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v3.23.2

General (Tables) | 6 Months Ended
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Jun. 29, 2023
Accounting Policies [Abstract] |
Schedule of Earnings (Loss) Per Share | 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 |  | 26 Weeks Ended
| June 29, 2023 |  | June 30, 2022 |  | June 29, 2023 |  | June 30, 2022
Numerator: |  |  |  |  |  |  |
Net earnings (loss) | $ | 13,466 |  |  | $ | 8,960 |  |  | $ | 4,000 |  |  | $ | (5,942) |
Denominator (in thousands): |  |  |  |  |  |  |
Denominator for basic EPS | 31,673 |  |  | 31,492 |  |  | 31,622 |  |  | 31,469 |
Effect of dilutive employee stock options | 61 |  |  | 40 |  |  | 52 |  |  | — |
Effect of convertible notes | 9,201 |  |  | 9,085 |  |  | — |  |  | — |
Denominator for diluted EPS | 40,935 |  |  | 40,617 |  |  | 31,674 |  |  | 31,469 |
Net earnings (loss) per share - basic: |  |  |  |  |  |  |
Common Stock | $ | 0.43 |  |  | $ | 0.29 |  |  | $ | 0.13 |  |  | $ | (0.19) |
Class B Common Stock | $ | 0.39 |  |  | $ | 0.26 |  |  | $ | 0.12 |  |  | $ | (0.18) |
Net earnings (loss) per share - diluted: |  |  |  |  |  |  |
Common Stock | $ | 0.35 |  |  | $ | 0.24 |  |  | $ | 0.13 |  |  | $ | (0.19) |
Class B Common Stock | $ | 0.34 |  |  | $ | 0.23 |  |  | $ | 0.12 |  |  | $ | (0.18) |
Schedule of Stockholders Equity | Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 and 26 weeks ended June 29, 2023 and June 30, 2022 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 29, 2022 | $ | 24,498 |  |  | $ | 7,111 |  |  | $ | 153,794 |  |  | $ | 274,254 |  |  | $ | (1,694) |  |  | $ | (1,866) |  |  | $ | 456,097 |  |  | $ | 824 |  |  | $ | 456,921 |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.045 per share Class B Common Stock | — |  |  | — |  |  | — |  |  | (319) |  |  | — |  |  | — |  |  | (319) |  |  | — |  |  | (319) |
$0.05 per share Common Stock | — |  |  | — |  |  | — |  |  | (1,229) |  |  | — |  |  | — |  |  | (1,229) |  |  | — |  |  | (1,229) |
Exercise of stock options | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 3 |  |  | 2 |  |  | — |  |  | 2 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (313) |  |  | (313) |  |  | — |  |  | (313) |
Savings and profit-sharing contribution | 79 |  |  | — |  |  | 1,180 |  |  | — |  |  | — |  |  | — |  |  | 1,259 |  |  | — |  |  | 1,259 |
Reissuance of treasury stock | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | 24 |  |  | 21 |  |  | — |  |  | 21 |
Issuance of non-vested stock | 82 |  |  | — |  |  | (143) |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 2,172 |  |  | — |  |  | — |  |  | — |  |  | 2,172 |  |  | — |  |  | 2,172 |
Other | — |  |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Conversions of Class B Common Stock | 33 |  |  | (33) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Distribution to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (550) |  |  | (550) |
Comprehensive loss | — |  |  | — |  |  | — |  |  | (9,466) |  |  | (91) |  |  | — |  |  | (9,557) |  |  | — |  |  | (9,557) |
BALANCES AT MARCH 30, 2023 | $ | 24,692 |  |  | $ | 7,078 |  |  | $ | 157,000 |  |  | $ | 263,239 |  |  | $ | (1,785) |  |  | $ | (2,091) |  |  | $ | 448,133 |  |  | $ | 274 |  |  | $ | 448,407 |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.045 per share Class B Common Stock | — |  |  | — |  |  | — |  |  | (319) |  |  | — |  |  | — |  |  | (319) |  |  | — |  |  | (319) |
$0.05 per share Common Stock | — |  |  | — |  |  | — |  |  | (1,230) |  |  | — |  |  | — |  |  | (1,230) |  |  | — |  |  | (1,230) |
Exercise of stock options | — |  |  | — |  |  | (25) |  |  | — |  |  | — |  |  | 121 |  |  | 96 |  |  | — |  |  | 96 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (226) |  |  | (226) |  |  | — |  |  | (226) |
Reissuance of treasury stock | — |  |  | — |  |  | (204) |  |  | — |  |  | — |  |  | 223 |  |  | 19 |  |  | — |  |  | 19 |
Issuance of non-vested stock | — |  |  | — |  |  | (55) |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | — |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 1,515 |  |  | — |  |  | — |  |  | — |  |  | 1,515 |  |  | — |  |  | 1,515 |
