Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MARCUS CORP | ||
Entity Central Index Key | 62,234 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 377,639,170 | ||
Trading Symbol | MCS | ||
Entity Common Stock, Shares Outstanding | 19,023,386 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,696,301 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 1) | $ 3,239 | $ 6,672 |
Restricted cash (Note 1) | 5,466 | 18,019 |
Accounts and notes receivable, net of reserves (Note 5) | 14,761 | 13,366 |
Refundable income taxes | 1,672 | 0 |
Other current assets (Note 1) | 11,005 | 7,041 |
Total current assets | 36,143 | 45,098 |
PROPERTY AND EQUIPMENT, net (Note 5) | 789,198 | 670,702 |
OTHER ASSETS: | ||
Investments in joint ventures (Note 11) | 6,096 | 7,455 |
Goodwill (Note 1) | 43,735 | 44,220 |
Other (Note 5) | 36,094 | 37,226 |
Total other assets | 85,925 | 88,901 |
Total assets | 911,266 | 804,701 |
CURRENT LIABILITIES: | ||
Accounts payable | 31,206 | 28,737 |
Income taxes | 0 | 3,490 |
Taxes other than income taxes | 17,261 | 17,303 |
Accrued compensation | 17,007 | 12,269 |
Other accrued liabilities (Note 1) | 46,561 | 43,231 |
Current portion of capital lease obligations (Note 6) | 6,598 | 5,181 |
Current maturities of long-term debt (Note 6) | 12,040 | 18,292 |
Total current liabilities | 130,673 | 128,503 |
CAPITAL LEASE OBLIGATIONS (Note 6) | 26,106 | 15,192 |
LONG-TERM DEBT (Note 6) | 271,343 | 207,376 |
DEFERRED INCOME TAXES (Note 9) | 46,433 | 43,405 |
DEFERRED COMPENSATION AND OTHER (Note 8) | 45,064 | 44,527 |
COMMITMENTS AND LICENSE RIGHTS (Note 10) | ||
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 | 58,584 | 56,474 |
Retained earnings | 351,220 | 325,355 |
Accumulated other comprehensive loss | (5,066) | (5,221) |
Stockholders' Equity before Treasury Stock | 435,928 | 407,798 |
Less cost of Common Stock in treasury (3,517,951 shares at December 29, 2016, and 3,525,657 shares at December 31, 2015) | (45,816) | (44,446) |
Total shareholders’ equity attributable to The Marcus Corporation | 390,112 | 363,352 |
Noncontrolling interests | 1,535 | 2,346 |
Total equity | 391,647 | 365,698 |
Total liabilities and shareholders’ equity | 911,266 | 804,701 |
Common Stock [Member] | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Common Stock, Value | 22,490 | 22,479 |
Total equity | 22,490 | 22,479 |
Class B Common Stock [Member] | ||
Shareholders’ equity attributable to The Marcus Corporation | ||
Common Stock, Value | 8,700 | 8,711 |
Total equity | $ 8,700 | $ 8,711 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 29, 2016 | Dec. 31, 2015 |
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 | 3,517,951 | 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 | 22,489,976 | 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 | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
REVENUES: | ||||
Theatre admissions | $ 104,606 | $ 186,768 | $ 157,254 | $ 146,039 |
Rooms | 70,093 | 105,167 | 109,660 | 105,483 |
Theatre concessions | 69,206 | 120,975 | 98,746 | 84,062 |
Food and beverage | 44,590 | 67,551 | 67,174 | 58,826 |
Other revenues | 35,772 | 63,403 | 55,233 | 53,529 |
Total revenues | 324,267 | 543,864 | 488,067 | 447,939 |
COSTS AND EXPENSES: | ||||
Theatre operations | 91,747 | 160,729 | 134,946 | 127,531 |
Rooms | 24,933 | 40,213 | 42,579 | 40,834 |
Theatre concessions | 19,958 | 32,407 | 27,032 | 23,335 |
Food and beverage | 34,656 | 55,526 | 55,215 | 46,250 |
Advertising and marketing | 14,842 | 21,582 | 25,265 | 25,160 |
Administrative | 36,392 | 63,620 | 53,247 | 46,642 |
Depreciation and amortization | 23,815 | 41,832 | 38,361 | 33,354 |
Rent (Note 10) | 5,040 | 8,384 | 8,591 | 8,522 |
Property taxes | 8,630 | 16,257 | 15,001 | 14,637 |
Other operating expenses | 19,582 | 33,360 | 34,268 | 32,801 |
Impairment charge (Note 2) | 0 | 0 | 2,919 | 0 |
Total costs and expenses | 279,595 | 473,910 | 437,424 | 399,066 |
OPERATING INCOME | 44,672 | 69,954 | 50,643 | 48,873 |
OTHER INCOME (EXPENSE): | ||||
Investment income | 15 | 298 | 252 | 630 |
Interest expense | (5,933) | (9,176) | (9,926) | (10,551) |
Loss on disposition of property, equipment and other assets | (490) | (844) | (1,463) | (993) |
Equity earnings (losses) from unconsolidated joint ventures, net (Note 11) | (36) | 301 | (186) | (250) |
Nonoperating Income (Expense), Total | (6,444) | (9,421) | (11,323) | (11,164) |
EARNINGS BEFORE INCOME TAXES | 38,228 | 60,533 | 39,320 | 37,709 |
INCOME TAXES (Note 9) | 14,785 | 22,994 | 15,678 | 16,810 |
NET EARNINGS | 23,443 | 37,539 | 23,642 | 20,899 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (122) | (363) | (353) | (4,102) |
NET EARNINGS ATTRIBUTABLE TO THE MARCUS CORPORATION | $ 23,565 | $ 37,902 | $ 23,995 | $ 25,001 |
Common Stock [Member] | ||||
NET EARNINGS PER SHARE - BASIC: | ||||
Common Stock | $ 0.88 | $ 1.41 | $ 0.9 | $ 0.95 |
NET EARNINGS PER SHARE - DILUTED: | ||||
Common Stock | 0.84 | 1.36 | 0.87 | 0.92 |
Common Class B [Member] | ||||
NET EARNINGS PER SHARE - BASIC: | ||||
Common Stock | 0.8 | 1.28 | 0.82 | 0.86 |
NET EARNINGS PER SHARE - DILUTED: | ||||
Common Stock | $ 0.79 | $ 1.27 | $ 0.81 | $ 0.86 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
NET EARNINGS | $ 23,443 | $ 37,539 | $ 23,642 | $ 20,899 |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||
Change in unrealized gain on available for sale investments, net of tax effect (benefit) of $9, $0, $0 and $(1), respectively | 0 | 14 | 0 | (1) |
Pension loss arising during period, net of tax benefit of $40, $42, $570 and $668, respectively | (62) | (42) | (902) | (899) |
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $55, $84, $127 and $114, respectively | 127 | 58 | 199 | 154 |
Pension curtailment gain, net of tax effect of $127, $0, $0 and $0 | 0 | 134 | 0 | 0 |
Fair market value adjustment of interest rate swap, net of tax benefit of $95, $25, $110 and $65, respectively (Note 6) | (39) | (143) | (169) | (99) |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $25, $43, $77 and $76, respectively (Note 6) | 65 | 38 | 118 | 115 |
Reclassification adjustment related to interest rate swap de-designation, net of tax effect of $63, $0, $0 and $0 | 0 | 96 | 0 | 0 |
Other comprehensive income (loss) | 91 | 155 | (754) | (730) |
COMPREHENSIVE INCOME | 23,534 | 37,694 | 22,888 | 20,169 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (122) | (363) | (353) | (4,102) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE MARCUS CORPORATION | $ 23,656 | $ 38,057 | $ 23,241 | $ 24,271 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Change in unrealized gain on available for sale investments, net of tax benefit | $ 0 | $ 9 | $ 0 | $ (1) |
Pension loss arising during period, net of tax benefit | 42 | 40 | 570 | 668 |
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect | 84 | 55 | 127 | 114 |
Pension curtailment gain, net of tax effect | 0 | 127 | 0 | 0 |
Fair market value adjustment of interest rate swap, net of tax effect (benefit) | 25 | 95 | 110 | 65 |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect | 43 | 25 | 77 | 76 |
Reclassification adjustment related to interest rate swap de-designation, net of tax effect | $ 0 | $ 63 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Capital in Excess of par [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Shareholders'Equity Attributable to The Marcus Corporation [Member] | Noncontrolling Interest [Member] | Common Stock [Member] | Common Stock [Member]Retained Earnings [Member] | Common Stock [Member]Shareholders'Equity Attributable to The Marcus Corporation [Member] | Class B Common Stock [Member] | Class B Common Stock [Member]Retained Earnings [Member] | Class B Common Stock [Member]Shareholders'Equity Attributable to The Marcus Corporation [Member] |
Balance at May. 30, 2013 | $ 316,696 | $ 51,979 | $ 278,536 | $ (3,828) | $ (51,175) | $ 306,702 | $ 9,994 | $ 22,433 | $ 8,757 | ||||
Common Stock, Dividend | (6,421) | $ (6,421) | $ (6,421) | (2,782) | $ (2,782) | $ (2,782) | |||||||
Exercise of stock options | 5,605 | 98 | 0 | 0 | 5,507 | 5,605 | 0 | 0 | 0 | ||||
Purchase of treasury stock | (4,180) | 0 | 0 | 0 | (4,180) | (4,180) | 0 | 0 | 0 | ||||
Savings and profit-sharing contribution | 782 | 99 | 0 | 0 | 683 | 782 | 0 | 0 | 0 | ||||
Reissuance of treasury stock | 295 | 40 | 0 | 0 | 255 | 295 | 0 | 0 | 0 | ||||
Issuance of non-vested stock | 0 | (311) | 0 | 0 | 311 | 0 | 0 | 0 | 0 | ||||
Share-based compensation | 1,781 | 1,781 | 0 | 0 | 0 | 1,781 | 0 | 0 | 0 | ||||
Other | 158 | 158 | 0 | 0 | 0 | 158 | 0 | 0 | 0 | ||||
Conversions of Class B Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | (25) | ||||
Distributions to noncontrolling interest | (2,124) | 0 | 0 | 0 | 0 | 0 | (2,124) | 0 | 0 | ||||
Comprehensive income (loss) | 20,169 | 0 | 25,001 | (730) | 0 | 24,271 | (4,102) | 0 | 0 | ||||
Balance at May. 29, 2014 | 329,979 | 53,844 | 294,334 | (4,558) | (48,599) | 326,211 | 3,768 | 22,458 | 8,732 | ||||
Common Stock, Dividend | (7,298) | (7,298) | (7,298) | (3,092) | (3,092) | (3,092) | |||||||
Exercise of stock options | 2,964 | (66) | 0 | 0 | 3,030 | 2,964 | 0 | 0 | 0 | ||||
Purchase of treasury stock | (1,092) | 0 | 0 | 0 | (1,092) | (1,092) | 0 | 0 | 0 | ||||
Savings and profit-sharing contribution | 888 | 320 | 0 | 0 | 568 | 888 | 0 | 0 | 0 | ||||
Reissuance of treasury stock | 318 | 91 | 0 | 0 | 227 | 318 | 0 | 0 | 0 | ||||
Issuance of non-vested stock | 0 | (289) | 0 | 0 | 289 | 0 | 0 | 0 | 0 | ||||
Share-based compensation | 1,499 | 1,499 | 0 | 0 | 0 | 1,499 | 0 | 0 | 0 | ||||
Other | 140 | 140 | 0 | 0 | 0 | 140 | 0 | 0 | 0 | ||||
Conversions of Class B Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21 | (21) | ||||
Distributions to noncontrolling interest | (959) | 0 | 0 | 0 | 0 | 0 | (959) | 0 | 0 | ||||
Comprehensive income (loss) | 22,888 | 0 | 23,995 | (754) | 0 | 23,241 | (353) | 0 | 0 | ||||
Balance at May. 28, 2015 | 346,235 | 55,539 | 307,939 | (5,312) | (45,577) | 343,779 | 2,456 | 22,479 | 8,711 | ||||
Common Stock, Dividend | (3,969) | (3,969) | (3,969) | (1,663) | (1,663) | (1,663) | |||||||
Exercise of stock options | 860 | (2) | 0 | 0 | 862 | 860 | 0 | 0 | 0 | ||||
Purchase of treasury stock | (75) | 0 | 0 | 0 | (75) | (75) | 0 | 0 | 0 | ||||
Reissuance of treasury stock | 251 | 99 | 0 | 0 | 152 | 251 | 0 | 0 | 0 | ||||
Issuance of non-vested stock | 0 | (192) | 0 | 0 | 192 | 0 | 0 | 0 | 0 | ||||
Share-based compensation | 975 | 975 | 0 | 0 | 0 | 975 | 0 | 0 | 0 | ||||
Other | 55 | 55 | (517) | 0 | 0 | (462) | 517 | 0 | 0 | ||||
Distributions to noncontrolling interest | (505) | 0 | 0 | 0 | 0 | 0 | (505) | 0 | 0 | ||||
Comprehensive income (loss) | 23,534 | 0 | 23,565 | 91 | 0 | 23,656 | (122) | 0 | 0 | ||||
Balance at Dec. 31, 2015 | 365,698 | 56,474 | 325,355 | (5,221) | (44,446) | 363,352 | 2,346 | 22,479 | 8,711 | ||||
Common Stock, Dividend | (8,477) | $ (8,477) | $ (8,477) | (3,560) | $ (3,560) | $ (3,560) | |||||||
Exercise of stock options | 3,986 | 116 | 0 | 0 | 3,870 | 3,986 | 0 | 0 | 0 | ||||
Purchase of treasury stock | (6,389) | 0 | 0 | 0 | (6,389) | (6,389) | 0 | 0 | 0 | ||||
Savings and profit-sharing contribution | 905 | 304 | 0 | 0 | 601 | 905 | 0 | 0 | 0 | ||||
Reissuance of treasury stock | 300 | 120 | 0 | 0 | 180 | 300 | 0 | 0 | 0 | ||||
Issuance of non-vested stock | 0 | (368) | 0 | 0 | 368 | 0 | 0 | 0 | 0 | ||||
Share-based compensation | 1,899 | 1,899 | 0 | 0 | 0 | 1,899 | 0 | 0 | 0 | ||||
Other | 39 | 39 | 0 | 0 | 0 | 39 | 0 | 0 | 0 | ||||
Conversions of Class B Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | (11) | ||||
Distributions to noncontrolling interest | (448) | 0 | 0 | 0 | 0 | 0 | (448) | 0 | 0 | ||||
Comprehensive income (loss) | 37,694 | 0 | 37,902 | 155 | 0 | 38,057 | (363) | 0 | 0 | ||||
Balance at Dec. 29, 2016 | $ 391,647 | $ 58,584 | $ 351,220 | $ (5,066) | $ (45,816) | $ 390,112 | $ 1,535 | $ 22,490 | $ 8,700 |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.35 | |||
Class B Common Stock [Member] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.19 | $ 0.41 | $ 0.32 | |
Common Stock [Member] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.21 | $ 0.45 | $ 0.39 | $ 0.35 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Operating activities | ||||
