The Marcus Corporation (MCS) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 30, 2017	May 05, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	MARCUS CORP
Entity Central Index Key	62,234
Current Fiscal Year End Date	--12-28
Entity Filer Category	Accelerated Filer
Trading Symbol	MCS
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,073,872
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	Mar. 30, 2017	Dec. 29, 2016
Current assets:
Cash and cash equivalents	$ 10,718	$ 3,239
Restricted cash	4,192	5,466
Accounts and notes receivable, net of reserves of $206 and $204, respectively	13,646	14,761
Refundable income taxes	0	1,672
Other current assets	11,461	11,005
Total current assets	40,017	36,143
Property and equipment:
Land and improvements	137,909	134,306
Buildings and improvements	701,261	699,828
Leasehold improvements	83,311	80,522
Furniture, fixtures and equipment	315,050	312,334
Construction in progress	36,357	19,698
Total property and equipment	1,273,888	1,246,688
Less accumulated depreciation and amortization	471,028	457,490
Net property and equipment	802,860	789,198
Other assets:
Investments in joint ventures	6,042	6,096
Goodwill	43,700	43,735
Other	35,387	36,094
Total other assets	85,129	85,925
TOTAL ASSETS	928,006	911,266
Current liabilities:
Accounts payable	42,692	31,206
Income taxes	2,795	0
Taxes other than income taxes	16,943	17,261
Accrued compensation	13,118	17,007
Other accrued liabilities	42,491	46,561
Current portion of capital lease obligations	6,715	6,598
Current maturities of long-term debt	12,061	12,040
Total current liabilities	136,815	130,673
Capital lease obligations	24,371	26,106
Long-term debt	276,590	271,343
Deferred income taxes	46,425	46,433
Deferred compensation and other	44,465	45,064
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	59,601	58,584
Retained earnings	357,307	351,220
Accumulated other comprehensive loss	(5,026)	(5,066)
Stockholders' Equity before Treasury Stock	443,071	435,928
Less cost of Common Stock in treasury (3,430,918 shares at March 30, 2017 and 3,517,951 shares at December 29, 2016)	(44,930)	(45,816)
Total shareholders' equity attributable to The Marcus Corporation	398,141	390,112
Noncontrolling interest	1,199	1,535
Total equity	399,340	391,647
Total liabilities and shareholders’ equity	928,006	911,266
Common Stock [Member]
Shareholders’ equity attributable to The Marcus Corporation
Common Stock, Value	22,493	22,490
Class B Common Stock [Member]
Shareholders’ equity attributable to The Marcus Corporation
Common Stock, Value	$ 8,696	$ 8,700

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2017	Dec. 29, 2016
Accounts and notes receivable, reserves	$ 206	$ 204
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	3,430,918	3,517,951
Common Stock [Member]
Common Stock, par (in dollars per share)	$ 1	$ 1
Common Stock, authorized	50,000,000	50,000,000
Common Stock, issued	22,493,212	22,489,976
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	8,696,301	8,699,540
Common Stock, outstanding	8,696,301	8,699,540

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Revenues:
Theatre admissions	$ 63,841	$ 46,914
Rooms	20,934	20,052
Theatre concessions	40,896	29,881
Food and beverage	15,040	14,545
Other revenues	17,243	14,052
Total revenues	157,954	125,444
Costs and expenses:
Theatre operations	54,685	40,298
Rooms	9,198	9,301
Theatre concessions	11,118	7,736
Food and beverage	13,467	12,761
Advertising and marketing	5,562	4,988
Administrative	16,957	14,604
Depreciation and amortization	12,248	10,191
Rent	3,273	2,119
Property taxes	5,078	4,143
Other operating expenses	8,343	7,957
Total costs and expenses	139,929	114,098
Operating income	18,025	11,346
Other income (expense):
Investment income	72	8
Interest expense	(2,924)	(2,409)
Loss on disposition of property, equipment and other assets	(399)	(113)
Equity earnings (losses) from unconsolidated joint ventures, net	55	(21)
Nonoperating Income (Expense), Total	(3,196)	(2,535)
Earnings before income taxes	14,829	8,811
Income taxes	5,712	3,531
Net earnings	9,117	5,280
Net loss attributable to noncontrolling interests	(336)	(172)
Net earnings attributable to The Marcus Corporation	$ 9,453	$ 5,452
Common Stock [Member]
Net earnings per share - basic:
Common Stock	$ 0.35	$ 0.2
Net earnings per share - diluted:
Common Stock	0.33	0.2
Dividends per share:
Common Stock	0.125	0.113
Common Class B [Member]
Net earnings per share - basic:
Common Stock	0.32	0.19
Net earnings per share - diluted:
Common Stock	0.31	0.19
Dividends per share:
Common Stock	$ 0.114	$ 0.102

