Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 24, 2020 | Oct. 30, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 24, 2020 | |
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 | |
Entity Address, Address Line Two | Wisconsin Avenue | |
Entity Address, Address Line Three | SuiteĀ 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, $1.00 par value | |
Trading Symbol | MCS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000062234 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 23,139,038 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,925,254 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2020 | Dec. 26, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 8,244 | $ 20,862 |
Restricted cash | 8,509 | 4,756 |
Accounts receivable, net of reserves of $1,034 and $762, respectively | 6,907 | 29,465 |
Refundable income taxes | 54,434 | 5,916 |
Assets held for sale | 2,119 | |
Other current assets | 11,477 | 18,265 |
Total current assets | 91,690 | 79,264 |
Property and equipment: | ||
Land and improvements | 149,299 | 152,434 |
Buildings and improvements | 762,206 | 761,511 |
Leasehold improvements | 166,628 | 164,083 |
Furniture, fixtures and equipment | 381,749 | 377,404 |
Finance lease right-of-use assets | 74,794 | 74,357 |
Construction in progress | 6,826 | 4,043 |
Total property and equipment | 1,541,502 | 1,533,832 |
Less accumulated depreciation and amortization | 663,800 | 610,578 |
Net property and equipment | 877,702 | 923,254 |
Operating lease right-of-use assets | 236,632 | 243,855 |
Other assets: | ||
Investments in joint ventures | 2,084 | 3,595 |
Goodwill | 75,211 | 75,282 |
Other | 33,103 | 33,936 |
Total other assets | 110,398 | 112,813 |
TOTAL ASSETS | 1,316,422 | 1,359,186 |
Current liabilities: | ||
Accounts payable | 15,824 | 49,370 |
Taxes other than income taxes | 16,638 | 20,613 |
Accrued compensation | 10,796 | 18,055 |
Other accrued liabilities | 50,842 | 61,134 |
Short-term borrowings | 89,932 | |
Current portion of finance lease obligations | 2,908 | 2,571 |
Current portion of operating lease obligations | 20,646 | 13,335 |
Current maturities of long-term debt | 12,927 | 9,910 |
Total current liabilities | 220,513 | 174,988 |
Finance lease obligations | 20,256 | 20,802 |
Operating lease obligations | 231,552 | 232,111 |
Long-term debt | 199,357 | 206,432 |
Deferred income taxes | 46,838 | 48,262 |
Deferred compensation and other | 58,938 | 55,133 |
Shareholders' equity attributable to The Marcus Corporation | ||
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued | ||
Capital in excess of par | 152,598 | 145,549 |
Retained earnings | 370,919 | 461,884 |
Accumulated other comprehensive loss | (12,614) | (12,648) |
Stockholders' Equity before Treasury Stock | 542,093 | 625,975 |
Less cost of Common Stock in treasury (125,652 shares at September 24, 2020 and 242,853 shares at December 26, 2019) | (3,125) | (4,540) |
Total shareholders' equity attributable to The Marcus Corporation | 538,968 | 621,435 |
Noncontrolling interest | 23 | |
Total equity | 538,968 | 621,458 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,316,422 | 1,359,186 |
Common Stock [Member] | ||
Shareholders' equity attributable to The Marcus Corporation | ||
Common Stock, Value | 23,264 | 23,254 |
Total equity | 23,264 | 23,254 |
Class B Common Stock [Member] | ||
Shareholders' equity attributable to The Marcus Corporation | ||
Common Stock, Value | 7,926 | 7,936 |
Total equity | $ 7,926 | $ 7,936 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 24, 2020 | Dec. 26, 2019 |
Accounts receivable, reserves | $ 1,034 | $ 762 |
Preferred Stock, par (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, authorized | 1,000,000 | 1,000,000 |
Preferred Stock, issued | 0 | 0 |
Cost of Common Stock in treasury, shares | 125,652 | 242,853 |
Common Stock [Member] | ||
Common Stock, par (in dollars per share) | $ 1 | $ 1 |
Common Stock, authorized | 50,000,000 | 50,000,000 |
Common Stock, issued | 23,264,259 | 23,253,744 |
Class B Common Stock [Member] | ||
Common Stock, par (in dollars per share) | $ 1 | $ 1 |
Common Stock, authorized | 33,000,000 | 33,000,000 |
Common Stock, issued | 7,925,254 | 7,935,769 |
Common Stock, outstanding | 7,925,254 | 7,935,769 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Revenues: | ||||
Revenues | $ 30,366 | $ 204,031 | $ 187,068 | $ 586,022 |
Cost reimbursements | 3,225 | 7,431 | 13,916 | 27,979 |
Total revenues | 33,591 | 211,462 | 200,984 | 614,001 |
Costs and expenses: | ||||
Advertising and marketing | 1,981 | 6,653 | 8,446 | 17,664 |
Administrative | 11,645 | 18,053 | 40,555 | 54,862 |
Depreciation and amortization | 18,690 | 19,226 | 56,568 | 53,484 |
Rent | 6,594 | 6,806 | 19,876 | 19,087 |
Property taxes | 5,950 | 5,666 | 18,004 | 16,527 |
Other operating expenses | 6,266 | 10,127 | 18,094 | 31,729 |
Impairment charges | 765 | 9,477 | ||
Reimbursed costs | 3,225 | 7,431 | 13,916 | 27,979 |
Total costs and expenses | 81,578 | 189,075 | 324,233 | 559,189 |
Operating income (loss) | (47,987) | 22,387 | (123,249) | 54,812 |
Other income (expense): | ||||
Investment income | 66 | 187 | 207 | 835 |
Interest expense | (4,132) | (2,807) | (10,177) | (8,959) |
Other expense | (590) | (481) | (1,771) | (1,441) |
Loss on disposition of property, equipment and other assets | (251) | (129) | (299) | (269) |
Equity losses from unconsolidated joint ventures, net | (1,054) | (84) | (1,539) | (252) |
Nonoperating Income (Expense), Total | (5,961) | (3,314) | (13,579) | (10,086) |
Earnings (loss) before income taxes | (53,948) | 19,073 | (136,828) | 44,726 |
Income taxes (benefit) | (14,508) | 4,843 | (50,984) | 10,465 |
Net earnings (loss) | (39,440) | 14,230 | (85,844) | 34,261 |
Net earnings (loss) attributable to noncontrolling interests | (59) | (23) | 46 | |
Net earnings (loss) attributable to The Marcus Corporation | (39,440) | 14,289 | (85,821) | 34,215 |
Theatre admissions [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,118 | 69,753 | 58,667 | 211,777 |
Rooms [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 9,772 | 34,185 | 27,618 | 81,317 |
Costs and expenses: | ||||
Cost of Goods and Services Sold | 4,611 | 10,829 | 16,132 | 30,173 |
Theatre concessions [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,243 | 57,051 | 50,277 | 172,126 |
Costs and expenses: | ||||
Cost of Goods and Services Sold | 2,592 | 21,471 | 25,634 | 63,789 |
Food and beverage [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,420 | 20,170 | 19,620 | 54,568 |
Costs and expenses: | ||||
Cost of Goods and Services Sold | 5,109 | 15,842 | 20,725 | 44,353 |
Other revenues [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 8,813 | 22,872 | 30,886 | 66,234 |
Theatre operations [Member] | ||||
Costs and expenses: | ||||
Cost of Goods and Services Sold | $ 14,150 | $ 66,971 | $ 76,806 | $ 199,542 |
Common Stock [Member] | ||||
Net earnings (loss) per share - basic: | ||||
Common Stock | $ (1.30) | $ 0.47 | $ (2.84) | $ 1.18 |
Net earnings (loss) per share - diluted: | ||||
Common Stock | (1.30) | 0.46 | (2.84) | 1.10 |
Class B Common Stock [Member] | ||||
Net earnings (loss) per share - basic: | ||||
Common Stock | (1.18) | 0.43 | (2.57) | 1.02 |
Net earnings (loss) per share - diluted: | ||||
Common Stock | $ (1.18) | $ 0.43 | $ (2.57) | $ 1.01 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Net earnings (loss) | $ (39,440) | $ 14,230 | $ (85,844) | $ 34,261 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $64, $194, $30 and $89, respectively | 184 | 79 | 549 | 238 |
Fair market value adjustment of interest rate swaps, net of tax benefit of $10, $358, $35 and $340, respectively | (30) | (138) | (1,015) | (968) |
Reclassification adjustment on interest rate swaps included in interest expense, net of tax effect of $81, $177, $11 and $19, respectively | 227 | 32 | 500 | 53 |
Other comprehensive income (loss) | 381 | (27) | 34 | (677) |
Comprehensive income (loss) | (39,059) | 14,203 | (85,810) | 33,584 |
Comprehensive income (loss) attributable to noncontrolling interests | (59) | (23) | 46 | |
Comprehensive income (loss) attributable to The Marcus Corporation | $ (39,059) | $ 14,262 | $ (85,787) | $ 33,538 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect | $ 64 | $ 30 | $ 194 | $ 89 |
Fair market value adjustment of interest rate swap, net of tax benefit | 10 | 35 | 358 | 340 |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect | $ 81 | $ 11 | $ 177 | $ 19 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2020 | Sep. 26, 2019 | |
OPERATING ACTIVITIES: | ||
Net earnings (loss) | $ (85,844) | $ 34,261 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Losses on investments in joint ventures | 1,539 | 252 |
Distributions from joint ventures | 200 | |
Loss on disposition of property, equipment and other assets | 299 | 269 |
Impairment charges | 9,477 | |
Depreciation and amortization | 56,568 | 53,484 |
Amortization of debt issuance costs and discount on convertible notes | 697 | 232 |
Share-based compensation | 3,286 | 2,594 |
Deferred income taxes | (2,787) | (572) |
Deferred compensation and other | 3,938 | 592 |
Contribution of the Company's stock to savings and profit-sharing plan | 1,315 | 1,181 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 22,558 | 2,118 |
Other assets | 1,604 | 566 |
Operating leases | 8,519 | (280) |
Accounts payable | (31,852) | (7,524) |
Income taxes | (48,518) | 8,506 |
Taxes other than income taxes | (3,975) | 626 |
Accrued compensation | (7,259) | 1,671 |
Other accrued liabilities | (10,214) | (12,218) |
Total adjustments | 5,195 | 51,697 |
Net cash provided by (used in) operating activities | (80,649) | 85,958 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (18,687) | (50,097) |
Acquisition of theatres, net of cash acquired and working capital assumed | (30,287) | |
Proceeds from disposals of property, equipment and other assets | 1,602 | 22 |
Capital contribution in joint venture | (28) | |
Proceeds from sale of trading securities | 5,184 | |
Other investing activities | 220 | (5,809) |
Net cash used in investing activities | (11,709) | (86,171) |
Debt transactions: | ||
Proceeds from borrowings on revolving credit facility | 209,000 | 246,000 |
Repayment of borrowings on revolving credit facility | (280,000) | (215,000) |
Proceeds from short-term borrowings | 90,800 | |
Proceeds from convertible senior notes | 100,050 | |
Principal payments on long-term debt | (9,356) | (24,203) |
Proceeds received from PPP loans expected to be repaid | 3,147 | |
Debt issuance costs | (6,543) | |
Principal payments on finance lease obligations | (1,389) | (1,908) |
Equity transactions: | ||
Treasury stock transactions, except for stock options | (542) | (747) |
Exercise of stock options | 379 | 1,344 |
Capped call transactions | (16,908) | |
Dividends paid | (5,145) | (14,478) |
Distributions to noncontrolling interest | (185) | |
Net cash provided by(used in) financing activities | 83,493 | (9,177) |
Net decrease in cash, cash equivalents and restricted cash | (8,865) | (9,390) |
Cash, cash equivalents and restricted cash at beginning of period | 25,618 | 21,927 |
Cash, cash equivalents and restricted cash at end of period | 16,753 | 12,537 |
Supplemental Information: | ||
Interest paid, net of amounts capitalized | 9,313 | 9,540 |
Income taxes paid | 322 | 2,530 |
Change in accounts payable for additions to property, equipment and other assets | $ (2,640) | $ 7,406 |
General
General | 9 Months Ended |
Sep. 24, 2020 | |
General | |
General | 1. General Basis of Presentation Accounting Policies Depreciation and Amortization Assets Held for Sale Long-Lived Assets Goodwill During the first quarter of fiscal 2020 and the third quarter of fiscal 2020, the Company determined that indicators of impairment were present and performed quantitative tests as of the quarter-end dates. In order to determine fair value, the Company used assumptions based on information available to it as of March 26, 2020 (the last day of the Companyās first quarter) and September 24, 2020 (the last day of the Companyās third quarter), including both market data and forecasted future cash flows. The Company then used this information to determine fair value. The Company determined that the fair value of the Company's goodwill was greater than its carrying value and thus was not impaired as of March 26, 2020 or September 24, 2020. Trade Name Intangible Asset Earnings (Loss) Per Share 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 for net earnings (loss) and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 13 Weeks ā 39 Weeks ā 39 Weeks ā ā ā Ended ā Ended ā Ended ā Ended ā ā September 24, 2020 September 26, 2019 September 24, 2020 September 26, 2019 ā ā (in thousands, except per share data) ā Numerator: ā ā ā ā Net earnings (loss) attributable to The Marcus Corporation ā $ (39,440) ā $ 14,289 ā $ (85,821) ā $ 34,215 ā Denominator: ā ā ā ā ā ā ā ā ā ā ā ā ā Denominator for basic EPS ā 31,064 ā 30,918 ā 31,033 ā 30,566 ā Effect of dilutive employee stock options ā ā ā 443 ā ā ā 518 ā Denominator for diluted EPS ā 31,064 ā 31,361 ā 31,033 ā 31,084 ā Net earnings (loss) per share ā basic: ā ā ā ā ā ā ā ā ā ā ā ā ā Common Stock ā $ (1.30) ā $ 0.47 ā $ (2.84) ā $ 1.18 ā Class B Common Stock ā $ (1.18) ā $ 0.43 ā $ (2.57) ā $ 1.02 ā Net earnings (loss) per share- diluted: ā ā ā ā ā ā ā ā ā Common Stock ā $ (1.30) ā $ 0.46 ā $ (2.84) ā $ 1.10 ā Class B Common Stock ā $ (1.18) ā $ 0.43 ā $ (2.57) ā $ 1.01 ā ā 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. It is the Companyās intent to settle the principal amount of its convertible senior notes in cash and settle the conversion spread of its convertible senior notes in the Companyās shares. As such, the Company uses the treasury method to calculate diluted earnings per share, unless the effect would be antidilutive. ā