(Mark One) | |
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2018 | |
or | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to ______ |
Delaware | 20-8023465 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Page No. | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 78,615 | $ | 128,263 | |||
Current portion of restricted cash and cash equivalents | — | 1,280 | |||||
Inventories | 48,515 | 51,264 | |||||
Other current assets, net | 101,324 | 179,402 | |||||
Total current assets | 228,454 | 360,209 | |||||
Property, fixtures and equipment, net | 1,129,347 | 1,173,414 | |||||
Goodwill | 291,822 | 310,234 | |||||
Intangible assets, net | 505,855 | 522,290 | |||||
Deferred income tax assets, net | 76,236 | 60,486 | |||||
Other assets, net | 119,080 | 135,261 | |||||
Total assets | $ | 2,350,794 | $ | 2,561,894 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 163,738 | $ | 185,461 | |||
Accrued and other current liabilities | 227,867 | 270,840 | |||||
Unearned revenue | 202,277 | 330,756 | |||||
Current portion of long-term debt | 26,767 | 26,335 | |||||
Total current liabilities | 620,649 | 813,392 | |||||
Deferred rent | 165,702 | 160,047 | |||||
Deferred income tax liabilities | 13,845 | 16,926 | |||||
Long-term debt, net | 1,124,024 | 1,091,769 | |||||
Long-term portion of deferred gain on sale-leaseback transactions, net | 180,302 | 188,086 | |||||
Other long-term liabilities, net | 186,130 | 210,443 | |||||
Total liabilities | 2,290,652 | 2,480,663 | |||||
Commitments and contingencies (Note 15) | |||||||
Stockholders’ equity | |||||||
Bloomin’ Brands stockholders’ equity | |||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of September 30, 2018 and December 31, 2017 | — | — | |||||
Common stock, $0.01 par value, 475,000,000 shares authorized; 91,853,854 and 91,912,546 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | 919 | 919 | |||||
Additional paid-in capital | 1,108,636 | 1,081,813 | |||||
Accumulated deficit | (915,925 | ) | (913,191 | ) | |||
Accumulated other comprehensive loss | (143,276 | ) | (99,199 | ) | |||
Total Bloomin’ Brands stockholders’ equity | 50,354 | 70,342 | |||||
Noncontrolling interests | 9,788 | 10,889 | |||||
Total stockholders’ equity | 60,142 | 81,231 | |||||
Total liabilities and stockholders’ equity | $ | 2,350,794 | $ | 2,561,894 | |||
The accompanying notes are an integral part of these consolidated financial statements. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 949,400 | $ | 940,012 | $ | 3,063,887 | $ | 3,105,027 | |||||||
Franchise and other revenues | 15,621 | 15,575 | 49,413 | 41,729 | |||||||||||
Total revenues | 965,021 | 955,587 | 3,113,300 | 3,146,756 | |||||||||||
Costs and expenses | |||||||||||||||
Cost of sales | 307,493 | 296,632 | 982,415 | 984,510 | |||||||||||
Labor and other related | 289,023 | 285,325 | 902,006 | 907,580 | |||||||||||
Other restaurant operating | 233,744 | 235,944 | 725,468 | 735,480 | |||||||||||
Depreciation and amortization | 50,571 | 47,826 | 151,473 | 142,479 | |||||||||||
General and administrative | 67,691 | 66,063 | 212,516 | 215,059 | |||||||||||
Provision for impaired assets and restaurant closings | 3,962 | 18,578 | 15,590 | 38,253 | |||||||||||
Total costs and expenses | 952,484 | 950,368 | 2,989,468 | 3,023,361 | |||||||||||
Income from operations | 12,537 | 5,219 | 123,832 | 123,395 | |||||||||||
Loss on extinguishment and modification of debt | — | — | — | (260 | ) | ||||||||||
Other (expense) income, net | (1 | ) | 7,531 | (6 | ) | 14,761 | |||||||||
Interest expense, net | (11,600 | ) | (10,705 | ) | (33,229 | ) | (29,389 | ) | |||||||
Income before (benefit) provision for income taxes | 936 | 2,045 | 90,597 | 108,507 | |||||||||||
(Benefit) provision for income taxes | (3,317 | ) | (3,248 | ) | (6,516 | ) | 17,744 | ||||||||
Net income | 4,253 | 5,293 | 97,113 | 90,763 | |||||||||||
Less: net income (loss) attributable to noncontrolling interests | 181 | (290 | ) | 922 | 1,422 | ||||||||||
Net income attributable to Bloomin’ Brands | $ | 4,072 | $ | 5,583 | $ | 96,191 | $ | 89,341 | |||||||
Net income | $ | 4,253 | $ | 5,293 | $ | 97,113 | $ | 90,763 | |||||||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustment | (16,349 | ) | 6,399 | (45,044 | ) | 17,770 | |||||||||