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Net earnings	$ 9,117	$ 5,280
Other comprehensive income (loss), net of tax:
Change in unrealized gain on available for sale investments, net of tax benefit of $9 and $0, respectively	(14)	0
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $35 and $0, respectively	54	0
Fair market value adjustment of interest rate swap, net of tax benefit of $0 and $77, respectively	0	(115)
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $0 and $13, respectively	0	20
Other comprehensive income (loss)	40	(95)
Comprehensive income	9,157	5,185
Comprehensive loss attributable to noncontrolling interests	(336)	(172)
Comprehensive income attributable to The Marcus Corporation	$ 9,493	$ 5,357

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Change in unrealized gain on available for sale investments, net of tax benefit	$ 9	$ 0
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect	35	0
Fair market value adjustment of interest rate swap, net of tax effect (benefit)	0	77
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect	$ 0	$ 13

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
OPERATING ACTIVITIES:
Net earnings	$ 9,117	$ 5,280
Adjustments to reconcile net earnings to net cash provided by operating activities:
Losses (earnings) on investments in joint ventures	(55)	21
Distributions from joint ventures	109	0
Loss on disposition of property, equipment and other assets	399	113
Amortization of favorable lease right	83	83
Depreciation and amortization	12,248	10,191
Amortization of debt issuance costs	68	65
Shared-based compensation	505	434
Deferred income taxes	1	3
Deferred compensation and other	(440)	43
Contribution of the Company’s stock to savings and profit-sharing plan	890	905
Changes in operating assets and liabilities:
Accounts and notes receivable	1,115	2,604
Other current assets	(456)	190
Accounts payable	6,110	(3,495)
Income taxes	4,467	2,267
Taxes other than income taxes	(318)	(3,124)
Accrued compensation	(3,889)	(809)
Other accrued liabilities	(4,070)	(4,284)
Total adjustments	16,767	5,207
Net cash provided by operating activities	25,884	10,487
INVESTING ACTIVITIES:
Capital expenditures	(22,229)	(16,505)
Proceeds from disposals of property, equipment and other assets	9	3
Decrease in restricted cash	1,274	2,073
Decrease (increase) in other assets	419	(500)
Sale of interest in joint venture	0	1,000
Net cash used in investing activities	(20,527)	(13,929)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving credit facility	79,000	49,000
Repayment of borrowings on revolving credit facility	(114,000)	(34,000)
Proceeds from issuance of long-term debt	65,000	0
Principal payments on long-term debt	(24,399)	(1,490)
Debt issuance costs	(365)	0
Repayments of capital lease obligations	(255)	0
Equity transactions:
Treasury stock transactions, except for stock options	52	(4,593)
Exercise of stock options	455	125
Dividends paid	(3,366)	(2,997)
Distributions to noncontrolling interest	0	(312)
Net cash provided by financing activities	2,122	5,733
Net increase in cash and cash equivalents	7,479	2,291
Cash and cash equivalents at beginning of period	3,239	6,672
Cash and cash equivalents at end of period	10,718	8,963
Supplemental Information:
Interest paid, net of amounts capitalized	2,533	1,921
Income taxes paid	1,244	1,262
Change in accounts payable for additions to property and equipment	$ 5,376	$ (2,249)