Shareholdersā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Shareholdersā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accumulated ā ā ā ā Attributable ā ā ā ā ā ā ā ā ā ā ā Class B ā Capital ā ā ā ā Other ā ā ā ā to The ā Non- ā ā ā ā ā Common ā Common ā in Excess ā Retained ā Comprehensive ā Treasury ā Marcus ā controlling ā Total ā ā Stock ā Stock ā of Par ā Earnings ā Loss ā Stock ā Corporation ā Interests ā Equity BALANCES AT DECEMBER 26, 2019 ā $ 23,254 ā $ 7,936 ā $ 145,549 ā $ 461,884 ā $ (12,648) ā $ (4,540) ā $ 621,435 ā $ 23 ā $ 621,458 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,224) ā ā ā ā ā (1,224) ā ā ā (1,224) $.16 Common Stock ā ā ā ā ā ā ā (3,921) ā ā ā ā ā (3,921) ā ā ā (3,921) Exercise of stock options ā ā ā ā ā 5 ā ā ā ā ā 40 ā 45 ā ā ā 45 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (274) ā (274) ā ā ā (274) Savings and profit-sharing contribution ā ā ā ā ā 299 ā ā ā ā ā 1,016 ā 1,315 ā ā ā 1,315 Reissuance of treasury stock ā ā ā ā ā 2 ā ā ā ā ā 46 ā 48 ā ā ā 48 Issuance of non-vested stock ā ā ā ā ā (149) ā ā ā ā ā 149 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 988 ā ā ā ā ā ā ā 988 ā ā ā 988 Conversions of Class B Common Stock ā 10 ā (10) ā ā ā ā ā ā ā ā ā ā ā ā ā ā Comprehensive income (loss) ā ā ā ā ā ā ā (19,352) ā (547) ā ā ā (19,899) ā (148) ā (20,047) BALANCES AT MARCH 26, 2020 ā $ 23,264 ā $ 7,926 ā $ 146,694 ā $ 437,387 ā $ (13,195) ā $ (3,563) ā $ 598,513 ā $ (125) ā $ 598,388 Exercise of stock options ā ā ā ā ā (4) ā ā ā ā ā 15 ā 11 ā ā ā 11 Reissuance of treasury stock ā ā ā ā ā (17) ā ā ā ā ā 112 ā 95 ā ā ā 95 Issuance of non-vested stock ā ā ā ā ā (172) ā ā ā ā ā 172 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 1,190 ā ā ā ā ā ā ā 1,190 ā ā ā 1,190 Other ā ā ā ā ā (1) ā 1 ā ā ā ā ā ā ā ā ā ā Comprehensive income (loss) ā ā ā ā ā ā ā (27,029) ā 200 ā ā ā (26,829) ā 125 ā (26,704) BALANCES AT JUNE 25, 2020 ā $ 23,264 ā $ 7,926 ā $ 147,690 ā $ 410,359 ā $ (12,995) ā $ (3,264) ā $ 572,980 ā $ ā ā $ 572,980 Exercise of stock options ā ā ā ā ā ā ā ā (68) ā ā ā ā ā ā ā ā 391 ā ā 323 ā ā ā ā ā 323 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (422) ā ā (422) ā ā ā ā ā (422) Reissuance of treasury stock ā ā ā ā ā ā ā ā (1) ā ā ā ā ā ā ā ā 12 ā ā 11 ā ā ā ā ā 11 Issuance of non-vested stock ā ā ā ā ā ā ā ā (158) ā ā ā ā ā ā ā ā 158 ā ā ā ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā ā ā ā 1,108 ā ā ā ā ā ā ā ā ā ā ā 1,108 ā ā ā ā ā 1,108 Equity component of issuance of convertible notes, net of tax and issuance costs ā ā ā ā ā ā ā ā 16,522 ā ā ā ā ā ā ā ā ā ā ā 16,522 ā ā ā ā ā 16,522 Capped call transactions, net of tax ā ā ā ā ā ā ā ā (12,495) ā ā ā ā ā ā ā ā ā ā ā (12,495) ā ā ā ā ā (12,495) Comprehensive income (loss) ā ā ā ā ā ā ā ā ā ā ā (39,440) ā ā 381 ā ā ā ā ā (39,059) ā ā ā ā ā (39,059) BALANCES AT SEPTEMBER 24, 2020 ā $ 23,264 ā $ 7,926 ā $ 152,598 ā $ 370,919 ā $ (12,614) ā $ (3,125) ā $ 538,968 ā $ ā ā $ 538,968 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Shareholdersā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accumulated ā ā ā ā Attributable ā ā ā ā ā ā ā ā ā ā ā Class B ā Capital ā ā ā ā Other ā ā ā ā to The ā Non- ā ā ā ā ā Common ā Common ā in Excess ā Retained ā Comprehensive ā Treasury ā Marcus ā controlling ā Total ā ā Stock ā Stock ā of Par ā Earnings ā Loss ā Stock ā Corporation ā Interests ā Equity BALANCES AT DECEMBER 27, 2018 ā $ 22,843 ā $ 8,347 ā $ 63,830 ā $ 439,178 ā $ (6,758) ā $ (37,431) ā $ 490,009 ā $ 110 ā $ 490,119 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,183) ā ā ā ā ā (1,183) ā ā ā (1,183) $.16 Common Stock ā ā ā ā ā ā ā (3,633) ā ā ā ā ā (3,633) ā ā ā (3,633) Exercise of stock options ā ā ā ā ā (78) ā ā ā ā ā 532 ā 454 ā ā ā 454 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (428) ā (428) ā ā ā (428) Savings and profit-sharing contribution ā ā ā ā ā 810 ā ā ā ā ā 371 ā 1,181 ā ā ā 1,181 Reissuance of treasury stock ā ā ā ā ā 31 ā ā ā ā ā 16 ā 47 ā ā ā 47 Issuance of non-vested stock ā ā ā ā ā (127) ā ā ā ā ā 127 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 777 ā ā ā ā ā ā ā 777 ā ā ā 777 Reissuance of treasury stock-acquisition ā ā ā ā ā ā ā ā 77,960 ā ā ā ā ā ā ā ā 31,237 ā ā 109,197 ā ā ā ā ā 109,197 Other ā ā ā ā ā ā ā ā (109) ā ā ā ā ā ā ā ā ā ā ā (109) ā ā ā ā ā (109) Conversions of Class B Common Stock ā 411 ā (411) ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (60) ā (60) Comprehensive income (loss) ā ā ā ā ā ā ā 1,860 ā (297) ā ā ā 1,563 ā (66) ā 1,497 BALANCES AT MARCH 28, 2019 ā $ 23,254 ā $ 7,936 ā $ 143,094 ā $ 436,222 ā $ (7,055) ā $ (5,576) ā $ 597,875 ā $ (16) ā $ 597,859 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,155) ā ā ā ā ā (1,155) ā ā ā (1,155) $.16 Common Stock ā ā ā ā ā ā ā (3,675) ā ā ā ā ā (3,675) ā ā ā (3,675) Exercise of stock options ā ā ā ā ā (27) ā ā ā ā ā 477 ā 450 ā ā ā 450 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (213) ā (213) ā ā ā (213) Reissuance of treasury stock ā ā ā ā ā 182 ā ā ā ā ā 96 ā 278 ā ā ā 278 Issuance of non-vested stock ā ā ā ā ā (142) ā ā ā ā ā 142 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 949 ā ā ā ā ā ā ā 949 ā ā ā 949 Conversions of Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (35) ā ā (35) Comprehensive income (loss) ā ā ā ā ā ā ā 18,066 ā (353) ā ā ā 17,713 ā 171 ā 17,884 BALANCES AT JUNE 27, 2019 ā $ 23,254 ā $ 7,936 ā $ 144,056 ā $ 449,458 ā $ (7,408) ā $ (5,074) ā $ 612,222 ā $ 120 ā $ 612,342 $.15 Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā (1,155) ā ā ā ā ā ā ā ā (1,155) ā ā ā ā ā (1,155) $.16 Common Stock ā ā ā ā ā ā ā ā ā ā ā (3,677) ā ā ā ā ā ā ā ā (3,677) ā ā ā ā ā (3,677) Exercise of stock options ā ā ā ā ā ā ā ā (134) ā ā ā ā ā ā ā ā 574 ā ā 440 ā ā ā ā ā 440 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (478) ā ā (478) ā ā ā ā ā (478) Reissuance of treasury stock ā ā ā ā ā ā ā ā 28 ā ā ā ā ā ā ā ā 19 ā ā 47 ā ā ā ā ā 47 Issuance of non-vested stock ā ā ā ā ā ā ā ā (131) ā ā ā ā ā ā ā ā 131 ā ā ā ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā ā ā ā 868 ā ā ā ā ā ā ā ā ā ā ā 868 ā ā ā ā ā 868 Conversions of Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (90) ā ā (90) Comprehensive income (loss) ā ā ā ā ā ā ā ā ā ā ā 14,289 ā ā (27) ā ā ā ā ā 14,262 ā ā (59) ā ā 14,203 BALANCES AT SEPTEMBER 26, 2019 ā $ 23,254 ā $ 7,936 ā $ 144,687 ā $ 458,915 ā $ (7,435) ā $ (4,828) ā $ 622,529 ā $ (29) ā $ 622,500 ā Accumulated Other Comprehensive Loss ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā September 24, December 26, ā ā 2020 ā 2019 ā ā (in thousands) Unrecognized loss on interest rate swap agreements ā $ (1,397) ā $ (882) Net unrecognized actuarial loss for pension obligation ā (11,217) ā (11,766) ā ā $ (12,614) ā $ (12,648) ā Fair Value Measurements The Companyās assets and liabilities measured at fair value are classified in one of the following categories: Level 1 Level 2 Level 3 Defined Benefit Plan ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 13 Weeks ā 39 Weeks ā 39 Weeks ā ā ā Ended ā Ended ā Ended ā Ended ā ā September 24, 2020 September 26, 2019 September 24, 2020 September 26, 2019 ā ā (in thousands) ā Service cost ā $ 274 ā $ 207 ā $ 821 ā $ 625 ā Interest cost ā 342 ā 372 ā 1,028 ā 1,114 ā Net amortization of prior service cost and actuarial loss ā 248 ā 109 ā 743 ā 327 ā Net periodic pension cost ā $ 864 ā $ 688 ā $ 2,592 ā $ 2,066 ā ā Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of earnings. Revenue Recognition ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended September 24, 2020 ā Reportable Segment ā ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 3,118 ā $ ā ā $ ā ā $ 3,118 Rooms ā ā ā 9,772 ā ā ā 9,772 Theatre concessions ā 3,243 ā ā ā ā ā 3,243 Food and beverage ā ā ā 5,420 ā ā ā 5,420 Other revenues (1) ā 934 ā 7,820 ā 59 ā 8,813 Cost reimbursements ā 59 ā 3,166 ā ā ā 3,225 Total revenues ā $ 7,354 ā $ 26,178 ā $ 59 ā $ 33,591 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended September 24, 2020 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 58,667 ā $ ā ā $ ā ā $ 58,667 Rooms ā ā ā 27,618 ā ā ā 27,618 Theatre concessions ā 50,277 ā ā ā ā ā 50,277 Food and beverage ā ā ā 19,620 ā ā ā 19,620 Other revenues (1) ā 9,194 ā 21,375 ā 317 ā 30,886 Cost reimbursements ā 276 ā 13,640 ā ā ā 13,916 Total revenues ā $ 118,414 ā $ 82,253 ā $ 317 ā $ 200,984 ā (1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. ā The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 26, 2019 is as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended September 26, 2019 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 69,753 ā $ ā ā $ ā ā $ 69,753 Rooms ā ā ā 34,185 ā ā ā 34,185 Theatre concessions ā 57,051 ā ā ā ā ā 57,051 Food and beverage ā ā ā 20,170 ā ā ā 20,170 Other revenues (1) ā 9,781 ā 13,003 ā 88 ā 22,872 Cost reimbursements ā 217 ā 7,214 ā ā ā 7,431 Total revenues ā $ 136,802 ā $ 74,572 ā $ 88 ā $ 211,462 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended September 26, 2019 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 211,777 ā $ ā ā $ ā ā $ 211,777 Rooms ā ā ā 81,317 ā ā ā 81,317 Theatre concessions ā 172,126 ā ā ā ā ā 172,126 Food and beverage ā ā ā 54,568 ā ā ā 54,568 Other revenues (1) ā 29,525 ā 36,386 ā 323 ā 66,234 Cost reimbursements ā 646 ā 27,333 ā ā ā 27,979 Total revenues ā $ 414,074 ā $ 199,604 ā $ 323 ā $ 614,001 ā (1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The Company had deferred revenue from contracts with customers of $36,347,000 and $43,200,000 as of September 24, 2020 and December 26, 2019, respectively. The Company had no contract assets as of September 24, 2020 and December 26, 2019. During the 39 weeks ended September 24, 2020, the Company recognized revenue of $12,444,000 that was included in deferred revenues as of December 26, 2019. The majority of the Companyās deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Companyās loyalty program. The decrease in deferred revenue from December 26, 2019 to September 24, 2020 was due to theatre gift card redemptions and advanced movie ticket redemptions during the 39 weeks ended September 24, 2020. As of September 24, 2020, the amount of transaction price allocated to the remaining performance obligations under the Companyās advanced ticket sales was $4,631,000 and is reflected in the Companyās consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. The Company recognizes revenue as the tickets are redeemed, which is expected to occur within the next two years. As of September 24, 2020, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $2,679,000 and is reflected in the Companyās consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Companyās revenue is recognized in less than one year from the original contract. New Accounting Pronouncements ā CompensationāRetirement BenefitsāDefined Benefit PlansāGeneral, On December 27, 2019, the Company adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, On December 27, 2019, the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure FrameworkāChanges to the Disclosure Requirements for Fair Value Measurement. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes. ā 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. ā In August 2020, the FASB issued 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. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 9 Months Ended |
Sep. 24, 2020 | |
Impact of COVID-19 Pandemic | |
Impact of COVID-19 Pandemic | 2. Impact of COVID-19 Pandemic The COVID-19 pandemic has had an unprecedented impact on the world and both of the Companyās business segments. The situation continues to be volatile and the social and economic effects are widespread. 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 Companyās businesses are significantly impacted by protective actions that federal, state and local governments have taken to control the spread of the pandemic. These actions have included, among other things, declaring national and state emergencies, encouraging social distancing, restricting freedom of movement and congregation, mandating non-essential business closures, issuing curfews, limiting business capacity, mandating mask-wearing and issuing shelter-in-place, quarantine and stay-at-home orders. As a result of these measures, the Company temporarily closed all of its theatres on March 17, 2020, and did not generate any significant revenues from its theatre operations during its fiscal 2020 second quarter and the first two months of its fiscal 2020 third quarter (other than revenues from six theatres opened on a very limited basis in June 2020 primarily to test new operating protocols, five parking lot cinemas, and some limited online and curbside sales of popcorn, pizza and other assorted food and beverage items). As of August 28, 2020, the Company had reopened approximately 80% of its theatres, although seating capacity at reopened theatres has been reduced in response to COVID-19 as a way to ensure proper social distancing. Early in the Companyās fiscal 2020 fourth quarter, the Company temporarily closed several theatres due to changes in the release schedule for new films. As of the date of this report, approximately 66% of the Companyās theatres remain open. Temporarily closed theatres are ready to quickly reopen as new films are released and demand returns. The Company also temporarily closed all of its hotel division restaurants and bars at approximately the same time as its theatres and closed five of its eight company-owned hotels and resorts on March 24, 2020 due to a significant reduction in occupancy at those hotels. The Company closed its remaining three company-owned hotels in early April 2020. It re-opened four of its company-owned hotels and several of its restaurants and bars during June 2020, which together are generating significantly reduced revenues as compared to prior years. The Company reopened