Net earnings | $ 23,443 | $ 37,539 | $ 23,642 | $ 20,899 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Losses (earnings) on investments in joint ventures | 36 | (301) | 186 | 250 |
Distributions from joint ventures | 152 | 560 | 166 | 120 |
Loss on disposition of property, equipment and other assets | 490 | 844 | 1,463 | 993 |
Impairment charge | 0 | 0 | 2,919 | 0 |
Amortization of favorable lease right | 194 | 334 | 334 | 334 |
Depreciation and amortization | 23,815 | 41,832 | 38,361 | 33,354 |
Amortization of debt issuance costs | 258 | 303 | 449 | 491 |
Stock compensation expense | 975 | 1,899 | 1,499 | 1,781 |
Deferred income taxes | (1,079) | 3,022 | 5,614 | (451) |
Deferred compensation and other | 1,564 | 577 | 3,531 | 850 |
Contribution of the Company’s stock to savings and profit-sharing plan | 0 | 905 | 888 | 782 |
Changes in operating assets and liabilities: | ||||
Accounts and notes receivable | 2,967 | (1,486) | (5,627) | (877) |
Other current assets | (388) | (2,465) | (845) | 836 |
Accounts payable | (665) | (1,978) | 2,355 | 748 |
Income taxes | 7,567 | (5,124) | (925) | (2,544) |
Taxes other than income taxes | 2,550 | (373) | 766 | 333 |
Accrued compensation | (3,085) | 4,738 | 2,440 | 1,974 |
Other accrued liabilities | 8,016 | 1,829 | 3,236 | 6,567 |
Total adjustments | 43,367 | 45,116 | 56,810 | 45,541 |
Net cash provided by operating activities | 66,810 | 82,655 | 80,452 | 66,440 |
Investing activities | ||||
Capital expenditures | (44,452) | (83,606) | (74,988) | (56,673) |
Purchase of theatres, net of cash acquired and working capital assumed | 0 | (63,766) | 0 | 0 |
Proceeds from disposals of property, equipment and other assets | 13,977 | 1,560 | 226 | 1,926 |
Decrease (increase) in restricted cash | (9,259) | 12,553 | (728) | (137) |
Decrease (increase) in other assets | 495 | 3,572 | (786) | (1,227) |
Capital contribution in joint venture | 0 | 0 | (399) | (1,366) |
Purchase of interest in joint venture | (1,600) | 0 | (1,500) | 0 |
Sale of interest in joint venture | 0 | 1,100 | 0 | 0 |
Cash advanced to joint ventures | 0 | 0 | 0 | (231) |
Net cash used in investing activities | (40,839) | (128,587) | (78,175) | (57,708) |
Financing activities | ||||
Proceeds from borrowings on revolving credit facility | 108,500 | 346,188 | 162,500 | 92,500 |
Repayment of borrowings on revolving credit facility | (126,500) | (236,188) | (148,500) | (115,500) |
Proceeds from issuance of long-term debt | 0 | 0 | 0 | 52,700 |
Principal payments on long-term debt | (3,339) | (52,335) | (7,176) | (31,886) |
Debt issuance costs | 0 | (578) | 0 | (316) |
Equity transactions: | ||||
Treasury stock transactions, except for stock options | 594 | (6,089) | (773) | (3,886) |
Exercise of stock options | 860 | 3,986 | 2,964 | 5,605 |
Dividends paid | (5,632) | (12,037) | (10,390) | (9,203) |
Distributions to noncontrolling interest | (505) | (448) | (959) | (2,124) |
Net cash provided by (used in) financing activities | (26,022) | 42,499 | (2,334) | (12,110) |
Net decrease in cash and cash equivalents | (51) | (3,433) | (57) | (3,378) |
Cash and cash equivalents at beginning of year | 6,723 | 6,672 | 6,780 | 10,158 |
Cash and cash equivalents at end of year | 6,672 | 3,239 | 6,723 | 6,780 |
Supplemental Information: | ||||
Change in accounts payable for additions to property and equipment | (7,370) | 3,417 | 3,467 | 4,876 |
Capital leases acquired | 0 | 17,511 | 0 | 0 |
Non-cash contribution in joint venture | $ 400 | $ 0 | $ 0 | $ 0 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2016 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. Description of Business and Summary of Significant Accounting Policies The Marcus Corporation and its subsidiaries (the “Company”) operate principally in two business segments: Theatres: Operates multiscreen motion picture theatres in Wisconsin, Illinois, Ohio, Minnesota, Iowa, North Dakota, Nebraska and Missouri and a family entertainment center in Wisconsin. Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois, Oklahoma and Nebraska and manages full service hotels, resorts and other properties in Wisconsin, Minnesota, Texas, Nevada, Georgia and California. - The consolidated financial statements include the accounts of The Marcus Corporation and all of its subsidiaries, including a 50 50 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. The Company has investments in affiliates which are 50 Additionally, as of December 29, 2016, the Company had entered into a purchase and sale transaction in accordance with Section 1031 of the Internal Revenue Code for the exchange of like-kind property to defer taxable gains on the sale of real estate property. For reverse transactions under a 1031 exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange, legal title to the acquired property is held by a qualified intermediary engaged to execute the 1031 exchange until the sale transaction and the 1031 exchange is completed. The company retains essentially all of the legal and economic benefits and obligations related to the acquired property prior to the completion of the 1031 exchange. As such, the assets and results of operations of the acquired property are included in the Company’s consolidated financial statements as a VIE until legal title is transferred to the Company upon completion or expiration of the 1031 exchange. All intercompany accounts and transactions have been eliminated in consolidation. - 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. - 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. 8,735,000 - Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 29, 2016 and December 31, 2015, respectively, the Company’s $ 93,000 70,000 1,927,000 Level 2 - Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At December 29, 2016 and December 31, 2015, respectively, the $ 6,000 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 December 29, 2016 and December 31, 2015, none of the Company’s recorded assets or liabilities were valued using Level 3 pricing inputs. The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable, notes receivable and accounts payable) approximates fair value. The fair value of the Company’s $ 90,286,000 92,424,000 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. Inventories, consisting of food and beverage and concession items, are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $ 4,437,000 2,641,000 - The Company states property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Years Land improvements 10 20 Buildings and improvements 12 39 Leasehold improvements 3 40 Furniture, fixtures and equipment 3 20 Depreciation expense totaled $ 42,085,000 23,893,000 38,368,000 33,329,000 - 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. The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the last day of its fiscal year. Consistent with the fiscal year change, the annual impairment testing has been changed to the last day of its new fiscal year-end. The Company believes performing the test at the end of the fiscal year is preferable as the test is predicated on qualitative factors which are developed and finalized near fiscal year-end. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than its carrying value, the Company performs a two-step quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value. No impairment was identified as of December 29, 2016 or December 31, 2015. The Company has never recorded a goodwill impairment loss. A summary of the Company’s goodwill activity is as follows: December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Balance at beginning of period $ 44,220 $ 43,720 $ 43,858 $ 43,997 Acquisition 581 Other (347) Deferred tax adjustment (138) (81) (138) (139) Balance at end of period $ 43,735 $ 44,220 $ 43,720 $ 43,858 The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $ 277,000 32,000 194,000 256,000 During fiscal 2016, the Company adopted Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) 404,000 258,000 449,000 491,000 Trading securities are stated at fair value, with the change in fair value recorded as investment income or loss. 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 from available for sale securities during fiscal 2016, the Transition Period, fiscal 2015 or fiscal 2014. 28,485,000 25,770,000 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. The Company expenses all advertising and marketing costs as incurred. The Company uses a combination of insurance and self insurance mechanisms, including participation in captive insurance entities, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance, director and officers’ liability insurance, cyber liability, employment practices liability and business interruption. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors. - 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 9 - Income Taxes. 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 Year Ended 31 Weeks Ended Year Ended December 29, December 31, 2016 2015 May 28, 2015 May 29, 2014 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 37,902 $ 23,565 $ 23,995 $ 25,001 Denominator: Denominator for basic EPS 27,551 27,609 27,421 27,076 Effect of dilutive employee stock options 406 308 266 74 Denominator for diluted EPS 27,957 27,917 27,687 27,150 Net earnings per share - Basic: Common Stock $ 1.41 $ 0.88 $ 0.90 $ 0.95 Class B Common Stock $ 1.28 $ 0.80 $ 0.82 $ 0.86 Net earnings per share- Diluted: Common Stock $ 1.36 $ 0.84 $ 0.87 $ 0.92 Class B Common Stock $ 1.27 $ 0.79 $ 0.81 $ 0.86 Options to purchase 14,000 456,000 434,000 469,000 23.37 31.55 19.74 23.37 18.34 23.37 14.40 23.37 December 29, 2016 December 31, 2015 Unrealized gain (loss) on available for sale investments $ 3 $ (11) Unrecognized gain on interest rate swap agreement 9 Net unrecognized actuarial loss for pension obligation (5,069) (5,219) $ (5,066) $ (5,221) As of December 29, 2016, 7% of the Company’s employees were covered by a collective bargaining agreement, of which 2% are covered by an agreement that will expire in one year. As of December 31, 2015, 8% of the Company’s employees were covered by a collective bargaining agreement, of which 75% were covered by an agreement that expired within one year Revenue from Contracts with Customers Revenue from Contracts with Customers: Deferral of Effective Date (ASU 2015-14) 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 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230)- Restricted Cash 12,553,000 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment During fiscal 2016, the Company adopted ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
Impairment Charge
Impairment Charge | 12 Months Ended |
Dec. 29, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment Charge | 2. Impairment Charge In fiscal 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 sale proceeds), was less than its carrying value and recorded a $ 2,600,000 319,000 7,737,000 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 29, 2016 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition On December 16, 2016, the Company acquired 14 owned and/or leased movie theatres, along with Ronnie’s Plaza 84,000 65,000,000 54,545,000 17,511,000 5,111,000 (450,000) 2,037,000 Assuming the Wehrenberg acquisition occurred at the beginning of fiscal 2016, unaudited pro forma revenues for the Company during fiscal 2016 were $ 607,934,000 |
Asset Sale
Asset Sale | 12 Months Ended |
Dec. 29, 2016 | |
Asset Sale [Abstract] | |
Asset Sale | 4. Asset Sale On October 16, 2015, the Company sold the Hotel Phillips for a total purchase price of approximately $ 13,500,000 13,100,000 70,000 3,925,000 9,736,000 7,888,000 291,000 739,000 (113,000) |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 12 Months Ended |