General

General	3 Months Ended
	Mar. 30, 2017
General [Abstract]
General	1. General Accounting Policies – Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended December 29, 2016, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies. – The unaudited consolidated financial statements for the 13 weeks ended March 30, 2017 and March 31, 2016 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 30, 2017, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2016 – Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $ 12,172,000 10,191,000 – Accumulated Available Other for Sale Pension Comprehensive Investments Obligation Loss (in thousands) Balance at December 29, 2016 $ 3 $ (5,069) $ (5,066) Change in unrealized gain on available for sale investments (14) - (14) Amortization of the net actuarial loss and prior service credit - 54 54 Net other comprehensive income (loss) (14) 54 40 Balance at March 30, 2017 $ (11) $ (5,015) $ (5,026) Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Other comprehensive loss before reclassifications (115) - - (115) Amounts reclassified from accumulated other comprehensive loss (1) 20 - - 20 Net other comprehensive loss (95) - - (95) Balance at March 31, 2016 $ (86) $ (11) $ (5,219) $ (5,316) (1) Amount is included in interest expense in the consolidated statement of earnings. – Net earnings per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis. The computation of the diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock, while the diluted net earnings per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110 13 Weeks Ended 13 Weeks Ended March 30, 2017 March 31, 2016 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 9,453 $ 5,452 Denominator: Denominator for basic EPS 27,708 27,494 Effect of dilutive employee stock options 675 265 Denominator for diluted EPS 28,383 27,759 Net earnings per share – basic: Common Stock $ 0.35 $ 0.20 Class B Common Stock $ 0.32 $ 0.19 Net earnings per share – diluted: Common Stock $ 0.33 $ 0.20 Class B Common Stock $ 0.31 $ 0.19 – Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 29, 2016 $ 390,112 $ 1,535 Net earnings attributable to The Marcus Corporation 9,453 - Net loss attributable to noncontrolling interests - (336) Cash dividends (3,366) - Exercise of stock options 455 - Savings and profit sharing contribution 890 - Treasury stock transactions, except for stock options 52 - Share-based compensation 505 - Other comprehensive income, net of tax 40 - Balance at March 30, 2017 $ 398,141 $ 1,199 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 5,452 - Net loss attributable to noncontrolling interests - (172) Distributions to noncontrolling interests - (312) Cash dividends (2,997) - Exercise of stock options 125 - Savings and profit sharing contribution 905 - Treasury stock transactions, except for stock options (4,593) - Share-based compensation 434 - Other 7 - Other comprehensive loss, net of tax (95) - Balance at March 31, 2016 $ 362,590 $ 1,862 – Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 – Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At March 30, 2017 and December 29, 2016, respectively, the Company’s $ 70,000 93,000 1,980,000 1,927,000 Level 2 – Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At March 30, 2017 and December 29, 2016, respectively, the $ 46,000 6,000 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 March 30, 2017 and December 29, 2016, none of the Company’s fair value measurements were valued using Level 3 pricing inputs. – 13 Weeks Ended 13 Weeks Ended March 30, 2017 March 31, 2016 (in thousands) Service cost $ 191 $ 216 Interest cost 339 352 Net amortization of prior service cost and actuarial loss 89 91 Net periodic pension cost $ 619 $ 659 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers: Deferral of Effective Date 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 1,274,000 2,073,000 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 In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Benefit Cost.