three of its four remaining company-owned hotels during the Companyās fiscal 2020 third quarter. As such, as of the date of this report, seven of the Companyās eight company-owned hotels and most of its managed hotels are open. Since the COVID-19 crisis began, the Company has been working proactively to preserve cash. In addition to obtaining additional financing and modifying previously existing debt covenants (see Note 5), additional measures the Company has already taken and intends to take in the future to enhance liquidity include: ā Discontinuing all non-essential operating and capital expenditures; ā Temporarily laying off the majority of its hourly theatre and hotel associates, in addition to temporarily reducing property management and corporate office staff levels; ā Temporarily reducing the salary of the Companyās chairman and president and chief executive officer by 50%, as well as temporarily reducing the salary of all other executives and remaining divisional/corporate staff; ā Temporarily eliminating all board of directors cash compensation; ā Temporarily suspending quarterly dividend payments; ā Actively working with landlords and major suppliers to modify the timing and terms of certain contractual payments; ā Evaluating the provisions of the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the āCARES Actā) and utilizing the benefits, relief and resources under those provisions as appropriate (See Note 7); and ā Evaluating the provisions of any subsequent federal or state legislation enacted as a response to the COVID-19 pandemic. ā During the Company's second quarter, the Company successfully applied for and received funds under the CARES Act Paycheck Protection Program (PPP) that allowed it to rehire many of its hotel associates for eight weeks during the second quarter of fiscal 2020, as well as fund certain other permitted expenses. The Company's amended credit agreement (see Note 5) also allows the Company to consider additional borrowings from governmental authorities under provisions of the CARES Act or any other subsequent governmental actions that it could avail itself of if it deemed it necessary and appropriate. Although the Company has sought and obtained, and intends to continue to seek, any available potential benefits under the CARES Act, including those described above, it cannot predict the manner in which such benefits will be allocated or administered, and it cannot assure shareholders that it will be able to access such benefits in a timely manner or at all. The Company also cannot assure that potential benefits under the CARES Act will not be amended or eliminated under any subsequent governmental actions. Certain state and local governmental restrictions have been lifted or relaxed in the vast majority of the markets in which the Company operates theatres, allowing certain of its movie theatres to reopen. On June 11, 2020, the Company announced a phased reopening plan that began with the opening on June 19, 2020 of six of its theatres in multiple markets on a limited basis. After initially reopening approximately 80% of its theatres as of August 28, 2020 in time for the release of several new films, including Tenet When the Company closed its hotels, it was not because of any governmental requirements to close. The Companyās restaurants and bars within its hotels were required to close, but the hotels themselves were considered āessential businessesā under most definitions. The Company closed its hotels due to a significant drop in demand that made it financially prudent for it to close rather than stay open. As a result, the timing of reopening the hotels and resorts has been driven by demand, as individual and business travelers begin to travel more freely once again. The economic environment in place as this reopening happens will have a significant impact on the pace of the Companyās return to ānormalā hotel operations. The COVID-19 pandemic and the resulting impact on the Company's operating performance has affected, and may continue to affect, the estimates and assumptions made by management. Such estimates and assumptions include, among other things, the Company's goodwill and long-lived asset valuations and the measurement of compensation costs for annual and long-term incentive plans. Events and changes in circumstances arising after September 24, 2020, including those resulting from the impacts of COVID-19, will be reflected in management's estimates for future periods. ā The Company believes that the actions that have been taken will allow it to have sufficient liquidity to meet its obligations as they come due and to comply with its debt covenants for at least 12 months from the issuance date of these unaudited consolidated financial statements. However, future compliance with the Companyās debt covenants could be impacted if the Company is unable to resume operations as currently expected. Future compliance with debt covenants could also be impacted if the speed of recovery of the Companyās theatres and hotels and resorts businesses is slower than currently expected. For example, the Companyās current expectations are that its theatre division will significantly underperform during the Companyās fiscal 2020 fourth quarter and fiscal 2021 first quarter compared to the prior year, improve during the fiscal 2021 second quarter (but still report results materially below the prior year), before beginning to return to closer-to-normal performance during the second half of fiscal 2021. The current expectations for the theatre division are based on the Companyās anticipated timing of the release of new movies by the studios and the Companyās expectations of consumer attendance levels in the future. The Companyās current expectations for its hotels and resorts division are that it will continue to significantly underperform during the Companyās fiscal 2020 fourth quarter and fiscal 2021 first quarter compared to the prior year, before beginning to show improvement in each succeeding quarter compared to its current state. The Company does not expect to return to pre-COVID-19 occupancy levels during the remainder of fiscal 2020 or fiscal 2021. |
Impairment Charges
Impairment Charges | 9 Months Ended |
Sep. 24, 2020 | |
Impairment Charges | |
Impairment Charges | 3. Impairment Charges During the 13 weeks ended March 26, 2020, the Company determined that indicators of impairment were evident at all asset groups. For certain theatre asset groups, the sum of the estimated undiscounted future cash flows attributable to these assets was less than their carrying amount. The Company evaluated the fair value of these assets, consisting primarily of 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 asset, including estimated sale proceeds) was less than their carrying values and recorded a $6,512,000 impairment loss, reducing certain property and equipment and certain operating lease right-of-use assets. The remaining net book value of the impaired assets was $13,686,000 as of March 26, 2020, excluding any applicable remaining lease obligations. During the 13 weeks ended September 24, 2020, the Company determined that indicators of impairment were evident at certain theatre and hotel asset groups. For certain of the theatre asset groups evaluated for impairment, the sum of the estimated undiscounted future cash flows attributable to these assets was less than their carrying amount. The Company evaluated the fair value of these assets, consisting primarily of 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 asset, including estimated sale proceeds) was less than their carrying values and recorded a $765,000 impairment loss, reducing certain property and equipment and certain operating lease right-of-use assets. The remaining net book value of the impaired assets was $7,221,000 as of September 24, 2020, excluding any applicable remaining lease obligations. During the 13 weeks ended March 26, 2020 and 13 weeks ended September 24, 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 as of March 26, 2020 and September 24, 2020 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 March 26, 2020 and September 24, 2020) and a discount rate (17.0% as of March 26, 2020 and September 24, 2020). During the 13 weeks ended March 26, 2020, the Company determined that the fair value of the asset was less than the carrying value and recorded a $2,200,000 impairment loss. During the 13 weeks ended September 24, 2020, the Company determined that the fair value of the asset was greater than its carrying value and thus was not impaired at that time. The fair value of the trade name intangible asset was $7,300,000 as of September 24, 2020. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 24, 2020 | |
Acquisition | |
Acquisition | 4. Acquisition On February 1, 2019, the Company acquired 22 dine-in theatres with 208 screens located in nine Southern and Eastern states from VSS-Southern Theatres LLC (Movie Tavern) for a total purchase price of $139,310,000, consisting of $30,000,000 in cash, subject to certain adjustments, and 2,450,000 shares of the Companyās Common Stock with a value of $109,197,000, based on the Companyās closing share price as of January 31, 2019. During the 39 weeks ended September 26, 2019, the Company incurred acquisition costs as a result of the Movie Tavern acquisition of approximately $1,283,000 which were expensed as incurred and included in administrative expense in the consolidated statement of earnings (loss). The purchase price allocation was finalized in fiscal 2019 using Level 3 pricing inputs and is reflected in the consolidated balance sheets for the periods presented. |
Long-Term Debt and Short-Term B
Long-Term Debt and Short-Term Borrowings | 9 Months Ended |
Sep. 24, 2020 | |
Long-Term Debt and Short-Term Borrowings | |
Long-Term Debt and Short-Term Borrowings | 5. Long-Term Debt and Short-Term Borrowings Long-term debt is summarized as follows: ā ā ā ā ā ā ā ā September 24,2020 December 26, 2019 ā ā (in thousands, except payment data) Mortgage notes ā $ 24,482 ā $ 24,571 Senior notes ā 100,000 ā 109,000 Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% ā 1,827 ā 2,093 Convertible senior notes ā ā 76,655 ā ā ā Payroll Protection Program loans ā ā 3,147 ā ā ā Revolving credit agreement ā 10,000 ā 81,000 Debt issuance costs ā (3,827) ā (322) ā ā 212,284 ā 216,342 Less current maturities, net of issuance costs ā 12,927 ā 9,910 ā ā $ 199,357 ā $ 206,432 ā Credit Agreement and Short-Term Borrowings On January 9, 2020, the Company entered into the Credit Agreement with several banks. On April 29, 2020, the Company entered into the First Amendment, and on September 15, 2020, the Company entered into the Second Amendment (the Credit Agreement, as amended by the First Amendment and the Second Amendment, the āCredit Agreementā). The Second Amendment became effective on September 22, 2020. The Credit Agreement provides for a revolving credit facility that matures on January 9, 2025 with an initial maximum aggregate amount of availability of $225,000,000. The First Amendment provided a new $90,800,000 364-day Senior Term Loan A (the āTerm Loan Aā). The Company used the proceeds from the Term Loan A to repay borrowings under the Credit Agreement, to pay costs and expenses related to the First Amendment, and for general corporate purposes. In conjunction with the Second Amendment, among other things, the maturity date of the Term Loan A was extended to September 22, 2021, and various debt covenant requirements were amended as further discussed below. The $90,800,000 Term Loan A, net of debt issuance costs of $868,000, is included in short-term borrowings on the Consolidated Balance Sheet as of September 24, 2020 and bears interest at 3.75% as of September 24, 2020. 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 āspecified periodā); 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. 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 Companyās restricted subsidiaries to no more than 20% of the Companyās consolidated total capitalization (as defined in the Credit Agreement), (b) limits the Companyās 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 3.0 to 1.0 as of the end of the fiscal quarter ending September 29, 2022 and each fiscal quarter thereafter, (d) restricts the Companyās ability to incur additional indebtedness, pay dividends and other distributions, and make voluntary prepayments on or defeasance of the Companyās 4.02% Senior Notes due August 2025, 4.32% Senior Notes due February 2027, the notes or certain other convertible securities, (e) requires the Companyās consolidated EBITDA not to be less than or equal to (i) $0 as of September 30, 2021 for the fiscal quarter then ending, (ii) $20,000,000 as of December 30, 2021 for the two consecutive fiscal quarters then ending, (iii) $35,000,000 as of March 31, 2022 for the three consecutive fiscal quarters then ending or (iv) $60,000,000 as of June 30, 2022 for the four consecutive fiscal quarters then ending, (f) requires the Companyās consolidated liquidity not to be less than or equal to (i) $125,000,000 as of September 24, 2020, (ii) $125,000,000 as of December 31, 2020, (iii) $100,000,000 as of April 1, 2021, (iv) $100,000,000 as of July 1, 2021, or (v) $50,000,000 as of the end of any fiscal quarter thereafter until and including the fiscal quarter ending June 30, 2022; however, each such required minimum amount of consolidated liquidity would be reduced to $50,000,000 for each such testing date if the initial term loans are paid in full as of such date, and (g) prohibits the Company from incurring or making capital expenditures, (i) during the period beginning on April 1, 2020 through and including December 31, 2020 in excess of the sum of $22,500,000 plus certain adjustments, or (ii) during the Companyās 2021 fiscal year in excess of $50 million plus certain adjustments. Pursuant to the Credit Agreement, the Company is required to apply net cash proceeds received from certain events, including certain asset dispositions, casualty losses, condemnations, equity issuances, capital contributions, and the incurrence of certain debt, to prepay outstanding term loans. In addition, if, at any time during the specified period, the Companyās unrestricted cash on hand exceeds $75,000,000, 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 Companyās subsidiaries have guaranteed the Companyās 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. Amendments to Note Purchase Agreements The Companyās $100,000,000 of senior notes consist of two Purchase Agreements maturing in 2021 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%. On September 15, 2020, the Company and certain purchasers entered into amendments (the āNote Amendmentsā) to the Note Purchase Agreement, dated June 27, 2013, and the Note Purchase Agreement, dated December 21, 2016 (collectively, the āNote Purchase Agreementsā). 