Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||
29-May-14 | Nov. 28, 2013 | Aug. 05, 2014 | Aug. 05, 2014 | |
Common Stock | Class B Common Stock | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 29-May-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'MCS | ' | ' | ' |
Entity Registrant Name | 'MARCUS CORP | ' | ' | ' |
Entity Central Index Key | '0000062234 | ' | ' | ' |
Current Fiscal Year End Date | '--05-29 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Public Float | ' | $253,734,160 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 18,637,009 | 8,731,786 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents (Note 1) | $6,780 | $10,158 |
Restricted cash (Note 1) | 8,032 | 7,895 |
Accounts and notes receivable, net of reserves (Notes 4) | 9,472 | 8,568 |
Refundable income taxes | 2,958 | 255 |
Deferred income taxes (Note 8) | 3,056 | 2,877 |
Other current assets (Note 1) | 6,367 | 6,384 |
Total current assets | 36,665 | 36,137 |
PROPERTY AND EQUIPMENT, net (Note 4) | 647,592 | 625,757 |
OTHER ASSETS: | ' | ' |
Investments in joint ventures (Note 10) | 2,025 | 2,713 |
Goodwill (Note 1) | 43,858 | 43,997 |
Condominium units | 3,508 | 3,508 |
Other (Note 4) | 35,275 | 34,584 |
Total other assets | 84,666 | 84,802 |
Total assets | 768,923 | 746,696 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 30,954 | 25,330 |
Taxes other than income taxes | 14,333 | 14,000 |
Accrued compensation | 12,914 | 10,940 |
Other accrued liabilities | 31,912 | 25,183 |
Current portion of capital lease obligation (Note 4) | 4,871 | 4,562 |
Current maturities of long-term debt (Note 5) | 7,030 | 11,193 |
Total current liabilities | 102,014 | 91,208 |
CAPITAL LEASE OBLIGATION (Note 4) | 23,370 | 28,241 |
LONG-TERM DEBT (Note 5) | 233,557 | 231,580 |
DEFERRED INCOME TAXES (Note 8) | 42,561 | 43,516 |
DEFERRED COMPENSATION AND OTHER (Note 7) | 37,442 | 35,455 |
COMMITMENTS AND LICENSE RIGHTS (Note 9) | ' | ' |
EQUITY (Note 6): | ' | ' |
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued | 0 | 0 |
Capital in excess of par | 53,844 | 51,979 |
Retained earnings | 294,334 | 278,536 |
Accumulated other comprehensive loss | -4,558 | -3,828 |
Stockholders' Equity before Treasury Stock | 374,810 | 357,877 |
Less cost of Common Stock in treasury (3,890,871 shares in 2014 and 4,117,217 shares in 2013) | -48,599 | -51,175 |
Total shareholders' equity attributable to The Marcus Corporation | 326,211 | 306,702 |
Noncontrolling interests | 3,768 | 9,994 |
Total equity | 329,979 | 316,696 |
Total liabilities and shareholdersb equity | 768,923 | 746,696 |
Common Stock [Member] | ' | ' |
EQUITY (Note 6): | ' | ' |
Common Stock | 22,458 | 22,433 |
Class B Common Stock [Member] | ' | ' |
EQUITY (Note 6): | ' | ' |
Common Stock | $8,732 | $8,757 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 29-May-14 | 30-May-13 |
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 | 3,890,871 | 4,117,217 |
Common Stock [Member] | ' | ' |
Common Stock, par (in dollars per share) | $1 | $1 |
Common Stock, authorized | 50,000,000 | 50,000,000 |
Common Stock, issued | 22,457,727 | 22,432,474 |
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 | 8,731,786 | 8,759,039 |
Common Stock, outstanding | 8,731,786 | 8,759,039 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
REVENUES: | ' | ' | ' |
Theatre admissions | $146,039 | $134,523 | $142,103 |
Rooms | 105,483 | 99,668 | 94,890 |
Theatre concessions | 84,062 | 73,189 | 74,478 |
Food and beverage | 58,826 | 55,458 | 54,465 |
Other revenues | 53,529 | 49,998 | 47,962 |
Total revenues | 447,939 | 412,836 | 413,898 |
COSTS AND EXPENSES: | ' | ' | ' |
Theatre operations | 127,531 | 115,078 | 119,009 |
Rooms | 40,834 | 38,260 | 35,896 |
Theatre concessions | 23,335 | 19,816 | 18,447 |
Food and beverage | 46,250 | 43,062 | 41,022 |
Advertising and marketing | 25,160 | 23,571 | 22,551 |
Administrative | 46,642 | 45,266 | 43,825 |
Depreciation and amortization | 33,845 | 33,827 | 34,525 |
Rent (Note 9) | 8,522 | 8,418 | 8,247 |
Property taxes | 14,637 | 14,836 | 13,106 |
Other operating expenses | 32,801 | 30,986 | 30,755 |
Impairment charge (Note 2) | 0 | 1,512 | 0 |
Total costs and expenses | 399,557 | 374,632 | 367,383 |
OPERATING INCOME | 48,382 | 38,204 | 46,515 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Investment income | 630 | 494 | 1,155 |
Interest expense | -10,060 | -9,309 | -9,272 |
Extinguishment of debt | 0 | 6,008 | 0 |
Loss on disposition of property, equipment and other assets | -993 | -266 | -759 |
Equity losses from unconsolidated joint ventures, net (Note 10) | -250 | -450 | -200 |
Nonoperating Income (Expense), Total | -10,673 | -3,523 | -9,076 |
EARNINGS BEFORE INCOME TAXES | 37,709 | 34,681 | 37,439 |
INCOME TAXES (Note 8) | 16,810 | 11,350 | 14,705 |
NET EARNINGS | 20,899 | 23,331 | 22,734 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -4,102 | 5,825 | 0 |
NET EARNINGS ATTRIBUTABLE TO THE MARCUS CORPORATION | $25,001 | $17,506 | $22,734 |
Common Stock [Member] | ' | ' | ' |
NET EARNINGS PER SHARE - BASIC: | ' | ' | ' |
Common Stock | $0.95 | $0.68 | $0.80 |
NET EARNINGS PER SHARE - DILUTED: | ' | ' | ' |
Common Stock | $0.92 | $0.63 | $0.78 |
Common Class B [Member] | ' | ' | ' |
NET EARNINGS PER SHARE - BASIC: | ' | ' | ' |
Common Stock | $0.86 | $0.59 | $0.73 |
NET EARNINGS PER SHARE - DILUTED: | ' | ' | ' |
Common Stock | $0.86 | $0.59 | $0.73 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
NET EARNINGS | $20,899 | $23,331 | $22,734 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' |
Change in unrealized gain on available for sale investments, net of tax benefit of $1, $1 and $75, respectively | -1 | -2 | -109 |
Pension gain (loss) arising during period, net of tax effect (benefit) of $(668), $49 and $(1,069), respectively | -899 | 70 | -1,605 |
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $114, $119 and $49, respectively | 154 | 167 | 72 |
Amortization of loss on swap agreement, net of tax effect of $0, $41 and $46, respectively (Note 5) | 0 | 58 | 68 |
Fair market value adjustment of interest rate swap, net of tax benefit of $(65), $(4) and $0, respectively (Note 5) | -99 | -7 | 0 |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $76, $16 and $0, respectively (Note 5) | 115 | 25 | 0 |
Other comprehensive income (loss) | -730 | 311 | -1,574 |
COMPREHENSIVE INCOME | 20,169 | 23,642 | 21,160 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -4,102 | 5,825 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE MARCUS CORPORATION | $24,271 | $17,817 | $21,160 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Total | $1 | $1 | $75 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Tax | -668 | 49 | -1,069 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | 114 | 119 | 49 |
Other Comprehensive Amortization Of Loss Derivatives Qualifying As Hedges Tax | 0 | 41 | 46 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Total | -65 | -4 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $76 | $16 | $0 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common stock [Member] | Common Stock B [Member] | Capital in Excess of par [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Shareholders'Equity Attributable to The Marcus Corporation [Member] | Shareholders'Equity Attributable to The Marcus Corporation [Member] | Shareholders'Equity Attributable to The Marcus Corporation [Member] | Noncontrolling Interest [Member] |
In Thousands | Common stock [Member] | Common Stock B [Member] | Common stock [Member] | Common Stock B [Member] | |||||||||
Beginning balance at May. 26, 2011 | $339,480 | $22,356 | $8,834 | $49,437 | $283,617 | ' | ' | ($2,565) | ($22,199) | $339,480 | ' | ' | $0 |
Common Stock, Dividend | ' | -6,978 | -2,729 | ' | ' | -6,978 | -2,729 | ' | ' | ' | -6,978 | -2,729 | ' |
Exercise of stock options | 1,284 | 0 | 0 | -185 | 0 | ' | ' | 0 | 1,469 | 1,284 | ' | ' | 0 |
Purchase of treasury stock | -11,433 | 0 | 0 | 0 | 0 | ' | ' | 0 | -11,433 | -11,433 | ' | ' | 0 |
Savings and profit-sharing contribution | 738 | 0 | 0 | -117 | 0 | ' | ' | 0 | 855 | 738 | ' | ' | 0 |
Reissuance of treasury stock | 244 | 0 | 0 | -55 | 0 | ' | ' | 0 | 299 | 244 | ' | ' | 0 |
Issuance of non-vested stock | 0 | 0 | 0 | -267 | 0 | ' | ' | 0 | 267 | 0 | ' | ' | 0 |
Share-based compensation | 2,010 | 0 | 0 | 2,010 | 0 | ' | ' | 0 | 0 | 2,010 | ' | ' | 0 |
Others | 13 | 0 | 0 | 13 | 0 | ' | ' | 0 | 0 | 13 | ' | ' | 0 |
Conversions of Class B Common Stock | 0 | 16 | -16 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | 0 |
Comprehensive income (loss) | 21,160 | 0 | 0 | 0 | 22,734 | ' | ' | -1,574 | 0 | 21,160 | ' | ' | 0 |
Ending Balance at May. 31, 2012 | 343,789 | 23,372 | 8,818 | 50,836 | 296,644 | ' | ' | -4,139 | -30,742 | 343,789 | ' | ' | 0 |
Common Stock, Dividend | ' | -24,926 | -10,688 | ' | ' | -24,926 | -10,688 | ' | ' | ' | -24,926 | -10,688 | ' |
Exercise of stock options | 2,182 | 0 | 0 | -417 | 0 | ' | ' | 0 | 2,599 | 2,182 | ' | ' | 0 |
Purchase of treasury stock | -24,638 | 0 | 0 | 0 | 0 | ' | ' | 0 | -24,638 | -24,638 | ' | ' | 0 |
Savings and profit-sharing contribution | 834 | 0 | 0 | -4 | 0 | ' | ' | 0 | 838 | 834 | ' | ' | 0 |
Reissuance of treasury stock | 507 | 0 | 0 | -13 | 0 | ' | ' | 0 | 520 | 507 | ' | ' | 0 |
Issuance of non-vested stock | 0 | 0 | 0 | -248 | 0 | ' | ' | 0 | 248 | 0 | ' | ' | 0 |
Share-based compensation | 1,772 | 0 | 0 | 1,772 | 0 | ' | ' | 0 | 0 | 1,772 | ' | ' | 0 |
Others | 222 | 0 | 0 | 53 | 0 | ' | ' | 0 | 0 | 53 | ' | ' | 169 |
Conversions of Class B Common Stock | 0 | 61 | -61 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | 0 |
Equity contributions | 4,000 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | 4,000 |
Comprehensive income (loss) | 23,642 | 0 | 0 | 0 | 17,506 | ' | ' | 311 | 0 | 17,817 | ' | ' | 5,825 |
Ending Balance at May. 30, 2013 | 316,696 | 22,433 | 8,757 | 51,979 | 278,536 | ' | ' | -3,828 | -51,175 | 306,702 | ' | ' | 9,994 |
Common Stock, Dividend | ' | -6,421 | -2,782 | ' | ' | -6,421 | -2,782 | ' | ' | ' | -6,421 | -2,782 | ' |
Exercise of stock options | 5,605 | 0 | 0 | 98 | 0 | ' | ' | 0 | 5,507 | 5,605 | ' | ' | 0 |
Purchase of treasury stock | -4,180 | 0 | 0 | 0 | 0 | ' | ' | 0 | -4,180 | -4,180 | ' | ' | 0 |
Savings and profit-sharing contribution | 782 | 0 | 0 | 99 | 0 | ' | ' | 0 | 683 | 782 | ' | ' | 0 |
Reissuance of treasury stock | 295 | 0 | 0 | 40 | 0 | ' | ' | 0 | 255 | 295 | ' | ' | 0 |
Issuance of non-vested stock | 0 | 0 | 0 | -311 | 0 | ' | ' | 0 | 311 | 0 | ' | ' | 0 |
Share-based compensation | 1,781 | 0 | 0 | 1,781 | 0 | ' | ' | 0 | 0 | 1,781 | ' | ' | 0 |
Others | 158 | 0 | 0 | 158 | 0 | ' | ' | 0 | 0 | 158 | ' | ' | 0 |
Conversions of Class B Common Stock | 0 | 25 | -25 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | 0 |
Distributions to noncontrolling interest | -2,124 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | -2,124 |
Comprehensive income (loss) | 20,169 | 0 | 0 | 0 | 25,001 | ' | ' | -730 | 0 | 24,271 | ' | ' | -4,102 |
Ending Balance at May. 29, 2014 | $329,979 | $22,458 | $8,732 | $53,844 | $294,334 | ' | ' | ($4,558) | ($48,599) | $326,211 | ' | ' | $3,768 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
29-May-14 | 30-May-13 | 31-May-12 | |
Class B Common Stock [Member] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.32 | $1.22 | $0.31 |
Common Stock 1 [Member] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.35 | $1.34 | $0.34 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
OPERATING ACTIVITIES | ' | ' | ' |
Net earnings | $20,899 | $23,331 | $22,734 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Extinguishment of debt | 0 | -6,008 | 0 |
Losses on investments in joint ventures | 250 | 450 | 200 |
Distributions from joint ventures | 120 | 120 | 254 |
Loss on disposition of property, equipment and other assets | 993 | 266 | 759 |
Gain on available for sale securities | 0 | 0 | -676 |
Impairment charge | 0 | 1,512 | 0 |
Amortization of loss on swap agreement | 0 | 99 | 113 |
Amortization of favorable lease right | 334 | 334 | 334 |
Depreciation and amortization | 33,845 | 33,827 | 34,525 |
Stock compensation expense | 1,781 | 1,772 | 2,010 |
Deferred income taxes | -451 | -1,146 | 1,150 |
Deferred compensation and other | 850 | -44 | 1,610 |
Contribution of the Companybs stock to savings and profit-sharing plan | 782 | 834 | 738 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts and notes receivable | -877 | -42 | -185 |
Other current assets | 836 | 1,014 | 3,023 |
Accounts payable | 748 | 5,733 | -2,887 |
Income taxes | -2,544 | 2,876 | -308 |
Taxes other than income taxes | 333 | 890 | 870 |
Accrued compensation | 1,974 | -1,158 | 6,508 |
Other accrued liabilities | 6,567 | -1,458 | -1,744 |
Total adjustments | 45,541 | 39,871 | 46,294 |
Net cash provided by operating activities | 66,440 | 63,202 | 69,028 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -56,673 | -22,635 | -31,835 |
Purchase of theatre | 0 | 0 | -6,182 |
Purchase of hotel | 0 | -856 | 0 |
Proceeds from disposals of property, equipment and other assets | 1,926 | 4,662 | 4,187 |
Proceeds from sale of available for sale securities | 0 | 0 | 785 |
Increase in restricted cash | -137 | -1,513 | -1,072 |
Increase in other assets | -1,227 | -1,674 | -1,775 |
Capital contribution in joint venture | -1,366 | 0 | 0 |
Purchase of interest in joint venture | 0 | -444 | 0 |
Cash advanced to joint ventures | -231 | -101 | -55 |
Net cash used in investing activities | -57,708 | -22,561 | -35,947 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of notes payable and long-term debt | 145,200 | 262,600 | 117,000 |
Principal payments on notes payable and long-term debt | -147,386 | -240,013 | -128,029 |
Debt issuance costs | -316 | -1,527 | 0 |
Equity transactions: | ' | ' | ' |
Treasury stock transactions, except for stock options | -3,886 | -24,131 | -11,189 |
Exercise of stock options | 5,605 | 2,182 | 1,284 |
Dividends paid | -9,203 | -35,614 | -9,707 |
Distributions to noncontrolling interest | -2,124 | 0 | 0 |
Net cash used in financing activities | -12,110 | -36,503 | -30,641 |
Net increase (decrease) in cash and cash equivalents | -3,378 | 4,138 | 2,440 |
Cash and cash equivalents at beginning of year | 10,158 | 6,020 | 3,580 |
Cash and cash equivalents at end of year | 6,780 | 10,158 | 6,020 |
Supplemental Information: | ' | ' | ' |
Change in accounts payable for additions to property and equipment | $4,876 | $652 | $1,111 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
General [Abstract] | ' | ||||||||||
Description of Business and Summary of Significant Accounting Policies | ' | ||||||||||
1. Description of Business and Summary of Significant Accounting Policies | |||||||||||
Description of Business – The Marcus Corporation and its subsidiaries (the Company) operate principally in two business segments: | |||||||||||
Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Ohio, Iowa, Minnesota, North Dakota and Nebraska and a family entertainment center in Wisconsin. | |||||||||||
Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois, Oklahoma, Nebraska and Missouri and manages full service hotels, resorts and other properties in Wisconsin, Minnesota, Texas, Nevada, Georgia and California. | |||||||||||