Unrealized gain (loss) on derivatives, net of tax | 37 | 370 | 1,221 | (139 | ) | ||||||||||
Reclassification of adjustment for (gain) loss on derivatives included in Net income, net of tax | (51 | ) | 492 | 328 | 1,919 | ||||||||||
Comprehensive (loss) income | (12,110 | ) | 12,554 | 53,618 | 110,313 | ||||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | 423 | (306 | ) | 1,504 | 1,376 | ||||||||||
Comprehensive (loss) income attributable to Bloomin’ Brands | $ | (12,533 | ) | $ | 12,860 | $ | 52,114 | $ | 108,937 | ||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.04 | $ | 0.06 | $ | 1.04 | $ | 0.91 | |||||||
Diluted | $ | 0.04 | $ | 0.06 | $ | 1.02 | $ | 0.88 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 92,202 | 92,485 | 92,197 | 98,137 | |||||||||||
Diluted | 93,324 | 95,655 | 94,489 | 101,497 | |||||||||||
Cash dividends declared per common share | $ | 0.09 | $ | 0.08 | $ | 0.27 | $ | 0.24 |
BLOOMIN’ BRANDS, INC. | ||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM-ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON-CONTROLLING INTERESTS | TOTAL | |||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||||||||
Balance, December 31, 2017 | 91,913 | $ | 919 | $ | 1,081,813 | $ | (913,191 | ) | $ | (99,199 | ) | $ | 10,889 | $ | 81,231 | |||||||||||
Net income | — | — | — | 96,191 | — | 1,251 | 97,442 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | — | — | — | — | (44,077 | ) | 582 | (43,495 | ) | |||||||||||||||||
Cash dividends declared, $0.27 per common share | — | — | (25,078 | ) | — | — | — | (25,078 | ) | |||||||||||||||||
Repurchase and retirement of common stock | (4,371 | ) | (43 | ) | — | (98,925 | ) | — | — | (98,968 | ) | |||||||||||||||
Stock-based compensation | — | — | 16,478 | — | — | — | 16,478 | |||||||||||||||||||
Common stock issued under stock plans (1) | 4,312 | 43 | 35,752 | — | — | — | 35,795 | |||||||||||||||||||
Change in the redemption value of redeemable interests | — | — | (329 | ) | — | — | — | (329 | ) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (4,505 | ) | (4,505 | ) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 1,571 | 1,571 | |||||||||||||||||||
Balance, September 30, 2018 | 91,854 | $ | 919 | $ | 1,108,636 | $ | (915,925 | ) | $ | (143,276 | ) | $ | 9,788 | $ | 60,142 | |||||||||||
(CONTINUED...) | ||||||||||||||||||||||||||
BLOOMIN’ BRANDS, INC. | ||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM-ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON-CONTROLLING INTERESTS | TOTAL | |||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||||||||
Balance, December 25, 2016 | 103,922 | $ | 1,039 | $ | 1,079,583 | $ | (756,070 | ) | $ | (111,143 | ) | $ | 12,654 | $ | 226,063 | |||||||||||
Net income | — | — | — | 89,341 | — | 1,594 | 90,935 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 19,596 | (76 | ) | 19,520 | ||||||||||||||||||
Cash dividends declared, $0.24 per common share | — | — | (23,677 | ) | — | — | — | (23,677 | ) | |||||||||||||||||
Repurchase and retirement of common stock | (13,807 | ) | (138 | ) | — | (272,598 | ) | — | — | (272,736 | ) | |||||||||||||||
Stock-based compensation | — | 17,969 | — | — | — | 17,969 | ||||||||||||||||||||
Common stock issued under stock plans (1) | 1,049 | 11 | 4,617 | (180 | ) | — | — | 4,448 | ||||||||||||||||||
Change in the redemption value of redeemable interests | — | — | (172 | ) | — | — | — | (172 | ) | |||||||||||||||||
Purchase of noncontrolling interests, net of tax of $45 | — | — | (713 | ) | — | — | (180 | ) | (893 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (4,158 | ) | (4,158 | ) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 727 | 727 | |||||||||||||||||||
Cumulative-effect from a change in accounting principle | — | — | — | 14,364 | — | — | 14,364 | |||||||||||||||||||
Other | — | — | — | — | — | 419 | 419 | |||||||||||||||||||
Balance, September 24, 2017 | 91,164 | $ | 912 | $ | 1,077,607 | $ | (925,143 | ) | $ | (91,547 | ) | $ | 10,980 | $ | 72,809 |
(1) | Net of forfeitures and shares withheld for employee taxes. |
THIRTY-NINE WEEKS ENDED | |||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||
Cash flows provided by operating activities: | |||||||
Net income | $ | 97,113 | $ | 90,763 | |||
