Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 29, 2016 | Nov. 04, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MARCUS CORP | |
Entity Central Index Key | 62,234 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | MCS | |
Entity Common Stock, Shares Outstanding | 18,932,082 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,699,540 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 29, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 5,870 | $ 6,672 |
Restricted cash | 5,540 | 18,019 |
Accounts and notes receivable, net of reserves of $188 and $259, respectively | 15,456 | 13,366 |
Refundable income taxes | 3,878 | 0 |
Deferred income taxes | 2,508 | 2,807 |
Other current assets | 8,082 | 7,041 |
Total current assets | 41,334 | 47,905 |
Property and equipment: | ||
Land and improvements | 111,674 | 104,379 |
Buildings and improvements | 640,343 | 618,004 |
Leasehold improvements | 78,812 | 78,855 |
Furniture, fixtures and equipment | 294,477 | 285,578 |
Construction in progress | 20,849 | 10,363 |
Total property and equipment | 1,146,155 | 1,097,179 |
Less accumulated depreciation and amortization | 454,466 | 426,477 |
Net property and equipment | 691,689 | 670,702 |
Other assets: | ||
Investments in joint ventures | 6,311 | 7,455 |
Goodwill | 43,769 | 44,220 |
Other | 33,615 | 37,226 |
Total other assets | 83,695 | 88,901 |
TOTAL ASSETS | 816,718 | 807,508 |
Current liabilities: | ||
Accounts payable | 20,215 | 28,737 |
Income taxes | 0 | 3,490 |
Taxes other than income taxes | 14,621 | 17,303 |
Accrued compensation | 15,416 | 12,269 |
Other accrued liabilities | 34,528 | 43,231 |
Current portion of capital lease obligation | 5,452 | 5,181 |
Current maturities of long-term debt | 36,314 | 18,292 |
Total current liabilities | 126,546 | 128,503 |
Capital lease obligation | 11,103 | 15,192 |
Long-term debt | 196,587 | 207,376 |
Deferred income taxes | 52,373 | 46,212 |
Deferred compensation and other | 45,041 | 44,527 |
Shareholders’ equity attributable to The Marcus Corporation | ||
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued | 0 | 0 |
Capital in excess of par | 58,101 | 56,474 |
Retained earnings | 345,499 | 325,355 |
Accumulated other comprehensive loss | (5,067) | (5,221) |
Stockholders' Equity before Treasury Stock | 429,723 | 407,798 |
Less cost of Common Stock in treasury (3,563,246 shares at September 29, 2016 and 3,525,657 shares at December 31, 2015) | (46,271) | (44,446) |
Total shareholders' equity attributable to The Marcus Corporation | 383,452 | 363,352 |
Noncontrolling interest | 1,616 | 2,346 |
Total equity | 385,068 | 365,698 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 816,718 | 807,508 |
Common Stock [Member] | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Common Stock, Value | 22,490 | 22,479 |
Class B Common Stock [Member] | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Common Stock, Value | $ 8,700 | $ 8,711 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 29, 2016 | Dec. 31, 2015 |
Accounts and notes receivable, reserves | $ 188 | $ 259 |
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 | 3,563,246 | 3,525,657 |
Common Stock [Member] | ||
Common Stock, par (in dollars per share) | $ 1 | $ 1 |
Common Stock, authorized | 50,000,000 | 50,000,000 |
Common Stock, issued | 22,489,973 | 22,478,541 |
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 | 8,699,540 | 8,710,972 |
Common Stock, outstanding | 8,699,540 | 8,710,972 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Revenues: | ||||
Theatre admissions | $ 46,859 | $ 39,125 | $ 137,783 | $ 127,515 |
Rooms | 32,609 | 33,641 | 81,984 | 83,775 |
Theatre concessions | 30,260 | 26,027 | 88,644 | 82,674 |
Food and beverage | 17,991 | 18,679 | 50,784 | 51,347 |
Other revenues | 16,976 | 16,422 | 45,922 | 45,068 |
Total revenues | 144,695 | 133,894 | 405,117 | 390,379 |
Costs and expenses: | ||||
Theatre operations | 39,579 | 35,169 | 118,048 | 111,097 |
Rooms | 10,608 | 11,155 | 30,409 | 32,064 |
Theatre concessions | 8,611 | 7,700 | 24,440 | 23,052 |
Food and beverage | 14,498 | 14,612 | 41,797 | 42,447 |
Advertising and marketing | 5,540 | 6,152 | 16,033 | 17,310 |
Administrative | 15,702 | 14,011 | 45,638 | 42,824 |
Depreciation and amortization | 10,474 | 10,342 | 31,025 | 29,931 |
Rent | 2,051 | 2,209 | 6,277 | 6,517 |
Property taxes | 4,168 | 3,885 | 12,306 | 11,365 |
Other operating expenses | 8,781 | 8,848 | 24,854 | 25,807 |