Principles of Consolidation – The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries, including two joint ventures in which the Company has an ownership interest greater than 50% and a 50% owned joint venture entity in which the Company has a controlling financial interest. The equity interest of outside owners in consolidated entities is recorded as noncontrolling interests in the consolidated balance sheets, and their share of earnings is recorded as net earnings attributable to noncontrolling interests in the consolidated statements of earnings. Investments in affiliates which are 50% or less owned by the Company for which the Company exercises significant influence but does not have control are accounted for on the equity method. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
Fiscal Years – The Company reports on a 52/53-week year ending the last Thursday of May. Fiscal 2014 and fiscal 2013 were 52-week years. Fiscal 2012 was a 53-week year. | |||||||||||
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||
Cash Equivalents – The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. | |||||||||||
Restricted Cash – Restricted cash consists of bank accounts related to capital expenditure reserve funds, sinking funds, operating reserves and replacement reserves. Restricted cash is not considered cash and cash equivalents for purposes of the statement of cash flows. | |||||||||||
Fair Value Measurements – Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement in prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. | |||||||||||
The Company’s assets and liabilities measured at fair value are classified in one of the following categories: | |||||||||||
Level 1 – Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At May 29, 2014 and May 30, 2013, the Company’s $70,000 and $71,000, respectively, of available for sale securities were valued using Level 1 pricing inputs. | |||||||||||
Level 2 – Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At May 29, 2014 and May 30, 2013, the $56,000 and $30,000, respectively, asset related to the Company’s interest rate hedge contract was valued using Level 2 pricing inputs. | |||||||||||
Level 3 – Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At May 29, 2014 and May 30, 2013, none of the Company’s recorded assets or liabilities were valued using Level 3 pricing inputs, except as noted in Note 2. | |||||||||||
The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable, notes receivable and accounts and notes payable) approximates fair value. The fair value of the Company’s $103,571,000 of senior notes, valued using Level 2 pricing inputs, is approximately $109,581,000 at May 29, 2014, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs. | |||||||||||
Accounts and Notes Receivable – The Company evaluates the collectibility of its accounts and notes receivable based on a number of factors. For larger accounts, an allowance for doubtful accounts is recorded based on the applicable parties’ ability and likelihood to pay based on management’s review of the facts. For all other accounts, the Company recognizes an allowance based on length of time the receivable is past due based on historical experience and industry practice. | |||||||||||
Inventory – Inventories are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $2,319,000 and $2,237,000 as of May 29, 2014 and May 30, 2013, respectively, were included in other current assets. | |||||||||||
Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. The Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. For the purpose of determining fair value, defined as the amount at which an asset or group of assets could be bought or sold in a current transaction between willing parties, the Company utilizes currently available market valuations of similar assets in its respective industries, often expressed as a given multiple of operating cash flow. The Company evaluated the ongoing value of its property and equipment and other long-lived assets during fiscal 2014, 2013 and 2012 and determined that there was no impact on the Company’s results of operations, other than the impairment charges discussed in Note 2. | |||||||||||
Acquisition – The Company recognizes identifiable assets acquired, liabilities assumed and noncontrolling interests assumed in an acquisition at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related costs, such as the due diligence and legal fees, are expensed as incurred. The excess of the acquisition cost over the fair value of the identifiable net assets is reported as goodwill. | |||||||||||
Goodwill – The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performed an annual impairment test as of the Company’s year-end date in fiscal 2014, 2013 and 2012 and determined that the fair value of the reporting unit as determined using a market approach and income approach, exceeded its carrying value and therefore, no impairment existed. The Company has determined that its reporting units are its operating segments and all the Company’s goodwill, which represents the excess of the acquisition cost over the fair value of the assets acquired, relates to its Theatres segment. Goodwill decreased by $139,000 in fiscal 2014 and fiscal 2013, due entirely to deferred tax adjustments related to an excess of tax basis goodwill over goodwill reported for book purposes. The Company has never recorded an impairment of goodwill. | |||||||||||
Capitalization of Interest – The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $256,000, $75,000 and $75,000 was capitalized in fiscal 2014, 2013, and 2012 respectively. | |||||||||||
Debt Issuance Costs – The Company’s debt issuance costs are included in other assets (long-term) and are deferred and amortized over the terms of the related debt agreements. | |||||||||||
Investments – Available for sale securities are stated at fair value, with unrealized gains and losses reported as a component of shareholders’ equity. The cost of securities sold is based upon the specific identification method. Realized gains and losses and declines in value judged to be other-than-temporary are included in investment income. The Company evaluates securities for other-than-temporary impairment on a periodic basis and principally considers the type of security, the severity of the decline in fair value, and the duration of the decline in fair value in determining whether a security’s decline in fair value is other-than-temporary. The Company had no investment losses during fiscal 2014, 2013 or 2012. | |||||||||||
Revenue Recognition – The Company recognizes revenue from its rooms as earned on the close of business each day. Revenues from theatre admissions, concessions and food and beverage sales are recognized at the time of sale. Revenues from advanced ticket and gift certificate sales are recorded as deferred revenue and are recognized when tickets or gift certificates are redeemed. The Company had deferred revenue of $16,028,000 and $13,352,000, which is included in other accrued liabilities as of May 29, 2014 and May 30, 2013, respectively. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Gift card breakage income is recorded in other revenues in the consolidated statements of earnings. | |||||||||||
Other revenues include management fees for theatres and hotels under management agreements. The management fees are recognized as earned based on the terms of the agreements and include both base fees and incentive fees. Revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales tax. | |||||||||||
Advertising and Marketing Costs – The Company expenses all advertising and marketing costs as incurred. | |||||||||||
Insurance Reserves – The Company uses a combination of insurance and self insurance mechanisms, including participation in a captive insurance entity, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance and director and officers’ liability insurance. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors. | |||||||||||
Income Taxes – The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made. | |||||||||||
The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. See Note 8 - Income Taxes. | |||||||||||
Depreciation and Amortization – Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: | |||||||||||
Years | |||||||||||
Land improvements | 15 – 39 | ||||||||||
Buildings and improvements | 25 – 39 | ||||||||||
Leasehold improvements | 3 – 40 | ||||||||||
Furniture, fixtures and equipment | 3 – 20 | ||||||||||
Depreciation expense totaled $33,329,000, $33,469,000, and $34,152,000 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
Earnings Per Share – Net earnings per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis. The computation of the diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock, while the diluted net earnings per share of Class B Common Stock does not assume the conversion of those shares. | |||||||||||
Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of the Class B Common Stock. As such, the undistributed earnings for each year are allocated based on the proportionate share of entitled cash dividends. The computation of diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock and, as such, the undistributed earnings are equal to net earnings for that computation. | |||||||||||
The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: | |||||||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands, except per share data) | |||||||||||
Numerator: | |||||||||||
Net earnings attributable to The Marcus Corporation | $ | 25,001 | $ | 17,506 | $ | 22,734 | |||||
Denominator: | |||||||||||
Denominator for basic EPS | 27,076 | 27,846 | 29,256 | ||||||||
Effect of dilutive employee stock options | 74 | 19 | 52 | ||||||||
Denominator for diluted EPS | 27,150 | 27,865 | 29,308 | ||||||||
Net earnings per share – Basic: | |||||||||||
Common Stock | $ | 0.95 | $ | 0.68 | $ | 0.8 | |||||
Class B Common Stock | $ | 0.86 | $ | 0.59 | $ | 0.73 | |||||
Net earnings per share– Diluted: | |||||||||||
Common Stock | $ | 0.92 | $ | 0.63 | $ | 0.78 | |||||
Class B Common Stock | $ | 0.86 | $ | 0.59 | $ | 0.73 | |||||
Options to purchase 469,000 shares, 1,402,000 shares and 1,508,000 shares of common stock at prices ranging from $14.40 to $23.37, $12.73 to $23.37 and $11.89 to $23.37 per share were outstanding at May 29, 2014, May 30, 2013 and May 31, 2012, respectively, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares, and therefore, the effect would be antidilutive. | |||||||||||
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: | |||||||||||
May 29, 2014 | May 30, 2013 | ||||||||||
(in thousands) | |||||||||||
Unrealized loss on available for sale investments | $ | -11 | $ | -10 | |||||||
Unrecognized gain on interest rate swap agreement | 34 | 18 | |||||||||
Net unrecognized actuarial loss for pension obligation | -4,581 | -3,836 | |||||||||
$ | -4,558 | $ | -3,828 | ||||||||
Concentration of Risk – As of May 29, 2014, 9% of the Company’s employees were covered by a collective bargaining agreement, of which 0% are covered by an agreement that will expire in one year. As of May 30, 2013, 11% of the Company’s employees were covered by a collective bargaining agreement, of which 88% were covered by an agreement that expired within one year. | |||||||||||
New Accounting Pronouncement – In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The guidance will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles when it becomes effective. The new standard is effective for the Company in fiscal 2018 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is evaluating the effect that the guidance will have on its consolidated financial statements and related disclosures. | |||||||||||
Impairment_Charge
Impairment Charge | 12 Months Ended |
29-May-14 | |
Asset Impairment Charges [Abstract] | ' |
Impairment Charge | ' |
2. Impairment Charge | |
In fiscal 2013, the Company determined that indicators of impairment were evident at a closed theatre and two budget-oriented theatres that are expected to close in the future. As such, the Company evaluated the ongoing value of these theatres and determined that the fair value, measured using Level 3 pricing inputs (estimated sales proceeds based on comparable sales), was less than their carrying values and recorded a $1,262,000 pre-tax impairment loss. The Company also recorded a $250,000 pre-tax impairment loss in fiscal 2013 related to a closed water park at one of the hotels. The fair value of the impaired assets as of May 30, 2013 was approximately $2,275,000. | |
Acquisition
Acquisition | 12 Months Ended |
29-May-14 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
3. Acquisition | |
On October 1, 2012, the Company formed a joint venture to acquire The Cornhusker Hotel and Office Plaza (The Cornhusker) in Lincoln, Nebraska, a 297-room, full-service hotel and seven-story office building. Under the terms of the agreement, the joint venture acquired the land, building and equipment for $856,000 and assumed an existing $25,744,000 non-recourse mortgage. The Company is a 73% majority owner of this joint venture and recognized a noncontrolling interest of $4,000,000 upon acquisition related to the interest’s past investment in the hotel. The fair value of the net assets acquired approximated the purchase price. The consolidated financial statements reflect the final allocation of the purchase price to the net assets acquired based on their respective fair value. The results of operation of The Cornhusker are included in the consolidated statements of earnings since the acquisition date. In accordance with Accounting Standards Codification No. 810, Consolidation, The Cornhusker results are included in the hotels and resorts division revenue and operating income and the after-tax net earnings attributable to noncontrolling interests is deducted from net earnings on the consolidated statements of earnings. The acquired hotel contributed approximately $5,901,000 and $(1,079,000) to revenues and operating income, respectively, in fiscal 2013, excluding the impact of noncontrolling interests. | |
Additional_Balance_Sheet_Infor
Additional Balance Sheet Information | 12 Months Ended | |||||||
29-May-14 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Additional Balance Sheet Information | ' | |||||||
4. Additional Balance Sheet Information | ||||||||
The composition of accounts and notes receivable is as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands) | ||||||||
Trade receivables, net of allowances of $1,423 and $1,324, respectively | $ | 5,023 | $ | 4,539 | ||||
Other receivables | 4,449 | 4,029 | ||||||
$ | 9,472 | $ | 8,568 | |||||
The composition of property and equipment, which is stated at cost, is as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands) | ||||||||
Land and improvements | $ | 97,611 | $ | 95,295 | ||||
Buildings and improvements | 609,885 | 575,166 | ||||||
Leasehold improvements | 62,379 | 61,726 | ||||||
Furniture, fixtures and equipment | 270,993 | 250,203 | ||||||