Adjustments to reconcile Net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 151,473 | 142,479 | |||||
Amortization of deferred discounts and issuance costs | 1,930 | 2,240 | |||||
Amortization of deferred gift card sales commissions | 20,151 | 18,530 | |||||
Provision for impaired assets and restaurant closings | 15,590 | 38,253 | |||||
Stock-based and other non-cash compensation expense | 19,692 | 19,775 | |||||
Deferred income tax (benefit) expense | (1,318 | ) | 3,252 | ||||
Gain on sale of a business or subsidiary | — | (15,787 | ) | ||||
Loss on extinguishment and modification of debt | — | 260 | |||||
Recognition of deferred gain on sale-leaseback transactions | (9,237 | ) | (8,836 | ) | |||
Other, net | 2,177 | 4,690 | |||||
Change in assets and liabilities | (142,375 | ) | (72,604 | ) | |||
Net cash provided by operating activities | 155,196 | 223,015 | |||||
Cash flows used in investing activities: | |||||||
Proceeds from disposal of property, fixtures and equipment | 10,453 | 19 | |||||
Proceeds from sale-leaseback transactions, net | 11,332 | 83,866 | |||||
Proceeds from sale of a business, net of cash divested | — | 38,980 | |||||
Capital expenditures | (146,288 | ) | (183,820 | ) | |||
Other investments, net | 200 | (1,580 | ) | ||||
Net cash used in investing activities | $ | (124,303 | ) | $ | (62,535 | ) | |
(CONTINUED...) | |||||||
THIRTY-NINE WEEKS ENDED | |||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||
Cash flows used in financing activities: | |||||||
Proceeds from issuance of long-term debt, net | $ | 1,637 | $ | 124,443 | |||
Repayments of long-term debt | (20,164 | ) | (64,578 | ) | |||
Proceeds from borrowings on revolving credit facilities, net | 378,529 | 467,500 | |||||
Repayments of borrowings on revolving credit facilities | (329,700 | ) | (417,000 | ) | |||
Proceeds from failed sale-leaseback transactions, net | — | 5,942 | |||||
Proceeds from share-based compensation, net | 35,795 | 4,628 | |||||
Distributions to noncontrolling interests | (4,505 | ) | (4,158 | ) | |||
Contributions from noncontrolling interests | 1,571 | 727 | |||||
Purchase of limited partnership and noncontrolling interests | (1,619 | ) | (5,354 | ) | |||
Repayments of partner deposits and accrued partner obligations | (14,458 | ) | (11,763 | ) | |||
Repurchase of common stock | (98,968 | ) | (272,916 | ) | |||
Cash dividends paid on common stock | (25,078 | ) | (23,677 | ) | |||
Net cash used in financing activities | (76,960 | ) | (196,206 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (4,861 | ) | 1,972 | ||||
Net decrease in cash, cash equivalents and restricted cash | (50,928 | ) | (33,754 | ) | |||
Cash, cash equivalents and restricted cash as of the beginning of the period | 129,543 | 136,186 | |||||
Cash, cash equivalents and restricted cash as of the end of the period | $ | 78,615 | $ | 102,432 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 31,376 | $ | 27,897 | |||
Cash paid for income taxes, net of refunds | 9,696 | 28,134 | |||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||
Increase in liabilities from the acquisition of property, fixtures and equipment or capital leases | $ | 5,075 | $ | 6,375 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 24, 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 | $ | 937,852 | $ | 2,160 | $ | 940,012 | $ | 3,093,297 | $ | 11,730 | $ | 3,105,027 | |||||||||||
Franchise and other revenues | 11,047 | 4,528 | 15,575 | 32,407 | 9,322 | 41,729 | |||||||||||||||||
Total revenues | $ | 948,899 | $ | 6,688 | $ | 955,587 | $ | 3,125,704 | $ | 21,052 | $ | 3,146,756 | |||||||||||
Costs and expenses | |||||||||||||||||||||||
Other restaurant operating | $ | 231,293 | $ | 4,651 | $ | 235,944 | $ | 723,357 | $ | 12,123 | $ | 735,480 | |||||||||||
Income from operations | $ | 3,182 | $ | 2,037 | $ | 5,219 | $ | 114,466 | $ | 8,929 | $ | 123,395 | |||||||||||
Income before (benefit) provision for income taxes | $ | 8 | $ | 2,037 | $ | 2,045 | $ | 99,578 | $ | 8,929 | $ | 108,507 | |||||||||||
(Benefit) provision for income taxes | $ | (4,038 | ) | $ | 790 | $ | (3,248 | ) | $ | 14,280 | $ | 3,464 | $ | 17,744 | |||||||||
Net income | $ | 4,046 | $ | 1,247 | $ | 5,293 | $ | 85,298 | $ | 5,465 | $ | 90,763 | |||||||||||