Long-Term Debt and Capital Leas

Long-Term Debt and Capital Lease Obligations	3 Months Ended
	Mar. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Capital Lease Obligations	2. Long-Term Debt and Capital Lease Obligations Long-Term Debt - During the 13 weeks ended March 30, 2017, the Company issued $ 50,000,000 4.32 Also during the 13 weeks ended March 30, 2017, a note that matured in January 2017 with a balance of $ 24,226,000 15,000,000 LIBOR plus 2.75 3.75 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 1.0 25,000,000 159,000 96,000 40,000 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 March 30, 2017, 642 of the Company’s screens were utilizing the systems under a 10 29,838,000 28,294,000 Under the terms of the master licensing agreement, the Company made an initial one-time payment to CDF2. The Company expects that the balance of CDF2’s costs to deploy the systems will be covered primarily through the payment of virtual print fees (VPF’s) from film distributors to CDF2 each time a digital movie is booked on one of the systems deployed on a Company screen. The Company agreed to make an average number of bookings of eligible digital movies on each screen on which a licensed system has been deployed to provide for a minimum level of VPF’s paid by distributors (standard booking commitment) to CDF2. To the extent the VPF’s paid by distributors are less than the standard booking commitment, the Company must make a shortfall payment to CDF2. Based upon the Company’s historical booking patterns, the Company does not expect to make any shortfall payments during the life of the agreement. Accounting Standards Codification No. 840, Leases 6,163,000 The Company’s capital lease obligation is being reduced as VPF’s are paid by the film distributors to CDF2. The Company has recorded the reduction of the obligation associated with the payment of VPF’s as a reduction of the interest related to the obligation and the amortization incurred related to the systems, as the payments represent a specific reimbursement of the cost of the systems by the studios. Based on the Company’s expected minimum number of eligible movies to be booked, the Company expects the obligation to be reduced by at least $ 5,636,000 In conjunction with theatres acquired in December 2016, the Company became the obligor of several movie theatre and equipment leases with unaffiliated third parties that qualify for capital lease accounting. Included in buildings and improvements as of March 30, 2017 and December 29, 2016 is a preliminary value of $ 15,799,000 460,000 1,712,000 71,000 775,000

Income Taxes

Income Taxes	3 Months Ended
	Mar. 30, 2017
Income Taxes [Abstract]
Income Taxes	3. Income Taxes The Company’s effective income tax rate, adjusted for losses from noncontrolling interests, for the 13 weeks ended March 30, 2017 and March 31, 2016 was 37.7% and 39.3%, respectively. The Company does not include the income tax expense or benefit related to the net earnings or loss attributable to noncontrolling interest in its income tax expense as the entities are considered pass-through entities and, as such, the income tax expense or benefit is attributable to its owners.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 30, 2017
Business Segment Information [Abstract]
Business Segment Information	4. Business Segment Information The Company’s primary operations are reported in the following business segments: Theatres and Hotels/Resorts. Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Following is a summary of business segment information for the 13 weeks ended March 30, 2017 and March 31, 2016 (in thousands): 13 Weeks Ended Hotels/ Corporate March 30, 2017 Theatres Resorts Items Total Revenues $ 111,388 $ 46,456 $ 110 $ 157,954 Operating income (loss) 24,691 (2,712) (3,954) 18,025 Depreciation and amortization 7,793 4,357 98 12,248 13 Weeks Ended Hotels/ Corporate March 31, 2016 Theatres Resorts Items Total Revenues $ 80,477 $ 44,832 $ 135 $ 125,444 Operating income (loss) 17,805 (2,552) (3,907) 11,346 Depreciation and amortization 5,858 4,241 92 10,191

General (Policies)