Construction in progress | 5,843 | 11,414 | ||||||
1,046,711 | 993,804 | |||||||
Less accumulated depreciation and amortization | 399,119 | 368,047 | ||||||
$ | 647,592 | $ | 625,757 | |||||
The composition of other assets is as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands) | ||||||||
Favorable lease right | $ | 10,348 | $ | 10,682 | ||||
Split dollar life insurance policies | 12,944 | 12,304 | ||||||
Other assets | 11,983 | 11,598 | ||||||
$ | 35,275 | $ | 34,584 | |||||
The Company’s $13,353,000 favorable lease right is being amortized over the expected term of the underlying lease of 40 years and is expected to result in amortization of $334,000 in each of the five succeeding fiscal years. Accumulated amortization of the favorable lease right was $3,005,000 and $2,671,000 as of May 29, 2014 and May 30, 2013, respectively. | ||||||||
Capital Lease Obligation - During fiscal 2012, the Company entered into a master licensing agreement with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema Corp. (CDF2), whereby CDF2 purchased on the Company’s behalf, and then deployed and licensed back to the Company, digital cinema projection systems (the “systems”) for use by the Company in its theatres. As of May 29, 2014, 642 of the Company’s screens were utilizing the systems under a 10-year master licensing agreement with CDF2, including 64 previously installed systems that the Company sold to CDF2 and licensed back. Based upon the terms of the master licensing agreement, this arrangement is considered a capital lease for accounting purposes and, therefore, Accounting Standards Codification No. 840 - Leases applies. In fiscal 2012, the Company recognized a deferred gain of approximately $635,000 in conjunction with the sale-leaseback of the previously deployed systems, which is being amortized over the 10-year life of the master licensing agreement. Included in furniture, fixtures and equipment is $45,510,000 related to the digital systems as of May 29, 2014 and May 30, 2013, which is being amortized over the remaining estimated useful life of the assets. Accumulated amortization of the digital systems was $12,259,000 and $7,441,000 as of May 29, 2014 and May 30, 2013, respectively. | ||||||||
Under the terms of the master licensing agreement, the Company made an initial one-time payment to CDF2. The Company expects that the balance of CDF2’s costs to deploy the systems will be covered primarily through the payment of virtual print fees (VPF’s) from film distributors to CDF2 each time a digital movie is booked on one of the systems deployed on a Company screen. The Company agreed to make an average number of bookings of eligible digital movies on each screen on which a licensed system has been deployed to provide for a minimum level of VPF’s paid by distributors (standard booking commitment) to CDF2. To the extent the VPF’s paid by distributors are less than the standard booking commitment, the Company must make a shortfall payment to CDF2. Based upon the Company’s historical booking patterns, the Company does not expect to make any shortfall payments during the life of the agreement. ASC No. 840 requires that the Company consider the entire amount of the standard booking commitment minimum lease payments for purposes of determining the capital lease obligation. The maximum amount per year that the Company could be required to pay is approximately $6,163,000 until the obligation is fully satisfied. | ||||||||
The Company’s capital lease obligation is being reduced as VPF’s are paid by the film distributors to CDF2. The Company has recorded the reduction of the obligation associated with the payment of VPF’s as a reduction of the interest related to the obligation and the amortization incurred related to the systems, as the payments represent a specific reimbursement of the cost of the systems by the studios. Based on the Company's expected minimum number of eligible movies to be booked, the Company expects the obligation to be reduced by at least $4,871,000 within the next 12 months. This reduction will be recognized as an offset to amortization and is expected to offset the majority of the amortization of the systems. | ||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
29-May-14 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
5. Long-Term Debt | ||||||||
Long-term debt is summarized as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands, | ||||||||
except payment data) | ||||||||
Mortgage notes | $ | 52,696 | $ | 71,747 | ||||
Senior notes | 103,571 | 60,649 | ||||||
Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% | 3,757 | 4,002 | ||||||
Revolving credit agreement | 34,000 | 57,000 | ||||||
Unsecured term loan | 46,563 | 49,375 | ||||||
240,587 | 242,773 | |||||||
Less current maturities | 7,030 | 11,193 | ||||||
$ | 233,557 | $ | 231,580 | |||||
The mortgage notes, both fixed rate and adjustable, bear interest from 3.0% to 5.9%, have a weighted-average rate of 4.52% at May 29, 2014, and mature in fiscal years 2016 through 2043. The mortgage notes are secured by the related land, buildings and equipment. On the last day of fiscal 2014, the Company paid off a $20,830,000 fixed rate mortgage note with borrowings from its credit facility. | ||||||||
During fiscal 2013, the Company refinanced the debt related to The Skirvin Hilton hotel in Oklahoma City (the Company owns a 60% interest in this hotel). In conjunction with that refinancing, approximately $9,753,000 of debt originally issued as part of a new markets tax credit structure was cancelled in December 2012 after certain time-related conditions related to the tax credits were met. As a result, the Company recognized income from the extinguishment of debt of $6,008,000 during fiscal 2013, representing cancellation of the $9,753,000 of debt less approximately $3,745,000 of deferred fees related to the issuance of the debt. This extinguishment of debt income did not impact the Company’s reported net earnings attributable to The Marcus Corporation during fiscal 2013 because, pursuant to the Company’s interpretation of the terms of the operating agreement with the Company’s 40% joint venture partner, the Company allocated 100% of this income to the noncontrolling interest. During fiscal 2014, the debt extinguishment income was reallocated due to a settlement with the Company’s joint venture partner. As a result of this settlement, approximately $3,600,000 of the original extinguishment of debt income was reallocated to the Company in fiscal 2014 and recorded as a loss attributable to noncontrolling interests. | ||||||||
The $103,571,000 of senior notes maturing in 2018 through 2025 require annual principal payments in varying installments and bear interest payable semi-annually at fixed rates ranging from 4.02% to 6.55%, with a weighted-average fixed rate of 5.27% and 6.45% at May 29, 2014 and May 30, 2013, respectively. | ||||||||
The Company has the ability to issue commercial paper through an agreement with a bank, up to a maximum of $35,000,000. The agreement requires the Company to maintain unused bank lines of credit at least equal to the principal amount of outstanding commercial paper. There were no borrowings on commercial paper as of May 29, 2014 and May 30, 2013. | ||||||||
At May 29, 2014, the Company had a revolving credit facility totaling $175,000,000 in place under an existing credit agreement that matures in January 2018. There were borrowings of $34,000,000 outstanding on the revolving credit facility at May 29, 2014, bearing interest at the Alternative Base Rate (as defined in the credit agreement), effectively 3.425% at May 29, 2014, or LIBOR plus a margin which adjusts based on the Company’s borrowing levels, effectively 1.363% at May 29, 2014. The Company also has a term loan under the credit agreement with a balance of $46,563,000 at May 29, 2014, that requires quarterly principal payments in varying installments, bears interest at LIBOR plus a margin, which also adjusts based on the Company’s borrowing levels, and was 1.563% at May 29, 2014. The revolving credit facility requires an annual facility fee of 0.20% on the total commitment. Based on borrowings outstanding, availability under the line at May 29, 2014 totaled $141,000,000. | ||||||||
The Company’s loan agreements include, among other covenants, maintenance of certain financial ratios, including a debt-to-capitalization ratio and a fixed charge coverage ratio. The Company is in compliance with all financial debt covenants at May 29, 2014. | ||||||||
Scheduled annual principal payments on long-term debt for the years subsequent to May 29, 2014, are: | ||||||||
Fiscal Year | (in thousands) | |||||||
2015 | $ | 7,030 | ||||||
2016 | 34,371 | |||||||
2017 | 42,671 | |||||||
2018 | 76,305 | |||||||
2019 | 9,560 | |||||||
Thereafter | 70,650 | |||||||
$ | 240,587 | |||||||
Interest paid, net of amounts capitalized, in fiscal 2014, 2013 and 2012 totaled $9,370,000, $9,093,000 and $9,177,000, respectively. | ||||||||
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 an interest rate swap agreement on February 28, 2013 covering $25,000,000 of floating rate debt, which expires January 22, 2018, and requires the Company to pay interest at a defined rate of 0.96% while receiving interest at a defined variable rate of one-month LIBOR (0.19% at May 29, 2014). 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. The Company’s interest rate swap agreement is considered effective and qualifies as a cash flow hedge. 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 loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of May 29, 2014 and May 30, 2013, the interest rate swap was considered effective and had no effect on earnings. The notional amount of the swap was $25,000,000 and the fair value of the interest rate swap was $56,000 and $30,000 as of May 29, 2014, and May 30, 2013, respectively, and was included in other (long-term assets). The Company does not expect the interest rate swap to have any material effect on earnings within the next 12 months. | ||||||||
On February 29, 2008, the Company also entered into an interest rate swap agreement covering $25,000,000 of floating rate debt, which required the Company to pay interest at a defined rate of 3.49% while receiving interest at a defined variable rate of three-month LIBOR. The interest rate swap agreement was considered effective and qualified as a cash flow hedge. On March 19, 2008, the Company terminated the swap, at which time cash flow hedge accounting ceased. The fair value of the swap on the date of termination was a liability of $567,000 ($338,000 net of tax). In fiscal 2013 and 2012, the Company reclassified $99,000 ($58,000 net of tax) and $113,000 ($68,000 net of tax), respectively, from accumulated other comprehensive loss to interest expense. The liability was fully amortized as of May 30, 2013. | ||||||||
Shareholders_Equity_and_StockB
Shareholdersb Equity and Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||
29-May-14 | ||||||||||||||||||||
Stockholders Equity And Share Based Compensation Abstract [Abstract] | ' | |||||||||||||||||||
Stockholders Equity And Share Based Compensation | ' | |||||||||||||||||||
6. Shareholders’ Equity and Stock-Based Compensation | ||||||||||||||||||||
Shareholders may convert their shares of Class B Common Stock into shares of Common Stock at any time. Class B Common Stock shareholders are substantially restricted in their ability to transfer their Class B Common Stock. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of the Class B Common Stock. Holders of Class B Common Stock are entitled to ten votes per share while holders of Common Stock are entitled to one vote per share on any matters brought before the shareholders of the Company. Liquidation rights are the same for both classes of stock. | ||||||||||||||||||||
Through May 29, 2014, the Company’s Board of Directors has approved the repurchase of up to 11,687,500 shares of Common Stock to be held in treasury. The Company intends to reissue these shares upon the exercise of stock options and for savings and profit-sharing plan contributions. The Company purchased 314,312, 2,158,207 and 1,077,314 shares pursuant to these authorizations during fiscal 2014, 2013 and 2012, respectively. At May 29, 2014, there were 3,290,558 shares available for repurchase under these authorizations. | ||||||||||||||||||||
The Company’s Board of Directors has authorized the issuance of up to 750,000 shares of Common Stock for The Marcus Corporation Dividend Reinvestment and Associate Stock Purchase Plan. At May 29, 2014, there were 470,199 shares available under this authorization. | ||||||||||||||||||||
Shareholders have approved the issuance of up to 4,937,500 shares of Common Stock under various equity incentive plans. Options granted under the plans to employees generally become exercisable 40% after two years, 60% after three years, 80% after four years and 100% after five years of the date of grant. The options generally expire ten years from the date of grant as long as the optionee is still employed with the Company. | ||||||||||||||||||||
Awarded shares of non-vested stock cumulatively vest either 25% after three years of the grant date, 50% after five years of the grant date, 75% after ten years of the grant date and 100% upon retirement, or 50% after three years of the grant date and 100% after five years of the grant date, depending on the date of grant. The non-vested stock may not be sold, transferred, pledged or assigned, except as provided by the vesting schedule included in the Company’s equity incentive plan. During the period of restriction, the holder of the non-vested stock has voting rights and is entitled to receive all dividends and other distributions paid with respect to the stock. Non-vested stock awards and shares issued upon option exercises are issued from previously acquired treasury shares. At May 29, 2014, there were 1,602,537 shares available for grants of additional stock options, non-vested stock and other types of equity awards under the current plan. | ||||||||||||||||||||
Stock-based compensation, including stock options and non-vested stock awards, is expensed over the vesting period of the awards based on the grant date fair value. | ||||||||||||||||||||
The Company estimated the fair value of stock options using the Black-Scholes option pricing model with the following assumptions used for awards granted during fiscal 2014, 2013 and 2012: | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | ||||||||||||||||||
Risk-free interest rate | 1.04 – 2.38% | 0.48 – 1.33% | 0.96 – 2.69% | |||||||||||||||||
Dividend yield | 2.70% | 2.80% | 2.90% | |||||||||||||||||
Volatility | 41 – 49% | 49 – 62% | 48 – 63% | |||||||||||||||||
Expected life | 4 – 9 years | 4 – 9 years | 4 – 9 years | |||||||||||||||||
Total pre-tax stock-based compensation expense was $1,781,000, $1,772,000 and $2,010,000 in fiscal 2014, 2013 and 2012, respectively. The recognized tax benefit on stock-based compensation was $752,000, $491,000 and $337,000 in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
