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General (Tables) | 6 Months Ended
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Jun. 27, 2019
General |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:
|  | 13 Weeks |  | 13 Weeks |  | 26 Weeks |  | 26 Weeks
|  | Ended |  | Ended |  | Ended |  | Ended
|  | June 27, 2019 |  | June 28, 2018 |  | June 27, 2019 |  | June 28, 2018
|  | (in thousands, except per share data)
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to The Marcus Corporation |  | $ | 18,066 |  | $ | 18,619 |  | $ | 19,926 |  | $ | 28,440
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic EPS |  |  | 30,897 |  |  | 28,010 |  |  | 30,390 |  |  | 27,952
Effect of dilutive employee stock options |  |  | 504 |  |  | 611 |  |  | 558 |  |  | 582
Denominator for diluted EPS |  |  | 31,401 |  |  | 28,621 |  |  | 30,948 |  |  | 28,534
Net earnings per share - basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 0.60 |  | $ | 0.68 |  | $ | 0.68 |  | $ | 1.05
Class B Common Stock |  | $ | 0.54 |  | $ | 0.62 |  | $ | 0.59 |  | $ | 0.95
Net earnings per share - diluted: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 0.58 |  | $ | 0.65 |  | $ | 0.64 |  | $ | 1.00
Class B Common Stock |  | $ | 0.54 |  | $ | 0.61 |  | $ | 0.59 |  | $ | 0.93
Schedule of Stockholders Equity | Shareholders’ Equity - Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 and 26 weeks ended June 27, 2019 and June 28, 2018 was as follows (in thousands, except per share data):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Shareholders’ |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Equity |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  | Attributable |  |  |  |  |  |
|  |  |  |  | Class B |  | Capital |  |  |  |  | Other |  |  |  |  | to The |  | Non- |  |  |
|  | Common |  | Common |  | in Excess |  | Retained |  | Comprehensive |  | Treasury |  | Marcus |  | controlling |  | Total
|  | Stock |  | Stock |  | of Par |  | Earnings |  | Loss |  | Stock |  | Corporation |  | Interests |  | Equity
BALANCES AT DECEMBER 27, 2018 |  | $ | 22,843 |  | $ | 8,347 |  | $ | 63,830 |  | $ | 439,178 |  | $ | (6,758) |  | $ | (37,431) |  | $ | 490,009 |  | $ | 110 |  | $ | 490,119
Cash Dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$.15 Class B Common Stock |  |  | — |  |  | — |  |  | — |  |  | (1,183) |  |  | — |  |  | — |  |  | (1,183) |  |  | — |  |  | (1,183)
$.16 Common Stock |  |  | — |  |  | — |  |  | — |  |  | (3,633) |  |  | — |  |  | — |  |  | (3,633) |  |  | — |  |  | (3,633)
Exercise of stock options |  |  | — |  |  | — |  |  | (78) |  |  | — |  |  | — |  |  | 532 |  |  | 454 |  |  | — |  |  | 454
Purchase of treasury stock |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (428) |  |  | (428) |  |  | — |  |  | (428)
Savings and profit-sharing contribution |  |  | — |  |  | — |  |  | 810 |  |  | — |  |  | — |  |  | 371 |  |  | 1,181 |  |  | — |  |  | 1,181
Reissuance of treasury stock |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | 16 |  |  | 47 |  |  | — |  |  | 47
Issuance of non-vested stock |  |  | — |  |  | — |  |  | (127) |  |  | — |  |  | — |  |  | 127 |  |  | — |  |  | — |  |  | —
Shared-based compensation |  |  | — |  |  | — |  |  | 777 |  |  | — |  |  | — |  |  | — |  |  | 777 |  |  | — |  |  | 777
Reissuance of treasury stock-acquisition |  |  | — |  |  | — |  |  | 77,960 |  |  | — |  |  | — |  |  | 31,237 |  |  | 109,197 |  |  | — |  |  | 109,197
