,671 |
Stock-based compensation | 13,274 | (46,684) | (22,697) |
Interest accretion on notes payable | 1,310 | 1,344 | 1,056 |
Loss on debt extinguishment | 6,484 | 0 | 37,116 |
Amortization of debt issuance costs | 3,563 | 3,979 | 4,061 |
Other, including loss on disposal of assets | (1,029) | 574 | 6,875 |
Gain on sale of investee | (724) | 0 | 0 |
Decrease (increase) in accounts receivable | 7,725 | (39,193) | (3,108) |
Increase in inventories, prepaid expenses and other current assets | (14,709) | (3,769) | (1,847) |
(Increase) decrease in deposits and other assets | (1,665) | 1,633 | (3,597) |
Decrease in ROU operating leases | 7,865 | 0 | 0 |
(Decrease) increase in accounts payable, deferred revenue, accrued liabilities and other long-term liabilities | (15,472) | (13,750) | 5,478 |
Decrease in operating lease liabilities | (7,914) | 0 | 0 |
(Decrease) increase in accrued interest payable | (4,569) | 4,409 | (1,396) |
Deferred income taxes | 78,386 | 72,893 | (1,571) |
Net cash provided by operating activities | 410,573 | 413,132 | 445,067 |
Cash flows from investing activities: | |||
Additions to property and equipment | (143,913) | (135,624) | (135,219) |
Property insurance recoveries | 3,737 | 2,500 | 523 |
Acquisition of park assets, net of cash acquired | 0 | (19,059) | 0 |
Sale of restricted-use investments, net | 0 | 0 | 3,926 |
Proceeds from sale of assets | 1,050 | 71 | 607 |
Net cash used in investing activities | (139,126) | (152,112) | (130,163) |
Cash flows from financing activities: | |||
Repayment of borrowings | (802,750) | (274,000) | (949,161) |
Proceeds from borrowings | 970,000 | 356,000 | 1,313,000 |
Payment of debt issuance costs | (9,911) | (793) | (37,336) |
Payment of cash dividends | (278,951) | (267,044) | (227,101) |
Proceeds from issuance of common stock | 19,627 | 43,705 | 62,502 |
Stock repurchases | (52) | (110,990) | (499,442) |
Purchase of redeemable noncontrolling interest | (217) | (353) | (128) |
Distributions to noncontrolling interests | (40,753) | (40,007) | (39,210) |
Net cash used in financing activities | (143,007) | (293,482) | (376,876) |
Effect of exchange rate on cash | 1,131 | (426) | 2,083 |
Net increase (decrease) in cash and cash equivalents | 129,571 | (32,888) | (59,889) |
Cash and cash equivalents at beginning of period | 44,608 | 77,496 | 137,385 |
Cash and cash equivalents at end of period | 174,179 | 44,608 | 77,496 |
Supplemental cash flow information | |||
Cash paid for interest | 114,398 | 98,302 | 96,045 |
Cash paid for income taxes | $ 28,209 | $ 30,009 | $ 14,473 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Description of Business | |
Description of Business | 1. Description of Business We own and operate regional theme parks and waterparks. We are the largest regional theme park operator in the world and the largest operator of waterparks in North America. Of the 26 parks we currently own or operate, 23 parks are located in the United States, two parks are located in Mexico and one park is located in Montreal, Canada. On April 1, 1998, we acquired the former Six Flags Entertainment Corporation ("Former SFEC", a corporation that has been merged out of existence and that has always been a separate corporation from the current Six Flags Entertainment Corporation ("Holdings")), which had operated regional theme parks and waterparks under the Six Flags name for nearly 40 years, and established an internationally recognized brand name. We own the "Six Flags" brand name in the United States and foreign countries throughout the world. To capitalize on this name recognition, 22 of our current parks are branded as "Six Flags" parks and beginning in 2014 we also began the development, with third-party partners, of Six Flags-branded parks outside of North America. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a. Basis of Presentation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. We also consolidate the partnerships that own Six Flags Over Texas ("SFOT") and Six Flags Over Georgia (including Six Flags White Water Atlanta) ("SFOG", and together with SFOT, the "Partnership Parks") as subsidiaries in our consolidated financial statements as we have determined that we have the power to direct the activities of those entities that most significantly impact the entities’ economic performance and we have the obligation to absorb losses and receive benefits from the entities that can be potentially significant to these entities. The equity interests owned by non-affiliated parties in the Partnership Parks are reflected in the accompanying consolidated balance sheets as redeemable noncontrolling interests. The portion of earnings or loss attributable to non-affiliated parties in the Partnership Parks is reflected as net income attributable to noncontrolling interests in the accompanying consolidated statements of operations. See Note 6 for further discussion. Intercompany transactions and balances have been eliminated in consolidation. b. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. c. Fair Value Measurement Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement Fair Value Measurement ● Level 1: quoted prices in active markets for identical assets; ● Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and ● Level 3: inputs to the valuation methodology are unobservable for the asset or liability. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. We use a market approach for our recurring fair value measurements, and we endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. We present the estimated fair values and classifications of our financial instruments in accordance with FASB Accounting Standards Consideration ("ASC") Topic 820, Fair Value Measurement. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: ● The carrying values of cash and cash equivalents, accounts receivable, notes receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments. ● The measurement of the fair value of long-term debt is based on market prices that generally are observable for similar liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. Refer to Note 8 for additional information. ● The measurement of the fair value of derivative assets and liabilities is based on market prices that generally are observable for similar assets and liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the balance sheet date are included in prepaid expenses and other current assets and other accrued liabilities, respectively. Derivative assets and liabilities that have maturity dates greater than twelve months from the balance sheet date are included in deposits and other assets and other long-term liabilities, respectively. See Note 7 for additional information on our derivative instruments. d. Cash Equivalents Cash equivalents consists of short-term highly liquid investments with a remaining maturity as of the date of purchase of three months or less. For purposes of the consolidated statements of cash flows, we consider all highly liquid debt instruments with remaining maturities as of their date of purchase of three months or less to be cash equivalents. Cash equivalents were not significant as of December 31, 2019 and 2018. e. Inventories Inventories are stated at lower of weighted average cost or net realizable value and primarily consist of products purchased for resale, including merchandise, food and miscellaneous supplies. Products are removed from inventory at weighted average cost. We have recorded a $0.4 million allowance for slow moving inventory as of December 31, 2019 and a nominal valuation allowance as of December 31, 2018. f. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include $22.9 million of spare parts inventory for existing rides and attractions as of both December 31, 2019 and 2018. These items are expensed as the repair or maintenance of rides and attractions occur. g. Advertising Costs Production costs of commercials and programming are charged to operations in the year first aired. The costs of other advertising, promotion, and marketing programs are charged to operations when incurred with the exception of direct-response advertising which is charged to the period it will benefit. As of December 31, 2019 and 2018, we had $1.8 million and $1.6 million in prepaid advertising, respectively. The amounts capitalized are included in prepaid expenses. Advertising and promotions expense was $69.5 million, $68.4 million and $63.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. h. Debt Issuance Costs We capitalize costs related to the issuance of debt. Debt issuance costs directly related to the Second Amended and Restated Revolving Loan are presented within other assets as debt issuance costs in our consolidated balance sheets. Debt issuance costs directly related to the Second Amended and Restated Term Loam B and our senior unsecured notes are presented within noncurrent liabilities as a reduction of long-term debt in our consolidated balance sheets. The amortization of such costs is recognized as interest expense using the interest method over the term of the respective debt issue. Amortization related to debt issuance costs was $3.6 million, $4.0 million and $4.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. See Note 8 for further discussion. i. Property and Equipment Property and equipment additions are recorded at cost and the carrying value is depreciated using the straight-line method over the estimated useful lives of the assets. Maintenance and repair costs that do not improve service potential or extend economic life are charged directly to expense as incurred, while betterments and renewals are generally capitalized as property and equipment. When an item is retired or otherwise disposed of, the cost and applicable accumulated depreciation are removed and the resulting gain or loss is recognized. See Note 4 for further detail of the components of our property and equipment. The estimated useful lives of the assets are as follows: Rides and attractions 5 - 25 years Land improvements 10 - 15 years Buildings and improvements Approximately 30 years Furniture and equipment 5 - 10 years j. Goodwill and Indefinite-Lived Intangible Assets Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if events or circumstances indicate that the assets might be impaired. We identify our reporting unit and determine the carrying value of the reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to the reporting unit. We then determine the fair value of the reporting unit and compare it to the carrying amount of the reporting unit. All of our parks are operated in a similar manner and have comparable characteristics in that they produce and distribute similar services and products using similar processes, have similar types of customers, are subject to similar regulations and exhibit similar economic characteristics. As such, we are a single reporting unit. For each year, the fair value of the single reporting unit exceeded our carrying amount (provided that, we have one reporting unit at the same level for which Holdings common stock is traded, we believe our market capitalization is the best indicator of our reporting unit’s fair value). We perform a qualitative analysis on indefinite-lived intangible assets to determine if it is more likely than not that the fair value of the intangible asset was less than its carrying amount as a basis for determining whether it was necessary to perform a quantitative impairment test. The fair value of indefinite-lived intangible assets is generally determined based on a discounted cash flow analysis. An impairment loss occurs to the extent that the carrying value exceeds the fair value. For goodwill, if the fair value of the reporting unit were to be less than the carrying amount, an impairment loss would be recognized to the extent that the carrying amount of the reporting unit exceeds its fair value. k. Valuation of Long-Lived Assets We review long-lived assets, including finite-lived intangible assets subject to amortization, for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the asset or group of assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or group of assets to the future net cash flows expected to be generated by the asset or group of assets. If such assets are not considered to be fully recoverable, any impairment to be recognized is measured by the amount by which the carrying amount of the asset or group of assets exceeds its respective fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. l. Revenue Recognition FASB ASC 606, Revenue from Contracts with Customers We have entered into international agreements to assist third parties in the planning, design, development and operation of Six Flags-branded parks outside of North America. These agreements typically consist of a brand licensing agreement, project services agreement, and management services agreement. Under Topic 606, we treat these agreements as one contract because each was negotiated with a single commercial objective. We have identified three distinct promises within the agreement with each third party partner as brand licensing, project services, and management services. Each of these promises is its own performance obligation and distinct as the third party could benefit from each service on its own with other readily available resources and each service is separately identifiable from other services in the context of the contract. We recognize revenue under our international agreements over the relevant service period of each performance obligation based on its relative stand-alone selling price, as determined by our best estimate of selling price. We review the service period of each performance obligation on an ongoing basis and revise it as necessary throughout the year. Revisions to the relevant service periods of the performance obligations may result in revisions to revenue in future periods and are recognized in the period in which the change is identified. On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under FASB ASC 605, Revenue Recognition m. Accounts Receivable, Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from guests for the sale of group outings and multi-use admission products, including season passes and the membership program. We are not exposed to a significant concentration of credit risk, however, based on the age of the receivables, our historical experience and other factors and assumptions we believe to be customary and reasonable, we do record an allowance for doubtful accounts. As of December 31, 2019 and 2018, we have recorded an allowance for doubtful accounts of $8.3 million and $7.4 million, respectively. The allowance for doubtful accounts is primarily comprised of estimated defaults under our membership plans. n. Derivative Instruments and Hedging Activities We recognize all derivatives as either assets or liabilities in the consolidated balance sheet and measure those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge for accounting purposes. The accounting for changes in the fair value of a derivative (e.g., gains and losses) depends on the intended use of the derivative and the resulting designation. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and our strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. Change in the fair value of a derivative that is effective and that is designated and qualifies as a cash-flow hedge are recorded in other comprehensive (loss) income until operations are affected by the variability in cash flows of the designated hedged item, at which point they are reclassified to interest expense. Change in fair value of a derivative that is not designated as a hedge are recorded in other expense, net in the consolidated statements of operations on a current basis. In June 2019, we entered into three separate interest rate swap agreements with a notional amount of $300.0 million (collectively, the “June 2019 Swap Agreements”) to mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. In August 2019, we entered into two additional separate interest rate swap agreements with a notional amount of $400.0 million (collectively, the “August 2019 Swap Agreements”) to mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. See Note 7 for a further discussion. o. Commitments and Contingencies We are involved in various lawsuits and claims that arise in the normal course of business. Amounts associated with lawsuits or claims are reserved for matters in which it is believed that losses are probable and can be reasonably estimated. In addition to matters in which it is believed that losses are probable, disclosure is also provided for matters in which the likelihood of an unfavorable outcome is at least reasonably possible but for which a reasonable estimate of loss or range of loss is not possible. Legal fees are expensed as incurred. See Note 15 for further discussion. p. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, including net operating loss and other tax carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. We have a valuation allowance of $130.6 million and $115.2 million as of December 31, 2019 and 2018, respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets, primarily consisting of certain state net operating loss, foreign tax credits and other tax carryforwards, before they expire. The valuation allowance was based on our estimates of taxable income by jurisdiction in which we operate and the period over which our deferred tax assets were recoverable. For the foreseeable future, we project taxable income that will allow for the utilization of all of our federal net operating loss carryforwards before they expire. Our liability for income taxes is finalized as auditable tax years pass their respective statutes of limitations in the various jurisdictions in which we are subject to tax. However, these jurisdictions may audit prior years for which the statute of limitations is closed for the purpose of making an adjustment to our taxable income in a year for which the statute of limitations has not closed. Accordingly, taxing authorities of these jurisdictions may audit prior years of the group and its predecessors for the purpose of adjusting net operating loss carryforwards to years for which the statute of limitations has not closed. We classify interest and penalties attributable to income taxes as part of income tax expense. As of December 31, 2019 and 2018, we had no accrued interest and penalties liability. Because we do not permanently reinvest foreign earnings, United States deferred income taxes have been provided on unremitted foreign earnings to the extent that such foreign earnings are expected to be taxable upon repatriation. For global intangible low taxed income ("GILTI") under the Tax Cuts and Jobs Act, the Company has elected to account for GILTI as a component of tax expense in the period in which the Company is subject to the rules (the "period cost method"). See Note 11 for further discussion. q. Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to Holdings’ common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to Holdings’ common stockholders by the weighted average number of common shares outstanding during the period including the effect of all dilutive common stock equivalents using the treasury stock method. In periods for which there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. r. Stock-Based Compensation Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), Holdings may grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance and cash-settled awards and dividend equivalents to select employees, officers, directors and consultants of Holdings and its affiliates. We recognize the fair value of each grant as compensation expense on a straight-line basis over the vesting period using the graded vesting terms of the respective grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing valuation model. The fair value of stock, restricted stock units and restricted stock awards is the quoted market price of Holdings’ stock on the date of grant. See Note 10 for further discussion of stock-based compensation and related disclosures. s. Comprehensive Income Comprehensive income consists of net income, changes in the foreign currency translation adjustment, changes in the fair value of derivatives that are designated as hedges and changes in the net actuarial gains (losses) and amortization of prior service costs on our defined benefit retirement plan. t. Redeemable Noncontrolling Interest We record the carrying amount of our redeemable noncontrolling interests at their fair value at the date of issuance. We recognize the changes in their redemption value immediately as they occur and adjust the carrying value of these redeemable noncontrolling interests to equal the redemption value at the end of each reporting period, if greater than the redeemable noncontrolling interest carrying value. This method would view the end of the reporting period as if it were also the redemption date for the redeemable noncontrolling interests. We conduct an annual review to determine if the fair value of the redeemable units is less than the redemption amount. If the fair value of the redeemable units is less than the redemption amount, there would be a charge to earnings per share allocable to common stockholders. The redemption amount at the end of each reporting period did not exceed the fair value of the redeemable units. u. Leases Leases For our operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how we determine (i) the discount rate used to discount the unpaid lease payments to present value, (ii) the lease term and (iii) the lease payments. Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate ("IBR"). Generally, we cannot determine the interest rate implicit in the lease and therefore we use the IBR as a discount rate for our leases. The IBR reflects the rate of interest we would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Key assumptions used in determining IBR are our credit rating and unsecured borrowing yield curves, adjusted to get secured borrowing curves using notching and recovery rate methods. The lease term for all of our leases includes the noncancelable period of the lease plus any additional periods covered by an option to extend the lease that we are reasonably certain to exercise. Lease payments included in the measurement of the lease liability comprise fixed payments owed over the lease term, variable lease payments that depend on an index or rate, and the exercise price of an option to purchase the underlying asset if it is reasonably certain that we will exercise the option. The ROU asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. For our operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, and adjusted for any prepaid or accrued lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the term of the operating lease. Variable lease payments associated with our leases are recognized upon the occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Variable lease payments for operating leases are presented as operating expense in our consolidated statements of operations in the same line item as expense arising from fixed lease payments. Property taxes and insurance paid on behalf of our lessors is included within variable lease payments. Operating lease ROU assets net of accumulated amortization are presented as "Right-of-use operating leases, net" on the consolidated balance sheets. The current portion of operating lease liabilities is presented as "Short-term operating lease liabilities" and the long-term portion is presented separately as "Long-term operating lease liabilities" on the consolidated balance sheets. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with short-term leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with short-term leases are recognized and presented in the same manner as for all other leases. The ROU assets for operating leases may be periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant and Equipment - Overall v. Acquisition of Park Assets On May 22, 2018, we entered into an asset purchase agreement with Premier Parks, LLC and its affiliates to acquire the lease rights to operate five parks owned by EPR Properties, LLC (the "five new parks"). We completed the transaction on June 1, 2018. In connection with the purchase agreement, we entered into operating leases with EPR Properties, LLC, under which we are the tenant. The five new parks were previously operated by Premier Parks, LLC of Oklahoma City and its affiliates. These acquisitions expanded our portfolio of parks in North America to twenty-five at the time of acquisition. The financial results of the five new parks since the acquisition date are included in our consolidated statements of operations. Assets acquired and liabilities assumed, consisting primarily of working capital, are reflected in our consolidated financial statements. We paid $19.1 million in cash to Premier Parks, LLC for the five new parks, which reflects the $23.0 million purchase price, less net working capital and other adjustments. We recorded $29.4 million of goodwill in connection with the acquisition, which is attributable to the excess of the purchase price over the net working capital liabilities we assumed. w. Recently Adopted Accounting Pronouncements In February 2016, FASB released Accounting Standards Update ("ASU") No. 2016-02, Leases ("Topic 842") (“ASU 2016-02”). The main amendments in ASU 2016-02 require recognition on the balance sheet of lease ROU assets and lease liabilities by lessees for those leases classified as operating leases in order to give more transparency on commitments and future cash flow. The new guidance is effective for annual periods beginning after December 15, 2018, including interim periods within the fiscal year. The new standard supersedes the previous lease accounting standard under FASB ASC 840, Leases (“Topic 840”). On January 1, 2019, we adopted Topic 842 using the modified retrospective transition method applied to leases with terms extending past January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840. Refer to Note 16 for additional information. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers – Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue Recognition x. Recent Accounting Pronouncements Not Yet Adopted In June 2016, FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes (“Update 2019-12”) In August 2018, FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue | |
Revenue | 3. Revenue On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. The impact of adoption of Topic 606 on our consolidated statements of operations for the year ended December 31, 2019 and 2018 was as follows: Year Ended December 31, 2019 Balances Without Effect of Change (Amounts in thousands) As Reported Adoption Higher/(Lower) Statement of Operations Revenues Sponsorship, international agreements and accommodations $ 97,361 $ 97,224 $ 137 Costs and expenses Income tax expense 91,942 91,913 29 Net income 179,065 178,957 108 Year Ended December 31, 2018 Balances Without Effect of Change (Amounts in thousands) As Reported Adoption Higher/(Lower) Statement of Operations Revenues Sponsorship, international agreements and accommodations $ 100,116 $ 101,058 $ (942) Costs and expenses Income tax expense 95,855 96,053 (198) Net income 275,996 276,740 (744) We recorded a net reduction to our opening "Accumulated deficit" of $4.9 million, net of taxes of $1.3 million as of January 1, 2018, to recognize the cumulative impact of adopting Topic 606, with the impact primarily related to our international agreements revenue. During the years ended December 31, 2019 and 2018, we recognized $0.1 million more and $0.9 million less revenue, respectively, as a result of applying Topic 606. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The following tables present our revenues disaggregated by contract duration for the years ended December 31, 2019, 2018 and 2017, respectively. Long-term and short-term contracts consist of our contracts with customers with terms greater than one year and less than or equal to one year, respectively. Sales and usage-based taxes are excluded from revenues. Year Ended December 31, 2019 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Consolidated Long-term contracts $ 106,233 $ 20,381 $ 71,893 $ 198,507 Short-term contracts and other (a) 709,549 554,059 25,468 1,289,076 Total revenues $ 815,782 $ 574,440 $ 97,361 $ 1,487,583 Year Ended December 31, 2018 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Consolidated Long-term contracts $ 115,612 $ 25,383 $ 71,589 $ 212,584 Short-term contracts and other (a) 694,452 528,144 28,527 1,251,123 Total revenues $ 810,064 $ 553,527 $ 100,116 $ 1,463,707 Year Ended December 31, 2017 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Consolidated Long-term contracts $ 109,943 $ 20,498 $ 57,934 $ 188,375 Short-term contracts and other (a) 631,332 504,084 35,283 1,170,699 Total revenues $ 741,275 $ 524,582 $ 93,217 $ 1,359,074 (a) Other revenues primarily include sales of single-use tickets and short-term transactional sales for which we have the right to invoice. Long-term Contracts Our long-term contracts consist of season passes with customers, sponsorship contracts and international agreements with third parties. We earn season pass revenue when our customers purchase a season pass for a fixed fee which entitles the customer to visit our parks, including certain waterparks, throughout the duration of the parks’ operating season. Current year season passes classified as long-term contracts are sold in the year preceding the operating season to which they relate. We earn sponsorship revenue from separately-priced contracts with third parties pursuant to which we sell and advertise the third party’s products within the parks in exchange for consideration. Advertisements may include, but are not limited to, banners, signs, radio ads, association with certain events, sponsorship of rides within our parks, and retail promotions. We earn international agreements revenue pursuant to arrangements in which we assist in the development and management of Six Flags-branded parks outside of North America. Within our international agreements, we have identified three distinct performance obligations as brand licensing, project services and management services. We do not consider revenue recognized for the performance obligations related to our long-form agreements to be significant, neither individually nor in the aggregate, to any period presented. Refer to Note 2 for additional information on our accounting for performance obligations in these contracts. The transaction price for our long-term contracts is explicitly stated within the contracts. Our sponsorship contracts and international agreements may include estimated variable consideration such as penalties for delay in performance of contract terms, and certain volume-based discounts and rebates. There were not significant changes to our estimates of variable consideration. Our brand licensing and management services performance obligations include royalty payments and management fees, respectively, based on gross sales from Six Flags-branded parks. We have elected to apply the sales-based royalty exemption to the brand licensing performance obligation, and accordingly do not estimate revenue attributable to the gross sales-based royalty. We have also elected to apply the direct allocation exemption to the management services performance obligation and accordingly do not estimate revenue attributable to the gross sales based management fee. We recognize season pass revenue in "Park admissions" over the estimated redemption rate as we believe this appropriately depicts the transfer of service to our customers. We estimate the redemption rate based on historical experience and other factors and assumptions that we believe to be customary and reasonable. We review the estimated redemption rate regularly, on an ongoing basis, and revise it as necessary throughout the year. Amounts received for multi-use admissions in excess of redemptions are recognized in "Deferred revenue." We recognize sponsorship and international agreements revenue over the term of the agreements, using the passage of time as a measure of complete satisfaction of the performance obligations in "Sponsorship, international agreements and accommodations." Amounts received for unsatisfied sponsorship and international agreements performance obligations are recognized in "Deferred revenue." As a result of the adoption of Topic 606, we recognized an increase to "Sponsorship, international agreements and accommodations" revenue previously recognized in prior periods of $0.1 million and a decrease of $0.9 million during the years ended December 31, 2019 and 2018, respectively. At January 1, 2018, $111.6 million of unearned revenue associated with outstanding long-term contracts was reported in “Deferred revenue,” and $109.7 million was recognized as revenue for long-term contracts during the year ended December 31, 2018. As of December 31, 2018, the total unearned amount of revenue for remaining long-term contract performance obligations was $100.8 million. At January 1, 2019, $100.8 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," and $161.0 million was recognized as revenue for long-term contracts during the year ended December 31, 2019. As of December 31, 2019, the total unearned amount of revenue for remaining long-term contract performance obligations was $85.1 million. As of December 31, 2019, we expect to recognize estimated revenue for partially or wholly unsatisfied performance obligations on long-term contracts of approximately $107.0 million in 2020 2021 2022 Short-term Contracts and Other Our short-term contracts consist primarily of season passes and memberships with customers, certain sponsorship contracts and international agreements with third parties. We earn revenue from a customer’s purchase of our season pass and membership products, which entitles the customer to visit our parks, including certain waterparks, throughout the duration of the parks’ operating season for a fixed fee. We earn sponsorship and international agreements revenue from contracts with third parties, pursuant to which we sell and advertise the third party’s products within our parks on a short-term basis that generally coincides with our annual operating season, and pursuant to certain activities in connection with our international agreements. The transaction price for our short-term contracts is explicitly stated within the contracts. We generally recognize revenue from short-term contracts over the passage of time, with the exception of season pass and membership revenues. We recognize season pass and membership revenues in "Park admissions" over the estimated redemption rate, as we believe this appropriately depicts the transfer of service to our customers. We estimate the redemption rate based on historical experience and other factors and assumptions we believe to be customary and reasonable. We review the estimated redemption rate regularly and on an ongoing basis and revise it as necessary throughout the year. Amounts received for multi-use admissions in excess of redemptions are recognized in "Deferred revenue". There was no change in the pattern of recognition for season pass and membership revenue during the year ended December 31, 2019 under Topic 606, as compared to historic accounting under Topic 605. Other revenues consist primarily of revenues from single-use tickets for entrance to our parks, in-park services (such as the sale of food and beverages, merchandise, games and attractions, standalone parking sales and other services inside our parks), accommodations revenue, and other miscellaneous products and services. Due to the short-term transactional nature of such purchases, we apply the practical expedient to recognize revenue for single-use ticket sales, in-park services, accommodations, and other miscellaneous services and goods for which we have the right to invoice. Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the observable prices charged to customers. Practical Expedients and Exemptions We generally expense (i) sales commissions when incurred, and (ii) certain costs to obtain a contract where the amortization period would have been one year or less. These costs are recorded within Selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed. For certain of our contracts that have an original expected length of one year or less, we use the practical expedient applicable to such contracts and do not consider the time value of money. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment | |
Property and Equipment | 4. Property and Equipment As of December 31, 2019 and 2018, property and equipment was classified as follows: December 31, (Amounts in thousands) 2019 2018 Land $ 221,616 $ 221,616 Land improvements 264,417 251,295 Buildings and improvements 318,960 302,957 Rides and attractions 1,213,543 1,118,141 Equipment and other 326,747 310,669 Property and equipment, at cost 2,345,283 2,204,678 Accumulated depreciation (1,061,287) (950,996) Property and equipment, net $ 1,283,996 $ 1,253,682 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets We assess goodwill and intangible assets with indefinite lives for impairment annually during the fourth quarter or when an event occurs or circumstances change that would indicate potential impairment. For the year ended December 31, 2019, we performed a qualitative analysis of our goodwill and indefinite-lived intangible assets and noted no indicators of impairment. Through that analysis, we determined that it is not likely that the carrying value of goodwill and indefinite-lived intangible assets exceeded their respective fair values. As of each of December 31, 2019 and 2018, the carrying amount of goodwill was $659.6 million. As of December 31, 2019 and 2018, intangible assets, net consisted of the following: As of December 31, 2019 Weighted-Average Remaining Amortization Period Gross Accumulated Net (Amounts in thousands, except years) (Years) Carrying Value Amortization Carrying Value Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 0.5 24,361 (23,224) 1,137 Total intangible assets, net $ 368,436 $ (23,224) $ 345,212 As of December 31, 2018 Weighted-Average Remaining Amortization Period Gross Accumulated Net (Amounts in thousands, except years) (Years) Carrying Value Amortization Carrying Value Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 1.5 24,361 (20,821) 3,540 Other 42.9 1,726 (312) 1,414 Total intangible assets, net $ 370,162 $ (21,133) $ 349,029 Amortization expense related to finite-lived intangible assets totaled $2.4 million, $2.4 million and $2.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. We expect that amortization expense on our existing intangible assets subject to amortization for the succeeding five years and thereafter will approximate the following: (Amounts in thousands) For the year ending December 31: 2020 $ 1,014 2021 22 2022 22 2023 22 2024 22 2025 and thereafter 35 $ 1,137 |
Noncontrolling Interests, Partn
Noncontrolling Interests, Partnerships and Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interests, Partnerships and Joint Ventures | |
Noncontrolling Interests, Partnerships and Joint Ventures | 6. Noncontrolling Interests, Partnerships and Joint Ventures Redeemable Noncontrolling Interests Redeemable noncontrolling interests represent the non-affiliated parties’ share of the assets of the Partnership Parks that are less than wholly-owned: SFOT, SFOG and Six Flags White Water Atlanta, which is owned by the partnership that owns SFOG. The following table presents a rollforward of redeemable noncontrolling interests in the Partnership Parks: (Amounts in thousands) SFOT SFOG Total Balance at December 31, 2017 $ 227,593 $ 266,838 $ 494,431 Fresh start accounting fair market value adjustment for purchased units (80) — (80) Purchases of redeemable units (353) — (353) Change in redemption value of partnership units 16,596 14,677 31,273 Net income attributable to noncontrolling interests 20,086 19,921 40,007 Distributions to noncontrolling interests (20,086) (19,921) (40,007) Balance at December 31, 2018 243,756 281,515 525,271 Purchases of redeemable units (45) — (45) Fresh start accounting fair market value adjustment for purchased units (217) — (217) Change in redemption value of partnership units 3,250 999 4,249 Net income attributable to noncontrolling interests 20,452 20,301 40,753 Distributions to noncontrolling interests (20,452) (20,301) (40,753) Balance at December 31, 2019 $ 246,744 $ 282,514 $ 529,258 See Note 15 for a description of the partnership arrangements applicable to the Partnership Parks, the accounts of which are included in the accompanying consolidated financial statements. As of December 31, 2019, the redemption value of the noncontrolling partnership units in SFOT and SFOG equaled the carrying values. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 7. Derivative Financial Instruments In June 2019, we entered into the June 2019 Swap Agreements with an aggregate notional amount of $300.0 million to mitigate the risk of an increase in the LIBOR interest rate on the Second Amended and Restated Term Loan B. The term of the June 2019 Swap Agreements began in June 2019 and expires in June 2023. Upon execution, we designated and documented the June 2019 Swap Agreements as cash flow hedges. The June 2019 Swap Agreements serve as economic hedges and provide protection against rising interest rates. In August 2019, we entered into the August 2019 Swap Agreements with an aggregate notional amount of $400.0 million to mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. The term of the August 2019 Swap Agreements began in August 2019 and expires in August 2024. Upon execution, we designated and documented the August 2019 Swap Agreements as cash flow hedges. The August 2019 Swap Agreements serve as economic hedges and provide protection against rising interest rates. By utilizing a derivative instrument to hedge our exposure to LIBOR rate changes, we are exposed to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instrument is placed with counterparties that we believe pose minimal credit risk. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, commodity prices or currency exchange rates. We manage the market risk associated with derivative instruments by establishing and monitoring parameters that limit the types and degree of market risk that we may undertake. We hold and issue derivative instruments for risk management purposes only and do not utilize derivatives for trading or speculative purposes. We record derivative instruments at fair value on our consolidated balance sheets. When in qualifying relationships, the effective portion of all cash flow designated derivatives are deferred in accumulated other comprehensive income (“AOCI”) and are reclassified to interest expense when the forecasted transaction takes place. Ineffective changes, if any, and changes in the fair value of derivatives that are not designated as hedging instruments are recorded directly to “interest expense” and “other expense, net”, respectively. Derivative assets and derivative liabilities that have maturity dates equal to or less than twelve months from the balance sheet date are included in prepaid expenses and other current assets and other accrued liabilities, respectively. Derivative assets and derivative liabilities that have maturity dates greater than twelve months from the balance sheet date are included in deposits and other assets and other long-term liabilities, respectively. Our derivatives are measured on a recurring basis using Level 2 inputs. The fair value measurements of our derivatives are based on market prices that generally are observable for similar assets or liabilities at commonly quoted intervals. Derivative assets recorded at fair value in our consolidated balance sheets as of December 31, 2019 and 2018, respectively, consisted of the following: Derivative Assets (Amounts in thousands) December 31, 2019 December 31, 2018 Derivatives Designated as Cash Flow Hedges Interest Rate Swap Agreements — Current $ 485 $ — Interest Rate Swap Agreements — Noncurrent 1,440 — $ 1,925 $ — Derivative liabilities recorded at fair value in our consolidated balance sheets as of December 31, 2019 and December 31, 2018, respectively, consisted of the following: Derivative Liabilities (Amounts in thousands) December 31, 2019 December 31, 2018 Derivatives Designated as Cash Flow Hedges Interest Rate Swap Agreements — Current $ (788) $ — Interest Rate Swap Agreements — Noncurrent (2,667) — $ (3,455) $ — As of December 31, 2019, we had no derivatives not designated as cash flow hedges. Gains and losses before taxes on derivatives designated as cash flow hedges for the years ended December 31, 2019, 2018 and 2017 were as follows: Loss Recognized in Operations on Derivatives Loss Loss Reclassified from (Ineffective Portion and Recognized in AOCI AOCI into Operations Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) (Amounts in thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Interest Rate Swap Agreements $ (484) $ — $ 57 $ 1,046 $ — $ (769) $ — $ — $ 30 Total $ (484) $ — $ 57 $ 1,046 $ — $ (769) $ — $ — $ 30 |
Long-Term Indebtedness
Long-Term Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Long-Term Indebtedness | |
Long-Term Indebtedness | 8. Long-Term Indebtedness Credit Facility As part of our ongoing operations, we periodically refinance our existing credit facility. As of December 31, 2019, our credit facility consisted of a $350.0 million revolving credit loan facility (the “Second Amended and Restated Revolving Loan”) and an $800.0 million Tranche B Term Loan facility (the “Second Amended and Restated Term Loan B”) pursuant to the amended and restated credit facility that we entered into in 2019 (the “Second Amended and Restated Credit Facility”). Our prior credit facility (as previously amended as described below, the “2015 Credit Facility”) consisted of a $250.0 million revolving credit loan facility (the “2015 Revolving Loan”) and a $700.0 million Tranche B Term Loan (the “2015 Term Loan B”) and was amended and restated in conjunction with the Second Amended and Restated Credit Facility. On March 26, 2018, we entered into an amendment to the 2015 Credit Facility that reduced the overall borrowing rate on the 2015 Term Loan B by 25 basis points by reducing the applicable margin from LIBOR plus 2.00% to LIBOR plus 1.75%. We capitalized $0.5 million of debt issuance costs directly associated with the issuance of this amendment. On April 18, 2018, we entered into an amendment to the 2015 Credit Facility that increased our 2015 Term Loan B borrowings by $39.0 million. We capitalized $0.3 million of debt issuance costs directly associated with the issuance of this amendment. The proceeds of the additional borrowings were used for general corporate purposes, including share repurchases. On April 17, 2019, we amended and restated the 2015 Credit Facility (as previously amended). The Second Amended and Restated Credit Facility is comprised of the $350.0 million Second Amended and Restated Revolving Loan and the $800.0 million Second Amended and Restated Term Loan B. In connection with entering into the Second Amended and Restated Credit Facility, we repaid the amounts outstanding on the 2015 Revolving Loan and the outstanding 2015 Term Loan B and we recognized a loss on debt extinguishment of $6.2 million. The remaining proceeds from the Second Amended and Restated Credit Facility will be used for general corporate purposes, including payment of refinancing fees. We capitalized $8.9 million of debt issuance costs directly associated with the issuance of the Second Amended and Restated Credit Facility. On October 18, 2019, we entered into an amendment to the Second Amended and Restated Credit Facility which reduced the overall borrowing rate on the Second Amended and Restated Term Loan B by 25 basis points by reducing the applicable margin from LIBOR plus 2.00% to LIBOR plus 1.75%. Excluding the cost to execute the transaction, the lower borrowing rate reduces interest expense by approximately $2.0 million annually. We recognized a loss on debt extinguishment of $0.3 million related to the transaction. As of December 31, 2019, no amounts were outstanding under the Second Amended and Restated Revolving Loan (excluding amounts reserved for letters of credit in the amount of $20.8 million). As of December 31, 2018, $43.0 million was outstanding under the 2015 Revolving Loan (excluding amounts reserved for letters of credit in the amount of $18.1 million). Interest on the Second Amended and Restated Revolving Loan accrues at an annual rate of LIBOR plus an applicable margin with an unused commitment fee based on our senior secured leverage ratio. As of December 31, 2019, the Second Amended and Restated Revolving Loan unused commitment fee was 0.3%. The principal amount of the Second Amended and Restated Revolving Loan is due and payable on April 17, 2024. As of December 31, 2019 and 2018, $796.0 million and $583.8 million, respectively, was outstanding under the Second Amended and Restated Term Loan B and the 2015 Term Loan B, respectively. Interest on the Second Amended and Restated Term Loan B accrues at an annual rate of LIBOR plus an applicable margin, based on our consolidated leverage ratio. In June 2019, we entered into the June 2019 Swap Agreements to mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. In August 2019, we entered into the August 2019 Swap Agreements to further mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. As of December 31, 2019 and 2018, the applicable interest rate on the Second Amended and Restated Term Loan B and the 2015 Term Loan B, respectively, was 3.48% and 4.26%, respectively. Beginning on September 30, 2019, the Amended and Restated Term Loan B became payable in equal quarterly installments of $2.0 million. All remaining outstanding principal of the Second Amended and Restated Term Loan B is due and payable on April 17, 2026. Amounts outstanding under the Second Amended and Restated Credit Facility are guaranteed by Holdings, Six Flags Operations Inc. ("SFO") and certain of the domestic subsidiaries of SFTP (collectively, the "Loan Parties"). The Second Amended and Restated Credit Facility is secured by a first priority security interest in substantially all of the assets of the Loan Parties. The Second Amended and Restated Credit Facility agreement contains certain representations, warranties, affirmative covenants and financial covenants (specifically, a maximum senior secured net leverage maintenance covenant). In addition, the Second Amended and Restated Credit Facility agreement contains restrictive covenants that, subject to certain exceptions, limit or restrict, among other things, the incurrence of indebtedness and liens, fundamental changes, restricted payments, capital expenditures, investments, prepayments of certain indebtedness, transactions with affiliates, changes in fiscal periods, modifications of certain documents, activities of the Company and SFO and hedging agreements, subject, in each case, to certain carve-outs. 2021 Notes, 2024 Notes and 2027 Notes On December 21, 2012, Holdings issued $800.0 million of 5.25% senior unsecured notes due January 15, 2021 (the “2021 Notes”). The proceeds from the 2021 Notes were used to repay the $72.2 million that was outstanding under our 5-year $75.0 million Tranche A Term Loan facility and $277.8 million of the outstanding balance of the Term Loan B. The remaining proceeds were used for share repurchases. Interest payments of $21.0 million were due semi-annually on January 15 and July 15 (except in 2013 when we only made one interest payment of $22.3 million on July 15). On June 16, 2016, Holdings issued $300.0 million of 4.875% senior unsecured notes due July 31, 2024 (the "2024 Notes"). We capitalized $4.7 million of debt issuance costs directly associated with the issuance of the 2024 Notes. We used approximately $150.0 million of the proceeds from the issuance of the 2024 Notes to reduce our borrowings under the 2015 Term Loan B. We used the remaining net proceeds of the sale of the 2024 Notes for general corporate and working capital purposes, which primarily included repurchases of our common stock. On April 13, 2017, we issued an additional $700.0 million of 4.875% Senior Notes due July 31, 2024 (the "2024 Notes Add-on"). We capitalized $3.9 million of debt issuance costs directly associated with the issuance of the 2024 Notes Add-on. Interest payments of $24.4 million for the 2024 Notes and the 2024 Notes Add-on are due semi-annually on January 31 and July 31 of each year, with the exception of the first payment for the 2024 Notes on January 31, 2017, which was $9.1 million. On April 13, 2017, we issued $500.0 million of 5.50% Senior Notes due April 15, 2027 (the "2027 Notes"). We capitalized $2.6 million of debt issuance costs directly associated with the issuance of the 2027 Notes. Interest payments of $13.8 million are due semi-annually on April 15 and October 15 of each year, with the exception of the first payment on October 15, 2017, which was $13.9 million. A portion of the net proceeds from the issuance of the 2024 Notes Add-on and 2027 Notes was used to redeem all of the outstanding 2021 Notes and to satisfy and discharge the indenture governing the 2021 Notes, including to pay the accrued and unpaid interest to the redemption date, the related redemption premium on the 2021 Notes, and related fees and expenses. The remaining net proceeds were used for general corporate and working capital purposes, which primarily included repurchases of our common stock. In connection with the redemption of all of the outstanding 2021 Notes, in the second quarter of 2017 we recognized a loss on debt extinguishment of $36.9 million. The 2024 Notes, the 2024 Notes Add-on and the 2027 Notes are guaranteed by the Loan Parties. The 2024 Notes, the 2024 Notes Add-on and the 2027 Notes contain restrictive covenants that, subject to certain exceptions, limit or restrict, among other things, the ability of the Loan Parties to incur additional indebtedness, create liens, engage in mergers, consolidations and other fundamental changes, make investments, engage in transactions with affiliates, pay dividends and repurchase capital stock. The 2024 Notes, the 2024 Notes Add-on and the 2027 Notes contain certain events of default, including payment defaults, breaches of covenants and representations, cross defaults to other material indebtedness, judgment, and changes of control and bankruptcy events of default. Total Indebtedness Summary As of December 31, 2019 and 2018, total debt consisted of the following: As of (Amounts in thousands) December 31, 2019 December 31, 2018 Credit Facility Second Amended and Restated Term Loan B $ 796,000 $ — 2015 Term Loan B — 583,750 2015 Revolving Loan — 43,000 2024 Notes 1,000,000 1,000,000 2027 Notes 500,000 500,000 Net discount (6,535) (6,792) Deferred financing costs (14,581) (13,446) Total debt $ 2,274,884 $ 2,106,512 Less current portion of long-term debt (8,000) — Less short-term borrowings — (43,000) Total long-term debt $ 2,266,884 $ 2,063,512 As of December 31, 2019, annual maturities of long-term debt, assuming no acceleration of maturities, were as follows: (Amounts in thousands) For the year ending December 31: 2020 8,000 2021 8,000 2022 8,000 2023 8,000 2024 1,008,000 2025 and thereafter 1,256,000 $ 2,296,000 Fair-Value of Long-Term Indebtedness As of December 31, 2019 and December 31, 2018, the fair value of our long-term debt was $2,348.9 million and $2,012.4 million, respectively. The measurement of the fair value of long-term debt is based on market prices that are generally observable for similar liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Selling, General and Administrative Expenses | |
Selling, General and Administrative Expenses | 9. Selling, General and Administrative Expenses Selling, general and administrative expenses comprised the following for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Park $ 131,619 $ 129,335 $ 129,090 Corporate 67,575 2,833 29,980 Total selling, general and administrative expenses $ 199,194 $ 132,168 $ 159,070 Corporate, selling, general and administrative expense includes stock-based compensation of $13.3 million for the year ended December 31, 2019, and a reversal of stock-based compensation expense of $46.7 million and $22.7 million for the years ended December 31, 2018 and 2017, respectively. |
Stock Benefit Plans
Stock Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Stock Benefit Plans | |
Stock Benefit Plans | 10. Stock Benefit Plans Pursuant to the Long-Term Incentive Plan, Holdings may grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance and cash-settled awards and dividend equivalents to select employees, officers, directors and consultants of Holdings and its affiliates. In May 2017, our stockholders approved amendments to the Long-Term Incentive Plan that increased the number of shares available for issuance under the Long-Term Incentive Plan by 4,000,000 shares. During the years ended December 31, 2019, 2018, and 2017 we recognized stock-based compensation expense related to the Long-Term Incentive Plan, excluding amounts related to our 2017 Performance Award (as defined below), of $13.0 million, $15.5 million and $16.9 million, respectively. As of December 31, 2019, options to purchase approximately 6,408,000 shares of common stock of Holdings and approximately 62,000 shares of restricted stock or restricted stock units were outstanding under the Long-Term Incentive Plan and approximately 3,518,000 shares were available for future grant. Stock Options Options granted under the Long-Term Incentive Plan are designated as either incentive stock options or non-qualified stock options. Options are generally granted with an exercise price equal to the fair market value of the common stock of Holdings on the date of grant. While certain stock options are subject to acceleration in connection with a change in control, options are generally cumulatively exercisable in four The estimated fair value of our options granted was calculated using the Black-Scholes option pricing valuation model. This model takes into account several factors and assumptions. The risk-free interest rate is based on the yield on United States Treasury zero-coupon issues with a remaining term equal to the expected term assumption at the time of grant. We have sufficient historical data to develop an expected term assumption and we calculated the expected term using a mid-point scenario with a one-year grant date filter to exclude grants for which vesting could not have yet occurred. Expected volatility is based three one The following weighted-average assumptions were utilized in the Black-Scholes model to value the stock options granted during the years ended December 31, 2019, 2018 and 2017: December 31, 2019 December 31, 2018 December 31, 2017 CEO Employees CEO Employees CEO Employees Risk-free interest rate 1.59 % 1.42 % 2.52 % 2.67 % 1.64 % 1.56 % Expected life (in years) 3.67 3.67 3.85 3.68 3.85 3.85 Expected volatility 28.62 % 26.96 % 23.20 % 22.51 % 21.89 % 22.70 % Expected dividend yield 6.47 % 6.12 % 4.67 % 4.54 % 4.22 % 4.42 % The following table summarizes stock option activity for the year ended December 31, 2019: Weighted Avg. Weighted Avg. Exercise Price Remaining Aggregate Per Share Contractual Intrinsic Value (Amounts in thousands, expect per share and term data) Shares ($) Term ($) Balance at December 31, 2018 5,380 $ 50.60 Granted 1,971 $ 56.15 Exercised (441) $ 39.70 Canceled or exchanged (50) $ 51.83 Forfeited (452) $ 59.41 Expired — $ — Balance at December 31, 2019 6,408 $ 52.42 6.91 $ 15,776 Vested and expected to vest at December 31, 2019 6,122 $ 52.08 6.81 $ 15,776 Options exercisable at December 31, 2019 3,066 $ 46.59 4.64 $ 15,776 The following table presents the weighted average grant date fair value per share of the options granted, the total intrinsic value of options exercised, the total fair value of options that have vested, and the total cash received from the exercise of stock options during the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (Amounts in thousands, expect per share data) 2019 2018 2017 Weighted average grant date fair value per share of options granted $ 6.38 $ 8.01 $ 6.26 Total intrinsic value of options exercised $ 7,130 $ 31,822 $ 52,955 Total fair value of vested options $ 10,253 $ 8,446 $ 8,436 Total cash received from the exercise of stock options $ 17,495 $ 41,658 $ 60,583 As of December 31, 2019, there was $14.9 million of unrecognized compensation expense related to option awards. The weighted-average period over which that cost is expected to be recognized is 3.30 years. Stock, Restricted Stock and Restricted Stock Units Stock, restricted stock and restricted stock units granted under the Long-Term Incentive Plan may be subject to transfer and other restrictions as determined by the compensation committee of Holdings’ Board of Directors. Generally, the unvested portion of restricted stock and restricted stock unit awards is forfeited upon termination of employment. The fair value of stock, restricted stock and restricted stock unit awards on the date of grant is expensed on a straight line basis over the requisite service period of the graded vesting term as if the award was, in substance, multiple awards. During the year ended December 31, 2014, a performance award was established based on our goal to achieve Modified EBITDA of $600 million by 2017 (the "2017 Performance Award"). "Modified EBITDA” is defined as the Company’s consolidated income from continuing operations: excluding the cumulative effect of changes in accounting principles; discontinued operations gains or losses; income tax expense or benefit; restructure costs or recoveries; reorganization items (net); other income or expense; gain or loss on early extinguishment of debt; equity in income or loss of investees; interest expense (net); gain or loss on disposal of assets; gain or loss on the sale of investees; amortization; depreciation; stock-based compensation; and fresh start accounting valuation adjustments. We did not reach late achievement of the 2017 Performance Award goal in 2018 and thus all previously recognized stock-based compensation associated with this award was reversed. During the year ended December 31, 2016, an additional performance award was established based on our aspirational goal to achieve Modified EBITDA of $750 million by 2020 (the "2020 Performance Award"). The aggregate payout under the performance award to key employees if the target is achieved in 2020 would be 1,025,000 shares plus associated Dividend Equivalent Rights (“DERs”) but could be more or less depending on the level of achievement and the timing thereof. As of December 31, 2019, 857,000 shares have been granted. There has been no stock-based compensation expense recorded for this performance award because it is not deemed probable that we will achieve the specified performance targets as of December 31, 2019. Based on the closing market price of Holdings’ common stock on the last trading day of the quarter ended December 31, 2019, the total unrecognized compensation expense related to this award at target achievement in 2020 is $46.2 million that will be expensed over the service period if it becomes probable of achieving the performance condition. The required growth rate, combined with the uncertainty of the timing of our international agreements revenue over the next few years has led us to revisit our medium-term outlook and conclude that on time or late achievement of the 2020 Performance Award is not reasonably attainable. We will continue to evaluate the probability of achieving the performance condition going forward and record the appropriate expense if necessary. The following table summarizes stock, restricted stock and restricted stock unit activity for the year ended December 31, 2019: Weighted Average Grant Date Fair Value Per Share (Amounts in thousands, except per share amounts Shares ($) Non-vested balance at December 31, 2018 16 $ 63.69 Granted 62 $ 48.29 Vested (16) $ 63.69 Forfeited — $ — Canceled — $ — Non-vested balance at December 31, 2019 62 $ 48.29 The following table presents the weighted average grant date fair value per share of stock awards granted, the total grant date fair value of stock awards granted, and the total fair value of stock awards that have vested during the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (Amounts in thousands, expect per share data) 2019 2018 2017 Weighted average grant date fair value per share of stock awards granted $ 48.29 $ 63.80 $ 61.74 Total grant date fair value of stock awards granted $ 3,007 $ 4,185 $ 750 Total fair value of vested stock awards $ 1,027 $ 3,888 $ 560 There was $2.2 million of total unrecognized stock-based compensation expense related to stock, restricted stock and restricted stock units as of December 31, 2019 that is expected to be recognized over a weighted-average period of 0.80 years. Deferred Share Units Non-employee directors can elect to receive the value of their annual cash retainer as a deferred share unit award ("DSU") under the Long-Term Incentive Plan whereby the non-employee director is granted DSUs in an amount equal to such director’s annual cash retainer divided by the closing price of Holdings’ common stock on the date of the annual stockholders meeting. Each DSU represents Holdings’ obligation to issue one share of common stock. The shares are delivered approximately thirty days following the cessation of the non-employee director’s service as a director of Holdings’. DSUs generally vest consistent with the manner in which non-employee directors’ cash retainers are paid. The fair value of the DSUs on the date of grant is expensed on a straight line basis over the requisite service period. During each of the years ended December 31, 2019, 2018 and 2017, approximately 4,000 DSUs, 3,000 DSUs and 3,000 DSUs were granted, respectively, at a weighted-average grant date fair value of $50.12, $57.04 and $56.32 per DSU, respectively. The total grant date fair value of DSUs granted was $0.2 million for the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019, there was no unrecognized compensation expense related to the outstanding DSUs. Dividend Equivalent Rights On February 8, 2012, Holdings’ Board of Directors granted DERs to holders of unvested stock options, at which time, approximately 10.0 million unvested stock options were outstanding. The DERs accrue dividends as of the record date of each of Holdings’ dividends that will be distributed to stock option holders upon the vesting of their stock option award. Holdings will distribute the accumulated accrued dividends pursuant to the DERs in either cash or shares of common stock. Generally, holders of stock options for fewer than 1,000 shares of stock will receive their accumulated accrued dividends in cash and holders of stock options for 1,000 shares of stock or greater will receive their accumulated accrued dividends in shares of common stock. In addition, Holdings’ Board of Directors granted similar DERs payable in shares of common stock if and when any shares are granted under the 2020 Performance Award. Holdings’ Board of Directors granted approximately 2.0 million, 1.5 million and 1.9 million additional options to the majority of our full-time employees as well as DERs in connection with such options during the years ended December 31, 2019, 2018 and 2017, respectively. Exclusive of stock-based compensation recognized for the DER grants associated with the 2017 Performance Award discussed above, we recorded stock-based compensation for DER grants of $5.0 million, $5.9 million and $4.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. Employee Stock Purchase Plan The Six Flags Entertainment Corporation Employee Stock Purchase Plan (the "ESPP") allows eligible employees to purchase Holdings’ common stock at 90% of the lower of the market value of the common stock at the beginning or end of each successive six-month offering period. Amounts accumulated through participants’ payroll deductions ("purchase rights") are used to purchase shares of common stock at the end of each purchase period. No more than 2,000,000 shares of common stock of Holdings may be issued pursuant to the ESPP. Holdings’ common stock may be issued from authorized and unissued shares, treasury shares or shares purchased on the open market. As of December 31, 2019, we had 1,652,000 shares available for purchase pursuant to the ESPP. In accordance with FASB ASC Topic 718, Stock Based Compensation Stock-based compensation consisted of the following amounts for the years ended December 31, 2019, 2018 and 2017. We present separately the reversal of previously recorded stock-based compensation related to the 2017 Performance Award from our Long-Term Incentive Plan and Employee Stock Purchase Plan. Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Long-Term Incentive Plan Options and other $ 13,037 $ 15,543 $ 16,910 Performance awards — (62,512) (39,935) Employee Stock Purchase Plan 237 285 328 Total Stock-Based Compensation $ 13,274 $ (46,684) $ (22,697) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Income Taxes | 11. Income Taxes The following table summarizes the domestic and foreign components of our income before income taxes for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Domestic $ 297,752 $ 383,875 $ 301,322 Foreign 14,008 27,983 27,730 Income before income taxes $ 311,760 $ 411,858 $ 329,052 The following table summarizes the components of income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017: (Amounts in thousands) Current Deferred Total 2019: U.S. federal $ (2,960) $ 67,975 $ 65,015 Foreign 5,812 1,169 6,981 State and local 10,704 9,242 19,946 Income tax expense $ 13,556 $ 78,386 $ 91,942 2018: U.S. federal $ (58) $ 65,976 $ 65,918 Foreign 11,752 626 12,378 State and local 11,268 6,291 17,559 Income tax expense $ 22,962 $ 72,893 $ 95,855 2017: U.S. federal $ (72) $ (6,774) $ (6,846) Foreign 11,840 (2,231) 9,609 State and local 5,829 7,434 13,263 Income tax expense (benefit) $ 17,597 $ (1,571) $ 16,026 Recorded income tax expense differed from amounts computed by applying the U.S. federal income tax rate of 21% for the year ended December 31, 2019 and 2018, and 35% for the year ended December 31, 2017 to income before income taxes as a result of the following: Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Computed "expected" federal income tax expense $ 65,470 $ 86,490 $ 115,168 Effect of noncontrolling interest income distribution (8,558) (8,401) (13,724) Change in valuation allowance 15,469 1,663 413 Effect of state and local income taxes, net of federal tax benefit 18,622 12,980 10,767 Deductible compensation in excess of book (2,029) (5,392) (13,757) Nondeductible compensation 635 1,167 2,201 Effect of foreign income taxes 2,084 4,544 2,367 Effect of foreign earnings earned and remitted in the same year (302) 2,317 4,402 Effect of foreign tax credits (407) (996) (5,357) Effect of Tax Reform, including change in valuation allowance of $20,824 — — (84,599) Other, net 958 1,483 (1,855) Income tax expense $ 91,942 $ 95,855 $ 16,026 In connection with emergence from Chapter 11, the Company’s prepetition debt securities, primarily the prepetition notes issued by Six Flags, Inc. (which changed its corporate name to Six Flags Entertainment Corporation (Holdings) upon emergence from bankruptcy in 2010) and SFO, were extinguished. Absent an exception, a debtor recognizes cancellation of debt income ("CODI") upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The Internal Revenue Code ("IRC") provides that a debtor in a bankruptcy case may exclude CODI from income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any other consideration, including equity, issued. As a result of the market value of our equity upon emergence from Chapter 11 bankruptcy proceedings, we were able to retain a significant portion of our federal net operating losses (“NOLs”) and state NOLs (collectively, the "Tax Attributes") after reduction of the Tax Attributes for CODI realized on emergence from Chapter 11. As a result of emergence from Chapter 11, the Company’s NOLs were reduced by approximately $804.8 million of CODI. Sections 382 and 383 of the IRC impose an annual limitation on the utilization of NOLs and other favorable Tax Attribute carryforwards that a corporation has at the time of a so-called "ownership change" within the meaning of IRC Section 382. The Company’s issuance of stock pursuant to its reorganization under Chapter 11 in 2010 resulted in such an ownership change. The limitation amount is the product of the value of the Company, computed under special rules that apply to a bankruptcy reorganization, and a published rate that applied for the month the Company emerged from Chapter 11. The Company’s limitation amount is approximately $32.5 million for each year to which NOLs and other Tax Attribute carryforwards that existed at emergence are carried. As a result of the Section 382 limitation, the Company may have a cash tax liability in future years even though its deferred tax assets have not been exhausted. A subsequent ownership change could further limit the Company’s utilization of NOLs and other Tax Attributes if a smaller limitation resulted from the subsequent ownership change or applied to NOLs and other Tax Attributes accumulated after emergence from Chapter 11. Substantially all of our future taxable temporary differences (deferred tax liabilities) relate to the different financial accounting and tax depreciation methods and periods for property and equipment (20 to 25 years for financial reporting purposes and 7 to 12 years for tax reporting purposes) and intangibles. Our net operating loss carryforwards, foreign tax credits, alternative minimum tax credits, accrued insurance expenses and deferred compensation amounts represent future income tax benefits (deferred tax assets). The following table summarizes the components of deferred income tax assets and deferred tax liabilities as of December 31, 2019 and 2018: December 31, (Amounts in thousands) 2019 2018 Deferred tax assets $ 191,349 $ 233,980 Less: Valuation allowance 130,641 115,172 Net deferred tax assets 60,708 118,808 Deferred tax liabilities 307,829 292,806 Net deferred tax liability $ 247,121 $ 173,998 December 31, (Amounts in thousands) 2019 2018 Deferred tax assets: Federal net operating loss carryforwards $ 12,615 $ 19,334 State net operating loss carryforwards 107,303 117,236 Deferred compensation 8,240 6,873 Foreign tax credits 20,469 39,300 Alternative minimum tax credits 3,296 6,591 Accrued insurance, pension liability and other 39,426 44,646 Total deferred tax assets $ 191,349 $ 233,980 Deferred tax liabilities: Property and equipment $ 226,872 $ 209,070 Intangible assets and other 80,957 83,736 Total deferred tax liabilities $ 307,829 $ 292,806 As of December 31, 2019, we had approximately $0.2 billion and $5.8 billion of net operating loss carryforwards available for U.S. federal income tax and state income tax purposes, respectively, that expire through 2030 and 2038, respectively. Foreign tax credits of $20.5 million expire between 2020 and 2027. We have a valuation allowance of $130.6 million and $115.2 million as of December 31, 2019 and 2018, respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets before they expire. We analyze our ability to use our foreign tax credits based on our most probable outcome for future foreign sourced income. Based on that analysis, we have determined it is not more likely than not that some of our foreign tax credits will not be fully utilized and have established a valuation allowance of approximately $17.1 million at December 31, 2019. The remainder of our valuation allowance at December 31, 2019 and 2018 was based on our inability to use state deferred tax assets related to NOLs that were generated in states where we no longer do business or where we have consistently not generated taxable income. The change in valuation allowance is all attributable to income from operations. Our unrecognized tax benefit as of each of December 31, 2019 and 2018 was $25.7 million. We classify interest and penalties attributable to income taxes as part of income tax expense. Due to the Company’s NOL position, we have not accrued any penalties and interest. |
Preferred Stock, Common Stock a
Preferred Stock, Common Stock and Other Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Preferred Stock, Common Stock and Other Stockholders' Equity | |
Preferred Stock, Common Stock and Other Stockholders' Equity | 12. Preferred Stock, Common Stock and Other Stockholders’ Equity Common Stock As of December 31, 2019, the number of authorized shares of common stock was 280,000,000, of which 84,633,845 shares were outstanding, 3,518,000 shares were reserved for future issuance through our Long-Term Incentive Plan, and 1,652,000 shares were reserved for future issuance through the ESPP. Pursuant to the ESPP, Holdings’ common stock may be issued from authorized and unissued shares, treasury shares or shares purchased on the open market. On June 7, 2016, Holdings announced that its Board of Directors approved a new stock repurchase program that permitted Holdings to repurchase an incremental $500.0 million in shares of Holdings’ common stock (the "June 2016 Stock Repurchase Plan"). Holdings fully utilized the availability under the June 2016 Stock Repurchase Plan by May 2017. Throughout the program, Holdings repurchased 8,392,000 shares at a cumulative cost of approximately $500.0 million and an average price per share of $59.58. On March 30, 2017, Holdings announced that its Board of Directors approved a new stock repurchase plan that permits Holdings to repurchase an incremental $500 million in shares of Holdings’ common stock (the "March 2017 Stock Repurchase Plan"). As of February 18, 2020, Holdings had repurchased 4,604,000 shares at a cumulative cost of approximately $268.3 million and an average price per share of $58.27 under the March 2017 Stock Repurchase Plan, leaving approximately $231.7 million available for permitted repurchases. During the years ended December 31, 2019, 2018 and 2017, Holdings’ Board of Directors declared and paid quarterly cash dividends per share of common stock as follows: Dividends Paid Per Share 2019: Fourth Quarter $ 0.83 Third Quarter $ 0.82 Second Quarter $ 0.82 First Quarter $ 0.82 2018: Fourth Quarter $ 0.82 Third Quarter $ 0.78 Second Quarter $ 0.78 First Quarter $ 0.78 2017: Fourth Quarter $ 0.70 Third Quarter $ 0.64 Second Quarter $ 0.64 First Quarter $ 0.64 Preferred Stock As of December 31, 2019, the number of authorized shares of preferred stock was 5,000,000, none issued Accumulated Other Comprehensive (Loss) Income The balances for each component of accumulated other comprehensive (loss) income are as follows: Accumulated Cumulative Other Translation Cash Flow Defined Benefit Income Comprehensive (Amounts in thousands) Adjustment Hedges Plans Taxes Loss Balance as of December 31, 2016 $ (31,942) $ (826) $ (43,960) $ 9,544 $ (67,184) Net current period change 3,120 57 1,136 (2,106) 2,207 Amounts reclassified from AOCI — 769 865 (538) 1,096 Balance as of December 31, 2017 $ (28,822) $ — $ (41,959) $ 6,900 $ (63,881) Net current period change 1,470 — 167 (351) 1,286 Amounts reclassified from AOCI — — 721 (185) 536 Effects of Adoption of ASU 2018-02 — — — (9,439) (9,439) Balances at December 31, 2018 $ (27,352) $ — $ (41,071) $ (3,075) $ (71,498) Net current period change 5,168 (484) (9,006) 1,283 (3,039) Amounts reclassified from AOCI — (1,046) 795 78 (173) Balances at December 31, 2019 $ (22,184) $ (1,530) $ (49,282) $ (1,714) $ (74,710) The Company had the following reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2019, 2018 and 2017: Amount of Reclassification from AOCI Year Ended December 31, Component of AOCI Location of Reclassification into Income 2019 2018 2017 Amortization of loss on interest rate hedge Interest expense $ (1,046) $ — $ 769 Income tax benefit 276 — (279) Net of tax $ (770) $ — $ 490 Amortization of deferred actuarial loss and prior service cost Operating expenses $ 795 $ 721 $ 865 Income tax expense (198) (185) (259) Net of tax $ 597 $ 536 $ 606 Total reclassifications $ (173) $ 536 $ 1,096 |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Pension Benefits | |
Pension Benefits | 13. Pension Benefits As part of the acquisition of Former SFEC, we assumed the obligations related to the SFTP Defined Benefit Plan (the "SFTP Benefit Plan"). The SFTP Benefit Plan covered substantially all of SFTP’s employees. During 1999, the SFTP Benefit Plan was amended to cover substantially all of our domestic full-time employees. During 2004, the SFTP Benefit Plan was further amended to cover certain seasonal workers, retroactive to January 1, 2003. The SFTP Benefit Plan permits normal retirement at age 65, with early retirement at ages 55 through 64 upon attainment of 10 years of credited service. The early retirement benefit is reduced for benefits commencing before age 62. Plan benefits are calculated according to a benefit formula based on age, average compensation over the highest consecutive five-year period during the employee’s last ten years of employment and years of service. The SFTP Benefit Plan assets are invested primarily in equity and fixed income securities, as well as alternative investments, such as hedge funds. The SFTP Benefit Plan does not have significant liabilities other than benefit obligations. Under our funding policy, contributions to the SFTP Benefit Plan are determined using the projected unit credit cost method. This funding policy meets the requirements under the Employee Retirement Income Security Act of 1974 (“ERISA”). We froze our pension plan effective March 31, 2006, pursuant to which most participants no longer earned future pension benefits. Effective February 16, 2009, the remaining participants in the pension plan no longer earned future benefits. Obligations and Funded Status The following table sets forth the change in our benefit plan obligation and fair value of plan assets: Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Change in benefit obligation: Beginning balance $ 201,752 $ 218,746 $ 216,571 Interest cost 7,993 7,386 8,283 Actuarial loss (gain) 25,632 (16,324) 11,402 Benefits paid (13,919) (8,056) (17,510) Benefit obligation at end of period $ 221,458 $ 201,752 $ 218,746 Change in fair value of plan assets: Beginning balance $ 184,758 $ 190,534 $ 178,375 Actual return on assets 29,815 (2,497) 25,240 Employer contributions 6,000 6,000 6,000 Administrative fees (13,918) (1,223) (1,571) Benefits paid (1,192) (8,056) (17,510) Fair value of plan assets at end of period $ 205,463 $ 184,758 $ 190,534 Employer contributions and benefits paid in the above table include only those amounts contributed directly to, or paid directly from, plan assets. As of December 31, 2019 and 2018, the SFTP Benefit Plan’s projected benefit obligation exceeded the fair value of SFTP Benefit Plan assets resulting in the SFTP Benefit Plan being underfunded by $16.0 million and $17.0 million, respectively. The underfunded amount is recognized in other long-term liabilities in our consolidated balance sheets. Other net periodic pension benefit is disclosed within the consolidated statement of operations due to the adoption of ASU 2017-07. We use December 31 as our measurement date. The weighted average assumptions used to determine benefit obligations are as follows: December 31, 2019 2018 Discount rate 3.00 % 4.05 % Rate of compensation increase N/A N/A Net periodic benefit cost and other comprehensive income (loss) The following table sets forth the components of net periodic benefit cost and other comprehensive income (loss): Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Net periodic benefit cost: Service cost $ 1,300 $ 1,300 $ 1,700 Interest cost 7,993 7,386 8,283 Expected return on plan assets (13,296) (13,737) (12,831) Amortization of net actuarial loss 795 721 865 Total net periodic benefit $ (3,208) $ (4,330) $ (1,983) Other comprehensive income: Current year actuarial gain $ (9,006) $ 167 $ 1,136 Recognized net actuarial loss 795 721 865 Total other comprehensive gain $ (8,211) $ 888 $ 2,001 As of December 31, 2019 and 2018, we have recorded $56.1 million (net of tax expense of $6.8 million) and $49.9 million (net of tax expense of $8.8 million), respectively, in accumulated other comprehensive loss in our consolidated balance sheets. We anticipate that $1.0 million will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2020. The weighted average assumptions used to determine net costs are as follows: Year Ended December 31, 2019 2018 2017 Discount rate 4.05 % 3.45 % 3.90 % Rate of compensation increase N/A N/A N/A Expected return on plan assets 7.25 % 7.25 % 7.25 % Corridor 10.00 % 10.00 % 10.00 % Average future life expectancy (in years) 26.87 27.77 26.33 The discount rate assumption was developed based on high-quality corporate bond yields as of the measurement date. High quality corporate bond yield indices on over 500 AA high grade bonds are considered when selecting the discount rate. The return on plan assets assumption was developed based on consideration of historical market returns, current market conditions, and the SFTP Benefit Plan’s past experience. Estimates of future market returns by asset category are reflective of actual long-term historical returns. Overall, it was projected that the SFTP Benefit Plan could achieve a 7.25% net return over time based on a consistent application of the existing asset allocation strategy and a continuation of the SFTP Benefit Plan’s policy of monitoring manager performance. Description of Investment Committee and Strategy The Investment Committee is responsible for managing the investment of SFTP Benefit Plan assets and ensuring that the SFTP Benefit Plan’s investment program is in compliance with all provisions of ERISA, other relevant legislation, related SFTP Benefit Plan documents and the Statement of Investment Policy. The Investment Committee has retained several mutual funds, commingled funds and/or investment managers to manage SFTP Benefit Plan assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of the applicable prospectus or other investment manager agreements with the SFTP Benefit Plan. The primary financial objective of the SFTP Benefit Plan is to secure participant retirement benefits. To achieve this, the key objective in the SFTP Benefit Plan’s financial management is to promote stability and, to the extent appropriate, growth in funded status. Other related and supporting financial objectives are also considered in conjunction with a comprehensive review of current and projected SFTP Benefit Plan financial requirements. The assets of the fund are invested to achieve the greatest reward for the SFTP Benefit Plan consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures in the SFTP Benefit Plan’s long-term target asset allocation. The SFTP Benefit Plan’s portfolio may be allocated across several hedge fund styles and strategies. Plan Assets The target allocations for plan assets are 3% domestic equity securities, 65% fixed income securities, 18% international equity securities, and 14% alternative investments. Equity securities primarily include investments in large-cap companies located in the United States and abroad. Fixed income securities include bonds and debentures issued by domestic and foreign private and governmental issuers. Alternative investments are comprised of hedge fund of funds. The following table presents the categories of our plan assets and the related levels of inputs in the fair value hierarchy used to determine the fair value, as defined in Note 2(c): Fair Value Measurements as of December 31, 2019 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Amounts in thousands) Total (Level 1) (Level 2) (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 6,844 $ 6,844 $ — $ — International Equity (b) 35,962 35,962 — — Fixed Income: Long Duration Fixed Income (c) 133,592 133,592 — — Alternatives: Other Investments (f) 29,065 — — — Fair Value of Plan Assets $ 205,463 $ 176,398 $ — $ — Fair Value Measurements as of December 31, 2018 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Amounts in thousands) Total (Level 1) (Level 2) (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 15,894 $ 15,894 $ — $ — International Equity (b) 22,022 22,022 — — Fixed Income: Long Duration Fixed Income (c) 109,408 109,408 — — High Yield (d) 4,965 4,965 — — Emerging Markets Debt (e) 4,566 4,566 — — Alternatives: Other Investments (f) 27,903 — — — Fair Value of Plan Assets $ 184,758 $ 156,855 $ — $ — (a) These categories are comprised of mutual funds actively traded on the registered exchanges or over the counter markets. The mutual funds are invested in equity securities of U.S. issuers. (b) This category consists of mutual funds invested primarily in equity securities (common stocks, securities that are convertible into common stocks, preferred stocks, warrants and rights to subscribe to common stocks) of non-U.S. issuers purchased in foreign markets. The mutual funds are actively traded on U.S. or foreign registered exchanges, or the over-the-counter markets. (c) The assets are comprised of U.S. Treasury Separate Trading of Registered Interest and Principal of Securities ("U.S. Treasury STRIPS") and mutual funds which are actively traded on the registered exchanges. The mutual funds are invested primarily in high quality government and corporate fixed income securities, as well as synthetic instruments or derivatives having economic characteristics similar to fixed income securities. (d) The high yield portion of the fixed income portfolio consists of mutual funds invested primarily in fixed income securities that are rated below investment grade. The mutual funds are actively traded on the registered exchanges. (e) The emerging debt portion of the portfolio consists of mutual funds primarily invested in the debt securities of government, government-related and corporate issuers in emerging market countries and of entities organized to restructure outstanding debt of such issuers. The mutual funds are actively traded on the registered exchanges. (f) Common/collective trust investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. The Company has participant redemptions restricted to the last business day of the quarter, with either a 65 or 90 day period redemption notice. Expected Cash Flows The following table summarizes expected employer contributions and future benefit payments: (Amounts in thousands) Expected contributions to plan trusts 2020 $ 6,000 Total expected contributions $ 6,000 Expected benefit payments: 2020 $ 10,221 2021 10,665 2022 11,174 2023 11,518 2024 11,815 2025 through 2029 61,203 Total expected benefit payments $ 116,596 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share | |
Earnings Per Common Share | 14. Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to Holdings’ common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to Holdings’ common stockholders by the weighted average number of common shares outstanding during the period and the effect of all dilutive common stock equivalents. In periods where there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. For the years ended December 31, 2019, 2018 and 2017, the computation of diluted earnings per common share included the effect of 0.6 million, 1.3 million and 1.7 million dilutive stock options and restricted stock units, respectively. For the years ended December 31, 2019, 2018 and 2017, the computation of diluted earnings per common share excluded the effect of 3.5 million, 0.7 million and 0.4 million antidilutive stock options and restricted stock units, respectively. Earnings per common share for the years ended December 31, 2019, 2018 and 2017 was calculated as follows: For the year ended December 31, (Amounts in thousands, except per share amounts) 2019 2018 2017 Net income attributable to Six Flags Entertainment Corporation common stockholders $ 179,065 $ 275,996 $ 273,816 Weighted-average common shares outstanding—basic 84,348 84,100 86,802 Effect of dilutive stock options and restricted stock units 620 1,345 1,692 Weighted-average common shares outstanding—diluted 84,968 85,445 88,494 Earnings per share—basic $ 2.12 $ 3.28 $ 3.15 Earnings per share—diluted $ 2.11 $ 3.23 $ 3.09 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | 15. Commitments and Contingencies Partnership Parks On April 1, 1998, we acquired all of the capital stock of Former SFEC for $976.0 million, paid in cash. In addition to our obligations under outstanding indebtedness and other securities issued or assumed in the Former SFEC acquisition, we also guaranteed certain contractual obligations relating to the Partnership Parks. Specifically, we guaranteed the obligations of the general partners of those partnerships to (i) make minimum annual distributions (including rent) of approximately $74.2 million in 2020 (subject to cost of living adjustments) to the limited partners in the Partnership Parks (based on our ownership of units as of December 31, 2019, our share of the distribution will be approximately $32.5 million) and (ii) make minimum capital expenditures at each of the Partnership Parks during rolling five-year periods, based generally on 6% of the Partnership Parks’ revenues. Cash flow from operations at the Partnership Parks is used to satisfy these requirements, before any funds are required from us. We also guaranteed the obligation of our subsidiaries to annually purchase all outstanding limited partnership units to the extent tendered by the unit holders (the "Partnership Park Put"). The agreed price for units tendered in the Partnership Park Put is based on a valuation of each of the respective Partnership Parks (the "Specified Price") that is the greater of (a) a valuation for each of the respective Partnership Parks derived by multiplying such park’s weighted average four year EBITDA (as defined in the agreements that govern the partnerships) by a specified multiple (8.0 in the case of SFOG and 8.5 in the case of SFOT) and (b) a valuation derived from the highest prices previously paid for the units of the Partnership Parks by certain entities. Pursuant to the valuation methodologies described in the preceding sentence, the Specified Price for the Partnership Parks, if determined as of December 31, 2019, is $409.7 million in the case of SFOG and $527.3 million in the case of SFOT. As of December 31, 2019, we owned approximately 31.0% and 53.2% of the Georgia limited partner interests and Texas limited partner interests, respectively. Our obligations with respect to SFOG and SFOT will continue until 2027 and 2028, respectively. In 2027 and 2028, we will have the option to purchase all remaining units in the Georgia limited partner and the Texas limited partner, respectively, at a price based on the Specified Price, increased by a cost of living adjustment. Pursuant to the 2019 annual offer, we did not purchase any units from the Georgia partnership and we purchased 0.100 units from the Texas partnership for approximately $0.2 million in May 2019. Pursuant to the 2018 annual offer, we did not purchase any units from the Georgia partnership and we purchased 0.175 units from the Texas partnership for approximately $0.4 million in May 2018. As we purchase additional units, we are entitled to a proportionate increase in our share of the minimum annual distributions. The maximum unit purchase obligations for 2019 at both parks aggregated approximately $529.3 million, representing approximately 69.0% of the outstanding units of SFOG and 46.8% of the outstanding units of SFOT. The $350.0 million accordion feature on the Second Amended and Restated Term Loan B under the Second Amended and Restated Credit Facility is available for borrowing for future "put" obligations if necessary. In connection with our acquisition of the Former SFEC, we entered into the Subordinated Indemnity Agreement with certain of the Company’s entities, Time Warner and an affiliate of Time Warner (an indirect subsidiary of AT&T Inc. as a result of a merger in 2018), pursuant to which, among other things, we transferred to Time Warner (which has guaranteed all of our obligations under the Partnership Park arrangements) record title to the corporations which own the entities that have purchased and will purchase limited partnership units of the Partnership Parks, and we received an assignment from Time Warner of all cash flow received on such limited partnership units, and we otherwise control such entities. In addition, we issued preferred stock of the managing partner of the partnerships to Time Warner. In the event of a default by us under the Subordinated Indemnity Agreement or of our obligations to our partners in the Partnership Parks, these arrangements would permit Time Warner to take full control of both the entities that own limited partnership units and the managing partner. If we satisfy all such obligations, Time Warner is required to transfer to us the entire equity interests of these entities. The 2018 merger of Time Warner and AT&T Inc. did not affect the Time Warner guarantee of our obligations under the Subordinated Indemnity Agreement. We incurred $21.8 million of capital expenditures at these parks during the 2019 season and intend to incur approximately $24.8 million of capital expenditures at these parks for the 2020 season, an amount in excess of the minimum required expenditure. Cash flows from operations at the Partnership Parks will be used to satisfy the annual distribution and capital expenditure requirements, before any funds are required from us. The Partnership Parks generated approximately $79.3 million of cash in 2019 from operating activities after deduction of capital expenditures and excluding the impact of short-term intercompany advances from or payments to Holdings. As of December 31, 2019 and 2018, we had total loans receivable outstanding of $239.3 million from the partnerships that own the Partnership Parks, primarily to fund the acquisition of Six Flags White Water Atlanta, and to make capital improvements and distributions to the limited partners in prior years. License Agreements We are party to a license agreement pursuant to which we have the exclusive right on a long-term basis to theme park use in the United States and Canada (excluding the Las Vegas, Nevada metropolitan area) of all animated, cartoon and comic book characters that Warner Bros. and DC Comics have the right to license for such use. The term of the agreement expires in 2053. The license fee is subject to periodic scheduled adjustments, including market resets in 2020 and 2035, and CPI increases, and is payable on a per-theme park basis. In November 1999, we entered into license agreements pursuant to which we have the exclusive right on a long-term basis to parks use in Europe, Central and South America of all animated, cartoon and comic book characters that Warner Bros. and DC Comics have the right to license for such use. Under such agreements, the license fee is based on specified percentages of the gross revenues of the applicable parks. Insurance We maintain insurance of the types and in amounts that we believe are commercially reasonable and that are available to businesses in our industry. We maintain multi-layered general liability policies that provide for excess liability coverage of up to $100.0 million per occurrence. For incidents arising on or after December 31, 2008, our self-insured retention is $2.0 million, followed by a $0.5 million deductible per occurrence applicable to all claims in the policy year for our domestic parks and our park in Canada and a nominal amount per occurrence for our parks in Mexico. Defense costs are in addition to these retentions. Our general liability policies cover the cost of punitive damages only in certain jurisdictions. Based upon reported claims and an estimate for incurred, but not reported claims, we accrue a liability for our retention contingencies. For workers’ compensation claims arising after November 15, 2003, our deductible is $0.75 million. We also maintain fire and extended coverage, business interruption, terrorism and other forms of insurance typical to businesses in this industry. The all peril property coverage policies insure our real and personal properties (other than land) against physical damage resulting from a variety of hazards. Additionally, we maintain information security and privacy liability insurance in the amount of $10.0 million with a $0.25 million retention per event. We generally renegotiate our insurance policies on an annual basis. The majority of our current insurance policies expire on December 31, 2020. We cannot predict the level of the premiums that we may be required to pay for subsequent insurance coverage, the level of any retention applicable thereto, the level of aggregate coverage available or the availability of coverage for specific risks. Capital Expenditures We plan to strategically reinvest in our properties to improve the guest experience. Litigation We are party to various legal actions arising in the normal course of business, including the cases discussed below. Matters that are probable of unfavorable outcome to us and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, our estimate of the outcomes of such matters and our experience in contesting, litigating and settling similar matters. None of the actions are believed by management to involve amounts that would be material to our consolidated balance sheets, results of operations or liquidity after consideration of recorded accruals. On January 7, 2016, a potential class action complaint was filed against Six Flags Entertainment Corporation in the Circuit Court of Lake County, Illinois. On April 22, 2016, Great America, LLC was added as a defendant. The complaint asserts that we violated the Illinois Biometric Information Privacy Act ("BIPA") in connection with the admission of season pass holders and members through the finger scan program that commenced in the 2014 operating season at Six Flags Great America in Gurnee, Illinois, and seeks statutory damages, attorneys’ fees and an injunction. An aggrieved party under BIPA may recover (i) $1,000 if a company is found to have negligently violated BIPA or (ii) $5,000 if found to have intentionally or recklessly violated BIPA, plus reasonable attorneys’ fees in each case. The complaint does not allege that any information was misused or disseminated. On April 7, 2017, the trial court certified two questions for consideration by the Illinois Appellate Court of the Second District. On June 7, 2017, the Illinois Appellate Court granted our motion to appeal. Accordingly, two questions regarding the interpretation of BIPA were certified for consideration by the Illinois Appellate Court. On December 21, 2017, the Illinois Appellate Court found in our favor, holding that the plaintiff had to allege more than a technical violation of BIPA and had to be injured in some way in order to have a right of action. On March 1, 2018, the plaintiff filed a petition for leave to appeal to the Illinois Supreme Court. On May 30, 2018, the Illinois Supreme Court granted the plaintiff’s leave to appeal and oral arguments were heard on November 20, 2018. On January 25, 2019, the Illinois Supreme Court found in favor of the plaintiff, holding that the plaintiff does not need to allege an actual injury beyond the violation of his rights under BIPA in order to proceed with a complaint. We intend to continue to vigorously defend ourselves against this litigation. Since this litigation is in an early stage, the outcome is currently not determinable, and a reasonable estimate of loss or range of loss in excess of the immaterial amount that we have recorded for this litigation cannot be made. During 2017, four potential class action complaints were filed against Six Flags Entertainment Corporation or one of its subsidiaries. Complaints were filed on August 11, 2017, in the Circuit Court of Lake County, Illinois, on September 1, 2017, in the United States District Court for the Northern District of Georgia, on September 11, 2017, in the Superior Court of Los Angeles County, California, and on November 30, 2017, in the Superior Court of Ocean County, New Jersey. The complaints allege that we, in violation of federal law, printed more than the last five digits of a credit or debit card number on customers’ receipts, and/or the expiration dates of those cards. A willful violation may subject a company to liability for actual damages or statutory damages between $100 and $1,000 per person, punitive damages in an amount determined by a court, and reasonable attorneys’ fees, all of which are sought by the plaintiffs. The complaints do not allege that any information was misused. The Circuit Court in Illinois granted our motion to dismiss on November 2, 2018, but the matter was reversed on appeal on January 22, 2020. We intend to seek further review with the Illinois Supreme Court. The District Court for the Northern District of Georgia denied our motion to dismiss on May 6, 2019, but on December 31, 2019, the matter was stayed and administratively closed on our motion based on the Eleventh Circuit’s review of an order denying dismissal in a case involving substantially similar factual allegations and statutory violations. Either side may move to reopen the Georgia case within 30 days of the issuance of the Eleventh Circuit’s opinion in the other matter. Our demurrer in the California matter was overruled on February 26, 2019, but the order contained certain favorable rulings that enabled us to file a motion for summary judgment on December 12, 2019. The Superior Court in the New Jersey matter granted our motion to dismiss on January 18, 2019, which ruling the has appealed. We intend to vigorously defend ourselves against these lawsuits. The outcome of these lawsuits is currently not determinable, and a reasonable estimate of loss or range of loss in excess of the immaterial amount that we have recorded for this litigation cannot be made. On March 8, 2016, certain plaintiffs filed a complaint against one of our subsidiaries in the Superior Court of Massachusetts, Suffolk County, on behalf of a purported class of current and former employees of Six Flags New England. The complaint alleges violations of Massachusetts law governing employee overtime and rest breaks, and seeks damages in the form of unpaid wages for overtime and meal breaks and related penalties. On July 2, 2018, the plaintiffs filed a motion for class certification of two classes, an overtime class and a meal break class. On November 8, 2018, the court granted class certification for the overtime class and denied class certification for the meal break class. On June 20, 2019, in response to competing motions for summary judgment on the application of an overtime wage exemption applicable to amusement parks that operate no more than 150 days per year, the court agreed that the defendant park did not operate more than 150 days in 2013, 2014, and 2016, but found that it did operate more than 150 days in 2015, 2017 and 2018, for which the defendant park would owe overtime wages. On September 26, 2019, we filed a motion for reconsideration with respect to 2017 and 2018, because the defendant park relied on a separate overtime wage law exemption applicable to a separate and distinct operation of the business in those years. On December 6, 2019, the court denied our motion for reconsideration. We continue to vigorously defend ourselves against this litigation. However, there can be no assurance regarding the ultimate outcome of this litigation and we have accrued our best estimate of exposure, the amount of which is not material to our consolidated financial statements. Tax and other contingencies As of December 31, 2019 and 2018, we had a nominal amount of accrued liabilities for tax and other indemnification contingencies related to certain parks sold in previous years that could be recognized as recovery losses from discontinued operations in the future if such liabilities are not requested to be paid. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 16. Leases On January 1, 2019, we adopted Topic 842 using the modified retrospective approach on leases with terms extending past January 1, 2019. Results for reporting periods beginning after January 1, 2019, are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840. As a result, we were not required to adjust our comparative period financial information for the effects of Topic 842 or make new lease disclosures for comparative prior periods before the date of adoption. See Note 2 ( u. Leases Upon adoption of Topic 842 on January 1, 2019, we recorded right-of-use assets and corresponding liabilities of $207.4 million and $204.3 million, respectively, with the impact primarily related to our leases of operating rights for theme park and waterpark properties and land. There was not a material impact to our consolidated statements of operations or statements of cash flows as a result of adoption of Topic 842. We have operating leases for amusement parks, land, vehicles, machinery and certain equipment. Our leases have remaining lease terms of less than one year to 46 years, some of which include an option to extend the underlying leases for up to 20 years, and some of which include an option to terminate the underlying lease within one year. For our noncancelable operating leases with such options to extend, because we may determine it is not reasonably certain we will exercise the option, the options are not considered in determining the lease term, and associated potential option payments are excluded from lease payments. Our leases generally do not include restrictive financial or other covenants. Payments due under the lease contracts include fixed payments and, for certain of our leases, variable payments. The components of lease cost for the year ended December 31, 2019 are as follows: Year Ended (Amounts in thousands) December 31, 2019 Operating lease cost $ 24,890 Short-term lease cost 6,925 Variable lease cost 5,979 Total lease cost $ 37,794 Lease costs for the year ended December 31, 2019 included minimum rental payments under operating leases recognized on a straight-line basis over the term of the lease. Rental expense for operating leases during the years ended December 31, 2018 and 2017 was $29.3 million and $16.8 million, respectively. Other information related to leases for the year ended December 31, 2019 is as follows: Year Ended (Amounts in thousands, except for lease term and discount rate) December 31, 2019 Cash paid for amounts included in the measurement of lease liability operating cash flows $ 24,140 ROU assets obtained in exchange for lease liabilities 4,808 Weighted-average remaining lease term (in years) 19.48 Weighted-average discount rate 6.90 % Maturities of noncancelable operating lease liabilities under Topic 842 as of December 31, 2019 are summarized in the table below. (Amounts in thousands) As of December 31, 2019 2020 $ 23,802 2021 22,654 2022 21,641 2023 21,424 2024 19,289 Thereafter 269,055 Total $ 377,865 Less: present value discount (179,007) Lease liability $ 198,858 Future minimum lease payments for the long-term noncancelable operating leases under Topic 840 as of December 31, 2018 are summarized in the table below: (Amounts in thousands) As of December 31, 2018 2019 $ 23,936 2020 23,266 2021 22,384 2022 21,626 2023 21,563 Thereafter 314,799 Total $ 427,574 We have elected the package of practical expedients for adoption of Topic 842 permitted under the transition guidance within the standard, which among other things allows us to carry forward historical lease classification, indirect costs and the original determination of whether or not a contract contained a lease. We have elected the practical expedient to not separate a qualifying lease into its lease and non-lease components. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments | |
Business Segments | 17. Business Segments We manage our operations on an individual park location basis, including operations from parks owned, managed and branded. Discrete financial information is maintained for each park and provided to our corporate management for review and as a basis for decision making. The primary performance measures used to allocate resources is Park EBITDA (defined as park-related operating earnings, excluding the impact of interest, taxes, depreciation, amortization and any other non-cash income or expenditures). Substantially all of our parks provide similar products and services through a similar process to the same class of customer through a consistent method. We also believe that the parks share common economic characteristics. Based on these factors, we have only one reportable segment - parks. The following table presents segment financial information and a reconciliation of net income to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses. Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Net income $ 219,818 $ 316,003 $ 313,026 Interest expense, net 113,302 107,243 99,010 Income tax expense 91,942 95,855 16,026 Depreciation and amortization 118,230 115,693 111,671 Corporate expenses (excluding stock-based compensation) 54,301 48,679 52,105 Stock-based compensation 13,274 (46,684) (22,697) Non-operating park level expense, net: Loss on disposal of assets 2,162 1,879 3,959 Loss on debt extinguishment, net 6,484 — 37,116 Other expense, net 2,542 3,508 271 Park EBITDA $ 622,055 $ 642,176 $ 610,487 All of our owned or managed parks are located in the United States with the exception of two parks in Mexico and one park in Montreal, Canada. We also have revenue and expenses related to the development of Six Flags-branded parks outside of North America. The following information reflects our long-lived assets (which consists of property and equipment, intangible assets and right-of-use assets), revenues and income before income taxes by domestic and foreign categories as of or for the years ended December 31, 2019, 2018 and 2017: Domestic Foreign Total As of or for the year ended December 31, 2019 Long-lived assets $ 2,347,578 $ 142,376 $ 2,489,954 Revenues 1,370,367 117,216 1,487,583 Income before income taxes 297,752 14,008 311,760 As of or for the year ended December 31, 2018 Long-lived assets $ 2,160,970 $ 101,359 $ 2,262,329 Revenues 1,335,787 127,920 1,463,707 Income before income taxes 383,875 27,983 411,858 As of or for the year ended December 31, 2017 Long-lived assets $ 2,121,157 $ 98,635 $ 2,219,792 Revenues 1,240,018 119,056 1,359,074 Income before income taxes 301,322 27,730 329,052 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (Unaudited) | |
Quarterly Financial Information (Unaudited) | 18. Quarterly Financial Information (Unaudited) Following is a summary of the unaudited interim results of operations for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 First Second Third Fourth (Amounts in thousands) Quarter Quarter Quarter Quarter Total revenue $ 128,193 $ 477,210 $ 621,180 $ 261,000 Income before income taxes (93,789) 133,571 261,835 10,143 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (69,132) 79,519 179,833 (11,155) Net (loss) income per weighted average common share outstanding: Basic $ (0.82) $ 0.94 $ 2.13 $ (0.13) Diluted (0.82) 0.94 2.11 (0.13) Year Ended December 31, 2018 First Second Third Fourth (Amounts in thousands) Quarter Quarter Quarter Quarter Total revenue $ 128,964 $ 445,420 $ 619,820 $ 269,503 Income before income taxes (82,020) 118,418 259,681 115,781 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (62,345) 74,502 184,417 79,422 Net (loss) income per weighted average common share outstanding: Basic $ (0.74) $ 0.89 $ 2.19 $ 0.94 Diluted (0.74) 0.88 2.16 0.93 We operate a seasonal business. In particular, our theme park and waterpark operations contribute most of their annual revenue during the period from Memorial Day to Labor Day each year. During the second and third quarter of 2017, it was determined that achieving the Modified EBITDA performance target related to the 2017 Performance Award would be difficult due to adverse weather and natural disasters experienced during the summer months of 2017, but late achievement of the 2017 Performance Award target was probable by the end of 2018. As a result, we recorded a reversal to stock-based compensation expense related to this award in the second and third quarters of 2017 of $27.9 million and $45.0 million, respectively, to reflect partial achievement of the 2017 Performance Award. The 2017 Performance Award provided for late achievement of the Modified EBITDA performance target in 2018, which did not occur. As a result, we recorded a reversal to stock-based compensation expense of $81.7 million in the fourth quarter of 2018 related to the 2017 Performance Award. Refer to Note 10 for further discussion. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | a. Basis of Presentation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. We also consolidate the partnerships that own Six Flags Over Texas ("SFOT") and Six Flags Over Georgia (including Six Flags White Water Atlanta) ("SFOG", and together with SFOT, the "Partnership Parks") as subsidiaries in our consolidated financial statements as we have determined that we have the power to direct the activities of those entities that most significantly impact the entities’ economic performance and we have the obligation to absorb losses and receive benefits from the entities that can be potentially significant to these entities. The equity interests owned by non-affiliated parties in the Partnership Parks are reflected in the accompanying consolidated balance sheets as redeemable noncontrolling interests. The portion of earnings or loss attributable to non-affiliated parties in the Partnership Parks is reflected as net income attributable to noncontrolling interests in the accompanying consolidated statements of operations. See Note 6 for further discussion. Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | b. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Fair Value Measurement | c. Fair Value Measurement Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement Fair Value Measurement ● Level 1: quoted prices in active markets for identical assets; ● Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and ● Level 3: inputs to the valuation methodology are unobservable for the asset or liability. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. We use a market approach for our recurring fair value measurements, and we endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. We present the estimated fair values and classifications of our financial instruments in accordance with FASB Accounting Standards Consideration ("ASC") Topic 820, Fair Value Measurement. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: ● The carrying values of cash and cash equivalents, accounts receivable, notes receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments. ● The measurement of the fair value of long-term debt is based on market prices that generally are observable for similar liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. Refer to Note 8 for additional information. ● The measurement of the fair value of derivative assets and liabilities is based on market prices that generally are observable for similar assets and liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the balance sheet date are included in prepaid expenses and other current assets and other accrued liabilities, respectively. Derivative assets and liabilities that have maturity dates greater than twelve months from the balance sheet date are included in deposits and other assets and other long-term liabilities, respectively. See Note 7 for additional information on our derivative instruments. |
Cash Equivalents | d. Cash Equivalents Cash equivalents consists of short-term highly liquid investments with a remaining maturity as of the date of purchase of three months or less. For purposes of the consolidated statements of cash flows, we consider all highly liquid debt instruments with remaining maturities as of their date of purchase of three months or less to be cash equivalents. Cash equivalents were not significant as of December 31, 2019 and 2018. |
Inventories | e. Inventories Inventories are stated at lower of weighted average cost or net realizable value and primarily consist of products purchased for resale, including merchandise, food and miscellaneous supplies. Products are removed from inventory at weighted average cost. We have recorded a $0.4 million allowance for slow moving inventory as of December 31, 2019 and a nominal valuation allowance as of December 31, 2018. |
Prepaid Expenses and Other Current Assets | f. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include $22.9 million of spare parts inventory for existing rides and attractions as of both December 31, 2019 and 2018. These items are expensed as the repair or maintenance of rides and attractions occur. |
Advertising Costs | g. Advertising Costs Production costs of commercials and programming are charged to operations in the year first aired. The costs of other advertising, promotion, and marketing programs are charged to operations when incurred with the exception of direct-response advertising which is charged to the period it will benefit. As of December 31, 2019 and 2018, we had $1.8 million and $1.6 million in prepaid advertising, respectively. The amounts capitalized are included in prepaid expenses. Advertising and promotions expense was $69.5 million, $68.4 million and $63.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Debt Issuance Costs | h. Debt Issuance Costs We capitalize costs related to the issuance of debt. Debt issuance costs directly related to the Second Amended and Restated Revolving Loan are presented within other assets as debt issuance costs in our consolidated balance sheets. Debt issuance costs directly related to the Second Amended and Restated Term Loam B and our senior unsecured notes are presented within noncurrent liabilities as a reduction of long-term debt in our consolidated balance sheets. The amortization of such costs is recognized as interest expense using the interest method over the term of the respective debt issue. Amortization related to debt issuance costs was $3.6 million, $4.0 million and $4.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. See Note 8 for further discussion. |
Property and Equipment | i. Property and Equipment Property and equipment additions are recorded at cost and the carrying value is depreciated using the straight-line method over the estimated useful lives of the assets. Maintenance and repair costs that do not improve service potential or extend economic life are charged directly to expense as incurred, while betterments and renewals are generally capitalized as property and equipment. When an item is retired or otherwise disposed of, the cost and applicable accumulated depreciation are removed and the resulting gain or loss is recognized. See Note 4 for further detail of the components of our property and equipment. The estimated useful lives of the assets are as follows: Rides and attractions 5 - 25 years Land improvements 10 - 15 years Buildings and improvements Approximately 30 years Furniture and equipment 5 - 10 years |
Goodwill and Indefinite-Lived Intangible Assets | j. Goodwill and Indefinite-Lived Intangible Assets Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if events or circumstances indicate that the assets might be impaired. We identify our reporting unit and determine the carrying value of the reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to the reporting unit. We then determine the fair value of the reporting unit and compare it to the carrying amount of the reporting unit. All of our parks are operated in a similar manner and have comparable characteristics in that they produce and distribute similar services and products using similar processes, have similar types of customers, are subject to similar regulations and exhibit similar economic characteristics. As such, we are a single reporting unit. For each year, the fair value of the single reporting unit exceeded our carrying amount (provided that, we have one reporting unit at the same level for which Holdings common stock is traded, we believe our market capitalization is the best indicator of our reporting unit’s fair value). We perform a qualitative analysis on indefinite-lived intangible assets to determine if it is more likely than not that the fair value of the intangible asset was less than its carrying amount as a basis for determining whether it was necessary to perform a quantitative impairment test. The fair value of indefinite-lived intangible assets is generally determined based on a discounted cash flow analysis. An impairment loss occurs to the extent that the carrying value exceeds the fair value. For goodwill, if the fair value of the reporting unit were to be less than the carrying amount, an impairment loss would be recognized to the extent that the carrying amount of the reporting unit exceeds its fair value. |
Valuation of Long-Lived Assets | k. Valuation of Long-Lived Assets We review long-lived assets, including finite-lived intangible assets subject to amortization, for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the asset or group of assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or group of assets to the future net cash flows expected to be generated by the asset or group of assets. If such assets are not considered to be fully recoverable, any impairment to be recognized is measured by the amount by which the carrying amount of the asset or group of assets exceeds its respective fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Revenue Recognition | l. Revenue Recognition FASB ASC 606, Revenue from Contracts with Customers We have entered into international agreements to assist third parties in the planning, design, development and operation of Six Flags-branded parks outside of North America. These agreements typically consist of a brand licensing agreement, project services agreement, and management services agreement. Under Topic 606, we treat these agreements as one contract because each was negotiated with a single commercial objective. We have identified three distinct promises within the agreement with each third party partner as brand licensing, project services, and management services. Each of these promises is its own performance obligation and distinct as the third party could benefit from each service on its own with other readily available resources and each service is separately identifiable from other services in the context of the contract. We recognize revenue under our international agreements over the relevant service period of each performance obligation based on its relative stand-alone selling price, as determined by our best estimate of selling price. We review the service period of each performance obligation on an ongoing basis and revise it as necessary throughout the year. Revisions to the relevant service periods of the performance obligations may result in revisions to revenue in future periods and are recognized in the period in which the change is identified. On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under FASB ASC 605, Revenue Recognition |
Accounts Receivable, Net | m. Accounts Receivable, Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from guests for the sale of group outings and multi-use admission products, including season passes and the membership program. We are not exposed to a significant concentration of credit risk, however, based on the age of the receivables, our historical experience and other factors and assumptions we believe to be customary and reasonable, we do record an allowance for doubtful accounts. As of December 31, 2019 and 2018, we have recorded an allowance for doubtful accounts of $8.3 million and $7.4 million, respectively. The allowance for doubtful accounts is primarily comprised of estimated defaults under our membership plans. |
Derivative Instruments and Hedging Activities | n. Derivative Instruments and Hedging Activities We recognize all derivatives as either assets or liabilities in the consolidated balance sheet and measure those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge for accounting purposes. The accounting for changes in the fair value of a derivative (e.g., gains and losses) depends on the intended use of the derivative and the resulting designation. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and our strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. Change in the fair value of a derivative that is effective and that is designated and qualifies as a cash-flow hedge are recorded in other comprehensive (loss) income until operations are affected by the variability in cash flows of the designated hedged item, at which point they are reclassified to interest expense. Change in fair value of a derivative that is not designated as a hedge are recorded in other expense, net in the consolidated statements of operations on a current basis. In June 2019, we entered into three separate interest rate swap agreements with a notional amount of $300.0 million (collectively, the “June 2019 Swap Agreements”) to mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. In August 2019, we entered into two additional separate interest rate swap agreements with a notional amount of $400.0 million (collectively, the “August 2019 Swap Agreements”) to mitigate the risk of an increase in the LIBOR interest rate in effect on the Second Amended and Restated Term Loan B. See Note 7 for a further discussion. |
Commitments and Contingencies | o. Commitments and Contingencies We are involved in various lawsuits and claims that arise in the normal course of business. Amounts associated with lawsuits or claims are reserved for matters in which it is believed that losses are probable and can be reasonably estimated. In addition to matters in which it is believed that losses are probable, disclosure is also provided for matters in which the likelihood of an unfavorable outcome is at least reasonably possible but for which a reasonable estimate of loss or range of loss is not possible. Legal fees are expensed as incurred. See Note 15 for further discussion. |
Income Taxes | p. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, including net operating loss and other tax carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. We have a valuation allowance of $130.6 million and $115.2 million as of December 31, 2019 and 2018, respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets, primarily consisting of certain state net operating loss, foreign tax credits and other tax carryforwards, before they expire. The valuation allowance was based on our estimates of taxable income by jurisdiction in which we operate and the period over which our deferred tax assets were recoverable. For the foreseeable future, we project taxable income that will allow for the utilization of all of our federal net operating loss carryforwards before they expire. Our liability for income taxes is finalized as auditable tax years pass their respective statutes of limitations in the various jurisdictions in which we are subject to tax. However, these jurisdictions may audit prior years for which the statute of limitations is closed for the purpose of making an adjustment to our taxable income in a year for which the statute of limitations has not closed. Accordingly, taxing authorities of these jurisdictions may audit prior years of the group and its predecessors for the purpose of adjusting net operating loss carryforwards to years for which the statute of limitations has not closed. We classify interest and penalties attributable to income taxes as part of income tax expense. As of December 31, 2019 and 2018, we had no accrued interest and penalties liability. Because we do not permanently reinvest foreign earnings, United States deferred income taxes have been provided on unremitted foreign earnings to the extent that such foreign earnings are expected to be taxable upon repatriation. For global intangible low taxed income ("GILTI") under the Tax Cuts and Jobs Act, the Company has elected to account for GILTI as a component of tax expense in the period in which the Company is subject to the rules (the "period cost method"). See Note 11 for further discussion. |
Earnings Per Common Share | q. Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to Holdings’ common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to Holdings’ common stockholders by the weighted average number of common shares outstanding during the period including the effect of all dilutive common stock equivalents using the treasury stock method. In periods for which there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. |
Stock-Based Compensation | r. Stock-Based Compensation Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), Holdings may grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance and cash-settled awards and dividend equivalents to select employees, officers, directors and consultants of Holdings and its affiliates. We recognize the fair value of each grant as compensation expense on a straight-line basis over the vesting period using the graded vesting terms of the respective grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing valuation model. The fair value of stock, restricted stock units and restricted stock awards is the quoted market price of Holdings’ stock on the date of grant. See Note 10 for further discussion of stock-based compensation and related disclosures. |
Comprehensive Income | s. Comprehensive Income Comprehensive income consists of net income, changes in the foreign currency translation adjustment, changes in the fair value of derivatives that are designated as hedges and changes in the net actuarial gains (losses) and amortization of prior service costs on our defined benefit retirement plan. |
Redeemable Noncontrolling Interest | t. Redeemable Noncontrolling Interest We record the carrying amount of our redeemable noncontrolling interests at their fair value at the date of issuance. We recognize the changes in their redemption value immediately as they occur and adjust the carrying value of these redeemable noncontrolling interests to equal the redemption value at the end of each reporting period, if greater than the redeemable noncontrolling interest carrying value. This method would view the end of the reporting period as if it were also the redemption date for the redeemable noncontrolling interests. We conduct an annual review to determine if the fair value of the redeemable units is less than the redemption amount. If the fair value of the redeemable units is less than the redemption amount, there would be a charge to earnings per share allocable to common stockholders. The redemption amount at the end of each reporting period did not exceed the fair value of the redeemable units. |
Leases | u. Leases Leases For our operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how we determine (i) the discount rate used to discount the unpaid lease payments to present value, (ii) the lease term and (iii) the lease payments. Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate ("IBR"). Generally, we cannot determine the interest rate implicit in the lease and therefore we use the IBR as a discount rate for our leases. The IBR reflects the rate of interest we would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Key assumptions used in determining IBR are our credit rating and unsecured borrowing yield curves, adjusted to get secured borrowing curves using notching and recovery rate methods. The lease term for all of our leases includes the noncancelable period of the lease plus any additional periods covered by an option to extend the lease that we are reasonably certain to exercise. Lease payments included in the measurement of the lease liability comprise fixed payments owed over the lease term, variable lease payments that depend on an index or rate, and the exercise price of an option to purchase the underlying asset if it is reasonably certain that we will exercise the option. The ROU asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. For our operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, and adjusted for any prepaid or accrued lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the term of the operating lease. Variable lease payments associated with our leases are recognized upon the occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Variable lease payments for operating leases are presented as operating expense in our consolidated statements of operations in the same line item as expense arising from fixed lease payments. Property taxes and insurance paid on behalf of our lessors is included within variable lease payments. Operating lease ROU assets net of accumulated amortization are presented as "Right-of-use operating leases, net" on the consolidated balance sheets. The current portion of operating lease liabilities is presented as "Short-term operating lease liabilities" and the long-term portion is presented separately as "Long-term operating lease liabilities" on the consolidated balance sheets. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with short-term leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with short-term leases are recognized and presented in the same manner as for all other leases. The ROU assets for operating leases may be periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant and Equipment - Overall |
Acquisition of Park Assets | v. Acquisition of Park Assets On May 22, 2018, we entered into an asset purchase agreement with Premier Parks, LLC and its affiliates to acquire the lease rights to operate five parks owned by EPR Properties, LLC (the "five new parks"). We completed the transaction on June 1, 2018. In connection with the purchase agreement, we entered into operating leases with EPR Properties, LLC, under which we are the tenant. The five new parks were previously operated by Premier Parks, LLC of Oklahoma City and its affiliates. These acquisitions expanded our portfolio of parks in North America to twenty-five at the time of acquisition. The financial results of the five new parks since the acquisition date are included in our consolidated statements of operations. Assets acquired and liabilities assumed, consisting primarily of working capital, are reflected in our consolidated financial statements. We paid $19.1 million in cash to Premier Parks, LLC for the five new parks, which reflects the $23.0 million purchase price, less net working capital and other adjustments. We recorded $29.4 million of goodwill in connection with the acquisition, which is attributable to the excess of the purchase price over the net working capital liabilities we assumed. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | w. Recently Adopted Accounting Pronouncements In February 2016, FASB released Accounting Standards Update ("ASU") No. 2016-02, Leases ("Topic 842") (“ASU 2016-02”). The main amendments in ASU 2016-02 require recognition on the balance sheet of lease ROU assets and lease liabilities by lessees for those leases classified as operating leases in order to give more transparency on commitments and future cash flow. The new guidance is effective for annual periods beginning after December 15, 2018, including interim periods within the fiscal year. The new standard supersedes the previous lease accounting standard under FASB ASC 840, Leases (“Topic 840”). On January 1, 2019, we adopted Topic 842 using the modified retrospective transition method applied to leases with terms extending past January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840. Refer to Note 16 for additional information. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers – Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue Recognition x. Recent Accounting Pronouncements Not Yet Adopted In June 2016, FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes (“Update 2019-12”) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Schedule of estimated useful lives of property and equipment | The estimated useful lives of the assets are as follows: Rides and attractions 5 - 25 years Land improvements 10 - 15 years Buildings and improvements Approximately 30 years Furniture and equipment 5 - 10 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue | |
Schedule of impact of adoption of Topic 606 | The impact of adoption of Topic 606 on our consolidated statements of operations for the year ended December 31, 2019 and 2018 was as follows: Year Ended December 31, 2019 Balances Without Effect of Change (Amounts in thousands) As Reported Adoption Higher/(Lower) Statement of Operations Revenues Sponsorship, international agreements and accommodations $ 97,361 $ 97,224 $ 137 Costs and expenses Income tax expense 91,942 91,913 29 Net income 179,065 178,957 108 Year Ended December 31, 2018 Balances Without Effect of Change (Amounts in thousands) As Reported Adoption Higher/(Lower) Statement of Operations Revenues Sponsorship, international agreements and accommodations $ 100,116 $ 101,058 $ (942) Costs and expenses Income tax expense 95,855 96,053 (198) Net income 275,996 276,740 (744) |
Schedule of revenues disaggregated by contract duration | The following tables present our revenues disaggregated by contract duration for the years ended December 31, 2019, 2018 and 2017, respectively. Long-term and short-term contracts consist of our contracts with customers with terms greater than one year and less than or equal to one year, respectively. Sales and usage-based taxes are excluded from revenues. Year Ended December 31, 2019 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Consolidated Long-term contracts $ 106,233 $ 20,381 $ 71,893 $ 198,507 Short-term contracts and other (a) 709,549 554,059 25,468 1,289,076 Total revenues $ 815,782 $ 574,440 $ 97,361 $ 1,487,583 Year Ended December 31, 2018 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Consolidated Long-term contracts $ 115,612 $ 25,383 $ 71,589 $ 212,584 Short-term contracts and other (a) 694,452 528,144 28,527 1,251,123 Total revenues $ 810,064 $ 553,527 $ 100,116 $ 1,463,707 Year Ended December 31, 2017 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Consolidated Long-term contracts $ 109,943 $ 20,498 $ 57,934 $ 188,375 Short-term contracts and other (a) 631,332 504,084 35,283 1,170,699 Total revenues $ 741,275 $ 524,582 $ 93,217 $ 1,359,074 (a) Other revenues primarily include sales of single-use tickets and short-term transactional sales for which we have the right to invoice. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment | |
Summary of property and equipment | December 31, (Amounts in thousands) 2019 2018 Land $ 221,616 $ 221,616 Land improvements 264,417 251,295 Buildings and improvements 318,960 302,957 Rides and attractions 1,213,543 1,118,141 Equipment and other 326,747 310,669 Property and equipment, at cost 2,345,283 2,204,678 Accumulated depreciation (1,061,287) (950,996) Property and equipment, net $ 1,283,996 $ 1,253,682 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets | |
Schedule of Intangible Assets | As of December 31, 2019 Weighted-Average Remaining Amortization Period Gross Accumulated Net (Amounts in thousands, except years) (Years) Carrying Value Amortization Carrying Value Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 0.5 24,361 (23,224) 1,137 Total intangible assets, net $ 368,436 $ (23,224) $ 345,212 As of December 31, 2018 Weighted-Average Remaining Amortization Period Gross Accumulated Net (Amounts in thousands, except years) (Years) Carrying Value Amortization Carrying Value Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 1.5 24,361 (20,821) 3,540 Other 42.9 1,726 (312) 1,414 Total intangible assets, net $ 370,162 $ (21,133) $ 349,029 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (Amounts in thousands) For the year ending December 31: 2020 $ 1,014 2021 22 2022 22 2023 22 2024 22 2025 and thereafter 35 $ 1,137 |
Noncontrolling Interests, Par_2
Noncontrolling Interests, Partnership and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interests, Partnerships and Joint Ventures | |
Schedule of changes in redeemable noncontrolling interests | (Amounts in thousands) SFOT SFOG Total Balance at December 31, 2017 $ 227,593 $ 266,838 $ 494,431 Fresh start accounting fair market value adjustment for purchased units (80) — (80) Purchases of redeemable units (353) — (353) Change in redemption value of partnership units 16,596 14,677 31,273 Net income attributable to noncontrolling interests 20,086 19,921 40,007 Distributions to noncontrolling interests (20,086) (19,921) (40,007) Balance at December 31, 2018 243,756 281,515 525,271 Purchases of redeemable units (45) — (45) Fresh start accounting fair market value adjustment for purchased units (217) — (217) Change in redemption value of partnership units 3,250 999 4,249 Net income attributable to noncontrolling interests 20,452 20,301 40,753 Distributions to noncontrolling interests (20,452) (20,301) (40,753) Balance at December 31, 2019 $ 246,744 $ 282,514 $ 529,258 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Financial Instruments | |
Schedule of derivative instruments recorded at fair value | Derivative assets recorded at fair value in our consolidated balance sheets as of December 31, 2019 and 2018, respectively, consisted of the following: Derivative Assets (Amounts in thousands) December 31, 2019 December 31, 2018 Derivatives Designated as Cash Flow Hedges Interest Rate Swap Agreements — Current $ 485 $ — Interest Rate Swap Agreements — Noncurrent 1,440 — $ 1,925 $ — Derivative liabilities recorded at fair value in our consolidated balance sheets as of December 31, 2019 and December 31, 2018, respectively, consisted of the following: Derivative Liabilities (Amounts in thousands) December 31, 2019 December 31, 2018 Derivatives Designated as Cash Flow Hedges Interest Rate Swap Agreements — Current $ (788) $ — Interest Rate Swap Agreements — Noncurrent (2,667) — $ (3,455) $ — |
Schedule of gains and losses before taxes on derivatives designated as cash flow hedges | Loss Recognized in Operations on Derivatives Loss Loss Reclassified from (Ineffective Portion and Recognized in AOCI AOCI into Operations Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) (Amounts in thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Interest Rate Swap Agreements $ (484) $ — $ 57 $ 1,046 $ — $ (769) $ — $ — $ 30 Total $ (484) $ — $ 57 $ 1,046 $ — $ (769) $ — $ — $ 30 |
Long-Term Indebtedness (Tables)
Long-Term Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-Term Indebtedness | |
Schedule of long-term debt | As of (Amounts in thousands) December 31, 2019 December 31, 2018 Credit Facility Second Amended and Restated Term Loan B $ 796,000 $ — 2015 Term Loan B — 583,750 2015 Revolving Loan — 43,000 2024 Notes 1,000,000 1,000,000 2027 Notes 500,000 500,000 Net discount (6,535) (6,792) Deferred financing costs (14,581) (13,446) Total debt $ 2,274,884 $ 2,106,512 Less current portion of long-term debt (8,000) — Less short-term borrowings — (43,000) Total long-term debt $ 2,266,884 $ 2,063,512 |
Schedule of annual maturities of long-term debt | As of December 31, 2019, annual maturities of long-term debt, assuming no acceleration of maturities, were as follows: (Amounts in thousands) For the year ending December 31: 2020 8,000 2021 8,000 2022 8,000 2023 8,000 2024 1,008,000 2025 and thereafter 1,256,000 $ 2,296,000 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selling, General and Administrative Expenses | |
Summary of selling, general and administrative expenses | Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Park $ 131,619 $ 129,335 $ 129,090 Corporate 67,575 2,833 29,980 Total selling, general and administrative expenses $ 199,194 $ 132,168 $ 159,070 |
Stock Benefit Plans (Tables)
Stock Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Benefit Plans | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | December 31, 2019 December 31, 2018 December 31, 2017 CEO Employees CEO Employees CEO Employees Risk-free interest rate 1.59 % 1.42 % 2.52 % 2.67 % 1.64 % 1.56 % Expected life (in years) 3.67 3.67 3.85 3.68 3.85 3.85 Expected volatility 28.62 % 26.96 % 23.20 % 22.51 % 21.89 % 22.70 % Expected dividend yield 6.47 % 6.12 % 4.67 % 4.54 % 4.22 % 4.42 % |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted Avg. Weighted Avg. Exercise Price Remaining Aggregate Per Share Contractual Intrinsic Value (Amounts in thousands, expect per share and term data) Shares ($) Term ($) Balance at December 31, 2018 5,380 $ 50.60 Granted 1,971 $ 56.15 Exercised (441) $ 39.70 Canceled or exchanged (50) $ 51.83 Forfeited (452) $ 59.41 Expired — $ — Balance at December 31, 2019 6,408 $ 52.42 6.91 $ 15,776 Vested and expected to vest at December 31, 2019 6,122 $ 52.08 6.81 $ 15,776 Options exercisable at December 31, 2019 3,066 $ 46.59 4.64 $ 15,776 |
Schedule of Share-based Payment Award, Stock Options, Weighted-Average Information | Year Ended December 31, (Amounts in thousands, expect per share data) 2019 2018 2017 Weighted average grant date fair value per share of options granted $ 6.38 $ 8.01 $ 6.26 Total intrinsic value of options exercised $ 7,130 $ 31,822 $ 52,955 Total fair value of vested options $ 10,253 $ 8,446 $ 8,436 Total cash received from the exercise of stock options $ 17,495 $ 41,658 $ 60,583 |
Schedule of Nonvested Share Activity | The following table summarizes stock, restricted stock and restricted stock unit activity for the year ended December 31, 2019: Weighted Average Grant Date Fair Value Per Share (Amounts in thousands, except per share amounts Shares ($) Non-vested balance at December 31, 2018 16 $ 63.69 Granted 62 $ 48.29 Vested (16) $ 63.69 Forfeited — $ — Canceled — $ — Non-vested balance at December 31, 2019 62 $ 48.29 |
Schedule of Share-based Payment Award, Other than Stock Options, Weighted-Average Information | Year Ended December 31, (Amounts in thousands, expect per share data) 2019 2018 2017 Weighted average grant date fair value per share of stock awards granted $ 48.29 $ 63.80 $ 61.74 Total grant date fair value of stock awards granted $ 3,007 $ 4,185 $ 750 Total fair value of vested stock awards $ 1,027 $ 3,888 $ 560 |
Schedule of stock-based compensation expense | Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Long-Term Incentive Plan Options and other $ 13,037 $ 15,543 $ 16,910 Performance awards — (62,512) (39,935) Employee Stock Purchase Plan 237 285 328 Total Stock-Based Compensation $ 13,274 $ (46,684) $ (22,697) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Schedule of Income before Income Tax, Domestic and Foreign | Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Domestic $ 297,752 $ 383,875 $ 301,322 Foreign 14,008 27,983 27,730 Income before income taxes $ 311,760 $ 411,858 $ 329,052 |
Schedule of Components of Income Tax Expense (Benefit) | (Amounts in thousands) Current Deferred Total 2019: U.S. federal $ (2,960) $ 67,975 $ 65,015 Foreign 5,812 1,169 6,981 State and local 10,704 9,242 19,946 Income tax expense $ 13,556 $ 78,386 $ 91,942 2018: U.S. federal $ (58) $ 65,976 $ 65,918 Foreign 11,752 626 12,378 State and local 11,268 6,291 17,559 Income tax expense $ 22,962 $ 72,893 $ 95,855 2017: U.S. federal $ (72) $ (6,774) $ (6,846) Foreign 11,840 (2,231) 9,609 State and local 5,829 7,434 13,263 Income tax expense (benefit) $ 17,597 $ (1,571) $ 16,026 |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Computed "expected" federal income tax expense $ 65,470 $ 86,490 $ 115,168 Effect of noncontrolling interest income distribution (8,558) (8,401) (13,724) Change in valuation allowance 15,469 1,663 413 Effect of state and local income taxes, net of federal tax benefit 18,622 12,980 10,767 Deductible compensation in excess of book (2,029) (5,392) (13,757) Nondeductible compensation 635 1,167 2,201 Effect of foreign income taxes 2,084 4,544 2,367 Effect of foreign earnings earned and remitted in the same year (302) 2,317 4,402 Effect of foreign tax credits (407) (996) (5,357) Effect of Tax Reform, including change in valuation allowance of $20,824 — — (84,599) Other, net 958 1,483 (1,855) Income tax expense $ 91,942 $ 95,855 $ 16,026 |
Schedule of Deferred Tax Assets and Liabilities | December 31, (Amounts in thousands) 2019 2018 Deferred tax assets $ 191,349 $ 233,980 Less: Valuation allowance 130,641 115,172 Net deferred tax assets 60,708 118,808 Deferred tax liabilities 307,829 292,806 Net deferred tax liability $ 247,121 $ 173,998 December 31, (Amounts in thousands) 2019 2018 Deferred tax assets: Federal net operating loss carryforwards $ 12,615 $ 19,334 State net operating loss carryforwards 107,303 117,236 Deferred compensation 8,240 6,873 Foreign tax credits 20,469 39,300 Alternative minimum tax credits 3,296 6,591 Accrued insurance, pension liability and other 39,426 44,646 Total deferred tax assets $ 191,349 $ 233,980 Deferred tax liabilities: Property and equipment $ 226,872 $ 209,070 Intangible assets and other 80,957 83,736 Total deferred tax liabilities $ 307,829 $ 292,806 |
Preferred Stock, Common Stock_2
Preferred Stock, Common Stock and Other Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Preferred Stock, Common Stock and Other Stockholders' Equity | |
Schedule of quarterly cash dividends per share of common stock declared and paid | Dividends Paid Per Share 2019: Fourth Quarter $ 0.83 Third Quarter $ 0.82 Second Quarter $ 0.82 First Quarter $ 0.82 2018: Fourth Quarter $ 0.82 Third Quarter $ 0.78 Second Quarter $ 0.78 First Quarter $ 0.78 2017: Fourth Quarter $ 0.70 Third Quarter $ 0.64 Second Quarter $ 0.64 First Quarter $ 0.64 |
Schedule of components of AOCI | Accumulated Cumulative Other Translation Cash Flow Defined Benefit Income Comprehensive (Amounts in thousands) Adjustment Hedges Plans Taxes Loss Balance as of December 31, 2016 $ (31,942) $ (826) $ (43,960) $ 9,544 $ (67,184) Net current period change 3,120 57 1,136 (2,106) 2,207 Amounts reclassified from AOCI — 769 865 (538) 1,096 Balance as of December 31, 2017 $ (28,822) $ — $ (41,959) $ 6,900 $ (63,881) Net current period change 1,470 — 167 (351) 1,286 Amounts reclassified from AOCI — — 721 (185) 536 Effects of Adoption of ASU 2018-02 — — — (9,439) (9,439) Balances at December 31, 2018 $ (27,352) $ — $ (41,071) $ (3,075) $ (71,498) Net current period change 5,168 (484) (9,006) 1,283 (3,039) Amounts reclassified from AOCI — (1,046) 795 78 (173) Balances at December 31, 2019 $ (22,184) $ (1,530) $ (49,282) $ (1,714) $ (74,710) |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Amount of Reclassification from AOCI Year Ended December 31, Component of AOCI Location of Reclassification into Income 2019 2018 2017 Amortization of loss on interest rate hedge Interest expense $ (1,046) $ — $ 769 Income tax benefit 276 — (279) Net of tax $ (770) $ — $ 490 Amortization of deferred actuarial loss and prior service cost Operating expenses $ 795 $ 721 $ 865 Income tax expense (198) (185) (259) Net of tax $ 597 $ 536 $ 606 Total reclassifications $ (173) $ 536 $ 1,096 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pension Benefits | |
Schedule of changes in benefit plan obligation and fair value of plan assets | Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Change in benefit obligation: Beginning balance $ 201,752 $ 218,746 $ 216,571 Interest cost 7,993 7,386 8,283 Actuarial loss (gain) 25,632 (16,324) 11,402 Benefits paid (13,919) (8,056) (17,510) Benefit obligation at end of period $ 221,458 $ 201,752 $ 218,746 Change in fair value of plan assets: Beginning balance $ 184,758 $ 190,534 $ 178,375 Actual return on assets 29,815 (2,497) 25,240 Employer contributions 6,000 6,000 6,000 Administrative fees (13,918) (1,223) (1,571) Benefits paid (1,192) (8,056) (17,510) Fair value of plan assets at end of period $ 205,463 $ 184,758 $ 190,534 |
Schedule of weighted average assumptions used to determine net cost | December 31, 2019 2018 Discount rate 3.00 % 4.05 % Rate of compensation increase N/A N/A Year Ended December 31, 2019 2018 2017 Discount rate 4.05 % 3.45 % 3.90 % Rate of compensation increase N/A N/A N/A Expected return on plan assets 7.25 % 7.25 % 7.25 % Corridor 10.00 % 10.00 % 10.00 % Average future life expectancy (in years) 26.87 27.77 26.33 |
Schedule of components of net periodic benefit cost and amounts recognized in other comprehensive income (loss) | Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Net periodic benefit cost: Service cost $ 1,300 $ 1,300 $ 1,700 Interest cost 7,993 7,386 8,283 Expected return on plan assets (13,296) (13,737) (12,831) Amortization of net actuarial loss 795 721 865 Total net periodic benefit $ (3,208) $ (4,330) $ (1,983) Other comprehensive income: Current year actuarial gain $ (9,006) $ 167 $ 1,136 Recognized net actuarial loss 795 721 865 Total other comprehensive gain $ (8,211) $ 888 $ 2,001 |
Schedule of fair value of plan assets | Fair Value Measurements as of December 31, 2019 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Amounts in thousands) Total (Level 1) (Level 2) (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 6,844 $ 6,844 $ — $ — International Equity (b) 35,962 35,962 — — Fixed Income: Long Duration Fixed Income (c) 133,592 133,592 — — Alternatives: Other Investments (f) 29,065 — — — Fair Value of Plan Assets $ 205,463 $ 176,398 $ — $ — Fair Value Measurements as of December 31, 2018 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Amounts in thousands) Total (Level 1) (Level 2) (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 15,894 $ 15,894 $ — $ — International Equity (b) 22,022 22,022 — — Fixed Income: Long Duration Fixed Income (c) 109,408 109,408 — — High Yield (d) 4,965 4,965 — — Emerging Markets Debt (e) 4,566 4,566 — — Alternatives: Other Investments (f) 27,903 — — — Fair Value of Plan Assets $ 184,758 $ 156,855 $ — $ — (a) These categories are comprised of mutual funds actively traded on the registered exchanges or over the counter markets. The mutual funds are invested in equity securities of U.S. issuers. (b) This category consists of mutual funds invested primarily in equity securities (common stocks, securities that are convertible into common stocks, preferred stocks, warrants and rights to subscribe to common stocks) of non-U.S. issuers purchased in foreign markets. The mutual funds are actively traded on U.S. or foreign registered exchanges, or the over-the-counter markets. (c) The assets are comprised of U.S. Treasury Separate Trading of Registered Interest and Principal of Securities ("U.S. Treasury STRIPS") and mutual funds which are actively traded on the registered exchanges. The mutual funds are invested primarily in high quality government and corporate fixed income securities, as well as synthetic instruments or derivatives having economic characteristics similar to fixed income securities. (d) The high yield portion of the fixed income portfolio consists of mutual funds invested primarily in fixed income securities that are rated below investment grade. The mutual funds are actively traded on the registered exchanges. (e) The emerging debt portion of the portfolio consists of mutual funds primarily invested in the debt securities of government, government-related and corporate issuers in emerging market countries and of entities organized to restructure outstanding debt of such issuers. The mutual funds are actively traded on the registered exchanges. (f) Common/collective trust investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. The Company has participant redemptions restricted to the last business day of the quarter, with either a 65 or 90 day period redemption notice. |
Summary of expected employer contributions and future benefit payments | (Amounts in thousands) Expected contributions to plan trusts 2020 $ 6,000 Total expected contributions $ 6,000 Expected benefit payments: 2020 $ 10,221 2021 10,665 2022 11,174 2023 11,518 2024 11,815 2025 through 2029 61,203 Total expected benefit payments $ 116,596 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share | |
Schedule of calculation of earnings per common share | For the year ended December 31, (Amounts in thousands, except per share amounts) 2019 2018 2017 Net income attributable to Six Flags Entertainment Corporation common stockholders $ 179,065 $ 275,996 $ 273,816 Weighted-average common shares outstanding—basic 84,348 84,100 86,802 Effect of dilutive stock options and restricted stock units 620 1,345 1,692 Weighted-average common shares outstanding—diluted 84,968 85,445 88,494 Earnings per share—basic $ 2.12 $ 3.28 $ 3.15 Earnings per share—diluted $ 2.11 $ 3.23 $ 3.09 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Schedule of components of lease cost | Year Ended (Amounts in thousands) December 31, 2019 Operating lease cost $ 24,890 Short-term lease cost 6,925 Variable lease cost 5,979 Total lease cost $ 37,794 |
Schedule of other information related to leases | Year Ended (Amounts in thousands, except for lease term and discount rate) December 31, 2019 Cash paid for amounts included in the measurement of lease liability operating cash flows $ 24,140 ROU assets obtained in exchange for lease liabilities 4,808 Weighted-average remaining lease term (in years) 19.48 Weighted-average discount rate 6.90 % |
Schedule of maturities of noncancellable operating lease liabilities | (Amounts in thousands) As of December 31, 2019 2020 $ 23,802 2021 22,654 2022 21,641 2023 21,424 2024 19,289 Thereafter 269,055 Total $ 377,865 Less: present value discount (179,007) Lease liability $ 198,858 |
Schedule of future minimum lease payments | (Amounts in thousands) As of December 31, 2018 2019 $ 23,936 2020 23,266 2021 22,384 2022 21,626 2023 21,563 Thereafter 314,799 Total $ 427,574 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments | |
Schedule of segment financial information and a reconciliation of net income to Park EBITDA | The following table presents segment financial information and a reconciliation of net income to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses. Year Ended December 31, (Amounts in thousands) 2019 2018 2017 Net income $ 219,818 $ 316,003 $ 313,026 Interest expense, net 113,302 107,243 99,010 Income tax expense 91,942 95,855 16,026 Depreciation and amortization 118,230 115,693 111,671 Corporate expenses (excluding stock-based compensation) 54,301 48,679 52,105 Stock-based compensation 13,274 (46,684) (22,697) Non-operating park level expense, net: Loss on disposal of assets 2,162 1,879 3,959 Loss on debt extinguishment, net 6,484 — 37,116 Other expense, net 2,542 3,508 271 Park EBITDA $ 622,055 $ 642,176 $ 610,487 |
Schedule of information reflecting long-lived assets, revenues and income before income taxes by domestic and foreign categories | Domestic Foreign Total As of or for the year ended December 31, 2019 Long-lived assets $ 2,347,578 $ 142,376 $ 2,489,954 Revenues 1,370,367 117,216 1,487,583 Income before income taxes 297,752 14,008 311,760 As of or for the year ended December 31, 2018 Long-lived assets $ 2,160,970 $ 101,359 $ 2,262,329 Revenues 1,335,787 127,920 1,463,707 Income before income taxes 383,875 27,983 411,858 As of or for the year ended December 31, 2017 Long-lived assets $ 2,121,157 $ 98,635 $ 2,219,792 Revenues 1,240,018 119,056 1,359,074 Income before income taxes 301,322 27,730 329,052 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (Unaudited) | |
Quarterly Financial Information | Following is a summary of the unaudited interim results of operations for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 First Second Third Fourth (Amounts in thousands) Quarter Quarter Quarter Quarter Total revenue $ 128,193 $ 477,210 $ 621,180 $ 261,000 Income before income taxes (93,789) 133,571 261,835 10,143 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (69,132) 79,519 179,833 (11,155) Net (loss) income per weighted average common share outstanding: Basic $ (0.82) $ 0.94 $ 2.13 $ (0.13) Diluted (0.82) 0.94 2.11 (0.13) Year Ended December 31, 2018 First Second Third Fourth (Amounts in thousands) Quarter Quarter Quarter Quarter Total revenue $ 128,964 $ 445,420 $ 619,820 $ 269,503 Income before income taxes (82,020) 118,418 259,681 115,781 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (62,345) 74,502 184,417 79,422 Net (loss) income per weighted average common share outstanding: Basic $ (0.74) $ 0.89 $ 2.19 $ 0.94 Diluted (0.74) 0.88 2.16 0.93 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2019item | |
Description of Business | |
Number of parks owned or operated | 26 |
Period of operation of theme parks by the former SFEC under Six Flags name (in years) | 40 years |
Number of parks branded as "Six Flags" parks | 22 |
United States | |
Description of Business | |
Number of parks owned or operated | 23 |
Mexico | |
Description of Business | |
Number of parks owned or operated | 2 |
Canada | |
Description of Business | |
Number of parks owned or operated | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | Jun. 01, 2018USD ($)item | Apr. 01, 1998USD ($) | Dec. 31, 2019USD ($)itempayment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2019USD ($)agreement | Jun. 30, 2019USD ($)agreement | Jan. 01, 2019USD ($) | May 22, 2018item |
Summary of Significant Accounting Policies | |||||||||
Valuation allowance for slow moving inventory | $ 400 | ||||||||
Spare parts inventory for existing rides and attractions included in prepaid expenses and other current assets | 22,900 | ||||||||
Prepaid advertising | 1,800 | $ 1,600 | |||||||
Advertising and promotions expense | 69,500 | 68,400 | $ 63,700 | ||||||
Amortization of debt issuance costs | $ 3,563 | 3,979 | $ 4,061 | ||||||
Number of upfront payments | payment | 1 | ||||||||
Initial membership term | 12 months | ||||||||
Number of contracts in a typical international agreement | item | 1 | ||||||||
Number of distinct promises within a typical international agreement | item | 3 | ||||||||
Allowance for doubtful accounts | $ 8,300 | 7,400 | |||||||
Valuation allowance | 130,641 | 115,172 | |||||||
Accrued interest and penalties, income taxes | $ 0 | $ 0 | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | ||||||
Right-of-use operating leases, net | $ 201,128 | $ 207,400 | |||||||
Lease liability | 198,858 | $ 204,300 | |||||||
Excess tax benefits | (2,029) | $ (5,392) | $ (13,757) | ||||||
Operating expenses | (607,791) | (574,724) | (511,873) | ||||||
Selling, general and administrative expense | $ (199,194) | (132,168) | $ (159,070) | ||||||
Number of parks owned or operated | item | 26 | ||||||||
Payments to acquire businesses | $ 976,000 | ||||||||
Goodwill | $ 659,618 | $ 659,618 | |||||||
Premier Parks, LLC | |||||||||
Summary of Significant Accounting Policies | |||||||||