A summary of the Company’s stock option activity and related information follows: | ||||||||||||||||||||
29-May-14 | May 30, 2013 | May 31, 2012 | ||||||||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||||||||
Average | Average | Average | ||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||
Options | Price | Options | Price | Options | Price | |||||||||||||||
(options in thousands) | ||||||||||||||||||||
Outstanding at beginning of year | 1,949 | $ | 14.03 | 2,006 | $ | 13.91 | 1,873 | $ | 14.31 | |||||||||||
Granted | 291 | 13.16 | 306 | 13.12 | 328 | 10 | ||||||||||||||
Exercised | -437 | 12.81 | -202 | 10.82 | -121 | 10.61 | ||||||||||||||
Forfeited | -237 | 14.16 | -161 | 14.48 | -74 | 11.98 | ||||||||||||||
Outstanding at end of year | 1,566 | $ | 14.06 | 1,949 | $ | 14.03 | 2,006 | $ | 13.91 | |||||||||||
Exercisable at end of year | 909 | $ | 15.29 | 1,113 | $ | 15.47 | 1,122 | $ | 15.13 | |||||||||||
Weighted-average fair value of options granted during year | $ | 4.52 | $ | 5.2 | $ | 3.96 | ||||||||||||||
Exercise prices for options outstanding as of May 29, 2014, ranged from $8.52 to $23.37. The weighted-average remaining contractual life of those options is 5.8 years. The weighted-average remaining contractual life of options currently exercisable is 3.8 years. There were 1,532,000 options outstanding, vested and expected to vest as of May 29, 2014 with a weighted-average exercise price of $14.10 and an intrinsic value of $4,949,000. Additional information related to these options segregated by exercise price range is as follows: | ||||||||||||||||||||
Exercise Price Range | ||||||||||||||||||||
$8.52 to | $12.72 to | $17.74 to | ||||||||||||||||||
$12.71 | $17.73 | $23.37 | ||||||||||||||||||
(options in thousands) | ||||||||||||||||||||
Options outstanding | 369 | 970 | 227 | |||||||||||||||||
Weighted-average exercise price of options outstanding | $ | 10.88 | $ | 13.9 | $ | 20.13 | ||||||||||||||
Weighted-average remaining contractual life of options outstanding | 6.6 | 5.9 | 2.5 | |||||||||||||||||
Options exercisable | 172 | 510 | 227 | |||||||||||||||||
Weighted-average exercise price of options exercisable | $ | 11.11 | $ | 14.55 | $ | 20.13 | ||||||||||||||
The intrinsic value of options outstanding at May 29, 2014 was $5,096,000 and the intrinsic value of options exercisable at May 29, 2014 was $2,157,000. The intrinsic value of options exercised was $1,211,000, $510,000 and $174,000 during fiscal 2014, 2013 and 2012, respectively. As of May 29, 2014, total remaining unearned compensation cost related to stock options was $2,361,000, which will be amortized to expense over the remaining weighted-average life of 3.2 years. | ||||||||||||||||||||
A summary of the Company’s non-vested stock activity and related information follows: | ||||||||||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | ||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||||||
Average Fair | Average Fair | Average Fair | ||||||||||||||||||
Value | Value | Value | ||||||||||||||||||
(shares in thousands) | ||||||||||||||||||||
Outstanding at beginning of year | 97 | $ | 12.92 | 86 | $ | 12.37 | 94 | $ | 14.55 | |||||||||||
Granted | 37 | 14.14 | 28 | 13.65 | 24 | 10.98 | ||||||||||||||
Vested | -25 | 12.01 | -17 | 11.36 | -32 | 17.57 | ||||||||||||||
Forfeited | -11 | 12.93 | – | – | – | – | ||||||||||||||
Outstanding at end of year | 98 | $ | 13.61 | 97 | $ | 12.92 | 86 | $ | 12.37 | |||||||||||
The Company expenses awards of non-vested stock based on the fair value of the Company’s common stock at the date of grant. As of May 29, 2014, total remaining unearned compensation related to non-vested stock was $909,000, which will be amortized over the weighted-average remaining service period of 4.5 years. | ||||||||||||||||||||
On December 6, 2012, the Company’s Board of Directors approved a special cash dividend of $1.00 per share of Common Stock and $0.90909 per share of Class B Common Stock, which was paid on December 28, 2012. The Board also accelerated the next two quarterly cash dividends totaling $0.17 per share of Common Stock and $0.15454 per share of Class B Common Stock that would have been paid in February and May of 2013 to the December payment date. The total combined dividend payment made on December 28, 2012 was $30,924,000. | ||||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||
Employee Benefit Plans | ' | ||||||||||
7. Employee Benefit Plans | |||||||||||
The Company has a qualified profit-sharing savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides for a contribution of a minimum of 1% of defined compensation for all plan participants and matching of 25% of employee contributions up to 6% of defined compensation. In addition, the Company may make additional discretionary contributions. During fiscal 2014, 2013 and 2012, the 1% and the discretionary contributions were made with the Company’s common stock. The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified defined-benefit plan was amended effective January 1, 2009 to include two components. The first component applies to certain participants and continues to provide the same nonqualified pension benefits as were provided prior to the amendment. The second component applies to all other participants and provides an account-based supplemental retirement benefit. Pension and profit-sharing expense for all plans was $3,360,000, $3,369,000 and $3,078,000 for fiscal 2014, 2013 and 2012, respectively. | |||||||||||
The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the statement of financial position and recognizes changes in these amounts in the year in which changes occur through comprehensive income. | |||||||||||
The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective May 29, 2014 and May 30, 2013 measurement dates is as follows: | |||||||||||
May 29, | May 30, | ||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at beginning of year | $ | 26,439 | $ | 25,595 | |||||||
Service cost | 702 | 712 | |||||||||
Interest cost | 1,173 | 1,099 | |||||||||
Actuarial (gain)/loss | 1,567 | -119 | |||||||||
Benefits paid | -1,105 | -848 | |||||||||
Benefit obligation at end of year | $ | 28,776 | $ | 26,439 | |||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||
Current accrued benefit liability (included in Other accrued liabilities) | $ | -1,124 | $ | -962 | |||||||
Noncurrent accrued benefit liability (included in Deferred compensation and other) | -27,652 | -25,477 | |||||||||
Total | -28,776 | -26,439 | |||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||
Net actuarial loss | 8,494 | $ | 7,273 | ||||||||
Prior service credit | -834 | -912 | |||||||||
Total | $ | 7,660 | $ | 6,361 | |||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands) | |||||||||||
Net periodic pension cost: | |||||||||||
Service cost | $ | 702 | $ | 712 | $ | 627 | |||||
Interest cost | 1,173 | 1,099 | 1,178 | ||||||||
Net amortization of prior service cost and actuarial loss | 268 | 286 | 121 | ||||||||
$ | 2,143 | $ | 2,097 | $ | 1,926 | ||||||
The $4,581,000 loss, net of tax, included in accumulated other comprehensive loss at May 29, 2014, consists of the $5,079,000 net actuarial loss, net of tax, and the $498,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $3,836,000 loss, net of tax, included in accumulated other comprehensive loss at May 30, 2013, consists of the $4,386,000 net actuarial loss, net of tax, and the $550,000 unrecognized prior service credit, net of tax. | |||||||||||
The accumulated benefit obligation was $23,658,000 and $21,936,000 as of May 29, 2014 and May 30, 2013, respectively. | |||||||||||
The pre-tax change in the benefit obligation recognized in other comprehensive loss during fiscal 2014 consisted of the current year net actuarial loss of $1,567,000, the amortization of the net actuarial loss of $346,000 and the amortization of the prior service credit of $78,000. The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2015 is $326,000 and relates to the actuarial loss and the prior service credit. | |||||||||||
The benefit obligations were determined using an assumed weighted-average discount rate of 4.30% in fiscal 2014 and 4.40% in fiscal 2013, and an annual salary rate increase of 4.0% in fiscal 2014 and 2013. | |||||||||||
The net periodic benefit cost was determined using an assumed discount rate of 4.40% in fiscal 2014, 4.25% in fiscal 2013, and 5.30% in fiscal 2012, and an annual salary rate increase of 4.0% in fiscal 2014 and 2013, and 5.0% for fiscal 2012. | |||||||||||
Benefit payments and contributions expected to be paid subsequent to May 29, 2014, are: | |||||||||||
Fiscal Year | (in thousands) | ||||||||||
2015 | $ | 1,124 | |||||||||
2016 | 1,177 | ||||||||||
2017 | 1,204 | ||||||||||
2018 | 1,225 | ||||||||||
2019 | 1,200 | ||||||||||
Years 2020 – 2024 | 7,105 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
29-May-14 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
8. Income Taxes | |||||||||||||
The components of the net deferred tax liability are as follows: | |||||||||||||
May 29, 2014 | May 30, 2013 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred income tax assets: | |||||||||||||
Accrued employee benefits | $ | 832 | $ | 838 | |||||||||
Other | 2,224 | 2,039 | |||||||||||
Net current deferred tax assets | $ | 3,056 | $ | 2,877 | |||||||||
Noncurrent deferred income tax (liabilities) assets: | |||||||||||||
Depreciation and amortization | $ | -58,035 | $ | -58,032 | |||||||||
Accrued employee benefits | 14,206 | 13,192 | |||||||||||
Other | 1,268 | 1,324 | |||||||||||
Net noncurrent deferred tax liabilities | $ | -42,561 | $ | -43,516 | |||||||||
Income tax expense consists of the following: | |||||||||||||
Year Ended | |||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 14,788 | $ | 10,048 | $ | 10,617 | |||||||
State | 2,654 | 2,448 | 3,082 | ||||||||||
Deferred: | |||||||||||||
Federal | -861 | -964 | 1,325 | ||||||||||
State | 229 | -182 | -319 | ||||||||||
$ | 16,810 | $ | 11,350 | $ | 14,705 | ||||||||
The Company’s effective income tax rate, adjusted for earnings from noncontrolling interests, for fiscal 2014, 2013 and 2012 was 40.2%, 39.3% and 39.3%, respectively. The Company has not included the income tax expense or benefit related to the net earnings or loss attributable to noncontrolling interest in its income tax expense as the entities are considered pass-through entities and, as such, the income tax expense or benefit is attributable to its owners. | |||||||||||||
A reconciliation of the statutory federal tax rate to the effective tax rate on earnings attributable to The Marcus Corporation follows: | |||||||||||||
Year Ended | |||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 4.5 | 5.3 | 4.8 | ||||||||||
Unrecognized tax benefits and related interest | - | -0.6 | -1.1 | ||||||||||
Other | 0.7 | -0.4 | 0.6 | ||||||||||
40.2 | % | 39.3 | % | 39.3 | % | ||||||||
Net income taxes paid in fiscal 2014, 2013 and 2012 totaled $19,437,000, $10,902,000 and $14,496,000, respectively. | |||||||||||||
A reconciliation of the beginning and ending gross amounts of unrecognized tax benefit are as follows: | |||||||||||||
Year Ended | |||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance at beginning of year | $ | 102 | $ | 1,614 | $ | 2,543 | |||||||
Increases due to: | |||||||||||||
Tax positions taken in prior years | - | 102 | 1,535 | ||||||||||
Tax positions taken in current year | - | - | - | ||||||||||
Decreases due to: | |||||||||||||
Tax positions taken in prior years | - | - | - | ||||||||||
Settlements with taxing authorities | - | -1,535 | -2,301 | ||||||||||
Lapse of applicable statute of limitations | - | -79 | -163 | ||||||||||
Balance at end of year | $ | 102 | $ | 102 | $ | 1,614 | |||||||
The Company’s total unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate were $67,000, $67,000 and $52,000 as of May 29, 2014, May 30, 2013 and May 31, 2012, respectively. At May 29, 2014, the Company had accrued interest of $41,000 and no accrued penalties, compared to accrued interest of $43,000 and no accrued penalties at May 30, 2013. The Company classifies interest and penalties relating to income taxes as income tax expense. For the year ended May 29, 2014, $(1,000) of interest and no accrued penalties were recognized in the statement of earnings, compared to $(191,000) of interest and no accrued penalties for the year ended May 30, 2013 and $44,000 of interest and $(436,000) of penalties for the year ended May 31, 2012. | |||||||||||||
The Company’s income tax return for the year ended May 31, 2012 is currently under examination by The Internal Revenue Service. With certain exceptions, the Company’s state income tax returns are no longer subject to examination for the fiscal years 2009 and prior. At this time, the Company does not expect the results from any income tax audit or appeal to have a significant impact on the Company’s financial statements. | |||||||||||||
The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months. | |||||||||||||
Commitments_and_License_Rights
Commitments and License Rights | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Commitments License Rights and Contingencies | ' | ||||||||||
9. Commitments and License Rights | |||||||||||
Lease Commitments – The Company leases real estate under various noncancellable operating leases with an initial term greater than one year that contain multiple renewal options, exercisable at the Company’s option. The Company recognizes rent expense on a straight-line basis over the expected lease term, including cancelable option periods where failure to exercise such options would result in an economic penalty. Percentage rentals are based on the revenues at the specific rented property. Rent expense charged to operations under these leases was as follows: | |||||||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands) | |||||||||||
Fixed minimum rentals | $ | 7,995 | $ | 8,024 | $ | 7,843 | |||||
Amortization of favorable lease right | 334 | 334 | 334 | ||||||||
Percentage rentals | 193 | 60 | 70 | ||||||||
$ | 8,522 | $ | 8,418 | $ | 8,247 | ||||||
Aggregate minimum rental commitments under long-term operating leases, assuming the exercise of certain lease options, are as follows at May 29, 2014: | |||||||||||
Fiscal Year | (in thousands) | ||||||||||
2015 | $ | 7,468 | |||||||||
2016 | 7,333 | ||||||||||
2017 | 7,263 | ||||||||||
2018 | 7,426 | ||||||||||
2019 | 7,555 | ||||||||||
Thereafter | 85,909 | ||||||||||
$ | 122,954 | ||||||||||
Commitments – The Company has commitments for the completion of construction at various properties totaling approximately $14,097,000 at May 29, 2014. | |||||||||||
License Rights – The Company has license rights to operate three hotels using the Hilton trademark, one hotel using the Four Points by Sheraton trademark, one hotel using the InterContinental trademark and one hotel using the Marriott trademark. Under the terms of the licenses, the Company is obligated to pay fees based on defined gross sales. | |||||||||||
Joint_Venture_Transactions
Joint Venture Transactions | 12 Months Ended |