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 September 22, 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 in an amount equal to 0.975% of the aggregate principal amount of Notes held by such holder. Such fee is payable quarterly (0.24375% of the aggregate principal amount of the Notes per quarter) commencing with the fiscal quarter ending September 24, 2020. 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 $100,050,000 aggregate principal amount of its 5.00% Convertible Senior Notes due 2025 (the āConvertible Notes.ā) The Convertible Notes were issued pursuant to an indenture (the āIndentureā), 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 $95,487,000 after deducting the Initial Purchasersā fees and additional estimated fees and expenses related to the offering. The Company used $16,908,000 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 Companyās 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 Companyās indebtedness that is expressly subordinated in right of payment to the Convertible Notes; (ii) equal in right of payment to any of the Companyās unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Companyās 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 Companyās subsidiaries. In accounting for the issuance of the Convertible Notes, the Company separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, representing the conversion option, which does not meet the criteria for separate accounting as a derivative as it is indexed to the Company's own stock, was determined by deducting the fair value of the liability component from the par value of the Convertible Notes. The difference between the principal amount of the Convertible Notes and the liability component represents the debt discount, which is recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and amortized to interest expense using the effective interest method over the term of the Convertible Notes. The effective interest rate of the Convertible Notes is 11.25%. The equity component of the Convertible Notes is approximately $23,426,000 ($16,522,000, net of tax and issuance costs) and is included in additional paid-in capital in the Consolidated Balance Sheet and is not remeasured as long as it continues to meet the conditions for equity classification. The Company allocated transaction costs related to the Convertible Notes using the same proportions as the proceeds from Convertible Notes. Transaction costs attributable to the liability component were recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and are being amortized to interest expense over the term of the Convertible Notes. Transaction costs attributable to the equity component were netted with the equity component in shareholdersā equity. 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 Companyās failure to comply with its reporting obligations under the Indenture or if the Convertible Notes are not freely tradeable 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 31, 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 companyās 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. 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 āsinking fundā 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. 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 āCapped Call Transactionsā) with certain of the Initial Purchasers and/or their respective affiliates and/or other financial institutions (the āCapped Call Counterpartiesā). The Capped Call Transactions are expected generally to reduce potential dilution of the Companyās 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 Companyās 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 Companyās 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 will initially be $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, and is subject to certain adjustments under the terms of the Capped Call Transactions. 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 the second quarter of fiscal 2020, 11 of the Companyās subsidiaries received proceeds totaling $13,459,000 under the CARES Actās Paycheck Protection Program (PPP). The PPP loans bear interest at a fixed interest rate of 1.0%, require principal and interest payments beginning in November 2020, and mature in fiscal 2022. 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). As of September 24, 2020, the Companyās subsidiaries used a cumulative total of approximately $10,312,000 of the PPP loan proceeds to pay for qualified expenses. Of the cumulative proceeds used, approximately $9,371,000 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 $941,000 of expenditures paid were used to offset rent expense, utility costs and mortgage interest expense. The Company believes the portion of the PPP loan proceeds used for qualified expenses will be forgiven under the terms of the CARES Act program and has reduced its cumulative subsidiary loan balances by this amount. The remaining loan balances that have not been used for qualified expenses and are expected to be repaid total $3,147,000 as of September 24, 2020, of which $1,938,000 is included in current maturities of long-term debt, and $1,209,000 is included in long-term debt on the consolidated balance sheet. As of September 24, 2020, the amount of unused PPP loan proceeds is included in Restricted Cash on the consolidated balance sheet. 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. The Company entered into two interest rate swap agreements on March 1, 2018 covering $50,000,000 of floating rate debt. The first agreement has a notional amount of $25,000,000, expires March 1, 2021, and requires the Company to pay interest at a defined rate of 2.559% while receiving interest at a defined variable rate of one-month LIBOR (1.875% at September 24, 2020). The second agreement has a notional amount of $25,000,000, expires March 1, 2023, and requires the Company to pay interest at a defined rate of 2.687% while receiving interest at a defined variable rate of one-month LIBOR (1.875% at September 24, 2020). The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. Derivatives that do not qualify for hedge accounting must be adjusted to fair value through earnings. For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Companyās interest rate swap agreements are considered effective and qualify as cash flow hedges. The Company assesses, both at the inception of each hedge and on an on-going basis, whether the derivatives that are used in its hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. As of September 24, 2020, the interest rate swaps were considered highly effective. The fair value of the interest rate swaps on September 24, 2020 was a liability of $1,890,000, of which, $307,000 is included in other accrued liabilities and $1,583,000 is included in deferred compensation and other in the consolidated balance sheet. The fair value of the interest rate swap on December 26, 2019, was a liability of $1,194,000 and was included in deferred compensation and other in the consolidated balance sheet. The Company does not expect the interest rate swaps to have a material effect on earnings within the next 12 months. |
Leases
Leases | 9 Months Ended |
Sep. 24, 2020 | |
Leases | |
Leases | 6. 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 ASU No. 2016-02, Leases (Topic 842) The majority of the Companyās 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 Companyās 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. ā Total lease cost consists of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 39 Weeks ā ā ā ā ā Ended ā Ended Lease Cost Classification September 24, 2020 September 24, 2020 ā ā ā ā ā ā (in thousands) Finance lease costs: ā ā ā Amortization of finance lease assets Depreciation and amortization ā $ 707 ā $ 2,137 Interest on lease liabilities Interest expense ā 263 ā 794 ā ā ā ā ā $ 970 ā $ 2,931 ā Operating lease costs: ā ā ā ā ā ā ā Operating lease costs ā Rent expense ā $ 6,357 ā $ 19,236 Variable lease cost ā Rent expense ā ā 124 ā 371 Short-term lease cost ā Rent expense ā ā 113 ā 269 ā ā ā ā ā $ 6,594 ā $ 19,876 ā Additional information related to leases is as follows: ā ā ā ā ā ā ā 39 Weeks ā ā Ended ā Other Information ā September 24, 2020 ā ā ā (in thousands) ā Cash paid for amounts included in the measurement of lease liabilities: ā Financing cash flows from finance leases ā $ 1,389 ā Operating cash flows from finance leases ā 794 ā Operating cash flows from operating leases ā 11,376 ā ā ā ā Right of use assets obtained in exchange for new lease obligations: ā ā Finance lease liabilities ā 1,364 ā Operating lease liabilities ā 9,644 ā ā ā ā ā ā ā September 24, 2020 ā (in thousands) Finance leases: ā ā ā Property and equipment ā gross ā $ 75,291 Accumulated depreciation and amortization ā (54,817) Property and equipment - net ā $ 20,474 ā Remaining lease terms and discount rates are as follows: ā ā ā ā ā Lease Term and Discount Rate September 24, 2020 ā Weighted-average remaining lease terms: ā Finance leases 9 years Operating leases 15 years ā ā ā Weighted-average discount rates: ā Finance leases 4.58 % Operating leases 4.54 % ā As of September 24, 2020, the Company had a build-to-suit lease arrangement in which the Company is responsible for the construction of a new leased theatre and for paying construction costs during development. Construction costs will be reimbursed by the landlord up to an agreed upon amount. During construction, the Company is deemed to not have control of the assets or the leased premises and has recorded the development expenditures in other assets on the consolidated balance sheet. The project is currently on hold due to the COVID-19 pandemic. Due to the COVID-19 pandemic, the Company temporarily closed all of its theatres on March 17, 2020 and had temporarily closed all of its company-owned hotels by April 8, 2020. At that time, the Company began actively working with landlords to discuss changes to the timing of lease payments and contract terms of leases due to the pandemic. The lease terms were negotiated on a lease-by-lease basis with individual landlords. In conjunction with these lease discussions, the Company obtained lease concessions for the majority of its leases. Substantially all of the lease concessions were for the deferral of lease payments into future periods. This resulted in the total payments required by the modified contract being substantially the same as or less than the total payments required by the original contract. In accordance with FASB Staff Q&A ā Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic issued in April 2020, the Company has made the policy election to account for these lease concessions as if they were made under the enforceable rights included in the original agreement and are thus outside of the modification framework. The Company has elected to account for these concessions as if no changes to the lease contract were made and has continued to recognize rent expense during the deferral period. Deferred rent payments of approximately $7,783,000 for the Companyās operating leases have been included in the total operating lease obligations as of September 24, 2020, of which approximately $1,226,000 is included in long-term operating lease obligations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 24, 2020 | |
Income Taxes | |
Income Taxes | 7. Income Taxes The Companyās effective income tax rate, adjusted for earnings (losses) from noncontrolling interests, for the 13 and 39 weeks ended September 24, 2020 was 26.9% and 37.3%, respectively, and was 25.3% and 23.4% for the 13 and 39 weeks ended September 26, 2019, respectively. The Companyās effective income tax rate during the 13 and 39 weeks ended September 24, 2020 benefitted from several accounting method changes and the March 27, 2020 signing of the CARES Act, one of the provisions of which allows the Companyās 2019 and 2020 taxable losses to be carried back to prior fiscal years during which the federal income tax rate was 35%, compared to the current statutory federal income tax rate of 21%. The Company does not include 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 has evaluated the provisions of the CARES Act. Among other things, the CARES Act includes 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 $37,400,000 in the third quarter of fiscal 2020, with the primary benefit derived from several accounting method changes and new rules for qualified improvement property expenditures and net operating loss carrybacks. Early in its fourth quarter, the Company received $31,500,000 of the requested tax refunds. The Company also expects to apply a significant portion of an anticipated tax loss to be incurred in fiscal 2020 to prior year income, which may also result in a refund that may approximate $21,000,000 in fiscal 2021 when the Companyās fiscal 2020 tax return is filed (with possible tax loss carryforwards that may be used in future years). |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 24, 2020 | |