Impairment charge | 0 | 0 | 0 | 2,919 |
Total costs and expenses | 120,012 | 114,083 | 350,827 | 345,333 |
Operating income | 24,683 | 19,811 | 54,290 | 45,046 |
Other income (expense): | ||||
Investment income | 8 | 10 | 25 | 205 |
Interest expense | (2,127) | (2,496) | (6,993) | (7,390) |
Gain (loss) on disposition of property, equipment and other assets | 239 | 183 | (478) | (564) |
Equity earnings (losses) from unconsolidated joint ventures, net | 161 | 2 | 270 | (121) |
Nonoperating Income (Expense), Total | (1,719) | (2,301) | (7,176) | (7,870) |
Earnings before income taxes | 22,964 | 17,510 | 47,114 | 37,176 |
Income taxes | 8,712 | 6,798 | 18,236 | 14,504 |
Net earnings | 14,252 | 10,712 | 28,878 | 22,672 |
Net loss attributable to noncontrolling interests | (120) | (159) | (282) | (453) |
Net earnings attributable to The Marcus Corporation | $ 14,372 | $ 10,871 | $ 29,160 | $ 23,125 |
Common Stock [Member] | ||||
Net earnings per share - basic: | ||||
Common Stock | $ 0.54 | $ 0.41 | $ 1.09 | $ 0.87 |
Net earnings per share - diluted: | ||||
Common Stock | 0.51 | 0.39 | 1.05 | 0.83 |
Dividends per share: | ||||
Common Stock | 0.113 | 0.105 | 0.338 | 0.305 |
Class B Common Stock [Member] | ||||
Net earnings per share - basic: | ||||
Common Stock | 0.49 | 0.37 | 0.99 | 0.78 |
Net earnings per share - diluted: | ||||
Common Stock | 0.48 | 0.37 | 0.98 | 0.78 |
Dividends per share: | ||||
Common Stock | $ 0.102 | $ 0.095 | $ 0.307 | $ 0.277 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Net earnings | $ 14,252 | $ 10,712 | $ 28,878 | $ 22,672 |
Other comprehensive income (loss), net of tax: | ||||
Pension loss arising during the period, net of tax benefit of $0, $0, $0 and $570, respectively | 0 | 0 | 0 | (902) |
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $110, $110, $0 and $127, respectively | 163 | 0 | 163 | 199 |
Fair market value adjustment of interest rate swap, net of tax benefit of $0, $95, $75 and $187, respectively | 0 | (113) | (143) | (282) |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $0, $25, $19 and $57, respectively | 0 | 28 | 38 | 87 |
Reclassification adjustment related to interest rate swap de-designation, net of tax effect of $0, $63, $0 and $0, respectively | 0 | 0 | 96 | 0 |
Other comprehensive income (loss) | 163 | (85) | 154 | (898) |
Comprehensive income | 14,415 | 10,627 | 29,032 | 21,774 |
Comprehensive loss attributable to noncontrolling interests | (120) | (159) | (282) | (453) |
Comprehensive income attributable to The Marcus Corporation | $ 14,535 | $ 10,786 | $ 29,314 | $ 22,227 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Pension loss arising during the period, tax benefit | $ 0 | $ 0 | $ 0 | $ 570 |
Amortization of the net actuarial loss and prior service credit related to the pension, tax effect | 110 | 0 | 110 | 127 |
Fair market value adjustment of interest rate swap, tax benefit | 0 | 75 | 95 | 187 |
Reclassification adjustment on interest rate swap included in interest expense, tax effect | 0 | 19 | 25 | 57 |
Reclassification adjustment related to interest rate swap de-designation, tax effect | $ 0 | $ 0 | $ 63 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2016 | Sep. 24, 2015 | |
OPERATING ACTIVITIES: | ||
Net earnings | $ 28,878 | $ 22,672 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Losses (earnings) on investments in joint ventures | (270) | 121 |
Distributions from joint ventures | 414 | 93 |
Loss on disposition of property, equipment and other assets | 478 | 564 |
Impairment charge | 0 | 2,919 |
Amortization of favorable lease right | 250 | 250 |
Depreciation and amortization | 31,025 | 29,931 |
Amortization of debt issuance fees | 226 | 329 |
Stock compensation expense | 1,358 | 1,171 |
Deferred income taxes | 6,461 | 5,527 |
Deferred compensation and other | 526 | 613 |
Contribution of the Company’s stock to savings and profit-sharing plan | 905 | 888 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (2,090) | (8,354) |
Other current assets | (1,041) | (714) |
Accounts payable | (6,592) | (9,994) |
Income taxes | (7,329) | 3,004 |
Taxes other than income taxes | (2,682) | (2,101) |
Accrued compensation | 3,147 | (1,756) |
Other accrued liabilities | (8,823) | (3,997) |
Total adjustments | 15,963 | 18,494 |
Net cash provided by operating activities | 44,841 | 41,166 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (58,084) | (59,076) |