29-May-14 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | ' |
Joint Venture Transactions | ' |
10. Joint Venture Transactions | |
At May 29, 2014 and May 30, 2013, the Company held investments with aggregate carrying values of $2,025,000 and $2,713,000, respectively, in several joint ventures, which are accounted for under the equity method. | |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||
29-May-14 | ||||||||||||||
Business Segment Information [Abstract] | ' | |||||||||||||
Business Segment Information | ' | |||||||||||||
11. Business Segment Information | ||||||||||||||
The Company evaluates performance and allocates resources based on the operating income (loss) of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. | ||||||||||||||
Following is a summary of business segment information for fiscal 2012 through 2014: | ||||||||||||||
Theatres | Hotels/ | Corporate | Total | |||||||||||
Resorts | Items | |||||||||||||
(in thousands) | ||||||||||||||
Fiscal 2014 | ||||||||||||||
Revenues | $ | 243,162 | $ | 204,138 | $ | 639 | $ | 447,939 | ||||||
Operating income (loss) | 46,461 | 15,840 | -13,919 | 48,382 | ||||||||||
Depreciation and amortization | 16,747 | 16,562 | 536 | 33,845 | ||||||||||
Assets | 401,624 | 324,291 | 43,008 | 768,923 | ||||||||||
Capital expenditures and acquisitions | 37,964 | 18,516 | 193 | 56,673 | ||||||||||
Fiscal 2013 | ||||||||||||||
Revenues | $ | 219,533 | $ | 192,676 | $ | 627 | $ | 412,836 | ||||||
Operating income (loss) | 40,907 | 10,662 | -13,365 | 38,204 | ||||||||||
Depreciation and amortization | 16,753 | 16,520 | 554 | 33,827 | ||||||||||
Assets | 383,328 | 325,428 | 37,940 | 746,696 | ||||||||||
Capital expenditures and acquisitions | 13,295 | 10,008 | 188 | 23,491 | ||||||||||
Fiscal 2012 | ||||||||||||||
Revenues | $ | 227,914 | $ | 185,177 | $ | 807 | $ | 413,898 | ||||||
Operating income (loss) | 47,065 | 12,706 | -13,256 | 46,515 | ||||||||||
Depreciation and amortization | 18,189 | 15,837 | 499 | 34,525 | ||||||||||
Assets | 395,602 | 301,207 | 36,202 | 733,011 | ||||||||||
Capital expenditures and acquisitions | 26,209 | 11,455 | 353 | 38,017 | ||||||||||
Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Corporate assets primarily include cash and cash equivalents, investments, notes receivable and land held for development. | ||||||||||||||
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Information | 12 Months Ended | |||||||||||||
29-May-14 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Unaudited Quarterly Financial Information | ' | |||||||||||||
12. Unaudited Quarterly Financial Information (in thousands, except per share data) | ||||||||||||||
13 Weeks Ended | ||||||||||||||
Fiscal 2014 | August 29, | November 28, | February 27, | May 29, | ||||||||||
2013 | 2013 | 2014 | 2014 | |||||||||||
Revenues | $ | 129,032 | $ | 100,588 | $ | 109,845 | $ | 108,474 | ||||||
Operating income | 24,347 | 8,810 | 5,661 | 9,564 | ||||||||||
Net earnings attributable to The Marcus Corporation | 13,431 | 3,245 | 4,071 | 4,254 | ||||||||||
Net earnings per common share – diluted | $ | 0.5 | $ | 0.12 | $ | 0.15 | $ | 0.16 | ||||||
13 Weeks Ended | ||||||||||||||
Fiscal 2013 | August 30, | November 29, | February 28, | May 30, | ||||||||||
2012 | 2012(1) | 2013(1) | 2013 | |||||||||||
Revenues | $ | 117,939 | $ | 100,633 | $ | 93,674 | $ | 100,590 | ||||||
Operating income (loss) | 20,455 | 9,717 | -224 | 8,256 | ||||||||||
Net earnings (loss) attributable to The Marcus Corporation | 10,679 | 4,724 | -1,372 | 3,475 | ||||||||||
Net earnings (loss) per common share – diluted | $ | 0.37 | $ | 0.17 | $ | -0.05 | $ | 0.13 | ||||||
-1 | The Company settled all remaining legal proceedings related to the development of the condominium units at the Platinum Hotel & Spa during the second and third quarters of fiscal 2013. Related legal and settlement costs totaled $1,486 during the second quarter (approximately $892 after-tax, or $0.03 per diluted common share) and $1,353 during the third quarter (approximately $812 after-tax, or $0.03 per diluted common share). | |||||||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Description of Business | ' | ||||||||||
Description of Business – The Marcus Corporation and its subsidiaries (the Company) operate principally in two business segments: | |||||||||||
Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Ohio, Iowa, Minnesota, North Dakota and Nebraska and a family entertainment center in Wisconsin. | |||||||||||
Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois, Oklahoma, Nebraska and Missouri and manages full service hotels, resorts and other properties in Wisconsin, Minnesota, Texas, Nevada, Georgia and California. | |||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation – The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries, including two joint ventures in which the Company has an ownership interest greater than 50% and a 50% owned joint venture entity in which the Company has a controlling financial interest. The equity interest of outside owners in consolidated entities is recorded as noncontrolling interests in the consolidated balance sheets, and their share of earnings is recorded as net earnings attributable to noncontrolling interests in the consolidated statements of earnings. Investments in affiliates which are 50% or less owned by the Company for which the Company exercises significant influence but does not have control are accounted for on the equity method. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
Fiscal Years | ' | ||||||||||
Fiscal Years – The Company reports on a 52/53-week year ending the last Thursday of May. Fiscal 2014 and fiscal 2013 were 52-week years. Fiscal 2012 was a 53-week year. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||
Cash Equivalents | ' | ||||||||||
Cash Equivalents – The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. | |||||||||||
Restricted Cash | ' | ||||||||||
Restricted Cash – Restricted cash consists of bank accounts related to capital expenditure reserve funds, sinking funds, operating reserves and replacement reserves. Restricted cash is not considered cash and cash equivalents for purposes of the statement of cash flows. | |||||||||||
Fair Value Measurements | ' | ||||||||||
Fair Value Measurements – Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement in prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. | |||||||||||
The Company’s assets and liabilities measured at fair value are classified in one of the following categories: | |||||||||||
Level 1 – Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At May 29, 2014 and May 30, 2013, the Company’s $70,000 and $71,000, respectively, of available for sale securities were valued using Level 1 pricing inputs. | |||||||||||
Level 2 – Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At May 29, 2014 and May 30, 2013, the $56,000 and $30,000, respectively, asset related to the Company’s interest rate hedge contract was valued using Level 2 pricing inputs. | |||||||||||
Level 3 – Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At May 29, 2014 and May 30, 2013, none of the Company’s recorded assets or liabilities were valued using Level 3 pricing inputs, except as noted in Note 2. | |||||||||||
The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable, notes receivable and accounts and notes payable) approximates fair value. The fair value of the Company’s $103,571,000 of senior notes, valued using Level 2 pricing inputs, is approximately $109,581,000 at May 29, 2014, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs. | |||||||||||
Accounts and Notes Receivable | ' | ||||||||||
Accounts and Notes Receivable – The Company evaluates the collectibility of its accounts and notes receivable based on a number of factors. For larger accounts, an allowance for doubtful accounts is recorded based on the applicable parties’ ability and likelihood to pay based on management’s review of the facts. For all other accounts, the Company recognizes an allowance based on length of time the receivable is past due based on historical experience and industry practice. | |||||||||||
Inventory | ' | ||||||||||
Inventory – Inventories are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $2,319,000 and $2,237,000 as of May 29, 2014 and May 30, 2013, respectively, were included in other current assets. | |||||||||||
Long-Lived Assets | ' | ||||||||||
Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. The Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. For the purpose of determining fair value, defined as the amount at which an asset or group of assets could be bought or sold in a current transaction between willing parties, the Company utilizes currently available market valuations of similar assets in its respective industries, often expressed as a given multiple of operating cash flow. The Company evaluated the ongoing value of its property and equipment and other long-lived assets during fiscal 2014, 2013 and 2012 and determined that there was no impact on the Company’s results of operations, other than the impairment charges discussed in Note 2. | |||||||||||
Acquisition | ' | ||||||||||
Acquisition – The Company recognizes identifiable assets acquired, liabilities assumed and noncontrolling interests assumed in an acquisition at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related costs, such as the due diligence and legal fees, are expensed as incurred. The excess of the acquisition cost over the fair value of the identifiable net assets is reported as goodwill. | |||||||||||
Goodwill | ' | ||||||||||
Goodwill – The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performed an annual impairment test as of the Company’s year-end date in fiscal 2014, 2013 and 2012 and determined that the fair value of the reporting unit as determined using a market approach and income approach, exceeded its carrying value and therefore, no impairment existed. The Company has determined that its reporting units are its operating segments and all the Company’s goodwill, which represents the excess of the acquisition cost over the fair value of the assets acquired, relates to its Theatres segment. Goodwill decreased by $139,000 in fiscal 2014 and fiscal 2013, due entirely to deferred tax adjustments related to an excess of tax basis goodwill over goodwill reported for book purposes. The Company has never recorded an impairment of goodwill. | |||||||||||
Capitalization of Interest | ' | ||||||||||
Capitalization of Interest – The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $256,000, $75,000 and $75,000 was capitalized in fiscal 2014, 2013, and 2012 respectively. | |||||||||||
Debt Issuance Costs | ' | ||||||||||
Debt Issuance Costs – The Company’s debt issuance costs are included in other assets (long-term) and are deferred and amortized over the terms of the related debt agreements. | |||||||||||
Investments | ' | ||||||||||
Investments – Available for sale securities are stated at fair value, with unrealized gains and losses reported as a component of shareholders’ equity. The cost of securities sold is based upon the specific identification method. Realized gains and losses and declines in value judged to be other-than-temporary are included in investment income. The Company evaluates securities for other-than-temporary impairment on a periodic basis and principally considers the type of security, the severity of the decline in fair value, and the duration of the decline in fair value in determining whether a security’s decline in fair value is other-than-temporary. The Company had no investment losses during fiscal 2014, 2013 or 2012. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition – The Company recognizes revenue from its rooms as earned on the close of business each day. Revenues from theatre admissions, concessions and food and beverage sales are recognized at the time of sale. Revenues from advanced ticket and gift certificate sales are recorded as deferred revenue and are recognized when tickets or gift certificates are redeemed. The Company had deferred revenue of $16,028,000 and $13,352,000, which is included in other accrued liabilities as of May 29, 2014 and May 30, 2013, respectively. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Gift card breakage income is recorded in other revenues in the consolidated statements of earnings. | |||||||||||
Other revenues include management fees for theatres and hotels under management agreements. The management fees are recognized as earned based on the terms of the agreements and include both base fees and incentive fees. Revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales tax. | |||||||||||
Advertising and Marketing Costs | ' | ||||||||||
Advertising and Marketing Costs – The Company expenses all advertising and marketing costs as incurred. | |||||||||||
Insurance Reserves | ' | ||||||||||
Insurance Reserves – The Company uses a combination of insurance and self insurance mechanisms, including participation in a captive insurance entity, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance and director and officers’ liability insurance. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes – The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made. | |||||||||||
The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. See Note 8 - Income Taxes. | |||||||||||
Depreciation and Amortization | ' | ||||||||||
Depreciation and Amortization – Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: | |||||||||||
Years | |||||||||||
Land improvements | 15 – 39 | ||||||||||
Buildings and improvements | 25 – 39 | ||||||||||
Leasehold improvements | 3 – 40 | ||||||||||
Furniture, fixtures and equipment | 3 – 20 | ||||||||||
Depreciation expense totaled $33,329,000, $33,469,000, and $34,152,000 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||
Earning Per Share | ' | ||||||||||
Earnings Per Share – Net earnings per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis. The computation of the diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock, while the diluted net earnings per share of Class B Common Stock does not assume the conversion of those shares. | |||||||||||
Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of the Class B Common Stock. As such, the undistributed earnings for each year are allocated based on the proportionate share of entitled cash dividends. The computation of diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock and, as such, the undistributed earnings are equal to net earnings for that computation. | |||||||||||
The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: | |||||||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands, except per share data) | |||||||||||
Numerator: | |||||||||||
Net earnings attributable to The Marcus Corporation | $ | 25,001 | $ | 17,506 | $ | 22,734 | |||||
Denominator: | |||||||||||
Denominator for basic EPS | 27,076 | 27,846 | 29,256 | ||||||||
Effect of dilutive employee stock options | 74 | 19 | 52 | ||||||||
Denominator for diluted EPS | 27,150 | 27,865 | 29,308 | ||||||||
Net earnings per share – Basic: | |||||||||||
