The Marcus Corporation (MCS) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 28, 2017	Nov. 03, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		19,242,578
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,596,301

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2017	Dec. 29, 2016
Current assets:
Cash and cash equivalents	$ 6,566	$ 3,239
Restricted cash	7,904	5,466
Accounts and notes receivable, net of reserves of $170 and $204, respectively	24,269	14,761
Refundable income taxes	10,358	1,672
Other current assets	13,361	11,005
Total current assets	62,458	36,143
Property and equipment:
Land and improvements	138,464	134,306
Buildings and improvements	735,979	699,828
Leasehold improvements	86,811	80,522
Furniture, fixtures and equipment	339,984	312,334
Construction in progress	28,402	19,698
Total property and equipment	1,329,640	1,246,688
Less accumulated depreciation and amortization	491,446	457,490
Net property and equipment	838,194	789,198
Other assets:
Investments in joint ventures	4,951	6,096
Goodwill	43,527	43,735
Other	34,730	36,094
Total other assets	83,208	85,925
TOTAL ASSETS	983,860	911,266
Current liabilities:
Accounts payable	40,149	31,206
Taxes other than income taxes	17,547	17,261
Accrued compensation	15,971	17,007
Other accrued liabilities	39,485	46,561
Current portion of capital lease obligations	6,951	6,598
Current maturities of long-term debt	11,923	12,040
Total current liabilities	132,026	130,673
Capital lease obligations	20,881	26,106
Long-term debt	317,797	271,343
Deferred income taxes	50,657	46,433
Deferred compensation and other	46,256	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	60,908	58,584
Retained earnings	371,653	351,220
Accumulated other comprehensive loss	(4,919)	(5,066)
Stockholders' Equity before Treasury Stock	458,831	435,928
Less cost of Common Stock in treasury (3,353,845 shares at September 28, 2017 and 3,517,951 shares at December 29, 2016)	(43,628)	(45,816)
Total shareholders' equity attributable to The Marcus Corporation	415,203	390,112
Noncontrolling interest	1,040	1,535
Total equity	416,243	391,647
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	983,860	911,266
Common Stock [Member]
Shareholders’ equity attributable to The Marcus Corporation
Common Stock, Value	22,593	22,490
Class B Common Stock [Member]
Shareholders’ equity attributable to The Marcus Corporation
Common Stock, Value	$ 8,596	$ 8,700

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2017	Dec. 29, 2016
Accounts and notes receivable, reserves	$ 170	$ 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	3,353,845	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	22,593,212	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	8,596,301	8,699,540
Common Stock, outstanding	8,596,301	8,699,540

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Revenues:
Theatre admissions	$ 50,246	$ 46,859	$ 166,222	$ 137,783
Rooms	32,785	32,609	82,844	81,984
Theatre concessions	33,290	30,260	109,365	88,644
Food and beverage	18,670	17,991	52,487	50,784
Other revenues	18,827	16,976	53,629	45,922
Total revenues	153,818	144,695	464,547	405,117
Costs and expenses:
Theatre operations	44,403	39,579	145,844	118,048
Rooms	10,658	10,608	30,117	30,409
Theatre concessions	9,567	8,611	30,666	24,440
Food and beverage	15,125	14,498	44,093	41,797
Advertising and marketing	6,296	5,540	17,880	16,033
Administrative	16,876	15,702	51,654	45,638
Depreciation and amortization	12,993	10,474	37,544	31,025
Rent	3,113	2,051	9,718	6,277
Property taxes	5,052	4,168	14,575	12,306
Other operating expenses	8,300	8,781	24,255	24,854
Total costs and expenses	132,383	120,012	406,346	350,827
Operating income	21,435	24,683	58,201	54,290
Other income (expense):
Investment income	119	8	229	25
Interest expense	(3,367)	(2,127)	(9,454)	(6,993)
Gain (loss) on disposition of property, equipment and other assets	(449)	239	(420)	(478)
Equity earnings (losses) from unconsolidated joint ventures, net	(12)	161	75	270
Nonoperating Income (Expense), Total	(3,709)	(1,719)	(9,570)	(7,176)
Earnings before income taxes	17,726	22,964	48,631	47,114
Income taxes	6,908	8,712	18,571	18,236
Net earnings	10,818	14,252	30,060	28,878
Net loss attributable to noncontrolling interests	(160)	(120)	(495)	(282)
Net earnings attributable to The Marcus Corporation	$ 10,978	$ 14,372	$ 30,555	$ 29,160
Common Stock [Member]
Net earnings per share - basic:
Common Stock	$ 0.41	$ 0.54	$ 1.14	$ 1.09
Net earnings per share - diluted:
Common Stock	0.39	0.51	1.08	1.05
Dividends per share:
Common Stock	0.125	0.113	0.375	0.338
Common Class B [Member]
Net earnings per share - basic:
Common Stock	0.36	0.49	1.02	0.99
Net earnings per share - diluted:
Common Stock	0.37	0.48	1.01	0.98
Dividends per share:
Common Stock	$ 0.114	$ 0.102	$ 0.341	$ 0.307