Other |  |  | — |  |  | — |  |  | (109) |  |  | — |  |  | — |  |  | — |  |  | (109) |  |  | — |  |  | (109)
Conversions of Class B Common Stock |  |  | 411 |  |  | (411) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Distributions to noncontrolling interest |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (60) |  |  | (60)
Comprehensive income (loss) |  |  | — |  |  | — |  |  | — |  |  | 1,860 |  |  | (297) |  |  | — |  |  | 1,563 |  |  | (66) |  |  | 1,497
BALANCES AT MARCH 28, 2019 |  | $ | 23,254 |  | $ | 7,936 |  | $ | 143,094 |  | $ | 436,222 |  | $ | (7,055) |  | $ | (5,576) |  | $ | 597,875 |  | $ | (16) |  | $ | 597,859
Cash Dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$.15 Class B Common Stock |  |  | — |  |  | — |  |  | — |  |  | (1,155) |  |  | — |  |  | — |  |  | (1,155) |  |  | — |  |  | (1,155)
$.16 Common Stock |  |  | — |  |  | — |  |  | — |  |  | (3,675) |  |  | — |  |  | — |  |  | (3,675) |  |  | — |  |  | (3,675)
Exercise of stock options |  |  | — |  |  | — |  |  | (27) |  |  | — |  |  | — |  |  | 477 |  |  | 450 |  |  | — |  |  | 450
Purchase of treasury stock |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (213) |  |  | (213) |  |  | — |  |  | (213)
Reissuance of treasury stock |  |  | — |  |  | — |  |  | 182 |  |  | — |  |  | — |  |  | 96 |  |  | 278 |  |  | — |  |  | 278
Issuance of non-vested stock |  |  | — |  |  | — |  |  | (142) |  |  | — |  |  | — |  |  | 142 |  |  | — |  |  | — |  |  | —
Shared-based compensation |  |  | — |  |  | — |  |  | 949 |  |  | — |  |  | — |  |  | — |  |  | 949 |  |  | — |  |  | 949
Distributions to noncontrolling interest |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | (35)
Comprehensive income (loss) |  |  | — |  |  | — |  |  | — |  |  | 18,066 |  |  | (353) |  |  | — |  |  | 17,713 |  |  | 171 |  |  | 17,884
BALANCES AT JUNE 27, 2019 |  | $ | 23,254 |  | $ | 7,936 |  | $ | 144,056 |  | $ | 449,458 |  | $ | (7,408) |  | $ | (5,074) |  | $ | 612,222 |  | $ | 120 |  | $ | 612,342
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Shareholders’ |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Equity |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  | Attributable |  |  |  |  |  |
|  |  |  |  | Class B |  | Capital |  |  |  |  | Other |  |  |  |  | to The |  | Non- |  |  |
|  | Common |  | Common |  | in Excess |  | Retained |  | Comprehensive |  | Treasury |  | Marcus |  | controlling |  | Total
|  | Stock |  | Stock |  | of Par |  | Earnings |  | Income (Loss) |  | Stock |  | Corporation |  | Interests |  | Equity
BALANCES AT DECEMBER 28, 2017 |  | $ | 22,656 |  | $ | 8,534 |  | $ | 61,452 |  | $ | 403,206 |  | $ | (7,425) |  | $ | (43,399) |  | $ | 445,024 |  | $ | 100 |  | $ | 445,124
Amount reclassified to retained earnings on December 29, 2017 in connection with the adoption of ASU No. 2016-01 |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | —
Amount reclassified to retained earnings on December 29, 2017 in connection with the adoption of ASU No. 2018-02 |  |  | — |  |  | — |  |  | — |  |  | 1,574 |  |  | (1,574) |  |  | — |  |  | — |  |  | — |  |  | —
Amount reclassified to retained earnings on December 29, 2017 in connection with the adoption of ASU No. 2014-09 |  |  | — |  |  | — |  |  | — |  |  | (2,568) |  |  | — |  |  | — |  |  | (2,568) |  |  | — |  |  | (2,568)