Proceeds from disposals of property, equipment and other assets | 594 | 1,293 |
Decrease in restricted cash | 12,479 | 143 |
Decrease in other assets | 3,686 | 846 |
Purchase of interest in joint venture | 0 | (1,600) |
Sale of interest in joint venture | 1,000 | 0 |
Net cash used in investing activities | (40,325) | (58,394) |
FINANCING ACTIVITIES: | ||
Proceeds from borrowings on revolving credit facilities | 250,188 | 167,000 |
Repayment of borrowings on revolving credit facilities | (191,188) | (150,000) |
Principal payments on debt | (51,863) | (6,323) |
Debt issuance fees | (491) | 0 |
Equity transactions: | ||
Treasury stock transactions, except for stock options | (6,053) | (871) |
Exercise of stock options | 3,553 | 2,158 |
Dividends paid | (9,016) | (8,152) |
Distributions to noncontrolling interest | (448) | (505) |
Net cash provided by (used in) financing activities | (5,318) | 3,307 |
Net decrease in cash and cash equivalents | (802) | (13,921) |
Cash and cash equivalents at beginning of period | 6,672 | 18,684 |
Cash and cash equivalents at end of period | 5,870 | 4,763 |
Supplemental Information: | ||
Interest paid, net of amounts capitalized | 6,772 | 6,698 |
Income taxes paid | 19,107 | 12,846 |
Change in accounts payable for additions to property and equipment | $ (1,930) | $ (494) |
General
General | 9 Months Ended |
Sep. 29, 2016 | |
General [Abstract] | |
General | Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the transition period ended December 31, 2015, contained in the Company’s Transition Report on Form 10-K, for a description of the Company’s accounting policies. - The unaudited consolidated financial statements for the 39 weeks ended September 29, 2016 and September 24, 2015 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at September 29, 2016, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Transition Report on Form 10-K for the transition period ended December 31, 2015. - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $ 10,537,000 31,214,000 10,353,000 29,955,000 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 purposes 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 as of September 29, 2016 and December 31, 2015 and determined that there was no impact on the Company’s results of operations. During the 39 weeks ended September 24, 2015, the Company determined that indicators of impairment were evident at a specific hotel location and that the sum of the estimated undiscounted future cash flows attributable to this asset was less than its carrying amount. As such, the Company evaluated the ongoing value of this asset and determined that the fair value, measured using Level 3 pricing inputs (estimated cash flows including estimated sales proceeds), was less than its carrying value and recorded a $ 2,600,000 319,000 Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Amortization of the net actuarial loss and prior service credit - - 163 163 Other comprehensive loss before reclassifications (143) - - (143) Amounts reclassified from accumulated other comprehensive loss (1) 134 - - 134 Net other comprehensive income (loss) (9) - 163 154 Balance at September 29, 2016 $ - $ (11) $ (5,056) $ (5,067) Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 25, 2014 $ 116 $ (11) $ (4,580) $ (4,475) Amortization of the net actuarial loss and prior service credit - - 199 199 Other comprehensive loss before reclassifications (282) - (902) (1,184) Amounts reclassified from accumulated other comprehensive loss (1) 87 - - 87 Net other comprehensive loss (195) - (703) (898) Balance at September 24, 2015 $ (79) $ (11) $ (5,283) $ (5,373) (1) Amounts are included in interest expense in the consolidated statements of earnings. - 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 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended September 29, September 24, September 29, September 24, 2016 2015 2016 2015 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 14,372 $ 10,871 $ 29,160 $ 23,125 Denominator: Denominator for basic EPS 27,574 27,588 27,522 27,523 Effect of dilutive employee stock options 427 310 343 318 Denominator for diluted EPS 28,001 27,898 27,865 27,841 Net earnings per share - basic: Common Stock $ 0.54 $ 0.41 $ 1.09 $ 0.87 Class B Common Stock $ 0.49 $ 0.37 $ 0.99 $ 0.78 Net earnings per share - diluted: Common Stock $ 0.51 $ 0.39 $ 1.05 $ 0.83 Class B Common Stock $ 0.48 $ 0.37 $ 0.98 $ 0.78 