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% |