Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 29, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 29, 2022 | ||
Current Fiscal Year End Date | --12-29 | ||
Document Transition Report | false | ||
Entity File Number | 1-12604 | ||
Entity Registrant Name | MARCUS CORP | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-1139844 | ||
Entity Address, Address Line One | 100 East Wisconsin Avenue | ||
Entity Address, Address Line Two | Suite 1900 | ||
Entity Address, City or Town | Milwaukee | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53202-4125 | ||
City Area Code | 414 | ||
Local Phone Number | 905-1000 | ||
Title of 12(b) Security | Common stock, $1.00 par value | ||
Trading Symbol | MCS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 290,623,850 | ||
Entity Central Index Key | 0000062234 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 24,445,596 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,085,118 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 29, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Milwaukee, Wisconsin |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 1) | $ 21,704 | $ 17,658 |
Restricted cash (Note 1) | 2,802 | 6,396 |
Accounts receivable, net of reserves (Note 6) | 21,455 | 28,902 |
Government grants receivable (Note 2) | 0 | 4,335 |
Refundable income taxes | 0 | 22,435 |
Assets held for sale (Note 1) | 460 | 4,856 |
Other current assets (Note 1) | 17,474 | 15,364 |
Total current assets | 63,895 | 99,946 |
PROPERTY AND EQUIPMENT, NET (Note 6) | 715,765 | 771,192 |
OPERATING LEASE RIGHT-OF-USE ASSETS (Note 8) | 194,965 | 217,072 |
OTHER ASSETS: | ||
Investments in joint ventures (Note 13) | 2,067 | 2,335 |
Goodwill | 75,015 | 75,095 |
Deferred income taxes (Note 11) | 0 | 10,032 |
Other (Note 6) | 12,891 | 12,689 |
Total other assets | 89,973 | 100,151 |
Total assets | 1,064,598 | 1,188,361 |
CURRENT LIABILITIES: | ||
Accounts payable | 32,187 | 35,781 |
Taxes other than income taxes | 17,948 | 19,566 |
Accrued compensation | 22,512 | 20,474 |
Other accrued liabilities (Note 1) | 56,275 | 59,678 |
Short-term borrowings (Note 7) | 0 | 47,346 |
Current portion of finance lease obligations (Note 8) | 2,488 | 2,561 |
Current portion of operating lease obligations (Note 8) | 14,553 | 16,795 |
Current maturities of long-term debt (Note 7) | 10,432 | 10,967 |
Total current liabilities | 156,395 | 213,168 |
FINANCE LEASE OBLIGATIONS (Note 8) | 15,014 | 17,192 |
OPERATING LEASE OBLIGATIONS (Note 8) | 195,281 | 216,064 |
LONG-TERM DEBT (Note 7) | 170,005 | 204,177 |
DEFERRED INCOME TAXES (Note 11) | 26,567 | 26,183 |
OTHER LONG- TERM OBLIGATIONS (Note 10) | 44,415 | 57,963 |
COMMITMENTS AND LICENSE RIGHTS (Note 12) | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued | 0 | 0 |
Capital in excess of par | 153,794 | 145,656 |
Retained earnings | 274,254 | 289,306 |
Accumulated other comprehensive loss | (1,694) | (11,444) |
Stockholders' equity before treasury stock | 457,963 | 454,993 |
Less cost of Common Stock in treasury (78,882 shares at December 29, 2022 and 48,111 shares at December 30, 2021) | (1,866) | (1,379) |
Total shareholders’ equity attributable to The Marcus Corporation | 456,097 | 453,614 |
Noncontrolling interests | 824 | 0 |
Total equity | 456,921 | 453,614 |
Total liabilities and shareholders’ equity | 1,064,598 | 1,188,361 |
Common Stock | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Common Stock: | 24,498 | 24,345 |
Class B Common Stock | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Common Stock: | $ 7,111 | $ 7,130 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 29, 2022 | Dec. 30, 2021 |
Preferred stock, par (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Treasury stock (in shares) | 78,882 | 48,111 |
Common Stock | ||
Common stock, par (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 24,498,243 | 24,345,356 |
Class B Common Stock | ||
Common stock, par (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 33,000,000 | 33,000,000 |
Common stock, issued (in shares) | 7,110,875 | 7,130,125 |
Common stock, outstanding (in shares) | 7,110,875 | 7,130,125 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Revenues other than cost reimbursements | $ 643,760,000 | $ 439,473,000 | $ 220,486,000 |
Cost reimbursements | 33,634,000 | 18,771,000 | 17,202,000 |
Total revenues | 677,394,000 | 458,244,000 | 237,688,000 |
COSTS AND EXPENSES: | |||
Advertising and marketing | 23,877,000 | 16,069,000 | 11,074,000 |
Administrative | 74,755,000 | 63,350,000 | 51,046,000 |
Depreciation and amortization | 67,073,000 | 72,127,000 | 75,052,000 |
Rent (Note 8) | 26,037,000 | 25,594,000 | 26,866,000 |
Property taxes | 17,955,000 | 18,473,000 | 23,560,000 |
Other operating expenses (Note 2) | 37,865,000 | 23,817,000 | 17,288,000 |
Impairment charges (Note 4) | 1,525,000 | 5,766,000 | 24,676,000 |
Reimbursed costs | 33,634,000 | 18,771,000 | 17,202,000 |
Total costs and expenses | 669,088,000 | 499,696,000 | 416,110,000 |
OPERATING INCOME (LOSS) | 8,306,000 | (41,452,000) | (178,422,000) |
OTHER INCOME (EXPENSE): | |||
Investment income (loss) | (45,000) | 599,000 | 564,000 |
Interest expense | (15,299,000) | (18,702,000) | (16,275,000) |
Other income (expense), net | (2,131,000) | (2,510,000) | (986,000) |
Gain on disposition of property, equipment and other assets | 1,071,000 | 3,163,000 | 856,000 |
Gain on sale of hotel | 6,274,000 | 0 | 0 |
Equity losses from unconsolidated joint ventures, net (Note 13) | (143,000) | (92,000) | (1,539,000) |
Nonoperating expense | (10,273,000) | (17,542,000) | (17,380,000) |
LOSS BEFORE INCOME TAXES | (1,967,000) | (58,994,000) | (195,802,000) |
INCOME TAX EXPENSE (BENEFIT) (Note 11) | 7,137,000 | (15,701,000) | (70,936,000) |
NET LOSS | (9,104,000) | (43,293,000) | (124,866,000) |
NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,868,000 | 0 | (23,000) |
NET LOSS ATTRIBUTABLE TO THE MARCUS CORPORATION | $ (11,972,000) | $ (43,293,000) | $ (124,843,000) |
Common Stock | |||
NET LOSS PER SHARE – BASIC: | |||
Common stock (in dollars per share) | $ (0.39) | $ (1.42) | $ (4.13) |
NET LOSS PER SHARE – DILUTED: | |||
Common stock (in dollars per share) | (0.39) | (1.42) | (4.13) |
Class B Common Stock | |||
NET LOSS PER SHARE – BASIC: | |||
Common stock (in dollars per share) | (0.35) | (1.25) | (3.74) |
NET LOSS PER SHARE – DILUTED: | |||
Common stock (in dollars per share) | $ (0.35) | $ (1.25) | $ (3.74) |
Theatre admissions | |||
REVENUES: | |||
Revenue from contract with customer | $ 198,485,000 | $ 130,740,000 | $ 64,825,000 |
Rooms | |||
REVENUES: | |||
Revenue from contract with customer | 107,699,000 | 77,650,000 | 35,386,000 |
COSTS AND EXPENSES: | |||
Cost of goods and services sold | 41,561,000 | 30,394,000 | 21,243,000 |
Theatre concessions | |||
REVENUES: | |||
Revenue from contract with customer | 180,180,000 | 118,666,000 | 56,711,000 |
COSTS AND EXPENSES: | |||
Cost of goods and services sold | 73,124,000 | 47,681,000 | 29,747,000 |
Food and beverage | |||
REVENUES: | |||
Revenue from contract with customer | 74,836,000 | 47,086,000 | 24,822,000 |
COSTS AND EXPENSES: | |||
Cost of goods and services sold | 59,272,000 | 36,833,000 | 26,124,000 |
Other revenues | |||
REVENUES: | |||
Revenue from contract with customer | 82,560,000 | 65,331,000 | 38,742,000 |
Theatre operations | |||
COSTS AND EXPENSES: | |||
Cost of goods and services sold | $ 212,410,000 | $ 140,821,000 | $ 92,232,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
NET LOSS | $ (9,104) | $ (43,293) | $ (124,866) |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Pension gain (loss) arising during the period, net of tax effect (benefit) of $2,967, $687 and $(993), respectively (Note 10) | 8,401 | 1,943 | (2,813) |
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $269, $342 and $259, respectively (Note 10) | 760 | 969 | 732 |
Fair market value adjustment of interest rate swaps, net of tax effect (benefit) of $144, $9 and $(335), respectively (Note 7) | 407 | 25 | (949) |
Reclassification adjustment on interest rate swaps included in interest expense, net of tax effect of $64, $195 and $263 respectively (Note 7) | 182 | 552 | 745 |
Other comprehensive income (loss) | 9,750 | 3,489 | (2,285) |
COMPREHENSIVE INCOME (LOSS) | 646 | (39,804) | (127,151) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,868 | 0 | (23) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO THE MARCUS CORPORATION | $ (2,222) | $ (39,804) | $ (127,128) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Pension gain (loss) arising during the period, tax effect (benefit) | $ 2,967 | $ 687 | $ (993) |
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect | 269 | 342 | 259 |
Fair market value adjustment of interest rate swap, net of tax benefit | 144 | 9 | (335) |
Reclassification adjustment on interest rate swaps included in interest expense, tax effect | $ 64 | $ 195 | $ 263 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative effect period of adoption adjustment | Class B Common Stock | Shareholders' Equity Attributable to The Marcus Corporation | Shareholders' Equity Attributable to The Marcus Corporation Cumulative effect period of adoption adjustment | Shareholders' Equity Attributable to The Marcus Corporation Class B Common Stock | Common Stock | Common Stock Class B Common Stock | Capital in Excess of Par | Capital in Excess of Par Cumulative effect period of adoption adjustment | Retained Earnings | Retained Earnings Cumulative effect period of adoption adjustment | Retained Earnings Class B Common Stock | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-Controlling Interests |
Accounting standards update [Extensible Enumeration] | ASU 2020-06 | |||||||||||||||
Beginning balance at Dec. 26, 2019 | $ 621,458 | $ 621,435 | $ 23,254 | $ 7,936 | $ 145,549 | $ 461,884 | $ (12,648) | $ (4,540) | $ 23 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cash dividends: | (3,921) | $ (1,224) | (3,921) | $ (1,224) | (3,921) | $ (1,224) | ||||||||||
Exercise of stock options | 379 | 379 | (67) | 446 | ||||||||||||
Purchase of treasury stock | (696) | (696) | (696) | |||||||||||||
Savings and profit-sharing contribution | 1,315 | 1,315 | 299 | 1,016 | ||||||||||||
Reissuance of treasury stock | 162 | 162 | (21) | 183 | ||||||||||||
Issuance of non-vested stock | 0 | (631) | 631 | |||||||||||||
Share-based compensation | 4,385 | 4,385 | 4,385 | |||||||||||||
Equity component of issuance of convertible notes, net of tax and issuance costs | 16,511 | 16,511 | 16,511 | |||||||||||||
Capped call transactions, net of tax | (12,495) | (12,495) | (12,495) | |||||||||||||
Other | 0 | (1) | 1 | |||||||||||||
Conversions of Class B Common Stock | 0 | 10 | (10) | |||||||||||||
Comprehensive (loss) income | (127,151) | (127,128) | (124,843) | (2,285) | (23) | |||||||||||
Ending balance at Dec. 31, 2020 | 498,723 | $ (15,809) | 498,723 | $ (15,809) | 23,264 | 7,926 | 153,529 | $ (16,511) | 331,897 | $ 702 | (14,933) | (2,960) | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Exercise of stock options | 1,530 | 1,530 | (749) | 2,279 | ||||||||||||
Purchase of treasury stock | (1,391) | (1,391) | (1,391) | |||||||||||||
Savings and profit-sharing contribution | 1,011 | 1,011 | 43 | 968 | ||||||||||||
Reissuance of treasury stock | 38 | 38 | 6 | 32 | ||||||||||||
Issuance of non-vested stock | 0 | 242 | (903) | 661 | ||||||||||||
Share-based compensation | 9,316 | 9,316 | 9,316 | |||||||||||||
Conversions of Class B Common Stock | 0 | 796 | (796) | |||||||||||||
Comprehensive (loss) income | (39,804) | (39,804) | (43,293) | 3,489 | ||||||||||||
Ending balance at Dec. 30, 2021 | 453,614 | 453,614 | 24,345 | 7,130 | 145,656 | 289,306 | (11,444) | (1,379) | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cash dividends: | (2,440) | $ (640) | (2,440) | $ (640) | (2,440) | $ (640) | ||||||||||
Exercise of stock options | 893 | 893 | (196) | 1,089 | ||||||||||||
Purchase of treasury stock | (2,286) | (2,286) | (2,286) | |||||||||||||
Savings and profit-sharing contribution | 956 | 956 | 56 | 900 | ||||||||||||
Reissuance of treasury stock | 52 | 52 | (5) | 57 | ||||||||||||
Issuance of non-vested stock | 0 | 78 | (731) | 653 | ||||||||||||
Share-based compensation | 8,170 | 8,170 | 8,170 | |||||||||||||
Conversions of Class B Common Stock | 0 | 19 | (19) | |||||||||||||
Distribution to noncontrolling interest | (2,044) | (2,044) | ||||||||||||||
Comprehensive (loss) income | 646 | (2,222) | (11,972) | 9,750 | 2,868 | |||||||||||
Ending balance at Dec. 29, 2022 | $ 456,921 | $ 456,097 | $ 24,498 | $ 7,111 | $ 153,794 | $ 274,254 | $ (1,694) | $ (1,866) | $ 824 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 29, 2022 | Dec. 31, 2020 | |
Class B Common Stock | ||
Common stock, dividends (in dollars per share) | $ 0.09 | $ 0.15 |
Common Stock | ||
Common stock, dividends (in dollars per share) | $ 0.10 | $ 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net loss | $ (9,104,000) | $ (43,293,000) | $ (124,866,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Losses on investments in joint ventures | 143,000 | 92,000 | 1,539,000 |
Distributions from joint ventures | 125,000 | 0 | 0 |
Gain on disposition of property, equipment and other assets | (1,071,000) | (3,163,000) | (856,000) |
Gain on sale of hotel | (6,274,000) | 0 | 0 |
Impairment charges | 1,525,000 | 5,766,000 | 24,676,000 |
Depreciation and amortization | 67,073,000 | 72,127,000 | 75,052,000 |
Amortization of debt issuance costs and debt discount | 1,614,000 | 2,198,000 | 2,235,000 |
Share-based compensation | 8,170,000 | 9,316,000 | 4,385,000 |
Deferred income taxes | 7,033,000 | (15,843,000) | (38,836,000) |
Other long-term obligations | (209,000) | 1,689,000 | 2,969,000 |
Contribution of the Company’s stock to savings and profit-sharing plan | 956,000 | 1,011,000 | 1,315,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 6,838,000 | (22,055,000) | 23,106,000 |
Government grants receivable | 4,335,000 | 578,000 | (4,913,000) |
Other assets | (1,874,000) | (2,255,000) | 3,476,000 |
Operating leases | (1,768,000) | (5,325,000) | 9,185,000 |
Accounts payable | (3,262,000) | 21,501,000 | (32,131,000) |
Income taxes | 22,722,000 | 8,508,000 | 1,467,000 |
Taxes other than income taxes | (1,621,000) | 1,258,000 | (2,305,000) |
Accrued compensation | 2,038,000 | 12,841,000 | (10,422,000) |
Other accrued liabilities | (4,180,000) | 1,300,000 | (3,630,000) |
Total adjustments | 102,313,000 | 89,544,000 | 56,312,000 |
Net cash provided by (used in) operating activities | 93,209,000 | 46,251,000 | (68,554,000) |
INVESTING ACTIVITIES | |||
Capital expenditures | (36,843,000) | (17,082,000) | (21,363,000) |
Proceeds from disposals of property, equipment and other assets | 4,850,000 | 22,145,000 | 4,485,000 |
Net proceeds from sale of hotel | 31,101,000 | 0 | 0 |
Capital contribution in joint venture | 0 | (2,427,000) | (28,000) |
Proceeds from sale of trading securities | 141,000 | 377,000 | 5,184,000 |
Purchase of trading securities | (263,000) | (3,080,000) | (801,000) |
Property insurance recoveries | 1,215,000 | 0 | 0 |
Life insurance premium reimbursement | 0 | 11,411,000 | 0 |
Other investing activities | (547,000) | (461,000) | 450,000 |
Net cash provided by (used in) investing activities | (346,000) | 10,883,000 | (12,073,000) |
Debt transactions: | |||
Proceeds from borrowings on revolving credit facility | 100,000,000 | 178,500,000 | 221,500,000 |
Repayment of borrowings on revolving credit facility | (100,000,000) | (178,500,000) | (302,500,000) |
Proceeds from short-term borrowings | 0 | 0 | 90,800,000 |
Repayment on short-term borrowings | (47,499,000) | (40,346,000) | (2,955,000) |
Proceeds from convertible senior notes | 0 | 0 | 100,050,000 |
Principal payments on long-term debt | (35,740,000) | (10,717,000) | (9,447,000) |
Proceeds received from PPP loans expected to be repaid | 0 | 0 | 3,424,000 |
Proceeds received from borrowing on insurance policy | 0 | 6,700,000 | 0 |
Principal payments on finance lease obligations | (2,670,000) | (2,774,000) | (2,007,000) |
Debt issuance costs | (37,000) | (208,000) | (7,560,000) |
Equity transactions: | |||
Treasury stock transactions, except for stock options | (1,467,000) | (417,000) | (534,000) |
Exercise of stock options | 126,000 | 594,000 | 379,000 |
Capped call transactions | 0 | 0 | (16,908,000) |
Dividends paid | (3,080,000) | 0 | (5,145,000) |
Distributions to noncontrolling interest | (2,044,000) | 0 | 0 |
Net cash provided by (used in) financing activities | (92,411,000) | (47,168,000) | 69,097,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 452,000 | 9,966,000 | (11,530,000) |
Cash, cash equivalents and restricted cash at beginning of year | 24,054,000 | 14,088,000 | 25,618,000 |
Cash, cash equivalents and restricted cash at end of year | 24,506,000 | 24,054,000 | 14,088,000 |
Supplemental Information: | |||
Change in accounts payable for additions to property and equipment | $ (348,000) | $ 1,122,000 | $ (4,081,000) |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. Description of Business and Summary of Significant Accounting Policies Description of Business - The Marcus Corporation and its subsidiaries (the “Company”) operate principally in two business segments: Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia and a family entertainment center in Wisconsin. Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois and Nebraska and manages full service hotels, resorts and other properties in Wisconsin, Illinois, Minnesota, Iowa, Nevada, Pennsylvania, California and Nebraska. Principles of Consolidation - The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries. The Company has ownership interests greater than 50% in one joint venture that is considered a Variable Interest Entity (VIE) that is also included in the accounts of the Company. The Company is the primary beneficiary of the VIE and the Company’s interest is considered a majority voting interest. The primary asset of this VIE, The Skirvin Hilton, was sold on December 16, 2022 as discussed in Note 5 - Asset Sale. The equity interest of outside owners in consolidated entities is recorded as noncontrolling interests in the consolidated balance sheets, and their share of earnings is recorded as net earnings attributable to noncontrolling interests in the consolidated statements of earnings (loss) in accordance with the partnership agreements. Investments in affiliates which are 50% or less owned by the Company for which the Company exercises significant influence but does not have control are accounted for on the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents - The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Restricted Cash - Restricted cash consists of bank accounts related to capital expenditure reserve funds, sinking funds, operating reserves and replacement reserves and may include amounts held by a qualified intermediary agent to be used for tax-deferred, like-kind exchange transactions. Restricted cash also includes funds held within the Company's captive insurance entity that are designated to pay expenses related specifically to the captive. Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 29, 2022 and December 30, 2021, respectively, the Company’s $3,932 and $4,617 of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 29, 2022 and December 30, 2021, the Company had investments in money market funds of $6,000 and $5,000, respectively, that were valued using Level 1 pricing inputs and were included in cash and cash equivalents. Level 2 - Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At December 29, 2022 and December 30, 2021, the Company’s $108 asset and $689 liability, respectively, related to the Company’s interest rate hedge contract was valued using Level 2 pricing inputs. Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At December 29, 2022 and December 30, 2021, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. Assets and liabilities that are measured on a non-recurring basis are discussed in Note 4 and Note 7. The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable and accounts payable) approximates fair value. The fair value of the Company’s $80,000 of senior notes, valued using Level 2 pricing inputs, is approximately $71,328 at December 29, 2022, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The fair value of the Company's $100,050 of convertible senior notes, valued using Level 2 pricing inputs, is approximately $145,389 at December 29, 2022, determined based on market rates and the closing trading price of the convertible senior notes as of December 29, 2022 (see Note 7 for further discussion on the Company’s senior notes and convertible senior notes). The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs. Accounts Receivable - The Company evaluates the collectibility of its accounts receivable based on a number of factors. For larger accounts, an allowance for doubtful accounts is recorded based on the applicable parties’ ability and likelihood to pay based on management’s review of the facts. For all other accounts, the Company recognizes an allowance based on length of time the receivable is past due based on historical experience and industry practice. Inventory - Inventories, consisting of food and beverage and concession items, are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $5,662 and $4,913 as of December 29, 2022 and December 30, 2021, respectively, were included in other current assets. Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of December 29, 2022, assets held for sale consists primarily of land. Property and Equipment - The Company records property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Included in property and equipment are assets related to finance leases. These assets are depreciated over the shorter of the estimated useful lives or related lease terms. Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: Years Land improvements 10 - 20 Buildings and improvements 12 - 39 Leasehold improvements 3 - 40 Furniture, fixtures and equipment 2 - 20 Finance lease right-of-use assets 4 - 15 Depreciation expense totaled $67,041, $72,044 and $75,067 for fiscal 2022, fiscal 2021 and fiscal 2020, respectively. Long-Lived Assets - The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. During fiscal 2022 and fiscal 2021, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its property and equipment and the value of its operating lease right-of-use assets and recorded impairment charges in as discussed in Note 4. Acquisition - The Company recognizes identifiable assets acquired, liabilities assumed and noncontrolling interests assumed in an acquisition at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related costs, such as due diligence and legal fees, are expensed as incurred. The excess of the acquisition cost over the fair value of the identifiable net assets is reported as goodwill. Goodwill - The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the first day of the fiscal fourth quarter. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than it carrying value, the Company performs a quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value. During fiscal 2022 and fiscal 2021, the Company performed a quantitative analysis for its annual goodwill impairment test as of September 30, 2022 and October 1, 2021, respectively. In order to determine fair value, the Company used assumptions based on information available to it as the date of the quantitative test, including both market data and forecasted cash flows (Level 3 pricing inputs). The Company determined that the fair value of its goodwill was greater than its carrying value and deemed that no impairment was indicated in either fiscal 2022 or fiscal 2021. At December 29, 2022 and December 30, 2021, the Company’s goodwill balance was $75,015 and $75,095, respectively. The change in goodwill is due to a deferred tax adjustment related to the prior acquisition of a business. Substantially all of the Company’s goodwill relates to the theatre reporting unit. Trade Name Intangible Asset – The Company recorded a trade name intangible asset in conjunction with the Movie Tavern acquisition that was determined to have an indefinite life. The Company reviews its trade name intangible asset for impairment at least annually or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. During fiscal 2020, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its trade name intangible asset and recorded an impairment charge during fiscal 2020 as discussed in Note 4. Capitalization of Interest - The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $18, $23 and $48 was capitalized in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. Debt Issuance Costs - The Company records debt issuance costs on short-term borrowings and long-term debt as a direct deduction from the related debt liability. Debt issuance costs related to the Company’s revolving credit facility are included in other long-term assets. Debt issuance costs are deferred and amortized over the term of the related debt agreements. Amortization of debt issuance costs and amortization of debt discount totaled $1,614, $2,198 and $2,235 for fiscal 2022, fiscal 2021 and fiscal 2020, respectively, and were included in interest expense on the consolidated statements of earnings (loss). Leases - The Company follows Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases , (Accounting Standards Codification (ASC) 842), when accounting for leases. See Note 8 - Leases. Investments – The Company has investments in debt and equity securities. These securities are stated at fair value based on listed market prices, where available, with the change in fair value recorded as investment income or loss within the consolidated statements of earnings (loss). The cost of securities sold is based upon the specific identification method. Revenue Recognition - The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . See Note 3 - Revenue Recognition. Advertising and Marketing Costs - The Company expenses all advertising and marketing costs as incurred. Insurance Reserves - The Company uses a combination of insurance and self insurance mechanisms, including participation in captive insurance entities, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance, director and officers’ liability insurance, cyber liability, employment practices liability and business interruption. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors. Income Taxes - The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made. The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. See Note 11 - Income Taxes. Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options and convertible debt instruments using the if-converted method. Convertible Class B Common Stock and convertible debt instruments are reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: Year Ended December 29, December 30, December 31, Numerator: Net loss attributable to The Marcus Corporation $ (11,972) $ (43,293) $ (124,843) Denominator (in thousands): Denominator for basic EPS 31,488 31,360 31,042 Effect of dilutive employee stock options — — — Effect of convertible notes — — — Denominator for diluted EPS 31,488 31,360 31,042 Net loss per share – Basic: Common Stock $ (0.39) $ (1.42) $ (4.13) Class B Common Stock $ (0.35) $ (1.25) $ (3.74) Net loss per share- Diluted: Common Stock $ (0.39) $ (1.42) $ (4.13) Class B Common Stock $ (0.35) $ (1.25) $ (3.74) For the periods when the Company reports a net loss, common stock equivalents are excluded from the computation of diluted loss per share as their inclusion would have an antidilutive effect. At December 29, 2022, December 30, 2021 and December 31, 2020, respectively, approximately 75,000, 104,000 and 76,000 common stock equivalents were excluded from the computation of diluted net loss per share because of the Company’s net loss. At December 29, 2022, December 30, 2021 and December 31, 2020, approximately 9,141,140, 9,084,924 and 9,084,924 common stock equivalents underlying the conversion of the convertible senior notes were excluded from the computation of diluted net loss per share because of the Company’s net loss. Additionally, options to purchase 2,547,000 shares, 1,999,000 shares and 1,706,000 shares of common stock at prices ranging from $16.32 to $41.90, $18.68 to $41.90 and $16.32 to $41.90 per share were outstanding at December 29, 2022, December 30, 2021 and December 31, 2020, respectively, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares, and therefore, the effect would be antidilutive. Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: December 29, 2022 December 30, 2021 Unrecognized gain (loss) on interest rate swap agreements $ 80 (509) Net unrecognized actuarial loss for pension obligation (1,774) (10,935) $ (1,694) $ (11,444) New Accounting Pronouncements - During the first quarter of fiscal 2022, the Company adopted ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update provide increased transparency of government assistance including the requirement of certain disclosures in a company’s notes to the consolidated financial statements about transactions with a government. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR), or other interbank offered rates, to alternative reference rates such as the Secured Overnight Financing Rate (SOFR). ASU No. 2020-14 is optional, effective immediately, and may be elected over time as reference rate reform activities occur, generally through December 31, 2024. During the first quarter of fiscal 2023, in conjunction with the execution of the fifth amendment to the Company’s credit agreement (see Note 7), the Company elected SOFR as its ongoing reference rate. The Company believes that adoption of the new standard will not have a material effect on its consolidated financial statements. On January 1, 2021, the Company adopted ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity . ASU No. 2020-06 is designed to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. The amendments remove the separation models in ASC 470-20 for certain contracts. As a result, embedded conversion features are not presented separately in equity, rather, the contract is accounted for as a single liability measured at its amortized cost. The Company adopted ASU No. 2020-06 using a modified retrospective method of transition. As such, the Company recorded a one-time cumulative effect adjustment to the balance sheet and the reported financial information for the historical comparable periods will not be revised and will continue to be reported under the accounting standard in effect during the historical periods. The Company recorded a one-time cumulative effect adjustment to the balance sheet on January 1, 2021 as follows: Balance at Cumulative Balance at December 31, 2020 adjustment January 1, 2021 Long-term debt $ 193,036 $ 21,393 $ 214,429 Deferred income taxes 33,429 (5,584) 27,845 Capital in excess of par 153,529 (16,511) 137,018 Retained earnings 331,897 702 332,599 |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 12 Months Ended |
Dec. 29, 2022 | |
Loss Contingency [Abstract] | |
Impact of COVID-19 Pandemic | 2. Impact of COVID-19 Pandemic The COVID-19 pandemic had an unprecedented impact on the world and both of the Company’s business segments. As an operator of movie theatres, hotels and resorts, restaurants and bars, each of which consists of spaces where customers and guests gather in close proximity, the Company’s businesses were significantly impacted by protective actions that federal, state and local governments took to control the spread of the pandemic, and customers’ reactions or responses to such actions. The extent of these protective actions and their impact on the Company’s businesses dissipated throughout fiscal 2022. The Company began fiscal 2022 with all of its theatres open with normal operating days and hours. While still below pre-COVID-19 levels, attendance has continued to gradually improve as the number of vaccinated individuals increased, more films are released, and customers indicate increasing willingness to return to movie theatres. The Company began fiscal 2022 with all eight of its company-owned and managed hotels open. All of the Company’s restaurants and bars in its hotels and resorts were open during the majority of fiscal 2022, operating in some cases with reduced operating hours. The majority of the Company’s hotels and restaurants are now generating revenues at or above pre-pandemic levels, while at certain hotels that primarily serve group business, revenues remain below pre-pandemic levels with improving occupancy and business travel activity increasing. During fiscal 2022 and fiscal 2021, the Company received $22,959 and $1,800, respectively, of federal income tax refunds (including $636 of interest) related to its fiscal 2020 tax return, with the primary benefit derived from net operating loss carrybacks to prior years. During fiscal 2020 and fiscal 2021, the Company received $31,500 and $5,900, respectively, of tax refunds from its fiscal 2019 tax return. The Company also generated additional income tax loss carryforwards during fiscal 2021 that will benefit future years. During the fourth quarter of fiscal 2020 and continuing into fiscal 2021, a number of states elected to provide grants to certain businesses most impacted by the COVID-19 pandemic. The Company received $8,100 of these grants in fiscal 2021 and $4,335 in state grants during fiscal 2022 that were awarded and accrued during the fourth quarter of fiscal 2021. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance of obligations by transferring the promised services to the customer. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. The amount of revenue recognized reflects the consideration entitled to in exchange for those services. The disaggregation of revenues by business segment for fiscal 2022, fiscal 2021 and fiscal 2020 is as follows: Fiscal 2022 Reportable Segment Theatres Hotels/Resorts Corporate Total Theatre admissions $ 198,485 $ — $ — $ 198,485 Rooms — 107,699 — 107,699 Theatre concessions 180,180 — — 180,180 Food and beverage — 74,836 — 74,836 Other revenues (1) 29,076 53,117 367 82,560 Cost reimbursements — 33,634 — 33,634 Total revenues $ 407,741 $ 269,286 $ 367 $ 677,394 Fiscal 2021 Reportable Segment Theatres Hotels/Resorts Corporate Total Theatre admissions $ 130,740 $ — $ — $ 130,740 Rooms — 77,650 — 77,650 Theatre concessions 118,666 — — 118,666 Food and beverage — 47,086 — 47,086 Other revenues (1) 21,754 43,219 358 65,331 Cost reimbursements 88 18,683 — 18,771 Total revenues $ 271,248 $ 186,638 $ 358 $ 458,244 Fiscal 2020 Reportable Segment Theatres Hotels/Resorts Corporate Total Theatre admissions $ 64,825 $ — $ — $ 64,825 Rooms — 35,386 — 35,386 Theatre concessions 56,711 — — 56,711 Food and beverage — 24,822 — 24,822 Other revenues (1) 10,764 27,552 426 38,742 Cost reimbursements 324 16,878 — 17,202 Total revenues $ 132,624 $ 104,638 $ 426 $ 237,688 (1) Included in other revenues is an immaterial amount related to rental income that is not considered contract revenue from contracts with customers under ASC 606. The Company recognizes revenue from its rooms as earned on the close of business each day. Revenue from theatre admissions, theatre concessions and food and beverage sales are recognized at the time of sale. Revenues from advanced ticket and gift card sales are recorded as deferred revenue and are recognized when tickets or gift cards are redeemed. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Gift card breakage income is recorded in other revenues in the consolidated statements of earnings (loss). Other revenues include management fees for theatres and hotels under management agreements. The management fees are recognized as earned based on the terms of the agreements. The management fees include variable consideration that is recognized based on the Company’s right to invoice as the amount invoiced corresponds directly to the value transferred to the customer. Other revenues also include family entertainment center revenues and revenues from Hotels/Resorts outlets such as spa, ski, golf and parking, each of which are recognized at the time of sale. In addition, other revenues include pre-show advertising income in the Company’s theatres. Pre-show advertising revenue includes variable consideration, primarily based on attendance levels, that is allocated to distinct time periods that make up the overall performance obligation. Cost reimbursements primarily consist of payroll and related expenses at managed properties where the Company is the employer and may include certain operational and administrative costs as provided for in the Company’s contracts with owners. These costs are reimbursed back to the Company. As these costs have no added markup, the revenue and related expense have no impact on operating income (loss) or net earnings (loss). The timing of the Company’s revenue recognition may differ from the timing of payment by customers. However, the Company typically receives payment within a very short period of time of when the revenue is recognized. The Company records a receivable when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision for the related services, deferred revenue is recorded until the performance obligation is satisfied. Revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales tax. The Company had deferred revenue from contracts with customers of $37,046, $39,144 and $37,307 as of December 29, 2022, December 30, 2021 and December 31, 2020, respectively. The Company had no contract assets as of December 29, 2022 and December 30, 2021. During fiscal 2022, the Company recognized revenue of $15,863 that was included in deferred revenues as of December 30, 2021. During fiscal 2021, the Company recognized revenue of $13,968 that was included in deferred revenues as of December 31, 2020. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Company’s loyalty program. As of December 29, 2022, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $2,347 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of December 29, 2022, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $19,492 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the tickets and gift cards are redeemed, which is expected to occur within the next two years. As of December 29, 2022, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $3,851 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Company’s revenue is recognized in less than one year from the original contract. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 29, 2022 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | 4. Impairment Charges During fiscal 2022, the Company determined that indicators of impairment were present at certain theatre asset groups. For certain of the theatre asset groups evaluated for impairment, the sum of the estimated undiscounted future cash flows attributable to certain theatre assets was less than their carrying amounts. The Company evaluated the fair value of these assets, consisting primarily of land, building, leasehold improvements, furniture, fixtures and equipment, and operating lease right-of-use assets less lease obligations, and determined that the fair value, measured using Level 3 pricing inputs (using estimated discounted cash flows over the life of the primary assets) was less than their carrying value and recorded impairment losses of $1,525, reducing certain property and equipment and certain operating lease right-of-use assets. The remaining net book value of the impaired assets was $5,229 as of December 29, 2022, excluding any applicable remaining lease obligations. During fiscal 2021, the Company determined that indicators of impairment were present at certain theatre asset groups. For certain of the theatre asset groups evaluated for impairment, the sum of the estimated undiscounted future cash flows attributable to certain theatre assets was less than their carrying amounts. The Company evaluated the fair value of these assets, consisting primarily of land, building, leasehold improvements, furniture, fixtures and equipment, and operating lease right-pf-use assets less lease obligations, and determined that the fair value, measured using Level 3 pricing inputs (using estimated discounted cash flows over the life of the primary assets, including estimated sale proceeds) was less than their carrying value and recorded impairment losses of $5,766, reducing certain property and equipment and certain operating lease right-of-use assets. The remaining net book value of the impaired assets was $11,689 as of December 30, 2021, excluding any applicable remaining lease obligations. In fiscal 2020, the Company determined that indicators of impairment were evident at all asset groups. For certain theatre asset groups evaluated for impairment, the sum of the estimated undiscounted future cash flows attributable to these assets was less than their carrying amounts. The Company evaluated the fair value of these assets, consisting primarily of land, building, leasehold improvements, furniture, fixtures and equipment, and operating lease right-of-use assets less lease obligations, and determined that the fair value, measured using Level 3 pricing inputs (using estimated discounted cash flows over the life of the primary assets, including estimated sale proceeds) was less than their carrying value and recorded a $22,076 impairment less, reducing certain property and equipment and certain operating lease right-of-use assets. The remaining net book value of the impaired assets was $33,313 as of December 31, 2020, excluding any applicable remaining lease obligations. In fiscal 2020, the Company determined that indicators of impairment were evident related to its trade name intangible asset. The Company estimated the fair value of its trade name intangible asset using an income approach, specifically the relief from royalty method, which uses certain assumptions that are Level 3 pricing inputs, including future revenues attributable to the trade name, a royalty rate (1.0% as of December 31, 2020) and a discount rate (17.0% as of December 31, 2020). During fiscal 2020, the Company determined that the fair value of the asset was less than the carrying value and recorded a $2,600 impairment loss. The fair value of the trade name intangible asset was $6,900 as of December 31, 2020. |
