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v3.22.2.2

General (Tables) | 9 Months Ended
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Sep. 29, 2022
Accounting Policies [Abstract] |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of Common Stock basic and diluted net earnings (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:
| 13 Weeks Ended |  | 39 Weeks Ended
| September 29, 2022 |  | September 30, 2021 |  | September 29, 2022 |  | September 30, 2021
Numerator: |  |  |  |  |  |  |
Net earnings (loss) attributable to The Marcus Corporation | $ | 3,289 |  |  | $ | 1,759 |  |  | $ | (2,653) |  |  | $ | (49,737) |
Denominator: |  |  |  |  |  |  |
Denominator for basic EPS | 31,506 |  |  | 31,421 |  |  | 31,481 |  |  | 31,340 |
Effect of dilutive employee stock options | 84 |  |  | 48 |  |  | — |  |  | — |
Effect of convertible notes | 9,112 |  |  | — |  |  | — |  |  | — |
Denominator for diluted EPS | 40,702 |  |  | 31,469 |  |  | 31,481 |  |  | 31,340 |
Net earnings (loss) per share - basic: |  |  |  |  |  |  |
Common Stock | $ | 0.11 |  |  | $ | 0.06 |  |  | $ | (0.09) |  |  | $ | (1.66) |
Class B Common Stock | $ | 0.10 |  |  | $ | 0.05 |  |  | $ | (0.08) |  |  | $ | (1.39) |
Net earnings (loss) per share - diluted: |  |  |  |  |  |  |
Common Stock | $ | 0.10 |  |  | $ | 0.06 |  |  | $ | (0.09) |  |  | $ | (1.66) |
Class B Common Stock | $ | 0.10 |  |  | $ | 0.05 |  |  | $ | (0.08) |  |  | $ | (1.39) |
Schedule of Stockholders Equity | Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 and 39 weeks ended September 29, 2022 and September 30, 2021 was as follows:
| Common Stock |  | Class B Common Stock |  | Capital in Excess of Par |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock |  | Shareholders’ Equity Attributable to The Marcus Corporation |  | Non- controlling Interest |  | Total Equity
BALANCES AT DECEMBER 30, 2021 | $ | 24,345 |  |  | $ | 7,130 |  |  | $ | 145,656 |  |  | $ | 289,306 |  |  | $ | (11,444) |  |  | $ | (1,379) |  |  | $ | 453,614 |  |  | $ | — |  |  | $ | 453,614 |
Exercise of stock options | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | 31 |  |  | 26 |  |  | — |  |  | 26 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,373) |  |  | (1,373) |  |  | — |  |  | (1,373) |
Savings and profit-sharing contribution | 56 |  |  | — |  |  | 900 |  |  | — |  |  | — |  |  | — |  |  | 956 |  |  | — |  |  | 956 |
Reissuance of treasury stock | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 8 |  |  | 9 |  |  | — |  |  | 9 |
Issuance of non-vested stock | 78 |  |  | — |  |  | (236) |  |  | — |  |  | — |  |  | 158 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 2,917 |  |  | — |  |  | — |  |  | — |  |  | 2,917 |  |  | — |  |  | 2,917 |
Other | — |  |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Conversions of Class B Common Stock | 19 |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (14,902) |  |  | 531 |  |  | — |  |  | (14,371) |  |  | — |  |  | (14,371) |
BALANCES AT MARCH 31, 2022 | $ | 24,498 |  |  | $ | 7,111 |  |  | $ | 149,234 |  |  | $ | 274,403 |  |  | $ | (10,913) |  |  | $ | (2,555) |  |  | $ | 441,778 |  |  | $ | — |  |  | $ | 441,778 |
Exercise of stock options | — |  |  | — |  |  | (16) |  |  | — |  |  | — |  |  | 69 |  |  | 53 |  |  | — |  |  | 53 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (104) |  |  | (104) |  |  | — |  |  | (104) |
Reissuance of treasury stock | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 9 |  |  | 7 |  |  | — |  |  | 7 |