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 29,160 Net loss attributable to noncontrolling interests (282) Distributions to noncontrolling interests (448) Cash dividends (9,016) Exercise of stock options 3,553 Treasury stock transactions, except for stock options (5,148) Share-based compensation 1,358 Other 39 Other comprehensive income, net of tax 154 Balance at September 29, 2016 $ 383,452 $ 1,616 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 25, 2014 $ 340,170 $ 2,727 Net earnings attributable to The Marcus Corporation 23,125 Net loss attributable to noncontrolling interests (453) Distributions to noncontrolling interests (505) Cash dividends (8,152) Exercise of stock options 2,158 Treasury stock transactions, except for stock options 17 Share-based compensation 1,171 Other 196 Other comprehensive loss, net of tax (898) Balance at September 24, 2015 $ 357,787 $ 1,769 - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At September 29, 2016 and December 31, 2015, the Company’s $ 70,000 1,659,000 Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At September 29, 2016 and December 31, 2015, respectively, the $ 88,000 16,000 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 September 29, 2016 and December 31, 2015, none of the Company’s fair value measurements were valued using Level 3 pricing inputs. 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended September 29, September 24, September 29, September 24, 2016 2015 2016 2015 (in thousands) Service cost $ 216 $ 197 $ 648 $ 553 Interest cost 351 328 1,055 955 Net amortization of prior service cost and actuarial loss 91 90 273 256 Net periodic pension cost $ 658 $ 615 $ 1,976 $ 1,764 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments The Company elected to early adopt ASU No. 2016-09, Compensation Sock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On January 1, 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) 404,000 110,000 329,000 On January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 29, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 2. Long-Term Debt On June 16, 2016, the Company replaced its existing credit agreement, consisting of a $ 37,188,000 175,000,000 225,000,000 89,000,000 1.64 0.15 0.25 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 September 29, 2016. 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 0.96 0.56 25,000,000 159,000 96,000 88,000 71,000 |
Capital Lease Obligation
Capital Lease Obligation | 9 Months Ended |
Sep. 29, 2016 | |
Capital Lease Obligation [Abstract] | |
Capital Lease Obligation | 3. 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 September 29, 2016, 642 10 45,510,000 26,750,000 22,118,000 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. Accounting Standards Codification No. 840, Leases 6,163,000 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 $ 5,452,000 12 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 4. Income Taxes The Company’s effective income tax rate, adjusted for losses from noncontrolling interests, for the 13 and 39 weeks ended September 29, 2016 was 37.7 38.5 38.5 |
Related Party Transaction
Related Party Transaction | 9 Months Ended |
Sep. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 5. Related Party Transaction During the 13 weeks ended September 29, 2016, the Company received $ 4,093,000 10,131,000 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 29, 2016 | |
Business Segment Information [Abstract] | |
Business Segment Information | 6. Business Segment Information The Company’s primary operations are reported in the following business segments: Theatres and Hotels/Resorts. Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Following is a summary of business segment information for the 13 and 39 weeks ended September 29, 2016 and September 24, 2015 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 81,921 $ 62,613 $ 161 $ 144,695 Operating income (loss) 18,095 10,614 (4,026) 24,683 Depreciation and amortization 6,228 4,158 88 10,474 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 68,919 $ 64,839 $ 136 $ 133,894 Operating income (loss) 12,309 11,266 (3,764) 19,811 Depreciation and amortization 5,696 4,554 92 10,342 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 238,837 $ 165,880 $ 400 $ 405,117 Operating income (loss) 51,530 15,073 (12,313) 54,290 Depreciation and amortization 18,175 12,582 268 31,025 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 221,358 $ 168,606 $ 415 $ 390,379 Operating income (loss) 44,835 10,150 (9,939) 45,046 Depreciation and amortization 16,272 13,386 273 29,931 |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The unaudited consolidated financial statements for the 39 weeks ended September 29, 2016 and September 24, 2015 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at September 29, 2016, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Transition Report on Form 10-K for the transition period ended December 31, 2015. |