General (Policies)	3 Months Ended
	Mar. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	– The unaudited consolidated financial statements for the 13 weeks ended March 30, 2017 and March 31, 2016 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 30, 2017, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2016
Depreciation and Amortization	Depreciation and Amortization – Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $ 12,172,000 10,191,000
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss – Accumulated Available Other for Sale Pension Comprehensive Investments Obligation Loss (in thousands) Balance at December 29, 2016 $ 3 $ (5,069) $ (5,066) Change in unrealized gain on available for sale investments (14) - (14) Amortization of the net actuarial loss and prior service credit - 54 54 Net other comprehensive income (loss) (14) 54 40 Balance at March 30, 2017 $ (11) $ (5,015) $ (5,026) Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Other comprehensive loss before reclassifications (115) - - (115) Amounts reclassified from accumulated other comprehensive loss (1) 20 - - 20 Net other comprehensive loss (95) - - (95) Balance at March 31, 2016 $ (86) $ (11) $ (5,219) $ (5,316) (1) Amount is included in interest expense in the consolidated statement of earnings.
Earnings Per Share	Earnings Per Share – Net earnings per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted net earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis. The computation of the diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock, while the diluted net earnings per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110 13 Weeks Ended 13 Weeks Ended March 30, 2017 March 31, 2016 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 9,453 $ 5,452 Denominator: Denominator for basic EPS 27,708 27,494 Effect of dilutive employee stock options 675 265 Denominator for diluted EPS 28,383 27,759 Net earnings per share – basic: Common Stock $ 0.35 $ 0.20 Class B Common Stock $ 0.32 $ 0.19 Net earnings per share – diluted: Common Stock $ 0.33 $ 0.20 Class B Common Stock $ 0.31 $ 0.19
Equity	Equity – Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 29, 2016 $ 390,112 $ 1,535 Net earnings attributable to The Marcus Corporation 9,453 - Net loss attributable to noncontrolling interests - (336) Cash dividends (3,366) - Exercise of stock options 455 - Savings and profit sharing contribution 890 - Treasury stock transactions, except for stock options 52 - Share-based compensation 505 - Other comprehensive income, net of tax 40 - Balance at March 30, 2017 $ 398,141 $ 1,199 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 5,452 - Net loss attributable to noncontrolling interests - (172) Distributions to noncontrolling interests - (312) Cash dividends (2,997) - Exercise of stock options 125 - Savings and profit sharing contribution 905 - Treasury stock transactions, except for stock options (4,593) - Share-based compensation 434 - Other 7 - Other comprehensive loss, net of tax (95) - Balance at March 31, 2016 $ 362,590 $ 1,862
Fair Value Measurements	Fair Value Measurements – Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 – Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At March 30, 2017 and December 29, 2016, respectively, the Company’s $ 70,000 93,000 1,980,000 1,927,000 Level 2 – Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At March 30, 2017 and December 29, 2016, respectively, the $ 46,000 6,000 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 March 30, 2017 and December 29, 2016, none of the Company’s fair value measurements were valued using Level 3 pricing inputs.
Defined Benefit Plan	Defined Benefit Plan – 13 Weeks Ended 13 Weeks Ended March 30, 2017 March 31, 2016 (in thousands) Service cost $ 191 $ 216 Interest cost 339 352 Net amortization of prior service cost and actuarial loss 89 91 Net periodic pension cost $ 619 $ 659
New Accounting Pronouncement	New Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers: Deferral of Effective Date 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 1,274,000 2,073,000 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 In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Benefit Cost.

General (Tables)

General (Tables)	3 Months Ended
	Mar. 30, 2017
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: Accumulated Available Other for Sale Pension Comprehensive Investments Obligation Loss (in thousands) Balance at December 29, 2016 $ 3 $ (5,069) $ (5,066) Change in unrealized gain on available for sale investments (14) - (14) Amortization of the net actuarial loss and prior service credit - 54 54 Net other comprehensive income (loss) (14) 54 40 Balance at March 30, 2017 $ (11) $ (5,015) $ (5,026) Accumulated Available Other Swap for Sale Pension Comprehensive Agreements Investments Obligation Loss (in thousands) Balance at December 31, 2015 $ 9 $ (11) $ (5,219) $ (5,221) Other comprehensive loss before reclassifications (115) - - (115) Amounts reclassified from accumulated other comprehensive loss (1) 20 - - 20 Net other comprehensive loss (95) - - (95) Balance at March 31, 2016 $ (86) $ (11) $ (5,219) $ (5,316) (1) Amount is included in interest expense in the consolidated statement of earnings.
Schedule of Earnings Per Share, Basic and Diluted	The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: 13 Weeks Ended 13 Weeks Ended March 30, 2017 March 31, 2016 (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 9,453 $ 5,452 Denominator: Denominator for basic EPS 27,708 27,494 Effect of dilutive employee stock options 675 265 Denominator for diluted EPS 28,383 27,759 Net earnings per share – basic: Common Stock $ 0.35 $ 0.20 Class B Common Stock $ 0.32 $ 0.19 Net earnings per share – diluted: Common Stock $ 0.33 $ 0.20 Class B Common Stock $ 0.31 $ 0.19
Components of Shareholders' Equity Activity Attributable to The Marcus Corporation and Noncontrolling Interests	Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 weeks ended March 30, 2017 and March 31, 2016 was as follows: Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 29, 2016 $ 390,112 $ 1,535 Net earnings attributable to The Marcus Corporation 9,453 - Net loss attributable to noncontrolling interests - (336) Cash dividends (3,366) - Exercise of stock options 455 - Savings and profit sharing contribution 890 - Treasury stock transactions, except for stock options 52 - Share-based compensation 505 - Other comprehensive income, net of tax 40 - Balance at March 30, 2017 $ 398,141 $ 1,199 Total Shareholders’ Equity Attributable to The Marcus Noncontrolling Corporation Interests (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 5,452 - Net loss attributable to noncontrolling interests - (172) Distributions to noncontrolling interests - (312) Cash dividends (2,997) - Exercise of stock options 125 - Savings and profit sharing contribution 905 - Treasury stock transactions, except for stock options (4,593) - Share-based compensation 434 - Other 7 - Other comprehensive loss, net of tax (95) - Balance at March 31, 2016 $ 362,590 $ 1,862
Schedule of Net Benefit Costs	The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: 13 Weeks Ended 13 Weeks Ended March 30, 2017 March 31, 2016 (in thousands) Service cost $ 191 $ 216 Interest cost 339 352 Net amortization of prior service cost and actuarial loss 89 91 Net periodic pension cost $ 619 $ 659