Net income attributable to Bloomin’ Brands | $ | 4,336 | $ | 1,247 | $ | 5,583 | $ | 83,876 | $ | 5,465 | $ | 89,341 | |||||||||||
Basic earnings per share | $ | 0.05 | $ | 0.01 | $ | 0.06 | $ | 0.85 | $ | 0.06 | $ | 0.91 | |||||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.01 | $ | 0.06 | $ | 0.83 | $ | 0.05 | $ | 0.88 |
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. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in thousands) | (Restated) (1) | (Restated) (1) | |||||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 949,400 | $ | 940,012 | $ | 3,063,887 | $ | 3,105,027 | |||||||
Franchise and other revenues: | |||||||||||||||
Franchise revenue | $ | 12,534 | $ | 12,400 | $ | 39,883 | $ | 33,062 | |||||||
Other revenue | 3,087 | 3,175 | 9,530 | 8,667 | |||||||||||
Total Franchise and other revenues | $ | 15,621 | $ | 15,575 | $ | 49,413 | $ | 41,729 | |||||||
Total revenues | $ | 965,021 | $ | 955,587 | $ | 3,113,300 | $ | 3,146,756 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 30, 2018 | ||||||||||||||
(dollars in thousands) | RESTAURANT SALES | FRANCHISE REVENUE | RESTAURANT SALES | FRANCHISE REVENUE | |||||||||||
U.S. | |||||||||||||||
Outback Steakhouse (1) | $ | 498,390 | $ | 9,583 | $ | 1,591,588 | $ | 30,814 | |||||||
Carrabba’s Italian Grill (1) | 148,513 | 154 | 485,894 | 458 | |||||||||||
Bonefish Grill | 135,691 | 218 | 441,594 | 691 | |||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 64,652 | — | 218,954 | — | |||||||||||
Other | 1,591 | — | 4,088 | — | |||||||||||
U.S. Total | $ | 848,837 | $ | 9,955 | $ | 2,742,118 | $ | 31,963 | |||||||
International | |||||||||||||||
Outback Steakhouse-Brazil | $ | 81,193 | $ | — | $ | 264,125 | $ | — | |||||||
Other | 19,370 | 2,579 | 57,644 | 7,920 | |||||||||||
International Total | $ | 100,563 | $ | 2,579 | $ | 321,769 | $ | 7,920 | |||||||
Total | $ | 949,400 | $ | 12,534 | $ | 3,063,887 | $ | 39,883 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 24, 2017 | ||||||||||||||
(dollars in thousands) | RESTAURANT SALES | FRANCHISE REVENUE | RESTAURANT SALES | FRANCHISE REVENUE | |||||||||||
U.S. | (Restated) (2) | (Restated) (2) | (Restated) (2) | (Restated) (2) | |||||||||||
Outback Steakhouse (1) | $ | 478,637 | $ | 9,573 | $ | 1,609,172 | $ | 24,538 | |||||||
Carrabba’s Italian Grill (1) | 150,943 | 157 | 501,965 | 402 | |||||||||||
Bonefish Grill | 136,134 | 190 | 450,521 | 707 | |||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 60,208 | — | 208,083 | — | |||||||||||
Other | 154 | — | 154 | — | |||||||||||
U.S. Total | $ | 826,076 | $ | 9,920 | $ | 2,769,895 | $ | 25,647 | |||||||
International | |||||||||||||||
Outback Steakhouse-Brazil | $ | 95,344 | $ | — | $ | 282,035 | $ | — | |||||||
Other | 18,592 | 2,480 | 53,097 | 7,415 | |||||||||||
International Total | $ | 113,936 | $ | 2,480 | $ | 335,132 | $ | 7,415 | |||||||
Total | $ | 940,012 | $ | 12,400 | $ | 3,105,027 | $ | 33,062 |
(1) | In 2017, the Company sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant, which are now operated as franchises. |
(2) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09. |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Other current assets, net | |||||||
Deferred gift card sales commissions (1) | $ | 7,910 | $ | 16,231 | |||
Unearned revenue | |||||||
Deferred gift card revenue (1) | $ | 193,283 | $ | 323,628 | |||
Deferred loyalty revenue | 8,535 | 6,667 | |||||
Deferred franchise fees - current (1) | 459 | 461 | |||||
Total Unearned revenue | $ | 202,277 | $ | 330,756 | |||
Other long-term liabilities, net | |||||||
Deferred franchise fees - non-current (1) | $ | 4,761 | $ | 4,698 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09 on the Company’s Consolidated Balance Sheet as of December 31, 2017. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Balance, beginning of period | $ | 9,175 | $ | 9,418 | $ | 16,231 | $ | 15,584 | |||||||
Deferred gift card sales commissions amortization | (4,932 | ) | (4,774 | ) | (20,151 | ) | (18,530 | ) | |||||||
Deferred gift card sales commissions capitalization | 4,029 | 3,763 | 13,287 | 12,553 | |||||||||||
Other | (362 | ) | (1,060 | ) | (1,457 | ) | (2,260 | ) | |||||||