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Net earnings	$ 10,818	$ 14,252	$ 30,060	$ 28,878
Other comprehensive income (loss), net of tax:
Change in unrealized gain on available for sale investments, net of tax benefit of $0, $9, $0 and $0, respectively	0	0	(14)	0
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect of $35, $106, $110 and $110, respectively	54	163	161	163
Fair market value adjustment of interest rate swap, net of tax benefit of $0, $0, $0 and $95, respectively	0	0	0	(143)
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $0, $0, $0 and $25, respectively	0	0	0	38
Reclassification adjustment related to interest rate swap de-designation, net of tax effect of $0, $0, $0 and $63, respectively	0	0	0	96
Other comprehensive income	54	163	147	154
Comprehensive income	10,872	14,415	30,207	29,032
Comprehensive loss attributable to noncontrolling interests	(160)	(120)	(495)	(282)
Comprehensive income attributable to The Marcus Corporation	$ 11,032	$ 14,535	$ 30,702	$ 29,314

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Change in unrealized gain on available for sale investments, net of tax benefit	$ 0	$ 0	$ 9	$ 0
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect	35	110	106	110
Fair market value adjustment of interest rate swap, net of tax benefit	0	0	0	95
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect	0	0	0	25
Reclassification adjustment related to interest rate swap de-designation, net of tax effect	$ 0	$ 0	$ 0	$ 63

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016
OPERATING ACTIVITIES:
Net earnings	$ 30,060	$ 28,878
Adjustments to reconcile net earnings to net cash provided by operating activities:
Earnings on investments in joint ventures	(75)	(270)
Distributions from joint ventures	351	414
Loss on disposition of property, equipment and other assets	420	478
Amortization of favorable lease right	250	250
Depreciation and amortization	37,544	31,025
Amortization of debt issuance costs	209	226
Shared-based compensation	1,867	1,358
Deferred income taxes	4,231	6,461
Deferred compensation and other	1,682	526
Contribution of the Company’s stock to savings and profit-sharing plan	1,024	905
Changes in operating assets and liabilities:
Accounts and notes receivable	(7,896)	(2,090)
Other current assets	(2,220)	(1,041)
Accounts payable	1	(6,592)
Income taxes	(8,686)	(7,329)
Taxes other than income taxes	286	(2,682)
Accrued compensation	(1,036)	3,147
Other accrued liabilities	(7,076)	(8,823)
Total adjustments	20,876	15,963
Net cash provided by operating activities	50,936	44,841
INVESTING ACTIVITIES:
Capital expenditures	(87,265)	(58,084)
Proceeds from disposals of property, equipment and other assets	4,558	594
Decrease (increase) in restricted cash	(2,438)	12,479
Decrease in other assets	584	3,686
Sale of interest in joint venture	0	1,000
Net cash used in investing activities	(84,561)	(40,325)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving credit facilities	254,000	250,188
Repayment of borrowings on revolving credit facilities	(236,500)	(191,188)
Proceeds from borrowings on long-term debt	65,000	0
Principal payments on long-term debt	(35,894)	(51,863)
Debt issuance costs	(370)	(491)
Repayments of capital lease obligations	(782)	0
Equity transactions:
Treasury stock transactions, except for stock options	(463)	(6,053)
Exercise of stock options	2,083	3,553
Dividends paid	(10,122)	(9,016)
Distributions to noncontrolling interest	0	(448)
Net cash provided by (used in) financing activities	36,952	(5,318)
Net increase (decrease) in cash and cash equivalents	3,327	(802)
Cash and cash equivalents at beginning of period	3,239	6,672
Cash and cash equivalents at end of period	6,566	5,870
Supplemental Information:
Interest paid, net of amounts capitalized	9,354	6,772
Income taxes paid	23,025	19,107
Change in accounts payable for additions to property and equipment	$ 8,942	$ (1,930)