Business Segment Information | |
Business Segment Information | 8. Business Segment Information The Companyās primary operations are reported in the following business segments: Theatres and Hotels/Resorts. 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. Following is a summary of business segment information for the 13 weeks and 39 weeks ended September 24, 2020 and September 26, 2019 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended ā ā Hotels/ Corporate ā ā September 24, 2020 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 7,354 ā $ 26,178 ā $ 59 ā $ 33,591 Operating loss ā (37,174) ā (6,925) ā (3,888) ā (47,987) Depreciation and amortization ā 13,353 ā 5,210 ā 127 ā 18,690 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended ā ā Hotels/ Corporate ā ā September 26, 2019 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 136,802 ā $ 74,572 ā $ 88 ā $ 211,462 Operating income (loss) ā 16,843 ā 10,580 ā (5,036) ā 22,387 Depreciation and amortization ā 13,438 ā 5,451 ā 337 ā 19,226 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended ā ā Hotels/ Corporate ā ā September 24, 2020 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 118,414 ā $ 82,253 ā $ 317 ā $ 200,984 Operating loss ā (78,788) ā (32,459) ā (12,002) ā (123,249) Depreciation and amortization ā 40,245 ā 15,955 ā 368 ā 56,568 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended ā ā Hotels/ Corporate ā ā September 26, 2019 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 414,074 ā $ 199,604 ā $ 323 ā $ 614,001 Operating income (loss) ā 57,656 ā 11,443 ā (14,287) ā 54,812 Depreciation and amortization ā 37,918 ā 15,050 ā 516 ā 53,484 ā |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 24, 2020 | |
General | |
Basis of Presentation | Basis of Presentation |
Accounting Policies | Accounting Policies |
Depreciation and Amortization | Depreciation and Amortization |
Assets Held for Sale | Assets Held for Sale |
Long-Lived Assets | Long-Lived Assets |
Goodwill | Goodwill During the first quarter of fiscal 2020 and the third quarter of fiscal 2020, the Company determined that indicators of impairment were present and performed quantitative tests as of the quarter-end dates. In order to determine fair value, the Company used assumptions based on information available to it as of March 26, 2020 (the last day of the Companyās first quarter) and September 24, 2020 (the last day of the Companyās third quarter), including both market data and forecasted future cash flows. The Company then used this information to determine fair value. The Company determined that the fair value of the Company's goodwill was greater than its carrying value and thus was not impaired as of March 26, 2020 or September 24, 2020. |
Trade Name Intangible Asset | Trade Name Intangible Asset |
Earnings (Loss) Per Share | Earnings (Loss) Per Share 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 for net earnings (loss) and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 13 Weeks ā 39 Weeks ā 39 Weeks ā ā ā Ended ā Ended ā Ended ā Ended ā ā September 24, 2020 September 26, 2019 September 24, 2020 September 26, 2019 ā ā (in thousands, except per share data) ā Numerator: ā ā ā ā Net earnings (loss) attributable to The Marcus Corporation ā $ (39,440) ā $ 14,289 ā $ (85,821) ā $ 34,215 ā Denominator: ā ā ā ā ā ā ā ā ā ā ā ā ā Denominator for basic EPS ā 31,064 ā 30,918 ā 31,033 ā 30,566 ā Effect of dilutive employee stock options ā ā ā 443 ā ā ā 518 ā Denominator for diluted EPS ā 31,064 ā 31,361 ā 31,033 ā 31,084 ā Net earnings (loss) per share ā basic: ā ā ā ā ā ā ā ā ā ā ā ā ā Common Stock ā $ (1.30) ā $ 0.47 ā $ (2.84) ā $ 1.18 ā Class B Common Stock ā $ (1.18) ā $ 0.43 ā $ (2.57) ā $ 1.02 ā Net earnings (loss) per share- diluted: ā ā ā ā ā ā ā ā ā Common Stock ā $ (1.30) ā $ 0.46 ā $ (2.84) ā $ 1.10 ā Class B Common Stock ā $ (1.18) ā $ 0.43 ā $ (2.57) ā $ 1.01 ā ā 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. It is the Companyās intent to settle the principal amount of its convertible senior notes in cash and settle the conversion spread of its convertible senior notes in the Companyās shares. As such, the Company uses the treasury method to calculate diluted earnings per share, unless the effect would be antidilutive. ā |
Shareholders' Equity | Shareholdersā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Shareholdersā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accumulated ā ā ā ā Attributable ā ā ā ā ā ā ā ā ā ā ā Class B ā Capital ā ā ā ā Other ā ā ā ā to The ā Non- ā ā ā ā ā Common ā Common ā in Excess ā Retained ā Comprehensive ā Treasury ā Marcus ā controlling ā Total ā ā Stock ā Stock ā of Par ā Earnings ā Loss ā Stock ā Corporation ā Interests ā Equity BALANCES AT DECEMBER 26, 2019 ā $ 23,254 ā $ 7,936 ā $ 145,549 ā $ 461,884 ā $ (12,648) ā $ (4,540) ā $ 621,435 ā $ 23 ā $ 621,458 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,224) ā ā ā ā ā (1,224) ā ā ā (1,224) $.16 Common Stock ā ā ā ā ā ā ā (3,921) ā ā ā ā ā (3,921) ā ā ā (3,921) Exercise of stock options ā ā ā ā ā 5 ā ā ā ā ā 40 ā 45 ā ā ā 45 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (274) ā (274) ā ā ā (274) Savings and profit-sharing contribution ā ā ā ā ā 299 ā ā ā ā ā 1,016 ā 1,315 ā ā ā 1,315 Reissuance of treasury stock ā ā ā ā ā 2 ā ā ā ā ā 46 ā 48 ā ā ā 48 Issuance of non-vested stock ā ā ā ā ā (149) ā ā ā ā ā 149 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 988 ā ā ā ā ā ā ā 988 ā ā ā 988 Conversions of Class B Common Stock ā 10 ā (10) ā ā ā ā ā ā ā ā ā ā ā ā ā ā Comprehensive income (loss) ā ā ā ā ā ā ā (19,352) ā (547) ā ā ā (19,899) ā (148) ā (20,047) BALANCES AT MARCH 26, 2020 ā $ 23,264 ā $ 7,926 ā $ 146,694 ā $ 437,387 ā $ (13,195) ā $ (3,563) ā $ 598,513 ā $ (125) ā $ 598,388 Exercise of stock options ā ā ā ā ā (4) ā ā ā ā ā 15 ā 11 ā ā ā 11 Reissuance of treasury stock ā ā ā ā ā (17) ā ā ā ā ā 112 ā 95 ā ā ā 95 Issuance of non-vested stock ā ā ā ā ā (172) ā ā ā ā ā 172 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 1,190 ā ā ā ā ā ā ā 1,190 ā ā ā 1,190 Other ā ā ā ā ā (1) ā 1 ā ā ā ā ā ā ā ā ā ā Comprehensive income (loss) ā ā ā ā ā ā ā (27,029) ā 200 ā ā ā (26,829) ā 125 ā (26,704) BALANCES AT JUNE 25, 2020 ā $ 23,264 ā $ 7,926 ā $ 147,690 ā $ 410,359 ā $ (12,995) ā $ (3,264) ā $ 572,980 ā $ ā ā $ 572,980 Exercise of stock options ā ā ā ā ā ā ā ā (68) ā ā ā ā ā ā ā ā 391 ā ā 323 ā ā ā ā ā 323 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (422) ā ā (422) ā ā ā ā ā (422) Reissuance of treasury stock ā ā ā ā ā ā ā ā (1) ā ā ā ā ā ā ā ā 12 ā ā 11 ā ā ā ā ā 11 Issuance of non-vested stock ā ā ā ā ā ā ā ā (158) ā ā ā ā ā ā ā ā 158 ā ā ā ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā ā ā ā 1,108 ā ā ā ā ā ā ā ā ā ā ā 1,108 ā ā ā ā ā 1,108 Equity component of issuance of convertible notes, net of tax and issuance costs ā ā ā ā ā ā ā ā 16,522 ā ā ā ā ā ā ā ā ā ā ā 16,522 ā ā ā ā ā 16,522 Capped call transactions, net of tax ā ā ā ā ā ā ā ā (12,495) ā ā ā ā ā ā ā ā ā ā ā (12,495) ā ā ā ā ā (12,495) Comprehensive income (loss) ā ā ā ā ā ā ā ā ā ā ā (39,440) ā ā 381 ā ā ā ā ā (39,059) ā ā ā ā ā (39,059) BALANCES AT SEPTEMBER 24, 2020 ā $ 23,264 ā $ 7,926 ā $ 152,598 ā $ 370,919 ā $ (12,614) ā $ (3,125) ā $ 538,968 ā $ ā ā $ 538,968 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Shareholdersā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accumulated ā ā ā ā Attributable ā ā ā ā ā ā ā ā ā ā ā Class B ā Capital ā ā ā ā Other ā ā ā ā to The ā Non- ā ā ā ā ā Common ā Common ā in Excess ā Retained ā Comprehensive ā Treasury ā Marcus ā controlling ā Total ā ā Stock ā Stock ā of Par ā Earnings ā Loss ā Stock ā Corporation ā Interests ā Equity BALANCES AT DECEMBER 27, 2018 ā $ 22,843 ā $ 8,347 ā $ 63,830 ā $ 439,178 ā $ (6,758) ā $ (37,431) ā $ 490,009 ā $ 110 ā $ 490,119 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,183) ā ā ā ā ā (1,183) ā ā ā (1,183) $.16 Common Stock ā ā ā ā ā ā ā (3,633) ā ā ā ā ā (3,633) ā ā ā (3,633) Exercise of stock options ā ā ā ā ā (78) ā ā ā ā ā 532 ā 454 ā ā ā 454 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (428) ā (428) ā ā ā (428) Savings and profit-sharing contribution ā ā ā ā ā 810 ā ā ā ā ā 371 ā 1,181 ā ā ā 1,181 Reissuance of treasury stock ā ā ā ā ā 31 ā ā ā ā ā 16 ā 47 ā ā ā 47 Issuance of non-vested stock ā ā ā ā ā (127) ā ā ā ā ā 127 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 777 ā ā ā ā ā ā ā 777 ā ā ā 777 Reissuance of treasury stock-acquisition ā ā ā ā ā ā ā ā 77,960 ā ā ā ā ā ā ā ā 31,237 ā ā 109,197 ā ā ā ā ā 109,197 Other ā ā ā ā ā ā ā ā (109) ā ā ā ā ā ā ā ā ā ā ā (109) ā ā ā ā ā (109) Conversions of Class B Common Stock ā 411 ā (411) ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (60) ā (60) Comprehensive income (loss) ā ā ā ā ā ā ā 1,860 ā (297) ā ā ā 1,563 ā (66) ā 1,497 BALANCES AT MARCH 28, 2019 ā $ 23,254 ā $ 7,936 ā $ 143,094 ā $ 436,222 ā $ (7,055) ā $ (5,576) ā $ 597,875 ā $ (16) ā $ 597,859 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,155) ā ā ā ā ā (1,155) ā ā ā (1,155) $.16 Common Stock ā ā ā ā ā ā ā (3,675) ā ā ā ā ā (3,675) ā ā ā (3,675) Exercise of stock options ā ā ā ā ā (27) ā ā ā ā ā 477 ā 450 ā ā ā 450 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (213) ā (213) ā ā ā (213) Reissuance of treasury stock ā ā ā ā ā 182 ā ā ā ā ā 96 ā 278 ā ā ā 278 Issuance of non-vested stock ā ā ā ā ā (142) ā ā ā ā ā 142 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 949 ā ā ā ā ā ā ā 949 ā ā ā 949 Conversions of Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (35) ā ā (35) Comprehensive income (loss) ā ā ā ā ā ā ā 18,066 ā (353) ā ā ā 17,713 ā 171 ā 17,884 BALANCES AT JUNE 27, 2019 ā $ 23,254 ā $ 7,936 ā $ 144,056 ā $ 449,458 ā $ (7,408) ā $ (5,074) ā $ 612,222 ā $ 120 ā $ 612,342 $.15 Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā (1,155) ā ā ā ā ā ā ā ā (1,155) ā ā ā ā ā (1,155) $.16 Common Stock ā ā ā ā ā ā ā ā ā ā ā (3,677) ā ā ā ā ā ā ā ā (3,677) ā ā ā ā ā (3,677) Exercise of stock options ā ā ā ā ā ā ā ā (134) ā ā ā ā ā ā ā ā 574 ā ā 440 ā ā ā ā ā 440 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (478) ā ā (478) ā ā ā ā ā (478) Reissuance of treasury stock ā ā ā ā ā ā ā ā 28 ā ā ā ā ā ā ā ā 19 ā ā 47 ā ā ā ā ā 47 Issuance of non-vested stock ā ā ā ā ā ā ā ā (131) ā ā ā ā ā ā ā ā 131 ā ā ā ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā ā ā ā 868 ā ā ā ā ā ā ā ā ā ā ā 868 ā ā ā ā ā 868 Conversions of Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (90) ā ā (90) Comprehensive income (loss) ā ā ā ā ā ā ā ā ā ā ā 14,289 ā ā (27) ā ā ā ā ā 14,262 ā ā (59) ā ā 14,203 BALANCES AT SEPTEMBER 26, 2019 ā $ 23,254 ā $ 7,936 ā $ 144,687 ā $ 458,915 ā $ (7,435) ā $ (4,828) ā $ 622,529 ā $ (29) ā $ 622,500 |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā September 24, December 26, ā ā 2020 ā 2019 ā ā (in thousands) Unrecognized loss on interest rate swap agreements ā $ (1,397) ā $ (882) Net unrecognized actuarial loss for pension obligation ā (11,217) ā (11,766) ā ā $ (12,614) ā $ (12,648) |
Fair Value Measurements | Fair Value Measurements The Companyās assets and liabilities measured at fair value are classified in one of the following categories: Level 1 Level 2 Level 3 |
Defined Benefit Plan | Defined Benefit Plan ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 13 Weeks ā 39 Weeks ā 39 Weeks ā ā ā Ended ā Ended ā Ended ā Ended ā ā September 24, 2020 September 26, 2019 September 24, 2020 September 26, 2019 ā ā (in thousands) ā Service cost ā $ 274 ā $ 207 ā $ 821 ā $ 625 ā Interest cost ā 342 ā 372 ā 1,028 ā 1,114 ā Net amortization of prior service cost and actuarial loss ā 248 ā 109 ā 743 ā 327 ā Net periodic pension cost ā $ 864 ā $ 688 ā $ 2,592 ā $ 2,066 ā ā Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of earnings. |
Revenue Recognition | Revenue Recognition ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended September 24, 2020 ā Reportable Segment ā ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 3,118 ā $ ā ā $ ā ā $ 3,118 Rooms ā ā ā 9,772 ā ā ā 9,772 Theatre concessions ā 3,243 ā ā ā ā ā 3,243 Food and beverage ā ā ā 5,420 ā ā ā 5,420 Other revenues (1) ā 934 ā 7,820 ā 59 ā 8,813 Cost reimbursements ā 59 ā 3,166 ā ā ā 3,225 Total revenues ā $ 7,354 ā $ 26,178 ā $ 59 ā $ 33,591 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended September 24, 2020 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 58,667 ā $ ā ā $ ā ā $ 58,667 Rooms ā ā ā 27,618 ā ā ā 27,618 Theatre concessions ā 50,277 ā ā ā ā ā 50,277 Food and beverage ā ā ā 19,620 ā ā ā 19,620 Other revenues (1) ā 9,194 ā 21,375 ā 317 ā 30,886 Cost reimbursements ā 276 ā 13,640 ā ā ā 13,916 Total revenues ā $ 118,414 ā $ 82,253 ā $ 317 ā $ 200,984 ā (1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. ā The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 26, 2019 is as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended September 26, 2019 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 69,753 ā $ ā ā $ ā ā $ 69,753 Rooms ā ā ā 34,185 ā ā ā 34,185 Theatre concessions ā 57,051 ā ā ā ā ā 57,051 Food and beverage ā ā ā 20,170 ā ā ā 20,170 Other revenues (1) ā 9,781 ā 13,003 ā 88 ā 22,872 Cost reimbursements ā 217 ā 7,214 ā ā ā 7,431 Total revenues ā $ 136,802 ā $ 74,572 ā $ 88 ā $ 211,462 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended September 26, 2019 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 211,777 ā $ ā ā $ ā ā $ 211,777 Rooms ā ā ā 81,317 ā ā ā 81,317 Theatre concessions ā 172,126 ā ā ā ā ā 172,126 Food and beverage ā ā ā 54,568 ā ā ā 54,568 Other revenues (1) ā 29,525 ā 36,386 ā 323 ā 66,234 Cost reimbursements ā 646 ā 27,333 ā ā ā 27,979 Total revenues ā $ 414,074 ā $ 199,604 ā $ 323 ā $ 614,001 ā (1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The Company had deferred revenue from contracts with customers of $36,347,000 and $43,200,000 as of September 24, 2020 and December 26, 2019, respectively. The Company had no contract assets as of September 24, 2020 and December 26, 2019. During the 39 weeks ended September 24, 2020, the Company recognized revenue of $12,444,000 that was included in deferred revenues as of December 26, 2019. The majority of the Companyās deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Companyās loyalty program. The decrease in deferred revenue from December 26, 2019 to September 24, 2020 was due to theatre gift card redemptions and advanced movie ticket redemptions during the 39 weeks ended September 24, 2020. As of September 24, 2020, the amount of transaction price allocated to the remaining performance obligations under the Companyās advanced ticket sales was $4,631,000 and is reflected in the Companyās consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. The Company recognizes revenue as the tickets are redeemed, which is expected to occur within the next two years. As of September 24, 2020, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $2,679,000 and is reflected in the Companyās consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Companyās revenue is recognized in less than one year from the original contract. |