Common Stock | $ | 0.95 | $ | 0.68 | $ | 0.8 | |||||
Class B Common Stock | $ | 0.86 | $ | 0.59 | $ | 0.73 | |||||
Net earnings per share– Diluted: | |||||||||||
Common Stock | $ | 0.92 | $ | 0.63 | $ | 0.78 | |||||
Class B Common Stock | $ | 0.86 | $ | 0.59 | $ | 0.73 | |||||
Options to purchase 469,000 shares, 1,402,000 shares and 1,508,000 shares of common stock at prices ranging from $14.40 to $23.37, $12.73 to $23.37 and $11.89 to $23.37 per share were outstanding at May 29, 2014, May 30, 2013 and May 31, 2012, respectively, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares, and therefore, the effect would be antidilutive. | |||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: | |||||||||||
May 29, 2014 | May 30, 2013 | ||||||||||
(in thousands) | |||||||||||
Unrealized loss on available for sale investments | $ | -11 | $ | -10 | |||||||
Unrecognized gain on interest rate swap agreement | 34 | 18 | |||||||||
Net unrecognized actuarial loss for pension obligation | -4,581 | -3,836 | |||||||||
$ | -4,558 | $ | -3,828 | ||||||||
Concentration of Risk | ' | ||||||||||
Concentration of Risk – As of May 29, 2014, 9% of the Company’s employees were covered by a collective bargaining agreement, of which 0% are covered by an agreement that will expire in one year. As of May 30, 2013, 11% of the Company’s employees were covered by a collective bargaining agreement, of which 88% were covered by an agreement that expired within one year. | |||||||||||
New Accounting Pronouncement | ' | ||||||||||
New Accounting Pronouncement – In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The guidance will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles when it becomes effective. The new standard is effective for the Company in fiscal 2018 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is evaluating the effect that the guidance will have on its consolidated financial statements and related disclosures. | |||||||||||
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
General [Abstract] | ' | ||||||||||
Depreciation And Amortization Of Property And Equipment | ' | ||||||||||
Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: | |||||||||||
Years | |||||||||||
Land improvements | 15 – 39 | ||||||||||
Buildings and improvements | 25 – 39 | ||||||||||
Leasehold improvements | 3 – 40 | ||||||||||
Furniture, fixtures and equipment | 3 – 20 | ||||||||||
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 per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: | |||||||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands, except per share data) | |||||||||||
Numerator: | |||||||||||
Net earnings attributable to The Marcus Corporation | $ | 25,001 | $ | 17,506 | $ | 22,734 | |||||
Denominator: | |||||||||||
Denominator for basic EPS | 27,076 | 27,846 | 29,256 | ||||||||
Effect of dilutive employee stock options | 74 | 19 | 52 | ||||||||
Denominator for diluted EPS | 27,150 | 27,865 | 29,308 | ||||||||
Net earnings per share – Basic: | |||||||||||
Common Stock | $ | 0.95 | $ | 0.68 | $ | 0.8 | |||||
Class B Common Stock | $ | 0.86 | $ | 0.59 | $ | 0.73 | |||||
Net earnings per share– Diluted: | |||||||||||
Common Stock | $ | 0.92 | $ | 0.63 | $ | 0.78 | |||||
Class B Common Stock | $ | 0.86 | $ | 0.59 | $ | 0.73 | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: | |||||||||||
May 29, 2014 | May 30, 2013 | ||||||||||
(in thousands) | |||||||||||
Unrealized loss on available for sale investments | $ | -11 | $ | -10 | |||||||
Unrecognized gain on interest rate swap agreement | 34 | 18 | |||||||||
Net unrecognized actuarial loss for pension obligation | -4,581 | -3,836 | |||||||||
$ | -4,558 | $ | -3,828 | ||||||||
Additional_Balance_Sheet_Infor1
Additional Balance Sheet Information (Tables) | 12 Months Ended | |||||||
29-May-14 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||
The composition of accounts and notes receivable is as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands) | ||||||||
Trade receivables, net of allowances of $1,423 and $1,324, respectively | $ | 5,023 | $ | 4,539 | ||||
Other receivables | 4,449 | 4,029 | ||||||
$ | 9,472 | $ | 8,568 | |||||
Property, Plant and Equipment | ' | |||||||
The composition of property and equipment, which is stated at cost, is as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands) | ||||||||
Land and improvements | $ | 97,611 | $ | 95,295 | ||||
Buildings and improvements | 609,885 | 575,166 | ||||||
Leasehold improvements | 62,379 | 61,726 | ||||||
Furniture, fixtures and equipment | 270,993 | 250,203 | ||||||
Construction in progress | 5,843 | 11,414 | ||||||
1,046,711 | 993,804 | |||||||
Less accumulated depreciation and amortization | 399,119 | 368,047 | ||||||
$ | 647,592 | $ | 625,757 | |||||
Schedule of Other Assets | ' | |||||||
The composition of other assets is as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands) | ||||||||
Favorable lease right | $ | 10,348 | $ | 10,682 | ||||
Split dollar life insurance policies | 12,944 | 12,304 | ||||||
Other assets | 11,983 | 11,598 | ||||||
$ | 35,275 | $ | 34,584 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
29-May-14 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Long-term debt is summarized as follows: | ||||||||
May 29, 2014 | May 30, 2013 | |||||||
(in thousands, | ||||||||
except payment data) | ||||||||
Mortgage notes | $ | 52,696 | $ | 71,747 | ||||
Senior notes | 103,571 | 60,649 | ||||||
Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% | 3,757 | 4,002 | ||||||
Revolving credit agreement | 34,000 | 57,000 | ||||||
Unsecured term loan | 46,563 | 49,375 | ||||||
240,587 | 242,773 | |||||||
Less current maturities | 7,030 | 11,193 | ||||||
$ | 233,557 | $ | 231,580 | |||||
Schedule Of Annual Principal Payments On Long Term Debt | ' | |||||||
Scheduled annual principal payments on long-term debt for the years subsequent to May 29, 2014, are: | ||||||||
Fiscal Year | (in thousands) | |||||||
2015 | $ | 7,030 | ||||||
2016 | 34,371 | |||||||
2017 | 42,671 | |||||||
2018 | 76,305 | |||||||
2019 | 9,560 | |||||||
Thereafter | 70,650 | |||||||
$ | 240,587 | |||||||
Shareholders_Equity_and_StockB1
Shareholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||
29-May-14 | ||||||||||||||||||||
Stockholders Equity And Share Based Compensation Abstract [Abstract] | ' | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||
The Company estimated the fair value of stock options using the Black-Scholes option pricing model with the following assumptions used for awards granted during fiscal 2014, 2013 and 2012: | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | ||||||||||||||||||
Risk-free interest rate | 1.04 – 2.38% | 0.48 – 1.33% | 0.96 – 2.69% | |||||||||||||||||
Dividend yield | 2.70% | 2.80% | 2.90% | |||||||||||||||||
Volatility | 41 – 49% | 49 – 62% | 48 – 63% | |||||||||||||||||
Expected life | 4 – 9 years | 4 – 9 years | 4 – 9 years | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||
A summary of the Company’s stock option activity and related information follows: | ||||||||||||||||||||
29-May-14 | May 30, 2013 | May 31, 2012 | ||||||||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||||||||
Average | Average | Average | ||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||
Options | Price | Options | Price | Options | Price | |||||||||||||||
(options in thousands) | ||||||||||||||||||||
Outstanding at beginning of year | 1,949 | $ | 14.03 | 2,006 | $ | 13.91 | 1,873 | $ | 14.31 | |||||||||||
Granted | 291 | 13.16 | 306 | 13.12 | 328 | 10 | ||||||||||||||
Exercised | -437 | 12.81 | -202 | 10.82 | -121 | 10.61 | ||||||||||||||
Forfeited | -237 | 14.16 | -161 | 14.48 | -74 | 11.98 | ||||||||||||||
Outstanding at end of year | 1,566 | $ | 14.06 | 1,949 | $ | 14.03 | 2,006 | $ | 13.91 | |||||||||||
Exercisable at end of year | 909 | $ | 15.29 | 1,113 | $ | 15.47 | 1,122 | $ | 15.13 | |||||||||||
Weighted-average fair value of options granted during year | $ | 4.52 | $ | 5.2 | $ | 3.96 | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||||||
Additional information related to these options segregated by exercise price range is as follows: | ||||||||||||||||||||
Exercise Price Range | ||||||||||||||||||||
$8.52 to | $12.72 to | $17.74 to | ||||||||||||||||||
$12.71 | $17.73 | $23.37 | ||||||||||||||||||
(options in thousands) | ||||||||||||||||||||
Options outstanding | 369 | 970 | 227 | |||||||||||||||||
Weighted-average exercise price of options outstanding | $ | 10.88 | $ | 13.9 | $ | 20.13 | ||||||||||||||
Weighted-average remaining contractual life of options outstanding | 6.6 | 5.9 | 2.5 | |||||||||||||||||
Options exercisable | 172 | 510 | 227 | |||||||||||||||||
Weighted-average exercise price of options exercisable | $ | 11.11 | $ | 14.55 | $ | 20.13 | ||||||||||||||
Schedule of Nonvested Share Activity | ' | |||||||||||||||||||
A summary of the Company’s non-vested stock activity and related information follows: | ||||||||||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | ||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | |||||||||||||||
Average Fair | Average Fair | Average Fair | ||||||||||||||||||
Value | Value | Value | ||||||||||||||||||
(shares in thousands) | ||||||||||||||||||||
Outstanding at beginning of year | 97 | $ | 12.92 | 86 | $ | 12.37 | 94 | $ | 14.55 | |||||||||||
Granted | 37 | 14.14 | 28 | 13.65 | 24 | 10.98 | ||||||||||||||
Vested | -25 | 12.01 | -17 | 11.36 | -32 | 17.57 | ||||||||||||||
Forfeited | -11 | 12.93 | – | – | – | – | ||||||||||||||
Outstanding at end of year | 98 | $ | 13.61 | 97 | $ | 12.92 | 86 | $ | 12.37 | |||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||
The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective May 29, 2014 and May 30, 2013 measurement dates is as follows: | |||||||||||
May 29, | May 30, | ||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at beginning of year | $ | 26,439 | $ | 25,595 | |||||||
Service cost | 702 | 712 | |||||||||
Interest cost | 1,173 | 1,099 | |||||||||
Actuarial (gain)/loss | 1,567 | -119 | |||||||||
Benefits paid | -1,105 | -848 | |||||||||
Benefit obligation at end of year | $ | 28,776 | $ | 26,439 | |||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||
Current accrued benefit liability (included in Other accrued liabilities) | $ | -1,124 | $ | -962 | |||||||
Noncurrent accrued benefit liability (included in Deferred compensation and other) | -27,652 | -25,477 | |||||||||
Total | -28,776 | -26,439 | |||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||
Net actuarial loss | 8,494 | $ | 7,273 | ||||||||
Prior service credit | -834 | -912 | |||||||||
Total | $ | 7,660 | $ | 6,361 | |||||||
Net Periodic Pension Cost | ' | ||||||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands) | |||||||||||
Net periodic pension cost: | |||||||||||
Service cost | $ | 702 | $ | 712 | $ | 627 | |||||
Interest cost | 1,173 | 1,099 | 1,178 | ||||||||
Net amortization of prior service cost and actuarial loss | 268 | 286 | 121 | ||||||||
$ | 2,143 | $ | 2,097 | $ | 1,926 | ||||||
Schedule of Expected Benefit Payments | ' | ||||||||||
Benefit payments and contributions expected to be paid subsequent to May 29, 2014, are: | |||||||||||
Fiscal Year | (in thousands) | ||||||||||
2015 | $ | 1,124 | |||||||||
2016 | 1,177 | ||||||||||
2017 | 1,204 | ||||||||||
2018 | 1,225 | ||||||||||
2019 | 1,200 | ||||||||||
Years 2020 – 2024 | 7,105 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
29-May-14 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of the net deferred tax liability are as follows: | |||||||||||||
May 29, 2014 | May 30, 2013 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred income tax assets: | |||||||||||||
Accrued employee benefits | $ | 832 | $ | 838 | |||||||||
Other | 2,224 | 2,039 | |||||||||||
Net current deferred tax assets | $ | 3,056 | $ | 2,877 | |||||||||
Noncurrent deferred income tax (liabilities) assets: | |||||||||||||
Depreciation and amortization | $ | -58,035 | $ | -58,032 | |||||||||
Accrued employee benefits | 14,206 | 13,192 | |||||||||||
Other | 1,268 | 1,324 | |||||||||||
Net noncurrent deferred tax liabilities | $ | -42,561 | $ | -43,516 | |||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense consists of the following: | |||||||||||||
Year Ended | |||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 14,788 | $ | 10,048 | $ | 10,617 | |||||||
State | 2,654 | 2,448 | 3,082 | ||||||||||
Deferred: | |||||||||||||
Federal | -861 | -964 | 1,325 | ||||||||||
State | 229 | -182 | -319 | ||||||||||
$ | 16,810 | $ | 11,350 | $ | 14,705 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the statutory federal tax rate to the effective tax rate on earnings attributable to The Marcus Corporation follows: | |||||||||||||
Year Ended | |||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 4.5 | 5.3 | 4.8 | ||||||||||
Unrecognized tax benefits and related interest | - | -0.6 | -1.1 | ||||||||||
Other | 0.7 | -0.4 | 0.6 | ||||||||||
40.2 | % | 39.3 | % | 39.3 | % | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
A reconciliation of the beginning and ending gross amounts of unrecognized tax benefit are as follows: | |||||||||||||
Year Ended | |||||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance at beginning of year | $ | 102 | $ | 1,614 | $ | 2,543 | |||||||
Increases due to: | |||||||||||||
Tax positions taken in prior years | - | 102 | 1,535 | ||||||||||
Tax positions taken in current year | - | - | - | ||||||||||
Decreases due to: | |||||||||||||
Tax positions taken in prior years | - | - | - | ||||||||||
Settlements with taxing authorities | - | -1,535 | -2,301 | ||||||||||
Lapse of applicable statute of limitations | - | -79 | -163 | ||||||||||
Balance at end of year | $ | 102 | $ | 102 | $ | 1,614 | |||||||
Commitments_and_License_Rights1
Commitments and License Rights (Tables) | 12 Months Ended | ||||||||||
29-May-14 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Schedule Of Rent Expense Charged To Operations Under Leases | ' | ||||||||||
Rent expense charged to operations under these leases was as follows: | |||||||||||
Year Ended | |||||||||||
May 29, 2014 | May 30, 2013 | May 31, 2012 | |||||||||
(in thousands) | |||||||||||
Fixed minimum rentals | $ | 7,995 | $ | 8,024 | $ | 7,843 | |||||
Amortization of favorable lease right | 334 | 334 | 334 | ||||||||
Percentage rentals | 193 | 60 | 70 | ||||||||
$ | 8,522 | $ | 8,418 | $ | 8,247 | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||||||||
Aggregate minimum rental commitments under long-term operating leases, assuming the exercise of certain lease options, are as follows at May 29, 2014: | |||||||||||
Fiscal Year | (in thousands) | ||||||||||
2015 | $ | 7,468 | |||||||||
2016 | 7,333 | ||||||||||
2017 | 7,263 | ||||||||||
2018 | 7,426 | ||||||||||
2019 | 7,555 | ||||||||||
Thereafter | 85,909 | ||||||||||
$ | 122,954 | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||||
29-May-14 | ||||||||||||||
Business Segment Information [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||
Following is a summary of business segment information for fiscal 2012 through 2014: | ||||||||||||||