General

General	9 Months Ended
	Sep. 28, 2017
General [Abstract]
General	1. General Accounting Policies Available for Pension Accumulated ( 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 - 161 161 Net other comprehensive income (loss) (14 ) 161 147 Balance at September 28, 2017 $ (11 ) $ (4,908 ) $ (4,919 ) Swap Available Investments Pension Accumulated Comprehensive (in thousands) Balance at December 31, 2015 $ 9 $ (11 ) $ (5,219 ) $ (5,221 ) Amortization of the net actuarial loss and prior service credit - - 163 163 Other comprehensive loss before reclassifications (143 ) - - (143 ) Amounts reclassified from accumulated other comprehensive loss (1) 134 - - 134 Net other comprehensive income (loss) (9 ) - 163 154 Balance at September 29, 2016 $ - $ (11 ) $ (5,056 ) $ (5,067 ) (1) Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings for each period are allocated based on the proportionate share of entitled cash dividends. The computation of diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock and, as such, the undistributed earnings are equal to net earnings for that computation. The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 10,978 $ 14,372 $ 30,555 $ 29,160 Denominator: Denominator for basic EPS 27,825 27,574 27,773 27,522 Effect of dilutive employee stock options 525 427 637 343 Denominator for diluted EPS 28,350 28,001 28,410 27,865 Net earnings per share - basic: Common Stock $ 0.41 $ 0.54 $ 1.14 $ 1.09 Class B Common Stock $ 0.36 $ 0.49 $ 1.02 $ 0.99 Net earnings per share - diluted: Common Stock $ 0.39 $ 0.51 $ 1.08 $ 1.05 Class B Common Stock $ 0.37 $ 0.48 $ 1.01 $ 0.98 Total Noncontrolling (in thousands) Balance at December 29, 2016 $ 390,112 $ 1,535 Net earnings attributable to The Marcus Corporation 30,555 – Net loss attributable to noncontrolling interests – (495 ) Cash dividends (10,122 ) – Exercise of stock options 2,083 – Savings and profit sharing contribution 1,024 – Treasury stock transactions, except for stock options (463 ) – Share-based compensation 1,867 – Other comprehensive income, net of tax 147 – Balance at September 28, 2017 $ 415,203 $ 1,040 Total Noncontrolling (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 29,160 – Net loss attributable to noncontrolling interests – (282 ) Distributions to noncontrolling interests – (448 ) Cash dividends (9,016 ) – Exercise of stock options 3,553 – Savings and profit sharing contribution 905 – Treasury stock transactions, except for stock options (6,053 ) – Share-based compensation 1,358 – Other 39 – Other comprehensive income, net of tax 154 – Balance at September 29, 2016 $ 383,452 $ 1,616 The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 Level 2 Level 3 13 Weeks Ended September 28, 13 Weeks Ended September 29, 39 Weeks Ended September 28, 39 Weeks Ended September 29, (in thousands) Service cost $ 192 $ 216 $ 574 $ 648 Interest cost 339 351 1,017 1,055 Net amortization of prior service cost and actuarial loss 89 91 267 273 Net periodic pension cost $ 620 $ 658 $ 1,858 $ 1,976 New Accounting Pronouncements - Revenue from Contracts with Customers Revenue from Contracts with Customers: Deferral of Effective Date The Company has performed a review of the requirements of the new revenue standard and related ASUs and is monitoring the activity of the FASB as it relates to specific interpretive guidance. The Company is reviewing customer contracts and is in the process of applying the five-step model of the new revenue standard to each of its key identified revenue streams and is comparing the results to its current accounting practices. The Company believes that the adoption of the new standard will primarily impact its accounting for its loyalty programs, gift cards and customer incentives. The Company’s preliminary assessment is that the adoption of the new standard will have an immaterial impact on the Company’s overall operating results. The Company continues to assess all potential impacts of adopting this new revenue standard on its consolidated financial statements and related disclosures. 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. 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 February 2017, the FASB issued ASU No. 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” 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. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting Compensation - Stock Compensation