Asset Sale
Asset Sale | 12 Months Ended |
Dec. 29, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Asset Sale | 5. Asset Sale On December 16, 2022, the Company, together with its noncontrolling interest joint venture partner, Skirvin Partners in Development, sold The Skirvin Hilton hotel in Oklahoma City, Oklahoma for a total sale price of $36,750. The assets sold consisted primarily of land, building, equipment and other assets. Net proceeds from the sale were approximately $31,101, net of transaction costs of $609 and retirement of a ground lease obligation of $5,040. The retirement of the ground lease obligation resulted in the Company owning the land, which was then conveyed to the buyer. Additionally, $24,111 in mortgage debt was retired. The transaction resulted in a gain on sale of $6,274. The Skirvin Hilton revenues for fiscal 2022 through the date of sale, fiscal 2021 and fiscal 2020 were $15,979, $12,121 and $7,521, respectively. The Skirvin Hilton operating loss was $387, $104 and $1,800 for fiscal 2022, fiscal 2021 and fiscal 2020 respectively. Pursuant to the terms of the partnership agreement, $2,044 was distributed to noncontrolling interests during fiscal 2022 representing the partner’s share of net sales proceeds and partnership liquidation proceeds. The remaining amount to be distributed to noncontrolling interests is $824 as of December 29, 2022 and is included in noncontrolling interests in the consolidated balance sheet. |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 12 Months Ended |
Dec. 29, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Additional Balance Sheet Information | 6. Additional Balance Sheet Information The composition of accounts receivable is as follows: December 29, 2022 December 30, 2021 Trade receivables, net of allowances of $172 and $1,001, respectively $ 6,707 $ 8,981 Other receivables 14,748 19,921 $ 21,455 $ 28,902 The composition of property and equipment, which is stated at cost, is as follows: December 29, 2022 December 30, 2021 Land and improvements $ 132,285 $ 129,642 Buildings and improvements 729,177 756,974 Leasehold improvements 167,516 166,060 Furniture, fixtures and equipment 386,197 375,650 Finance lease right-of-use assets 29,885 75,124 Construction in progress 10,305 6,000 1,455,365 1,509,450 Less accumulated depreciation and amortization 739,600 738,258 $ 715,765 $ 771,192 The composition of other assets is as follows: December 29, 2022 December 30, 2021 Intangible assets 6,945 6,987 Other assets 5,946 5,702 $ 12,891 $ 12,689 Included in intangible assets is a trade name valued at $6,900 as of December 29, 2022 and December 30, 2021 that has an indefinite life. |
Long-Term Debt and Short-Term B
Long-Term Debt and Short-Term Borrowings | 12 Months Ended |
Dec. 29, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Short-Term Borrowings | 7. Long-Term Debt and Short-Term Borrowings Long-term debt is summarized as follows: December 29, 2022 December 30, 2021 Mortgage notes $ — $ 24,388 Senior notes 80,000 90,000 Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75% 954 1,356 Convertible senior notes 100,050 100,050 Payroll Protection Program loans 2,240 3,181 Revolving credit agreement — — Debt issuance costs (2,807) (3,831) Total debt, net of debt issuance costs 180,437 215,144 Less current maturities, net of issuance costs 10,432 10,967 Long-term debt 170,005 204,177 Short-term borrowings — 47,346 Total debt and short-term borrowings, net of issuance costs $ 180,437 $ 262,490 On December 16, 2022, in conjunction with the sale of a hotel, the mortgage notes were retired. The mortgage notes bore fixed rate interest from 3.00% to 5.03% and had a weighted-average rate of 4.27% at December 30, 2021. The mortgage notes were secured by the related land, buildings and equipment. Credit Agreement and Short-Term Borrowings On January 9, 2020, the Company replaced its then-existing credit agreement with several banks. On April 29, 2020, the Company entered into the First Amendment, on September 15, 2020, the Company entered into the Second Amendment, on July 13, 2021, the Company entered into the Third Amendment, on July 29, 2022, the Company entered into the Fourth Amendment and on February 10, 2023, the Company entered into the Fifth Amendment (the Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment, hereinafter referred to as the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility that matures on January 9, 2025 with an initial maximum aggregate amount of availability of $225,000. At December 29, 2022, there were no borrowings outstanding on the revolving credit facility, which when borrowed, bear interest at LIBOR plus a margin, effectively 6.75% at December 29, 2022. Availability under the $225,000 revolving credit facility was $221,809 as of December 29, 2022 after taking into consideration outstanding letters of credit that reduce revolver availability. In conjunction with the First Amendment, the Company added an initial $90,800 term loan facility that was scheduled to mature on September 22, 2021. In conjunction with the Third Amendment, the term loan facility was reduced to $50,000 and the maturity date was extended to September 22, 2022. On July 29, 2022, in conjunction with the Fourth Amendment, the Company repaid $46,679 of short-term borrowings, repaying in full and retiring the term loan facility maturing on September 22, 2022. Additionally, the Fourth Amendment modified the consolidated fixed charge coverage covenant, reducing the requirement to maintain a consolidated fixed charge coverage ratio of at least 3.0 to 1.0 to at least 2.5 to 1.0 starting as of the end of the fiscal quarter ending March 20, 2023, and continuing for each fiscal quarter thereafter. During fiscal 2022 and prior to the Fifth Amendment, borrowings under the Credit Agreement generally bear interest at a variable rate equal to (i) LIBOR, subject to a 1% floor, plus a specified margin based upon the Company's consolidated debt to capitalization ratio as of the most recent determination date; or (ii) the base rate (which is the highest of (a) the prime rate, (b) the greater of the federal funds rate and the overnight bank funding rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR), subject to a 1% floor, plus a specified margin based upon the Company's consolidated debt to capitalization ratio as of the most recent determination date . In addition, the Credit Agreement generally requires the Company to pay a facility fee equal to 0.125% to 0.25% of the total revolving commitment, depending on its consolidated debt to capitalization ratio, as defined in the Credit Agreement. However, pursuant to the First Amendment and the Second Amendment: (A) in respect of revolving loans, (1) the Company is charged a facility fee equal to 0.40% of the total revolving credit facility commitment and (2) the specified margin is 2.35% for LIBOR borrowings and 1.35% for ABR borrowings, which facility fee rate and specified margins will remain in effect until the end of the first fiscal quarter ending after the end of any period in which any portion of the term loan facility remains outstanding or the testing of any financial covenant in the Credit Agreement is suspended (the “specified period”); and (B) in respect of term loans, the specified margin is 2.75% for LIBOR borrowings and 1.75% for ABR borrowings, in each case, at all times. Effective with the Fifth Amendment on February 10, 2023, the variable rate LIBOR benchmark in the Credit Agreement was replaced with the secured overnight financing rate (“SOFR”). Borrowings under the Credit Agreement now generally bear interest at a variable rate equal to: (i) SOFR plus a credit spread adjustment of 0.10%, subject to a 0% floor, plus a specified margin based upon our consolidated debt to capitalization ratio as of the most recent determination date; or (ii) the base rate (which is the highest of (a) the prime rate, (b) the greater of the federal funds rate and the overnight bank funding rate plus 0.50% or (c) the sum of 1% plus one-month SOFR plus a credit spread adjustment of 0.10%), subject to a 1% floor, plus a specified margin based upon our consolidated debt to capitalization ratio as of the most recent determination date. In addition, the Credit Agreement generally requires the Company to pay a facility fee equal to 0.125% to 0.25% of the total revolving commitment, depending on our consolidated debt to capitalization ratio, as defined in the Credit Agreement. However, pursuant to the First Amendment, the Second Amendment and the Fifth Amendment: (A) in respect of revolving loans, (1) the Company is charged a facility fee equal to 0.40% of the total revolving credit facility commitment and (2) the specified margin is 2.35% for SOFR borrowings and 1.35% for ABR borrowings, which facility fee rate and specified margins will remain in effect until the end of the first fiscal quarter ending after the end of any period in which the testing of any financial covenant in the Credit Agreement is suspended (the “specified period”); and (B) in respect of term loans, the specified margin is 2.75% for SOFR borrowings and 1.75% for ABR borrowings, in each case, at all times. The Credit Agreement contains various restrictions and covenants applicable to the Company. Among other requirements, the Credit Agreement (a) limits the amount of priority debt (as defined in the Credit Agreement) held by the Company’s restricted subsidiaries to no more than 20% of the Company’s consolidated total capitalization (as defined in the Credit Agreement), (b) limits the Company’s permissible consolidated debt to capitalization ratio to a maximum of 0.55 to 1.0, (c) requires the Company to maintain a consolidated fixed charge coverage ratio of at least 2.5 to 1.0 as of the end of the fiscal quarter ending March 30, 2023 and each fiscal quarter thereafter, (d) restricts the Company’s ability to incur additional indebtedness, pay dividends and other distributions (the restriction on dividends and other distributions does not apply to subsidiaries), and make voluntary prepayments on or defeasance of the Company’s 4.02% Senior Notes due August 2025, 4.32% Senior Notes due February 2027, the notes or certain other convertible securities, (e) requires the Company’s consolidated EBITDA not to be less than or equal to $70,000 as of December 29, 2022 for the four consecutive fiscal quarters then ending, (f) requires the Company’s consolidated liquidity not to be less than or equal to $50,000 as of the end of the fiscal quarter ending December 29, 2022, and (g) prohibits the Company from incurring or making capital expenditures, (i) during fiscal 2021 in excess of the sum of $40,000 plus certain adjustments, or (ii) during fiscal 2022 in excess of $50,000 plus certain adjustments. Pursuant to the Credit Agreement, if, at any time during the specified period, the Company’s unrestricted cash on hand exceeds $75,000, the Credit Agreement requires the Company to prepay revolving loans under the Credit Agreement by the amount of such excess, without a corresponding reduction in the revolving commitments under the Credit Agreement. In connection with the Credit Agreement: (i) the Company has pledged, subject to certain exceptions, security interests and liens in and on (a) substantially all of its respective personal property assets and (b) certain of its respective real property assets, in each case, to secure the Credit Agreement and related obligations; and (ii) certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the Credit Agreement. The foregoing security interests, liens and guaranties will remain in effect until the Collateral Release Date (as defined in the Credit Agreement). The Credit Agreement contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then, among other things, the lenders may declare any outstanding obligations under the Credit Agreement to be immediately due and payable and exercise rights and remedies against the pledged collateral. Note Purchase Agreements The Company’s $80,000 of senior notes consist of two Purchase Agreements maturing in 2025 through 2027, require annual principal payments in varying installments and bear interest payable semi-annually at fixed rates ranging from 4.02% to 4.32%, with a weighted-average fixed rate of 4.21% at December 29, 2022 and 4.17% at December 30, 2021. On July 13, 2021, the Company and certain purchasers entered into amendments (the “Note Amendments”) to the Note Purchase Agreement, dated June 27, 2013, and the Note Purchase Agreement, dated December 21, 2016 (collectively, the “Note Purchase Agreements”). The Note Amendments amend certain covenants and other terms of the Note Purchase Agreements and are identical to the amended covenants that are referenced in the Credit Agreement section above. Additionally, from April 29, 2020 until the last day of the first fiscal quarter ending after the Collateral Release Date (as defined in the Note Amendments), the Company is required to pay a fee to each Note holder equal to 0.975% of the aggregate principal amount of Notes held by such holder and is payable quarterly (0.24375% of the aggregate principal amount of the Notes per quarter). In connection with the Note Amendments: (i) the Company has pledged, subject to certain exceptions, security interests and liens in and on (a) substantially all of their respective personal property assets and (b) certain of their respective real property assets, in each case, to secure the Notes and related obligations; and (ii) certain subsidiaries of the Company have guaranteed the Company's obligations under the Note Purchase Agreements and the Notes. The foregoing security interests, liens and guaranties will remain in effect until the Collateral Release Date. The Note Purchase Agreements contain customary events of default. If an event of default under the Note Purchase Agreements occurs and is continuing, then, among other things, all Notes then outstanding become immediately due and payable and the Note holders may exercise their rights and remedies against the pledged collateral. Convertible Senior Notes On September 17, 2020, the Company entered into a purchase agreement to issue and sell $100,050 aggregate principal amount of its 5.00% Convertible Senior Notes due 2025 (the “Convertible Notes.”) The Convertible Notes were issued pursuant to an indenture (the “Indenture”), dated September 22, 2020, between the Company and U.S. Bank National Association, as trustee. The net proceeds from the sale of the Convertible Notes were approximately $95,421 after deducting the Initial Purchasers’ fees and additional fees and expenses related to the offering. The Company used $16,908 of net proceeds from the offering to pay the cost of the Capped Call Transactions (as described below). The remainder of the net proceeds were used to repay borrowings under the Company’s revolving credit facility and for general corporate purposes. The Convertible Notes are senior unsecured obligations and rank (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The Convertible Notes bear interest from September 22, 2020 at a rate of 5.00% per year. Interest will be payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2021. The Convertible Notes may bear additional interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the Indenture or if the Convertible Notes are not freely tradable as required by the Indenture. The Convertible Notes will mature on September 15, 2025, unless earlier repurchased or converted. Prior to March 15, 2025, the Convertible Notes will be convertible at the option of the holders only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on December 30, 2020 (and only during such fiscal quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period immediately after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after March 15, 2025, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Convertible Notes may be settled, at the company’s election, in cash, shares of Common Stock or a combination thereof. The initial conversion rate is 90.8038 shares of Common Stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $11.01 per share of Common Stock), representing an initial conversion premium of approximately 22.5% to the $8.99 last reported sale price of the Common Stock on The New York Stock Exchange on September 17, 2020. The conversion rate is subject to adjustment for certain events, including distributions and dividends paid to holders of Common Stock. At December 29, 2022, the adjusted conversion rate is 91.3657 shares of Common Stock per $1,000 principal amount of the Convertible Notes (equivalent to an adjusted conversion price of approximately $10.95 per share of Common Stock). If the Company undergoes certain fundamental changes, holders of Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes for a purchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a make-whole fundamental change occurs prior to the maturity date, the Company will, under certain circumstances, increase the conversion rate for holders who convert Convertible Notes in connection with such make-whole fundamental change. The Company may not redeem the Convertible Notes before maturity and no “sinking fund” is provided for the Convertible Notes. The Indenture includes covenants customary for securities similar to the Convertible Notes, sets forth certain events of default after which the Convertible Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company and certain of its subsidiaries after which the Convertible Notes become automatically due and payable. Since the Company’s fiscal 2021 second quarter, the Company’s Convertible Notes have been eligible for conversion at the option of the holders as the last reported sale price of the Common Stock was greater than or equal to 130% of the applicable conversion price for at least 20 trading days during the last 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter. The Company has the ability to settle the conversion in Company stock. As such, the Convertible Notes will continue to be classified as long-term. Future convertibility and resulting balance sheet classification of this liability will be monitored at each quarterly reporting date and will be analyzed dependent upon market prices of the Company’s Common Stock during the prescribed measurement period. No Convertible Notes have been converted