XML 18 R8.htm IDEA: XBRL DOCUMENT
v3.21.1

General | 3 Months Ended
--- | ---
Apr. 01, 2021
General |
General | 1. General Basis of Presentation - The unaudited consolidated financial statements for the 13 weeks ended April 1, 2021 and March 26, 2020 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at April 1, 2021, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended December 31, 2020, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies. During the 13 weeks ended April 1, 2021, there were no significant changes made to the Company’s significant accounting policies other than the changes attributable to the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The convertible debt policy updates are applied prospectively in the Company’s financial statements from January 1, 2021 forward. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical period. See Note 4 for further discussion. Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $17,958,000 and $19,034,000 for the 13 weeks ended April 1, 2021 and March 26, 2020, respectively. Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of April 1, 2021 and December 31, 2020, assets held for sale consists primarily of excess land. Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. During the 13 weeks ended March 26, 2020, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its property and equipment and the value of its operating lease right-of-use assets and recorded an impairment charge as discussed in Note 3. There were no indicators of impairment identified during the 13 weeks ended April 1, 2021. Goodwill – The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the last day of its fiscal year. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level. When reviewing goodwill for impairment, the Company considers the amount of excess fair value over the carrying value of the reporting unit, the period of time since its last quantitative test, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying value. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry, and other events specific to the reporting unit. If the Company concludes that it is more likely than not that the fair value of its reporting unit is less than it carrying value, the Company performs a quantitative impairment test by comparing the carrying value of the reporting unit to the estimated fair value. During the 13 weeks ended March 26, 2020 the Company determined that indicators of impairment were present and performed a quantitative test. In order to determine fair value, the Company used assumptions based on information available to it as of the date of the quantitative test, including both market data and forecasted future cash flows (Level 3 pricing inputs). The Company then used this information to determine fair value. During the 13 weeks ended March 26, 2020, the Company determined that the fair value of its goodwill was greater than it carrying value and no impairment was required. There were no indicators of impairment identified during the 13 weeks ended April 1, 2021. Trade Name Intangible Asset – The Company recorded a trade name intangible asset in conjunction with the Movie Tavern acquisition that was determined to have an indefinite life. The Company reviews its trade name intangible asset for impairment at least annually or whenever events or changes in circumstances indicate the carrying value may not be recoverable. During the 13 weeks ended March 26, 2020, the Company determined that indicators of impairment were present. As such, the Company evaluated the value of its trade name intangible asset and recorded an impairment charge of $2,200,000 (see Note 3 for further review). There were no indicators of impairment identified during the 13 weeks ended April 1, 2021. Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options and convertible debt instruments using the treasury method. Convertible Class B Common Stock is reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings (loss) per share for net earnings (loss) and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 13 Weeks Ended
​ |  | April 1, 2021 |  | March 26, 2020
​ | ​ | (in thousands, except per share data)
Numerator: |  | ​ |  |  | ​ |
Net loss attributable to The Marcus Corporation | ​ | $ | (28,130) | ​ | $ | (19,352)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​
Denominator for basic EPS | ​ |  | 31,196 | ​ |  | 30,975
Effect of dilutive employee stock options | ​ |  | — | ​ |  | —
Denominator for diluted EPS | ​ |  | 31,196 | ​ |  | 30,975
Net loss per share - basic: | ​ | ​ | ​ | ​ | ​ | ​
Common Stock | ​ | $ | (0.93) | ​ | $ | (0.64)