Long-Term Debt and Capital Leas

Long-Term Debt and Capital Lease Obligations	9 Months Ended
	Sep. 28, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Capital Lease Obligations	2. Long-Term Debt and Capital Lease Obligations Long-Term Debt - Also during the 39 weeks ended September 28, 2017, a note that matured in January 2017 with a balance of $24,226,000 was repaid and replaced with borrowings on the Company’s revolving credit facility and a new $15,000,000 mortgage note bearing interest at LIBOR plus 2.75%, effectively 4.0% at September 28, 2017, requiring monthly principal and interest payments and maturing in fiscal 2020. The mortgage note is secured by the related land, building and equipment. The Company utilizes derivatives principally to manage market risks and reduce its exposure resulting from fluctuations in interest rates. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions. The Company entered into an interest rate swap agreement on February 28, 2013 covering $25,000,000 of floating rate debt, which expires January 22, 2018, and requires the Company to pay interest at a defined rate of 0.96% while receiving interest at a defined variable rate of one-month LIBOR (1.25% at September 28, 2017). The notional amount of the swap is $25,000,000. The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. Derivatives that do not qualify for hedge accounting must be adjusted to fair value through earnings. For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Company’s interest rate swap agreement was considered effective and qualified as a cash flow hedge from inception through June 16, 2016, at which time the derivative was undesignated and the balance in accumulated other comprehensive loss of $159,000 ($96,000 net of tax) was reclassified into interest expense. As of June 16, 2016, the swap was considered ineffective for accounting purposes. As such, the $22,000 increase in the fair value of the swap for the 39 weeks ended September 28, 2017 was recorded as a reduction to interest expense. The Company does not expect the interest rate swap to have a material effect on earnings within the next four months, at which time the agreement will expire. Capital Lease Obligations 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 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 $5,822,000 within the next 12 months. This reduction will be recognized as an offset to amortization and is expected to offset the majority of the amortization of the systems. 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 September 28, 2017 and December 29, 2016 is a preliminary value of $15,799,000 related to these leases, with accumulated amortization of $1,253,000 as of September 28, 2017. Included in furniture, fixtures and equipment as of September 28, 2017 and December 29, 2016 is a preliminary value of $1,712,000 related to these leases, with accumulated amortization of $194,000 as of September 28, 2017. The assets are being amortized over the remaining lease terms. The Company paid $874,000 and $2,424,000 in lease payments on these capital leases during the 13 and 39 weeks ended September 28, 2017, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2017
Income Tax Disclosure [Abstract]
Income Taxes	3. Income Taxes The Company’s effective income tax rate, adjusted for losses from noncontrolling interests, for the 13 and 39 weeks ended September 28, 2017 was 38.6 37.8 37.7 38.5

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 28, 2017
Segment Reporting [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. 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 89,773 $ 63,895 $ 150 $ 153,818 Operating income (loss) 15,830 9,622 (4,017) 21,435 Depreciation and amortization 8,399 4,512 82 12,993 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 81,921 $ 62,613 $ 161 $ 144,695 Operating income (loss) 18,095 10,614 (4,026) 24,683 Depreciation and amortization 6,228 4,158 88 10,474 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 294,977 $ 169,138 $ 432 $ 464,547 Operating income (loss) 58,481 12,693 (12,973) 58,201 Depreciation and amortization 24,000 13,270 274 37,544 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 238,837 $ 165,880 $ 400 $ 405,117 Operating income (loss) 51,530 15,073 (12,313) 54,290 Depreciation and amortization 18,175 12,582 268 31,025