Number of leased parks acquired | item | 5 | 5 | 5 | ||||||
Number of parks owned or operated | item | 25 | ||||||||
Payments to acquire businesses | $ 19,100 | ||||||||
Consideration transferred | 23,000 | ||||||||
Goodwill | $ 29,400 | ||||||||
Interest Rate Swap | |||||||||
Summary of Significant Accounting Policies | |||||||||
Notional amount | $ 300,000 | ||||||||
Second Amended and Restated Term Loan B | Interest Rate Swap | |||||||||
Summary of Significant Accounting Policies | |||||||||
Number of agreements | agreement | 2 | 3 | |||||||
Notional amount | $ 400,000 | $ 300,000 | |||||||
Minimum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 20 years | ||||||||
Maximum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 25 years | ||||||||
Rides and attractions | Minimum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 5 years | ||||||||
Rides and attractions | Maximum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 25 years | ||||||||
Land improvements | Minimum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 10 years | ||||||||
Land improvements | Maximum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 15 years | ||||||||
Buildings and improvements | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 30 years | ||||||||
Furniture and Equipment | Minimum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 5 years | ||||||||
Furniture and Equipment | Maximum | |||||||||
Summary of Significant Accounting Policies | |||||||||
Property, plant and equipment, useful life | 10 years |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 |
Summary of Significant Accounting Policies | |||||||||||||
Accumulated deficit | $ (1,709,747) | $ (1,611,334) | $ (1,709,747) | $ (1,611,334) | |||||||||
Income tax benefit | 91,942 | 95,855 | $ 16,026 | ||||||||||
Revenues | 261,000 | $ 621,180 | $ 477,210 | $ 128,193 | 269,503 | $ 619,820 | $ 445,420 | $ 128,964 | 1,487,583 | 1,463,707 | 1,359,074 | ||
Long-term contracts | |||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Revenues | 198,507 | 212,584 | $ 188,375 | ||||||||||
Contract with customer, liability | $ 111,600 | $ 100,800 | |||||||||||
Unearned contract with customer revenue recognized | 161,000 | 109,700 | |||||||||||
Performance obligation | $ 85,100 | $ 100,800 | 85,100 | 100,800 | |||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Accumulated deficit | 4,900 | ||||||||||||
Income tax benefit | $ 1,300 | 29 | (198) | ||||||||||
Revenues | $ 100 | $ (900) |
Revenue - Schedule of Change Du
Revenue - Schedule of Change Due to Topic 606 Adoption (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stockholders' Deficit | ||||||||||||
Accumulated deficit | $ (1,709,747) | $ (1,611,334) | $ (1,709,747) | $ (1,611,334) | ||||||||
Revenues | ||||||||||||
Revenues | 261,000 | $ 621,180 | $ 477,210 | $ 128,193 | 269,503 | $ 619,820 | $ 445,420 | $ 128,964 | 1,487,583 | 1,463,707 | $ 1,359,074 | |
Sponsorship, international agreements and accommodations | 97,361 | 100,116 | ||||||||||
Costs and expenses | ||||||||||||
Income tax expense | 91,942 | 95,855 | 16,026 | |||||||||
Net income attributable to Six Flags Entertainment Corporation | $ (11,155) | $ 179,833 | $ 79,519 | $ (69,132) | $ 79,422 | $ 184,417 | $ 74,502 | $ (62,345) | 179,065 | 275,996 | $ 273,816 | |
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||||||||
Revenues | ||||||||||||
Sponsorship, international agreements and accommodations | 97,224 | 101,058 | ||||||||||
Costs and expenses | ||||||||||||
Income tax expense | 91,913 | 96,053 | ||||||||||
Net income attributable to Six Flags Entertainment Corporation | 178,957 | 276,740 | ||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Stockholders' Deficit | ||||||||||||
Accumulated deficit | $ 4,900 | |||||||||||
Revenues | ||||||||||||
Revenues | 100 | (900) | ||||||||||
Sponsorship, international agreements and accommodations | 137 | (942) | ||||||||||
Costs and expenses | ||||||||||||
Income tax expense | $ 1,300 | 29 | (198) | |||||||||
Net income attributable to Six Flags Entertainment Corporation | $ 108 | $ (744) |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($)item | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Revenue | |||||||||||||
Revenues | $ 261,000 | $ 621,180 | $ 477,210 | $ 128,193 | $ 269,503 | $ 619,820 | $ 445,420 | $ 128,964 | $ 1,487,583 | $ 1,463,707 | $ 1,359,074 | ||
Number of distinct obligations within international agreements | item | 3 | 3 | |||||||||||
Long-term contracts | |||||||||||||
Revenue | |||||||||||||
Revenues | $ 198,507 | 212,584 | 188,375 | ||||||||||
Contract with customer, liability | $ 100,800 | $ 111,600 | |||||||||||
Contract with customer, liability, revenue recognized | (161,000) | (109,700) | |||||||||||
Short-term contracts and other | |||||||||||||
Revenue | |||||||||||||
Revenues | 1,289,076 | 1,251,123 | 1,170,699 | ||||||||||
Park admissions | |||||||||||||
Revenue | |||||||||||||
Revenues | 815,782 | 810,064 | 741,275 | ||||||||||
Park admissions | Long-term contracts | |||||||||||||
Revenue | |||||||||||||
Revenues | 106,233 | 115,612 | 109,943 | ||||||||||
Park admissions | Short-term contracts and other | |||||||||||||
Revenue | |||||||||||||
Revenues | 709,549 | 694,452 | 631,332 | ||||||||||
Park food, merchandise and other | |||||||||||||
Revenue | |||||||||||||
Revenues | 574,440 | 553,527 | 524,582 | ||||||||||
Park food, merchandise and other | Long-term contracts | |||||||||||||
Revenue | |||||||||||||
Revenues | 20,381 | 25,383 | 20,498 | ||||||||||
Park food, merchandise and other | Short-term contracts and other | |||||||||||||
Revenue | |||||||||||||
Revenues | 554,059 | 528,144 | 504,084 | ||||||||||
Sponsorship international agreements and accommodations | |||||||||||||
Revenue | |||||||||||||
Revenues | 97,361 | 100,116 | 93,217 | ||||||||||
Sponsorship international agreements and accommodations | Long-term contracts | |||||||||||||
Revenue | |||||||||||||
Revenues | 71,893 | 71,589 | 57,934 | ||||||||||
Sponsorship international agreements and accommodations | Short-term contracts and other | |||||||||||||
Revenue | |||||||||||||
Revenues | $ 25,468 | $ 28,527 | $ 35,283 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) - Long-term contracts - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue | ||
Performance obligation | $ 85.1 | $ 100.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue | ||
Performance obligation | $ 107 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue | ||
Performance obligation | $ 24.1 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue | ||
Performance obligation | $ 23.2 | |
Expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue | ||
Performance obligation | $ 5 | |
Expected timing of satisfaction, period |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and Equipment | ||
Property and equipment, at cost | $ 2,345,283 | $ 2,204,678 |
Accumulated depreciation | (1,061,287) | (950,996) |
Total property and equipment, net | 1,283,996 | 1,253,682 |
Land | ||
Property and Equipment | ||
Property and equipment, at cost | 221,616 | 221,616 |
Land improvements | ||
Property and Equipment | ||
Property and equipment, at cost | 264,417 | 251,295 |
Buildings and improvements | ||
Property and Equipment | ||
Property and equipment, at cost | 318,960 | 302,957 |
Rides and attractions | ||
Property and Equipment | ||
Property and equipment, at cost | 1,213,543 | 1,118,141 |
Equipment and other | ||
Property and Equipment | ||
Property and equipment, at cost | $ 326,747 | $ 310,669 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets | |||
Goodwill | $ 659,618 | $ 659,618 | |
Amortization | $ 2,405 | $ 2,447 | $ 2,465 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets | ||
Indefinite-lived intangible assets | $ 344,075 | $ 344,075 |
Goodwill and Intangible Assets | ||
Accumulated Amortization | (23,224) | (21,133) |
Net Carrying Value | 1,137 | 349,029 |
Intangible assets, gross | 368,436 | 370,162 |
Intangible Assets, Net (Excluding Goodwill), Total | $ 345,212 | $ 349,029 |
Licensing Agreements | ||
Goodwill and Intangible Assets | ||
Weighted-Average Remaining Amortization Period (Years) | 6 months | 1 year 6 months |
Gross Carrying Value | $ 24,361 | $ 24,361 |
Accumulated Amortization | (23,224) | (20,821) |
Net Carrying Value | $ 1,137 | $ 3,540 |
Other Intangible Assets | ||
Goodwill and Intangible Assets | ||
Weighted-Average Remaining Amortization Period (Years) | 42 years 10 months 24 days | |
Gross Carrying Value | $ 1,726 | |
Accumulated Amortization | (312) | |
Net Carrying Value | $ 1,414 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets | ||
2020 | $ 1,014 | |
2021 | 22 | |
2022 | 22 | |
2023 | 22 | |
2024 | 22 | |
2025 and thereafter | 35 | |
Net Carrying Value | $ 1,137 | $ 349,029 |
Noncontrolling Interests, Par_3
Noncontrolling Interests, Partnerships and Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in redeemable noncontrolling interests | |||
Redeemable noncontrolling interests, beginning | $ 525,271 | $ 494,431 | |
Fresh start accounting fair market value adjustment for purchased units | (45) | (80) | |
Purchase of redeemable units | (217) | (353) | $ (128) |
Change in redemption value of partnership units | 4,249 | 31,273 | |
Net income attributable to noncontrolling interests | 40,753 | 40,007 | |
Distributions to noncontrolling interests | (40,753) | (40,007) | |
Redeemable noncontrolling interests, ending | 529,258 | 525,271 | 494,431 |
Six Flags over Texas | |||
Changes in redeemable noncontrolling interests | |||
Redeemable noncontrolling interests, beginning | 243,756 | 227,593 | |
Fresh start accounting fair market value adjustment for purchased units | (45) | (80) | |
Purchase of redeemable units | (217) | (353) | |
Change in redemption value of partnership units | 3,250 | 16,596 | |
Net income attributable to noncontrolling interests | 20,452 | 20,086 | |
Distributions to noncontrolling interests | (20,452) | (20,086) | |
Redeemable noncontrolling interests, ending | 246,744 | 243,756 | 227,593 |
Six Flags over Georgia | |||
Changes in redeemable noncontrolling interests | |||
Redeemable noncontrolling interests, beginning | 281,515 | 266,838 | |
Fresh start accounting fair market value adjustment for purchased units | 0 | 0 | |
Purchase of redeemable units | 0 | 0 | |
Change in redemption value of partnership units | 999 | 14,677 | |
Net income attributable to noncontrolling interests | 20,301 | 19,921 | |
Distributions to noncontrolling interests | (20,301) | (19,921) | |
Redeemable noncontrolling interests, ending | $ 282,514 | $ 281,515 | $ 266,838 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Millions | Aug. 31, 2019 | Jun. 30, 2019 |
Interest Rate Swap | ||
Derivative Financial Instruments | ||
Notional amount | $ 300 | |
Interest Rate Swap Second Agreements | ||
Derivative Financial Instruments | ||
Notional amount | $ 400 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Instruments Recorded at Fair Value (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Derivatives Designated as Cash Flow Hedges | Interest Rate Swap | |
Derivative Financial Instruments | |
Derivative Assets - Current | $ 485 |
Derivative Assets - Noncurrent | 1,440 |
Derivative Assets | 1,925 |
Derivative Liabilities - Current | (788) |
Derivative Liabilities - Noncurrent | (2,667) |
Interest Rate Swap Agreements | (3,455) |
Derivatives Not Designated as Hedging Instruments | |
Derivative Financial Instruments | |
Derivative Assets | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gains and Losses before Taxes on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Derivative Financial Instruments | ||
Loss Recognized in AOCI (Effective Portion) | $ (484) | $ 57 |
Loss Reclassified from AOCI into Operations (Effective Portion) | 1,046 | (769) |
Loss Recognized in Operations on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 30 | |
Interest Rate Swap | ||
Derivative Financial Instruments | ||
Loss Recognized in AOCI (Effective Portion) | (484) | 57 |
Loss Reclassified from AOCI into Operations (Effective Portion) | $ 1,046 | (769) |
Loss Recognized in Operations on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ 30 |
Long-Term Indebtedness - Additi
Long-Term Indebtedness - Additional Information (Details) | Oct. 18, 2019USD ($) | Oct. 17, 2019 | Apr. 17, 2019USD ($) | Mar. 25, 2019 | Apr. 18, 2018USD ($) | Mar. 26, 2018USD ($) | Oct. 15, 2017USD ($) | Apr. 13, 2017USD ($) | Jan. 31, 2017USD ($) | Jun. 16, 2016USD ($) | Jun. 15, 2013USD ($) | Dec. 21, 2012USD ($) | Dec. 20, 2011USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2019USD ($)agreement | Jun. 30, 2019USD ($)agreement |
Summary of Long-term debt | |||||||||||||||||||
Debt instrument, term | 5 years | ||||||||||||||||||
Payments of debt issuance costs | $ 9,911,000 | $ 793,000 | $ 37,336,000 | ||||||||||||||||
Loss on debt extinguishment | 6,484,000 | 0 | $ 37,116,000 | ||||||||||||||||
Long-term debt | 2,296,000,000 | ||||||||||||||||||
Proceeds from issuance of debt utilized for extinguishment of existing debt instruments | $ 150,000,000 | ||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Notional amount | $ 300,000,000 | ||||||||||||||||||
Interest Rate Swap Second Agreements | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Notional amount | $ 400,000,000 | ||||||||||||||||||
Credit Facility 2011 - Term Loan A | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Debt instrument, face amount | $ 75,000,000 | ||||||||||||||||||
Repayment of debt | $ 72,200,000 | ||||||||||||||||||
Senior Unsecured 2021 Notes | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Loss on debt extinguishment | $ 36,900,000 | ||||||||||||||||||
Debt instrument, face amount | $ 800,000,000 | ||||||||||||||||||
Interest rate, stated percentage | 5.25% | ||||||||||||||||||
Periodic payment of interest | $ 22,300,000 | $ 21,000,000 | |||||||||||||||||
Amended And Restated Revolving Loan | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Maximum borrowing capacity | 350,000,000 | ||||||||||||||||||
Letters of credit outstanding, amount | $ 20,800,000 | ||||||||||||||||||
Commitment fee percentage | 0.30% | ||||||||||||||||||
Amended And Restated Term Loan B | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Maximum borrowing capacity | $ 800,000,000 | ||||||||||||||||||
Periodic payment | 2,000,000 | ||||||||||||||||||
2015 Revolving Loan | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Maximum borrowing capacity | 250,000,000 | ||||||||||||||||||
Credit Facility 2015 - Term Loan B | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Maximum borrowing capacity | 700,000,000 | ||||||||||||||||||
Long-term line of credit | 583,750,000 | ||||||||||||||||||
Credit Facility 2015 Revolving Loan | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Long-term line of credit | 0 | 43,000,000 | |||||||||||||||||
Letters of credit outstanding, amount | 18,100,000 | ||||||||||||||||||
Credit Facility 2011 - Term Loan B | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Payments of debt issuance costs | $ 300,000 | ||||||||||||||||||
Proceeds from lines of credit | $ 39,000,000 | ||||||||||||||||||
Repayment of debt | $ 277,800,000 | ||||||||||||||||||
Amended And Restated Term Loan B As Amended March 2018 | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Basis spread reduction | 0.25% | ||||||||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||||||||
Payments of debt issuance costs | $ 500,000 | ||||||||||||||||||
Amended And Restated Term Loan B As Amended June 2017 | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||
Long-term debt | $ 796,000,000 | 583,800,000 | |||||||||||||||||
Interest rate, stated percentage | 3.48% | ||||||||||||||||||
Second Amended and Restated Credit Facility | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Payments of debt issuance costs | $ 8,900,000 | ||||||||||||||||||
Second Amended and Restated Revolving Loan | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Maximum borrowing capacity | 350,000,000 | ||||||||||||||||||
Long-term line of credit | $ 0 | ||||||||||||||||||
Second Amended and Restated Term Loan B | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Maximum borrowing capacity | 800,000,000 | ||||||||||||||||||
Basis spread reduction | 25.00% | ||||||||||||||||||
Loss on debt extinguishment | $ 300,000 | $ 6,200,000 | |||||||||||||||||
Long-term debt | 796,000,000 | ||||||||||||||||||
Annual interest cost savings from borrowing rate reduction | $ 2,000,000 | ||||||||||||||||||
Second Amended and Restated Term Loan B | Interest Rate Swap | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Number of agreements | agreement | 2 | 3 | |||||||||||||||||
Notional amount | $ 400,000,000 | $ 300,000,000 | |||||||||||||||||
Second Amended and Restated Term Loan B | LIBOR | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Basis spread on variable rate | 1.75% | 2.00% | |||||||||||||||||
Senior Unsecured 2024 Notes | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Payments of debt issuance costs | 4,700,000 | ||||||||||||||||||
Long-term debt | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||||||||||
Interest rate, stated percentage | 4.875% | ||||||||||||||||||
Periodic payment of interest | $ 24,400,000 | $ 9,100,000 | |||||||||||||||||
Senior Unsecured 2024 Notes Add-on | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Payments of debt issuance costs | 3,900,000 | ||||||||||||||||||
Debt instrument, face amount | $ 700,000,000 | ||||||||||||||||||
Interest rate, stated percentage | 4.875% | ||||||||||||||||||
Senior Unsecured 2027 Notes | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Payments of debt issuance costs | $ 2,600,000 | ||||||||||||||||||
Long-term debt | $ 500,000,000 | $ 500,000,000 | |||||||||||||||||
Debt instrument, face amount | $ 500,000,000 | ||||||||||||||||||
Interest rate, stated percentage | 5.50% | ||||||||||||||||||
Periodic payment of interest | $ 13,900,000 | $ 13,800,000 | |||||||||||||||||
Amended And Restated Term Loan B As Amended December 2016 | |||||||||||||||||||
Summary of Long-term debt | |||||||||||||||||||
Interest rate, stated percentage | 4.26% |
Long-Term Indebtedness - Schedu
Long-Term Indebtedness - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of Long-term debt | ||
Long-term debt | $ 2,296,000 | |
Net discount | (6,535) | $ (6,792) |
Deferred financing costs | (14,581) | (13,446) |
Total debt | 2,274,884 | 2,106,512 |
Less current portion | (8,000) | 0 |
Less short-term borrowings | 0 | (43,000) |
Total long-term debt | 2,266,884 | 2,063,512 |
Second Amended and Restated Term Loan B | ||
Summary of Long-term debt | ||
Long-term debt | 796,000 | |
Second Amended and Restated Revolving Loan | ||
Summary of Long-term debt | ||
Long-term line of credit | 0 | |
Credit Facility 2015 Revolving Loan | ||
Summary of Long-term debt | ||
Long-term line of credit | 0 | 43,000 |
Credit Facility 2015 - Term Loan B | ||
Summary of Long-term debt | ||
Long-term line of credit | 583,750 | |
Senior Unsecured 2024 Notes | ||
Summary of Long-term debt | ||
Long-term debt | 1,000,000 | 1,000,000 |
Senior Unsecured 2027 Notes | ||
Summary of Long-term debt | ||
Long-term debt | 500,000 | 500,000 |
Estimate of Fair Value Measurement | ||
Summary of Long-term debt | ||
Total long-term debt | $ 2,348,900 | $ 2,012,400 |
Long-Term Indebtedness - Sche_2
Long-Term Indebtedness - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Long-Term Indebtedness | |
2020 | $ 8,000 |
2021 | 8,000 |
2022 | 8,000 |
2023 | 8,000 |
2024 | 1,008,000 |
2025 and thereafter | 1,256,000 |
Long-term debt, gross | $ 2,296,000 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling, General and Administrative Expenses | |||
Selling, general and administrative expenses | $ 199,194 | $ 132,168 | $ 159,070 |
Allocated share-based compensation expense | 13,274 | (46,684) | (22,697) |
Stock-based compensation | 13,274 | (46,684) | (22,697) |
Operating Segments | |||
Selling, General and Administrative Expenses | |||
Selling, general and administrative expenses | 131,619 | 129,335 | 129,090 |
Corporate | |||
Selling, General and Administrative Expenses | |||
Selling, general and administrative expenses | 67,575 | $ 2,833 | $ 29,980 |
Allocated share-based compensation expense | $ 13,300 |
Stock Benefit Plans - Additiona
Stock Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 48 Months Ended | |||||
May 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2019 | Feb. 08, 2012 | |
Stock Benefit Plans | ||||||||
Allocated share-based compensation expense | $ 13,274 | $ (46,684) | $ (22,697) | |||||
Stock Options | ||||||||
Stock Benefit Plans | ||||||||
Percent based on historical data | 75.00% | |||||||
Percent based on forward-looking data | 25.00% | |||||||
2020 Performance Award | ||||||||
Stock Benefit Plans | ||||||||
Granted (in shares) | 857,000 | |||||||
Long Term Incentive Plan | ||||||||
Stock Benefit Plans | ||||||||
Number of additional shares authorized (in shares) | 4,000,000 | |||||||
Shares available for future grant (in shares) | 3,518,000 | 3,518,000 | ||||||
Long Term Incentive Plan | Stock Options | ||||||||
Stock Benefit Plans | ||||||||
Options to purchase common stock outstanding (in shares) | 6,408,000 | 5,380,000 | 6,408,000 | |||||
Award vesting period | 4 years | |||||||
Expiration period | 10 years | |||||||
Compensation cost not yet recognized | $ 14,900 | $ 14,900 | ||||||
Period for recognition | 3 years 3 months 18 days | |||||||
Granted (in shares) | 2,000,000 | |||||||
Unvested stock options outstanding (in shares) | 10,000,000 | |||||||
Threshold for accumulated accrued dividend distribution to receive cash dividends (in shares) | 1,000 | |||||||
Threshold for accumulated accrued dividend distribution to receive stock dividends (in shares) | 1,000 | |||||||
Granted (in shares) | 1,971,000 | 1,500,000 | 1,900,000 | |||||
Long Term Incentive Plan | 2017 Performance Award | ||||||||
Stock Benefit Plans | ||||||||
Modified EBITDA for additional performance award | $ 600,000 | |||||||
Unrecognized share-based compensation | $ 0 | 0 | ||||||
Long Term Incentive Plan | 2020 Performance Award | ||||||||
Stock Benefit Plans | ||||||||
Compensation cost not yet recognized | $ 46,200 | $ 46,200 | ||||||
Modified EBITDA for additional performance award | $ 750,000 | |||||||
Potential grants based on performance criteria (in shares) | 1,025,000 | |||||||
Long Term Incentive Plan | Restricted Stock and Restricted Stock Units | ||||||||
Stock Benefit Plans | ||||||||
Nonvested, number (in shares) | 62,000 | 16,000 | 62,000 | |||||
Compensation cost not yet recognized | $ 2,200 | $ 2,200 | ||||||
Period for recognition | 9 months 18 days | |||||||
Granted (in shares) | 62,000 | |||||||
Weighted average grant date fair value of stock awards granted (in dollars per share) | $ 48.29 | $ 63.80 | $ 61.74 | |||||
Total grant date fair value of stock awards granted | $ 3,007 | $ 4,185 | $ 750 | |||||
Long Term Incentive Plan | Deferred Stock Units | ||||||||
Stock Benefit Plans | ||||||||
Compensation cost not yet recognized | $ 0 | $ 0 | ||||||
Number of Shares to be Issued for each award (in shares) | 1 | 1 | ||||||
Period after which shares are to be delivered | 30 days | |||||||
Granted (in shares) | 4,000 | 3,000 | 3,000 | |||||
Weighted average grant date fair value of stock awards granted (in dollars per share) | $ 50.12 | $ 57.04 | $ 56.32 | |||||
Total grant date fair value of stock awards granted | $ 200 | $ 200 | $ 200 | |||||
Long Term Incentive Plan | Dividend Equivalent Rights | ||||||||
Stock Benefit Plans | ||||||||
Allocated share-based compensation expense | 5,000 | 5,900 | 4,200 | |||||
Employee Stock Purchase Plan | ||||||||
Stock Benefit Plans | ||||||||
Allocated share-based compensation expense | $ 237 | $ 285 | $ 328 | |||||
Percentage of the market value of common stock at beginning or end of the offering period for shares eligible to be purchased | 90.00% | 90.00% | ||||||
Number of shares of common stock that may be issued under the Plan (in shares) | 2,000,000 | 2,000,000 | ||||||
Shares in ESOP (in shares) | 1,652,000 | 1,652,000 |
Stock Benefit Plans - Weighted-
Stock Benefit Plans - Weighted-average Assumptions (Details) - Long Term Incentive Plan - Stock Options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CEO | |||
Stock Benefit Plans | |||
Risk-free interest rate | 1.59% | 2.52% | 1.64% |
Expected life (in years) | 3 years 8 months 1 day | 3 years 10 months 6 days | 3 years 10 months 6 days |
Expected volatility | 28.62% | 23.20% | 21.89% |
Expected dividend yield | 6.47% | 4.67% | 4.22% |
Employees | |||
Stock Benefit Plans | |||
Risk-free interest rate | 1.42% | 2.67% | 1.56% |
Expected life (in years) | 3 years 8 months 1 day | 3 years 8 months 4 days | 3 years 10 months 6 days |
Expected volatility | 26.96% | 22.51% | 22.70% |
Expected dividend yield | 6.12% | 4.54% | 4.42% |
Stock Benefit Plans - Stock Opt
Stock Benefit Plans - Stock Option Activity (Details) - Long Term Incentive Plan - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | |||
Options outstanding at the beginning of the period (in shares) | 5,380 | ||
Granted (in shares) | 1,971 | 1,500 | 1,900 |
Exercised (in shares) | (441) | ||
Canceled or exchanged (in shares) | (50) | ||
Forfeited (in shares) | (452) | ||
Expired (in shares) | 0 | ||
Options outstanding at the end of the period (in shares) | 6,408 | 5,380 | |
Vested and expected to vest at the end of the period (in shares) | 6,122 | ||
Options exercisable at end of the period (in shares) | 3,066 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | |||
Outstanding, Weighted average exercise price at the beginning of the period (in dollars per share) | $ 50.60 | ||
Grants in period, Weighted average exercise price (in dollars per share) | 56.15 | ||
Exercised, Weighted average exercise price (in dollars per share) | 39.70 | ||
Canceled or exchanged, Weighted average exercise price (in dollars per share) | 51.83 | ||
Forfeited, Weighted average exercise price (in dollars per share) | 59.41 | ||
Expired, Weighted average exercise price (in dollars per share) | 0 | ||
Outstanding, Weighted average exercise price at the end of the period (in dollars per share) | 52.42 | $ 50.60 | |
Vested and expected to vest, Weighted average exercise price (in dollars per share) | 52.08 | ||
Options exercisable at period end, Weighted average exercise price (in dollars per share) | $ 46.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term | |||
Balance at the end of the period, Weighted average remaining contractual term | 6 years 10 months 28 days | ||
Vested and expected to vest at the end of the period, Weighted average remaining contractual term | 6 years 9 months 21 days | ||
Options exercisable at the end of the period. Weighted average remaining contractual term | 4 years 7 months 20 days | ||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Intrinsic Value | |||
Balance at the end of the period, Aggregate Intrinsic Value | $ 15,776 | ||
Vested and expected to vest at the end of the period, Aggregate Intrinsic Value | 15,776 | ||
Options exercisable at the end of the period, Aggregate Intrinsic Value | $ 15,776 |
Stock Benefit Plans - Aspects o
Stock Benefit Plans - Aspects of Awards Exercised (Details) - Long Term Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Stock Benefit Plans | |||
Weighted average grant date fair value of options granted | $ 6.38 | $ 8.01 | $ 6.26 |
Total intrinsic value of options exercised | $ 7,130 | $ 31,822 | $ 52,955 |
Total fair value of options that have vested | 10,253 | 8,446 | 8,436 |
Total cash received from the exercise of stock options | $ 17,495 | $ 41,658 | $ 60,583 |
Restricted Stock and Restricted Stock Units | |||
Stock Benefit Plans | |||
Weighted average grant date fair value of stock awards granted (in dollars per share) | $ 48.29 | $ 63.80 | $ 61.74 |
Total grant date fair value of stock awards granted | $ 3,007 | $ 4,185 | $ 750 |