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 30, 2017
Business Segment Information [Abstract]
Schedule of Segment Reporting Information, by Segment	Following is a summary of business segment information for the 13 weeks ended March 30, 2017 and March 31, 2016 (in thousands): 13 Weeks Ended Hotels/ Corporate March 30, 2017 Theatres Resorts Items Total Revenues $ 111,388 $ 46,456 $ 110 $ 157,954 Operating income (loss) 24,691 (2,712) (3,954) 18,025 Depreciation and amortization 7,793 4,357 98 12,248 13 Weeks Ended Hotels/ Corporate March 31, 2016 Theatres Resorts Items Total Revenues $ 80,477 $ 44,832 $ 135 $ 125,444 Operating income (loss) 17,805 (2,552) (3,907) 11,346 Depreciation and amortization 5,858 4,241 92 10,191

General (Details)

General (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance, Swap Agreements			$ 9
Other comprehensive loss before reclassifications, Swap Agreements		$ 0	(115)
Amounts reclassified from accumulated other comprehensive loss, Swap Agreements	[1]		20
Net other comprehensive income (loss), Swap Agreements			(95)
Ending Balance, Swap Agreements			(86)
Beginning Balance, Available for Sale Investments		3	(11)
Change in unrealized gain on available for sale investments, Available for Sale Investments		(14)
Other comprehensive loss before reclassifications, Available for Sale Investments			0
Amounts reclassified from accumulated other comprehensive loss, Available for Sale Investments	[1]		0
Net other comprehensive income (loss), Available for Sale Investments		(14)	0
Ending Balance, Available for Sale Investments		(11)	(11)
Beginning Balance, Pension Obligation		(5,069)	(5,219)
Other comprehensive loss before reclassifications, Pension Obligation			0
Amortization of the net actuarial loss and prior service credit, Pension Obligation		54	0
Amounts reclassified from accumulated other comprehensive loss, Pension Obligation	[1]		0
Net other comprehensive income (loss), Pension Obligation		54	0
Ending Balance, Pension Obligation		(5,015)	(5,219)
Beginning Balance, Accumulated Other Comprehensive Loss		(5,066)	(5,221)
Other comprehensive loss before reclassifications, Accumulated Other Comprehensive Loss			(115)
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Loss			20
Amortization of the net actuarial loss and prior service credit, Accumulated Other Comprehensive Loss		54	0
Net other comprehensive income (loss), Accumulated Other Comprehensive Loss		40	(95)
Change in unrealized gain on available for sale investments, net of tax benefit of $9 and $0, respectively		(14)	0
Ending Balance, Accumulated Other Comprehensive Loss		$ (5,026)	$ (5,316)
[1]	Amount is included in interest expense in the consolidated statement of earnings.