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 28, 2017
Subsequent Events [Abstract]
Subsequent Event	5. Subsequent Event 11 4,906,000

General (Policies)

General (Policies)	9 Months Ended
	Sep. 28, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Restricted Cash	Restricted Cash
Depreciation and Amortization	Depreciation and Amortization
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Available for Pension Accumulated ( 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 - 161 161 Net other comprehensive income (loss) (14 ) 161 147 Balance at September 28, 2017 $ (11 ) $ (4,908 ) $ (4,919 ) Swap Available Investments Pension Accumulated Comprehensive (in thousands) Balance at December 31, 2015 $ 9 $ (11 ) $ (5,219 ) $ (5,221 ) Amortization of the net actuarial loss and prior service credit - - 163 163 Other comprehensive loss before reclassifications (143 ) - - (143 ) Amounts reclassified from accumulated other comprehensive loss (1) 134 - - 134 Net other comprehensive income (loss) (9 ) - 163 154 Balance at September 29, 2016 $ - $ (11 ) $ (5,056 ) $ (5,067 ) (1)
Earnings Per Share	Earnings Per Share Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings for each period are allocated based on the proportionate share of entitled cash dividends. The computation of diluted net earnings per share of Common Stock assumes the conversion of Class B Common Stock and, as such, the undistributed earnings are equal to net earnings for that computation. The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 10,978 $ 14,372 $ 30,555 $ 29,160 Denominator: Denominator for basic EPS 27,825 27,574 27,773 27,522 Effect of dilutive employee stock options 525 427 637 343 Denominator for diluted EPS 28,350 28,001 28,410 27,865 Net earnings per share - basic: Common Stock $ 0.41 $ 0.54 $ 1.14 $ 1.09 Class B Common Stock $ 0.36 $ 0.49 $ 1.02 $ 0.99 Net earnings per share - diluted: Common Stock $ 0.39 $ 0.51 $ 1.08 $ 1.05 Class B Common Stock $ 0.37 $ 0.48 $ 1.01 $ 0.98
Equity	Equity Total Noncontrolling (in thousands) Balance at December 29, 2016 $ 390,112 $ 1,535 Net earnings attributable to The Marcus Corporation 30,555 – Net loss attributable to noncontrolling interests – (495 ) Cash dividends (10,122 ) – Exercise of stock options 2,083 – Savings and profit sharing contribution 1,024 – Treasury stock transactions, except for stock options (463 ) – Share-based compensation 1,867 – Other comprehensive income, net of tax 147 – Balance at September 28, 2017 $ 415,203 $ 1,040 Total Noncontrolling (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 29,160 – Net loss attributable to noncontrolling interests – (282 ) Distributions to noncontrolling interests – (448 ) Cash dividends (9,016 ) – Exercise of stock options 3,553 – Savings and profit sharing contribution 905 – Treasury stock transactions, except for stock options (6,053 ) – Share-based compensation 1,358 – Other 39 – Other comprehensive income, net of tax 154 – Balance at September 29, 2016 $ 383,452 $ 1,616
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 Level 2 Level 3
Defined Benefit Plan	Defined Benefit Plan 13 Weeks Ended September 28, 13 Weeks Ended September 29, 39 Weeks Ended September 28, 39 Weeks Ended September 29, (in thousands) Service cost $ 192 $ 216 $ 574 $ 648 Interest cost 339 351 1,017 1,055 Net amortization of prior service cost and actuarial loss 89 91 267 273 Net periodic pension cost $ 620 $ 658 $ 1,858 $ 1,976
New Accounting Pronouncements	New Accounting Pronouncements - Revenue from Contracts with Customers Revenue from Contracts with Customers: Deferral of Effective Date The Company has performed a review of the requirements of the new revenue standard and related ASUs and is monitoring the activity of the FASB as it relates to specific interpretive guidance. The Company is reviewing customer contracts and is in the process of applying the five-step model of the new revenue standard to each of its key identified revenue streams and is comparing the results to its current accounting practices. The Company believes that the adoption of the new standard will primarily impact its accounting for its loyalty programs, gift cards and customer incentives. The Company’s preliminary assessment is that the adoption of the new standard will have an immaterial impact on the Company’s overall operating results. The Company continues to assess all potential impacts of adopting this new revenue standard on its consolidated financial statements and related disclosures. 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. 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 February 2017, the FASB issued ASU No. 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” 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. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting Compensation - Stock Compensation