Issuance of non-vested stock | — |  |  | — |  |  | (305) |  |  | — |  |  | — |  |  | 305 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 1,655 |  |  | — |  |  | — |  |  | — |  |  | 1,655 |  |  | — |  |  | 1,655 |
Other | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income | — |  |  | — |  |  | — |  |  | 8,960 |  |  | 384 |  |  | — |  |  | 9,344 |  |  | — |  |  | 9,344 |
BALANCES AT JUNE 30, 2022 | $ | 24,498 |  |  | $ | 7,111 |  |  | $ | 150,565 |  |  | $ | 283,364 |  |  | $ | (10,529) |  |  | $ | (2,276) |  |  | $ | 452,733 |  |  | $ | — |  |  | $ | 452,733 |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.045 per share Class B Common Stock | — |  |  | — |  |  | — |  |  | (320) |  |  | — |  |  | — |  |  | (320) |  |  | — |  |  | (320) |
$0.05 per share Common Stock | — |  |  | — |  |  | — |  |  | (1,220) |  |  | — |  |  | — |  |  | (1,220) |  |  | — |  |  | (1,220) |
Exercise of stock options | — |  |  | — |  |  | (175) |  |  | — |  |  | — |  |  | 988 |  |  | 813 |  |  | — |  |  | 813 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (809) |  |  | (809) |  |  | — |  |  | (809) |
Reissuance of treasury stock | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 20 |  |  | 18 |  |  | — |  |  | 18 |
Issuance of non-vested stock | — |  |  | — |  |  | (131) |  |  | — |  |  | — |  |  | 131 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 2,464 |  |  | — |  |  | — |  |  | — |  |  | 2,464 |  |  | — |  |  | 2,464 |
Comprehensive income | — |  |  | — |  |  | — |  |  | 3,289 |  |  | 260 |  |  | — |  |  | 3,549 |  |  | — |  |  | 3,549 |
BALANCES AT SEPTEMBER 29, 2022 | $ | 24,498 |  |  | $ | 7,111 |  |  | $ | 152,721 |  |  | $ | 285,113 |  |  | $ | (10,269) |  |  | $ | (1,946) |  |  | $ | 457,228 |  |  | $ | — |  |  | $ | 457,228 |
| Common Stock |  | Class B Common Stock |  | Capital in Excess of Par |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock |  | Shareholders’ Equity Attributable to The Marcus Corporation |  | Non- controlling Interest |  | Total 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 | — |  |  | — |  |  | (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 |
Exercise of stock options | — |  |  | — |  |  | (40) |  |  | — |  |  | — |  |  | 122 |  |  | 82 |  |  | — |  |  | 82 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (73) |  |  | (73) |  |  | — |  |  | (73) |
Reissuance of treasury stock | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 7 |  |  | 6 |  |  | — |  |  | 6 |
Issuance of non-vested stock | 18 |  |  | — |  |  | (157) |  |  | — |  |  | — |  |  | 139 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 2,668 |  |  | — |  |  | — |  |  | — |  |  | 2,668 |  |  | — |  |  | 2,668 |
Conversions of Class B Common Stock | 275 |  |  | (275) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (23,366) |  |  | 356 |  |  | — |  |  | (23,010) |  |  | — |  |  | (23,010) |
BALANCES AT JULY 1, 2021 | $ | 24,342 |  |  | $ | 7,131 |  |  | $ | 140,916 |  |  | $ | 281,102 |  |  | $ | (14,125) |  |  | $ | (1,838) |  |  | $ | 437,528 |  |  | $ | — |  |  | $ | 437,528 |
Exercise of stock options | — |  |  | — |  |  | (44) |  |  | — |  |  | — |  |  | 125 |  |  | 81 |  |  | — |  |  | 81 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (60) |  |  | (60) |  |  | — |  |  | (60) |
Reissuance of treasury stock | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 106 |  |  | 126 |  |  | — |  |  | 126 |
Forfeitures of non-vested stock | (2) |  |  | — |  |  | (137) |  |  | — |  |  | — |  |  | 139 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 2,521 |  |  | — |  |  | — |  |  | — |  |  | 2,521 |  |  | — |  |  | 2,521 |
Comprehensive income | — |  |  | — |  |  | — |  |  | 1,759 |  |  | 351 |  |  | — |  |  | 2,110 |  |  | — |  |  | 2,110 |
BALANCES AT SEPTEMBER 30, 2021 | $ | 24,340 |  |  | $ | 7,131 |  |  | $ | 143,276 |  |  | $ | 282,861 |  |  | $ | (13,774) |  |  | $ | (1,528) |  |  | $ | 442,306 |  |  | $ | — |  |  | $ | 442,306 |
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:
| September 29, 2022 |  | December 30, 2021
Unrecognized gain (loss) on interest rate swap agreements | $ | 96 |  |  | $ | (509) |
Net unrecognized actuarial loss for pension obligation | (10,365) |  |  | $ | (10,935) |
| $ | (10,269) |  |  | $ | (11,444) |
Schedule of 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 Ended |  | 39 Weeks Ended
| September 29, 2022 |  | September 30, 2021 |  | September 29, 2022 |  | September 30, 2021
Service cost | $ | 263 |  |  | $ | 278 |  |  | $ | 791 |  |  | $ | 839 |
Interest cost | 335 |  |  | 300 |  |  | 1,005 |  |  | 901 |
Net amortization of prior service cost and actuarial loss | 258 |  |  | 331 |  |  | 772 |  |  | 986 |
Net periodic pension cost | $ | 856 |  |  | $ | 909 |  |  | $ | 2,568 |  |  | $ | 2,726 |
Schedule of Disaggregation of Revenue | The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 29, 2022 is as follows:
| 13 Weeks Ended September 29, 2022
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 49,424 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,424 |
Rooms | — |  |  | 36,924 |  |  | — |  |  | 36,924 |
Theatre concessions | 44,715 |  |  | — |  |  | — |  |  | 44,715 |
Food and beverage | — |  |  | 21,444 |  |  | — |  |  | 21,444 |
Other revenues(1) | 7,119 |  |  | 14,963 |  |  | 92 |  |  | 22,174 |
Cost reimbursements | — |  |  | 8,969 |  |  | — |  |  | 8,969 |
Total revenues | $ | 101,258 |  |  | $ | 82,300 |  |  | $ | 92 |  |  | $ | 183,650 |
| 39 Weeks Ended September 29, 2022
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 150,928 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,928 |
Rooms | — |  |  | 83,219 |  |  | — |  |  | 83,219 |
Theatre concessions | 138,326 |  |  | — |  |  | — |  |  | 138,326 |
Food and beverage | — |  |  | 54,969 |  |  | — |  |  | 54,969 |
Other revenues(1) | 20,932 |  |  | 40,938 |  |  | 303 |  |  | 62,173 |
Cost reimbursements | — |  |  | 24,832 |  |  | — |  |  | 24,832 |
Total revenues | $ | 310,186 |  |  | $ | 203,958 |  |  | $ | 303 |  |  | $ | 514,447 |
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 30, 2021 is as follows:
| 13 Weeks Ended September 30, 2021
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 38,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,250 |
Rooms | — |  |  | 30,917 |  |  | — |  |  | 30,917 |
Theatre concessions | 35,952 |  |  | — |  |  | — |  |  | 35,952 |
Food and beverage | — |  |  | 16,731 |  |  | — |  |  | 16,731 |
Other revenues(1) | 5,793 |  |  | 13,272 |  |  | 63 |  |  | 19,128 |
Cost reimbursements | 1 |  |  | 4,883 |  |  | — |  |  | 4,884 |
Total revenues | $ | 79,996 |  |  | $ | 65,803 |  |  | $ | 63 |  |  | $ | 145,862 |
| 39 Weeks Ended September 30, 2021
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 73,850 |  |  | $ | — |  |  | $ | — |  |  | $ | 73,850 |
Rooms | — |  |  | 57,293 |  |  | — |  |  | 57,293 |
Theatre concessions | 68,932 |  |  | — |  |  | — |  |  | 68,932 |
Food and beverage | — |  |  | 32,234 |  |  | — |  |  | 32,234 |
Other revenues(1) | 11,989 |  |  | 33,006 |  |  | 258 |  |  | 45,253 |
Cost reimbursements | 88 |  |  | 11,546 |  |  | — |  |  | 11,634 |
Total revenues | $ | 154,859 |  |  | $ | 134,079 |  |  | $ | 258 |  |  | $ | 289,196 |
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.

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