Dec. 29, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Additional Balance Sheet Information | 5. Additional Balance Sheet Information December 29, 2016 December 31, 2015 (in thousands) Trade receivables, net of allowances of $204 and $259, respectively $ 6,349 $ 5,898 Other receivables 8,412 7,468 $ 14,761 $ 13,366 December 29, 2016 December 31, 2015 (in thousands) Land and improvements $ 134,306 $ 104,379 Buildings and improvements 699,828 618,004 Leasehold improvements 80,522 78,855 Furniture, fixtures and equipment 312,334 285,578 Construction in progress 19,698 10,363 1,246,688 1,097,179 Less accumulated depreciation and amortization 457,490 426,477 $ 789,198 $ 670,702 December 29, 2016 December 31, 2015 (in thousands) Favorable lease right $ 9,486 $ 9,820 Split dollar life insurance policies 10,131 13,584 Other assets 16,477 13,822 $ 36,094 $ 37,226 The Company’s $ 13,353,000 40 334,000 3,867,000 3,533,000 Included in other assets as of December 29, 2016 is approximately $ 2,468,000 |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 29, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Capital Lease Obligations | 6. Long-Term Debt and Capital Lease Obligations December 29, 2016 December 31, 2015 (in thousands, except payment data) Mortgage notes $ 50,399 $ 51,305 Senior notes 90,286 101,429 Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% 3,053 3,338 Revolving credit agreement 140,000 30,000 Unsecured term loan 40,000 Debt issuance costs (355) (404) 283,383 225,668 Less current maturities, net of issuance costs 12,040 18,292 $ 271,343 $ 207,376 The mortgage notes, both fixed rate and adjustable, bear interest from 3.0 5.9 4.70 4.59 24,226,000 15,000,000 The $ 90,286,000 4.02 6.55 5.10 5.26 The Company has the ability to issue commercial paper through an agreement with a bank, up to a maximum of $ 35,000,000 During fiscal 2016, the Company replaced its then-existing credit agreement, consisting of a $ 37,188,000 175,000,000 225,000,000 140,000,000 1.83 1.61 0.20 85,000,000 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 December 29, 2016. (in thousands) Fiscal Year 2017 $ 12,040 2018 27,855 2019 9,704 2020 24,090 2021 159,830 Thereafter 49,864 $ 283,383 Interest paid, net of amounts capitalized, for fiscal 2016, the Transition Period, fiscal 2015 and fiscal 2014 totaled $ 9,105,000 5,220,000 9,353,000 9,370,000 Subsequent to December 29, 2016, the Company issued $ 50,000,000 4.32 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 0.75 25,000,000 159,000 96,000 165,000 Capital Lease Obligations - 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 December 29, 2016, 642 of the Company’s screens were utilizing the systems under a 10 45,510,000 28,294,000 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 (VPFs) 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 VPFs paid by distributors (standard booking commitment) to CDF2. To the extent the VPFs 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 VPFs are paid by the film distributors to CDF2. The Company has recorded the reduction of the obligation associated with the payment of VPFs 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 $ 5,543,000 In conjunction with the Wehrenberg theatre acquisition (see Note 3), the Company became the obligor of several movie theatre and equipment leases with unaffiliated third parties that qualify for capital lease accounting. We have recorded the leased buildings and equipment and corresponding obligations under the capital leases on our balance sheet at an initial preliminary fair value of $ 17,511,000 146,000 (in thousands) Fiscal Year 2017 $ 3,695 2018 3,701 2019 3,729 2020 3,694 2021 3,566 Thereafter 17,914 $ 36,299 |
Shareholders' Equity and Stock-
Shareholders' Equity and Stock-Based Compensation | 12 Months Ended |
Dec. 29, 2016 | |
Stock Holders Equity And Share Based Compensation [Abstract] | |
Stock Holders Equity And Share Based Compensation | 7. 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 Through December 29, 2016, the Company’s Board of Directors has approved the repurchase of up to 11,687,500 333,827 3,669 54,742 314,312 2,898,320 The Company’s Board of Directors has authorized the issuance of up to 750,000 447,036 Shareholders have approved the issuance of up to 4,937,500 40 60 80 100 Awarded shares of non-vested stock cumulatively vest either 25 50 75 100 50 100 1,351,801 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. Year Ended 31 Weeks Ended Year Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Risk-free interest rate 1.07 1.64% 1.30 2.13% 1.31 2.32% 1.04 2.38% Dividend yield 2.29% 2.26% 2.5% 2.7% Volatility 29 48% 36 48% 37 49% 41 49% Expected life 4 9 years 4 9 years 4 9 years 4 9 years Total pre-tax stock-based compensation expense was $ 1,899,000 975,000 1,499,000 1,781,000 840,000 418,000 689,000 752,000 December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Weighted- Weighted- Weighted- Weighted Average Average Average Average Exercise Exercise Exercise Exercise Options Price Options Price Options Price Options Price (options in thousands) Outstanding at beginning of period 1,707 $ 15.71 1,526 $ 14.75 1,566 $ 14.06 1,949 $ 14.03 Granted 185 19.45 284 20.22 276 18.35 291 13.16 Exercised (245) 16.23 (68) 12.69 (215) 13.81 (437) 12.81 Forfeited (84) 18.21 (35) 16.25 (101) 15.87 (237) 14.16 Outstanding at end of period 1,563 15.94 1,707 15.71 1,526 14.75 1,566 14.06 Exercisable at end of period 904 $ 14.28 961 $ 14.57 840 $ 14.90 909 $ 15.29 Weighted-average fair value of options granted during the period $ 5.94 $ 6.57 $ 5.98 $ 4.52 Exercise prices for options outstanding as of December 29, 2016, ranged from $ 10.00 31.55 5.9 4.2 1,508,000 15.84 23,691,000 Exercise Price Range $10.00 to $13.13 to $18.35 to $13.12 $18.34 $31.55 (options in thousands) Options outstanding 575 487 501 Weighted-average exercise price of options outstanding $ 12.13 $ 16.27 $ 20.00 Weighted-average remaining contractual life of options outstanding 5.2 4.6 7.8 Options exercisable 462 353 89 Weighted-average exercise price of options exercisable $ 11.90 $ 15.51 $ 21.68 The intrinsic value of options outstanding at December 29, 2016 was $ 24,398,000 15,609,000 1,676,000 485,000 1,181,000 1,211,000 2,950,000 3.1 December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Weighted- Weighted- Weighted- Weighted Average Average Average Average Fair Fair Fair Fair Shares Value Shares Value Shares Value Shares Value (options in thousands) Outstanding at beginning of period 134 $ 16.54 114 $ 15.39 98 $ 13.61 97 $ 12.92 Granted 36 24.54 34 19.24 30 19.38 37 14.14 Vested (25) 12.13 (14) 12.55 (14) 11.72 (25) 12.01 Forfeited (2) 18.72 (11) 12.93 Outstanding at end of period 143 19.30 134 16.54 114 15.39 98 13.61 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 December 29, 2016, total remaining unearned compensation related to non-vested stock was $ 1,918,000 3.9 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 29, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | 8. 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 25 6 During fiscal 2017, the 401(k) plan will provide only one type of employer contribution: a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. 251,000 3,960,000 2,362,000 3,581,000 3,360,000 The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income. December 29, December 31, 2016 2015 (in thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 31,671 $ 31,037 Service cost 865 459 Interest cost 1,406 765 Actuarial loss 82 104 Curtailment (261) Benefits paid (1,240) (694) Benefit obligation at end of year $ 32,523 $ 31,671 Amounts recognized in the statement of financial position consist of: Current accrued benefit liability (included in Other accrued liabilities) $ (1,252) $ (1,191) Noncurrent accrued benefit liability (included in Deferred compensation and other) (31,271) (30,480) Total $ (32,523) $ (31,671) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 9,049 $ 9,410 Prior service credit (642) (711) Total $ 8,407 $ 8,699 Year Ended 31 Weeks Ended Year Ended December 29, December 31, May 28, May 29, 2016 2015 2015 2014 (in thousands) Net periodic pension cost: Service cost $ 865 $ 459 $ 697 $ 702 Interest cost 1,406 765 1,243 1,173 Net amortization of prior service cost and actuarial loss 364 211 326 268 Curtailment gain (251) $ 2,384 $ 1,435 $ 2,266 $ 2,143 The $ 5,069,000 5,457,000 388,000 5,219,000 5,645,000 426,000 The accumulated benefit obligation was $ 28,151,000 26,940,000 The pre-tax change in the benefit obligation recognized in other comprehensive loss during fiscal 2016 consisted of the current year net actuarial loss of $ 82,000 442,000 329,000 261,000 104,000 256,000 45,000 356,000 420,000 64,000 December 29, 2016 December 31, 2015 Discount rate 4.15 % 4.40 % Rate of compensation increase 4.00 % 4.00 % The weighted-average assumptions used to determine net periodic benefit cost were as follows: 31 Weeks Year Ended Ended Year Ended December 29, December 31, 2016 2015 May 28, 2015 May 29, 2014 Discount rate 4.40 % 4.20 % 4.30 % 4.40 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Fiscal Year (in thousands) 2017 $ 1,252 2018 1,337 2019 1,349 2020 1,520 2021 1,475 Years 2022 2026 10,995 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes December 29, 2016 December 31, 2015 (in thousands) Accrued employee benefits $ 17,682 $ 17,218 Depreciation and amortization (67,897) (63,906) Other 3,782 3,283 Net deferred tax liability $ (46,433) $ (43,405) During fiscal 2016, the Company adopted ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes 2,807,000 Year Ended 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Current: Federal $ 15,434 $ 12,688 $ 8,065 $ 14,788 State 4,667 3,240 2,120 2,654 Deferred: Federal 3,402 (829) 4,328 (861) State (509) (314) 1,165 229 $ 22,994 $ 14,785 $ 15,678 $ 16,810 The Company’s effective income tax rate, adjusted for earnings from noncontrolling interests, for fiscal 2016, the Transition Period, fiscal 2015 and fiscal 2014 was 37.8 38.6 39.5 40.2 Year Ended 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Statutory federal tax rate 35.0 % 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 4.8 5.1 5.3 4.5 Tax credits, net of federal income tax benefit (0.9) (1.0) (1.1) (0.2) Unrecognized tax benefits and related interest - Other (1.1) (0.5) 0.3 0.9 37.8 % 38.6 % 39.5 % 40.2 % Net income taxes paid in fiscal 2016, the Transition Period, fiscal 2015 and fiscal 2014 totaled $ 25,017,000 8,270,000 10,918,000 19,437,000 Year Ended 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Balance at beginning of year $ 414 $ 431 $ 102 $ 102 Increases due to: Tax positions taken in prior years - - 543 - Tax positions taken in current year - - - - Decreases due to: Tax positions taken in prior years - - - - Settlements with taxing authorities - (17) (214) - Lapse of applicable statute of limitations - - - - Balance at end of year $ 414 $ 414 $ 431 $ 102 The Company’s total unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate were $ 67,000 130,000 101,000 153,000 108,000 89,000 (1,000) During fiscal 2015, the Company settled an examination by the Internal Revenue Service of its income tax return for the year ended May 31, 2012. As a result, the Company's federal income tax returns are no longer subject to audit prior to fiscal year 2013. With certain exceptions, the Company's state income tax returns are no longer subject to examination for the fiscal years 2010 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 |
Dec. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and License Rights | 10. 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. Year Ended 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 28, 2014 (in thousands) Fixed minimum rentals $ 7,707 $ 4,693 $ 8,064 $ 7,995 Amortization of favorable lease right 334 194 334 334 Percentage rentals 343 153 193 193 $ 8,384 $ 5,040 $ 8,591 $ 8,522 Fiscal Year (in thousands) 2017 $ 13,051 2018 10,898 2019 10,336 2020 9,086 2021 8,429 Thereafter 75,878 $ 127,678 Commitments - The Company has commitments for the completion of construction at various properties totaling approximately $ 15,130,000 License Rights - The Company has license rights to operate three hotels using the Hilton trademark, one hotel using the InterContinental trademark and two hotels using the Marriott trademark. Under the terms of the licenses, the Company is obligated to pay fees based on defined gross sales. |
Joint Venture Transactions
Joint Venture Transactions | 12 Months Ended |