to date and the Company does not expect any to be converted within the next 12 months. Capped Call Transactions In connection with the pricing of the Convertible Notes on September 17, 2020, and in connection with the exercise by the Initial Purchasers of their option to purchase additional Convertible Notes on September 18, 2020, the Company entered into privately negotiated Capped Call Transactions (the “Capped Call Transactions”) with certain of the Initial Purchasers and/or their respective affiliates and/or other financial institutions (the “Capped Call Counterparties”). The Capped Call Transactions are expected generally to reduce potential dilution of the Company’s common stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such converted Convertible Notes, as the case may be, in the event that the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, is greater than the strike price of the Capped Call Transactions, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. If, however, the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would nevertheless be dilution to the extent that such market price exceeds the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions was initially $17.98 per share (in no event shall the cap price be less than the strike price of $11.0128), which represents a premium of 100% over the last reported sale price of the Common Stock of $8.99 per share on The New York Stock Exchange on September 17, 2020. Under the terms of the Capped Call Transactions, the cap price is subject to adjustment for certain events, including distributions and dividends paid to holders of Common Stock. At December 29, 2022, the adjusted cap price is approximately $17.87 per share. The Capped Call Transactions are separate transactions entered into by the Company with the Capped Call Counterparties, are not part of the terms of the Convertible Notes and will not change the rights of holders of the Convertible Notes under the Convertible Notes and the Indenture. Paycheck Protection Program Loans During fiscal 2020, 11 of the Company’s subsidiaries received proceeds totaling $13,459 under the CARES Act’s Paycheck Protection Program (PPP). The PPP loans bear interest at a fixed interest rate of 1.0%, require principal and interest payments that began in April 2021, and mature in fiscal 2026. The PPP loans allow for a substantial amount of the principal to be forgiven. Under Section 1106 of the CARES Act, borrowers are eligible for forgiveness of principal and accrued interest on the loans to the extent that the proceeds are used to cover eligible payroll costs, mortgage interest costs, rent and utility costs (qualified expenses). The Company’s subsidiaries used a cumulative total of approximately $10,012 of the PPP loan proceeds to pay for qualified expenses. Of the cumulative proceeds used, approximately $9,094 of the expenditures paid were used to cover eligible employee payroll costs which offset the payroll costs of employees rehired due to the CARES Act. The remaining approximately $918 of expenditures paid were used to offset rent expense, utility costs and mortgage interest expense. The portion of the PPP loan proceeds used for qualified expenses were forgiven under the terms of the CARES Act program during fiscal 2021 and the Company reduced its cumulative subsidiary loan balances by this amount. Scheduled annual principal payments on long-term debt, net of amortization of debt issuance costs, for the years subsequent to December 29, 2022, are as follows: Fiscal Year 2023 $ 10,432 2024 10,365 2025 109,684 2026 — 2027 49,956 Thereafter — $ 180,437 Interest paid on short-term borrowings and long-term debt, net of amounts capitalized, for fiscal 2022, fiscal 2021 and fiscal 2020 totaled $13,442, $14,119 and $10,885, respectively. Derivatives The Company utilizes derivatives principally to manage market risks and reduce its exposure resulting from fluctuations in interest rates. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions. |
Leases
Leases | 12 Months Ended |
Dec. 29, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to accounting guidance ASC 842. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The exercise of lease renewal options is done at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and related right-of-use asset and lease liability. The depreciable life of the asset is limited to the expected term. The Company’s lease agreements do not contain any residual value guarantees or any restrictions or covenants. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate in the lease in determining the present value of lease payments. When the lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the fixed rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company recognizes right-of-use assets for all assets subject to operating leases in an amount equal to the operating lease liabilities, adjusted for the balances of long-term prepaid rent, favorable lease intangible assets, deferred lease expense, unfavorable lease liabilities and deferred lease incentive liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Total lease cost consists of the following: Lease Cost Classification Fiscal 2022 Fiscal 2021 Finance lease costs: Amortization of finance lease assets Depreciation and amortization $ 2,789 $ 2,732 Interest on lease liabilities Interest expense 850 951 $ 3,639 $ 3,683 Operating lease costs: Operating lease costs Rent expense $ 25,381 $ 25,489 Variable lease cost Rent expense 514 (30) Short-term lease cost Rent expense 142 135 $ 26,037 $ 25,594 Additional information related to leases is as follows: Other Information Fiscal 2022 Fiscal 2021 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 2,670 $ 2,774 Operating cash flows from finance leases 850 951 Operating cash flows from operating leases 29,025 31,136 Right of use assets obtained in exchange for new lease obligations: Finance lease liabilities 419 — Operating lease liabilities, including from acquisitions 275 2,663 December 29, 2022 December 30, 2021 Finance leases: Property and equipment – gross $ 29,885 $ 75,124 Accumulated depreciation and amortization (15,332) (58,197) Property and equipment - net $ 14,553 $ 16,927 Remaining lease terms and discount rates are as follows: Lease Term and Discount Rate December 29, 2022 December 30, 2021 Weighted-average remaining lease terms: Finance leases 7 years 8 years Operating leases 12 years 13 years Weighted-average discount rates: Finance leases 4.59% 4.58% Operating leases 4.51% 4.48% Maturities of lease liabilities as of December 29, 2022 are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 23,610 $ 3,243 2024 25,072 3,139 2025 25,225 2,980 2026 24,795 2,863 2027 23,181 1,935 Thereafter 154,681 6,626 Total lease payments 276,564 20,786 Less: amount representing interest (66,730) (3,284) Total lease liabilities $ 209,834 $ 17,502 Deferred rent payments of approximately $827 for the Company’s operating leases have been included in the total operating lease obligations as of December 29, 2022, of which approximately $624 is included in long-term operating lease obligations. |
Leases | 8. Leases The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to accounting guidance ASC 842. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The exercise of lease renewal options is done at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and related right-of-use asset and lease liability. The depreciable life of the asset is limited to the expected term. The Company’s lease agreements do not contain any residual value guarantees or any restrictions or covenants. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate in the lease in determining the present value of lease payments. When the lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the fixed rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company recognizes right-of-use assets for all assets subject to operating leases in an amount equal to the operating lease liabilities, adjusted for the balances of long-term prepaid rent, favorable lease intangible assets, deferred lease expense, unfavorable lease liabilities and deferred lease incentive liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Total lease cost consists of the following: Lease Cost Classification Fiscal 2022 Fiscal 2021 Finance lease costs: Amortization of finance lease assets Depreciation and amortization $ 2,789 $ 2,732 Interest on lease liabilities Interest expense 850 951 $ 3,639 $ 3,683 Operating lease costs: Operating lease costs Rent expense $ 25,381 $ 25,489 Variable lease cost Rent expense 514 (30) Short-term lease cost Rent expense 142 135 $ 26,037 $ 25,594 Additional information related to leases is as follows: Other Information Fiscal 2022 Fiscal 2021 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 2,670 $ 2,774 Operating cash flows from finance leases 850 951 Operating cash flows from operating leases 29,025 31,136 Right of use assets obtained in exchange for new lease obligations: Finance lease liabilities 419 — Operating lease liabilities, including from acquisitions 275 2,663 December 29, 2022 December 30, 2021 Finance leases: Property and equipment – gross $ 29,885 $ 75,124 Accumulated depreciation and amortization (15,332) (58,197) Property and equipment - net $ 14,553 $ 16,927 Remaining lease terms and discount rates are as follows: Lease Term and Discount Rate December 29, 2022 December 30, 2021 Weighted-average remaining lease terms: Finance leases 7 years 8 years Operating leases 12 years 13 years Weighted-average discount rates: Finance leases 4.59% 4.58% Operating leases 4.51% 4.48% Maturities of lease liabilities as of December 29, 2022 are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 23,610 $ 3,243 2024 25,072 3,139 2025 25,225 2,980 2026 24,795 2,863 2027 23,181 1,935 Thereafter 154,681 6,626 Total lease payments 276,564 20,786 Less: amount representing interest (66,730) (3,284) Total lease liabilities $ 209,834 $ 17,502 Deferred rent payments of approximately $827 for the Company’s operating leases have been included in the total operating lease obligations as of December 29, 2022, of which approximately $624 is included in long-term operating lease obligations. |
Shareholders' Equity and Share-
Shareholders' Equity and Share-Based Compensation | 12 Months Ended |
Dec. 29, 2022 | |
Equity [Abstract] | |
Shareholders’ Equity and Share-Based Compensation | 9. Shareholders’ Equity and Share-Based Compensation Shareholders may convert their shares of Class B Common Stock into shares of Common Stock at any time. Class B Common Stock shareholders are substantially restricted in their ability to transfer their Class B Common Stock. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of the Class B Common Stock. Holders of Class B Common Stock are entitled to ten votes per share while holders of Common Stock are entitled to one vote per share on any matters brought before the shareholders of the Company. Liquidation rights are the same for both classes of stock. Through December 29, 2022, the Company’s Board of Directors has approved the repurchase of up to 11,687,500 shares of Common Stock to be held in treasury. The Company intends to reissue these shares upon the exercise of stock options and for savings and profit-sharing plan contributions. The Company repurchased 134,694, 61,654 and 37,567 shares pursuant to these authorizations during fiscal 2022, fiscal 2021 and fiscal 2020, respectively. At December 29, 2022, there were 2,522,646 shares available for repurchase under these authorizations. The Company’s Board of Directors has authorized the issuance of up to 750,000 shares of Common Stock for The Marcus Corporation Dividend Reinvestment and Associate Stock Purchase Plan. At December 29, 2022, there were 418,565 shares available under this authorization. Shareholders have approved the issuance of up to 7,437,500 shares of Common Stock under various equity incentive plans. Stock options granted under the plans to employees generally become exercisable either 40% after two years, 60% after three years, 80% after four years and 100% after five years of the date of grant, or 50% after two years, 75% after three years and 100% after four years of the date of grant, depending on the date of grant. The options generally expire ten years from the date of grant as long as the optionee is still employed with the Company. Awarded shares of non-vested stock cumulatively vest either 25% after three years of the grant date, 50% after five years of the grant date, 75% after ten years of the grant date and 100% upon retirement, or 50% after three years of the grant date and 100% after five years of the grant date, or 50% after two years of the grant date and 100% after four years of the grant date, depending on the date of grant, or in the case of a special grant awarded in fiscal 2021, one year after the date of grant. The non-vested stock may not be sold, transferred, pledged or assigned, except as provided by the vesting schedule included in the Company’s equity incentive plan. During the period of restriction, the holder of the non-vested stock has voting rights and is entitled to receive all dividends and other distributions paid with respect to the stock. Non-vested stock awards and shares issued upon option exercises may be issued from previously acquired treasury shares. At December 29, 2022, there were 1,486,777 shares available for grants of additional stock options, non-vested stock and other types of equity awards under the current plan. Share-based compensation, including stock options and non-vested stock awards, is expensed over the vesting period of the awards based on the grant date fair value. The Company estimated the fair value of stock options using the Black-Scholes option pricing model with the following assumptions used for awards granted during fiscal 2022, fiscal 2021 and fiscal 2020: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Risk-free interest rate 1.73 – 3.90% 0.97 – 1.26% 0.40 – 1.26% Dividend yield 1.50% 1.50% 1.70 – 1.90% Volatility 48 - 53% 28 – 53% 27 – 41% Expected life 6 – 8 years 6 – 8 years 6 – 8 years Total pre-tax share-based compensation expense was $8,170, $9,316 and $4,385 in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. The recognized tax benefit on share-based compensation was $1,338, $1,997 and $771 in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. A summary of the Company’s stock option activity and related information follows (shares in thousands): Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Options Weighted- Options Weighted- Options Weighted- Outstanding at beginning of period 2,533 $ 24.84 2,234 $ 24.87 1,641 $ 25.46 Granted 501 16.99 531 21.74 728 23.47 Exercised (68) 13.15 (134) 11.42 (31) 12.21 Forfeited (100) 24.89 (98) 26.60 (104) 28.06 Outstanding at end of period 2,866 23.76 2,533 24.84 2,234 24.87 Exercisable at end of period 1,613 $ 25.70 1,119 $ 24.76 1,001 $ 20.38 Weighted-average fair value of options granted during the period $ 7.71 $ 9.47 $ 5.96 Exercise prices for options outstanding as of December 29, 2022 ranged from $12.71 to $41.90. The weighted-average remaining contractual life of those options is 6.3 years. The weighted-average remaining contractual life of options currently exercisable is 4.8 years. There were 2,821,000 options outstanding, vested and expected to vest as of December 29, 2022, with a weighted-average exercise price of $23.83 and an intrinsic value of $443. Additional information as of December 29, 2022 related to options outstanding segregated by exercise price range is as follows (shares in thousands): Exercise Price Range $12.71 to $20.25 $20.26 to $27.00 $27.01 to $41.90 Options outstanding 1,067 895 904 Weighted-average exercise price of options outstanding $ 16.15 $ 23.06 $ 33.41 Weighted-average remaining contractual life of options outstanding 6.5 6.3 6.2 Options exercisable 480 473 660 Weighted-average exercise price of options exercisable $ 15.93 $ 24.15 $ 33.90 The intrinsic value of options outstanding at December 29, 2022 was $446 and the intrinsic value of options exercisable at December 29, 2022 was $291. The intrinsic value of options exercised was $164, $1,164 and $107 during fiscal 2022, fiscal 2021 and fiscal 2020, respectively. As of December 29, 2022, total remaining unearned compensation cost related to stock options was $4,897, which will be amortized to expense over the remaining weighted-average life of 2.4 years. A summary of the Company’s non-vested stock activity and related information follows (shares in thousands): Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 357 $ 23.32 147 $ 31.02 174 $ 29.16 Granted 100 17.63 251 19.63 42 31.43 Vested (242) 22.95 (32) 30.69 (69) 26.56 Forfeited (3) 22.93 (9) 19.77 — — Outstanding at end of period 212 $ 21.07 357 $ 23.32 147 $ 31.02 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 29, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans The Company has a qualified profit-sharing retirement savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. During fiscal 2022, fiscal 2021 and fiscal 2020, the first 2% of the matching contribution was made with the Company’s common stock. Retirement savings plan expense was $2,233, $1,696 and $1,718 for fiscal 2022, fiscal 2021 and fiscal 2020, respectively. The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified retirement plan includes two components. The first component is a defined-benefit plan that applies to certain participants. The second component applies to all other participants and provides an account-based supplemental retirement benefit. The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 29, 2022 and December 30, 2021 measurement dates is as follows: December 29, December 30, Change in benefit obligation: Benefit obligation at beginning of period $ 46,827 $ 48,604 Service cost 1,055 1,122 Interest cost 1,341 1,201 Actuarial gain (11,368) (2,630) Benefits paid (1,531) (1,470) Benefit obligation at end of year $ 36,324 $ 46,827 Amounts recognized in the statement of financial position consist of: Current accrued benefit liability (included in Other accrued liabilities) $ (1,890) $ (1,674) Noncurrent accrued benefit liability (included in Other long-term obligations) (34,434) (45,153) Total $ (36,324) $ (46,827) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 2,660 $ 15,120 Prior service credit (260) (323) Total $ 2,400 $ 14,797 Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Net periodic pension cost: Service cost $ 1,055 $ 1,122 $ 1,095 Interest cost 1,341 1,201 1,371 Net amortization of prior service cost and actuarial loss 1,028 1,311 990 $ 3,424 $ 3,634 $ 3,456 The $1,774 loss, net of tax, included in accumulated other comprehensive loss at December 29, 2022, consists of the $1,966 net actuarial loss, net of tax, and the $192 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $10,935 loss, net of tax, included in accumulated other comprehensive loss at December 30, 2021, consists of the $11,174 net actuarial loss, net of tax, and the $239 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The accumulated benefit obligation was $33,719 and $42,835 as of December 29, 2022 and December 30, 2021, respectively. The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows: Year Ended December 29, 2022 December 30, 2021 (in thousands) Net actuarial (gain) loss $ (11,368) (2,630) Amortization of the net actuarial loss (1,092) (1,375) Amortization of the prior year service credit 63 64 Total $ (12,397) (3,941) The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows: December 29, 2022 December 30, 2021 Discount rate 5.05% 2.85% Rate of compensation increase 4.00% 4.00% The weighted-average assumptions used to determine net periodic benefit cost were as follows: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Discount rate 2.85% 2.45% 3.10% Rate of compensation increase 4.00% 4.00% 4.00% Benefit payments expected to be paid subsequent to December 29, 2022, are as follows: Fiscal Year 2023 $ 1,938 2024 2,002 2025 2,219 2026 2,358 2027 2,348 Years 2028 – 2032 15,409 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The components of the net deferred tax liability are as follows: December 29, 2022 December 30, 2021 Deferred