Revenue

6 Months Ended

Jul. 02, 2023

Revenue

Revenue

2.  Revenue

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 three and six month periods ended July 2, 2023 and July 3, 2022, 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.

	Three Months Ended July 2, 2023
					Sponsorship,
			Park Food,		International
			Merchandise		Agreements and
(Amounts in thousands)	Park Admissions		and Other		Accommodations		Total
Long-term contracts	$	12,066	$	1,423	$	6,807	$	20,296
Short-term contracts and other (1)		226,897		189,369		7,145		423,411
Total revenues	$	238,963	$	190,792	$	13,952	$	443,707

	Three Months Ended July 3, 2022
					Sponsorship,
			Park Food,		International
			Merchandise		Agreements and
(Amounts in thousands)	Park Admissions		and Other		Accommodations		Total
Long-term contracts	$	16,001	$	2,226	$	3,500	$	21,727
Short-term contracts and other (1)		225,776		180,855		7,064		413,695
Total revenues	$	241,777	$	183,081	$	10,564	$	435,422

	Six Months Ended July 2, 2023
					Sponsorship,
			Park Food,		International
			Merchandise		Agreements and
(Amounts in thousands)	Park Admissions		and Other		Accommodations		Total
Long-term contracts	$	16,927	$	1,963	$	13,570	$	32,460
Short-term contracts and other (1)		298,339		241,615		13,483		553,437
Total revenues	$	315,266	$	243,578	$	27,053	$	585,897

	Six Months Ended July 3, 2022
					Sponsorship,
			Park Food,		International
			Merchandise		Agreements and
(Amounts in thousands)	Park Admissions		and Other		Accommodations		Total
Long-term contracts	$	19,952	$	3,008	$	10,028	$	32,988
Short-term contracts and other (1)		294,812		234,342		11,387		540,541
Total revenues	$	314,764	$	237,350	$	21,415	$	573,529

(1) 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

As of January 1, 2023, $33.5 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," of which $8.6 million and $20.8 million was recognized as revenue for long-term contracts during the three and six months ended July 2, 2023, respectively. As of July 2, 2023, the total unearned amount of revenue for remaining long-term contract performance obligations was $27.5 million. As of January 2, 2022, $58.7 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," of which $20.8 million and $33.0 million was recognized as revenue for long-term contracts during the three and six months ended July 3, 2022, respectively. As of July 3, 2022, the total unearned amount of revenue for remaining long-term contract performance obligations was $37.6 million.

As of July 2, 2023, we expect to recognize estimated revenue for partially or wholly unsatisfied performance obligations on long-term contracts of approximately $35.0 million in the remainder of 2023, $17.6 million in 2024, $9.2 million in 2025, $7.1 million in 2026, and $12.8 million in 2027 and thereafter.