New Accounting Pronouncements | New Accounting Pronouncements ā CompensationāRetirement BenefitsāDefined Benefit PlansāGeneral, On December 27, 2019, the Company adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, On December 27, 2019, the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure FrameworkāChanges to the Disclosure Requirements for Fair Value Measurement. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes. ā 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. ā In August 2020, the FASB issued 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. |
General (Tables)
General (Tables) | 9 Months Ended |
Sep. 24, 2020 | |
General | |
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 for net earnings (loss) and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 13 Weeks ā 39 Weeks ā 39 Weeks ā ā ā Ended ā Ended ā Ended ā Ended ā ā September 24, 2020 September 26, 2019 September 24, 2020 September 26, 2019 ā ā (in thousands, except per share data) ā Numerator: ā ā ā ā Net earnings (loss) attributable to The Marcus Corporation ā $ (39,440) ā $ 14,289 ā $ (85,821) ā $ 34,215 ā Denominator: ā ā ā ā ā ā ā ā ā ā ā ā ā Denominator for basic EPS ā 31,064 ā 30,918 ā 31,033 ā 30,566 ā Effect of dilutive employee stock options ā ā ā 443 ā ā ā 518 ā Denominator for diluted EPS ā 31,064 ā 31,361 ā 31,033 ā 31,084 ā Net earnings (loss) per share ā basic: ā ā ā ā ā ā ā ā ā ā ā ā ā Common Stock ā $ (1.30) ā $ 0.47 ā $ (2.84) ā $ 1.18 ā Class B Common Stock ā $ (1.18) ā $ 0.43 ā $ (2.57) ā $ 1.02 ā Net earnings (loss) per share- diluted: ā ā ā ā ā ā ā ā ā Common Stock ā $ (1.30) ā $ 0.46 ā $ (2.84) ā $ 1.10 ā Class B Common Stock ā $ (1.18) ā $ 0.43 ā $ (2.57) ā $ 1.01 ā |
Schedule of Stockholders Equity | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Shareholdersā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accumulated ā ā ā ā Attributable ā ā ā ā ā ā ā ā ā ā ā Class B ā Capital ā ā ā ā Other ā ā ā ā to The ā Non- ā ā ā ā ā Common ā Common ā in Excess ā Retained ā Comprehensive ā Treasury ā Marcus ā controlling ā Total ā ā Stock ā Stock ā of Par ā Earnings ā Loss ā Stock ā Corporation ā Interests ā Equity BALANCES AT DECEMBER 26, 2019 ā $ 23,254 ā $ 7,936 ā $ 145,549 ā $ 461,884 ā $ (12,648) ā $ (4,540) ā $ 621,435 ā $ 23 ā $ 621,458 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,224) ā ā ā ā ā (1,224) ā ā ā (1,224) $.16 Common Stock ā ā ā ā ā ā ā (3,921) ā ā ā ā ā (3,921) ā ā ā (3,921) Exercise of stock options ā ā ā ā ā 5 ā ā ā ā ā 40 ā 45 ā ā ā 45 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (274) ā (274) ā ā ā (274) Savings and profit-sharing contribution ā ā ā ā ā 299 ā ā ā ā ā 1,016 ā 1,315 ā ā ā 1,315 Reissuance of treasury stock ā ā ā ā ā 2 ā ā ā ā ā 46 ā 48 ā ā ā 48 Issuance of non-vested stock ā ā ā ā ā (149) ā ā ā ā ā 149 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 988 ā ā ā ā ā ā ā 988 ā ā ā 988 Conversions of Class B Common Stock ā 10 ā (10) ā ā ā ā ā ā ā ā ā ā ā ā ā ā Comprehensive income (loss) ā ā ā ā ā ā ā (19,352) ā (547) ā ā ā (19,899) ā (148) ā (20,047) BALANCES AT MARCH 26, 2020 ā $ 23,264 ā $ 7,926 ā $ 146,694 ā $ 437,387 ā $ (13,195) ā $ (3,563) ā $ 598,513 ā $ (125) ā $ 598,388 Exercise of stock options ā ā ā ā ā (4) ā ā ā ā ā 15 ā 11 ā ā ā 11 Reissuance of treasury stock ā ā ā ā ā (17) ā ā ā ā ā 112 ā 95 ā ā ā 95 Issuance of non-vested stock ā ā ā ā ā (172) ā ā ā ā ā 172 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 1,190 ā ā ā ā ā ā ā 1,190 ā ā ā 1,190 Other ā ā ā ā ā (1) ā 1 ā ā ā ā ā ā ā ā ā ā Comprehensive income (loss) ā ā ā ā ā ā ā (27,029) ā 200 ā ā ā (26,829) ā 125 ā (26,704) BALANCES AT JUNE 25, 2020 ā $ 23,264 ā $ 7,926 ā $ 147,690 ā $ 410,359 ā $ (12,995) ā $ (3,264) ā $ 572,980 ā $ ā ā $ 572,980 Exercise of stock options ā ā ā ā ā ā ā ā (68) ā ā ā ā ā ā ā ā 391 ā ā 323 ā ā ā ā ā 323 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (422) ā ā (422) ā ā ā ā ā (422) Reissuance of treasury stock ā ā ā ā ā ā ā ā (1) ā ā ā ā ā ā ā ā 12 ā ā 11 ā ā ā ā ā 11 Issuance of non-vested stock ā ā ā ā ā ā ā ā (158) ā ā ā ā ā ā ā ā 158 ā ā ā ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā ā ā ā 1,108 ā ā ā ā ā ā ā ā ā ā ā 1,108 ā ā ā ā ā 1,108 Equity component of issuance of convertible notes, net of tax and issuance costs ā ā ā ā ā ā ā ā 16,522 ā ā ā ā ā ā ā ā ā ā ā 16,522 ā ā ā ā ā 16,522 Capped call transactions, net of tax ā ā ā ā ā ā ā ā (12,495) ā ā ā ā ā ā ā ā ā ā ā (12,495) ā ā ā ā ā (12,495) Comprehensive income (loss) ā ā ā ā ā ā ā ā ā ā ā (39,440) ā ā 381 ā ā ā ā ā (39,059) ā ā ā ā ā (39,059) BALANCES AT SEPTEMBER 24, 2020 ā $ 23,264 ā $ 7,926 ā $ 152,598 ā $ 370,919 ā $ (12,614) ā $ (3,125) ā $ 538,968 ā $ ā ā $ 538,968 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Shareholdersā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Equity ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accumulated ā ā ā ā Attributable ā ā ā ā ā ā ā ā ā ā ā Class B ā Capital ā ā ā ā Other ā ā ā ā to The ā Non- ā ā ā ā ā Common ā Common ā in Excess ā Retained ā Comprehensive ā Treasury ā Marcus ā controlling ā Total ā ā Stock ā Stock ā of Par ā Earnings ā Loss ā Stock ā Corporation ā Interests ā Equity BALANCES AT DECEMBER 27, 2018 ā $ 22,843 ā $ 8,347 ā $ 63,830 ā $ 439,178 ā $ (6,758) ā $ (37,431) ā $ 490,009 ā $ 110 ā $ 490,119 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,183) ā ā ā ā ā (1,183) ā ā ā (1,183) $.16 Common Stock ā ā ā ā ā ā ā (3,633) ā ā ā ā ā (3,633) ā ā ā (3,633) Exercise of stock options ā ā ā ā ā (78) ā ā ā ā ā 532 ā 454 ā ā ā 454 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (428) ā (428) ā ā ā (428) Savings and profit-sharing contribution ā ā ā ā ā 810 ā ā ā ā ā 371 ā 1,181 ā ā ā 1,181 Reissuance of treasury stock ā ā ā ā ā 31 ā ā ā ā ā 16 ā 47 ā ā ā 47 Issuance of non-vested stock ā ā ā ā ā (127) ā ā ā ā ā 127 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 777 ā ā ā ā ā ā ā 777 ā ā ā 777 Reissuance of treasury stock-acquisition ā ā ā ā ā ā ā ā 77,960 ā ā ā ā ā ā ā ā 31,237 ā ā 109,197 ā ā ā ā ā 109,197 Other ā ā ā ā ā ā ā ā (109) ā ā ā ā ā ā ā ā ā ā ā (109) ā ā ā ā ā (109) Conversions of Class B Common Stock ā 411 ā (411) ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (60) ā (60) Comprehensive income (loss) ā ā ā ā ā ā ā 1,860 ā (297) ā ā ā 1,563 ā (66) ā 1,497 BALANCES AT MARCH 28, 2019 ā $ 23,254 ā $ 7,936 ā $ 143,094 ā $ 436,222 ā $ (7,055) ā $ (5,576) ā $ 597,875 ā $ (16) ā $ 597,859 Cash Dividends: ā ā ā ā ā ā ā ā ā $.15 Class B Common Stock ā ā ā ā ā ā ā (1,155) ā ā ā ā ā (1,155) ā ā ā (1,155) $.16 Common Stock ā ā ā ā ā ā ā (3,675) ā ā ā ā ā (3,675) ā ā ā (3,675) Exercise of stock options ā ā ā ā ā (27) ā ā ā ā ā 477 ā 450 ā ā ā 450 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā (213) ā (213) ā ā ā (213) Reissuance of treasury stock ā ā ā ā ā 182 ā ā ā ā ā 96 ā 278 ā ā ā 278 Issuance of non-vested stock ā ā ā ā ā (142) ā ā ā ā ā 142 ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā 949 ā ā ā ā ā ā ā 949 ā ā ā 949 Conversions of Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (35) ā ā (35) Comprehensive income (loss) ā ā ā ā ā ā ā 18,066 ā (353) ā ā ā 17,713 ā 171 ā 17,884 BALANCES AT JUNE 27, 2019 ā $ 23,254 ā $ 7,936 ā $ 144,056 ā $ 449,458 ā $ (7,408) ā $ (5,074) ā $ 612,222 ā $ 120 ā $ 612,342 $.15 Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā (1,155) ā ā ā ā ā ā ā ā (1,155) ā ā ā ā ā (1,155) $.16 Common Stock ā ā ā ā ā ā ā ā ā ā ā (3,677) ā ā ā ā ā ā ā ā (3,677) ā ā ā ā ā (3,677) Exercise of stock options ā ā ā ā ā ā ā ā (134) ā ā ā ā ā ā ā ā 574 ā ā 440 ā ā ā ā ā 440 Purchase of treasury stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (478) ā ā (478) ā ā ā ā ā (478) Reissuance of treasury stock ā ā ā ā ā ā ā ā 28 ā ā ā ā ā ā ā ā 19 ā ā 47 ā ā ā ā ā 47 Issuance of non-vested stock ā ā ā ā ā ā ā ā (131) ā ā ā ā ā ā ā ā 131 ā ā ā ā ā ā ā ā ā Shared-based compensation ā ā ā ā ā ā ā ā 868 ā ā ā ā ā ā ā ā ā ā ā 868 ā ā ā ā ā 868 Conversions of Class B Common Stock ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Distributions to noncontrolling interest ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (90) ā ā (90) Comprehensive income (loss) ā ā ā ā ā ā ā ā ā ā ā 14,289 ā ā (27) ā ā ā ā ā 14,262 ā ā (59) ā ā 14,203 BALANCES AT SEPTEMBER 26, 2019 ā $ 23,254 ā $ 7,936 ā $ 144,687 ā $ 458,915 ā $ (7,435) ā $ (4,828) ā $ 622,529 ā $ (29) ā $ 622,500 |
Schedule of Accumulated Other Comprehensive Income (Loss) | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā September 24, December 26, ā ā 2020 ā 2019 ā ā (in thousands) Unrecognized loss on interest rate swap agreements ā $ (1,397) ā $ (882) Net unrecognized actuarial loss for pension obligation ā (11,217) ā (11,766) ā ā $ (12,614) ā $ (12,648) |
Schedule of Defined Benefit Plan | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 13 Weeks ā 39 Weeks ā 39 Weeks ā ā ā Ended ā Ended ā Ended ā Ended ā ā September 24, 2020 September 26, 2019 September 24, 2020 September 26, 2019 ā ā (in thousands) ā Service cost ā $ 274 ā $ 207 ā $ 821 ā $ 625 ā Interest cost ā 342 ā 372 ā 1,028 ā 1,114 ā Net amortization of prior service cost and actuarial loss ā 248 ā 109 ā 743 ā 327 ā Net periodic pension cost ā $ 864 ā $ 688 ā $ 2,592 ā $ 2,066 ā |
Schedule of Disaggregation of Revenue | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended September 24, 2020 ā Reportable Segment ā ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 3,118 ā $ ā ā $ ā ā $ 3,118 Rooms ā ā ā 9,772 ā ā ā 9,772 Theatre concessions ā 3,243 ā ā ā ā ā 3,243 Food and beverage ā ā ā 5,420 ā ā ā 5,420 Other revenues (1) ā 934 ā 7,820 ā 59 ā 8,813 Cost reimbursements ā 59 ā 3,166 ā ā ā 3,225 Total revenues ā $ 7,354 ā $ 26,178 ā $ 59 ā $ 33,591 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended September 24, 2020 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 58,667 ā $ ā ā $ ā ā $ 58,667 Rooms ā ā ā 27,618 ā ā ā 27,618 Theatre concessions ā 50,277 ā ā ā ā ā 50,277 Food and beverage ā ā ā 19,620 ā ā ā 19,620 Other revenues (1) ā 9,194 ā 21,375 ā 317 ā 30,886 Cost reimbursements ā 276 ā 13,640 ā ā ā 13,916 Total revenues ā $ 118,414 ā $ 82,253 ā $ 317 ā $ 200,984 ā (1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. ā The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 26, 2019 is as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended September 26, 2019 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 69,753 ā $ ā ā $ ā ā $ 69,753 Rooms ā ā ā 34,185 ā ā ā 34,185 Theatre concessions ā 57,051 ā ā ā ā ā 57,051 Food and beverage ā ā ā 20,170 ā ā ā 20,170 Other revenues (1) ā 9,781 ā 13,003 ā 88 ā 22,872 Cost reimbursements ā 217 ā 7,214 ā ā ā 7,431 Total revenues ā $ 136,802 ā $ 74,572 ā $ 88 ā $ 211,462 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended September 26, 2019 ā ā Reportable Segment ā ā ā ā Theatres Hotels/Resorts Corporate Total Theatre admissions ā $ 211,777 ā $ ā ā $ ā ā $ 211,777 Rooms ā ā ā 81,317 ā ā ā 81,317 Theatre concessions ā 172,126 ā ā ā ā ā 172,126 Food and beverage ā ā ā 54,568 ā ā ā 54,568 Other revenues (1) ā 29,525 ā 36,386 ā 323 ā 66,234 Cost reimbursements ā 646 ā 27,333 ā ā ā 27,979 Total revenues ā $ 414,074 ā $ 199,604 ā $ 323 ā $ 614,001 ā (1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. |
Long-Term Debt and Short-Term_2
Long-Term Debt and Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 24, 2020 | |
Long-Term Debt and Short-Term Borrowings | |
Schedule of Long-term Debt Instruments | Long-term debt is summarized as follows: ā ā ā ā ā ā ā ā September 24,2020 December 26, 2019 ā ā (in thousands, except payment data) Mortgage notes ā $ 24,482 ā $ 24,571 Senior notes ā 100,000 ā 109,000 Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% ā 1,827 ā 2,093 Convertible senior notes ā ā 76,655 ā ā ā Payroll Protection Program loans ā ā 3,147 ā ā ā Revolving credit agreement ā 10,000 ā 81,000 Debt issuance costs ā (3,827) ā (322) ā ā 212,284 ā 216,342 Less current maturities, net of issuance costs ā 12,927 ā 9,910 ā ā $ 199,357 ā $ 206,432 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 24, 2020 | |
Leases | |
Schedule of Lease, Cost | Total lease cost consists of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks ā 39 Weeks ā ā ā ā ā Ended ā Ended Lease Cost Classification September 24, 2020 September 24, 2020 ā ā ā ā ā ā (in thousands) Finance lease costs: ā ā ā Amortization of finance lease assets Depreciation and amortization ā $ 707 ā $ 2,137 Interest on lease liabilities Interest expense ā 263 ā 794 ā ā ā ā ā $ 970 ā $ 2,931 ā Operating lease costs: ā ā ā ā ā ā ā Operating lease costs ā Rent expense ā $ 6,357 ā $ 19,236 Variable lease cost ā Rent expense ā ā 124 ā 371 Short-term lease cost ā Rent expense ā ā 113 ā 269 ā ā ā ā ā $ 6,594 ā $ 19,876 |