Dec. 29, 2016 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Related Party Transactions Disclosure | 11. Joint Venture Transactions At December 29, 2016 and December 31, 2015, the Company held investments with aggregate carrying values of $ 6,096,000 7,455,000 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 29, 2016 | |
Business Segment Information [Abstract] | |
Business Segment Information | 12. 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. Hotels/ Corporate Theatres Resorts Items Total (in thousands) Fiscal 2016 Revenues $ 328,165 $ 215,171 $ 528 $ 543,864 Operating income (loss) 71,754 14,604 (16,404) 69,954 Depreciation and amortization 24,570 16,895 367 41,832 Assets 561,755 311,738 37,773 911,266 Capital expenditures and acquisitions 132,509 14,650 213 147,372 31 Weeks Ended December 31, 2015 Revenues $ 182,845 $ 141,088 $ 334 $ 324,267 Operating income (loss) 37,162 17,331 (9,821) 44,672 Depreciation and amortization 13,215 10,387 213 23,815 Assets 435,862 328,455 40,384 804,701 Capital expenditures and acquisitions 27,984 16,428 40 44,452 Fiscal 2015 Revenues $ 269,155 $ 218,332 $ 580 $ 488,067 Operating income (loss) 53,467 10,331 (13,155) 50,643 Depreciation and amortization 20,141 17,930 290 38,361 Assets 424,740 334,211 46,521 805,472 Capital expenditures and acquisitions 49,789 23,610 1,589 74,988 Fiscal 2014 Revenues $ 243,162 $ 204,138 $ 639 $ 447,939 Operating income (loss) 46,461 16,083 (13,671) 48,873 Depreciation and amortization 16,747 16,319 288 33,354 Assets 401,624 323,815 39,562 765,001 Capital expenditures and acquisitions 37,964 18,516 193 56,673 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 I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 29, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | 13. Unaudited Quarterly Financial Information ( in thousands, except per share data 13 Weeks Ended March 31, June 30, September 29, December 29, Fiscal 2016 2016 2016 2016 2016 Revenues $ 125,444 $ 134,978 $ 144,695 $ 138,747 Operating income 11,346 18,261 24,683 15,664 Net earnings attributable to The Marcus Corporation 5,452 9,336 14,372 8,742 Net earnings per common share diluted $ 0.20 $ 0.34 $ 0.51 $ 0.31 13 Weeks Ended 5 Weeks Ended August 27, November 26, December 31, 31 Weeks Ended December 31, 2015 2015 2015 2015 Revenues $ 149,190 $ 115,676 $ 59,401 Operating income 25,966 10,664 8,042 Net earnings attributable to The Marcus Corporation 14,651 4,945 3,969 Net earnings per common share diluted $ 0.53 $ 0.18 $ 0.14 13 Weeks Ended August 28, November 27, February 26, May 28, Fiscal 2015 2014 2014 2015 2015 (1) Revenues $ 131,769 $ 116,061 $ 120,153 $ 120,084 Operating income 22,809 11,730 7,415 8,689 Net earnings attributable to The Marcus Corporation 12,432 5,223 3,091 3,249 Net earnings per common share diluted $ 0.45 $ 0.19 $ 0.11 $ 0.12 (1) The Company recorded a $ 2,600 1,562 0.06 |
Unaudited Transition Period Com
Unaudited Transition Period Comparative Balances | 12 Months Ended |
Dec. 29, 2016 | |
Transition Period Comparative Balances [Abstract] | |
Transition Period Comparative Balances | 14. Unaudited Transition Period Comparative Balances (in thousands, except per share data) In October 2015, the Company’s Board of Directors approved a change in the Company’s fiscal year-end from the last Thursday in May to the last Thursday in December. The Company reports on a 52/53 week year. The required 31-week transition period of May 29, 2015 to December 31, 2015 is included in these financial statements. (unaudited) (unaudited) December 31, December 25, 2015 2014 REVENUES: Theatre admissions $ 176,251 $ 85,608 Rooms 109,857 69,897 Theatre concessions 115,081 52,872 Food and beverage 71,028 41,456 Other revenues 59,477 30,807 Total revenues 531,694 280,640 COSTS AND EXPENSES: Theatre operations 153,612 73,081 Rooms 42,408 25,104 Theatre concessions 32,279 14,711 Food and beverage 57,769 32,425 Advertising and marketing 23,929 16,178 Administrative 60,610 29,029 Depreciation and amortization 40,032 22,145 Rent 8,622 5,009 Property taxes 14,876 8,756 Other operating expenses 33,615 19,911 Impairment charge 2,919 - Total costs and expenses 470,671 246,349 OPERATING INCOME 61,023 34,291 OTHER INCOME (EXPENSE): Investment income 209 58 Interest expense (10,035) (5,824) Loss on disposition of property, equipment and other assets (1,233) (719) Equity losses from unconsolidated joint ventures, net (160) (63) (11,219) (6,548) EARNINGS BEFORE INCOME TAXES 49,804 27,743 INCOME TAXES 19,415 11,043 NET EARNINGS 30,389 16,700 NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS (393) (82) NET EARNINGS ATTRIBUTABLE TO THE MARCUS CORPORATION $ 30,782 $ 16,782 NET EARNINGS PER SHARE BASIC: Common Stock $ 1.15 $ 0.63 Class B Common Stock 1.04 0.57 NET EARNINGS PER SHARE DILUTED: Common Stock $ 1.1 $ 0.61 Class B Common Stock 1.03 0.57 |
Description of Business and S24
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2016 | |
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, Minnesota, Iowa, North Dakota, Nebraska and Missouri and a family entertainment center in Wisconsin. Hotels and Resorts: Owns and operates full service hotels and resorts in Wisconsin, Illinois, Oklahoma and Nebraska 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 a 50 50 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. The Company has investments in affiliates which are 50 Additionally, as of December 29, 2016, the Company had entered into a purchase and sale transaction in accordance with Section 1031 of the Internal Revenue Code for the exchange of like-kind property to defer taxable gains on the sale of real estate property. For reverse transactions under a 1031 exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange, legal title to the acquired property is held by a qualified intermediary engaged to execute the 1031 exchange until the sale transaction and the 1031 exchange is completed. The company retains essentially all of the legal and economic benefits and obligations related to the acquired property prior to the completion of the 1031 exchange. As such, the assets and results of operations of the acquired property are included in the Company’s consolidated financial statements as a VIE until legal title is transferred to the Company upon completion or expiration of the 1031 exchange. All intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year-End Change | Fiscal Years |
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 8,735,000 |
Fair Value Measurements | Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 29, 2016 and December 31, 2015, respectively, the Company’s $ 93,000 70,000 1,927,000 Level 2 - Assets or liabilities for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. At December 29, 2016 and December 31, 2015, respectively, the $ 6,000 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 December 29, 2016 and December 31, 2015, none of the Company’s recorded assets or liabilities were valued using Level 3 pricing inputs. The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable, notes receivable and accounts payable) approximates fair value. The fair value of the Company’s $ 90,286,000 92,424,000 |
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, consisting of food and beverage and concession items, are stated at the lower of cost or market. Cost has been determined using the first-in, first-out method. Inventories of $ 4,437,000 2,641,000 |
Property and Equipment | Property and Equipment - The Company states property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Years Land improvements 10 20 Buildings and improvements 12 39 Leasehold improvements 3 40 Furniture, fixtures and equipment 3 20 Depreciation expense totaled $ 42,085,000 23,893,000 38,368,000 33,329,000 |
Long-Lived Assets | Long-Lived Assets - |
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 performs its annual impairment test on the last day of its fiscal year. Consistent with the fiscal year change, the annual impairment testing has been changed to the last day of its new fiscal year-end. The Company believes performing the test at the end of the fiscal year is preferable as the test is predicated on qualitative factors which are developed and finalized near fiscal year-end. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than its carrying value, the Company performs a two-step quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value. No impairment was identified as of December 29, 2016 or December 31, 2015. The Company has never recorded a goodwill impairment loss. A summary of the Company’s goodwill activity is as follows: December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Balance at beginning of period $ 44,220 $ 43,720 $ 43,858 $ 43,997 Acquisition 581 Other (347) Deferred tax adjustment (138) (81) (138) (139) Balance at end of period $ 43,735 $ 44,220 $ 43,720 $ 43,858 |
Capitalization of Interest | The Company capitalizes interest during construction periods by adding such interest to the cost of constructed assets. Interest of approximately $ 277,000 32,000 194,000 256,000 |
Debt Issuance Costs | Debt Issuance Costs During fiscal 2016, the Company adopted Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) 404,000 258,000 449,000 491,000 |
Investments | Investments - Trading securities are stated at fair value, with the change in fair value recorded as investment income or loss. 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 from available for sale securities during fiscal 2016, the Transition Period, fiscal 2015 or fiscal 2014. |
Revenue Recognition | Revenue Recognition - 28,485,000 25,770,000 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 captive insurance entities, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, property insurance, director and officers’ liability insurance, cyber liability, employment practices liability and business interruption. Liabilities associated with the risks that are retained by the company are not discounted and are estimated, in part, by considering historical claims experience, demographic factors and severity factors. |
Income Taxes | Income Taxes - The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in the future tax returns for which the Company has already properly recorded the tax benefit in the income statement. The Company regularly assesses the probability that the deferred tax asset balance will be recovered against future taxable income, taking into account such factors as earnings history, carryback and carryforward periods, and tax strategies. When the indications are that recovery is not probable, a valuation allowance is established against the deferred tax asset, increasing income tax expense in the year that conclusion is made. The Company assesses income tax positions and records tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. See Note 9 - Income Taxes. |
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 Year Ended 31 Weeks Ended Year Ended December 29, December 31, 2016 2015 May 28, 2015 May 29, 2014 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 37,902 $ 23,565 $ 23,995 $ 25,001 Denominator: Denominator for basic EPS 27,551 27,609 27,421 27,076 Effect of dilutive employee stock options 406 308 266 74 Denominator for diluted EPS 27,957 27,917 27,687 27,150 Net earnings per share - Basic: Common Stock $ 1.41 $ 0.88 $ 0.90 $ 0.95 Class B Common Stock $ 1.28 $ 0.80 $ 0.82 $ 0.86 Net earnings per share- Diluted: Common Stock $ 1.36 $ 0.84 $ 0.87 $ 0.92 Class B Common Stock $ 1.27 $ 0.79 $ 0.81 $ 0.86 Options to purchase 14,000 456,000 434,000 469,000 23.37 31.55 19.74 23.37 18.34 23.37 14.40 23.37 |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss - December 29, 2016 December 31, 2015 Unrealized gain (loss) on available for sale investments $ 3 $ (11) Unrecognized gain on interest rate swap agreement 9 Net unrecognized actuarial loss for pension obligation (5,069) (5,219) $ (5,066) $ (5,221) |
Concentration of Risk | Concentration of Risk - As of December 29, 2016, 7% of the Company’s employees were covered by a collective bargaining agreement, of which 2% are covered by an agreement that will expire in one year. As of December 31, 2015, 8% of the Company’s employees were covered by a collective bargaining agreement, of which 75% were covered by an agreement that expired within one year |