Theatres | Hotels/ | Corporate | Total | |||||||||||
Resorts | Items | |||||||||||||
(in thousands) | ||||||||||||||
Fiscal 2014 | ||||||||||||||
Revenues | $ | 243,162 | $ | 204,138 | $ | 639 | $ | 447,939 | ||||||
Operating income (loss) | 46,461 | 15,840 | -13,919 | 48,382 | ||||||||||
Depreciation and amortization | 16,747 | 16,562 | 536 | 33,845 | ||||||||||
Assets | 401,624 | 324,291 | 43,008 | 768,923 | ||||||||||
Capital expenditures and acquisitions | 37,964 | 18,516 | 193 | 56,673 | ||||||||||
Fiscal 2013 | ||||||||||||||
Revenues | $ | 219,533 | $ | 192,676 | $ | 627 | $ | 412,836 | ||||||
Operating income (loss) | 40,907 | 10,662 | -13,365 | 38,204 | ||||||||||
Depreciation and amortization | 16,753 | 16,520 | 554 | 33,827 | ||||||||||
Assets | 383,328 | 325,428 | 37,940 | 746,696 | ||||||||||
Capital expenditures and acquisitions | 13,295 | 10,008 | 188 | 23,491 | ||||||||||
Fiscal 2012 | ||||||||||||||
Revenues | $ | 227,914 | $ | 185,177 | $ | 807 | $ | 413,898 | ||||||
Operating income (loss) | 47,065 | 12,706 | -13,256 | 46,515 | ||||||||||
Depreciation and amortization | 18,189 | 15,837 | 499 | 34,525 | ||||||||||
Assets | 395,602 | 301,207 | 36,202 | 733,011 | ||||||||||
Capital expenditures and acquisitions | 26,209 | 11,455 | 353 | 38,017 | ||||||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||
29-May-14 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||
13 Weeks Ended | ||||||||||||||
Fiscal 2014 | August 29, | November 28, | February 27, | May 29, | ||||||||||
2013 | 2013 | 2014 | 2014 | |||||||||||
Revenues | $ | 129,032 | $ | 100,588 | $ | 109,845 | $ | 108,474 | ||||||
Operating income | 24,347 | 8,810 | 5,661 | 9,564 | ||||||||||
Net earnings attributable to The Marcus Corporation | 13,431 | 3,245 | 4,071 | 4,254 | ||||||||||
Net earnings per common share – diluted | $ | 0.5 | $ | 0.12 | $ | 0.15 | $ | 0.16 | ||||||
13 Weeks Ended | ||||||||||||||
Fiscal 2013 | August 30, | November 29, | February 28, | May 30, | ||||||||||
2012 | 2012(1) | 2013(1) | 2013 | |||||||||||
Revenues | $ | 117,939 | $ | 100,633 | $ | 93,674 | $ | 100,590 | ||||||
Operating income (loss) | 20,455 | 9,717 | -224 | 8,256 | ||||||||||
Net earnings (loss) attributable to The Marcus Corporation | 10,679 | 4,724 | -1,372 | 3,475 | ||||||||||
Net earnings (loss) per common share – diluted | $ | 0.37 | $ | 0.17 | $ | -0.05 | $ | 0.13 | ||||||
-1 | The Company settled all remaining legal proceedings related to the development of the condominium units at the Platinum Hotel & Spa during the second and third quarters of fiscal 2013. Related legal and settlement costs totaled $1,486 during the second quarter (approximately $892 after-tax, or $0.03 per diluted common share) and $1,353 during the third quarter (approximately $812 after-tax, or $0.03 per diluted common share). | |||||||||||||
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
29-May-14 | |
Land Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Land Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '39 years |
Land, Buildings and Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '25 years |
Land, Buildings and Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '39 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | 29-May-14 | Feb. 27, 2014 | Nov. 28, 2013 | Aug. 29, 2013 | 30-May-13 | Feb. 28, 2013 | Nov. 29, 2012 | Aug. 30, 2012 | 29-May-14 | 30-May-13 | 31-May-12 | ||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings attributable to The Marcus Corporation | $4,254 | $4,071 | $3,245 | $13,431 | $3,475 | ($1,372) | [1] | $4,724 | [1] | $10,679 | $25,001 | $17,506 | $22,734 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Denominator for basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | 27,076 | 27,846 | 29,256 | ||
Effect of dilutive employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 74 | 19 | 52 | ||
Denominator for diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 27,150 | 27,865 | 29,308 | ||
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings per share - Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | $0.95 | $0.68 | $0.80 | ||
Net earnings per share- Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | $0.92 | $0.63 | $0.78 | ||
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings per share - Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | $0.86 | $0.59 | $0.73 | ||
Net earnings per share- Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | $0.86 | $0.59 | $0.73 | ||
[1] | The Company settled all remaining legal proceedings related to the development of the condominium units at the Platinum Hotel & Spa during the second and third quarters of fiscal 2013. Related legal and settlement costs totaled $1,486 during the second quarter (approximately $892 after-tax, or $0.03 per diluted common share) and $1,353 during the third quarter (approximately $812 after-tax, or $0.03 per diluted common share). |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies (Details 2) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
Unrealized loss on available for sale investments | ($11) | ($10) |
Unrecognized gain on interest rate swap agreement | 34 | 18 |
Net unrecognized actuarial loss for pension obligation | -4,581 | -3,836 |
Accumulated Other Comprehensive Income (Loss) | ($4,558) | ($3,828) |
Description_of_Business_and_Su6
Description of Business and Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
29-May-14 | 30-May-13 | 31-May-12 | |
Percentage Of Cash Dividends | 110.00% | ' | ' |
Senior Notes | $103,571,000 | ' | ' |
Inventory, Net | 2,319,000 | 2,237,000 | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 139,000 | 139,000 | ' |
Interest Costs Capitalized | 256,000 | 75,000 | 75,000 |
Deferred Revenue, Current | 16,028,000 | 13,352,000 | ' |
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 50.00% | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 469,000 | 1,402,000 | 1,508,000 |
Concentration Risk, Labor Subject to Collective Bargaining Arrangements | 'As of May 29, 2014, 9% of the Companys employees were covered by a collective bargaining agreement, of which 0% are covered by an agreement that will expire in one year.As of May30, 2013, 11% of the Companys employees were covered by a collective bargaining agreement, of which 88% were covered by an agreement that expired within one year. | ' | ' |
Depreciation | 33,329,000 | 33,469,000 | 34,152,000 |
Corporate Joint Venture Two [Member] | ' | ' | ' |
Ownership Interest In Joint Ventures | 50.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Investment Options, Exercise Price | $14.40 | $12.73 | $11.89 |
Minimum [Member] | Corporate Joint Venture One [Member] | ' | ' | ' |
Ownership Interest In Joint Ventures | 50.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Investment Options, Exercise Price | $23.37 | $23.37 | $23.37 |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Available-for-sale Securities | 70,000 | 71,000 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Interest Rate Fair Value Hedge Asset at Fair Value | 56,000 | 30,000 | ' |
Senior Notes | $109,581,000 | ' | ' |
Impairment_Charge_Details_Text
Impairment Charge (Details Textual) (USD $) | 12 Months Ended |
30-May-13 | |
Impaired Asset Fair Value | $2,275,000 |
Closed Water Park [Member] | ' |
Impairment of Real Estate | 250,000 |
A Closed Theatre And Two Budget-Oriented Theatres [Member] | ' |
Impairment of Real Estate | $1,262,000 |
Acquisition_Details_Textual
Acquisition (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
Oct. 01, 2012 | Oct. 01, 2012 | 30-May-13 | |
Corporate Joint Venture [Member] | Hotels Resorts [Member] | ||
Noncontrolling Interest in Joint Ventures | $4,000,000 | ' | ' |
Property, Plant and Equipment, Additions | ' | 856,000 | ' |
Revenue | ' | ' | 5,901,000 |
Operating income | ' | ' | -1,079,000 |
Non-Recourse Debt | ' | $25,744,000 | ' |
Ownership Percentage In Joint Ventures | 73.00% | ' | ' |
Additional_Balance_Sheet_Infor2
Additional Balance Sheet Information (Details) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
Trade receivables, net of allowances of $1,423 and $1,324, respectively | $5,023 | $4,539 |
Other receivables | 4,449 | 4,029 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | $9,472 | $8,568 |
Additional_Balance_Sheet_Infor3
Additional Balance Sheet Information (Details 1) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Gross | $1,046,711 | $993,804 |
Less accumulated depreciation and amortization | 399,119 | 368,047 |
Property, Plant and Equipment, Net | 647,592 | 625,757 |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment, Gross | 97,611 | 95,295 |
Building Improvements [Member] | ' | ' |
Property, Plant and Equipment, Gross | 609,885 | 575,166 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment, Gross | 62,379 | 61,726 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment, Gross | 270,993 | 250,203 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment, Gross | $5,843 | $11,414 |
Additional_Balance_Sheet_Infor4
Additional Balance Sheet Information (Details 2) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
Favorable lease right | $10,348 | $10,682 |
Split dollar life insurance policies | 12,944 | 12,304 |
Other assets | 11,983 | 11,598 |
Other Assets, Noncurrent | $35,275 | $34,584 |
Additional_Balance_Sheet_Infor5
Additional Balance Sheet Information (Details Textual) (USD $) | 12 Months Ended | ||
29-May-14 | 30-May-13 | 31-May-12 | |
Amortization Of Intangible Assets | $334,000 | $334,000 | $334,000 |
Sale Leaseback Transaction, Deferred Gain, Net | 635,000 | ' | ' |
Commitment Minimum Lease Payments | 6,163,000 | ' | ' |
Payments Obligation Reduced Amount | 4,871,000 | ' | ' |
Expect Period Of Payments Obligation | '12 months | ' | ' |
Regulatory Noncurrent Asset, Amortization Period | '40 years | ' | ' |
Allowance for Doubtful Accounts Receivable | 1,423,000 | 1,324,000 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 45,510,000 | ' | ' |
Master Licensing Agreement [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | '10 years | ' | ' |
Digital Systems [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | 12,259,000 | 7,441,000 | ' |
CDF2 Holdings [Member] | ' | ' | ' |
Master Licensing Agreement Term | '10 years | ' | ' |
five succeeding fiscal years [Member] | ' | ' | ' |
Amortization Of Intangible Assets | 334,000 | ' | ' |
Off-Market Favorable Lease [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,005,000 | 2,671,000 | ' |
Amortization of Leased Asset | $13,353,000 | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
Mortgage notes | $52,696 | $71,747 |
Senior notes | 103,571 | 60,649 |
Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% | 3,757 | 4,002 |
Revolving credit agreement | 34,000 | 57,000 |
Unsecured term loan | 46,563 | 49,375 |
Long Term Debt | 240,587 | 242,773 |
Less Current Maturities | -7,030 | -11,193 |
Long-term Debt, Excluding Current Maturities, Total | $233,557 | $231,580 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
2015 | $7,030 | ' |
2016 | 34,371 | ' |
2017 | 42,671 | ' |
2018 | 76,305 | ' |
2019 | 9,560 | ' |
Thereafter | 70,650 | ' |
Long Term Debt | $240,587 | $242,773 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 28, 2013 | 29-May-14 | 30-May-13 | 31-May-12 | 29-May-14 | 30-May-13 | 29-May-14 | 29-May-14 | 29-May-14 | 29-May-14 | Mar. 19, 2008 | 29-May-14 | Feb. 28, 2013 | Feb. 29, 2008 | 29-May-14 | 29-May-14 | 29-May-14 | 29-May-14 | 30-May-13 | |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Old Credit Agreement [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Term Loan [Member] | Mortgage Notes [Member] | Mortgage Notes [Member] | Skirvin Hilton Hotel [Member] | Skirvin Hilton Hotel [Member] | |||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | ' | ' | $99,000 | $113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Loss Reclassified From Accumulated Oci Into Income Effective Portion Net Of Tax | ' | ' | 58,000 | 68,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Fair Value Net Of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 338,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 567,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Variable Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.19% | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.96% | 3.49% | ' | ' | ' | ' | ' |
Derivative, Amount of Hedged Item | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,753,000 |
Extinguishment of Debt, Amount | ' | 0 | -6,008,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' |
Debt Issuance Cost | ' | ' | 3,745,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Attributable To Noncontrolling Interest Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Interest Rate Of Unsecured Term Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | 3.00% | ' | ' |
Senior Notes, Noncurrent | ' | 103,571,000 | 60,649,000 | ' | 103,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | 6.55% | 4.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Commercial Paper | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit, Noncurrent | ' | 34,000,000 | 57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | 3.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | 0.20% | ' | ' | ' | ' | ' | ' | 1.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid, Net | ' | 9,370,000 | 9,093,000 | 9,177,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | 5.27% | 6.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 141,000,000 | 175,000,000 | ' | ' | ' | ' | 46,563,000 | ' | ' | ' | ' |
Description Of Derivative Variable Rate Basis | 'three-month LIBOR. | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | ' | 20,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | ' | $56,000 | $30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | 4.52% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_and_StockB2
Shareholders' Equity and Stock-Based Compensation (Details) | 12 Months Ended | ||
29-May-14 | 30-May-13 | 31-May-12 | |
Dividend yield | 2.70% | 2.80% | 2.90% |
Maximum [Member] | ' | ' | ' |
Risk-free interest rate | 2.38% | 1.33% | 2.69% |
Volatility | 49.00% | 62.00% | 63.00% |
Expected life | '9 years | '9 years | '9 years |
Minimum [Member] | ' | ' | ' |
Risk-free interest rate | 1.04% | 0.48% | 0.96% |
Volatility | 41.00% | 49.00% | 48.00% |
Expected life | '4 years | '4 years | '4 years |
Shareholders_Equity_and_StockB3
Shareholders' Equity and Stock-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | ' | ' | ' |
Outstanding at beginning of year | 1,949 | 2,006 | 1,873 |
Granted | 291 | 306 | 328 |
Exercised | -437 | -202 | -121 |
Forfeited | -237 | -161 | -74 |
Outstanding at end of year | 1,566 | 1,949 | 2,006 |
Exercisable at end of year | 909 | 1,113 | 1,122 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' |
Outstanding at beginning of year | $14.03 | $13.91 | $14.31 |
Granted | $13.16 | $13.12 | $10 |
Exercised | $12.81 | $10.82 | $10.61 |
Forfeited | $14.16 | $14.48 | $11.98 |
Outstanding at end of year | $14.06 | $14.03 | $13.91 |
Exercisable at end of year | $15.29 | $15.47 | $15.13 |
Weighted-average fair value of options granted during year | $4.52 | $5.20 | $3.96 |