Schedule of Other Information Related to Leases | Additional information related to leases is as follows: ā ā ā ā ā ā ā 39 Weeks ā ā Ended ā Other Information ā September 24, 2020 ā ā ā (in thousands) ā Cash paid for amounts included in the measurement of lease liabilities: ā Financing cash flows from finance leases ā $ 1,389 ā Operating cash flows from finance leases ā 794 ā Operating cash flows from operating leases ā 11,376 ā ā ā ā Right of use assets obtained in exchange for new lease obligations: ā ā Finance lease liabilities ā 1,364 ā Operating lease liabilities ā 9,644 ā ā ā ā ā ā ā September 24, 2020 ā (in thousands) Finance leases: ā ā ā Property and equipment ā gross ā $ 75,291 Accumulated depreciation and amortization ā (54,817) Property and equipment - net ā $ 20,474 |
Schedule of Lease Term and Discount Rate | Remaining lease terms and discount rates are as follows: ā ā ā ā ā Lease Term and Discount Rate September 24, 2020 ā Weighted-average remaining lease terms: ā Finance leases 9 years Operating leases 15 years ā ā ā Weighted-average discount rates: ā Finance leases 4.58 % Operating leases 4.54 % ā |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 24, 2020 | |
Business Segment Information | |
Schedule of Segment Reporting Information, by Segment | ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended ā ā Hotels/ Corporate ā ā September 24, 2020 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 7,354 ā $ 26,178 ā $ 59 ā $ 33,591 Operating loss ā (37,174) ā (6,925) ā (3,888) ā (47,987) Depreciation and amortization ā 13,353 ā 5,210 ā 127 ā 18,690 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 13 Weeks Ended ā ā Hotels/ Corporate ā ā September 26, 2019 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 136,802 ā $ 74,572 ā $ 88 ā $ 211,462 Operating income (loss) ā 16,843 ā 10,580 ā (5,036) ā 22,387 Depreciation and amortization ā 13,438 ā 5,451 ā 337 ā 19,226 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended ā ā Hotels/ Corporate ā ā September 24, 2020 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 118,414 ā $ 82,253 ā $ 317 ā $ 200,984 Operating loss ā (78,788) ā (32,459) ā (12,002) ā (123,249) Depreciation and amortization ā 40,245 ā 15,955 ā 368 ā 56,568 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 39 Weeks Ended ā ā Hotels/ Corporate ā ā September 26, 2019 ā Theatres ā Resorts ā Items ā Total Revenues ā $ 414,074 ā $ 199,604 ā $ 323 ā $ 614,001 Operating income (loss) ā 57,656 ā 11,443 ā (14,287) ā 54,812 Depreciation and amortization ā 37,918 ā 15,050 ā 516 ā 53,484 |
General - Earnings Per Share (D
General - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Numerator: | ||||
Net earnings (loss) attributable to The Marcus Corporation | $ (39,440) | $ 14,289 | $ (85,821) | $ 34,215 |
Denominator: | ||||
Denominator for basic EPS | 31,064 | 30,918 | 31,033 | 30,566 |
Effect of dilutive employee stock options | 443 | 518 | ||
Denominator for diluted EPS | 31,064 | 31,361 | 31,033 | 31,084 |
Common Stock [Member] | ||||
Net earnings (loss) per share - basic: | ||||
Common Stock | $ (1.30) | $ 0.47 | $ (2.84) | $ 1.18 |
Net earnings (loss) per share - diluted: | ||||
Common Stock | (1.30) | 0.46 | (2.84) | 1.10 |
Class B Common Stock [Member] | ||||
Net earnings (loss) per share - basic: | ||||
Common Stock | (1.18) | 0.43 | (2.57) | 1.02 |
Net earnings (loss) per share - diluted: | ||||
Common Stock | $ (1.18) | $ 0.43 | $ (2.57) | $ 1.01 |
General - Shareholders' Equity
General - Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 24, 2020 | Jun. 25, 2020 | Mar. 26, 2020 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Beginning balance | $ 572,980 | $ 598,388 | $ 621,458 | $ 612,342 | $ 597,859 | $ 490,119 | $ 621,458 | $ 490,119 |
Exercise of stock options | 323 | 11 | 45 | 440 | 450 | 454 | ||
Purchase of treasury stock | (422) | (274) | (478) | (213) | (428) | |||
Savings and profit-sharing contribution | 1,315 | 1,181 | ||||||
Reissuance of treasury stock | 11 | 95 | 48 | 47 | 278 | 47 | ||
Share-based compensation | 1,108 | 1,190 | 988 | 868 | 949 | 777 | ||
Equity component of issuance of convertible notes, net of tax and issuance costs | 16,522 | |||||||
Reissuance of treasury stock-acquisition | 109,197 | |||||||
Other | (109) | |||||||
Distributions to noncontrolling interest | (90) | (35) | (60) | |||||
Capped call transactions, net of tax | (12,495) | |||||||
Comprehensive income (loss) | (39,059) | (26,704) | (20,047) | 14,203 | 17,884 | 1,497 | (85,810) | 33,584 |
Ending balance | 538,968 | 572,980 | 598,388 | 622,500 | 612,342 | 597,859 | 538,968 | 622,500 |
Capital in Excess of Par [Member] | ||||||||
Beginning balance | 147,690 | 146,694 | 145,549 | 144,056 | 143,094 | 63,830 | 145,549 | 63,830 |
Exercise of stock options | (68) | (4) | 5 | (134) | (27) | (78) | ||
Savings and profit-sharing contribution | 299 | 810 | ||||||
Reissuance of treasury stock | (1) | (17) | 2 | 28 | 182 | 31 | ||
Issuance of non-vested stock | (158) | (172) | (149) | (131) | (142) | (127) | ||
Share-based compensation | 1,108 | 1,190 | 988 | 868 | 949 | 777 | ||
Equity component of issuance of convertible notes, net of tax and issuance costs | 16,522 | |||||||
Reissuance of treasury stock-acquisition | 77,960 | |||||||
Other | (1) | (109) | ||||||
Capped call transactions, net of tax | (12,495) | |||||||
Ending balance | 152,598 | 147,690 | 146,694 | 144,687 | 144,056 | 143,094 | 152,598 | 144,687 |
Retained Earnings [Member] | ||||||||
Beginning balance | 410,359 | 437,387 | 461,884 | 449,458 | 436,222 | 439,178 | 461,884 | 439,178 |
Other | 1 | |||||||
Comprehensive income (loss) | (39,440) | (27,029) | (19,352) | 14,289 | 18,066 | 1,860 | ||
Ending balance | 370,919 | 410,359 | 437,387 | 458,915 | 449,458 | 436,222 | 370,919 | 458,915 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Beginning balance | (12,995) | (13,195) | (12,648) | (7,408) | (7,055) | (6,758) | (12,648) | (6,758) |
Comprehensive income (loss) | 381 | 200 | (547) | (27) | (353) | (297) | ||
Ending balance | (12,614) | (12,995) | (13,195) | (7,435) | (7,408) | (7,055) | (12,614) | (7,435) |
Treasury Stock [Member] | ||||||||
Beginning balance | (3,264) | (3,563) | (4,540) | (5,074) | (5,576) | (37,431) | (4,540) | (37,431) |
Exercise of stock options | 391 | 15 | 40 | 574 | 477 | 532 | ||
Purchase of treasury stock | (422) | (274) | (478) | (213) | (428) | |||
Savings and profit-sharing contribution | 1,016 | 371 | ||||||
Reissuance of treasury stock | 12 | 112 | 46 | 19 | 96 | 16 | ||
Issuance of non-vested stock | 158 | 172 | 149 | 131 | 142 | 127 | ||
Reissuance of treasury stock-acquisition | 31,237 | |||||||
Ending balance | (3,125) | (3,264) | (3,563) | (4,828) | (5,074) | (5,576) | (3,125) | (4,828) |
Shareholders' Equity Attributable to The Marcus Corporation [Member] | ||||||||
Beginning balance | 572,980 | 598,513 | 621,435 | 612,222 | 597,875 | 490,009 | 621,435 | 490,009 |
Exercise of stock options | 323 | 11 | 45 | 440 | 450 | 454 | ||
Purchase of treasury stock | (422) | (274) | (478) | (213) | (428) | |||
Savings and profit-sharing contribution | 1,315 | 1,181 | ||||||
Reissuance of treasury stock | 11 | 95 | 48 | 47 | 278 | 47 | ||
Share-based compensation | 1,108 | 1,190 | 988 | 868 | 949 | 777 | ||
Equity component of issuance of convertible notes, net of tax and issuance costs | 16,522 | |||||||
Reissuance of treasury stock-acquisition | 109,197 | |||||||
Other | (109) | |||||||
Capped call transactions, net of tax | (12,495) | |||||||
Comprehensive income (loss) | (39,059) | (26,829) | (19,899) | 14,262 | 17,713 | 1,563 | ||
Ending balance | 538,968 | 572,980 | 598,513 | 622,529 | 612,222 | 597,875 | 538,968 | 622,529 |
Non- controlling Interests [Member] | ||||||||
Beginning balance | (125) | 23 | 120 | (16) | 110 | 23 | 110 | |
Distributions to noncontrolling interest | (90) | (35) | (60) | |||||
Comprehensive income (loss) | 125 | (148) | (59) | 171 | (66) | |||
Ending balance | (125) | (29) | 120 | (16) | (29) | |||
Common Stock [Member] | ||||||||
Beginning balance | 23,264 | 23,264 | 23,254 | 23,254 | 23,254 | 22,843 | 23,254 | 22,843 |
Cash dividends: | (3,921) | (3,677) | (3,675) | (3,633) | ||||
Conversions of Class B Common Stock | 10 | 411 | ||||||
Ending balance | 23,264 | 23,264 | 23,264 | 23,254 | 23,254 | 23,254 | 23,264 | 23,254 |
Common Stock [Member] | Retained Earnings [Member] | ||||||||
Cash dividends: | (3,921) | (3,677) | (3,675) | (3,633) | ||||
Common Stock [Member] | Shareholders' Equity Attributable to The Marcus Corporation [Member] | ||||||||
Cash dividends: | (3,921) | (3,677) | (3,675) | (3,633) | ||||
Class B Common Stock [Member] | ||||||||
Beginning balance | 7,926 | 7,926 | 7,936 | 7,936 | 7,936 | 8,347 | 7,936 | 8,347 |
Cash dividends: | (1,224) | (1,155) | (1,155) | (1,183) | ||||
Conversions of Class B Common Stock | (10) | (411) | ||||||
Ending balance | $ 7,926 | $ 7,926 | 7,926 | 7,936 | 7,936 | 7,936 | $ 7,926 | $ 7,936 |
Class B Common Stock [Member] | Retained Earnings [Member] | ||||||||
Cash dividends: | (1,224) | (1,155) | (1,155) | (1,183) | ||||
Class B Common Stock [Member] | Shareholders' Equity Attributable to The Marcus Corporation [Member] | ||||||||
Cash dividends: | $ (1,224) | $ (1,155) | $ (1,155) | $ (1,183) |
General - Shareholders' Equit_2
General - Shareholders' Equity Parenthetical (Details) - $ / shares | 3 Months Ended | |||
Mar. 26, 2020 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | |
Class B Common Stock [Member] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
Common Stock [Member] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 |
General - Accumulated Other Com
General - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 24, 2020 | Dec. 26, 2019 |
General | ||
Unrecognized loss on interest rate swap agreements | $ (1,397) | $ (882) |
Net unrecognized actuarial loss for pension obligation | (11,217) | (11,766) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (12,614) | $ (12,648) |
General - Defined Benefit Plan
General - Defined Benefit Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
General | ||||
Service cost | $ 274 | $ 207 | $ 821 | $ 625 |
Interest cost | 342 | 372 | 1,028 | 1,114 |
Net amortization of prior service cost and actuarial loss | 248 | 109 | 743 | 327 |
Net periodic pension cost | $ 864 | $ 688 | $ 2,592 | $ 2,066 |
General - Revenue Recognition (
General - Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Cost reimbursements | $ 3,225 | $ 7,431 | $ 13,916 | $ 27,979 |
Total revenues | 33,591 | 211,462 | 200,984 | 614,001 |
Theatre admissions [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,118 | 69,753 | 58,667 | 211,777 |
Rooms [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 9,772 | 34,185 | 27,618 | 81,317 |
Theatre concessions [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,243 | 57,051 | 50,277 | 172,126 |
Food and beverage [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,420 | 20,170 | 19,620 | 54,568 |
Other revenues [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 8,813 | 22,872 | 30,886 | 66,234 |
Theatres Segment [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Cost reimbursements | 59 | 217 | 276 | 646 |
Total revenues | 7,354 | 136,802 | 118,414 | 414,074 |
Theatres Segment [Member] | Theatre admissions [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,118 | 69,753 | 58,667 | 211,777 |
Theatres Segment [Member] | Theatre concessions [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,243 | 57,051 | 50,277 | 172,126 |
Theatres Segment [Member] | Other revenues [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 934 | 9,781 | 9,194 | 29,525 |
Hotels or Resorts [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Cost reimbursements | 3,166 | 7,214 | 13,640 | 27,333 |
Total revenues | 26,178 | 74,572 | 82,253 | 199,604 |
Hotels or Resorts [Member] | Rooms [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 9,772 | 34,185 | 27,618 | 81,317 |
Hotels or Resorts [Member] | Food and beverage [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,420 | 20,170 | 19,620 | 54,568 |
Hotels or Resorts [Member] | Other revenues [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 7,820 | 13,003 | 21,375 | 36,386 |
Corporate Segment [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Total revenues | 59 | 88 | 317 | 323 |
Corporate Segment [Member] | Other revenues [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 59 | $ 88 | $ 317 | $ 323 |
General - Additional informatio
General - Additional information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | Dec. 26, 2019 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Depreciation | $ 18,698,000 | $ 19,194,000 | $ 56,584,000 | $ 53,433,000 | |
Percentage Of Cash Dividends | 110.00% | ||||
Deferred Revenue | 36,347,000 | $ 36,347,000 | $ 43,200,000 | ||
Contract assets | 0 | 0 | 0 | ||
Deferred Revenue, Revenue Recognized | 12,444,000 | ||||
Remaining Performance Obligation Related to Advanced Ticket Sales | 4,631,000 | 4,631,000 | |||
Remaining Performance Obligation Related to Hotels Gift Cards | 2,679,000 | ||||
Fair Value, Inputs, Level 1 [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Trading Securities, Fair Value Disclosure | 1,059,000 | 1,059,000 | 5,825,000 | ||
Fair Value, Inputs, Level 2 [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 1,890,000 | $ 1,890,000 | $ 1,194,000 |
Impact of COVID-19 Pandemic (De
Impact of COVID-19 Pandemic (Details) | 9 Months Ended | ||||
Sep. 24, 2020restaurantitem | Jun. 30, 2020restaurantitem | Jun. 11, 2020item | Apr. 30, 2020restaurant | Mar. 24, 2020restaurant | |