General (Tables)

General (Tables)	9 Months Ended
	Sep. 28, 2017
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Available for Pension Accumulated ( 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 - 161 161 Net other comprehensive income (loss) (14 ) 161 147 Balance at September 28, 2017 $ (11 ) $ (4,908 ) $ (4,919 ) Swap Available Investments Pension Accumulated Comprehensive (in thousands) Balance at December 31, 2015 $ 9 $ (11 ) $ (5,219 ) $ (5,221 ) Amortization of the net actuarial loss and prior service credit - - 163 163 Other comprehensive loss before reclassifications (143 ) - - (143 ) Amounts reclassified from accumulated other comprehensive loss (1) 134 - - 134 Net other comprehensive income (loss) (9 ) - 163 154 Balance at September 29, 2016 $ - $ (11 ) $ (5,056 ) $ (5,067 ) (1)
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 39 Weeks Ended 39 Weeks Ended (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 10,978 $ 14,372 $ 30,555 $ 29,160 Denominator: Denominator for basic EPS 27,825 27,574 27,773 27,522 Effect of dilutive employee stock options 525 427 637 343 Denominator for diluted EPS 28,350 28,001 28,410 27,865 Net earnings per share - basic: Common Stock $ 0.41 $ 0.54 $ 1.14 $ 1.09 Class B Common Stock $ 0.36 $ 0.49 $ 1.02 $ 0.99 Net earnings per share - diluted: Common Stock $ 0.39 $ 0.51 $ 1.08 $ 1.05 Class B Common Stock $ 0.37 $ 0.48 $ 1.01 $ 0.98
Components of Shareholders' Equity Activity Attributable to The Marcus Corporation and Noncontrolling Interests	Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 39 weeks ended September 28, 2017 and September 29, 2016 was as follows: Total Noncontrolling (in thousands) Balance at December 29, 2016 $ 390,112 $ 1,535 Net earnings attributable to The Marcus Corporation 30,555 – Net loss attributable to noncontrolling interests – (495 ) Cash dividends (10,122 ) – Exercise of stock options 2,083 – Savings and profit sharing contribution 1,024 – Treasury stock transactions, except for stock options (463 ) – Share-based compensation 1,867 – Other comprehensive income, net of tax 147 – Balance at September 28, 2017 $ 415,203 $ 1,040 Total Noncontrolling (in thousands) Balance at December 31, 2015 $ 363,352 $ 2,346 Net earnings attributable to The Marcus Corporation 29,160 – Net loss attributable to noncontrolling interests – (282 ) Distributions to noncontrolling interests – (448 ) Cash dividends (9,016 ) – Exercise of stock options 3,553 – Savings and profit sharing contribution 905 – Treasury stock transactions, except for stock options (6,053 ) – Share-based compensation 1,358 – Other 39 – Other comprehensive income, net of tax 154 – Balance at September 29, 2016 $ 383,452 $ 1,616
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 September 28, 13 Weeks Ended September 29, 39 Weeks Ended September 28, 39 Weeks Ended September 29, (in thousands) Service cost $ 192 $ 216 $ 574 $ 648 Interest cost 339 351 1,017 1,055 Net amortization of prior service cost and actuarial loss 89 91 267 273 Net periodic pension cost $ 620 $ 658 $ 1,858 $ 1,976

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 28, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Following is a summary of business segment information for the 13 and 39 weeks ended September 28, 2017 and September 29, 2016 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 89,773 $ 63,895 $ 150 $ 153,818 Operating income (loss) 15,830 9,622 (4,017) 21,435 Depreciation and amortization 8,399 4,512 82 12,993 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 81,921 $ 62,613 $ 161 $ 144,695 Operating income (loss) 18,095 10,614 (4,026) 24,683 Depreciation and amortization 6,228 4,158 88 10,474 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 294,977 $ 169,138 $ 432 $ 464,547 Operating income (loss) 58,481 12,693 (12,973) 58,201 Depreciation and amortization 24,000 13,270 274 37,544 39 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 238,837 $ 165,880 $ 400 $ 405,117 Operating income (loss) 51,530 15,073 (12,313) 54,290 Depreciation and amortization 18,175 12,582 268 31,025