Shareholders_Equity_and_StockB4
Shareholders' Equity and Stock-Based Compensation (Details 2) (USD $) | 29-May-14 | 30-May-13 | 31-May-12 | 26-May-11 | 29-May-14 | 29-May-14 | 29-May-14 |
In Thousands, except Per Share data, unless otherwise specified | Exercise Price Range 8.52 to 12.71 [Member] | Exercise Price Range 12.72 to 17.73 [Member] | Exercise Price Range 17.74 to 23.37 [Member] | ||||
Options outstanding | 1,566 | 1,949 | 2,006 | 1,873 | 369 | 970 | 227 |
Weighted-average exercise price of options outstanding | $14.06 | $14.03 | $13.91 | $14.31 | $10.88 | $13.90 | $20.13 |
Weighted-average remaining contractual life of options outstanding | ' | ' | ' | ' | '6 years 7 months 6 days | '5 years 10 months 24 days | '2 years 6 months |
Options exercisable | 909 | 1,113 | 1,122 | ' | 172 | 510 | 227 |
Weighted-average exercise price of options exercisable | $15.29 | $15.47 | $15.13 | ' | $11.11 | $14.55 | $20.13 |
Shareholders_Equity_and_StockB5
Shareholders' Equity and Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Number of Shares, Outstanding at beginning of year | 97 | 86 | 94 |
Number of Shares, Granted | 37 | 28 | 24 |
Number of Shares, Vested | -25 | -17 | -32 |
Number of Shares, Forfeited | -11 | 0 | 0 |
Number of Shares, Outstanding at end of year | 98 | 97 | 86 |
Weighted- Average Fair Value, Outstanding at beginning of year | $12.92 | $12.37 | $14.55 |
Weighted- Average Fair Value, Granted | $14.14 | $13.65 | $10.98 |
Weighted- Average Fair Value, Vested | $12.01 | $11.36 | $17.57 |
Weighted- Average Fair Value, Forfeited | $12.93 | $0 | $0 |
Weighted- Average Fair Value, Outstanding at end of year | $13.61 | $12.92 | $12.37 |
Shareholders_Equity_and_StockB6
Shareholders' Equity and Stock-Based Compensation (Details Textual) (USD $) | 12 Months Ended | |||
29-May-14 | 30-May-13 | 31-May-12 | Dec. 28, 2012 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 11,687,500 | ' | ' | ' |
Stock Repurchased During Period, Shares | 314,312 | 2,158,207 | 1,077,314 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 470,199 | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | 4,937,500 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,602,537 | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 3,290,558 | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,781,000 | $1,772,000 | $2,010,000 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 752,000 | 491,000 | 337,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,532,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $14.10 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 4,949,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 5,096,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,211,000 | 510,000 | 174,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 909,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years 6 months | ' | ' | ' |
Dividends Payable | ' | ' | ' | 30,924,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 2,361,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $2,157,000 | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 110.00% | ' | ' | ' |
After Two Years [Member] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Exercisable Percentage | 40.00% | ' | ' | ' |
Upon Retirement [Member] | Option One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ' | ' | ' |
After Three Years [Member] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Exercisable Percentage | 60.00% | ' | ' | ' |
After Three Years [Member] | Option One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ' | ' | ' |
After Three Years [Member] | Option Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ' | ' | ' |
After Four Years [Member] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Exercisable Percentage | 80.00% | ' | ' | ' |
After Five Years [Member] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Exercisable Percentage | 100.00% | ' | ' | ' |
After Five Years [Member] | Option One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ' | ' | ' |
After Five Years [Member] | Option Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ' | ' | ' |
After Ten Years [Member] | Option One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | ' | ' | ' |
Exercise Price Range 8.52 to 12.71 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 7 months 6 days | ' | ' | ' |
Exercise Price Range 17.74 to 23.37 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 6 months | ' | ' | ' |
Exercise Price Range 12.72 to 17.73 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 10 months 24 days | ' | ' | ' |
Exercise price range from$8.52 to $23.37 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 9 months 18 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 9 months 18 days | ' | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 2 months 12 days | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | $1 |
Common Stock [Member] | February And May Two Thousand And Thirteen [Member] | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | $0.17 |
Class B Common Stock [Member] | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | $0.91 |
Preferred Stock, Dividend Rate, Percentage | 110.00% | ' | ' | ' |
Class B Common Stock [Member] | February And May Two Thousand And Thirteen [Member] | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | $0.15 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation at beginning of year | $26,439 | $25,595 |
Service cost | 702 | 712 |
Interest cost | 1,173 | 1,099 |
Actuarial (gain)/loss | 1,567 | -119 |
Benefits paid | -1,105 | -848 |
Benefit obligation at end of year | 28,776 | 26,439 |
Amounts recognized in the statement of financial position | ' | ' |
Current accrued benefit liability (included in Other accrued liabilities) | -1,124 | -962 |
Noncurrent accrued benefit liability (included in Deferred compensation and other) | -27,652 | -25,477 |
Total | -28,776 | -26,439 |
Amounts recognized in accumulated other comprehensive loss | ' | ' |
Net actuarial loss | 8,494 | 7,273 |
Prior service credit | -834 | -912 |
Total | $7,660 | $6,361 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Net periodic pension cost: | ' | ' | ' |
Service cost | $702 | $712 | $627 |
Interest cost | 1,173 | 1,099 | 1,178 |
Net amortization of prior service cost and actuarial loss | 268 | 286 | 121 |
Total | $2,143 | $2,097 | $1,926 |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (USD $) | 29-May-14 |
In Thousands, unless otherwise specified | |
2015 | $1,124 |
2016 | 1,177 |
2017 | 1,204 |
2018 | 1,225 |
2019 | 1,200 |
Years 2020 - 2024 | $7,105 |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | |||||
29-May-14 | 30-May-13 | 31-May-12 | 28-May-15 | 29-May-14 | 30-May-13 | |
Forecast [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $3,360,000 | $3,369,000 | $3,078,000 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -4,581,000 | -3,836,000 | ' | ' | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | -8,494,000 | -7,273,000 | ' | ' | -5,079,000 | -4,386,000 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | -834,000 | -912,000 | ' | ' | -498,000 | -550,000 |
Defined Benefit Plan, Accumulated Benefit Obligation | 23,658,000 | 21,936,000 | ' | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | -1,567,000 | 119,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -346,000 | ' | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | -154,000 | -167,000 | -72,000 | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | ' | ' | ' | $326,000 | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.30% | 4.40% | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.40% | 4.25% | 5.30% | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | 5.00% | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 29-May-14 | 30-May-13 |
In Thousands, unless otherwise specified | ||
Current deferred income tax assets: | ' | ' |
Accrued employee benefits | $832 | $838 |
Other | 2,224 | 2,039 |
Net current deferred tax assets | 3,056 | 2,877 |
Noncurrent deferred income tax (liabilities) assets: | ' | ' |
Depreciation and amortization | -58,035 | -58,032 |
Accrued employee benefits | 14,206 | 13,192 |
Other | 1,268 | 1,324 |
Net noncurrent deferred tax liabilities | ($42,561) | ($43,516) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Current: | ' | ' | ' |
Federal | $14,788 | $10,048 | $10,617 |
State | 2,654 | 2,448 | 3,082 |
Deferred: | ' | ' | ' |
Federal | -861 | -964 | 1,325 |
State | 229 | -182 | -319 |
Income Tax Expense (Benefit) | $16,810 | $11,350 | $14,705 |
Income_Taxes_Details_2
Income Taxes (Details 2) | 12 Months Ended | ||
29-May-14 | 30-May-13 | 31-May-12 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 4.50% | 5.30% | 4.80% |
Unrecognized tax benefits and related interest | 0.00% | -0.60% | -1.10% |
Other | 0.70% | -0.40% | 0.60% |
Effective Income Tax Rate Reconciliation, Percent | 40.20% | 39.30% | 39.30% |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Balance at beginning of year | $102 | $1,614 | $2,543 |
Increases due to: | ' | ' | ' |
Tax positions taken in prior years | 0 | 102 | 1,535 |
Tax positions taken in current year | 0 | 0 | 0 |
Decreases due to: | ' | ' | ' |
Tax positions taken in prior years | 0 | 0 | 0 |
Settlements with taxing authorities | 0 | -1,535 | -2,301 |
Lapse of applicable statute of limitations | 0 | -79 | -163 |
Balance at end of year | $102 | $102 | $1,614 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
29-May-14 | 30-May-13 | 31-May-12 | |
Effective Income Tax Rate | 40.20% | 39.30% | 39.30% |
Income Taxes Paid, Net | $19,437,000 | $10,902,000 | $14,496,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 67,000 | 67,000 | 52,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 41,000 | 43,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | -1,000 | -191,000 | 44,000 |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $0 | $0 | ($436,000) |
Commitments_and_License_Rights2
Commitments and License Rights (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | 29-May-14 | 30-May-13 | 31-May-12 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Fixed minimum rentals | $7,995 | $8,024 | $7,843 |
Amortization of favorable lease right | 334 | 334 | 334 |
Percentage rentals | 193 | 60 | 70 |
Operating Leases, Rent Expense | $8,522 | $8,418 | $8,247 |
Commitments_and_License_Rights3
Commitments and License Rights (Details 1) (USD $) | 29-May-14 |
In Thousands, unless otherwise specified | |
2015 | $7,468 |
2016 | 7,333 |
2017 | 7,263 |
2018 | 7,426 |
2019 | 7,555 |
Thereafter | 85,909 |
Operating Leases, Future Minimum Payments Receivable | $122,954 |
Commitments_and_License_Rights4
Commitments and License Rights (Details Textual) (USD $) | 29-May-14 |
Commitments for the completion of construction | $14,097,000 |
Joint_Venture_Transactions_Det
Joint Venture Transactions (Details Textual) (Corporate Joint Venture [Member], USD $) | 29-May-14 | 30-May-13 |
Corporate Joint Venture [Member] | ' | ' |
Equity Method Investments | $2,025,000 | $2,713,000 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | 29-May-14 | Feb. 27, 2014 | Nov. 28, 2013 | Aug. 29, 2013 | 30-May-13 | Feb. 28, 2013 | Nov. 29, 2012 | Aug. 30, 2012 | 29-May-14 | 30-May-13 | 31-May-12 | ||
Revenues | $108,474 | $109,845 | $100,588 | $129,032 | $100,590 | $93,674 | [1] | $100,633 | [1] | $117,939 | $447,939 | $412,836 | $413,898 |
Operating income (loss) | 9,564 | 5,661 | 8,810 | 24,347 | 8,256 | -224 | [1] | 9,717 | [1] | 20,455 | 48,382 | 38,204 | 46,515 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 33,845 | 33,827 | 34,525 | ||
Assets | 768,923 | ' | ' | ' | 746,696 | ' | ' | ' | 768,923 | 746,696 | 733,011 | ||
Capital expenditures and acquisitions | 56,673 | ' | ' | ' | 23,491 | ' | ' | ' | 56,673 | 23,491 | 38,017 | ||
Theatres [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 243,162 | 219,533 | 227,914 | ||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 46,461 | 40,907 | 47,065 | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,747 | 16,753 | 18,189 | ||
Assets | 401,624 | ' | ' | ' | 383,328 | ' | ' | ' | 401,624 | 383,328 | 395,602 | ||
Capital expenditures and acquisitions | 37,964 | ' | ' | ' | 13,295 | ' | ' | ' | 37,964 | 13,295 | 26,209 | ||
Hotels/Resorts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 204,138 | 192,676 | 185,177 | ||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 15,840 | 10,662 | 12,706 | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,562 | 16,520 | 15,837 | ||
Assets | 324,291 | ' | ' | ' | 325,428 | ' | ' | ' | 324,291 | 325,428 | 301,207 | ||
Capital expenditures and acquisitions | 18,516 | ' | ' | ' | 10,008 | ' | ' | ' | 18,516 | 10,008 | 11,455 | ||
Corporate Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 639 | 627 | 807 | ||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -13,919 | -13,365 | -13,256 | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 536 | 554 | 499 | ||
Assets | 43,008 | ' | ' | ' | 37,940 | ' | ' | ' | 43,008 | 37,940 | 36,202 | ||
Capital expenditures and acquisitions | $193 | ' | ' | ' | $188 | ' | ' | ' | $193 | $188 | $353 | ||
[1] | The Company settled all remaining legal proceedings related to the development of the condominium units at the Platinum Hotel & Spa during the second and third quarters of fiscal 2013. Related legal and settlement costs totaled $1,486 during the second quarter (approximately $892 after-tax, or $0.03 per diluted common share) and $1,353 during the third quarter (approximately $812 after-tax, or $0.03 per diluted common share). |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Information(Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | 29-May-14 | Feb. 27, 2014 | Nov. 28, 2013 | Aug. 29, 2013 | 30-May-13 | Feb. 28, 2013 | Nov. 29, 2012 | Aug. 30, 2012 | 29-May-14 | 30-May-13 | 31-May-12 | ||
Revenues | $108,474 | $109,845 | $100,588 | $129,032 | $100,590 | $93,674 | [1] | $100,633 | [1] | $117,939 | $447,939 | $412,836 | $413,898 |
Operating income | 9,564 | 5,661 | 8,810 | 24,347 | 8,256 | -224 | [1] | 9,717 | [1] | 20,455 | 48,382 | 38,204 | 46,515 |
Net earnings attributable to The Marcus Corporation | $4,254 | $4,071 | $3,245 | $13,431 | $3,475 | ($1,372) | [1] | $4,724 | [1] | $10,679 | $25,001 | $17,506 | $22,734 |
Net earnings per common share - diluted | $0.16 | $0.15 | $0.12 | $0.50 | $0.13 | ($0.05) | [1] | $0.17 | [1] | $0.37 | ' | ' | ' |
[1] | The Company settled all remaining legal proceedings related to the development of the condominium units at the Platinum Hotel & Spa during the second and third quarters of fiscal 2013. Related legal and settlement costs totaled $1,486 during the second quarter (approximately $892 after-tax, or $0.03 per diluted common share) and $1,353 during the third quarter (approximately $812 after-tax, or $0.03 per diluted common share). |
Unaudited_Quarterly_Financial_3
Unaudited Quarterly Financial Information (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2013 | Nov. 29, 2012 |
Legal And Settlement Costs Before Tax | $1,353 | $1,486 |
Legal And Settlement Costs After Tax | $812 | $892 |
Earnings Per Share Diluted | $0.03 | $0.03 |