Cash Dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$.14 Class B Common Stock |  |  | — |  |  | — |  |  | — |  |  | (1,163) |  |  | — |  |  | — |  |  | (1,163) |  |  | — |  |  | (1,163)
$.15 Common Stock |  |  | — |  |  | — |  |  | — |  |  | (2,907) |  |  | — |  |  | — |  |  | (2,907) |  |  | — |  |  | (2,907)
Exercise of stock options |  |  | — |  |  | — |  |  | (62) |  |  | — |  |  | — |  |  | 991 |  |  | 929 |  |  | — |  |  | 929
Purchase of treasury stock |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (453) |  |  | (453) |  |  | — |  |  | (453)
Savings and profit-sharing contribution |  |  | — |  |  | — |  |  | 651 |  |  | — |  |  | — |  |  | 479 |  |  | 1,130 |  |  | — |  |  | 1,130
Reissuance of treasury stock |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | — |  |  | 23 |  |  | 49 |  |  | — |  |  | 49
Issuance of non-vested stock |  |  | — |  |  | — |  |  | (108) |  |  | — |  |  | — |  |  | 108 |  |  | — |  |  | — |  |  | —
Shared-based compensation |  |  | — |  |  | — |  |  | 596 |  |  | — |  |  | — |  |  | — |  |  | 596 |  |  | — |  |  | 596
Conversions of Class B Common Stock |  |  | 8 |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Distributions to noncontrolling interest |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19) |  |  | (19)
Comprehensive income (loss) |  |  | — |  |  | — |  |  | — |  |  | 9,821 |  |  | (30) |  |  | — |  |  | 9,791 |  |  | (15) |  |  | 9,776
BALANCES AT MARCH 29, 2018 |  | $ | 22,664 |  | $ | 8,526 |  | $ | 62,555 |  | $ | 407,952 |  | $ | (9,018) |  | $ | (42,251) |  | $ | 450,428 |  | $ | 66 |  | $ | 450,494
Cash Dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$.14 Class B Common Stock |  |  | — |  |  | — |  |  | — |  |  | (1,162) |  |  | — |  |  | — |  |  | (1,162) |  |  | — |  |  | (1,162)
$.15 Common Stock |  |  | — |  |  | — |  |  | — |  |  | (2,926) |  |  | — |  |  | — |  |  | (2,926) |  |  | — |  |  | (2,926)
Exercise of stock options |  |  | — |  |  | — |  |  | (33) |  |  | — |  |  | — |  |  | 1,207 |  |  | 1,174 |  |  | — |  |  | 1,174
Purchase of treasury stock |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (496) |  |  | (496) |  |  | — |  |  | (496)
Reissuance of treasury stock |  |  | — |  |  | — |  |  | 143 |  |  | — |  |  | — |  |  | 93 |  |  | 236 |  |  | — |  |  | 236
Issuance of non-vested stock |  |  | — |  |  | — |  |  | (127) |  |  | — |  |  | — |  |  | 127 |  |  | — |  |  | — |  |  | —
Shared-based compensation |  |  | — |  |  | — |  |  | 715 |  |  | — |  |  | — |  |  | — |  |  | 715 |  |  | — |  |  | 715
Conversions of Class B Common Stock |  |  | 5 |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Comprehensive income (loss) |  |  | — |  |  | — |  |  | — |  |  | 18,619 |  |  | 344 |  |  | — |  |  | 18,963 |  |  | 93 |  |  | 19,056
BALANCES AT JUNE 28, 2018 |  | $ | 22,669 |  | $ | 8,521 |  | $ | 63,253 |  | $ | 422,483 |  | $ | (8,674) |  | $ | (41,320) |  | $ | 466,932 |  | $ | 159 |  | $ | 467,091
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:
|  | June 27, |  | December 27,
|  | 2019 |  | 2018
|  | (in thousands)
Unrecognized loss on interest rate swap agreements |  | $ | (958) |  | $ | (149)
Net unrecognized actuarial loss for pension obligation |  |  | (6,450) |  |  | (6,609)
|  | $ | (7,408) |  | $ | (6,758)
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
|  | 13 Weeks |  | 13 Weeks |  | 26 Weeks |  | 26 Weeks
|  | Ended |  | Ended |  | Ended |  | Ended