New Accounting Pronouncement | New Accounting Pronouncements Revenue from Contracts with Customers Revenue from Contracts with Customers: Deferral of Effective Date (ASU 2015-14) 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 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230)- Restricted Cash 12,553,000 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment During fiscal 2016, the Company adopted ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting On January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis |
Description of Business and S25
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Accounting Policies [Abstract] | |
Schedule Of Depreciation And Amortization Of Property And Equipment | Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms: Years Land improvements 10 20 Buildings and improvements 12 39 Leasehold improvements 3 40 Furniture, fixtures and equipment 3 20 |
Schedule of Goodwill | December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Balance at beginning of period $ 44,220 $ 43,720 $ 43,858 $ 43,997 Acquisition 581 Other (347) Deferred tax adjustment (138) (81) (138) (139) Balance at end of period $ 43,735 $ 44,220 $ 43,720 $ 43,858 |
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 31 Weeks Ended Year Ended December 29, December 31, 2016 2015 May 28, 2015 May 29, 2014 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 37,902 $ 23,565 $ 23,995 $ 25,001 Denominator: Denominator for basic EPS 27,551 27,609 27,421 27,076 Effect of dilutive employee stock options 406 308 266 74 Denominator for diluted EPS 27,957 27,917 27,687 27,150 Net earnings per share - Basic: Common Stock $ 1.41 $ 0.88 $ 0.90 $ 0.95 Class B Common Stock $ 1.28 $ 0.80 $ 0.82 $ 0.86 Net earnings per share- Diluted: Common Stock $ 1.36 $ 0.84 $ 0.87 $ 0.92 Class B Common Stock $ 1.27 $ 0.79 $ 0.81 $ 0.86 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: December 29, 2016 December 31, 2015 Unrealized gain (loss) on available for sale investments $ 3 $ (11) Unrecognized gain on interest rate swap agreement 9 Net unrecognized actuarial loss for pension obligation (5,069) (5,219) $ (5,066) $ (5,221) |
Additional Balance Sheet Info26
Additional Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | December 29, 2016 December 31, 2015 (in thousands) Trade receivables, net of allowances of $204 and $259, respectively $ 6,349 $ 5,898 Other receivables 8,412 7,468 $ 14,761 $ 13,366 |
Schedule of Property, Plant and Equipment | The composition of property and equipment, which is stated at cost, is as follows: December 29, 2016 December 31, 2015 (in thousands) Land and improvements $ 134,306 $ 104,379 Buildings and improvements 699,828 618,004 Leasehold improvements 80,522 78,855 Furniture, fixtures and equipment 312,334 285,578 Construction in progress 19,698 10,363 1,246,688 1,097,179 Less accumulated depreciation and amortization 457,490 426,477 $ 789,198 $ 670,702 |
Schedule of Other Assets | The composition of other assets is as follows: December 29, 2016 December 31, 2015 (in thousands) Favorable lease right $ 9,486 $ 9,820 Split dollar life insurance policies 10,131 13,584 Other assets 16,477 13,822 $ 36,094 $ 37,226 |
Long-Term Debt and Capital Le27
Long-Term Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt is summarized as follows: December 29, 2016 December 31, 2015 (in thousands, except payment data) Mortgage notes $ 50,399 $ 51,305 Senior notes 90,286 101,429 Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% 3,053 3,338 Revolving credit agreement 140,000 30,000 Unsecured term loan 40,000 Debt issuance costs (355) (404) 283,383 225,668 Less current maturities, net of issuance costs 12,040 18,292 $ 271,343 $ 207,376 |
Schedule of Maturities of Long-term Debt | (in thousands) Fiscal Year 2017 $ 12,040 2018 27,855 2019 9,704 2020 24,090 2021 159,830 Thereafter 49,864 $ 283,383 |
Schedule of Future Minimum Lease Payments for Capital Leases | (in thousands) Fiscal Year 2017 $ 3,695 2018 3,701 2019 3,729 2020 3,694 2021 3,566 Thereafter 17,914 $ 36,299 |
Shareholders' Equity and Stoc28
Shareholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Stock Holders Equity And Share Based Compensation [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 2016, the Transition Period, fiscal 2015 and fiscal 2014: Year Ended 31 Weeks Ended Year Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Risk-free interest rate 1.07 1.64% 1.30 2.13% 1.31 2.32% 1.04 2.38% Dividend yield 2.29% 2.26% 2.5% 2.7% Volatility 29 48% 36 48% 37 49% 41 49% Expected life 4 9 years 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: December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Weighted- Weighted- Weighted- Weighted Average Average Average Average Exercise Exercise Exercise Exercise Options Price Options Price Options Price Options Price (options in thousands) Outstanding at beginning of period 1,707 $ 15.71 1,526 $ 14.75 1,566 $ 14.06 1,949 $ 14.03 Granted 185 19.45 284 20.22 276 18.35 291 13.16 Exercised (245) 16.23 (68) 12.69 (215) 13.81 (437) 12.81 Forfeited (84) 18.21 (35) 16.25 (101) 15.87 (237) 14.16 Outstanding at end of period 1,563 15.94 1,707 15.71 1,526 14.75 1,566 14.06 Exercisable at end of period 904 $ 14.28 961 $ 14.57 840 $ 14.90 909 $ 15.29 Weighted-average fair value of options granted during the period $ 5.94 $ 6.57 $ 5.98 $ 4.52 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Exercise Price Range $10.00 to $13.13 to $18.35 to $13.12 $18.34 $31.55 (options in thousands) Options outstanding 575 487 501 Weighted-average exercise price of options outstanding $ 12.13 $ 16.27 $ 20.00 Weighted-average remaining contractual life of options outstanding 5.2 4.6 7.8 Options exercisable 462 353 89 Weighted-average exercise price of options exercisable $ 11.90 $ 15.51 $ 21.68 |
Schedule of Nonvested Share Activity | A summary of the Company’s non-vested stock activity and related information follows: December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Weighted- Weighted- Weighted- Weighted Average Average Average Average Fair Fair Fair Fair Shares Value Shares Value Shares Value Shares Value (options in thousands) Outstanding at beginning of period 134 $ 16.54 114 $ 15.39 98 $ 13.61 97 $ 12.92 Granted 36 24.54 34 19.24 30 19.38 37 14.14 Vested (25) 12.13 (14) 12.55 (14) 11.72 (25) 12.01 Forfeited (2) 18.72 (11) 12.93 Outstanding at end of period 143 19.30 134 16.54 114 15.39 98 13.61 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 29, 2016 and December 31, 2015 measurement dates is as follows: December 29, December 31, 2016 2015 (in thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 31,671 $ 31,037 Service cost 865 459 Interest cost 1,406 765 Actuarial loss 82 104 Curtailment (261) Benefits paid (1,240) (694) Benefit obligation at end of year $ 32,523 $ 31,671 Amounts recognized in the statement of financial position consist of: Current accrued benefit liability (included in Other accrued liabilities) $ (1,252) $ (1,191) Noncurrent accrued benefit liability (included in Deferred compensation and other) (31,271) (30,480) Total $ (32,523) $ (31,671) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 9,049 $ 9,410 Prior service credit (642) (711) Total $ 8,407 $ 8,699 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Year Ended 31 Weeks Ended Year Ended December 29, December 31, May 28, May 29, 2016 2015 2015 2014 (in thousands) Net periodic pension cost: Service cost $ 865 $ 459 $ 697 $ 702 Interest cost 1,406 765 1,243 1,173 Net amortization of prior service cost and actuarial loss 364 211 326 268 Curtailment gain (251) $ 2,384 $ 1,435 $ 2,266 $ 2,143 |
Schedule of Assumptions Used | The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows: December 29, 2016 December 31, 2015 Discount rate 4.15 % 4.40 % Rate of compensation increase 4.00 % 4.00 % The weighted-average assumptions used to determine net periodic benefit cost were as follows: 31 Weeks Year Ended Ended Year Ended December 29, December 31, 2016 2015 May 28, 2015 May 29, 2014 Discount rate 4.40 % 4.20 % 4.30 % 4.40 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % |
Schedule of Expected Benefit Payments | Benefit payments and contributions expected to be paid subsequent to December 29, 2016, are: Fiscal Year (in thousands) 2017 $ 1,252 2018 1,337 2019 1,349 2020 1,520 2021 1,475 Years 2022 2026 10,995 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Income Taxes [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability are as follows: December 29, 2016 December 31, 2015 (in thousands) Accrued employee benefits $ 17,682 $ 17,218 Depreciation and amortization (67,897) (63,906) Other 3,782 3,283 Net deferred tax liability $ (46,433) $ (43,405) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense consists of the following: Year Ended 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Current: Federal $ 15,434 $ 12,688 $ 8,065 $ 14,788 State 4,667 3,240 2,120 2,654 Deferred: Federal 3,402 (829) 4,328 (861) State (509) (314) 1,165 229 $ 22,994 $ 14,785 $ 15,678 $ 16,810 |
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 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 Statutory federal tax rate 35.0 % 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 4.8 5.1 5.3 4.5 Tax credits, net of federal income tax benefit (0.9) (1.0) (1.1) (0.2) Unrecognized tax benefits and related interest - Other (1.1) (0.5) 0.3 0.9 37.8 % 38.6 % 39.5 % 40.2 % |
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 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 29, 2014 (in thousands) Balance at beginning of year $ 414 $ 431 $ 102 $ 102 Increases due to: Tax positions taken in prior years - - 543 - Tax positions taken in current year - - - - Decreases due to: Tax positions taken in prior years - - - - Settlements with taxing authorities - (17) (214) - Lapse of applicable statute of limitations - - - - Balance at end of year $ 414 $ 414 $ 431 $ 102 |
Commitments and License Rights
Commitments and License Rights (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Rent expense charged to operations under these leases was as follows: Year Ended 31 Weeks Ended Year Ended December 29, 2016 December 31, 2015 May 28, 2015 May 28, 2014 (in thousands) Fixed minimum rentals $ 7,707 $ 4,693 $ 8,064 $ 7,995 Amortization of favorable lease right 334 194 334 334 Percentage rentals 343 153 193 193 $ 8,384 $ 5,040 $ 8,591 $ 8,522 |
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 December 29, 2016: Fiscal Year (in thousands) 2017 $ 13,051 2018 10,898 2019 10,336 2020 9,086 2021 8,429 Thereafter 75,878 $ 127,678 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Business Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of business segment information for fiscal 2016, the Transition Period, fiscal 2015 and fiscal 2014: Hotels/ Corporate Theatres Resorts Items Total (in thousands) Fiscal 2016 Revenues $ 328,165 $ 215,171 $ 528 $ 543,864 Operating income (loss) 71,754 14,604 (16,404) 69,954 Depreciation and amortization 24,570 16,895 367 41,832 Assets 561,755 311,738 37,773 911,266 Capital expenditures and acquisitions 132,509 14,650 213 147,372 31 Weeks Ended December 31, 2015 Revenues $ 182,845 $ 141,088 $ 334 $ 324,267 Operating income (loss) 37,162 17,331 (9,821) 44,672 Depreciation and amortization 13,215 10,387 213 23,815 Assets 435,862 328,455 40,384 804,701 Capital expenditures and acquisitions 27,984 16,428 40 44,452 Fiscal 2015 Revenues $ 269,155 $ 218,332 $ 580 $ 488,067 Operating income (loss) 53,467 10,331 (13,155) 50,643 Depreciation and amortization 20,141 17,930 290 38,361 Assets 424,740 334,211 46,521 805,472 Capital expenditures and acquisitions 49,789 23,610 1,589 74,988 Fiscal 2014 Revenues $ 243,162 $ 204,138 $ 639 $ 447,939 Operating income (loss) 46,461 16,083 (13,671) 48,873 Depreciation and amortization 16,747 16,319 288 33,354 Assets 401,624 323,815 39,562 765,001 Capital expenditures and acquisitions 37,964 18,516 193 56,673 |
Unaudited Quarterly Financial33