Total fair value of stock awards that have vested | $ 1,027 | $ 3,888 | $ 560 |
Stock Benefit Plans - Summary o
Stock Benefit Plans - Summary of Stock, Restricted Stock, and Restricted Stock Unit Activity (Details) - Long Term Incentive Plan - Restricted Stock and Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Non-vested balance at the beginning of the period (in shares) | 16 | ||
Granted (in shares) | 62 | ||
Vested (in shares) | (16) | ||
Forfeited (in shares) | 0 | ||
Canceled (in shares) | 0 | ||
Non-vested balance at the end of the period (in shares) | 62 | 16 | |
Weighted Average Grant Date Fair Value Per Share ($) | |||
Non-vested balance at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 63.69 | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 48.29 | $ 63.80 | $ 61.74 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 63.69 | ||
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 0 | ||
Canceled (in dollars per share) | 0 | ||
Non-vested balance at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 48.29 | $ 63.69 |
Stock Benefit Plans - Stock-bas
Stock Benefit Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Benefit Plans | |||
Stock-based compensation | $ 13,274 | $ (46,684) | $ (22,697) |
Long Term Incentive Plan | Options and other | |||
Stock Benefit Plans | |||
Stock-based compensation | 13,037 | 15,543 | 16,910 |
Long Term Incentive Plan | Performance awards | |||
Stock Benefit Plans | |||
Stock-based compensation | (62,512) | (39,935) | |
Long Term Incentive Plan | Dividend Equivalent Rights | |||
Stock Benefit Plans | |||
Stock-based compensation | 5,000 | 5,900 | 4,200 |
Employee Stock Purchase Plan | |||
Stock Benefit Plans | |||
Stock-based compensation | $ 237 | $ 285 | $ 328 |
Income Taxes - Foreign and Dome
Income Taxes - Foreign and Domestic Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | |||
Domestic | $ 297,752 | $ 383,875 | $ 301,322 |
Foreign | 14,008 | 27,983 | 27,730 |
Income before income taxes | $ 311,760 | $ 411,858 | $ 329,052 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
U.S. federal | $ (2,960) | $ (58) | $ (72) |
Foreign | 5,812 | 11,752 | 11,840 |
State and local | 10,704 | 11,268 | 5,829 |
Income tax expense | 13,556 | 22,962 | 17,597 |
Deferred | |||
U.S. federal | 67,975 | 65,976 | (6,774) |
Foreign | 1,169 | 626 | (2,231) |
State and local | 9,242 | 6,291 | 7,434 |
Income tax expense | 78,386 | 72,893 | (1,571) |
U.S. federal | 65,015 | 65,918 | (6,846) |
Foreign | 6,981 | 12,378 | 9,609 |
State and local | 19,946 | 17,559 | 13,263 |
Income Tax Expense (Benefit), Total | $ 91,942 | $ 95,855 | $ 16,026 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | |||
Computed expected federal income tax expense | $ 65,470 | $ 86,490 | $ 115,168 |
Effect of noncontrolling interest income distribution | (8,558) | (8,401) | (13,724) |
Change in valuation allowance | 15,469 | 1,663 | 413 |
Effect of state and local income taxes, net of federal tax benefit | 18,622 | 12,980 | 10,767 |
Deductible compensation in excess of book | (2,029) | (5,392) | (13,757) |
Nondeductible compensation | 635 | 1,167 | 2,201 |
Effect of foreign income taxes | 2,084 | 4,544 | 2,367 |
Effect of foreign earnings earned and remitted in the same year | (302) | 2,317 | 4,402 |
Effect of foreign tax credits | (407) | (996) | (5,357) |
Effect of Tax Reform, including change in valuation allowance of $20,824 | 0 | 0 | (84,599) |
Other, net | 958 | 1,483 | (1,855) |
Income Tax Expense (Benefit), Total | $ 91,942 | $ 95,855 | 16,026 |
Valuation Allowance | $ 20,824 |
Income Taxes - Components of Ta
Income Taxes - Components of Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes | ||
Deferred tax assets | $ 191,349 | $ 233,980 |
Less: Valuation allowance | 130,641 | 115,172 |
Net deferred tax assets | 60,708 | 118,808 |
Net deferred tax liability | 247,121 | 173,998 |
Deferred tax assets: | ||
Federal net operating loss carryforwards | 12,615 | 19,334 |
State net operating loss carryforwards | 107,303 | 117,236 |
Deferred compensation | 8,240 | 6,873 |
Foreign tax credits | 20,469 | 39,300 |
Alternative minimum tax credits | 3,296 | 6,591 |
Accrued insurance, pension liability and other | 39,426 | 44,646 |
Total deferred tax assets | 191,349 | 233,980 |
Deferred tax liabilities: | ||
Property and equipment | 226,872 | 209,070 |
Intangible assets and other | 80,957 | 83,736 |
Deferred tax liabilities | $ 307,829 | $ 292,806 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | May 01, 2010 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards | ||||
U.S. federal income tax rate (as a percent) | 21.00% | 21.00% | 35.00% | |
Reduction in net operating loss as a result of emergence from Chapter 11 | $ 804,800 | |||
Estimated annual limitation | $ 32,500 | |||
Foreign tax credits | 20,469 | $ 39,300 | ||
Valuation allowance | 130,641 | 115,172 | ||
Foreign tax credits valuation allowance | 17,100 | |||
Unrecognized tax benefit | 25,700 | $ 25,700 | ||
U.S. Federal | ||||
Operating Loss Carryforwards | ||||
Net operating loss carryforwards | 200,000 | |||
State | ||||
Operating Loss Carryforwards | ||||
Net operating loss carryforwards | $ 5,800,000 | |||
Minimum | ||||
Operating Loss Carryforwards | ||||
Property, plant and equipment, useful life | 20 years | |||
Property, plant and equipment, useful life, tax | 7 years | |||
Maximum | ||||
Operating Loss Carryforwards | ||||
Property, plant and equipment, useful life | 25 years | |||
Property, plant and equipment, useful life, tax | 12 years |
Preferred Stock, Common Stock_3
Preferred Stock, Common Stock and Other Stockholders' Equity - Additional Information (Details) - USD ($) | Feb. 14, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Mar. 30, 2017 | Jun. 07, 2016 |
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | |||||||
Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 | |||||
Common stock, shares outstanding (in shares) | 84,633,845 | 83,962,182 | |||||
Value of shares repurchased | $ 52,000 | $ 110,990,000 | $ 499,442,000 | ||||
Preferred stock, shares authorized | 5,000,000 | ||||||
Preferred stock, shares issued | 0 | ||||||
Preferred stock, shares authorized for future issuance | 0 | ||||||
June 2016 Stock Repurchase Plan | |||||||
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | |||||||
Amount authorized of shares to be repurchased under Stock Repurchase Program | $ 500,000,000 | ||||||
Total number of shares purchased (in shares) | 8,392,000 | ||||||
Value of shares repurchased | $ 500,000,000 | ||||||
Shares acquired, average cost (in dollars per share) | $ 59.58 | ||||||
March 2017 Stock Repurchase Plan | |||||||
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | |||||||
Amount authorized of shares to be repurchased under Stock Repurchase Program | $ 500,000,000 | ||||||
Total number of shares purchased (in shares) | 4,604,000 | ||||||
Value of shares repurchased | $ 268,300,000 | ||||||
Shares acquired, average cost (in dollars per share) | $ 58.27 | ||||||
Permitted dollar value of repurchases remaining | $ 231,700,000 | ||||||
Long Term Incentive Plan | |||||||
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | |||||||
Shares available for future grant (in shares) | 3,518,000 | ||||||
Employee Stock Purchase Plan | |||||||
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | |||||||
Shares in ESOP (in shares) | 1,652,000 |
Preferred Stock, Common Stock_4
Preferred Stock, Common Stock and Other Stockholders' Equity - Dividends (Details) - $ / shares | 3 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Preferred Stock, Common Stock and Other Stockholders' Equity | ||||||||||||
Cash dividends per share of common stock paid (in dollars per share) | $ 0.83 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.70 | $ 0.64 | $ 0.64 | $ 0.64 |
Preferred Stock, Common Stock_5
Preferred Stock, Common Stock and Other Stockholders' Equity - Components of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive (Loss) Income | |||
Beginning balance | $ (643,093) | $ (505,112) | $ (186,490) |
Ending balance | (716,118) | (643,093) | (505,112) |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive (Loss) Income | |||
Beginning balance | (27,352) | (28,822) | (31,942) |
Net current period change | (5,168) | 1,470 | 3,120 |
Amounts reclassified from AOCI | 0 | ||
Ending balance | (22,184) | (27,352) | (28,822) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive (Loss) Income | |||
Beginning balance | 0 | (826) | |
Net current period change | 484 | 57 | |
Amounts reclassified from AOCI | (1,046) | 769 | |
Ending balance | (1,530) | 0 | |
Defined Benefit Plans | |||
Accumulated Other Comprehensive (Loss) Income | |||
Beginning balance | (41,071) | (41,959) | (43,960) |
Net current period change | 9,006 | 167 | 1,136 |
Amounts reclassified from AOCI | 795 | 721 | 865 |
Ending balance | (49,282) | (41,071) | (41,959) |
Income Taxes | |||
Accumulated Other Comprehensive (Loss) Income | |||
Beginning balance | (3,075) | 6,900 | 9,544 |
Net current period change | (1,283) | (351) | (2,106) |
Amounts reclassified from AOCI | 78 | (185) | (538) |
Ending balance | (1,714) | (3,075) | 6,900 |
Income Taxes | Accounting Standards Update, 2018-02 | |||
Accumulated Other Comprehensive (Loss) Income | |||
Effects of adoption of ASU 2018-02 | (9,439) | ||
Accumulated other comprehensive loss | |||
Accumulated Other Comprehensive (Loss) Income | |||
Beginning balance | (71,498) | (63,881) | (67,184) |
Net current period change | 3,039 | 1,286 | 2,207 |
Amounts reclassified from AOCI | (173) | 536 | 1,096 |
Ending balance | $ (74,710) | (71,498) | $ (63,881) |
Accumulated other comprehensive loss | Accounting Standards Update, 2018-02 | |||
Accumulated Other Comprehensive (Loss) Income | |||
Effects of adoption of ASU 2018-02 | $ (9,439) |
Preferred Stock, Common Stock_6
Preferred Stock, Common Stock and Other Stockholders' Equity - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassifications out of accumulated other comprehensive income (loss): | |||
Interest expense | $ (114,703) | $ (108,034) | $ (99,766) |
Income tax expense | (91,942) | (95,855) | (16,026) |
Net income | 219,818 | 316,003 | 313,026 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassifications out of accumulated other comprehensive income (loss): | |||
Net income | (173) | 536 | 1,096 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of loss on interest rate hedge | |||
Reclassifications out of accumulated other comprehensive income (loss): | |||
Interest expense | (1,046) | 769 | |
Income tax expense | 276 | (279) | |
Net income | (770) | 490 | |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of deferred actuarial loss and prior service cost | |||
Reclassifications out of accumulated other comprehensive income (loss): | |||
Operating expenses | 795 | 721 | 865 |
Income tax expense | (198) | (185) | (259) |
Net income | $ 597 | $ 536 | $ 606 |
Pension Benefits - Additional I
Pension Benefits - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Pension Benefits | |||
Normal retirement age (in years) | 65 years | ||
Early retirement age, low end of range (in years) | 55 years | ||
Early retirement age, high end of range (in years) | 64 years | ||
Attainment of credited service (in years) | 10 years | ||
Threshold age for reduction in early retirement benefit (in years) | 62 years | ||
Number of highest consecutive period of average compensation, used in plan benefit calculation (in years) | 5 years | ||
Period of average compensation, used in plan benefit calculation (in years) | 10 years | ||
Funded status (deficit) | $ (16) | $ (17) | |
AOCI, defined benefit plan, after tax | 56.1 | 49.9 | |
AOCI, defined benefit plan, tax | (6.8) | $ (8.8) | |
Estimated amount to be amortized from AOCI | $ 1 | ||
Number of a high grade bonds considered when selecting discount rate | item | 500 | ||
Expected return on plan assets | 7.25% | 7.25% | 7.25% |
Domestic equity securities | |||
Pension Benefits | |||
Target allocation, percent | 3.00% | ||
Fixed income securities | |||
Pension Benefits | |||
Target allocation, percent | 65.00% | ||
International Equity | |||
Pension Benefits | |||
Target allocation, percent | 18.00% | ||
Alternatives | |||
Pension Benefits | |||
Target allocation, percent | 14.00% |
Pension Benefits - Benefit Plan
Pension Benefits - Benefit Plan Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Beginning balance | $ 201,752 | $ 218,746 | $ 216,571 |
Interest cost | 7,993 | 7,386 | 8,283 |
Actuarial loss (gain) | 25,632 | (16,324) | 11,402 |
Benefits paid | (13,919) | (8,056) | (17,510) |
Benefit obligation at end of period | 221,458 | 201,752 | 218,746 |
Change in fair value of plan assets: | |||
Beginning balance | 184,758 | 190,534 | 178,375 |
Actual return on assets | 29,815 | (2,497) | 25,240 |
Employer contributions | 6,000 | 6,000 | 6,000 |
Administrative fees | (13,918) | (1,223) | (1,571) |
Benefits paid | (1,192) | (8,056) | (17,510) |
Fair value of plan assets at end of period | $ 205,463 | $ 184,758 | $ 190,534 |
Pension Benefits - Assumptions
Pension Benefits - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Discount rate to determine benefit obligations | 3.00% | 4.05% | |
Discount rate to determine net costs | 4.05% | 3.45% | 3.90% |
Expected return on plan assets | 7.25% | 7.25% | 7.25% |
Corridor | 10.00% | 10.00% | 10.00% |
Average future life expectancy (in years) | 26 years 10 months 13 days | 27 years 9 months 7 days | 26 years 3 months 29 days |
Pension Benefits - Net Periodic
Pension Benefits - Net Periodic Benefit and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net periodic benefit cost: | |||
Service cost | $ 1,300 | $ 1,300 | $ 1,700 |
Interest cost | 7,993 | 7,386 | 8,283 |
Expected return on plan assets | (13,296) | (13,737) | (12,831) |
Amortization of net actuarial loss | 795 | 721 | 865 |
Total net periodic benefit | (3,208) | (4,330) | (1,983) |
Other comprehensive income: | |||
Current year actuarial gain | (9,006) | 167 | 1,136 |
Recognized net actuarial loss | 795 | 721 | 865 |
Total other comprehensive gain | $ (8,211) | $ 888 | $ 2,001 |
Pension Benefits - Plan Assets
Pension Benefits - Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | ||||
Fair Value of Plan Assets | $ 205,463 | $ 184,758 | $ 190,534 | $ 178,375 |
Minimum | ||||
Pension Benefits | ||||
Redemption notice | 65 days | |||
Maximum | ||||
Pension Benefits | ||||
Redemption notice | 90 days | |||
Large-Cap Disciplined Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | $ 6,844 | 15,894 | ||
International Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 35,962 | 22,022 | ||
Long Duration Fixed Income | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 133,592 | 109,408 | ||
High Yield | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 4,965 | |||
Emerging Markets Debt | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 4,566 | |||
Other Investments | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 29,065 | 27,903 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 176,398 | 156,855 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Large-Cap Disciplined Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 6,844 | 15,894 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | International Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 35,962 | 22,022 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long Duration Fixed Income | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 133,592 | 109,408 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | High Yield | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 4,965 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Emerging Markets Debt | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 4,566 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Observable Inputs (Level 2) | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Large-Cap Disciplined Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Observable Inputs (Level 2) | International Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Long Duration Fixed Income | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Observable Inputs (Level 2) | High Yield | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | |||
Significant Observable Inputs (Level 2) | Emerging Markets Debt | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | |||
Significant Observable Inputs (Level 2) | Other Investments | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Large-Cap Disciplined Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | International Equity | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Long Duration Fixed Income | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | High Yield | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | |||
Significant Unobservable Inputs (Level 3) | Emerging Markets Debt | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | 0 | |||
Significant Unobservable Inputs (Level 3) | Other Investments | ||||
Pension Benefits | ||||
Fair Value of Plan Assets | $ 0 | $ 0 |
Pension Benefits - Expected Cas
Pension Benefits - Expected Cash Flows (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Expected contributions to plan trusts | |
2020 | $ 6,000 |
Expected benefit payments: | |
2020 | 10,221 |
2021 | 10,665 |
2022 | 11,174 |
2023 | 11,518 |
2024 | 11,815 |
2025 through 2029 | 61,203 |
Total expected benefit payments | $ 116,596 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Common Share | |||||||||||
Antidilutive stock options excluded from computation of diluted shares outstanding (in shares) | 3,500 | 700 | 400 | ||||||||
Calculation of earnings per common share | |||||||||||
Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders | $ (11,155) | $ 179,833 | $ 79,519 | $ (69,132) | $ 79,422 | $ 184,417 | $ 74,502 | $ (62,345) | $ 179,065 | $ 275,996 | $ 273,816 |
Weighted-average common shares outstanding: | |||||||||||
Weighted-average common shares outstanding-basic (in shares) | 84,348 | 84,100 | 86,802 | ||||||||
Effect of dilutive stock options and restricted stock units (in shares) | 620 | 1,345 | 1,692 | ||||||||
Weighted-average common shares outstanding-diluted (in shares) | 84,968 | 85,445 | 88,494 | ||||||||
Earnings per share - basic (in dollars per share) | $ (0.13) | $ 2.13 | $ 0.94 | $ (0.82) | $ 0.94 | $ 2.19 | $ 0.89 | $ (0.74) | $ 2.12 | $ 3.28 | $ 3.15 |
Earnings per share - diluted (in dollars per share) | $ (0.13) | $ 2.11 | $ 0.94 | $ (0.82) | $ 0.93 | $ 2.16 | $ 0.88 | $ (0.74) | $ 2.11 | $ 3.23 | $ 3.09 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Jan. 07, 2016USD ($) | Apr. 01, 1998USD ($) | May 31, 2019USD ($)shares | May 31, 2017USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)multiple | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)claim | Apr. 07, 2017item |
Details of commitments and contingencies | |||||||||
Acquisition of capital stock of the former Six Flags Entertainment Corporation, paid in cash | $ 976,000,000 | ||||||||
Redemption value of noncontrolling interests | $ 529,300,000 | ||||||||
Additions to property and equipment | 143,913,000 | $ 135,624,000 | $ 135,219,000 | ||||||
Total loans receivable from the partnerships that own partnership parks | 239,300,000 | ||||||||
Number of questions certified for consideration by appellate court | item | 2 | ||||||||
Number of claims filed | claim | 4 | ||||||||
Minimum | |||||||||
Details of commitments and contingencies | |||||||||
Range of possible loss per aggrieved party | $ 1,000 | $ 100 | |||||||
Maximum | |||||||||
Details of commitments and contingencies | |||||||||
Range of possible loss per aggrieved party | $ 5,000 | $ 1,000 | |||||||
Multi-layered general liability policies | |||||||||
Details of commitments and contingencies | |||||||||
Excess liability coverage per occurrence | 100,000,000 | ||||||||
Self-insured retention per occurrence | 2,000,000 | ||||||||
Deductible per occurrence applicable to all claims in the policy year | 500,000 | ||||||||
Workers' compensation claims | |||||||||
Details of commitments and contingencies | |||||||||
Deductible per occurrence applicable to all claims in the policy year | 0.75 | ||||||||
Information security and privacy liability insurance policy | |||||||||
Details of commitments and contingencies | |||||||||
Self-insured retention per occurrence | 0.25 | ||||||||
Insurance value maintained | 10 | ||||||||
Amended And Restated Term Loan B | |||||||||
Details of commitments and contingencies | |||||||||
Additional contingent borrowing capacity | $ 350,000,000 | ||||||||
Six Flags over Georgia | |||||||||
Details of commitments and contingencies | |||||||||
Limited partner interests owned (as a percent) | 31.00% | ||||||||
Remaining redeemable units (as a percent) | 69.00% | ||||||||
Six Flags over Texas | |||||||||
Details of commitments and contingencies | |||||||||
Limited partner interests owned (as a percent) | 53.20% | ||||||||
Units purchased in partnership parks (in units) | shares | 0.100 | ||||||||
Units purchased in partnership parks | $ 200,000 | ||||||||
Remaining redeemable units (as a percent) | 46.80% | ||||||||
Six Flags over Texas and Georgia | |||||||||
Details of commitments and contingencies | |||||||||
Share of Partnership Parks' annual distributions paid to Six Flags Entertainment Corporation | $ 32,500,000 | ||||||||
Rolling period for making minimum capital expenditure at each of the Partnership Parks | 5 years | ||||||||
Percentage of capital expenditures to Partnership Parks' revenues | 6.00% | ||||||||
Weighted average period of the park's EBITDA for calculation of value of purchase price | 4 years | ||||||||
Additions to property and equipment | $ 21,800,000 | ||||||||
Cash generated from operating activities by partnerships, after deduction of capital expenditures and excluding the impact of short-term intercompany advances | $ 79,300,000 | ||||||||
Six Flags over Georgia | |||||||||
Details of commitments and contingencies | |||||||||
Specified multiple for purchase price valuation (in multipliers) | multiple | 8 | ||||||||
Specified price for purchase of partnership parks | $ 409,700,000 | ||||||||
Six Flags over Texas | |||||||||
Details of commitments and contingencies | |||||||||
Specified multiple for purchase price valuation (in multipliers) | multiple | 8.5 | ||||||||
Specified price for purchase of partnership parks | $ 527,300,000 | ||||||||
Units purchased in partnership parks (in units) | shares | 0.175 | ||||||||
Units purchased in partnership parks | $ 400,000 | ||||||||
Scenario, Forecast | Six Flags over Texas and Georgia | |||||||||
Details of commitments and contingencies | |||||||||
Annual distributions by general partners to limited partners in partnership parks | $ 74,200,000 | ||||||||
Additions to property and equipment | $ 24,800,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Leases | ||||
Right-of-use operating leases, net | $ 201,128 | $ 207,400 | ||
Lease liability | $ 198,858 | $ 204,300 | ||
Option to terminate, term | 1 year | |||
Operating leases, rent expense, net | $ 29,300 | $ 16,800 | ||
Minimum | ||||
Leases | ||||
Term of contract | 1 year | |||
Maximum | ||||
Leases | ||||
Term of contract | 46 years | |||
Renewal term | 20 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases | |
Operating lease cost | $ 24,890 |
Short-term lease cost | 6,925 |
Variable lease cost | 5,979 |
Total lease cost | 37,794 |
Cash paid for amounts included in the measurement of lease liability operating cash flows | 24,140 |
ROU assets obtained in exchange for lease liabilities | $ 4,808 |
Weighted-average remaining lease term (in years) | 19 years 5 months 23 days |
Weighted-average discount rate | 6.90% |
Leases - Future Minimum Lease O
Leases - Future Minimum Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases | ||
2020 | $ 23,802 | |
2021 | 22,654 | |
2022 | 21,641 | |
2023 | 21,424 | |
2024 | 19,289 | |
Thereafter | 269,055 | |
Total | 377,865 | |
Less: present value discount | (179,007) | |
Lease liability | $ 198,858 | $ 204,300 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments under Topic 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases | |
2019 | $ 23,936 |
2020 | 23,266 |
2021 | 22,384 |
2022 | 21,626 |
2023 | 21,563 |
Thereafter | 314,799 |
Total | $ 427,574 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Financial Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Reconciliation of net loss to Park EBITDA | |||
Number of reportable segments | segment | 1 | ||
Net income | $ 219,818 | $ 316,003 | $ 313,026 |
Interest expense, net | 113,302 | 107,243 | 99,010 |
Income tax benefit | 91,942 | 95,855 | 16,026 |
Depreciation and amortization | 118,230 | 115,693 | 111,671 |
Stock-based compensation | 13,274 | (46,684) | (22,697) |
Loss on disposal of assets | 2,162 | 1,879 | 3,959 |
Loss on debt extinguishment | 6,484 | 0 | 37,116 |
Other expense (income), net | 2,542 | 3,508 | 271 |
Corporate | |||
Reconciliation of net loss to Park EBITDA | |||
Corporate expenses (excluding stock-based compensation) | 54,301 | 48,679 | 52,105 |
Stock-based compensation | 13,300 | ||
Operating Segments | |||
Reconciliation of net loss to Park EBITDA | |||
Park EBITDA | $ 622,055 | $ 642,176 | $ 610,487 |
Business Segments - Information
Business Segments - Information by Geographic Region (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)item | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business segment information by geographical areas | |||||||||||
Number of parks owned or operated | item | 26 | 26 | |||||||||
Long-lived assets | $ 2,489,954 | $ 2,262,329 | $ 2,489,954 | $ 2,262,329 | $ 2,219,792 | ||||||
Revenues | 261,000 | $ 621,180 | $ 477,210 | $ 128,193 | 269,503 | $ 619,820 | $ 445,420 | $ 128,964 | 1,487,583 | 1,463,707 | 1,359,074 |
Income before income taxes | $ 10,143 | $ 261,835 | $ 133,571 | $ (93,789) | 115,781 | $ 259,681 | $ 118,418 | $ (82,020) | $ 311,760 | 411,858 | 329,052 |
Mexico | |||||||||||
Business segment information by geographical areas | |||||||||||
Number of parks owned or operated | item | 2 | 2 | |||||||||
Canada | |||||||||||
Business segment information by geographical areas | |||||||||||
Number of parks owned or operated | item | 1 | 1 | |||||||||
Domestic | |||||||||||
Business segment information by geographical areas | |||||||||||
Long-lived assets | $ 2,347,578 | 2,160,970 | $ 2,347,578 | 2,160,970 | 2,121,157 | ||||||
Revenues | 1,370,367 | 1,335,787 | 1,240,018 | ||||||||
Income before income taxes | 297,752 | 383,875 | 301,322 | ||||||||
Foreign | |||||||||||
Business segment information by geographical areas | |||||||||||
Long-lived assets | $ 142,376 | $ 101,359 | 142,376 | 101,359 | 98,635 | ||||||
Revenues | 117,216 | 127,920 | 119,056 | ||||||||
Income before income taxes | $ 14,008 | $ 27,983 | $ 27,730 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information (Unaudited) | |||||||||||||
Revenues | $ 261,000 | $ 621,180 | $ 477,210 | $ 128,193 | $ 269,503 | $ 619,820 | $ 445,420 | $ 128,964 | $ 1,487,583 | $ 1,463,707 | $ 1,359,074 | ||
Income before income taxes | 10,143 | 261,835 | 133,571 | (93,789) | 115,781 | 259,681 | 118,418 | (82,020) | 311,760 | 411,858 | 329,052 | ||
Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders | $ (11,155) | $ 179,833 | $ 79,519 | $ (69,132) | $ 79,422 | $ 184,417 | $ 74,502 | $ (62,345) | $ 179,065 | $ 275,996 | $ 273,816 | ||
Net (loss) income per weighted average common share outstanding: | |||||||||||||
Earnings per share - basic (in dollars per share) | $ (0.13) | $ 2.13 | $ 0.94 | $ (0.82) | $ 0.94 | $ 2.19 | $ 0.89 | $ (0.74) | $ 2.12 | $ 3.28 | $ 3.15 | ||
Earnings per share - diluted (in dollars per share) | $ (0.13) | $ 2.11 | $ 0.94 | $ (0.82) | $ 0.93 | $ 2.16 | $ 0.88 | $ (0.74) | $ 2.11 | $ 3.23 | $ 3.09 | ||
2017 Performance Award | Long Term Incentive Plan | |||||||||||||
Stock Benefit Plans | |||||||||||||
Cumulative adjustment to allocated share-based compensation expense | $ 81,700 | $ 45,000 | $ 27,900 |