tax assets Accrued employee benefits $ 14,133 $ 17,669 Operating lease liabilities 54,767 59,622 Gift card liabilities 6,575 7,318 Net operating loss, disallowed interest & tax credit carryforwards 28,273 24,166 Other 3,791 6,876 Total 107,539 115,651 Less valuation allowance (12,371) (2,415) Deferred tax assets 95,168 113,236 Deferred tax liabilities Depreciation and amortization (70,849) (73,898) Operating lease assets (50,886) (55,489) Deferred tax liabilities (121,735) (129,387) Net deferred tax liability $ (26,567) $ (16,151) Amounts recognized in the consolidated balance sheets consist of: Deferred income taxes - other assets $ — $ 10,032 Deferred income taxes - liabilities (26,567) (26,183) Net amount recognized $ (26,567) $ (16,151) As of December 29, 2022, the Company has a federal net operating loss carryforward of $19,656 and federal tax credit carryforwards of $4,538. As of December 30, 2021, the Company had a federal net operating loss carryforward of $26,003 and federal tax credit carryforwards of $3,463. As of December 29, 2022, the Company has state net operating loss carryforwards of $238,682, which will expire primarily in the next 12 to 20 years. As of December 30, 2021, the Company had state net operating loss carryforwards of $237,019. In fiscal 2021, the Company established a valuation allowance of $2,415 for a portion of its state net operating loss carryforwards that are not more likely than not to be realized. In fiscal 2022, the Company increased the valuation allowance by $9,956 to $12,371. The amount of the state net operating loss carryforwards considered realizable could be adjusted if, among other factors, estimates of future taxable income during the carryforward periods are reduced or increased. Income tax expense (benefit) consists of the following: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Current: Federal $ (452) $ 13 $ (32,626) State 556 129 526 Deferred: Federal (3,222) (12,629) (24,751) State 10,255 (3,214) (14,085) $ 7,137 $ (15,701) $ (70,936) The Company’s effective income tax rate, adjusted for earnings (losses) from noncontrolling interests, was (147.6)%, 26.6% and 36.2% for fiscal 2022, fiscal 2021 and fiscal 2020, respectively. The Company's effective income tax rate during fiscal 2022 was negatively impacted by a $9,956 increase in the valuation allowance for state net operating loss carryforwards, partially offset by a corresponding increase in the federal benefit on the valuation allowance of $2,598. Excluding the negative impact of the valuation allowance adjustment, the Company’s effect income tax rate during fiscal 2022 was 4.6%. The Company’s effective income tax rate during fiscal 2020 benefited from several accounting method changes and the March 27, 2020 signing of the CARES Act, one of the provisions of which allows the Company's 2019 and 2020 taxable losses to be carried back to prior fiscal years during which the federal income tax rate was 35.0%, compared to the current statutory federal income tax rate of 21.0%. During fiscal 2020, the Company recorded current tax benefits of $11,976 and deferred tax benefits of $8,095 related to the CARES Act and tax accounting changes. Excluding these favorable impacts, the company’s effective income tax rate for fiscal 2020 was 26.0%. The Company has not included the income tax expense or benefit related to the net earnings or loss attributable to noncontrolling interests in its income tax expense as the entity is considered a pass-through entity and, as such, the income tax expense or benefit is attributable to its owners. The Company evaluated the provisions of the CARES Act. Among other things, the CARES Act included provisions relating to refundable payroll tax credits, deferment of employer-side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. After reviewing these provisions, the Company filed income tax refund claims of approximately $37,400 in fiscal 2020 and $24,200 in fiscal 2021, with the primary benefit derived from several accounting method changes and new rules for qualified improvement property expenditures and net operating loss carrybacks. The Company received $31,500 of the tax refunds in fiscal 2020, $7,800 in fiscal 2021 and $22,300 in fiscal 2022. A reconciliation of the statutory federal tax rate to the effective tax rate on earnings attributable to The Marcus Corporation follows: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Statutory federal tax rate 21.0 % 21.0 % 21.0 % Tax benefit from CARES Act and accounting method changes — — 10.3 State income taxes, net of federal income tax benefit 4.3 6.7 5.0 Tax credits, net of federal income tax benefit 22.9 1.6 0.2 Valuation allowance (205.9) (4.1) — Federal income tax benefit on state valuation allowance 53.7 — — Excess tax benefits on share-based compensation (22.1) (0.6) (0.2) Other compensation and benefits (15.6) (0.7) — Meals and entertainment (4.1) (0.4) — Other (1.8) 3.1 (0.1) (147.6) % 26.6 % 36.2 % Net income taxes refunded in fiscal 2022, fiscal 2021 and fiscal 2020 were $21,935, $8,316 and $33,275, respectively. Net income taxes refunded in fiscal 2022, fiscal 2021 and fiscal 2020 included $22,300, $7,800 and $31,500, respectively, related to federal net operating loss carrybacks to prior years, as allowed under the provisions of the CARES Act. The Company had no unrecognized tax benefits as of December 29, 2022, December 30, 2021 and December 31, 2020. The Company had no accrued interest or penalties at December 29, 2022 or December 30, 2021. The Company classifies interest and penalties relating to income taxes as income tax expense. For the year ended December 29, 2022, $683 of interest income was recognized in the consolidated statement of earnings (loss), compared to $60 of interest income for the year ended December 30, 2021 and $296 of interest income for the year ended December 31, 2020. In the fourth quarter of 2021, the Company settled, with no significant change, an examination by the Internal Revenue Service of its fiscal 2019 and 2020 income tax returns. The examination included the previous five fiscal years, to the extent that net operating losses were carried back to those fiscal years under the CARES Act. With certain exceptions, the Company's state income tax returns are no longer subject to examination prior to fiscal 2018. At this time, the Company does not expect the results from any income tax audit or appeal to have a significant impact on the Company's financial statements. |
Commitments and License Rights
Commitments and License Rights | 12 Months Ended |
Dec. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and License Rights | 12. Commitments and License Rights Commitments - The Company has commitments for the completion of construction at various properties totaling approximately $5,387 at December 29, 2022. License Rights – As of December 29, 2022, the Company had license rights to operate three hotels using the Hilton trademark and two hotels using the Marriott trademark. Under the terms of the licenses, the Company is obligated to pay fees based on defined gross sales. |
Joint Venture Transactions
Joint Venture Transactions | 12 Months Ended |
Dec. 29, 2022 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Joint Venture Transactions | 13. Joint Venture Transactions At December 29, 2022 and December 30, 2021, the Company held investments with aggregate carrying values of $2,067 and $2,335, respectively. Investments at December 29, 2022 included one joint venture accounted for under the equity method. Investments at December 30, 2021 included two joint ventures accounted for under the equity method. In December 2021, the Company formed a joint venture with Searchlight Capital Partners (“Searchlight”) to acquire the Kimpton Hotel Monaco Pittsburgh (“Monaco”), a 248-room upper upscale hotel in downtown Pittsburgh, Pennsylvania. The Company invested $2,427 for a 10% equity interest in the Monaco joint venture and entered into a management agreement for the hotel. The Monaco joint venture entity, as the borrower, financed the acquisition of Monaco with a non-recourse mortgage loan. In connection with this mortgage loan, the Company provided an environmental indemnity and a “bad boy” guaranty that provides that the lender can recover losses from the Company for certain bad acts of the Monaco joint venture, such as but not limited to fraud, intentional misrepresentation, voluntary incurrence of prohibited debt, prohibited transfers of the collateral, and voluntary bankruptcy of the Monaco joint venture. Under the terms of the Monaco joint venture operating agreement, Searchlight has fully indemnified the Company under the “bad boy” guarantees for any losses other than those attributable to the Company’s own bad acts and has indemnified the Company to its proportionate liability under the environmental liability. During fiscal 2020, the Company recorded an other-than-temporary impairment loss of approximately $811 in which it was determined that the fair value of its equity method investment in a joint venture was less than its carrying value. The $811 impairment loss is included within equity losses from unconsolidated joint ventures in the consolidated statement of earnings (loss) as of December 31, 2020. Early in fiscal 2021, pursuant to a recapitalization of this joint venture, the Company surrendered its ownership interest in this entity. The Company also sold its interest in an equity investment without a readily determinable fair value in fiscal 2021 for $4,150 and recorded a gain of $2,079, which is included in gain on disposition of property, equipment and other assets in the consolidated statement of earnings (loss). |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 29, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | 14. Business Segment Information The Company evaluates performance and allocates resources based on the operating income (loss) of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Following is a summary of business segment information for fiscal 2022, fiscal 2021 and fiscal 2020: Theatres Hotels/ Corporate Total Fiscal 2022 Revenues $ 407,741 $ 269,286 $ 367 $ 677,394 Operating income (loss) 8,108 18,699 (18,501) 8,306 Depreciation and amortization 47,560 19,160 353 67,073 Assets 750,941 277,990 35,667 1,064,598 Capital expenditures and acquisitions 12,087 24,515 241 36,843 Fiscal 2021 Revenues $ 271,248 $ 186,638 $ 358 $ 458,244 Operating income (loss) (27,559) 5,865 (19,758) (41,452) Depreciation and amortization 51,654 20,192 281 72,127 Assets 820,547 305,928 61,886 1,188,361 Capital expenditures and acquisitions 10,299 6,783 — 17,082 Fiscal 2020 Revenues $ 132,624 $ 104,638 $ 426 $ 237,688 Operating loss (121,429) (43,885) (13,108) (178,422) Depreciation and amortization 53,460 21,096 496 75,052 Assets 871,655 309,320 73,203 1,254,178 Capital expenditures and acquisitions 15,828 4,669 866 21,363 Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Corporate assets primarily include cash and cash equivalents, furniture, fixtures and equipment, investments and land held for development. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business - The Marcus Corporation and its subsidiaries (the “Company”) operate principally in two business segments: Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia and a family entertainment center in Wisconsin. Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois and Nebraska and manages full service hotels, resorts and other properties in Wisconsin, Illinois, Minnesota, Iowa, Nevada, Pennsylvania, California and Nebraska. |
Principles of Consolidation | Principles of Consolidation - The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries. The Company has ownership interests greater than 50% in one joint venture that is considered a Variable Interest Entity (VIE) that is also included in the accounts of the Company. The Company is the primary beneficiary of the VIE and the Company’s interest is considered a majority voting interest. The equity interest of outside owners in consolidated entities is recorded as noncontrolling interests in the consolidated balance sheets, and their share of earnings is recorded as net earnings attributable to noncontrolling interests in the consolidated statements of earnings (loss) in accordance with the partnership agreements. Investments in affiliates which are 50% or less owned by the Company for which the Company exercises significant influence but does not have control are accounted for on the equity method. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents - The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. |
Restricted Cash | Restricted Cash - Restricted cash consists of bank accounts related to capital expenditure reserve funds, sinking funds, operating reserves and replacement reserves and may include amounts held by a qualified intermediary agent to be used for tax-deferred, like-kind exchange transactions. Restricted cash also includes funds held within the Company's captive insurance entity that are designated to pay expenses related specifically to the captive. |
Fair Value Measurements | Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 29, 2022 and December 30, 2021, respectively, the Company’s $3,932 and $4,617 of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 29, 2022 and December 30, 2021, the Company had investments in money market funds of $6,000 and $5,000, respectively, that were valued using Level 1 pricing inputs and were included in cash and cash equivalents. Level 2 - Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At December 29, 2022 and December 30, 2021, the Company’s $108 asset and $689 liability, respectively, related to the Company’s interest rate hedge contract was valued using Level 2 pricing inputs. Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At December 29, 2022 and December 30, 2021, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. Assets and liabilities that are measured on a non-recurring basis are discussed in Note 4 and Note 7. The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable and accounts payable) approximates fair value. The fair value of the Company’s $80,000 of senior notes, valued using Level 2 pricing inputs, is approximately $71,328 at December 29, 2022, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The fair value of the Company's $100,050 of convertible senior notes, valued using Level 2 pricing inputs, is approximately $145,389 at December 29, 2022, determined based on market rates and the closing trading price of the convertible senior notes as of December 29, 2022 (see Note 7 for further discussion on the Company’s senior notes and convertible senior notes). The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs. |
Accounts Receivable | Accounts Receivable - The Company evaluates the collectibility of its accounts receivable based on a number of factors. For larger accounts, an allowance for doubtful accounts is recorded based on the applicable parties’ ability and likelihood to pay based on management’s review of the facts. For all other accounts, the Company recognizes an allowance based on length of time the receivable is past due based on historical experience and industry practice. |
Inventory | Inventory - Inventories, consisting of food and beverage and concession items, are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $5,662 and $4,913 as of December 29, 2022 and December 30, 2021, respectively, were included in other current assets. |
Assets Held for Sale | Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of December 29, 2022, assets held for sale consists primarily of land. |
Property and Equipment | Property and Equipment - The Company records property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Included in property and equipment are assets related to finance leases. These assets are depreciated over the shorter of the estimated useful lives or related lease terms. Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: Years Land improvements 10 - 20 Buildings and improvements 12 - 39 Leasehold improvements 3 - 40 Furniture, fixtures and equipment 2 - 20 Finance lease right-of-use assets 4 - 15 Depreciation expense totaled $67,041, $72,044 and $75,067 for fiscal 2022, fiscal 2021 and fiscal 2020, respectively. |
Long-Lived Assets | Long-Lived Assets - The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. During fiscal 2022 and fiscal 2021, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its property and equipment and the value of its operating lease right-of-use assets and recorded impairment charges in as discussed in Note 4. |
Acquisition | Acquisition - The Company recognizes identifiable assets acquired, liabilities assumed and noncontrolling interests assumed in an acquisition at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related costs, such as due diligence and legal fees, are expensed as incurred. The excess of the acquisition cost over the fair value of the identifiable net assets is reported as goodwill. |
Goodwill | Goodwill - The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the first day of the fiscal fourth quarter. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than it carrying value, the Company performs a quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value. During fiscal 2022 and fiscal 2021, the Company performed a quantitative analysis for its annual goodwill impairment test as of September 30, 2022 and October 1, 2021, respectively. In order to determine fair value, the Company used assumptions based on information available to it as the date of the quantitative test, including both market data and forecasted cash flows (Level 3 pricing inputs). The Company determined that the fair value of its goodwill was greater than its carrying value and deemed that no impairment was indicated in either fiscal 2022 or fiscal 2021. At December 29, 2022 and December 30, 2021, the Company’s goodwill balance was $75,015 and $75,095, respectively. The change in goodwill is due to a deferred tax adjustment related to the prior acquisition of a business. Substantially all of the Company’s goodwill relates to the theatre reporting unit. |
Trade Name Intangible Asset | Trade Name Intangible Asset – The Company recorded a trade name intangible asset in conjunction with the Movie Tavern acquisition that was determined to have an indefinite life. The Company reviews its trade name intangible asset for |
Capitalization of Interest | Capitalization of Interest - The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $18, $23 and $48 was capitalized in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. |
Debt Issuance Costs | Debt Issuance Costs - The Company records debt issuance costs on short-term borrowings and long-term debt as a direct deduction from the related debt liability. Debt issuance costs related to the Company’s revolving credit facility are included in other long-term assets. Debt issuance costs are deferred and amortized over the term of the related debt agreements. Amortization of debt issuance costs and amortization of debt discount totaled $1,614, $2,198 and $2,235 for fiscal 2022, fiscal 2021 and fiscal 2020, respectively, and were included in interest expense on the consolidated statements of earnings (loss). |
Leases | Leases - The Company follows Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate in the lease in determining the present value of lease payments. When the lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the fixed rate the Company could borrow for a similar amount, over a similar lease term with similar collateral. The Company recognizes right-of-use assets for all assets subject to operating leases in an amount equal to the operating lease liabilities, adjusted for the balances of long-term prepaid rent, favorable lease intangible assets, deferred lease expense, unfavorable lease liabilities and deferred lease incentive liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. |
Investments | Investments – The Company has investments in debt and equity securities. These securities are stated at fair value based on listed market prices, where available, with the change in fair value recorded as investment income or loss within the consolidated statements of earnings (loss). The cost of securities sold is based upon the specific identification method. |
Advertising and Marketing Costs | Advertising and Marketing Costs - The Company expenses all advertising and marketing costs as incurred. |
Insurance Reserves | Insurance Reserves - The Company uses a combination of insurance and self insurance mechanisms, including participation in captive insurance entities, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance, director and officers’ liability insurance, cyber liability, employment practices liability and business interruption. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors. |
Income Taxes | Income Taxes - The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made. The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. See Note 11 - Income Taxes. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options and convertible debt instruments using the if-converted method. Convertible Class B Common Stock and convertible debt instruments are reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: Year Ended December 29, December 30, December 31, Numerator: Net loss attributable to The Marcus Corporation $ (11,972) $ (43,293) $ (124,843) Denominator (in thousands): Denominator for basic EPS 31,488 31,360 31,042 Effect of dilutive employee stock options — — — Effect of convertible notes — — — Denominator for diluted EPS 31,488 31,360 31,042 Net loss per share – Basic: Common Stock $ (0.39) $ (1.42) $ (4.13) Class B Common Stock $ (0.35) $ (1.25) $ (3.74) Net loss per share- Diluted: Common Stock $ (0.39) $ (1.42) $ (4.13) Class B Common Stock $ (0.35) $ (1.25) $ (3.74) For the periods when the Company reports a net loss, common stock equivalents are excluded from the computation of diluted loss per share as their inclusion would have an antidilutive effect. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: December 29, 2022 December 30, 2021 Unrecognized gain (loss) on interest rate swap agreements $ 80 (509) Net unrecognized actuarial loss for pension obligation (1,774) (10,935) $ (1,694) $ (11,444) |
New Accounting Pronouncements | New Accounting Pronouncements - During the first quarter of fiscal 2022, the Company adopted ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update provide increased transparency of government assistance including the requirement of certain disclosures in a company’s notes to the consolidated financial statements about transactions with a government. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR), or other interbank offered rates, to alternative reference rates such as the Secured Overnight Financing Rate (SOFR). ASU No. 2020-14 is optional, effective immediately, and may be elected over time as reference rate reform activities occur, generally through December 31, 2024. During the first quarter of fiscal 2023, in conjunction with the execution of the fifth amendment to the Company’s credit agreement (see Note 7), the Company elected SOFR as its ongoing reference rate. The Company believes that adoption of the new standard will not have a material effect on its consolidated financial statements. On January 1, 2021, the Company adopted ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity |
Revenue Recognition | The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers.Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance of obligations by transferring the promised services to the customer. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. The amount of revenue recognized reflects the consideration entitled to in exchange for those services. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Accounting Policies [Abstract] | |
Schedule Of Depreciation And Amortization Of Property And Equipment | Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: Years Land improvements 10 - 20 Buildings and improvements 12 - 39 Leasehold improvements 3 - 40 Furniture, fixtures and equipment 2 - 20 Finance lease right-of-use assets 4 - 15 |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: Year Ended December 29, December 30, December 31, Numerator: Net loss attributable to The Marcus Corporation $ (11,972) $ (43,293) $ (124,843) Denominator (in thousands): Denominator for basic EPS 31,488 31,360 31,042 Effect of dilutive employee stock options — — — Effect of convertible notes — — — Denominator for diluted EPS 31,488 31,360 31,042 Net loss per share – Basic: Common Stock $ (0.39) $ (1.42) $ (4.13) Class B Common Stock $ (0.35) $ (1.25) $ (3.74) Net loss per share- Diluted: Common Stock $ (0.39) $ (1.42) $ (4.13) Class B Common Stock $ (0.35) $ (1.25) $ (3.74) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: December 29, 2022 December 30, 2021 Unrecognized gain (loss) on interest rate swap agreements $ 80 (509) Net unrecognized actuarial loss for pension obligation (1,774) (10,935) $ (1,694) $ (11,444) |
Schedule of One-time Cumulative Effect Adjustment to Balance Sheet | The Company recorded a one-time cumulative effect adjustment to the balance sheet on January 1, 2021 as follows: Balance at Cumulative Balance at December 31, 2020 adjustment January 1, 2021 Long-term debt $ 193,036 $ 21,393 $ 214,429 Deferred income taxes 33,429 (5,584) 27,845 Capital in excess of par 153,529 (16,511) 137,018 Retained earnings 331,897 702 332,599 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The disaggregation of revenues by business segment for fiscal 2022, fiscal 2021 and fiscal 2020 is as follows: Fiscal 2022 Reportable Segment Theatres Hotels/Resorts Corporate Total Theatre admissions $ 198,485 $ — $ — $ 198,485 Rooms — 107,699 — 107,699 Theatre concessions 180,180 — — 180,180 Food and beverage — 74,836 — 74,836 Other revenues (1) 29,076 53,117 367 82,560 Cost reimbursements — 33,634 — 33,634 Total revenues $ 407,741 $ 269,286 $ 367 $ 677,394 Fiscal 2021 Reportable Segment Theatres Hotels/Resorts Corporate Total Theatre admissions $ 130,740 $ — $ — $ 130,740 Rooms — 77,650 — 77,650 Theatre concessions 118,666 — — 118,666 Food and beverage — 47,086 — 47,086 Other revenues (1) 21,754 43,219 358 65,331 Cost reimbursements 88 18,683 — 18,771 Total revenues $ 271,248 $ 186,638 $ 358 $ 458,244 Fiscal 2020 Reportable Segment Theatres Hotels/Resorts Corporate Total Theatre admissions $ 64,825 $ — $ — $ 64,825 Rooms — 35,386 — 35,386 Theatre concessions 56,711 — — 56,711 Food and beverage — 24,822 — 24,822 Other revenues (1) 10,764 27,552 426 38,742 Cost reimbursements 324 16,878 — 17,202 Total revenues $ 132,624 $ 104,638 $ 426 $ 237,688 (1) Included in other revenues is an immaterial amount related to rental income that is not considered contract revenue from contracts with customers under ASC 606. |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of accounts receivable is as follows: December 29, 2022 December 30, 2021 Trade receivables, net of allowances of $172 and $1,001, respectively $ 6,707 $ 8,981 Other receivables 14,748 19,921 $ 21,455 $ 28,902 |
Schedule of Property, Plant and Equipment | The composition of property and equipment, which is stated at cost, is as follows: December 29, 2022 December 30, 2021 Land and improvements $ 132,285 $ 129,642 Buildings and improvements 729,177 756,974 Leasehold improvements 167,516 166,060 Furniture, fixtures and equipment 386,197 375,650 Finance lease right-of-use assets 29,885 75,124 Construction in progress 10,305 6,000 1,455,365 1,509,450 Less accumulated depreciation and amortization 739,600 738,258 $ 715,765 $ 771,192 |
Schedule of Other Assets | The composition of other assets is as follows: December 29, 2022 December 30, 2021 Intangible assets 6,945 6,987 Other assets 5,946 5,702 $ 12,891 $ 12,689 |
Long-Term Debt and Short-Term_2
Long-Term Debt and Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt is summarized as follows: December 29, 2022 December 30, 2021 Mortgage notes $ — $ 24,388 Senior notes 80,000 90,000 Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75% 954 1,356 Convertible senior notes 100,050 100,050 Payroll Protection Program loans 2,240 3,181 Revolving credit agreement — — Debt issuance costs (2,807) (3,831) Total debt, net of debt issuance costs 180,437 215,144 Less current maturities, net of issuance costs 10,432 10,967 Long-term debt 170,005 204,177 Short-term borrowings — 47,346 Total debt and short-term borrowings, net of issuance costs $ 180,437 $ 262,490 |
Schedule of Maturities of Long-term Debt | Scheduled annual principal payments on long-term debt, net of amortization of debt issuance costs, for the years subsequent to December 29, 2022, are as follows: Fiscal Year 2023 $ 10,432 2024 10,365 2025 109,684 2026 — 2027 49,956 Thereafter — $ 180,437 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Leases [Abstract] | |
Schedule of Lease, Cost | Total lease cost consists of the following: Lease Cost Classification Fiscal 2022 Fiscal 2021 Finance lease costs: Amortization of finance lease assets Depreciation and amortization $ 2,789 $ 2,732 Interest on lease liabilities Interest expense 850 951 $ 3,639 $ 3,683 Operating lease costs: Operating lease costs Rent expense $ 25,381 $ 25,489 Variable lease cost Rent expense 514 (30) Short-term lease cost Rent expense 142 135 $ 26,037 $ 25,594 |
Schedule of Other Information Related to Leases | Additional information related to leases is as follows: Other Information Fiscal 2022 Fiscal 2021 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 2,670 $ 2,774 Operating cash flows from finance leases 850 951 Operating cash flows from operating leases 29,025 31,136 Right of use assets obtained in exchange for new lease obligations: Finance lease liabilities 419 — Operating lease liabilities, including from acquisitions 275 2,663 December 29, 2022 December 30, 2021 Finance leases: Property and equipment – gross $ 29,885 $ 75,124 Accumulated depreciation and amortization (15,332) (58,197) Property and equipment - net $ 14,553 $ 16,927 |
Schedule of Lease Term and Discount Rate | Remaining lease terms and discount rates are as follows: Lease Term and Discount Rate December 29, 2022 December 30, 2021 Weighted-average remaining lease terms: Finance leases 7 years 8 years Operating leases 12 years 13 years Weighted-average discount rates: Finance leases 4.59% 4.58% Operating leases 4.51% 4.48% |
Schedule of Maturities of Operating and Finance Leases Liabilities | Maturities of lease liabilities as of December 29, 2022 are as follows: Fiscal Year Operating Leases Finance Leases 2023 $ 23,610 $ 3,243 2024 25,072 3,139 2025 25,225 2,980 2026 24,795 2,863 2027 23,181 1,935 Thereafter 154,681 6,626 Total lease payments 276,564 20,786 Less: amount representing interest (66,730) (3,284) Total lease liabilities $ 209,834 $ 17,502 |
Shareholders' Equity and Shar_2
Shareholders' Equity and Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Equity [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company estimated the fair value of stock options using the Black-Scholes option pricing model with the following assumptions used for awards granted during fiscal 2022, fiscal 2021 and fiscal 2020: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Risk-free interest rate 1.73 – 3.90% 0.97 – 1.26% 0.40 – 1.26% Dividend yield 1.50% 1.50% 1.70 – 1.90% Volatility 48 - 53% 28 – 53% 27 – 41% Expected life 6 – 8 years 6 – 8 years 6 – 8 years |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity and related information follows (shares in thousands): Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Options Weighted- Options Weighted- Options Weighted- Outstanding at beginning of period 2,533 $ 24.84 2,234 $ 24.87 1,641 $ 25.46 Granted 501 16.99 531 21.74 728 23.47 Exercised (68) 13.15 (134) 11.42 (31) 12.21 Forfeited (100) 24.89 (98) 26.60 (104) 28.06 Outstanding at end of period 2,866 23.76 2,533 24.84 2,234 24.87 Exercisable at end of period 1,613 $ 25.70 1,119 $ 24.76 1,001 $ 20.38 Weighted-average fair value of options granted during the period $ 7.71 $ 9.47 $ 5.96 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information as of December 29, 2022 related to options outstanding segregated by exercise price range is as follows (shares in thousands): Exercise Price Range $12.71 to $20.25 $20.26 to $27.00 $27.01 to $41.90 Options outstanding 1,067 895 904 Weighted-average exercise price of options outstanding $ 16.15 $ 23.06 $ 33.41 Weighted-average remaining contractual life of options outstanding 6.5 6.3 6.2 Options exercisable 480 473 660 Weighted-average exercise price of options exercisable $ 15.93 $ 24.15 $ 33.90 |
Schedule of Nonvested Share Activity | A summary of the Company’s non-vested stock activity and related information follows (shares in thousands): Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 357 $ 23.32 147 $ 31.02 174 $ 29.16 Granted 100 17.63 251 19.63 42 31.43 Vested (242) 22.95 (32) 30.69 (69) 26.56 Forfeited (3) 22.93 (9) 19.77 — — Outstanding at end of period 212 $ 21.07 357 $ 23.32 147 $ 31.02 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 29, 2022 and December 30, 2021 measurement dates is as follows: December 29, December 30, Change in benefit obligation: Benefit obligation at beginning of period $ 46,827 $ 48,604 Service cost 1,055 1,122 Interest cost 1,341 1,201 Actuarial gain (11,368) (2,630) Benefits paid (1,531) (1,470) Benefit obligation at end of year $ 36,324 $ 46,827 Amounts recognized in the statement of financial position consist of: Current accrued benefit liability (included in Other accrued liabilities) $ (1,890) $ (1,674) Noncurrent accrued benefit liability (included in Other long-term obligations) (34,434) (45,153) Total $ (36,324) $ (46,827) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 2,660 $ 15,120 Prior service credit (260) (323) Total $ 2,400 $ 14,797 |
Schedule of Net Periodic Pension Cost | Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Net periodic pension cost: Service cost $ 1,055 $ 1,122 $ 1,095 Interest cost 1,341 1,201 1,371 Net amortization of prior service cost and actuarial loss 1,028 1,311 990 $ 3,424 $ 3,634 $ 3,456 |
Schedule of Pre-tax Change in the Benefit Obligation | The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows: Year Ended December 29, 2022 December 30, 2021 (in thousands) Net actuarial (gain) loss $ (11,368) (2,630) Amortization of the net actuarial loss (1,092) (1,375) Amortization of the prior year service credit 63 64 Total $ (12,397) (3,941) |
Schedule of Assumptions Used | The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows: December 29, 2022 December 30, 2021 Discount rate 5.05% 2.85% Rate of compensation increase 4.00% 4.00% The weighted-average assumptions used to determine net periodic benefit cost were as follows: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Discount rate 2.85% 2.45% 3.10% Rate of compensation increase 4.00% 4.00% 4.00% |
Schedule of Expected Benefit Payments | Benefit payments expected to be paid subsequent to December 29, 2022, are as follows: Fiscal Year 2023 $ 1,938 2024 2,002 2025 2,219 2026 2,358 2027 2,348 Years 2028 – 2032 15,409 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability are as follows: December 29, 2022 December 30, 2021 Deferred tax assets Accrued employee benefits $ 14,133 $ 17,669 Operating lease liabilities 54,767 59,622 Gift card liabilities 6,575 7,318 Net operating loss, disallowed interest & tax credit carryforwards 28,273 24,166 Other 3,791 6,876 Total 107,539 115,651 Less valuation allowance (12,371) (2,415) Deferred tax assets 95,168 113,236 Deferred tax liabilities Depreciation and amortization (70,849) (73,898) Operating lease assets (50,886) (55,489) Deferred tax liabilities (121,735) (129,387) Net deferred tax liability $ (26,567) $ (16,151) Amounts recognized in the consolidated balance sheets consist of: Deferred income taxes - other assets $ — $ 10,032 Deferred income taxes - liabilities (26,567) (26,183) Net amount recognized $ (26,567) $ (16,151) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Current: Federal $ (452) $ 13 $ (32,626) State 556 129 526 Deferred: Federal (3,222) (12,629) (24,751) State 10,255 (3,214) (14,085) $ 7,137 $ (15,701) $ (70,936) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal tax rate to the effective tax rate on earnings attributable to The Marcus Corporation follows: Year Ended December 29, 2022 December 30, 2021 December 31, 2020 Statutory federal tax rate 21.0 % 21.0 % 21.0 % Tax benefit from CARES Act and accounting method changes — — 10.3 State income taxes, net of federal income tax benefit 4.3 6.7 5.0 Tax credits, net of federal income tax benefit 22.9 1.6 0.2 Valuation allowance (205.9) (4.1) — Federal income tax benefit on state valuation allowance 53.7 — — Excess tax benefits on share-based compensation (22.1) (0.6) (0.2) Other compensation and benefits (15.6) (0.7) — Meals and entertainment (4.1) (0.4) — Other (1.8) 3.1 (0.1) (147.6) % 26.6 % 36.2 % |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 29, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of business segment information for fiscal 2022, fiscal 2021 and fiscal 2020: Theatres Hotels/ Corporate Total Fiscal 2022 Revenues $ 407,741 $ 269,286 $ 367 $ 677,394 Operating income (loss) 8,108 18,699 (18,501) 8,306 Depreciation and amortization 47,560 19,160 353 67,073 Assets 750,941 277,990 35,667 1,064,598 Capital expenditures and acquisitions 12,087 24,515 241 36,843 Fiscal 2021 Revenues $ 271,248 $ 186,638 $ 358 $ 458,244 Operating income (loss) (27,559) 5,865 (19,758) (41,452) Depreciation and amortization 51,654 20,192 281 72,127 Assets 820,547 305,928 61,886 1,188,361 Capital expenditures and acquisitions 10,299 6,783 — 17,082 Fiscal 2020 Revenues $ 132,624 $ 104,638 $ 426 $ 237,688 Operating loss (121,429) (43,885) (13,108) (178,422) Depreciation and amortization 53,460 21,096 496 75,052 Assets 871,655 309,320 73,203 1,254,178 Capital expenditures and acquisitions 15,828 4,669 866 21,363 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 29, 2022 USD ($) segment $ / shares shares | Dec. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Summary of Significant Accounting Policies [Line Items] | |||
Number of operating segments | segment | 2 | ||
Senior notes | $ 80,000,000 | $ 90,000,000 | |
Inventory, net | 5,662,000 | 4,913,000 | |
Depreciation | 67,041,000 | 72,044,000 | $ 75,067,000 |
Impairment | 0 | 0 | |
Goodwill | 75,015,000 | 75,095,000 | |
Interest costs capitalized | 18,000 | 23,000 | 48,000 |
Amortization of debt issuance costs | $ 1,614,000 | $ 2,198,000 | $ 2,235,000 |
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 2,547,000 | 1,999,000 | 1,706,000 |
Common Stock | |||
Summary of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 75,000 | 104,000 | 76,000 |
Common stock equivalents underlying the conversion of the convertible senior notes | |||
Summary of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 9,141,140 | 9,084,924 | 9,084,924 |
Convertible Senior Notes due 2025 | |||
Summary of Significant Accounting Policies [Line Items] | |||
Debt, fair value | $ 100,050,000 | ||
Senior Notes | |||
Summary of Significant Accounting Policies [Line Items] | |||
Senior notes | 80,000,000 | ||
Level 1 | |||
Summary of Significant Accounting Policies [Line Items] | |||
Trading securities | 3,932,000 | $ 4,617,000 | |
Level 1 | Money Market Funds | |||
Summary of Significant Accounting Policies [Line Items] | |||
Investments, fair value | 6,000,000 | 5,000,000 | |
Level 2 | |||
Summary of Significant Accounting Policies [Line Items] | |||
Interest rate fair value hedge assets at fair value | 108,000 | ||
Interest rate fair value hedge liability at fair value | $ 689,000 | ||
Senior notes | 71,328,000 | ||
Level 2 | Convertible Senior Notes due 2025 | |||
Summary of Significant Accounting Policies [Line Items] | |||
Debt, fair value | $ 145,389,000 | ||
Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in dollars per share) | $ / shares | $ 41.90 | $ 41.90 | $ 41.90 |
Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in dollars per share) | $ / shares | $ 16.32 | $ 18.68 | $ 16.32 |
With Significant Influence But Does Not Have Control | Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Ownership percentage | 50% | ||
Corporate Joint Venture Two | |||
Summary of Significant Accounting Policies [Line Items] | |||
Ownership interest in joint ventures | 50% | ||