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 13 Weeks Ended March 31, June 30, September 29, December 29, Fiscal 2016 2016 2016 2016 2016 Revenues $ 125,444 $ 134,978 $ 144,695 $ 138,747 Operating income 11,346 18,261 24,683 15,664 Net earnings attributable to The Marcus Corporation 5,452 9,336 14,372 8,742 Net earnings per common share diluted $ 0.20 $ 0.34 $ 0.51 $ 0.31 13 Weeks Ended 5 Weeks Ended August 27, November 26, December 31, 31 Weeks Ended December 31, 2015 2015 2015 2015 Revenues $ 149,190 $ 115,676 $ 59,401 Operating income 25,966 10,664 8,042 Net earnings attributable to The Marcus Corporation 14,651 4,945 3,969 Net earnings per common share diluted $ 0.53 $ 0.18 $ 0.14 13 Weeks Ended August 28, November 27, February 26, May 28, Fiscal 2015 2014 2014 2015 2015 (1) Revenues $ 131,769 $ 116,061 $ 120,153 $ 120,084 Operating income 22,809 11,730 7,415 8,689 Net earnings attributable to The Marcus Corporation 12,432 5,223 3,091 3,249 Net earnings per common share diluted $ 0.45 $ 0.19 $ 0.11 $ 0.12 (1) The Company recorded a $ 2,600 1,562 0.06 |
Unaudited Transition Period C34
Unaudited Transition Period Comparative Balances (Tables) | 12 Months Ended |
Dec. 29, 2016 | |
Transition Period Comparative Balances Disclosure [Abstract] | |
Schedule of Transition Period Comparative Balances | In order to provide comparative results for the year ended December 29, 2016, the unaudited consolidated statement of earnings for the 53-week year ended December 31, 2015 is presented below. In order to provide comparative results for the 31-week transition period ended December 31, 2015, the unaudited consolidated statement of earnings for the 30-week period of May 30, 2014 to December 25, 2014 is also presented. (unaudited) (unaudited) December 31, December 25, 2015 2014 REVENUES: Theatre admissions $ 176,251 $ 85,608 Rooms 109,857 69,897 Theatre concessions 115,081 52,872 Food and beverage 71,028 41,456 Other revenues 59,477 30,807 Total revenues 531,694 280,640 COSTS AND EXPENSES: Theatre operations 153,612 73,081 Rooms 42,408 25,104 Theatre concessions 32,279 14,711 Food and beverage 57,769 32,425 Advertising and marketing 23,929 16,178 Administrative 60,610 29,029 Depreciation and amortization 40,032 22,145 Rent 8,622 5,009 Property taxes 14,876 8,756 Other operating expenses 33,615 19,911 Impairment charge 2,919 - Total costs and expenses 470,671 246,349 OPERATING INCOME 61,023 34,291 OTHER INCOME (EXPENSE): Investment income 209 58 Interest expense (10,035) (5,824) Loss on disposition of property, equipment and other assets (1,233) (719) Equity losses from unconsolidated joint ventures, net (160) (63) (11,219) (6,548) EARNINGS BEFORE INCOME TAXES 49,804 27,743 INCOME TAXES 19,415 11,043 NET EARNINGS 30,389 16,700 NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS (393) (82) NET EARNINGS ATTRIBUTABLE TO THE MARCUS CORPORATION $ 30,782 $ 16,782 NET EARNINGS PER SHARE BASIC: Common Stock $ 1.15 $ 0.63 Class B Common Stock 1.04 0.57 NET EARNINGS PER SHARE DILUTED: Common Stock $ 1.1 $ 0.61 Class B Common Stock 1.03 0.57 |
Description of Business and S35
Description of Business and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 29, 2016 | |
Land Improvements [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Description of Business and S36
Description of Business and Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Balance at beginning of period | $ 43,720 | $ 44,220 | $ 43,858 | $ 43,997 |
Acquisition | 581 | 0 | 0 | 0 |
Other | 0 | (347) | 0 | 0 |
Deferred tax adjustment | (81) | (138) | (138) | (139) |
Balance at end of period | $ 44,220 | $ 43,735 | $ 43,720 | $ 43,858 |
Description of Business and S37
Description of Business and Summary of Significant Accounting Policies (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Dec. 29, 2016 | Sep. 29, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 26, 2015 | Aug. 27, 2015 | May 28, 2015 | [1] | Feb. 26, 2015 | Nov. 27, 2014 | Aug. 28, 2014 | Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | |
Numerator: | ||||||||||||||||||
Net earnings attributable to The Marcus Corporation | $ 3,969 | $ 8,742 | $ 14,372 | $ 9,336 | $ 5,452 | $ 4,945 | $ 14,651 | $ 3,249 | $ 3,091 | $ 5,223 | $ 12,432 | $ 23,565 | $ 16,782 | $ 37,902 | $ 30,782 | $ 23,995 | $ 25,001 | |
Denominator: | ||||||||||||||||||
Denominator for basic EPS | 27,609 | 27,551 | 27,421 | 27,076 | ||||||||||||||
Effect of dilutive employee stock options | 308 | 406 | 266 | 74 | ||||||||||||||
Denominator for diluted EPS | 27,917 | 27,957 | 27,687 | 27,150 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Net earnings per share - Basic: | ||||||||||||||||||
Common Stock | $ 0.88 | $ 0.63 | $ 1.41 | $ 1.15 | $ 0.9 | $ 0.95 | ||||||||||||
Net earnings per share- Diluted: | ||||||||||||||||||
Common Stock | 0.84 | 0.61 | 1.36 | 1.1 | 0.87 | 0.92 | ||||||||||||
Class B Common Stock [Member] | ||||||||||||||||||
Net earnings per share - Basic: | ||||||||||||||||||
Common Stock | 0.8 | 1.28 | 0.82 | 0.86 | ||||||||||||||
Net earnings per share- Diluted: | ||||||||||||||||||
Common Stock | $ 0.79 | $ 0.57 | $ 1.27 | $ 1.03 | $ 0.81 | $ 0.86 | ||||||||||||
[1] | The Company recorded a $2,600 pre-tax impairment charge during the fourth quarter of fiscal 2015 related to an existing hotel (approximately $1,562 after-tax, or $0.06 per diluted common share). |
Description of Business and S38
Description of Business and Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
Summary of Significant Accounting Policies [Line Items] | ||
Unrealized gain (loss) on available for sale investments | $ 3 | $ (11) |
Unrecognized gain on interest rate swap agreement | 0 | 9 |
Net unrecognized actuarial loss for pension obligation | (5,069) | (5,219) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (5,066) | $ (5,221) |
Description of Business and S39
Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Depreciation | $ 23,893,000 | $ 42,085,000 | $ 38,368,000 | $ 33,329,000 |
Percentage Of Cash Dividends | 110.00% | |||
Restricted Cash and Investments, Total | 8,735,000 | |||
Senior Notes, Noncurrent | 101,429,000 | $ 90,286,000 | ||
Inventory, Net, Total | 2,641,000 | $ 4,437,000 | ||
Concentration Risk, Labor Subject to Collective Bargaining Arrangements | As of December 29, 2016, 7% of the Companys employees were covered by a collective bargaining agreement, of which 2% are covered by an agreement that will expire in one year. As of December 31, 2015, 8% of the Companys employees were covered by a collective bargaining agreement, of which 75% were covered by an agreement that expired within one year. | |||
Interest Costs Capitalized | 32,000 | $ 277,000 | 194,000 | 256,000 |
Amortization of Debt Issuance Costs | 258,000 | 303,000 | $ 449,000 | $ 491,000 |
Deferred Revenue, Current | $ 25,770,000 | $ 28,485,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 456,000 | 14,000 | 434,000 | 469,000 |
Debt Issuance Costs, Noncurrent, Net | $ 404,000 | |||
Increase Decrease In Restricted Cash | $ 9,259,000 | $ (12,553,000) | $ 728,000 | $ 137,000 |
Minimum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Investment Option Exercise Price | $ 19.74 | $ 23.37 | $ 18.34 | $ 14.40 |
Maximum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investment Option Exercise Price | $ 23.37 | $ 31.55 | $ 23.37 | $ 23.37 |
Corporate Joint Venture One [Member] | Minimum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Ownership Interest In Joint Ventures | 50.00% | |||
Corporate Joint Venture Two [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Ownership Interest In Joint Ventures | 50.00% | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | $ 70,000 | $ 93,000 | ||
Trading Securities | 1,927,000 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 16,000 | 6,000 | ||
Senior Notes, Noncurrent | $ 92,424,000 |
Impairment Charge (Details Text
Impairment Charge (Details Textual) | 12 Months Ended |
May 28, 2015USD ($) | |
Impairment Charge [Line Items] | |
Impaired Asset Fair Value | $ 7,737,000 |
Theatres [Member] | Fair Value, Inputs, Level 3 [Member] | |
Impairment Charge [Line Items] | |
Impairment of Real Estate | 319,000 |
Hotels Resorts [Member] | Fair Value, Inputs, Level 3 [Member] | |
Impairment Charge [Line Items] | |
Impairment of Real Estate | $ 2,600,000 |
Acquisition (Details Textual)
Acquisition (Details Textual) - Wehrenberg Theatres [Member] | 1 Months Ended | 12 Months Ended |
Dec. 16, 2014USD ($) | Dec. 29, 2016USD ($)a | |
Business Acquisition [Line Items] | ||
Business Acquisition Revenue Reported By Acquired Entity | $ 5,111,000 | |
Business Acquisition Operating Income Reported By Acquired Entity | $ (450,000) | |
Area of Land | a | 84,000 | |
Business Combination, Consideration Transferred | $ 65,000,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 54,545,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 17,511,000 | |
Business Acquisition, Transaction Costs | 2,037,000 | |
Business Acquisition, Pro Forma Revenue | $ 607,934,000 |
Asset Sale (Details Textual)
Asset Sale (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | Oct. 16, 2015 | |
Asset Sale [Line Items] | |||||||
Gain (Loss) On Sale Of Property Plant Equipment | $ (490,000) | $ (719,000) | $ (844,000) | $ (1,233,000) | $ (1,463,000) | $ (993,000) | |
Hotel Phillips Revenues | 3,925,000 | 9,736,000 | 7,888,000 | ||||
Hotel Phillips Operating Income (Loss) | 291,000 | $ 739,000 | $ (113,000) | ||||
Hotel Phillips [Member] | |||||||
Asset Sale [Line Items] | |||||||
Business Acquisition Cost Of Acquired Entities Purchase Price | $ 13,500,000 | ||||||
Business Acquisition, Net of Transaction Costs | $ 13,100,000 | ||||||
Gain (Loss) On Sale Of Property Plant Equipment | $ 70,000 |
Additional Balance Sheet Info43
Additional Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
Trade receivables, net of allowances of $204 and $259, respectively | $ 6,349 | $ 5,898 |
Other receivables | 8,412 | 7,468 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | $ 14,761 | $ 13,366 |
Additional Balance Sheet Info44
Additional Balance Sheet Information (Details 1) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment, Gross | $ 1,246,688 | $ 1,097,179 |
Less accumulated depreciation and amortization | 457,490 | 426,477 |
Property, Plant and Equipment, Net | 789,198 | 670,702 |
Land and improvements [Member] | ||
Property, Plant and Equipment, Gross | 134,306 | 104,379 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment, Gross | 699,828 | 618,004 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment, Gross | 80,522 | 78,855 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment, Gross | 312,334 | 285,578 |
Construction in progress [Member] | ||
Property, Plant and Equipment, Gross | $ 19,698 | $ 10,363 |
Additional Balance Sheet Info45
Additional Balance Sheet Information (Details 2) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
Favorable lease right | $ 9,486 | $ 9,820 |
Split dollar life insurance policies | 10,131 | 13,584 |
Other assets | 16,477 | 13,822 |
Other Assets, Noncurrent | $ 36,094 | $ 37,226 |
Additional Balance Sheet Info46
Additional Balance Sheet Information (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Regulatory Asset, Amortization Period | 40 years | |||
Amortization Of Intangible Assets | $ 194,000 | $ 334,000 | $ 334,000 | $ 334,000 |
Allowance for Doubtful Accounts Receivable | 259,000 | 204,000 | ||
Wehrenberg Theatres [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,468,000 | |||
Off-Market Favorable Lease [Member] | ||||
Amortization of Leased Asset | 13,353,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 3,533,000 | $ 3,867,000 |
Long-Term Debt and Capital Le47
Long-Term Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
Mortgage notes | $ 50,399 | $ 51,305 |
Senior notes | 90,286 | 101,429 |
Unsecured term note due February 2025, with monthly principal and interest payments of $39,110, bearing interest at 5.75% | 3,053 | 3,338 |
Revolving credit agreement | 140,000 | 30,000 |
Unsecured term loan | 0 | 40,000 |
Debt issuance costs | (355) | (404) |
Long-term Debt, Total | 283,383 | 225,668 |
Less current maturities, net of issuance costs | 12,040 | 18,292 |
Long-term Debt, Excluding Current Maturities, Total | $ 271,343 | $ 207,376 |
Long-Term Debt and Capital Le48
Long-Term Debt and Capital Lease Obligations (Details 1) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
2,017 | $ 12,040 | |
2,018 | 27,855 | |
2,019 | 9,704 | |
2,020 | 24,090 | |