Balance, end of period | $ | 7,910 | $ | 7,347 | $ | 7,910 | $ | 7,347 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Balance, beginning of period | $ | 213,286 | $ | 201,805 | $ | 323,628 | $ | 331,803 | |||||||
Gift card sales | 54,477 | 54,392 | 189,599 | 193,638 | |||||||||||
Gift card redemptions | (71,146 | ) | (74,061 | ) | (304,198 | ) | (329,696 | ) | |||||||
Gift card breakage (1) | (3,334 | ) | (4,008 | ) | (15,746 | ) | (17,617 | ) | |||||||
Balance, end of period | $ | 193,283 | $ | 178,128 | $ | 193,283 | $ | 178,128 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09 for the thirteen and thirty-nine weeks ended September 24, 2017. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Impairment losses | |||||||||||||||
U.S. | $ | 1,330 | $ | 12,339 | $ | 1,725 | $ | 13,272 | |||||||
International | — | 1,903 | 6,597 | 1,903 | |||||||||||
Total impairment losses | $ | 1,330 | $ | 14,242 | $ | 8,322 | $ | 15,175 | |||||||
Restaurant closure expenses | |||||||||||||||
U.S. | $ | 2,650 | $ | 4,336 | $ | 3,672 | $ | 23,078 | |||||||
International | (18 | ) | — | 3,596 | — | ||||||||||
Total restaurant closure expenses | $ | 2,632 | $ | 4,336 | $ | 7,268 | $ | 23,078 | |||||||
Provision for impaired assets and restaurant closings | $ | 3,962 | $ | 18,578 | $ | 15,590 | $ | 38,253 |
INCOME STATEMENT LOCATION | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||||
Impairment, facility closure and other expenses (1) | Provision for impaired assets and restaurant closings | $ | 2,370 | $ | 3,772 | $ | 4,002 | $ | 21,784 | ||||||||
Severance and other expenses | General and administrative | 338 | — | 570 | 2,948 | ||||||||||||
Reversal of deferred rent liability | Other restaurant operating | (469 | ) | — | (616 | ) | (4,761 | ) | |||||||||
Total | $ | 2,239 | $ | 3,772 | $ | 3,956 | $ | 19,971 |
(1) | The Company recognized asset impairment and closure charges within the International segment related to the Closure Initiatives of $1.0 million during the thirty-nine weeks ended September 30, 2018 and $1.9 million during the thirteen and thirty-nine weeks ended September 24, 2017. All other asset impairment and closure charges for the periods presented were recognized within the U.S. segment. |
Estimated future expense (dollars in millions) | CLOSURE INITIATIVES | ||||||
Lease related liabilities, net of subleases | $ | 2.0 | to | $ | 2.4 | ||
Employee severance and other obligations | 0.2 | to | 0.4 | ||||
Total estimated future expense | $ | 2.2 | to | $ | 2.8 | ||
Total estimated future cash expenditures (dollars in millions) (1) | $ | 21.6 | to | $ | 26.5 |
(1) | Future cash expenditures for the Closure Initiatives, primarily related to lease liabilities, are expected to occur over the remaining lease terms with the final term ending in January 2029. |
THIRTY-NINE WEEKS ENDED | |||
(dollars in thousands) | SEPTEMBER 30, 2018 | ||
Balance, beginning of the period | $ | 22,709 | |
Charges | 11,147 | ||
Cash payments | (11,805 | ) | |
Adjustments | (3,879 | ) | |
Balance, end of the period (1) | $ | 18,172 |
(1) | As of September 30, 2018, the Company had exit-related accruals of $5.3 million recorded in Accrued and other current liabilities and $12.9 million recorded in Other long-term liabilities, net in the Consolidated Balance Sheet. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(in thousands, except per share data) | (Restated) (1) | (Restated) (1) | |||||||||||||
Net income attributable to Bloomin’ Brands | $ | 4,072 | $ | 5,583 | $ | 96,191 | $ | 89,341 | |||||||
Basic weighted average common shares outstanding | 92,202 | 92,485 | 92,197 | 98,137 | |||||||||||
Effect of diluted securities: | |||||||||||||||
Stock options | 799 | 2,781 | 1,870 | 2,948 | |||||||||||
Nonvested restricted stock and restricted stock units | 323 | 389 | 409 | 392 | |||||||||||
Nonvested performance-based share units | — | — | 13 | 20 | |||||||||||
Diluted weighted average common shares outstanding | 93,324 | 95,655 | 94,489 | 101,497 | |||||||||||
Basic earnings per share | $ | 0.04 | $ | 0.06 | $ | 1.04 | $ | 0.91 | |||||||
Diluted earnings per share | $ | 0.04 | $ | 0.06 | $ | 1.02 | $ | 0.88 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the Net income and Earnings per share impact of implementing ASU No. 2014-09. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||
