XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of the Business and Basis of Presentation (Tables)
 6 Months Ended
Jul. 01, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of new accounting pronouncements
The following table includes a restatement of the Company’s Consolidated Statement of Operations for the retrospective adoption of ASU No. 2014-09 during the periods indicated:
 
THIRTEEN WEEKS ENDED
 
TWENTY-SIX WEEKS ENDED
 
JUNE 25, 2017
 
JUNE 25, 2017
(dollars in thousands, except per share data)
AS REPORTED
 
2014-09 IMPACT
 
AS RESTATED
 
AS REPORTED
 
2014-09 IMPACT
 
AS RESTATED
Revenues
 
 
 
 
 
 
 
 
 
 
 
Restaurant sales
$
1,019,957

 
$
1,227

 
$
1,021,184

 
$
2,155,445

 
$
9,570

 
$
2,165,015

Franchise and other revenues
13,025

 
2,249

 
15,274

 
21,360

 
4,794

 
26,154

Total revenues
$
1,032,982

 
$
3,476

 
$
1,036,458

 
$
2,176,805

 
$
14,364

 
$
2,191,169

Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
Other restaurant operating
$
244,124

 
$
4,288

 
$
248,412

 
$
492,064

 
$
7,472

 
$
499,536

Income from operations
$
42,154

 
$
(812
)
 
$
41,342

 
$
111,284

 
$
6,892

 
$
118,176

Income before provision for income taxes
$
39,632

 
$
(812
)
 
$
38,820

 
$
99,570

 
$
6,892

 
$
106,462

Provision for income taxes
$
3,303

 
$
(315
)
 
$
2,988

 
$
18,318

 
$
2,674

 
$
20,992

Net income
$
36,329

 
$
(497
)
 
$
35,832

 
$
81,252

 
$
4,218

 
$
85,470

Net income attributable to Bloomin’ Brands
$
35,630

 
$
(497
)
 
$
35,133

 
$
79,540

 
$
4,218

 
$
83,758

 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.36

 
$
(0.01
)
 
$
0.36

 
$
0.79

 
$
0.04

 
$
0.83

Diluted earnings per share
$
0.35

 
$
—

 
$
0.34

 
$
0.76

 
$
0.04

 
$
0.80


The following table includes a restatement of the Company’s Consolidated Balance Sheet as of December 31, 2017 for the retrospective adoption of ASU No. 2014-09:
 
DECEMBER 31, 2017
(dollars in thousands)
AS REPORTED
 
2014-09 IMPACT
 
AS RESTATED
ASSETS
 
 
 
 
 
Deferred income tax assets, net
$
71,499

 
$
(11,013
)
 
$
60,486

Total assets
$
2,572,907

 
$
(11,013
)
 
$
2,561,894

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
Unearned revenue
 
 
 
 
 
Deferred gift card revenue
$
371,455

 
$
(47,827
)
 
$
323,628

Deferred loyalty revenue
6,667

 
—

 
6,667

Deferred franchise fees - current
105

 
356

 
461

Total Unearned revenue
$
378,227

 
$
(47,471
)
 
$
330,756

Total current liabilities
$
860,863

 
$
(47,471
)
 
$
813,392

Other long-term liabilities, net (1)
$
205,745

 
$
4,698

 
$
210,443

Total liabilities
$
2,523,436

 
$
(42,773
)
 
$
2,480,663

Bloomin’ Brands Stockholders’ Equity
 
 
 
 
 
Accumulated deficit
$
(944,951
)
 
$
31,760

 
$
(913,191
)
Total Bloomin’ Brands stockholders’ equity
$
38,582

 
$
31,760

 
$
70,342

Total stockholders’ equity
$
49,471

 
$
31,760

 
$
81,231

Total liabilities and stockholders’ equity
$
2,572,907

 
$
(11,013
)
 
$
2,561,894

____________________
(1)
Includes the non-current portion of deferred franchise fees.
New accounting pronouncement, early adoption
The following table provides additional details by financial statement line item of the restated presentation in the Company’s Condensed Consolidated Statement of Cash Flows for the twenty-six weeks ended June 25, 2017:
 
TWENTY-SIX WEEKS ENDED
 
JUNE 25, 2017
(dollars in thousands)
AS REPORTED
 
2016-18 IMPACT
 
AS RESTATED
Cash flows used in investing activities:
 
 
 
 
 
Decrease in restricted cash
$
14,969

 
$
(14,969
)
 
$
—

Increase in restricted cash
$
(5,957
)
 
$
5,957

 
$
—

Net cash used in investing activities
$
(24,589
)
 
$
(9,012
)
 
$
(33,601
)
 
 
 
 
 
 
Net decrease in cash, cash equivalents and restricted cash
$
(23,702
)
 
$
(9,010
)
 
$
(32,712
)
Cash, cash equivalents and restricted cash as of the beginning of the period
127,176

 
9,010

 
136,186

Cash, cash equivalents and restricted cash as of the end of the period
$
103,474

 
$
—

 
$
103,474