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 estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $ 10,537,000 31,214,000 10,353,000 29,955,000 |
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 purposes 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 as of September 29, 2016 and December 31, 2015 and determined that there was no impact on the Company’s results of operations. During the 39 weeks ended September 24, 2015, the Company determined that indicators of impairment were evident at a specific hotel location and that the sum of the estimated undiscounted future cash flows attributable to this asset was less than its carrying amount. As such, the Company evaluated the ongoing value of this asset and determined that the fair value, measured using Level 3 pricing inputs (estimated cash flows including estimated sales proceeds), was less than its carrying value and recorded a $ 2,600,000 319,000 |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Amortization of the net actuarial loss and prior service credit - - 163 163 Other comprehensive loss before reclassifications (143) - - (143) Amounts reclassified from accumulated other comprehensive loss (1) 134 - - 134 Net other comprehensive income (loss) (9) - 163 154 Balance at September 29, 2016 $ - $ (11) $ (5,056) $ (5,067) Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 25, 2014 $ 116 $ (11) $ (4,580) $ (4,475) Amortization of the net actuarial loss and prior service credit - - 199 199 Other comprehensive loss before reclassifications (282) - (902) (1,184) Amounts reclassified from accumulated other comprehensive loss (1) 87 - - 87 Net other comprehensive loss (195) - (703) (898) Balance at September 24, 2015 $ (79) $ (11) $ (5,283) $ (5,373) (1) Amounts are included in interest expense in the consolidated statements of earnings. |
Earnings 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 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended September 29, September 24, September 29, September 24, 2016 2015 2016 2015 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 14,372 $ 10,871 $ 29,160 $ 23,125 Denominator: Denominator for basic EPS 27,574 27,588 27,522 27,523 Effect of dilutive employee stock options 427 310 343 318 Denominator for diluted EPS 28,001 27,898 27,865 27,841 Net earnings per share - basic: Common Stock $ 0.54 $ 0.41 $ 1.09 $ 0.87 Class B Common Stock $ 0.49 $ 0.37 $ 0.99 $ 0.78 Net earnings per share - diluted: Common Stock $ 0.51 $ 0.39 $ 1.05 $ 0.83 Class B Common Stock $ 0.48 $ 0.37 $ 0.98 $ 0.78 |
Equity | Equity Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 29,160 Net loss attributable to noncontrolling interests (282) Distributions to noncontrolling interests (448) Cash dividends (9,016) Exercise of stock options 3,553 Treasury stock transactions, except for stock options (5,148) Share-based compensation 1,358 Other 39 Other comprehensive income, net of tax 154 Balance at September 29, 2016 $ 383,452 $ 1,616 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 25, 2014 $ 340,170 $ 2,727 Net earnings attributable to The Marcus Corporation 23,125 Net loss attributable to noncontrolling interests (453) Distributions to noncontrolling interests (505) Cash dividends (8,152) Exercise of stock options 2,158 Treasury stock transactions, except for stock options 17 Share-based compensation 1,171 Other 196 Other comprehensive loss, net of tax (898) Balance at September 24, 2015 $ 357,787 $ 1,769 |
Fair Value Measurements | Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At September 29, 2016 and December 31, 2015, the Company’s $ 70,000 1,659,000 Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At September 29, 2016 and December 31, 2015, respectively, the $ 88,000 16,000 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 September 29, 2016 and December 31, 2015, none of the Company’s fair value measurements were valued using Level 3 pricing inputs. |