2,021 | 159,830 | |
Thereafter | 49,864 | |
Long-term Debt | $ 283,383 | $ 225,668 |
Long-Term Debt and Capital Le49
Long-Term Debt and Capital Lease Obligations (Details 2) $ in Thousands | Dec. 29, 2016USD ($) |
2,017 | $ 3,695 |
2,018 | 3,701 |
2,019 | 3,729 |
2,020 | 3,694 |
2,021 | 3,566 |
Thereafter | 17,914 |
Total | $ 36,299 |
Long-Term Debt and Capital Le50
Long-Term Debt and Capital Lease Obligations (Details Textual) - USD ($) | 1 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jan. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | Feb. 28, 2013 | |
Debt Instrument, Periodic Payment, Total | $ 39,110 | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 5.75% | |||||||
Debt, Weighted Average Interest Rate | 4.59% | 4.70% | 4.59% | |||||
Senior Notes, Noncurrent | $ 101,429,000 | $ 90,286,000 | $ 101,429,000 | |||||
Long-term Commercial Paper, Total | $ 35,000,000 | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 85,000,000 | |||||||
Interest Paid, Net | 5,220,000 | 9,105,000 | $ 9,353,000 | $ 9,370,000 | ||||
Derivative, Amount of Hedged Item | $ 25,000,000 | |||||||
Derivative Liability, Notional Amount | $ 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 | |||||||
Term Of Licensing Agreement | 10 years | |||||||
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 45,510,000 | |||||||
Commitment Minimum Lease Payments | 6,163,000 | |||||||
Payments Obligation Reduced Amount | $ 5,543,000 | |||||||
Expect Period Of Payments Obligation | 12 months | |||||||
Repayments of Long-term Capital Lease Obligations | $ 146,000 | |||||||
Wehrenberg Theatres [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 17,511,000 | |||||||
Digital Systems [Member] | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 22,118,000 | $ 28,294,000 | $ 22,118,000 | |||||
Senior Notes [Member] | ||||||||
Long-term Debt, Weighted Average Interest Rate | 5.26% | 5.10% | 5.26% | |||||
Unsecured Senior Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.32% | |||||||
Minimum [Member] | Senior Notes [Member] | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.02% | |||||||
Maximum [Member] | Senior Notes [Member] | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.55% | |||||||
Revolving Credit Facility [Member] | ||||||||
Long-term Line of Credit | $ 175,000,000 | $ 140,000,000 | $ 175,000,000 | |||||
Line of Credit Facility, Commitment Fee Percentage | 1.83% | 1.61% | ||||||
Credit Agreement [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225,000,000 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 0.96% | |||||||
Derivative, Variable Interest Rate | 0.75% | |||||||
Decrease In Interest Expense | $ 165,000 | |||||||
Term Loan [Member] | ||||||||
Line of Credit Facility, Decrease, Forgiveness | $ 37,188,000 | |||||||
Mortgage Notes [Member] | ||||||||
Notes Payable, Total | $ 24,226,000 | |||||||
Mortgage Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.75% | |||||||
Mortgage Notes [Member] | Minimum [Member] | ||||||||
Interest Rate Of Unsecured Term Note | 3.00% | |||||||
Mortgage Notes [Member] | Maximum [Member] | ||||||||
Interest Rate Of Unsecured Term Note | 5.90% |
Shareholders' Equity and Stoc51
Shareholders' Equity and Stock-Based Compensation (Details) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Dividend yield | 2.26% | 2.29% | 2.50% | 2.70% |
Maximum [Member] | ||||
Risk-free interest rate | 2.13% | 1.64% | 2.32% | 2.38% |
Volatility | 48.00% | 48.00% | 49.00% | 49.00% |
Expected life | 9 years | 9 years | 9 years | 9 years |
Minimum [Member] | ||||
Risk-free interest rate | 1.30% | 1.07% | 1.31% | 1.04% |
Volatility | 36.00% | 29.00% | 37.00% | 41.00% |
Expected life | 4 years | 4 years | 4 years | 4 years |
Shareholders' Equity and Stoc52
Shareholders' Equity and Stock-Based Compensation (Details 1) - $ / shares shares in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | ||||
Outstanding at beginning of period | 1,526 | 1,707 | 1,566 | 1,949 |
Granted | 284 | 185 | 276 | 291 |
Exercised | (68) | (245) | (215) | (437) |
Forfeited | (35) | (84) | (101) | (237) |
Outstanding at end of period | 1,707 | 1,563 | 1,526 | 1,566 |
Exercisable at end of period | 961 | 904 | 840 | 909 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ||||
Outstanding at beginning of period | $ 14.75 | $ 15.71 | $ 14.06 | $ 14.03 |
Granted | 20.22 | 19.45 | 18.35 | 13.16 |
Exercised | 12.69 | 16.23 | 13.81 | 12.81 |
Forfeited | 16.25 | 18.21 | 15.87 | 14.16 |
Outstanding at end of period | 15.71 | 15.94 | 14.75 | 14.06 |
Exercisable at end of period | 14.57 | 14.28 | 14.9 | 15.29 |
Weighted-average fair value of options granted during the period | $ 6.57 | $ 5.94 | $ 5.98 | $ 4.52 |
Shareholders' Equity and Stoc53
Shareholders' Equity and Stock-Based Compensation (Details 2) - $ / shares shares in Thousands | 12 Months Ended | ||||
Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | May 30, 2013 | |
Options outstanding | 1,563 | 1,707 | 1,526 | 1,566 | 1,949 |
Weighted-average exercise price of options outstanding | $ 15.94 | $ 15.71 | $ 14.75 | $ 14.06 | $ 14.03 |
Weighted-average remaining contractual life of options outstanding | 5 years 10 months 24 days | ||||
Options exercisable | 904 | 961 | 840 | 909 | |
Weighted-average exercise price of options exercisable | $ 14.28 | $ 14.57 | $ 14.9 | $ 15.29 | |
Exercise Price Range 10.00 to 13.12 | |||||
Options outstanding | 575 | ||||
Weighted-average exercise price of options outstanding | $ 12.13 | ||||
Weighted-average remaining contractual life of options outstanding | 5 years 2 months 12 days | ||||
Options exercisable | 462 | ||||
Weighted-average exercise price of options exercisable | $ 11.90 | ||||
Exercise Price Range 13.13 to 18.34 | |||||
Options outstanding | 487 | ||||
Weighted-average exercise price of options outstanding | $ 16.27 | ||||
Weighted-average remaining contractual life of options outstanding | 4 years 7 months 6 days | ||||
Options exercisable | 353 | ||||
Weighted-average exercise price of options exercisable | $ 15.51 | ||||
Exercise Price Range 18.35 to 31.55 | |||||
Options outstanding | 501 | ||||
Weighted-average exercise price of options outstanding | $ 20 | ||||
Weighted-average remaining contractual life of options outstanding | 7 years 9 months 18 days | ||||
Options exercisable | 89 | ||||
Weighted-average exercise price of options exercisable | $ 21.68 |
Shareholders' Equity and Stoc54
Shareholders' Equity and Stock-Based Compensation (Details 3) - $ / shares shares in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Shares, Outstanding at beginning of year | 114 | 134 | 98 | 97 |
Shares, Granted | 34 | 36 | 30 | 37 |
Shares, Vested | (14) | (25) | (14) | (25) |
Shares, Forfeited | 0 | (2) | 0 | (11) |
Shares, Outstanding at end of year | 134 | 143 | 114 | 98 |
Weighted- Average Fair Value, Outstanding at beginning of year | $ 15.39 | $ 16.54 | $ 13.61 | $ 12.92 |
Weighted- Average Fair Value, Granted | 19.24 | 24.54 | 19.38 | 14.14 |
Weighted- Average Fair Value, Vested | 12.55 | 12.13 | 11.72 | 12.01 |
Weighted- Average Fair Value, Forfeited | 0 | 18.72 | 0 | 12.93 |
Weighted- Average Fair Value, Outstanding at end of year | $ 16.54 | $ 19.3 | $ 15.39 | $ 13.61 |
Shareholders' Equity and Stoc55
Shareholders' Equity and Stock-Based Compensation (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Preferred Stock, Dividend Rate, Percentage | 110.00% | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 11,687,500 | |||
Stock Repurchased During Period, Shares | 3,669 | 333,827 | 54,742 | 314,312 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,898,320 | |||
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 Authorized | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 447,036 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,351,801 | |||
Allocated Share-based Compensation Expense | $ 975,000 | $ 1,899,000 | $ 1,499,000 | $ 1,781,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 418,000 | $ 840,000 | 689,000 | 752,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,508,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 15.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 23,691,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 24,398,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 15,609,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 485,000 | 1,676,000 | $ 1,181,000 | $ 1,211,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 2,950,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 10 months 24 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,918,000 | |||
Minimum [Member] | ||||
Exercise Price for Options Outstanding | $ 10 | |||
Maximum [Member] | ||||
Exercise Price for Options Outstanding | $ 31.55 | |||
Employee Stock Option [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 1 month 6 days | |||
After Two Years [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants in Period Exercisable Percentage | 40.00% | |||
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% | |||
Upon Retirement [Member] | Option One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 29, 2016 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of period | $ 31,037 | $ 31,671 |
Service cost | 459 | 865 |
Interest cost | 765 | 1,406 |
Actuarial loss | 104 | 82 |
Curtailment | 0 | (261) |
Benefits paid | (694) | (1,240) |
Benefit obligation at end of year | 31,671 | 32,523 |
Amounts recognized in the statement of financial position consist of: | ||
Current accrued benefit liability (included in Other accrued liabilities) | (1,191) | (1,252) |
Noncurrent accrued benefit liability (included in Deferred compensation and other) | (30,480) | (31,271) |
Total | (31,671) | (32,523) |
Amounts recognized in accumulated other comprehensive loss consist of: | ||
Net actuarial loss | 9,410 | 9,049 |
Prior service credit | (711) | (642) |
Total | $ 8,699 | $ 8,407 |
Employee Benefit Plans (Detai57
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Net periodic pension cost: | ||||
Service cost | $ 459 | $ 865 | $ 697 | $ 702 |
Interest cost | 765 | 1,406 | 1,243 | 1,173 |
Net amortization of prior service cost and actuarial loss | 211 | 364 | 326 | 268 |
Curtailment gain | 0 | (251) | 0 | 0 |
Total | $ 1,435 | $ 2,384 | $ 2,266 | $ 2,143 |
Employee Benefit Plans (Detai58
Employee Benefit Plans (Details 2) | Dec. 29, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.15% | 4.40% |
Rate of compensation increase | 4.00% | 4.00% |
Employee Benefit Plans (Detai59
Employee Benefit Plans (Details 3) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount rate | 4.20% | 4.40% | 4.30% | 4.40% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% | 4.00% |
Employee Benefit Plans (Detai60
Employee Benefit Plans (Details 4) $ in Thousands | Dec. 29, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 1,252 |
2,018 | 1,337 |
2,019 | 1,349 |
2,020 | 1,520 |
2,021 | 1,475 |
Years 2022 - 2026 | $ 10,995 |
Employee Benefit Plans (Detai61
Employee Benefit Plans (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
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 | $ 2,362,000 | $ 3,960,000 | $ 3,581,000 | $ 3,360,000 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 5,219,000 | 5,069,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | 711,000 | 642,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 26,940,000 | 28,151,000 | ||
Defined Benefit Plan, Actuarial Gain (Loss) | 104,000 | 82,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | 256,000 | 442,000 | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 45,000 | 329,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | 9,410,000 | $ 9,049,000 | ||
Description of Defined Contribution Pension and Other Postretirement Plans | During fiscal 2017, the 401(k) plan will provide only one type of employer contribution: a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | $ 251,000 | $ 0 | $ 0 |
Defined Benefit Plan, Plan Amendments | 261,000 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 5,645,000 | 5,457,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | $ 426,000 | 388,000 | ||
Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | 64,000 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax, Total | 356,000 | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | $ 420,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 29, 2016 | Dec. 31, 2015 |