Class B Common Stock | ​ | $ | (0.80) | ​ | $ | (0.58)
Net loss per share - diluted: | ​ |  | ​ | ​ |  | ​
Common Stock | ​ | $ | (0.93) | ​ | $ | (0.64)
Class B Common Stock | ​ | $ | (0.80) | ​ | $ | (0.58)
​ For the periods when the Company reports a net loss, common stock equivalents are excluded from the computation of diluted loss per share as their inclusion would have an antidilutive effect. Shareholders’ Equity - Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 weeks ended April 1, 2021 and March 26, 2020 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 31, 2020 | ​ | $ | 23,264 | ​ | $ | 7,926 | ​ | $ | 153,529 | ​ | $ | 331,897 | ​ | $ | (14,933) | ​ | $ | (2,960) | ​ | $ | 498,723 | ​ | $ | — | ​ | $ | 498,723
Adoption of ASU No. 2020-06 (see Note 4) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16,511) | ​ | ​ | 702 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,809) | ​ | ​ | — | ​ | ​ | (15,809)
Exercise of stock options | ​ |  | — | ​ |  | — | ​ |  | (659) | ​ |  | — | ​ |  | — | ​ |  | 1,951 | ​ |  | 1,292 | ​ |  | — | ​ |  | 1,292
Purchase of treasury stock | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1,181) | ​ |  | (1,181) | ​ |  | — | ​ |  | (1,181)
Savings and profit-sharing contribution | ​ |  | 44 | ​ |  | — | ​ |  | 968 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,012 | ​ |  | — | ​ |  | 1,012
Reissuance of treasury stock | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | — | ​ |  | 10 | ​ |  | 12 | ​ |  | — | ​ |  | 12
Issuance of non-vested stock | ​ |  | 221 | ​ |  | — | ​ |  | (367) | ​ |  | — | ​ |  | — | ​ |  | 146 | ​ |  | — | ​ |  | — | ​ |  | —
Shared-based compensation | ​ |  | — | ​ |  | — | ​ |  | 1,484 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,484 | ​ |  | — | ​ |  | 1,484
Other | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1) | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | — | ​ |  | —
Conversions of Class B Common Stock | ​ |  | 520 | ​ |  | (520) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Comprehensive income (loss) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (28,130) | ​ |  | 452 | ​ |  | — | ​ |  | (27,678) | ​ |  | — | ​ |  | (27,678)
BALANCES AT APRIL 1, 2021 | ​ | $ | 24,049 | ​ | $ | 7,406 | ​ | $ | 138,446 | ​ | $ | 304,468 | ​ | $ | (14,481) | ​ | $ | (2,033) | ​ | $ | 457,855 | ​ | $ | — | ​ | $ | 457,855
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 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 26, 2019 | ​ | $ | 23,254 | ​ | $ | 7,936 | ​ | $ | 145,549 | ​ | $ | 461,884 | ​ | $ | (12,648) | ​ | $ | (4,540) | ​ | $ | 621,435 | ​ | $ | 23 | ​ | $ | 621,458
Cash Dividends: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
$.15 Class B Common Stock | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1,224) | ​ |  | — | ​ |  | — | ​ |  | (1,224) | ​ |  | — | ​ |  | (1,224)
$.16 Common Stock | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (3,921) | ​ |  | — | ​ |  | — | ​ |  | (3,921) | ​ |  | — | ​ |  | (3,921)
Exercise of stock options | ​ |  | — | ​ |  | — | ​ |  | 5 | ​ |  | — | ​ |  | — | ​ |  | 40 | ​ |  | 45 | ​ |  | — | ​ |  | 45
Purchase of treasury stock | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (274) | ​ |  | (274) | ​ |  | — | ​ |  | (274)
Savings and profit-sharing contribution | ​ |  | — | ​ |  | — | ​ |  | 299 | ​ |  | — | ​ |  | — | ​ |  | 1,016 | ​ |  | 1,315 | ​ |  | — | ​ |  | 1,315
Reissuance of treasury stock | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | — | ​ |  | 46 | ​ |  | 48 | ​ |  | — | ​ |  | 48
Issuance of non-vested stock | ​ |  | — | ​ |  | — | ​ |  | (149) | ​ |  | — | ​ |  | — | ​ |  | 149 | ​ |  | — | ​ |  | — | ​ |  | —
Shared-based compensation | ​ |  | — | ​ |  | — | ​ |  | 988 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 988 | ​ |  | — | ​ |  | 988
Conversions of Class B Common Stock | ​ |  | 10 | ​ |  | (10) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Comprehensive loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (19,352) | ​ |  | (547) | ​ |  | — | ​ |  | (19,899) | ​ |  | (148) | ​ |  | (20,047)
BALANCES AT MARCH 26, 2020 | ​ | $ | 23,264 | ​ | $ | 7,926 | ​ | $ | 146,694 | ​ | $ | 437,387 | ​ | $ | (13,195) | ​ | $ | (3,563) | ​ | $ | 598,513 | ​ | $ | (125) | ​ | $ | 598,388
​ Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | April 1, |  | December 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | (in thousands)
Unrecognized loss on interest rate swap agreements | ​ | $ | (876) | ​ | $ | (1,086)
Net unrecognized actuarial loss for pension obligation | ​ |  | (13,605) | ​ |  | (13,847)
​ | ​ | $ | (14,481) | ​ | $ | (14,933)
​ Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At April 1, 2021 and December 31, 2020, respectively, the Company’s $1,715,000 and $1,415,000 of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At April 1, 2021 and December 31, 2020, respectively, the Company’s $1,186,000 and $1,470,000 liability related to the Company’s interest rate swap contracts was valued using Level 2 pricing inputs. Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At April 1, 2021 and December 31, 2020, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. Assets and liabilities that are measured on a non-recurring basis are discussed in Note 3. Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 13 Weeks | ​ | 13 Weeks
​ | ​ | Ended | ​ | Ended
​ |  | April 1, 2021 |  | March 26, 2020
​ | ​ | (in thousands)
Service cost | ​ | $ | 281 | ​ | $ | 274
Interest cost | ​ |  | 300 | ​ |  | 342
Net amortization of prior service cost and actuarial loss | ​ |  | 328 | ​ |  | 248
Net periodic pension cost | ​ | $ | 909 | ​ | $ | 864
​ Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of earnings. Revenue Recognition – The disaggregation of revenues by business segment for the 13 weeks ended April 1, 2021 and March 26, 2020 is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 13 Weeks Ended April 1, 2021
​ |  | Reportable Segment
​ | ​ | Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | ​ | $ | 10,685 | ​ | $ | — | ​ | $ | — | ​ | $ | 10,685
Rooms | ​ |  | — | ​ |  | 9,044 | ​ |  | — | ​ |  | 9,044
Theatre concessions | ​ |  | 9,919 | ​ |  | — | ​ |  | — | ​ |  | 9,919
Food and beverage | ​ |  | — | ​ |  | 5,912 | ​ |  | — | ​ |  | 5,912
Other revenues(1) | ​ |  | 1,915 | ​ |  | 9,879 | ​ |  | 100 | ​ |  | 11,894
Cost reimbursements | ​ |  | 43 | ​ |  | 3,290 | ​ |  | — | ​ |  | 3,333
Total revenues | ​ | $ | 22,562 | ​ | $ | 28,125 | ​ | $ | 100 | ​ | $ | 50,787
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 13 Weeks Ended March 26, 2020
​ | ​ | Reportable Segment
​ |  | Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | ​ | $ | 55,395 | ​ | $ | — | ​ | $ | — | ​ | $ | 55,395
Rooms | ​ |  | — | ​ |  | 16,989 | ​ |  | — | ​ |  | 16,989
Theatre concessions | ​ |  | 45,930 | ​ |  | — | ​ |  | — | ​ |  | 45,930
Food and beverage | ​ |  | — | ​ |  | 13,614 | ​ |  | — | ​ |  | 13,614
Other revenues(1) | ​ |  | 7,703 | ​ |  | 10,984 | ​ |  | 89 | ​ |  | 18,776
Cost reimbursements | ​ |  | 183 | ​ |  | 8,573 | ​ |  | — | ​ |  | 8,756
Total revenues | ​ | $ | 109,211 | ​ | $ | 50,160 | ​ | $ | 89 | ​ | $ | 159,460
​
(1) | Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
The Company had deferred revenue from contracts with customers of $38,773,000 and $37,307,000 as of April 1, 2021 and December 31, 2020, respectively. The Company had no contract assets as of April 1, 2021 and December 31, 2020. During the 13 weeks ended April 1, 2021, the Company recognized revenue of $2,240,000 that was included in deferred revenue as of December 31, 2020. During the 13 weeks ended March 26, 2020, the Company recognized revenue of $11,240,000 that was included in deferred revenues as of December 26, 2019. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Company’s loyalty program. As of April 1, 2021, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $4,579,000 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. The Company recognizes revenue as the tickets are redeemed, which is expected to occur within the next two years. As of April 1, 2021, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $2,944,000 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Company’s revenue is recognized in less than one year from the original contract. New Accounting Pronouncements – On January 1, 2021, the Company adopted Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes. The amendments in ASU No. 2019-12 are designed to simplify the accounting for incomes taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify generally accepted accounting principles for other areas of Topic 740 by clarifying and amending existing guidance. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. On January 1, 2021, the Company early adopted ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Subtopic 470-20 is designed to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Refer to Note 4 for further discussion. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company will evaluate the effect the new standard will have on its consolidated financial statements when a replacement rate is chosen.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
Name: | us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration