United Parks & Resorts Inc. Fair Value Disclosure
15. FAIR VALUE MEASUREMENTS
Of the Company’s long-term obligations as of December 31, 2025 and 2024, the Term B-3 Loans are classified in Level 2 of the fair value hierarchy and the Senior Notes are classified in Level 1 of the fair value hierarchy. The fair value of the Term B-3 Loans approximates their carrying value, excluding unamortized debt issuance costs and discounts, due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The fair value of the Senior Notes was determined using quoted prices in active markets for identical instruments. See Note 11–Long-Term Debt for further details.
The Company did not have any assets measured on a recurring basis at fair value as of December 31, 2025 and 2024. The Company maintains its long-term liabilities at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet.
The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2025:
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Quoted Prices in |
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Active Markets |
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Significant |
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for Identical |
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Other |
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Significant |
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Assets and |
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Observable |
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Unobservable |
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Balance at |
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Liabilities |
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Inputs |
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Inputs |
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December 31, |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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2025 |
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Liabilities: |
(In thousands) |
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Long-term obligations (a) |
$ |
701,438 |
|
|
$ |
1,523,019 |
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|
$ |
— |
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|
$ |
2,224,457 |
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The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2024:
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Quoted Prices in |
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Active Markets |
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Significant |
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for Identical |
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Other |
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Significant |
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Assets and |
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Observable |
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Unobservable |
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Balance at |
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Liabilities |
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Inputs |
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Inputs |
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December 31, |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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2024 |
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Liabilities: |
(In thousands) |
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Long-term obligations (a) |
$ |
690,113 |
|
|
$ |
1,538,442 |
|
|
$ |
— |
|
|
$ |
2,228,555 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2018 | Mar 1, 2019 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.