Other | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Distribution to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (274) |  |  | (274) |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 13,466 |  |  | (12) |  |  | — |  |  | 13,454 |  |  | — |  |  | 13,454 |
BALANCES AT JUNE 29, 2023 | $ | 24,692 |  |  | $ | 7,078 |  |  | $ | 158,231 |  |  | $ | 275,157 |  |  | $ | (1,797) |  |  | $ | (1,919) |  |  | $ | 461,442 |  |  | $ | — |  |  | $ | 461,442 |
| 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 |
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 |
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 29, 2023 |  | December 29, 2022
Unrecognized gain on interest rate swap agreements | $ | — |  |  | $ | 80 |
Net unrecognized actuarial loss for pension obligation | (1,797) |  |  | $ | (1,774) |
| $ | (1,797) |  |  | $ | (1,694) |
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 |  | 26 Weeks Ended
| June 29, 2023 |  | June 30, 2022 |  | June 29, 2023 |  | June 30, 2022
Service cost | $ | 122 |  |  | $ | 264 |  |  | $ | 244 |  |  | $ | 528 |
Interest cost | 452 |  |  | 335 |  |  | 905 |  |  | 670 |
Net amortization of prior service cost and actuarial loss | (16) |  |  | 257 |  |  | (32) |  |  | 514 |
Net periodic pension cost | $ | 558 |  |  | $ | 856 |  |  | $ | 1,117 |  |  | $ | 1,712 |
Schedule of Disaggregation of Revenue | The disaggregation of revenues by business segment for the 13 and 26 weeks ended June 29, 2023 is as follows:
| 13 Weeks Ended June 29, 2023
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 68,987 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,987 |
Rooms | — |  |  | 28,646 |  |  | — |  |  | 28,646 |
Theatre concessions | 59,707 |  |  | — |  |  | — |  |  | 59,707 |
Food and beverage | — |  |  | 18,573 |  |  | — |  |  | 18,573 |
Other revenues(1) | 8,156 |  |  | 13,181 |  |  | 91 |  |  | 21,428 |
Cost reimbursements | — |  |  | 9,666 |  |  | — |  |  | 9,666 |
Total revenues | $ | 136,850 |  |  | $ | 70,066 |  |  | $ | 91 |  |  | $ | 207,007 |
| 26 Weeks Ended June 29, 2023
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 116,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 116,622 |
Rooms | — |  |  | 46,503 |  |  | — |  |  | $ | 46,503 |
Theatre concessions | 102,082 |  |  | — |  |  | — |  |  | $ | 102,082 |
Food and beverage | — |  |  | 33,766 |  |  | — |  |  | $ | 33,766 |
Other revenues(1) | 14,522 |  |  | 26,414 |  |  | 180 |  |  | $ | 41,116 |
Cost reimbursements | — |  |  | 19,194 |  |  | — |  |  | $ | 19,194 |
Total revenues | $ | 233,226 |  |  | $ | 125,877 |  |  | $ | 180 |  |  | $ | 359,283 |
(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 26 weeks ended June 30, 2022 is as follows:
| 13 Weeks Ended June 30, 2022
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 63,087 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,087 |
Rooms | — |  |  | 28,865 |  |  | — |  |  | 28,865 |
Theatre concessions | 58,147 |  |  | — |  |  | — |  |  | 58,147 |
Food and beverage | — |  |  | 19,014 |  |  | — |  |  | 19,014 |
Other revenues(1) | 8,203 |  |  | 12,872 |  |  | 117 |  |  | 21,192 |
Cost reimbursements | — |  |  | 8,250 |  |  | — |  |  | 8,250 |
Total revenues | $ | 129,437 |  |  | $ | 69,001 |  |  | $ | 117 |  |  | $ | 198,555 |
| 26 Weeks Ended June 30, 2022
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 101,504 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,504 |
Rooms | — |  |  | 46,295 |  |  | — |  |  | 46,295 |
Theatre concessions | 93,611 |  |  | — |  |  | — |  |  | 93,611 |
Food and beverage | — |  |  | 33,525 |  |  | — |  |  | 33,525 |
Other revenues(1) | 13,813 |  |  | 25,975 |  |  | 211 |  |  | 39,999 |
Cost reimbursements | — |  |  | 15,863 |  |  | — |  |  | 15,863 |
Total revenues | $ | 208,928 |  |  | $ | 121,658 |  |  | $ | 211 |  |  | $ | 330,797 |
(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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