Impact of COVID-19 Pandemic | |||||
Number of theatre opened | item | 6 | ||||
Number of parking lot cinemas | item | 5 | ||||
Number of hotels and resorts closed | restaurant | 4 | 5 | 80 | ||
Number of hotels and resorts owned | restaurant | 66 | ||||
Number of hotels re-opened | restaurant | 8 | ||||
Temporary reduction in salary of Company's chairman, president and chief executive officer (as a percent) | 50.00% | ||||
Number of theatres proposed to re-open | item | 80 |
Impairment Charges - Additional
Impairment Charges - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 24, 2020 | Mar. 26, 2020 | |
Impairment Charge [Line Items] | ||
Impaired Asset Fair Value | $ 7,221,000 | $ 13,686,000 |
Trade Names [Member] | ||
Impairment Charge [Line Items] | ||
Impaired Asset Fair Value | $ 7,300,000 | |
Royalty rate (as a percent) | 1.00% | 1.00% |
Discount rate (as a percent) | 17.00% | 17.00% |
Fair Value, Inputs, Level 3 [Member] | ||
Impairment Charge [Line Items] | ||
Impairment of Fixed Assets | $ 765,000 | $ 6,512,000 |
Fair Value, Inputs, Level 3 [Member] | Trade Names [Member] | ||
Impairment Charge [Line Items] | ||
Impairment charge | $ 2,200,000 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - VSSSouthern Theatres LLC [Member] - USD ($) | Feb. 01, 2019 | Sep. 26, 2019 |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 139,310,000 | |
Cash Consideration | $ 30,000,000 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,450,000 | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 109,197,000 | |
General and Administrative Expense [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Transaction Costs | $ 1,283,000 |
Long-Term Debt and Short-Term_3
Long-Term Debt and Short-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 24, 2020 | Dec. 26, 2019 |
Long-Term Debt and Short-Term Borrowings | ||
Mortgage notes | $ 24,482 | $ 24,571 |
Senior notes | 100,000 | 109,000 |
Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% | 1,827 | 2,093 |
Convertible senior notes | 76,655 | 0 |
Payroll Protection Program loans | 3,147 | 0 |
Revolving credit agreement | 10,000 | 81,000 |
Debt issuance costs | (3,827) | (322) |
Long-term Debt, Total | 212,284 | 216,342 |
Less current maturities, net of issuance costs | 12,927 | 9,910 |
Long-term Debt, Excluding Current Maturities, Total | $ 199,357 | $ 206,432 |
Long-Term Debt and Short-Term_4
Long-Term Debt and Short-Term Borrowings - Additional Information (Details) | Jun. 30, 2022USD ($) | Mar. 31, 2022USD ($) | Dec. 30, 2021USD ($) | Sep. 22, 2020USD ($) | Apr. 29, 2020USD ($) | Sep. 24, 2020USD ($)subsidiary | Sep. 26, 2019USD ($) | Dec. 31, 2020USD ($) | Sep. 24, 2020USD ($)agreement | Sep. 26, 2019USD ($) | Dec. 26, 2019USD ($) | Jul. 01, 2021USD ($) | Apr. 01, 2021USD ($) | Mar. 26, 2020USD ($) | Jan. 09, 2020USD ($) | Mar. 01, 2018USD ($) |
Principal and interest payments | $ 39,110 | |||||||||||||||
Interest Rate of Unsecured Term Note | 5.75% | |||||||||||||||
Maximum limit of cash on hand for not paying the revolving loans | $ 75,000,000 | $ 75,000,000 | ||||||||||||||
Senior notes | 100,000,000 | 100,000,000 | $ 109,000,000 | |||||||||||||
Derivative, Amount of Hedged Item | $ 50,000,000 | |||||||||||||||
Covenant for EBITDA | $ 20,000,000 | |||||||||||||||
Amount of reduction in liquidity | $ 50,000,000 | 0 | $ 0 | |||||||||||||
Covenant regarding the capital expenditure | $ 50,000,000 | $ 22,500,000 | ||||||||||||||
Percentage of fee payable to each note holder | 0.975% | |||||||||||||||
Percentage of fee payable to each note holder quarterly | 0.24375% | |||||||||||||||
Interest Expense | 4,132,000 | $ 2,807,000 | $ 10,177,000 | $ 8,959,000 | ||||||||||||
Short-term borrowings | 89,932,000 | 89,932,000 | ||||||||||||||
Proceeds received from PPP loans expected to be repaid | 3,147,000 | |||||||||||||||
Remaining loan balances | 212,284,000 | 212,284,000 | 216,342,000 | |||||||||||||
Current maturities of long-term debt | 12,927,000 | 12,927,000 | 9,910,000 | |||||||||||||
Long-term debt | 199,357,000 | 199,357,000 | 206,432,000 | |||||||||||||
Debt issuance costs | $ 3,827,000 | $ 3,827,000 | 322,000 | |||||||||||||
Term Loan A | ||||||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | ||||||||||||||
Term of debt | 364 days | |||||||||||||||
Short-term borrowings | $ 90,800,000 | $ 90,800,000 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Covenant for EBITDA | $ 60,000,000 | $ 35,000,000 | ||||||||||||||
Term Loan A | ||||||||||||||||
Face amount | $ 90,800,000 | |||||||||||||||
Debt issuance costs | 868,000 | $ 868,000 | ||||||||||||||
Term Loan A | LIBOR | ||||||||||||||||
Specified margin (as a percent) | 2.75% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Term Loan A | ABR | ||||||||||||||||
Specified margin (as a percent) | 1.75% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||
Note Purchase Agreement | ||||||||||||||||
Senior notes | $ 100,000,000 | $ 100,000,000 | ||||||||||||||
Number of Agreements | agreement | 2 | |||||||||||||||
Payroll Protection Program loans | ||||||||||||||||
Interest rate (as a percent) | 1.00% | 1.00% | ||||||||||||||
Number of subsidiaries who received loan | subsidiary | 11 | |||||||||||||||
Proceeds received from PPP loans expected to be repaid | $ 13,459,000 | |||||||||||||||
Cumulative loan proceeds used to pay qualified expenses | $ 10,312,000 | |||||||||||||||
Loan proceeds used to cover eligible employee payroll costs | 9,371,000 | |||||||||||||||
Loan proceeds used to offset rent expense, utility costs and mortgage interest expense | 941,000 | |||||||||||||||
Remaining loan balances | 3,147,000 | 3,147,000 | ||||||||||||||
Current maturities of long-term debt | 1,938,000 | 1,938,000 | ||||||||||||||
Long-term debt | $ 1,209,000 | $ 1,209,000 | ||||||||||||||
Minimum [Member] | Note Purchase Agreement | ||||||||||||||||
Interest rate (as a percent) | 4.02% | 4.02% | ||||||||||||||
Maximum [Member] | Note Purchase Agreement | ||||||||||||||||
Interest rate (as a percent) | 4.32% | 4.32% | ||||||||||||||
Credit Agreement [Member] | ||||||||||||||||
Face amount | $ 225,000,000 | |||||||||||||||
Interest rate description | (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 | |||||||||||||||
Facility fee (as a percent) | 0.40% | |||||||||||||||
Priority debt as a percentage of consolidated total capitalization | 20.00% | |||||||||||||||
Consolidated debt to capitalization ratio | 0.55 to 1.0 | |||||||||||||||
Consolidated fixed charge coverage ratio | 3.0 to 1.0 | |||||||||||||||
Covenant for the amount of liquidity | $ 125,000,000 | $ 125,000,000 | ||||||||||||||
Credit Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||
Covenant for the amount of liquidity | $ 50,000,000 | $ 125,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||||
Credit Agreement [Member] | Minimum [Member] | ||||||||||||||||
Facility fee (as a percent) | 0.125% | |||||||||||||||
Credit Agreement [Member] | Maximum [Member] | ||||||||||||||||
Facility fee (as a percent) | 0.25% | |||||||||||||||
Revolving Credit Facility [Member] | LIBOR | ||||||||||||||||
Specified margin (as a percent) | 2.35% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||||||||||||||
Revolving Credit Facility [Member] | ABR | ||||||||||||||||
Specified margin (as a percent) | 1.35% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||
Derivative, Notional Amount | $ 25,000,000 | $ 25,000,000 | ||||||||||||||
Derivative, Variable Interest Rate | 1.875% | 1.875% | ||||||||||||||
Interest Rate Swap Agreements One [Member] | ||||||||||||||||
Derivative, Notional Amount | $ 25,000,000 | $ 25,000,000 | ||||||||||||||
Derivative, Fixed Interest Rate | 2.559% | 2.559% | ||||||||||||||
Interest Rate Swap Agreements Two [Member] | ||||||||||||||||
Derivative, Fixed Interest Rate | 2.687% | 2.687% | ||||||||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 1,890,000 | $ 1,890,000 | $ 1,890,000 | |||||||||||||
Interest Rate Swap Agreements Two [Member] | Accrued Liabilities [Member] | ||||||||||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | 307,000 | 307,000 | ||||||||||||||
Interest Rate Swap Agreements Two [Member] | Deferred Compensation and Other [Member] | ||||||||||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 1,583,000 | $ 1,583,000 | $ 1,194,000 |
Long-Term Debt and Short-Term_5
Long-Term Debt and Short-Term Borrowings - Additional Informations (Details) | Sep. 17, 2020USD ($)$ / shares | Sep. 24, 2020USD ($) | Sep. 22, 2020 |
Debt Instrument [Line Items] | |||
Net proceeds from the sale of the Convertible Notes | $ 100,050,000 | ||
Capped call transactions | $ 16,908,000 | ||
Threshold percentage of conversion price on each applicable trading day | 130.00% | ||
Last reported sale price | $ / shares | $ 8.99 | ||
Cap price of capped call transactions | $ / shares | 17.98 | ||
Strike price of capped call transactions | $ / shares | $ 11.0128 | ||
Initial conversion premium | 100.00% | ||
Convertible Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 100,050,000 | $ 1,000 | |
Net proceeds from the sale of the Convertible Notes | 95,487,000 | ||
Capped call transactions | $ 16,908,000 | ||
Effective interest rate | 11.25% | ||
Equity component of the Convertible Notes included in additional paid-in capital, before tax | $ 23,426,000 | ||
Equity component of the Convertible Notes included in additional paid-in capital, net of tax and issuance costs | $ 16,522,000 | ||
Interest rate | 5.00% | 5.00% | |
Threshold number of trading days during a period of 30 consecutive trading days | 5 | ||
Threshold number of consecutive trading days | 5 | ||
Threshold percentage of conversion price on each applicable trading day | 98.00% | ||
Initial conversion rate | 90.8038 | ||
Initial conversion price | $ / shares | $ 11.01 | ||
Initial conversion premium | 22.50% | ||
Last reported sale price | $ / shares | $ 8.99 | ||
Purchase price as a percentage of principal amount | 100.00% | ||
Circumstance one | Convertible Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Threshold number of trading days during a period of 30 consecutive trading days | 20 | ||
Circumstance two | Convertible Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Threshold number of consecutive trading days | 30 |
Leases - Total lease cost (Deta
Leases - Total lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 24, 2020 | Sep. 24, 2020 | |
Finance lease costs: | ||
Amortization of finance lease assets | $ 707 | $ 2,137 |
Interest on lease liabilities | 263 | 794 |
Total finance lease costs | 970 | 2,931 |
Operating lease costs: | ||
Operating lease costs | 6,357 | 19,236 |
Variable lease cost | 124 | 371 |
Short-term lease cost | 113 | 269 |
Total operating lease costs | $ 6,594 | $ 19,876 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2020 | Sep. 26, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Financing cash flows from finance leases | $ 1,389 | $ 1,908 |
Operating cash flows from finance leases | 794 | |
Operating cash flows from operating leases | 11,376 | |
Right of use assets obtained in exchange for new lease obligations: | ||
Finance lease liabilities | 1,364 | |
Operating lease liabilities | $ 9,644 |
Leases - Finance leases (Detail
Leases - Finance leases (Details) - USD ($) $ in Thousands | Sep. 24, 2020 | Dec. 26, 2019 |
Fixed assets: | ||
Property and equipment - gross | $ 1,541,502 | $ 1,533,832 |
Accumulated depreciation and amortization | (663,800) | (610,578) |
Property and equipment - net | 877,702 | $ 923,254 |
Finance Leased Assets [Member] | ||
Fixed assets: | ||
Property and equipment - gross | 75,291 | |
Accumulated depreciation and amortization | (54,817) | |
Property and equipment - net | $ 20,474 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Sep. 24, 2020 |
Weighted-average remaining lease terms: | |
Finance leases | 9 years |
Operating leases | 15 years |
Weighted-average discount rates: | |
Finance leases | 4.58% |
Operating leases | 4.54% |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 24, 2020USD ($) |
Deferred rent payments under operating lease | $ 7,783,000 |
Long-term operating lease obligations | |
Deferred rent payments under operating lease | $ 1,226,000 |
Minimum [Member] | |
Lease terms (in years) | 1 year |
Maximum [Member] | |
Lease terms (in years) | 45 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | Dec. 28, 2017 | Dec. 30, 2021 | |
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate, Adjusted For Losses From Noncontrolling Interests | 26.90% | 25.30% | 37.30% | 23.40% | |||
Statutory federal income tax rate (as a percent) | 21.00% | 35.00% | |||||
Income tax refund claims | $ 37,400,000 | $ 37,400,000 | |||||
Subsequent Event [Member] | |||||||
Income Taxes [Line Items] | |||||||
Requested tax refunds received | $ 31,500,000 | ||||||
Forecast [Member] | |||||||
Income Taxes [Line Items] | |||||||
Income tax refund | $ 21,000,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2020 | Sep. 26, 2019 | Sep. 24, 2020 | Sep. 26, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 33,591 | $ 211,462 | $ 200,984 | $ 614,001 |
Operating income (loss) | (47,987) | 22,387 | (123,249) | 54,812 |
Depreciation and amortization | 18,690 | 19,226 | 56,568 | 53,484 |
Theatres [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,354 | 136,802 | 118,414 | 414,074 |
Operating income (loss) | (37,174) | 16,843 | (78,788) | 57,656 |
Depreciation and amortization | 13,353 | 13,438 | 40,245 | 37,918 |
Hotels/Resorts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 26,178 | 74,572 | 82,253 | 199,604 |
Operating income (loss) | (6,925) | 10,580 | (32,459) | 11,443 |
Depreciation and amortization | 5,210 | 5,451 | 15,955 | 15,050 |
Corporate Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 59 | 88 | 317 | 323 |
Operating income (loss) | (3,888) | (5,036) | (12,002) | (14,287) |
Depreciation and amortization | $ 127 | $ 337 | $ 368 | $ 516 |