Class B Common Stock | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of cash dividends | 110% |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Depreciation and Amortization of Property and Equipment (Details) | 12 Months Ended |
Dec. 29, 2022 | |
Land and improvements | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 10 years |
Land and improvements | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 20 years |
Buildings and improvements | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 12 years |
Buildings and improvements | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 39 years |
Leasehold improvements | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Leasehold improvements | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 40 years |
Furniture, fixtures and equipment | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 2 years |
Furniture, fixtures and equipment | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 20 years |
Finance lease right-of-use assets | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 4 years |
Finance lease right-of-use assets | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 15 years |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Reconciliation of Weighted-Average Basic and Diluted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net loss attributable to The Marcus Corporation | $ (11,972) | $ (43,293) | $ (124,843) |
Denominator (in thousands): | |||
Denominator for basic EPS (in shares) | 31,488 | 31,360 | 31,042 |
Effect of dilutive employee stock options (in shares) | 0 | 0 | 0 |
Effect of convertible notes (in shares) | 0 | 0 | 0 |
Denominator for diluted EPS (in shares) | 31,488 | 31,360 | 31,042 |
Common Stock | |||
Net loss per share – Basic: | |||
Common stock (in dollars per share) | $ (0.39) | $ (1.42) | $ (4.13) |
Net loss per share- Diluted: | |||
Common stock (in dollars per share) | (0.39) | (1.42) | (4.13) |
Class B Common Stock | |||
Net loss per share – Basic: | |||
Common stock (in dollars per share) | (0.35) | (1.25) | (3.74) |
Net loss per share- Diluted: | |||
Common stock (in dollars per share) | $ (0.35) | $ (1.25) | $ (3.74) |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 |
Accounting Policies [Abstract] | ||
Unrecognized gain (loss) on interest rate swap agreements | $ 80 | $ (509) |
Net unrecognized actuarial loss for pension obligation | (1,774) | (10,935) |
Accumulated other comprehensive loss, net of tax | $ (1,694) | $ (11,444) |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies - Cumulative Effect Adjustment (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Long-term debt | $ 170,005 | $ 204,177 | $ 193,036 | |
Deferred income taxes | 26,567 | 26,183 | 33,429 | |
Capital in excess of par | 153,794 | 145,656 | 153,529 | |
Retained earnings | $ 274,254 | $ 289,306 | $ 331,897 | |
ASU 2020-06 | Cumulative effect period of adoption adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Long-term debt | $ 21,393 | |||
Deferred income taxes | (5,584) | |||
Capital in excess of par | (16,511) | |||
Retained earnings | 702 | |||
ASU 2020-06 | Cumulative effect period of adoption adjusted balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Long-term debt | 214,429 | |||
Deferred income taxes | 27,845 | |||
Capital in excess of par | 137,018 | |||
Retained earnings | $ 332,599 |
Impact of COVID-19 Pandemic (De
Impact of COVID-19 Pandemic (Details) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 USD ($) | Dec. 30, 2021 USD ($) item | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Number of hotels | item | 8 | ||
Interest from income tax refunds | $ 5,900 | $ 31,500 | |
Grants received | $ 4,335 | 8,100 | |
Cash and cash equivalents | 21,704 | 17,658 | |
Federal | |||
Debt Instrument [Line Items] | |||
Proceeds from tax refunds | 22,959 | $ 1,800 | |
Interest from income tax refunds | 636 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Remaining borrowing capacity | 221,809 | ||
Maximum borrowing capacity | $ 225,000 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Revenue Recognition | |||
Cost reimbursements | $ 33,634 | $ 18,771 | $ 17,202 |
Total revenues | 677,394 | 458,244 | 237,688 |
Theatre admissions | |||
Revenue Recognition | |||
Revenue from contract with customer | 198,485 | 130,740 | 64,825 |
Rooms | |||
Revenue Recognition | |||
Revenue from contract with customer | 107,699 | 77,650 | 35,386 |
Theatre concessions | |||
Revenue Recognition | |||
Revenue from contract with customer | 180,180 | 118,666 | 56,711 |
Food and beverage | |||
Revenue Recognition | |||
Revenue from contract with customer | 74,836 | 47,086 | 24,822 |
Other revenues | |||
Revenue Recognition | |||
Revenue from contract with customer | 82,560 | 65,331 | 38,742 |
Theatres | |||
Revenue Recognition | |||
Cost reimbursements | 0 | 88 | 324 |
Total revenues | 407,741 | 271,248 | 132,624 |
Theatres | Theatre admissions | |||
Revenue Recognition | |||
Revenue from contract with customer | 198,485 | 130,740 | 64,825 |
Theatres | Rooms | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Theatres | Theatre concessions | |||
Revenue Recognition | |||
Revenue from contract with customer | 180,180 | 118,666 | 56,711 |
Theatres | Food and beverage | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Theatres | Other revenues | |||
Revenue Recognition | |||
Revenue from contract with customer | 29,076 | 21,754 | 10,764 |
Hotels/Resorts | |||
Revenue Recognition | |||
Cost reimbursements | 33,634 | 18,683 | 16,878 |
Total revenues | 269,286 | 186,638 | 104,638 |
Hotels/Resorts | Theatre admissions | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Hotels/Resorts | Rooms | |||
Revenue Recognition | |||
Revenue from contract with customer | 107,699 | 77,650 | 35,386 |
Hotels/Resorts | Theatre concessions | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Hotels/Resorts | Food and beverage | |||
Revenue Recognition | |||
Revenue from contract with customer | 74,836 | 47,086 | 24,822 |
Hotels/Resorts | Other revenues | |||
Revenue Recognition | |||
Revenue from contract with customer | 53,117 | 43,219 | 27,552 |
Corporate | |||
Revenue Recognition | |||
Cost reimbursements | 0 | 0 | 0 |
Total revenues | 367 | 358 | 426 |
Corporate | Theatre admissions | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Corporate | Rooms | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Corporate | Theatre concessions | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Corporate | Food and beverage | |||
Revenue Recognition | |||
Revenue from contract with customer | 0 | 0 | 0 |
Corporate | Other revenues | |||
Revenue Recognition | |||
Revenue from contract with customer | $ 367 | $ 358 | $ 426 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Revenue Recognition | |||
Deferred revenue | $ 37,046,000 | $ 39,144,000 | $ 37,307,000 |
Contract assets | 0 | 0 | |
Deferred revenue, revenue recognized | 15,863,000 | $ 13,968,000 | |
Hotels/Resorts | |||
Revenue Recognition | |||
Remaining performance obligation related to hotels gift cards | $ 3,851,000 | ||
Expected period for revenue from non-redeemed gift cards | 2 years | ||
Theatres | |||
Revenue Recognition | |||
Remaining performance obligation related to theatres gift cards | $ 19,492,000 | ||
Advanced Sale of Tickets | |||
Revenue Recognition | |||
Remaining performance obligation, amount | $ 2,347,000 | ||
Advanced Sale of Tickets and Gift Cards | |||
Revenue Recognition | |||
Redeemed revenue from advanced tickets and gift cards sales occurred | 2 years |
Impairment Charges (Detail)
Impairment Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Impairment Charge [Line Items] | |||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain on disposition of property, equipment and other assets | ||
Impaired asset fair value | $ 5,229 | $ 11,689 | $ 33,313 |
Trade Names | |||
Impairment Charge [Line Items] | |||
Impaired asset fair value | $ 6,900 | ||
Royalty rate (as a percent) | 1% | ||
Discount rate (as a percent) | 17% | ||
Level 3 | |||
Impairment Charge [Line Items] | |||
Impairment of fixed assets | $ 1,525 | $ 5,766 | $ 22,076 |
Level 3 | Trade Names | |||
Impairment Charge [Line Items] | |||
Impairment of fixed assets | $ 2,600 |
Asset Sale (Details)
Asset Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 16, 2022 | Dec. 29, 2022 | Dec. 16, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain on sale of hotel | ||||
Skrivin Hilton Hotel | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration | $ 36,750 | $ 36,750 | |||
Net proceeds from sale of hotel | 31,101 | ||||
Transaction cost | 609 | ||||
Retirement of ground lease obligation | 5,040 | ||||
Repayments of secured debt | 24,111 | ||||
Gain (Loss) on disposition of assets | 6,274 | ||||
Revenue | $ 15,979 | $ 12,121 | $ 7,521 | ||
Operating loss | $ (387) | $ (104) | $ (1,800) | ||
Distribution to noncontrolling interest on sale of assets | $ 2,044 | ||||
Distribution payable to noncontrolling interest on sale of assets | $ 824 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade receivables, net of allowances of $172 and $1,001, respectively | $ 6,707 | $ 8,981 |
Other receivables | 14,748 | 19,921 |
Accounts receivable, net of reserves | 21,455 | 28,902 |
Accounts receivable, allowance for credit loss | $ 172 | $ 1,001 |
Additional Balance Sheet Info_4
Additional Balance Sheet Information - Composition of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 |
Gross property and equipment | $ 1,455,365 | $ 1,509,450 |
Less accumulated depreciation and amortization | 739,600 | 738,258 |
Net property and equipment | 715,765 | 771,192 |
Land and improvements | ||
Gross property and equipment | 132,285 | 129,642 |
Buildings and improvements | ||
Gross property and equipment | 729,177 | 756,974 |
Leasehold improvements | ||
Gross property and equipment | 167,516 | 166,060 |
Furniture, fixtures and equipment | ||
Gross property and equipment | 386,197 | 375,650 |
Finance lease right-of-use assets | ||
Gross property and equipment | 29,885 | 75,124 |
Construction in progress | ||
Gross property and equipment | $ 10,305 | $ 6,000 |
Additional Balance Sheet Info_5
Additional Balance Sheet Information - Composition of Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2022 | Dec. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | ||
Intangible assets | $ 6,945 | $ 6,987 |
Other assets | 5,946 | 5,702 |
Other assets, noncurrent | 12,891 | 12,689 |
Trade Names | ||
Business Acquisition [Line Items] | ||
Indefinite-lived intangible assets acquired | $ 6,900 | $ 6,900 |
Long-Term Debt and Short-Term_3
Long-Term Debt and Short-Term Borrowings - Schedule of Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Principal and interest payments | $ 39,000 | $ 39,000 | |
Interest rate of unsecured term note | 5.75% | 5.75% | |
Mortgage notes | $ 0 | $ 24,388,000 | |
Senior notes | 80,000,000 | 90,000,000 | |
Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75% | 954,000 | 1,356,000 | |
Convertible senior notes | 100,050,000 | 100,050,000 | |
Payroll Protection Program loans | 2,240,000 | 3,181,000 | |
Revolving credit agreement | 0 | 0 | |
Debt issuance costs | (2,807,000) | (3,831,000) | |
Total debt, net of debt issuance costs | 180,437,000 | 215,144,000 | |
Less current maturities, net of issuance costs | 10,432,000 | 10,967,000 | |
Long-term debt | 170,005,000 | 204,177,000 | $ 193,036,000 |
Short-term borrowings | 0 | 47,346,000 | |
Total debt and short-term borrowings, net of issuance costs | $ 180,437,000 | $ 262,490,000 |
Long-Term Debt and Short-Term_4
Long-Term Debt and Short-Term Borrowings - Credit Agreement and Short-Term Borrowings (Details) | 12 Months Ended | ||||||||
Feb. 10, 2023 | Dec. 29, 2022 USD ($) | Jul. 29, 2022 USD ($) | Dec. 29, 2022 USD ($) | Dec. 30, 2021 USD ($) | Jul. 28, 2022 | Jul. 13, 2021 USD ($) | Apr. 29, 2020 USD ($) | Jan. 09, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Interest rate of unsecured term note | 5.75% | 5.75% | |||||||
Short-term borrowings | $ 0 | $ 0 | $ 47,346,000 | ||||||
Pre-payment of outstanding borrowings | $ 46,679,000 | ||||||||
Covenant for EBITDA | 70,000,000 | ||||||||
Covenant for the amount of liquidity | 50,000,000 | 50,000,000 | |||||||
Covenant regarding the capital expenditure | 50,000,000 | $ 40,000,000 | |||||||
Maximum limit of cash on hand for not paying the revolving loans | 75,000,000 | $ 75,000,000 | |||||||
Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term borrowings | $ 90,800,000 | ||||||||
Current borrowing capacity | $ 50,000,000 | ||||||||
Term Loan A | Secured Overnight Financing Rate (SOFR) | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 2.75% | ||||||||
Term Loan A | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 2.75% | ||||||||
Term Loan A | ABR | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 1.75% | ||||||||
Term Loan A | ABR | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 1.75% | ||||||||
Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 225,000,000 | ||||||||
Outstanding amount | $ 0 | $ 0 | |||||||
Debt instrument, fixed charge coverage ratio | 3 | ||||||||
Floor | 1% | 1% | |||||||
Facility fee (as a percent) | 0.40% | ||||||||
Priority debt as a percentage of consolidated total capitalization | 20% | ||||||||
Consolidated debt to capitalization ratio | 0.55 | ||||||||
Consolidated fixed charge coverage ratio | 2.5 | ||||||||
Credit Agreement | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor | 1% | ||||||||
Specified margin (as a percent) | 0.50% | ||||||||
Credit Agreement | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 0.50% | ||||||||
Credit Agreement | Secured Overnight Financing Rate (SOFR) | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor | 0% | ||||||||
Specified margin (as a percent) | 0.10% | ||||||||
Credit Agreement | Secured Overnight Financing Rate (SOFR) | Subject to 1% Floor | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 1% | ||||||||
Credit Agreement | LIBOR | Subject to 1% Floor | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 1% | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 225,000,000 | $ 225,000,000 | |||||||
Effective interest rate | 6.75% | 6.75% | |||||||
Face amount | $ 225,000,000 | $ 225,000,000 | |||||||
Remaining borrowing capacity | $ 221,809,000 | $ 221,809,000 | |||||||
Revolving Credit Facility | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility fee (as a percent) | 0.40% | ||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 2.35% | ||||||||
Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 2.35% | ||||||||
Revolving Credit Facility | ABR | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 1.35% | ||||||||
Revolving Credit Facility | ABR | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Specified margin (as a percent) | 1.35% | ||||||||
Minimum | Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed charge coverage ratio | 2.5 | ||||||||
Facility fee (as a percent) | 0.125% | ||||||||
Minimum | Credit Agreement | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility fee (as a percent) | 0.125% | ||||||||
Maximum | Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility fee (as a percent) | 0.25% | ||||||||
Maximum | Credit Agreement | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility fee (as a percent) | 0.25% | ||||||||
Mortgage Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate | 4.27% | ||||||||
Mortgage Notes | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of unsecured term note | 3% | ||||||||
Mortgage Notes | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate of unsecured term note | 5.03% |
Long-Term Debt and Short-Term_5
Long-Term Debt and Short-Term Borrowings - Amendments to Note Purchase Agreements (Details) $ in Thousands | 12 Months Ended | |
Dec. 29, 2022 USD ($) agreement | Dec. 30, 2021 USD ($) | |
Debt Instrument [Line Items] | ||
Senior notes, noncurrent | $ 80,000 | $ 90,000 |
Percentage of fee payable to each note holder | 0.975% | |
Percentage of fee payable to each note holder quarterly | 0.24375% | |
Note Purchase Agreement | ||
Debt Instrument [Line Items] | ||
Senior notes, noncurrent | $ 80,000 | |
Number of agreements | agreement | 2 | |
Note Purchase Agreement | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.02% | |
Note Purchase Agreement | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.32% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, noncurrent | $ 80,000 | |
Weighted average interest rate | 4.21% | 4.17% |
Long-Term Debt and Short-Term_6
Long-Term Debt and Short-Term Borrowings - Convertible Senior Notes (Details) | 12 Months Ended | 21 Months Ended | ||||
Dec. 29, 2022 $ / shares | Sep. 17, 2020 USD ($) $ / shares | Dec. 29, 2022 USD ($) $ / shares | Dec. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 29, 2022 $ / shares | |
Debt Instrument [Line Items] | ||||||
Capped call transactions | $ 0 | $ 0 | $ 16,908,000 | |||
Trading period | 20 days | 20 days | ||||
Threshold trading days | 30 days | 30 days | ||||
Threshold percentage of conversion price on each applicable trading day | 130% | 130% | ||||
Initial conversion premium | 100% | |||||
Share price (in dollars per share) | $ / shares | $ 8.99 | |||||
Convertible Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 100,050,000 | |||||
Interest rate | 5% | 5% | 5% | 5% | ||
Net proceeds from the sale of the Convertible Notes | $ 95,421,000 | |||||
Capped call transactions | $ 16,908,000 | |||||
Threshold percentage of conversion price on each applicable trading day | 98% | |||||
Initial conversion rate | 0.0913657 | 0.0908038 | ||||
Initial conversion price (in dollars per share) | $ / shares | $ 10.95 | $ 11.01 | $ 10.95 | $ 10.95 | ||
Initial conversion premium | 22.50% | |||||
Share price (in dollars per share) | $ / shares | $ 8.99 | |||||
Purchase price as a percentage of principal amount | 100% |
Long-Term Debt and Short-Term_7
Long-Term Debt and Short-Term Borrowings - Capped Call Transactions (Details) - $ / shares | Dec. 29, 2022 | Sep. 17, 2020 |
Debt Disclosure [Abstract] | ||
Cap price of capped call transactions (in dollars per share) | $ 17.87 | $ 17.98 |
Strike price of capped call transactions (in dollars per share) | $ 11.0128 | |
Initial conversion premium | 100% | |
Share price (in dollars per share) | $ 8.99 |
Long-Term Debt and Short-Term_8
Long-Term Debt and Short-Term Borrowings - Paycheck Protection Program Loans (Details) - Payroll Protection Program loans $ in Thousands | 12 Months Ended | |
Dec. 29, 2022 subsidiary | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||
Number of subsidiaries who received loan (in subsidiaries) | subsidiary | 11 | |
Proceeds received | $ 13,459 | |
Interest rate | 1% | |
Cumulative loan proceeds used to pay qualified expenses | 10,012 | |
Loan proceeds used to cover eligible employee payroll costs | 9,094 | |
Loan proceeds used to offset rent expense, utility costs and mortgage interest expense | $ 918 |
Long-Term Debt and Short-Term_9
Long-Term Debt and Short-Term Borrowings - Annual Principal Payments on Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 10,432 | |
2024 | 10,365 | |
2025 | 109,684 | |
2026 | 0 | |
2027 | 49,956 | |
Thereafter | 0 | |
Total debt, net of debt issuance costs | $ 180,437 | $ 215,144 |
Long-Term Debt and Short-Ter_10
Long-Term Debt and Short-Term Borrowings - Additional Information (Details) | 12 Months Ended | |||
Dec. 29, 2022 USD ($) | Dec. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 01, 2018 USD ($) instrument | |
Debt Instrument [Line Items] | ||||
Interest paid | $ 13,442,000 | $ 14,119,000 | $ 10,885,000 | |
Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Number of instruments | instrument | 2 | |||
Amount of hedged item | $ 50,000,000 | |||
Interest Rate Swap | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 4.125% | |||
Interest Rate Swap Agreements One | ||||
Debt Instrument [Line Items] | ||||
Notional amount | $ 25,000,000 | |||
Fixed interest rate | 2.559% | |||
Interest Rate Swap Agreements Two | ||||
Debt Instrument [Line Items] | ||||
Notional amount | $ 25,000,000 | |||
Fixed interest rate | 2.687% | |||
Interest rate fair value hedge assets at fair value | $ 108,000 | |||
Interest Rate Swap Agreements Two | Other Long-term Obligations | ||||