General (Details)

General (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance, Swap Agreements					$ 9
Other comprehensive loss before reclassifications, Swap Agreements		$ 0	$ 0	$ 0	(143)
Amounts reclassified from accumulated other comprehensive loss, Swap Agreements	[1]				134
Net other comprehensive loss, Swap Agreements					(9)
Ending Balance, Swap Agreements			0		0
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		0	0	(14)	0
Ending Balance, Available for Sale Investments		(11)	(11)	(11)	(11)
Beginning Balance, Pension Obligation				(5,069)	(5,219)
Amortization of the net actuarial loss and prior service credit, Pension Obligation		54	163	161	163
Other comprehensive loss before reclassifications, Pension Obligation					0
Amounts reclassified from accumulated other comprehensive loss, Pension Obligation	[1]				0
Net other comprehensive income (loss), Pension Obligation				161	163
Ending Balance, Pension Obligation		(4,908)	(5,056)	(4,908)	(5,056)
Beginning Balance, Accumulated Other Comprehensive Loss				(5,066)	(5,221)
Change in unrealized gain on available for sale investments, Accumulated Other Comprehensive Loss		0	0	(14)	0
Amortization of net actuarial loss and prior service credit, Accumulated Other Comprehensive Loss		54	163	161	163
Other comprehensive loss before reclassifications, Accumulated Other Comprehensive Loss					(143)
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Loss	[1]				134
Net other comprehensive income (loss), Accumulated Other Comprehensive Loss		54	163	147	154
Ending Balance, Accumulated Other Comprehensive Loss		$ (4,919)	$ (5,067)	$ (4,919)	$ (5,067)
[1]	Amounts are included in interest expense in the consolidated statements of earnings.

General (Details 1)

General (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Numerator:
Net earnings attributable to The Marcus Corporation	$ 10,978	$ 14,372	$ 30,555	$ 29,160
Denominator:
Denominator for basic EPS	27,825	27,574	27,773	27,522
Effect of dilutive employee stock options	525	427	637	343
Denominator for diluted EPS	28,350	28,001	28,410	27,865
Common Stock [Member]
Net earnings per share - basic:
Common Stock	$ 0.41	$ 0.54	$ 1.14	$ 1.09
Net earnings per share - diluted:
Common Stock	0.39	0.51	1.08	1.05
Class B Common Stock [Member]
Net earnings per share - basic:
Common Stock	0.36	0.49	1.02	0.99
Net earnings per share - diluted:
Common Stock	$ 0.37	$ 0.48	$ 1.01	$ 0.98

General (Details 2)

General (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Total Shareholders' Equity Attributable to The Marcus Corporation
Beginning Balance			$ 390,112	$ 363,352
Net earnings attributable to The Marcus Corporation	$ 10,978	$ 14,372	30,555	29,160
Cash dividends			(10,122)	(9,016)
Exercise of stock options			2,083	3,553
Savings and profit sharing contribution			1,024	905
Treasury stock transactions, except for stock options			(463)	(6,053)
Share-based compensation			1,867	1,358
Other				39
Other comprehensive income, net of tax	54	163	147	154
Ending Balance	415,203	383,452	415,203	383,452
Noncontrolling Interests
Beginning Balance			1,535	2,346
Net loss attributable to noncontrolling interests	(160)	(120)	(495)	(282)
Distributions to noncontrolling interests			0	(448)
Ending Balance	$ 1,040	$ 1,616	$ 1,040	$ 1,616

General (Details 3)

General (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Service cost	$ 192	$ 216	$ 574	$ 648
Interest cost	339	351	1,017	1,055
Net amortization of prior service cost and actuarial loss	89	91	267	273
Net periodic pension cost	$ 620	$ 658	$ 1,858	$ 1,976

General (Details Textual)