(shares in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||
Stock options | 3,802 | 6,065 | 2,628 | 5,663 | |||||||
Nonvested restricted stock and restricted stock units | 259 | 179 | 129 | 174 | |||||||
Nonvested performance-based share units | 214 | 134 | 191 | 256 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Stock options | $ | 1,533 | $ | 2,705 | $ | 5,059 | $ | 8,404 | |||||||
Restricted stock and restricted stock units | 2,323 | 2,527 | 7,110 | 7,769 | |||||||||||
Performance-based share units | 1,309 | (235 | ) | 3,779 | 1,001 | ||||||||||
$ | 5,165 | $ | 4,997 | $ | 15,948 | $ | 17,174 |
(in thousands, except exercise price and contractual life) | OPTIONS | WEIGHTED-AVERAGE EXERCISE PRICE | WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (YEARS) | AGGREGATE INTRINSIC VALUE | ||||||||
Outstanding as of December 31, 2017 | 10,051 | $ | 14.89 | 5.2 | $ | 71,373 | ||||||
Granted | 488 | $ | 24.01 | |||||||||
Exercised | (3,926 | ) | $ | 10.02 | ||||||||
Forfeited or expired | (265 | ) | $ | 21.24 | ||||||||
Outstanding as of September 30, 2018 | 6,348 | $ | 18.34 | 5.9 | $ | 20,051 | ||||||
Exercisable as of September 30, 2018 | 4,125 | $ | 17.72 | 4.7 | $ | 16,314 |
THIRTY-NINE WEEKS ENDED | |||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||
Assumptions: | |||||||
Weighted-average risk-free interest rate (1) | 2.66 | % | 1.92 | % | |||
Dividend yield (2) | 1.50 | % | 1.84 | % | |||
Expected term (3) | 5.8 years | 6.3 years | |||||
Weighted-average volatility (4) | 32.76 | % | 33.72 | % | |||
Weighted-average grant date fair value per option | $ | 7.23 | $ | 5.09 |
(1) | Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option. |
(2) | Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. |
(3) | Expected term represents the period of time that the options are expected to be outstanding. The Company estimates the expected term based on historical exercise experience for its stock options. |
(4) | Based on the historical volatility of the Company’s stock. |
THIRTY-NINE WEEKS ENDED | |||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||
Intrinsic value of options exercised | $ | 52,001 | $ | 7,752 | |||
Excess tax benefits for tax deductions related to the exercise of stock options | $ | 8,316 | $ | 1,257 | |||
Cash received from option exercises, net of tax withholding | $ | 39,329 | $ | 7,095 |
UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands) | REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years) | ||||
Stock options | $ | 9,718 | 2.4 | ||
Restricted stock units | $ | 17,181 | 2.6 | ||
Performance-based share units | $ | 7,925 | 1.1 |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Prepaid expenses | $ | 43,150 | $ | 40,688 | |||
Accounts receivable - gift cards, net | 11,358 | 66,361 | |||||
Accounts receivable - vendors, net | 5,307 | 19,483 | |||||
Accounts receivable - franchisees, net | 2,912 | 2,017 | |||||
Accounts receivable - other, net | 15,546 | 22,808 | |||||
Deferred gift card sales commissions (1) | 7,910 | 16,231 | |||||
Assets held for sale | 6,510 | 6,217 | |||||
Other current assets, net | 8,631 | 5,597 | |||||
$ | 101,324 | $ | 179,402 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09 on the Company’s Consolidated Balance Sheet as of December 31, 2017. |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Company-owned life insurance | $ | 63,780 | $ | 73,818 | |||
Deferred financing fees (1) | 6,980 | 8,232 | |||||
Liquor licenses | 24,198 | 24,659 | |||||
Other assets | 24,122 | 28,552 | |||||
$ | 119,080 | $ | 135,261 |
(1) | Net of accumulated amortization of $4.7 million and $4.1 million as of September 30, 2018 and December 31, 2017, respectively. |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Accrued payroll and other compensation | $ | 94,973 | $ | 113,636 | |||
Accrued insurance | 23,245 | 23,482 | |||||
Other current liabilities | 109,649 | 133,722 | |||||
$ | 227,867 | $ | 270,840 |
SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | ||||||||||||
(dollars in thousands) | OUTSTANDING BALANCE | INTEREST RATE | OUTSTANDING BALANCE | INTEREST RATE | |||||||||
Senior Secured Credit Facility: | |||||||||||||
Term loan A (1) | $ | 481,250 | 3.95 | % | $ | 500,000 | 3.27 | % | |||||