Defined Benefit Plan | Defined Benefit Plan 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended September 29, September 24, September 29, September 24, 2016 2015 2016 2015 (in thousands) Service cost $ 216 $ 197 $ 648 $ 553 Interest cost 351 328 1,055 955 Net amortization of prior service cost and actuarial loss 91 90 273 256 Net periodic pension cost $ 658 $ 615 $ 1,976 $ 1,764 |
New Accounting Pronouncement | New Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments The Company elected to early adopt ASU No. 2016-09, Compensation Sock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On January 1, 2016, the Company adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) 404,000 110,000 329,000 On January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
General (Tables)
General (Tables) | 9 Months Ended |
Sep. 29, 2016 | |
Accounting Policies [Abstract] | |
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: Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Amortization of the net actuarial loss and prior service credit - - 163 163 Other comprehensive loss before reclassifications (143) - - (143) Amounts reclassified from accumulated other comprehensive loss (1) 134 - - 134 Net other comprehensive income (loss) (9) - 163 154 Balance at September 29, 2016 $ - $ (11) $ (5,056) $ (5,067) Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 25, 2014 $ 116 $ (11) $ (4,580) $ (4,475) Amortization of the net actuarial loss and prior service credit - - 199 199 Other comprehensive loss before reclassifications (282) - (902) (1,184) Amounts reclassified from accumulated other comprehensive loss (1) 87 - - 87 Net other comprehensive loss (195) - (703) (898) Balance at September 24, 2015 $ (79) $ (11) $ (5,283) $ (5,373) (1) Amounts are included in interest expense in the consolidated statements of earnings. |
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 for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended September 29, September 24, September 29, September 24, 2016 2015 2016 2015 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 14,372 $ 10,871 $ 29,160 $ 23,125 Denominator: Denominator for basic EPS 27,574 27,588 27,522 27,523 Effect of dilutive employee stock options 427 310 343 318 Denominator for diluted EPS 28,001 27,898 27,865 27,841 Net earnings per share - basic: Common Stock $ 0.54 $ 0.41 $ 1.09 $ 0.87 Class B Common Stock $ 0.49 $ 0.37 $ 0.99 $ 0.78 Net earnings per share - diluted: Common Stock $ 0.51 $ 0.39 $ 1.05 $ 0.83 Class B Common Stock $ 0.48 $ 0.37 $ 0.98 $ 0.78 |
Components of Shareholders' Equity Activity Attributable to The Marcus Corporation and Noncontrolling Interests | Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 39 weeks ended September 29, 2016 and September 24, 2015 was as follows: Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 29,160 Net loss attributable to noncontrolling interests (282) Distributions to noncontrolling interests (448) Cash dividends (9,016) Exercise of stock options 3,553 Treasury stock transactions, except for stock options (5,148) Share-based compensation 1,358 Other 39 Other comprehensive income, net of tax 154 Balance at September 29, 2016 $ 383,452 $ 1,616 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 25, 2014 $ 340,170 $ 2,727 Net earnings attributable to The Marcus Corporation 23,125 Net loss attributable to noncontrolling interests (453) Distributions to noncontrolling interests (505) Cash dividends (8,152) Exercise of stock options 2,158 Treasury stock transactions, except for stock options 17 Share-based compensation 1,171 Other 196 Other comprehensive loss, net of tax (898) Balance at September 24, 2015 $ 357,787 $ 1,769 |
Schedule of Net Benefit Costs | The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ended Ended September 29, September 24, September 29, September 24, 2016 2015 2016 2015 (in thousands) Service cost $ 216 $ 197 $ 648 $ 553 Interest cost 351 328 1,055 955 Net amortization of prior service cost and actuarial loss 91 90 273 256 Net periodic pension cost $ 658 $ 615 $ 1,976 $ 1,764 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 29, 2016 | |