General (Details 1)

General (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Numerator:
Net earnings attributable to The Marcus Corporation	$ 9,453	$ 5,452
Denominator:
Denominator for basic EPS	27,708	27,494
Effect of dilutive employee stock options	675	265
Denominator for diluted EPS	28,383	27,759
Common Stock [Member]
Net earnings per share - Basic:
Common Stock	$ 0.35	$ 0.2
Net earnings per share- Diluted:
Common Stock	0.33	0.2
Class B Common Stock [Member]
Net earnings per share - Basic:
Common Stock	0.32	0.19
Net earnings per share- Diluted:
Common Stock	$ 0.31	$ 0.19

General (Details 2)

General (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Total Shareholders' Equity Attributable to The Marcus Corporation
Beginning Balance	$ 390,112	$ 363,352
Net earnings attributable to The Marcus Corporation	9,453	5,452
Cash dividends	(3,366)	(2,997)
Exercise of stock options	455	125
Savings and profit sharing contribution	890	905
Treasury stock transactions, except for stock options	52	(4,593)
Share-based compensation	505	434
Other		7
Other comprehensive income (loss), net of tax	40	(95)
Ending Balance	398,141	362,590
Noncontrolling Interests
Beginning Balance	1,535	2,346
Net earnings (loss) attributable to noncontrolling interests	(336)	(172)
Distributions to noncontrolling interests	0	(312)
Ending Balance	$ 1,199	$ 1,862

General (Details 3)

General (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Service cost	$ 191	$ 216
Interest cost	339	352
Net amortization of prior service cost and actuarial loss	89	91
Net periodic pension cost	$ 619	$ 659

General (Details Textual)

General (Details Textual) - USD ($)	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016	Dec. 29, 2016
Summary of Significant Accounting Policies [Line Items]
Depreciation	$ 12,172,000	$ 10,191,000
Percentage Of Cash Dividends	110.00%
Available-for-sale Securities, Fair Value Disclosure	$ 70,000		$ 93,000
Interest Rate Fair Value Hedge Asset at Fair Value	46,000		6,000
Trading Securities	1,980,000		$ 1,927,000
Increase (Decrease) In Restricted Cash	$ (1,274,000)	$ (2,073,000)

Long-Term Debt and Capital Le20

Long-Term Debt and Capital Lease Obligations (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2016	Mar. 30, 2017	Mar. 31, 2016	Dec. 29, 2016	Feb. 28, 2013
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		$ 45,510,000
Commitment Minimum Lease Payments		6,163,000
Payments Obligation Reduced Amount		5,636,000
Repayments of Long-term Capital Lease Obligations		255,000	$ 0
Digital Systems [Member]
Finite-Lived Intangible Assets, Accumulated Amortization		29,838,000		28,294,000
Furniture and Fixtures [Member]
Repayments of Long-term Capital Lease Obligations		775,000
Capital Leased Assets, Gross		1,712,000		1,712,000
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation		71,000
Building and Building Improvements [Member]
Capital Leased Assets, Gross		15,799,000		$ 15,799,000
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation		460,000
Unsecured Senior Notes [Member]
Debt Instrument, Face Amount		$ 50,000,000
Debt Instrument, Interest Rate, Stated Percentage		4.32%
Interest Rate Swap [Member]
Derivative, Fixed Interest Rate					0.96%
Derivative, Variable Interest Rate		1.00%
Decrease In Interest Expense		$ 40,000
Mortgage Notes [Member]
Notes Payable, Total		$ 24,226,000
Debt Instrument, Basis Spread on Variable Rate		2.75%
Debt Instrument, Face Amount		$ 15,000,000
Debt Instrument, Interest Rate, Basis for Effective Rate		LIBOR plus 2.75%
Debt Instrument, Interest Rate, Effective Percentage		3.75%

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Income Taxes [Line Items]
Effective Income Tax Rate	37.70%	39.30%

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 157,954	$ 125,444
Operating income (loss)	18,025	11,346
Depreciation and amortization	12,248	10,191
Theatres [Member]
Segment Reporting Information [Line Items]
Revenues	111,388	80,477
Operating income (loss)	24,691	17,805
Depreciation and amortization	7,793	5,858
Hotels/Resorts [Member]
Segment Reporting Information [Line Items]
Revenues	46,456	44,832
Operating income (loss)	(2,712)	(2,552)
Depreciation and amortization	4,357	4,241
Corporate Items [Member]
Segment Reporting Information [Line Items]
Revenues	110	135
Operating income (loss)	(3,954)	(3,907)
Depreciation and amortization	$ 98	$ 92