Revolving credit facility (1) | 650,000 | 3.95 | % | 600,000 | 3.26 | % | |||||||
Total Senior Secured Credit Facility | $ | 1,131,250 | $ | 1,100,000 | |||||||||
Financing obligations | 19,566 | 7.57% to 7.82% | 19,579 | 7.52% to 7.82% | |||||||||
Capital lease obligations | 2,732 | 2,015 | |||||||||||
Other notes payable | 959 | 0.00% to 2.18% | 904 | 0.00% to 2.18% | |||||||||
Less: unamortized debt discount and issuance costs | (3,716 | ) | (4,394 | ) | |||||||||
Total debt, net | $ | 1,150,791 | $ | 1,118,104 | |||||||||
Less: current portion of long-term debt | (26,767 | ) | (26,335 | ) | |||||||||
Long-term debt, net | $ | 1,124,024 | $ | 1,091,769 |
(1) | Represents the weighted-average interest rate for the respective period. |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Accrued insurance liability | $ | 35,269 | $ | 35,945 | |||
Unfavorable leases (1) | 33,567 | 36,661 | |||||
Chef and Restaurant Managing Partner deferred compensation obligations and deposits | 66,470 | 81,083 | |||||
Other long-term liabilities (2) | 50,824 | 56,754 | |||||
$ | 186,130 | $ | 210,443 |
(1) | Net of accumulated amortization of $35.9 million and $34.0 million as of September 30, 2018 and December 31, 2017, respectively. |
(2) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09 on the Company’s Consolidated Balance Sheet as of December 31, 2017. |
11. | Stockholders’ Equity |
NUMBER OF SHARES (in thousands) | AVERAGE REPURCHASE PRICE PER SHARE | AMOUNT (dollars in thousands) | ||||||||
First fiscal quarter | 2,116 | $ | 24.10 | $ | 50,996 | |||||
Second fiscal quarter | 1,287 | $ | 23.31 | 30,004 | ||||||
Third fiscal quarter | 968 | $ | 18.57 | 17,968 | ||||||
Total common stock repurchases | 4,371 | $ | 22.64 | $ | 98,968 |
DIVIDENDS PER SHARE | AMOUNT (dollars in thousands) | ||||||
First fiscal quarter | $ | 0.09 | $ | 8,371 | |||
Second fiscal quarter | 0.09 | 8,363 | |||||
Third fiscal quarter | 0.09 | 8,344 | |||||
Total cash dividends declared and paid | $ | 0.27 | $ | 25,078 |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Foreign currency translation adjustment | $ | (144,199 | ) | $ | (98,573 | ) | |
Unrealized gain (loss) on derivatives, net of tax | 923 | (626 | ) | ||||
Accumulated other comprehensive loss | $ | (143,276 | ) | $ | (99,199 | ) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Foreign currency translation adjustment | $ | (16,591 | ) | $ | 6,415 | $ | (45,626 | ) | $ | 17,816 | |||||
Unrealized gain (loss) on derivatives, net of tax (1) | $ | 37 | $ | 370 | $ | 1,221 | $ | (139 | ) | ||||||
Reclassification of adjustment for (gain) loss on derivatives included in Net income, net of tax (2) | (51 | ) | 492 | 328 | 1,919 | ||||||||||
Total unrealized (loss) gain on derivatives, net of tax | $ | (14 | ) | $ | 862 | $ | 1,549 | $ | 1,780 | ||||||
Other comprehensive (loss) income attributable to Bloomin’ Brands | $ | (16,605 | ) | $ | 7,277 | $ | (44,077 | ) | $ | 19,596 |
(1) | Unrealized gain (loss) on derivatives is net of tax of $0.2 million for the thirteen weeks ended September 24, 2017 and $0.4 million and ($0.1) million for the thirty-nine weeks ended September 30, 2018 and September 24, 2017, respectively. |
(2) | Reclassifications of adjustments for losses on derivatives are net of tax. See Note 12 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications. |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | CONSOLIDATED BALANCE SHEET CLASSIFICATION | ||||||
Interest rate swaps - asset | $ | 1,144 | $ | — | Other current assets, net | ||||
Interest rate swaps - asset | — | 67 | Other assets, net | ||||||
Total fair value of derivative instruments - assets (1) | $ | 1,144 | $ | 67 | |||||
Interest rate swaps - liability (1) | $ | — | $ | 1,010 | Accrued and other current liabilities |
(1) | See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Interest rate swap income (expense) recognized in Interest expense, net | $ | 68 | $ | (804 | ) | $ | (442 | ) | $ | (3,105 | ) | ||||
Income tax (expense) benefit recognized in (Benefit) provision for income taxes | (17 | ) | 312 | 114 | 1,186 | ||||||||||
Total effects of the interest rate swaps on Net income | $ | 51 | $ | (492 | ) | $ | (328 | ) | $ | (1,919 | ) |
Level 1 | Unadjusted quoted market prices in active markets for identical assets or liabilities | |