Business Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of business segment information for the 13 and 39 weeks ended September 29, 2016 and September 24, 2015 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 81,921 $ 62,613 $ 161 $ 144,695 Operating income (loss) 18,095 10,614 (4,026) 24,683 Depreciation and amortization 6,228 4,158 88 10,474 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 68,919 $ 64,839 $ 136 $ 133,894 Operating income (loss) 12,309 11,266 (3,764) 19,811 Depreciation and amortization 5,696 4,554 92 10,342 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 238,837 $ 165,880 $ 400 $ 405,117 Operating income (loss) 51,530 15,073 (12,313) 54,290 Depreciation and amortization 18,175 12,582 268 31,025 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 221,358 $ 168,606 $ 415 $ 390,379 Operating income (loss) 44,835 10,150 (9,939) 45,046 Depreciation and amortization 16,272 13,386 273 29,931 |
General (Details)
General (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Begining Balance, Swap Agreements | $ 9 | $ 116 | |||
Other comprehensive loss before reclassifications, Swap Agreements | $ 0 | $ (113) | (143) | (282) | |
Amounts reclassified from accumulated other comprehensive loss, Swap Agreements | [1] | 134 | 87 | ||
Net other comprehensive loss, Swap Agreements | (9) | (195) | |||
Ending Balance, Swap Agreements | 0 | (79) | 0 | (79) | |
Beginning Balance, Available for Sale Investments | (11) | (11) | |||
Other comprehensive loss before reclassifications, Available for Sale Investments | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, Available for Sale Investments | [1] | 0 | 0 | ||
Net other comprehensive loss, Available for Sale Investments | 0 | 0 | |||
Ending Balance, Available for Sale Investments | (11) | (11) | (11) | (11) | |
Beginning Balance, Pension Obligation | (5,219) | (4,580) | |||
Amortization of the net actuarial loss and prior service credit, pension obligation | 163 | 0 | 163 | 199 | |
Other comprehensive loss before reclassifications, Pension Obligation | 0 | 0 | 0 | (902) | |
Amounts reclassified from accumulated other comprehensive loss, Pension Obligation | [1] | 0 | 0 | ||
Net other comprehensive income loss, Pension Obligation | 163 | (703) | |||
Ending Balance, Pension Obligation | (5,056) | (5,283) | (5,056) | (5,283) | |
Beginning Balance, Accumulated Other Comprehensive Loss | (5,221) | (4,475) | |||
Amortization of the net actuarial loss and prior service credit, accumulated other comprehensive loss | 163 | 199 | |||
Other comprehensive loss before reclassifications, Accumulated Other Comprehensive Loss | (143) | (1,184) | |||
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Loss | [1] | 134 | 87 | ||
Other comprehensive income (loss) | 163 | (85) | 154 | (898) | |
Ending Balance, Accumulated Other Comprehensive Loss | $ (5,067) | $ (5,373) | $ (5,067) | $ (5,373) | |
[1] | Amounts are included in interest expense in the consolidated statements of earnings. |
General (Details 1)
General (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Numerator: | ||||
Net earnings attributable to The Marcus Corporation | $ 14,372 | $ 10,871 | $ 29,160 | $ 23,125 |
Denominator: | ||||
Denominator for basic EPS | 27,574 | 27,588 | 27,522 | 27,523 |
Effect of dilutive employee stock options | 427 | 310 | 343 | 318 |
Denominator for diluted EPS | 28,001 | 27,898 | 27,865 | 27,841 |
Common Stock [Member] | ||||
Net earnings per share - Basic: | ||||
Common Stock | $ 0.54 | $ 0.41 | $ 1.09 | $ 0.87 |
Net earnings per share- Diluted: | ||||
Common Stock | 0.51 | 0.39 | 1.05 | 0.83 |
Class B Common Stock [Member] | ||||
Net earnings per share - Basic: | ||||
Common Stock | 0.49 | 0.37 | 0.99 | 0.78 |
Net earnings per share- Diluted: | ||||
Common Stock | $ 0.48 | $ 0.37 | $ 0.98 | $ 0.78 |
General (Details 2)
General (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Total Shareholders' Equity Attributable to The Marcus Corporation | ||||
Beginning Balance | $ 363,352 | $ 340,170 | ||
Net earnings attributable to The Marcus Corporation | $ 14,372 | $ 10,871 | 29,160 | 23,125 |
Cash dividends | (9,016) | (8,152) | ||
Exercise of stock options | 3,553 | 2,158 | ||
Treasury stock transactions, except for stock options | (5,148) | 17 | ||
Share-based compensation | 1,358 | 1,171 | ||
Other | 39 | 196 | ||
Other comprehensive loss, net of tax | 163 | (85) | 154 | (898) |
Ending Balance | 383,452 | 357,787 | 383,452 | 357,787 |
Noncontrolling Interests | ||||
Beginning Balance | 2,346 | 2,727 | ||
Net income (loss) attributable to noncontrolling interests | (120) | (159) | (282) | (453) |
Distributions to noncontrolling interests | (448) | (505) | ||
