Restructuring Program

3 Months Ended

Mar. 31, 2015

Restructuring and Related Activities [Abstract]

13. RESTRUCTURING PROGRAM

In December 2014, the Company implemented a restructuring program in an effort to centralize certain operations and reduce duplication of functions to increase efficiencies (the “Restructuring Program”). The Restructuring Program involved the elimination of approximately 300 positions across the Company’s eleven theme parks and corporate headquarters. As a result, the Company expects to record approximately $11,800 in pre-tax restructuring and other related costs associated with this Restructuring Program, of which $145 was incurred in the three months ended March 31, 2015 and total cumulative costs incurred to date were $11,712. The costs incurred during the three months ended March 31, 2015 are recorded as restructuring and other related costs on the accompanying unaudited condensed consolidated statement of comprehensive loss. The remaining liability is included in accrued salaries, wages and benefits as of March 31, 2015 on the accompanying unaudited condensed consolidated balance sheet and is expected to be paid by the end of the second quarter of 2015 due to the completion of certain continuing service obligations.

The Restructuring Program activity for the three months ended March 31, 2015 was as follows:


	Severance and Other Employment Expenses
Liability as of December 31, 2014	$	7,691
Costs incurred		145
Payments made		(7,409	)

Liability as of March 31, 2015	$	427

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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