Noncurrent deferred income tax (liabilities) assets: | ||
Accrued employee benefits | $ 17,682 | $ 17,218 |
Depreciation and amortization | (67,897) | (63,906) |
Other | 3,782 | 3,283 |
Net deferred tax liability | $ (46,433) | $ (43,405) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | |
Current: | ||||||
Federal | $ 12,688 | $ 15,434 | $ 8,065 | $ 14,788 | ||
State | 3,240 | 4,667 | 2,120 | 2,654 | ||
Deferred: | ||||||
Federal | (829) | 3,402 | 4,328 | (861) | ||
State | (314) | (509) | 1,165 | 229 | ||
Income Tax Expense (Benefit), Total | $ 14,785 | $ 11,043 | $ 22,994 | $ 19,415 | $ 15,678 | $ 16,810 |
Income Taxes (Details 2)
Income Taxes (Details 2) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 5.10% | 4.80% | 5.30% | 4.50% |
Tax credits, net of federal income tax benefit | (1.00%) | (0.90%) | (1.10%) | (0.20%) |
Unrecognized tax benefits and related interest | 0.00% | 0.00% | 0.00% | 0.00% |
Other | (0.50%) | (1.10%) | 0.30% | 0.90% |
Effective Income Tax Rate Reconciliation, Percent, Total | 38.60% | 37.80% | 39.50% | 40.20% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Unrecognized Tax Benefits RollForward [Line Items] | ||||
Balance at beginning of year | $ 431 | $ 414 | $ 102 | $ 102 |
Increases due to: | ||||
Tax positions taken in prior years | 0 | 0 | 543 | 0 |
Tax positions taken in current year | 0 | 0 | 0 | 0 |
Decreases due to: | ||||
Tax positions taken in prior years | 0 | 0 | 0 | 0 |
Settlements with taxing authorities | (17) | 0 | (214) | 0 |
Lapse of applicable statute of limitations | 0 | 0 | 0 | 0 |
Balance at end of year | $ 414 | $ 414 | $ 431 | $ 102 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 29, 2016 | May 28, 2015 | May 29, 2014 | |
Income Taxes [Line Items] | ||||
Effective Income Tax Rate | 38.60% | 37.80% | 39.50% | 40.20% |
Income Taxes Paid, Net, Total | $ 8,270,000 | $ 25,017,000 | $ 10,918,000 | $ 19,437,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 67,000 | 67,000 | 67,000 | 67,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 101,000 | 130,000 | ||
Income Tax Examination, Interest Expense | 108,000 | $ 153,000 | $ 89,000 | $ (1,000) |
Deferred Income Tax Assest Reclassified As Reduction Of Deferred Income Tax Liabilities | $ 2,807,000 |
Commitments and License Right67
Commitments and License Rights (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | |
Operating Leased Assets [Line Items] | ||||||
Fixed minimum rentals | $ 4,693 | $ 7,707 | $ 8,064 | $ 7,995 | ||
Amortization of favorable lease right | 194 | 334 | 334 | 334 | ||
Percentage rentals | 153 | 343 | 193 | 193 | ||
Operating Leases, Rent Expense | $ 5,040 | $ 5,009 | $ 8,384 | $ 8,622 | $ 8,591 | $ 8,522 |
Commitments and License Right68
Commitments and License Rights (Details 1) $ in Thousands | Dec. 29, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 13,051 |
2,018 | 10,898 |
2,019 | 10,336 |
2,020 | 9,086 |
2,021 | 8,429 |
Thereafter | 75,878 |
Operating Leases, Future Minimum Payments Receivable, Total | $ 127,678 |
Commitments and License Right69
Commitments and License Rights (Details Textual) | Dec. 29, 2016USD ($) |
Other Commitments [Line Items] | |
Commitments To Complete Contracts In Process Value | $ 15,130,000 |
Joint Venture Transactions (Det
Joint Venture Transactions (Details Textual) - USD ($) | Dec. 29, 2016 | Dec. 31, 2015 |
Corporate Joint Venture [Member] | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 6,096,000 | $ 7,455,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Dec. 29, 2016 | Sep. 29, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 26, 2015 | Aug. 27, 2015 | May 28, 2015 | Feb. 26, 2015 | Nov. 27, 2014 | Aug. 28, 2014 | Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | $ 59,401 | $ 138,747 | $ 144,695 | $ 134,978 | $ 125,444 | $ 115,676 | $ 149,190 | $ 120,084 | [1] | $ 120,153 | $ 116,061 | $ 131,769 | $ 324,267 | $ 280,640 | $ 543,864 | $ 531,694 | $ 488,067 | $ 447,939 |
Operating income (loss) | 8,042 | 15,664 | $ 24,683 | $ 18,261 | $ 11,346 | $ 10,664 | $ 25,966 | 8,689 | [1] | $ 7,415 | $ 11,730 | $ 22,809 | 44,672 | 34,291 | 69,954 | 61,023 | 50,643 | 48,873 |
Depreciation and amortization | 23,815 | $ 22,145 | 41,832 | 40,032 | 38,361 | 33,354 | ||||||||||||
Assets | 804,701 | 911,266 | 805,472 | 804,701 | 911,266 | 804,701 | 805,472 | 765,001 | ||||||||||
Capital expenditures and acquisitions | 44,452 | 147,372 | 74,988 | 44,452 | 147,372 | 44,452 | 74,988 | 56,673 | ||||||||||
Theatres [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 182,845 | 328,165 | 269,155 | 243,162 | ||||||||||||||
Operating income (loss) | 37,162 | 71,754 | 53,467 | 46,461 | ||||||||||||||
Depreciation and amortization | 13,215 | 24,570 | 20,141 | 16,747 | ||||||||||||||
Assets | 435,862 | 561,755 | 424,740 | 435,862 | 561,755 | 435,862 | 424,740 | 401,624 | ||||||||||
Capital expenditures and acquisitions | 27,984 | 132,509 | 49,789 | 27,984 | 132,509 | 27,984 | 49,789 | 37,964 | ||||||||||
Hotels/Resorts [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 141,088 | 215,171 | 218,332 | 204,138 | ||||||||||||||
Operating income (loss) | 17,331 | 14,604 | 10,331 | 16,083 | ||||||||||||||
Depreciation and amortization | 10,387 | 16,895 | 17,930 | 16,319 | ||||||||||||||
Assets | 328,455 | 311,738 | 334,211 | 328,455 | 311,738 | 328,455 | 334,211 | 323,815 | ||||||||||
Capital expenditures and acquisitions | 16,428 | 14,650 | 23,610 | 16,428 | 14,650 | 16,428 | 23,610 | 18,516 | ||||||||||
Corporate Items [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 334 | 528 | 580 | 639 | ||||||||||||||
Operating income (loss) | (9,821) | (16,404) | (13,155) | (13,671) | ||||||||||||||
Depreciation and amortization | 213 | 367 | 290 | 288 | ||||||||||||||
Assets | 40,384 | 37,773 | 46,521 | 40,384 | 37,773 | 40,384 | 46,521 | 39,562 | ||||||||||
Capital expenditures and acquisitions | $ 40 | $ 213 | $ 1,589 | $ 40 | $ 213 | $ 40 | $ 1,589 | $ 193 | ||||||||||
[1] | The Company recorded a $2,600 pre-tax impairment charge during the fourth quarter of fiscal 2015 related to an existing hotel (approximately $1,562 after-tax, or $0.06 per diluted common share). |
Unaudited Quarterly Financial72
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Dec. 29, 2016 | Sep. 29, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 26, 2015 | Aug. 27, 2015 | May 28, 2015 | [1] | Feb. 26, 2015 | Nov. 27, 2014 | Aug. 28, 2014 | Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | |
Unaudited Quarterly Financial Information [Line Items] | ||||||||||||||||||
Revenues | $ 59,401 | $ 138,747 | $ 144,695 | $ 134,978 | $ 125,444 | $ 115,676 | $ 149,190 | $ 120,084 | $ 120,153 | $ 116,061 | $ 131,769 | $ 324,267 | $ 280,640 | $ 543,864 | $ 531,694 | $ 488,067 | $ 447,939 | |
Operating income | 8,042 | 15,664 | 24,683 | 18,261 | 11,346 | 10,664 | 25,966 | 8,689 | 7,415 | 11,730 | 22,809 | 44,672 | 34,291 | 69,954 | 61,023 | 50,643 | 48,873 | |
Net earnings attributable to The Marcus Corporation | $ 3,969 | $ 8,742 | $ 14,372 | $ 9,336 | $ 5,452 | $ 4,945 | $ 14,651 | $ 3,249 | $ 3,091 | $ 5,223 | $ 12,432 | $ 23,565 | $ 16,782 | $ 37,902 | $ 30,782 | $ 23,995 | $ 25,001 | |
Net earnings per common share - diluted | $ 0.14 | $ 0.31 | $ 0.51 | $ 0.34 | $ 0.20 | $ 0.18 | $ 0.53 | $ 0.12 | $ 0.11 | $ 0.19 | $ 0.45 | |||||||
[1] | The Company recorded a $2,600 pre-tax impairment charge during the fourth quarter of fiscal 2015 related to an existing hotel (approximately $1,562 after-tax, or $0.06 per diluted common share). |
Unaudited Quarterly Financial73
Unaudited Quarterly Financial Information (Details Textual) - Hotel [Member] | 3 Months Ended |
May 28, 2015USD ($)$ / shares | |
Unaudited Quarterly Financial Information [Line Items] | |
Impairment of Real Estate | $ 2,600 |
Impairment Of Real Estate After Tax | $ 1,562 |
Earnings Per Share Diluted | $ / shares | $ 0.06 |
Unaudited Transition Period C74
Unaudited Transition Period Comparative Balances (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Dec. 29, 2016 | Sep. 29, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 26, 2015 | Aug. 27, 2015 | May 28, 2015 | [1] | Feb. 26, 2015 | Nov. 27, 2014 | Aug. 28, 2014 | Dec. 31, 2015 | Dec. 25, 2014 | Dec. 29, 2016 | Dec. 31, 2015 | May 28, 2015 | May 29, 2014 | |
REVENUES: | ||||||||||||||||||
Theatre admissions | $ 104,606 | $ 85,608 | $ 186,768 | $ 176,251 | $ 157,254 | $ 146,039 | ||||||||||||
Rooms | 70,093 | 69,897 | 105,167 | 109,857 | 109,660 | 105,483 | ||||||||||||
Theatre concessions | 69,206 | 52,872 | 120,975 | 115,081 | 98,746 | 84,062 | ||||||||||||
Food and beverage | 44,590 | 41,456 | 67,551 | 71,028 | 67,174 | 58,826 | ||||||||||||
Other revenues | 35,772 | 30,807 | 63,403 | 59,477 | 55,233 | 53,529 | ||||||||||||
Total revenues | $ 59,401 | $ 138,747 | $ 144,695 | $ 134,978 | $ 125,444 | $ 115,676 | $ 149,190 | $ 120,084 | $ 120,153 | $ 116,061 | $ 131,769 | 324,267 | 280,640 | 543,864 | 531,694 | 488,067 | 447,939 | |
COSTS AND EXPENSES: | ||||||||||||||||||
Theatre operations | 91,747 | 73,081 | 160,729 | 153,612 | 134,946 | 127,531 | ||||||||||||
Rooms | 24,933 | 25,104 | 40,213 | 42,408 | 42,579 | 40,834 | ||||||||||||
Theatre concessions | 19,958 | 14,711 | 32,407 | 32,279 | 27,032 | 23,335 | ||||||||||||
Food and beverage | 34,656 | 32,425 | 55,526 | 57,769 | 55,215 | 46,250 | ||||||||||||
Advertising and marketing | 14,842 | 16,178 | 21,582 | 23,929 | 25,265 | 25,160 | ||||||||||||
Administrative | 36,392 | 29,029 | 63,620 | 60,610 | 53,247 | 46,642 | ||||||||||||
Depreciation and amortization | 23,815 | 22,145 | 41,832 | 40,032 | 38,361 | 33,354 | ||||||||||||
Rent | 5,040 | 5,009 | 8,384 | 8,622 | 8,591 | 8,522 | ||||||||||||
Property taxes | 8,630 | 8,756 | 16,257 | 14,876 | 15,001 | 14,637 | ||||||||||||
Other operating expenses | 19,582 | 19,911 | 33,360 | 33,615 | 34,268 | 32,801 | ||||||||||||
Impairment charge | 0 | 0 | 0 | 2,919 | 2,919 | 0 | ||||||||||||
Total costs and expenses | 279,595 | 246,349 | 473,910 | 470,671 | 437,424 | 399,066 | ||||||||||||
OPERATING INCOME | 8,042 | 15,664 | 24,683 | 18,261 | 11,346 | 10,664 | 25,966 | 8,689 | 7,415 | 11,730 | 22,809 | 44,672 | 34,291 | 69,954 | 61,023 | 50,643 | 48,873 | |
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Investment income | 58 | 209 | ||||||||||||||||
Interest expense | (5,933) | (5,824) | (9,176) | (10,035) | (9,926) | (10,551) | ||||||||||||
Loss on disposition of property, equipment and other assets | (490) | (719) | (844) | (1,233) | (1,463) | (993) | ||||||||||||
Equity losses from unconsolidated joint ventures, net | (36) | (63) | 301 | (160) | (186) | (250) | ||||||||||||
Nonoperating Income Total | (6,444) | (6,548) | (9,421) | (11,219) | (11,323) | (11,164) | ||||||||||||
EARNINGS BEFORE INCOME TAXES | 38,228 | 27,743 | 60,533 | 49,804 | 39,320 | 37,709 | ||||||||||||
INCOME TAXES | 14,785 | 11,043 | 22,994 | 19,415 | 15,678 | 16,810 | ||||||||||||
NET EARNINGS | 23,443 | 16,700 | 37,539 | 30,389 | 23,642 | 20,899 | ||||||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (122) | (82) | (363) | (393) | (353) | (4,102) | ||||||||||||
NET EARNINGS ATTRIBUTABLE TO THE MARCUS CORPORATION | $ 3,969 | $ 8,742 | $ 14,372 | $ 9,336 | $ 5,452 | $ 4,945 | $ 14,651 | $ 3,249 | $ 3,091 | $ 5,223 | $ 12,432 | $ 23,565 | $ 16,782 | $ 37,902 | $ 30,782 | $ 23,995 | $ 25,001 | |
Common Stock [Member] | ||||||||||||||||||
NET EARNINGS PER SHARE - BASIC: | ||||||||||||||||||
Common Stock | $ 0.88 | $ 0.63 | $ 1.41 | $ 1.15 | $ 0.9 | $ 0.95 | ||||||||||||
NET EARNINGS PER SHARE - DILUTED: | ||||||||||||||||||
Common Stock | 0.84 | 0.61 | 1.36 | 1.1 | 0.87 | 0.92 | ||||||||||||
Class B Common Stock [Member] | ||||||||||||||||||
NET EARNINGS PER SHARE - BASIC: | ||||||||||||||||||
Common Stock | 0.8 | 1.28 | 0.82 | 0.86 | ||||||||||||||
NET EARNINGS PER SHARE - DILUTED: | ||||||||||||||||||
Common Stock | $ 0.79 | $ 0.57 | $ 1.27 | $ 1.03 | $ 0.81 | $ 0.86 | ||||||||||||
[1] | The Company recorded a $2,600 pre-tax impairment charge during the fourth quarter of fiscal 2015 related to an existing hotel (approximately $1,562 after-tax, or $0.06 per diluted common share). |