Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

General

Schedule Of Depreciation And Amortization Of Property And Equipment

Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the following estimated useful lives or any related lease terms:

	Years
Land improvements	10 - 20
Buildings and improvements	12 - 39
Leasehold improvements	3 - 40
Furniture, fixtures and equipment	3 - 20
Finance lease right-of-use assets	4 - 15

Schedule of Goodwill

A summary of the Company’s goodwill activity is as follows:

	December 31,		December 26,		December 27,
	2020		2019		2018
	(in thousands)
Balance at beginning of period	$	75,282	$	43,170	$	43,492
Acquisition		—		32,205		—
Sale		—		—		—
Deferred tax adjustment		(94)		(93)		(322)
Balance at end of period	$	75,188	$	75,282	$	43,170

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 (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:

	Year Ended
	December 31,		December 26,		December 27,
	2020		2019		2018
	(in thousands, except per share data)
Numerator:
Net earnings (loss) attributable to The Marcus Corporation	$	(124,843)	$	42,017	$	53,391
Denominator:
Denominator for basic EPS		31,042		30,656		28,105
Effect of dilutive employee stock options		–		496		608
Denominator for diluted EPS		31,042		31,152		28,713
Net earnings (loss) per share – Basic:
Common Stock	$	(4.13)	$	1.44	$	1.96
Class B Common Stock	$	(3.74)	$	1.25	$	1.75
Net earnings (loss) per share- Diluted:
Common Stock	$	(4.13)	$	1.35	$	1.86
Class B Common Stock	$	(3.74)	$	1.24	$	1.72

Schedule of Accumulated Other Comprehensive Income (Loss)

	December 31, 2020		December 26, 2019
	(in thousands)
Unrecognized loss on interest rate swap agreements	$	(1,086)		(882)
Net unrecognized actuarial loss for pension obligation		(13,847)		(11,766)
	$	(14,933)	$	(12,648)

Schedule of one-time cumulative effect adjustment to the balance sheet

	Balance at		Cumulative		Balance at
	December 31, 2020		adjustment		January 1, 2021
	(in thousands)
Long-term debt	$	193,036	$	21,393	$	214,429
Deferred income taxes		33,429		(5,584)		27,845
Capital in excess of par		153,529		(16,511)		137,018
Retained earnings		331,897		702		332,599