|  | June 27, 2019 |  | June 28, 2018 |  | June 27, 2019 |  | June 28, 2018
|  | (in thousands)
Service cost |  | $ | 209 |  | $ | 231 |  | $ | 418 |  | $ | 463
Interest cost |  |  | 371 |  |  | 341 |  |  | 742 |  |  | 682
Net amortization of prior service cost and actuarial loss |  |  | 109 |  |  | 155 |  |  | 218 |  |  | 310
Net periodic pension cost |  | $ | 689 |  | $ | 727 |  | $ | 1,378 |  | $ | 1,455
Schedule of Disaggregation of Revenue | The disaggregation of revenues by business segment for the 13 and 26 weeks ended June 27, 2019 is as follows (in thousands):
|  | 13 Weeks Ended June 27, 2019
|  | Reportable Segment |  |  |
|  | Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions |  | $ | 83,055 |  | $ | — |  | $ | — |  | $ | 83,055
Rooms |  |  | — |  |  | 28,194 |  |  | — |  |  | 28,194
Theatre concessions |  |  | 67,920 |  |  | — |  |  | — |  |  | 67,920
Food and beverage |  |  | — |  |  | 18,615 |  |  | — |  |  | 18,615
Other revenues (1) |  |  | 11,175 |  |  | 11,216 |  |  | 142 |  |  | 22,533
Cost reimbursements |  |  | 237 |  |  | 11,946 |  |  | — |  |  | 12,183
Total revenues |  | $ | 162,387 |  | $ | 69,971 |  | $ | 142 |  | $ | 232,500
| (1) |  | Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.
|  | 26 Weeks Ended June 27, 2019
|  | Reportable Segment |  |  |
|  | Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions |  | $ | 142,024 |  | $ | — |  | $ | — |  | $ | 142,024
Rooms |  |  | — |  |  | 47,132 |  |  | — |  |  | 47,132
Theatre concessions |  |  | 115,075 |  |  | — |  |  | — |  |  | 115,075
Food and beverage |  |  | — |  |  | 34,398 |  |  | — |  |  | 34,398
Other revenues (1) |  |  | 19,744 |  |  | 23,383 |  |  | 235 |  |  | 43,362
Cost reimbursements |  |  | 429 |  |  | 20,119 |  |  | — |  |  | 20,548
Total revenues |  | $ | 277,272 |  | $ | 125,032 |  | $ | 235 |  | $ | 402,539
| (1) |  | Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.
The disaggregation of revenues by business segment for the 13 and 26 weeks ended June 28, 2018 is as follows (in thousands):
|  | 13 Weeks Ended June 28, 2018
|  | Reportable Segment |  |  |
|  | Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions |  | $ | 69,607 |  | $ | — |  | $ | — |  | $ | 69,607
Rooms |  |  | — |  |  | 29,118 |  |  | — |  |  | 29,118
Theatre concessions |  |  | 46,798 |  |  | — |  |  | — |  |  | 46,798
Food and beverage |  |  | — |  |  | 18,836 |  |  | — |  |  | 18,836
Other revenues (1) |  |  | 8,661 |  |  | 11,230 |  |  | 132 |  |  | 20,023
Cost reimbursements |  |  | 387 |  |  | 8,529 |  |  | — |  |  | 8,916
Total revenues |  | $ | 125,453 |  | $ | 67,713 |  | $ | 132 |  | $ | 193,298
| (1) |  | Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.
|  | 26 Weeks Ended June 28, 2018
|  | Reportable Segment |  |  |
|  | Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions |  | $ | 132,613 |  | $ | — |  | $ | — |  | $ | 132,613
Rooms |  |  | — |  |  | 49,789 |  |  | — |  |  | 49,789
Theatre concessions |  |  | 88,211 |  |  | — |  |  | — |  |  | 88,211
Food and beverage |  |  | — |  |  | 34,639 |  |  | — |  |  | 34,639
Other revenues (1) |  |  | 16,698 |  |  | 22,631 |  |  | 220 |  |  | 39,549
Cost reimbursements |  |  | 866 |  |  | 15,822 |  |  | — |  |  | 16,688
Total revenues |  | $ | 238,388 |  | $ | 122,881 |  | $ | 220 |  | $ | 361,489
| (1) |  | Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.

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