General (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016	Dec. 29, 2016
Summary of Significant Accounting Policies [Line Items]
Depreciation	$ 12,946,000	$ 10,537,000	$ 37,368,000	$ 31,214,000
Percentage Of Cash Dividends			110.00%
Available-for-sale Securities, Fair Value Disclosure	70,000		$ 70,000		$ 93,000
Restricted Cash and Investments, Total	3,057,000		3,057,000
Interest Rate Fair Value Hedge Asset at Fair Value	28,000		28,000		6,000
Trading Securities, Fair Value Disclosure	$ 3,859,000		3,859,000		$ 1,927,000
Decrease (increase) in restricted cash			$ (2,438,000)	$ 12,479,000

Long-Term Debt and Capital Le21

Long-Term Debt and Capital Lease Obligations (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2016	Sep. 28, 2017	Sep. 28, 2017	Sep. 29, 2016	Dec. 29, 2016	Feb. 28, 2013
Derivative, Amount of Hedged Item						$ 25,000,000
Derivative Liability, Notional Amount		$ 25,000,000	$ 25,000,000
Derivative Instruments Loss Reclassified From Accumulated Income Effective Portion Net Of Tax	$ 96,000
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion	$ 159,000
Term Of Licensing Agreement			10 years
Commitment Minimum Lease Payments			$ 6,163,000
Repayments of Long-term Capital Lease Obligations			782,000	$ 0
Obligation To Be Reduced In Next 12 Months		5,822,000	5,822,000
Digital Systems [Member]
Capital Leases, Balance Sheet, Assets by Major Class, Net		45,510,000	45,510,000		$ 45,510,000
Finite-Lived Intangible Assets, Accumulated Amortization		32,926,000	32,926,000		28,294,000
Furniture and Fixtures [Member]
Capital Leased Assets, Gross		1,712,000	1,712,000		1,712,000
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation		194,000	194,000
Building and Building Improvements [Member]
Capital Leased Assets, Gross		15,799,000	15,799,000		$ 15,799,000
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation		1,253,000	1,253,000
Furniture and Fixtures AND Building and Building Improvements [Member]
Repayments of Long-term Capital Lease Obligations		874,000	2,424,000
Unsecured Senior Notes [Member]
Debt Instrument, Face Amount		$ 50,000,000	$ 50,000,000
Debt Instrument, Interest Rate, Stated Percentage		4.32%	4.32%
Interest Rate Swap [Member]
Derivative, Fixed Interest Rate						0.96%
Derivative, Variable Interest Rate		1.25%	1.25%
Decrease In Interest Expense			$ 22,000
Mortgage Notes [Member]
Debt Instrument, Face Amount		$ 15,000,000	$ 15,000,000
Debt Instrument, Interest Rate, Basis for Effective Rate			2.75%
Debt Instrument, Interest Rate, Effective Percentage		4.00%	4.00%
Repayments of Notes Payable			$ 24,226,000

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Income Taxes [Line Items]
Effective Income Tax Rate	38.60%	37.70%	37.80%	38.50%

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 29, 2016	Sep. 28, 2017	Sep. 29, 2016
Segment Reporting Information [Line Items]
Revenues	$ 153,818	$ 144,695	$ 464,547	$ 405,117
Operating income (loss)	21,435	24,683	58,201	54,290
Depreciation and amortization	12,993	10,474	37,544	31,025
Theatres [Member]
Segment Reporting Information [Line Items]
Revenues	89,773	81,921	294,977	238,837
Operating income (loss)	15,830	18,095	58,481	51,530
Depreciation and amortization	8,399	6,228	24,000	18,175
Hotels/Resorts [Member]
Segment Reporting Information [Line Items]
Revenues	63,895	62,613	169,138	165,880
Operating income (loss)	9,622	10,614	12,693	15,073
Depreciation and amortization	4,512	4,158	13,270	12,582
Corporate Items [Member]
Segment Reporting Information [Line Items]
Revenues	150	161	432	400
Operating income (loss)	(4,017)	(4,026)	(12,973)	(12,313)
Depreciation and amortization	$ 82	$ 88	$ 274	$ 268

Subsequent Event (Details Textu

Subsequent Event (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2017	Oct. 20, 2017
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 4,906,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		11.00%