Ending Balance | $ 1,616 | $ 1,769 | $ 1,616 | $ 1,769 |
General (Details 3)
General (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Service cost | $ 216 | $ 197 | $ 648 | $ 553 |
Interest cost | 351 | 328 | 1,055 | 955 |
Net amortization of prior service cost and actuarial loss | 91 | 90 | 273 | 256 |
Net periodic pension cost | $ 658 | $ 615 | $ 1,976 | $ 1,764 |
General (Details Textual)
General (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Depreciation | $ 10,537,000 | $ 10,353,000 | $ 31,214,000 | $ 29,955,000 | |
Percentage Of Cash Dividends | 110.00% | ||||
Available-for-sale Securities, Fair Value Disclosure | 70,000 | $ 70,000 | $ 70,000 | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 88,000 | 88,000 | |||
Interest Rate Fair Value Hedge Asset at Fair Value | 16,000 | ||||
Impairment of Long-Lived Assets to be Disposed of | 319,000 | ||||
Trading Securities | $ 1,659,000 | $ 1,659,000 | |||
Impairment of Long-Lived Assets Held-for-use | 2,600,000 | ||||
Accounting Standards Update 2015-03 [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 404,000 | ||||
Accounting Standards Update 2015-03 [Member] | Interest Expense [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Amortization of Debt Issuance Costs | $ 110,000 | $ 329,000 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 16, 2016 | Sep. 29, 2016 | Sep. 29, 2016 | Feb. 28, 2013 | |
Derivative, Amount of Hedged Item | $ 25,000,000 | ||||
Derivative Liability, Notional Amount | $ 25,000,000 | $ 25,000,000 | |||
Derivative Instruments Loss Reclassified From Accumulated Income Effective Portion Net Of Tax | $ 96,000 | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 159,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Decrease, Forgiveness | $ 175,000,000 | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Long-term Line of Credit | 89,000,000 | $ 89,000,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 1.64% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||
Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225,000,000 | $ 225,000,000 | |||
Interest Rate Swap [Member] | |||||
Derivative, Fixed Interest Rate | 0.96% | 0.96% | |||
Derivative, Variable Interest Rate | 0.56% | 0.56% | |||
Decrease In Interest Expense | $ 88,000 | $ 71,000 | |||
Term Loan [Member] | |||||
Line of Credit Facility, Decrease, Forgiveness | $ 37,188,000 |
Capital Lease Obligation (Detai
Capital Lease Obligation (Details Textual) | 9 Months Ended | |
Sep. 29, 2016USD ($) | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Number of Units | 642 | |
Term Of Licensing Agreement | 10 years | |
Commitment Minimum Lease Payments | $ 6,163,000 | |
Payments Obligation Reduced Amount | $ 5,452,000 | |
Expect Period Of Payments Obligation | 12 months | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 45,510,000 | $ 45,510,000 |
Digital Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 26,750,000 | $ 22,118,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Income Taxes [Line Items] | ||||
Effective Income Tax Rate | 37.70% | 38.50% | 38.50% | 38.50% |
Related Party Transaction (Deta
Related Party Transaction (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 29, 2016 | Dec. 31, 2015 | |
Other Assets Noncurrent | $ 33,615,000 | $ 37,226,000 |
Marcus Family Trust [Member] | ||
Proceeds from Insurance Premiums Collected | 4,093,000 | |
Other Assets Noncurrent | $ 10,131,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2016 | Sep. 24, 2015 | Sep. 29, 2016 | Sep. 24, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 144,695 | $ 133,894 | $ 405,117 | $ 390,379 |
Operating income (loss) | 24,683 | 19,811 | 54,290 | 45,046 |
Depreciation and amortization | 10,474 | 10,342 | 31,025 | 29,931 |
Theatres [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 81,921 | 68,919 | 238,837 | 221,358 |
Operating income (loss) | 18,095 | 12,309 | 51,530 | 44,835 |
Depreciation and amortization | 6,228 | 5,696 | 18,175 | 16,272 |
Hotels/Resorts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 62,613 | 64,839 | 165,880 | 168,606 |
Operating income (loss) | 10,614 | 11,266 | 15,073 | 10,150 |
Depreciation and amortization | 4,158 | 4,554 | 12,582 | 13,386 |
Corporate Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 161 | 136 | 400 | 415 |
Operating income (loss) | (4,026) | (3,764) | (12,313) | (9,939) |
Depreciation and amortization | $ 88 | $ 92 | $ 268 | $ 273 |