Debt Instrument [Line Items] | ||||
Interest rate fair value hedge liability at fair value | $ 689,000 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Dec. 29, 2022 USD ($) |
Deferred rent payments under operating lease | $ 827 |
Long-term operating lease obligations | |
Deferred rent payments under operating lease | $ 624 |
Minimum | |
Lease terms (in years) | 1 year |
Maximum | |
Lease terms (in years) | 45 years |
Leases - Total Lease Cost (Deta
Leases - Total Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2022 | Dec. 30, 2021 | |
Finance lease costs: | ||
Amortization of finance lease assets | $ 2,789 | $ 2,732 |
Interest on lease liabilities | 850 | 951 |
Total finance lease costs | 3,639 | 3,683 |
Operating lease costs: | ||
Operating lease costs | 25,381 | 25,489 |
Variable lease cost | 514 | (30) |
Short-term lease cost | 142 | 135 |
Total operating lease costs | $ 26,037 | $ 25,594 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Financing cash flows from finance leases | $ 2,670 | $ 2,774 | $ 2,007 |
Operating cash flows from finance leases | 850 | 951 | |
Operating cash flows from operating leases | 29,025 | 31,136 | |
Right of use assets obtained in exchange for new lease obligations: | |||
Finance lease liabilities | 419 | 0 | |
Operating lease liabilities, including from acquisitions | $ 275 | $ 2,663 |
Leases - Finance Leases (Detail
Leases - Finance Leases (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 |
Finance leases: | ||
Property and equipment – gross | $ 1,455,365 | $ 1,509,450 |
Accumulated depreciation and amortization | (739,600) | (738,258) |
Property and equipment - net | 715,765 | 771,192 |
Finance Leased Assets | ||
Finance leases: | ||
Property and equipment – gross | 29,885 | 75,124 |
Accumulated depreciation and amortization | (15,332) | (58,197) |
Property and equipment - net | $ 14,553 | $ 16,927 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Dec. 29, 2022 | Dec. 30, 2021 |
Weighted-average remaining lease terms: | ||
Finance leases | 7 years | 8 years |
Operating leases | 12 years | 13 years |
Weighted-average discount rates: | ||
Finance leases | 4.59% | 4.58% |
Operating leases | 4.51% | 4.48% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 29, 2022 USD ($) |
Operating Leases | |
2023 | $ 23,610 |
2024 | 25,072 |
2025 | 25,225 |
2026 | 24,795 |
2027 | 23,181 |
Thereafter | 154,681 |
Total lease payments | 276,564 |
Less: amount representing interest | (66,730) |
Total lease liabilities | 209,834 |
Finance Leases | |
2023 | 3,243 |
2024 | 3,139 |
2025 | 2,980 |
2026 | 2,863 |
2027 | 1,935 |
Thereafter | 6,626 |
Total lease payments | 20,786 |
Less: amount representing interest | (3,284) |
Total lease liabilities | $ 17,502 |
Shareholders' Equity and Shar_3
Shareholders' Equity and Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 USD ($) vote $ / shares shares | Dec. 30, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vote per share | vote | 1 | ||
Number of shares authorized to be repurchased (in shares) | shares | 11,687,500 | ||
Stock repurchased during period (in shares) | shares | 134,694 | 61,654 | 37,567 |
Remaining number of shares authorized to be repurchased (in shares) | shares | 2,522,646 | ||
Shares approved for issuance (in shares) | shares | 7,437,500 | ||
Shares available for grants of additional stock options, non-vested stock (in shares) | shares | 1,486,777 | ||
Share-based compensation expense | $ | $ 8,170 | $ 9,316 | $ 4,385 |
Recognized tax benefit on share-based compensation | $ | $ 1,338 | 1,997 | 771 |
Weighted-average remaining contractual life of options outstanding | 6 years 3 months 18 days | ||
Weighted-average remaining contractual life of options currently exercisable | 4 years 9 months 18 days | ||
Options outstanding, vested and expected to vest (in shares) | shares | 2,821,000 | ||
Options outstanding, vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 23.83 | ||
Options outstanding, vested and expected to vest, intrinsic value | $ | $ 443 | ||
Intrinsic value of options outstanding, intrinsic value | $ | 446 | ||
Intrinsic value of options exercisable, intrinsic value | $ | 291 | ||
Intrinsic value of options exercised | $ | 164 | $ 1,164 | $ 107 |
Remaining unearned compensation cost related to stock options | $ | $ 4,897 | ||
Remaining weighted-average life | 2 years 8 months 12 days | ||
Remaining unearned compensation related to non-vested stock | $ | $ 1,731 | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining weighted-average life | 2 years 4 months 24 days | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price for options outstanding (in dollars per share) | $ / shares | $ 12.71 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price for options outstanding (in dollars per share) | $ / shares | $ 41.90 | ||
Option One | After Two Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 40% | ||
Option One | After Three Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 60% | ||
Award non-vesting rights percentage | 25% | ||
Option One | After Four Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 80% | ||
Option One | After Five Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 100% | ||
Award non-vesting rights percentage | 50% | ||
Option One | After Ten Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award non-vesting rights percentage | 75% | ||
Option One | Upon Retirement | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award non-vesting rights percentage | 100% | ||
Option Two | After Two Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 50% | ||
Option Two | After Three Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 75% | ||
Award non-vesting rights percentage | 50% | ||
Option Two | After Four Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award options grants in period exercisable percentage | 100% | ||
Option Two | After Five Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award non-vesting rights percentage | 100% | ||
Option Three | After Two Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award non-vesting rights percentage | 50% | ||
Option Three | After Four Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award non-vesting rights percentage | 100% | ||
Special Grant Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Dividend Reinvestment Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | shares | 750,000 | ||
Remaining number of shares authorized to be repurchased (in shares) | shares | 418,565 | ||
Class B Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of cash dividends | 110% | ||
Vote per share | vote | 10 |
Shareholders' Equity and Shar_4
Shareholders' Equity and Share-Based Compensation - Assumptions Used for Awards Granted (Details) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.50% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.73% | 0.97% | 0.40% |
Dividend yield | 1.70% | ||
Volatility | 48% | 28% | 27% |
Expected life | 6 years | 6 years | 6 years |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 3.90% | 1.26% | 1.26% |
Dividend yield | 1.90% | ||
Volatility | 53% | 53% | 41% |
Expected life | 8 years | 8 years | 8 years |
Shareholders' Equity and Shar_5
Shareholders' Equity and Share-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Options | |||
Outstanding at beginning of period (in shares) | 2,533 | 2,234 | 1,641 |
Granted (in shares) | 501 | 531 | 728 |
Exercised (in shares) | (68) | (134) | (31) |
Forfeited (in shares) | (100) | (98) | (104) |
Outstanding at end of period (in shares) | 2,866 | 2,533 | 2,234 |
Exercisable at end of period (in shares) | 1,613 | 1,119 | 1,001 |
Weighted- Average Exercise Price | |||
Outstanding at beginning of period (in dollars per shares) | $ 24.84 | $ 24.87 | $ 25.46 |
Granted (in dollars per share) | 16.99 | 21.74 | 23.47 |
Exercised (in dollars per share) | 13.15 | 11.42 | 12.21 |
Forfeited (in dollars per share) | 24.89 | 26.60 | 28.06 |
Outstanding at end of period (in dollars per shares) | 23.76 | 24.84 | 24.87 |
Exercisable at end of period (in dollars per share) | 25.70 | 24.76 | 20.38 |
Weighted-average fair value of options granted during the period (in dollars per share) | $ 7.71 | $ 9.47 | $ 5.96 |
Shareholders' Equity and Shar_6
Shareholders' Equity and Share-Based Compensation - Options (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | Dec. 26, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 2,866 | 2,533 | 2,234 | 1,641 |
Weighted-average exercise price of options outstanding (in dollars per shares) | $ 23.76 | $ 24.84 | $ 24.87 | $ 25.46 |
Weighted-average remaining contractual life of options outstanding | 6 years 3 months 18 days | |||
Options exercisable (in shares) | 1,613 | 1,119 | 1,001 | |
Weighted-average exercise price of options exercisable (in dollars per share) | $ 25.70 | $ 24.76 | $ 20.38 | |
Exercise Price Range 10.00 to 18.34 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 12.71 | |||
Exercise price range, upper range limit (in dollars per share) | $ 20.25 | |||
Options outstanding (in shares) | 1,067 | |||
Weighted-average exercise price of options outstanding (in dollars per shares) | $ 16.15 | |||
Weighted-average remaining contractual life of options outstanding | 6 years 6 months | |||
Options exercisable (in shares) | 480 | |||
Weighted-average exercise price of options exercisable (in dollars per share) | $ 15.93 | |||
Exercise Price Range 18.35 To 27.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 20.26 | |||
Exercise price range, upper range limit (in dollars per share) | $ 27 | |||
Options outstanding (in shares) | 895 | |||
Weighted-average exercise price of options outstanding (in dollars per shares) | $ 23.06 | |||
Weighted-average remaining contractual life of options outstanding | 6 years 3 months 18 days | |||
Options exercisable (in shares) | 473 | |||
Weighted-average exercise price of options exercisable (in dollars per share) | $ 24.15 | |||
Exercise Price Range 27.01 To 41.90 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 27.01 | |||
Exercise price range, upper range limit (in dollars per share) | $ 41.90 | |||
Options outstanding (in shares) | 904 | |||
Weighted-average exercise price of options outstanding (in dollars per shares) | $ 33.41 | |||
Weighted-average remaining contractual life of options outstanding | 6 years 2 months 12 days | |||
Options exercisable (in shares) | 660 | |||
Weighted-average exercise price of options exercisable (in dollars per share) | $ 33.90 |
Shareholders' Equity and Shar_7
Shareholders' Equity and Share-Based Compensation - Non-Vested Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Shares | |||
Shares, outstanding at beginning of year (in shares) | 357 | 147 | 174 |
Granted (in shares) | 100 | 251 | 42 |
Vested (in shares) | (242) | (32) | (69) |
Forfeited (in shares) | (3) | (9) | 0 |
Shares, outstanding at end of year (in shares) | 212 | 357 | 147 |
Weighted- Average Fair Value | |||
Outstanding at beginning of year (in dollars per share) | $ 23.32 | $ 31.02 | $ 29.16 |
Granted (in dollars per share) | 17.63 | 19.63 | 31.43 |
Vested (in dollars per share) | 22.95 | 30.69 | 26.56 |
Forfeited (in dollars per share) | 22.93 | 19.77 | 0 |
Outstanding at end of year (in dollars per share) | $ 21.07 | $ 23.32 | $ 31.02 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement savings plan expense | $ 2,233 | $ 1,696 | $ 1,718 |
Net unrecognized actuarial loss for pension obligation | 1,774 | 10,935 | |
Net actuarial loss | 1,966 | 11,174 | |
Prior service credit | (260) | (323) | |
Accumulated benefit obligation | $ 33,719 | $ 42,835 | |
Common Stock | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Maximum annual contributions per employee, percent | 2% | 2% | 2% |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service credit | $ 192 | $ 239 | |
For 100% of The First 3% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percent of match from employer | 100% | ||
Percent of match of employees' gross pay | 3% | ||
For 50% of The Next 2% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percent of match from employer | 50% | ||
Percent of match of employees' gross pay | 2% |
Employee Benefit Plans - Unfund
Employee Benefit Plans - Unfunded Nonqualified, Defined-Benefit and Account-Based Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2022 | Dec. 30, 2021 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of period | $ 46,827 | $ 48,604 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest |
Service cost | $ 1,055 | $ 1,122 |
Interest cost | 1,341 | 1,201 |
Actuarial gain | (11,368) | (2,630) |
Benefits paid | (1,531) | (1,470) |
Benefit obligation at end of year | 36,324 | 46,827 |
Amounts recognized in the statement of financial position consist of: | ||
Current accrued benefit liability (included in Other accrued liabilities) | (1,890) | (1,674) |
Noncurrent accrued benefit liability (included in Other long-term obligations) | (34,434) | (45,153) |
Total | (36,324) | (46,827) |
Amounts recognized in accumulated other comprehensive loss consist of: | ||
Net actuarial loss | 2,660 | 15,120 |
Prior service credit | (260) | (323) |
Total | $ 2,400 | $ 14,797 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Net periodic pension cost: | |||
Service cost | $ 1,055 | $ 1,122 | $ 1,095 |
Interest cost | 1,341 | 1,201 | 1,371 |
Net amortization of prior service cost and actuarial loss | 1,028 | 1,311 | 990 |
Total | $ 3,424 | $ 3,634 | $ 3,456 |
Employee Benefit Plans - Pre-Ta
Employee Benefit Plans - Pre-Tax Change in the Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2022 | Dec. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Net actuarial (gain) loss | $ (11,368) | $ (2,630) |
Amortization of the net actuarial loss | (1,092) | (1,375) |
Amortization of the prior year service credit | 63 | 64 |
Total | $ (12,397) | $ (3,941) |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted-Average Assumptions Used to Determine the Benefit Obligations (Details) | Dec. 29, 2022 | Dec. 30, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Discount rate | 5.05% | 2.85% |
Rate of compensation increase | 4% | 4% |
Employee Benefit Plans - Weig_2
Employee Benefit Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Discount rate | 2.85% | 2.45% | 3.10% |
Rate of compensation increase | 4% | 4% | 4% |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Payments Expected to be Paid (Details) $ in Thousands | Dec. 29, 2022 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
2023 | $ 1,938 |
2024 | 2,002 |
2025 | 2,219 |
2026 | 2,358 |
2027 | 2,348 |
Years 2028 – 2032 | $ 15,409 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 |
Deferred tax assets | |||
Accrued employee benefits | $ 14,133 | $ 17,669 | |
Operating lease liabilities | 54,767 | 59,622 | |
Gift card liabilities | 6,575 | 7,318 | |
Net operating loss, disallowed interest & tax credit carryforwards | 28,273 | 24,166 | |
Other | 3,791 | 6,876 | |
Total | 107,539 | 115,651 | |
Less valuation allowance | (12,371) | (2,415) | |
Deferred tax assets | 95,168 | 113,236 | |
Deferred tax liabilities | |||
Depreciation and amortization | (70,849) | (73,898) | |
Operating lease assets | (50,886) | (55,489) | |
Deferred tax liabilities | (121,735) | (129,387) | |
Net deferred tax liability | (26,567) | (16,151) | |
Deferred income taxes - other assets | 0 | 10,032 | |
Deferred income taxes - liabilities | $ (26,567) | $ (26,183) | $ (33,429) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Less valuation allowance | $ (12,371,000) | $ (2,415,000) | |
Valuation allowance | $ 9,956,000 | ||
Adjusted for losses from noncontrolling interests | (147.60%) | 26.60% | 36.20% |
Effective income tax | 4.60% | ||
Current tax benefits | $ 11,976,000 | ||
Differed tax benefit | $ 8,095,000 | ||
Effective income tax rate | 26% | ||
Income tax refund claims | $ 24,200,000 | $ 37,400,000 | |
Income tax refunds, CARES Act | $ 22,300,000 | 7,800,000 | 31,500,000 |
Proceeds from income tax paid refunds | (21,935,000) | (8,316,000) | (33,275,000) |
Unrecognized tax benefits | 0 | 0 | 0 |
Penalties and interest accrued | 0 | 0 | |
Income tax examination interest income | $ 683,000 | 60,000 | $ 296,000 |
Minimum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, period | 12 years | ||
Maximum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, period | 20 years | ||
Federal | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 19,656,000 | 26,003,000 | |
Tax credit carryforwards | 4,538,000 | 3,463,000 | |
Valuation allowance | 2,598,000 | ||
State | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 238,682,000 | $ 237,019,000 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ (452) | $ 13 | $ (32,626) |
State | 556 | 129 | 526 |
Deferred: | |||
Federal | (3,222) | (12,629) | (24,751) |
State | 10,255 | (3,214) | (14,085) |
Income tax expense (benefit) | $ 7,137 | $ (15,701) | $ (70,936) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate (Details) | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent | |||
Statutory federal tax rate | 21% | 21% | 21% |
Tax benefit from CARES Act and accounting method changes | 0% | 0% | 10.30% |
State income taxes, net of federal income tax benefit | 4.30% | 6.70% | 5% |
Tax credits, net of federal income tax benefit | 22.90% | 1.60% | 0.20% |
Valuation allowance | (205.90%) | (4.10%) | 0% |
Federal income tax benefit on state valuation allowance | 53.70% | 0% | 0% |
Excess tax benefits on share-based compensation | (22.10%) | (0.60%) | (0.20%) |
Other compensation and benefits | (15.60%) | (0.70%) | 0% |
Meals and entertainment | (4.10%) | (0.40%) | 0% |
Other | (1.80%) | 3.10% | (0.10%) |
Effective income tax rate | (147.60%) | 26.60% | 36.20% |
Commitments and License Rights
Commitments and License Rights (Details) $ in Thousands | Dec. 29, 2022 USD ($) hotel |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to complete contracts in process value | $ | $ 5,387 |
Hilton Trademark | |
Loss Contingencies [Line Items] | |
Number of hotels with license rights (in hotels) | 3 |
Marriott Trademark | |
Loss Contingencies [Line Items] | |
Number of hotels with license rights (in hotels) | 2 |
Joint Venture Transactions (Det
Joint Venture Transactions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 30, 2021 USD ($) jointVenture | Dec. 30, 2021 USD ($) jointVenture | Dec. 31, 2020 USD ($) | Dec. 29, 2022 USD ($) room jointVenture | |
Related Party Transaction [Line Items] | ||||
Number of investments | jointVenture | 2 | 2 | 1 | |
Corporate Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Equity method investments | $ 2,335 | $ 2,335 | $ 2,067 | |
Number of rooms (in rooms) | room | 248 | |||
Payments to acquire interest in joint venture | $ 2,427 | |||
Other than temporary impairment | $ 811 | |||
Proceeds from sale of investments | 4,150 | |||
Realized gain on disposal | $ 2,079 | |||
Corporate Joint Venture | Kimpton Hotel Monaco Pittsburgh | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 10% | 10% |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 | Dec. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 677,394 | $ 458,244 | $ 237,688 |
Operating income (loss) | 8,306 | (41,452) | (178,422) |
Depreciation and amortization | 67,073 | 72,127 | 75,052 |
Assets | 1,064,598 | 1,188,361 | 1,254,178 |
Capital expenditures and acquisitions | 36,843 | 17,082 | 21,363 |
Operating Segments | Theatres | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 407,741 | 271,248 | 132,624 |
Operating income (loss) | 8,108 | (27,559) | (121,429) |
Depreciation and amortization | 47,560 | 51,654 | 53,460 |
Assets | 750,941 | 820,547 | 871,655 |
Capital expenditures and acquisitions | 12,087 | 10,299 | 15,828 |
Operating Segments | Hotels/ Resorts | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 269,286 | 186,638 | 104,638 |
Operating income (loss) | 18,699 | 5,865 | (43,885) |
Depreciation and amortization | 19,160 | 20,192 | 21,096 |
Assets | 277,990 | 305,928 | 309,320 |
Capital expenditures and acquisitions | 24,515 | 6,783 | 4,669 |
Corporate Items | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 367 | 358 | 426 |
Operating income (loss) | (18,501) | (19,758) | (13,108) |
Depreciation and amortization | 353 | 281 | 496 |
Assets | 35,667 | 61,886 | 73,203 |
Capital expenditures and acquisitions | $ 241 | $ 0 | $ 866 |