Level 2 | Observable inputs available at measurement date other than quoted prices included in Level 1 | |
Level 3 | Unobservable inputs that cannot be corroborated by observable market data |
SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | ||||||||||||||||||||||
(dollars in thousands) | TOTAL | LEVEL 1 | LEVEL 2 | TOTAL | LEVEL 1 | LEVEL 2 | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Fixed income funds | $ | 391 | $ | 391 | $ | — | $ | 1,830 | $ | 1,830 | $ | — | |||||||||||
Money market funds | 16,082 | 16,082 | — | 24,656 | 24,656 | — | |||||||||||||||||
Restricted cash equivalents: | |||||||||||||||||||||||
Money market funds | — | — | — | 1,280 | 1,280 | — | |||||||||||||||||
Other current assets, net | |||||||||||||||||||||||
Derivative instruments - interest rate swaps | 1,144 | — | 1,144 | — | — | — | |||||||||||||||||
Other assets, net: | |||||||||||||||||||||||
Derivative instruments - interest rate swaps | — | — | — | 67 | — | 67 | |||||||||||||||||
Total asset recurring fair value measurements | $ | 17,617 | $ | 16,473 | $ | 1,144 | $ | 27,833 | $ | 27,766 | $ | 67 | |||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued and other current liabilities: | |||||||||||||||||||||||
Derivative instruments - interest rate swaps | $ | — | $ | — | $ | — | $ | 1,010 | $ | — | $ | 1,010 | |||||||||||
Total liability recurring fair value measurements | $ | — | $ | — | $ | — | $ | 1,010 | $ | — | $ | 1,010 |
FINANCIAL INSTRUMENT | METHODS AND ASSUMPTIONS | |
Fixed income funds and Money market funds | Carrying value approximates fair value because maturities are less than three months. | |
Derivative instruments | The Company’s derivative instruments include interest rate swaps. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk when performing fair value measurements. As of September 30, 2018 and December 31, 2017, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 30, 2018 | ||||||||||||||
(dollars in thousands) | CARRYING VALUE (1) | TOTAL IMPAIRMENT | CARRYING VALUE (1) | TOTAL IMPAIRMENT | |||||||||||
Assets held for sale | $ | 2,030 | $ | 61 | $ | 2,080 | $ | 111 | |||||||
Property, fixtures and equipment | 1,995 | 1,269 | 3,375 | 8,211 | |||||||||||
$ | 4,025 | $ | 1,330 | $ | 5,455 | $ | 8,322 | ||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 24, 2017 | ||||||||||||||
(dollars in thousands) | CARRYING VALUE (1) | TOTAL IMPAIRMENT | CARRYING VALUE (1) | TOTAL IMPAIRMENT | |||||||||||
Assets held for sale | $ | 470 | $ | 249 | $ | 470 | $ | 320 | |||||||
Property, fixtures and equipment | 13,935 | 13,993 | 15,002 | 14,855 | |||||||||||
$ | 14,405 | $ | 14,242 | $ | 15,472 | $ | 15,175 |
(1) | Fair value for all assets is measured using third-party market appraisals or executed sales contracts (Level 2). |
SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | ||||||||||||||||||||||
CARRYING VALUE | FAIR VALUE | CARRYING VALUE | FAIR VALUE | ||||||||||||||||||||
(dollars in thousands) | LEVEL 2 | LEVEL 3 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||||||||||
Term loan A | $ | 481,250 | $ | 483,055 | $ | — | $ | 500,000 | $ | 502,500 | $ | — | |||||||||||
Revolving credit facility | $ | 650,000 | $ | 648,375 | $ | — | $ | 600,000 | $ | 598,500 | $ | — | |||||||||||
Other notes payable | $ | 959 | $ | — | $ | 954 | $ | 904 | $ | — | $ | 891 |
DEBT FACILITY | METHODS AND ASSUMPTIONS | |
Senior Secured Credit Facility | Quoted market prices in inactive markets. | |
Other notes payable | Discounted cash flow approach with inputs that primarily include cost of debt interest rates used to determine fair value. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
(Benefit) provision for income taxes | $ | (3,317 | ) | $ | (3,248 | ) | $ | (6,516 | ) | $ | 17,744 | ||||
Effective income tax rate | (NM) | (NM) | (7.2 | )% | 16.4 | % |
• | A provisional $1.9 million net tax expense was recorded during 2017 related to the transition tax on accumulated foreign earnings, remeasurement of the Company’s deferred tax assets and liabilities, the recording of a valuation allowance against foreign tax credit carryforwards and the write-off of certain deferred tax assets that will no longer be realized. |
• | In January 2018, the Company recorded a $5.6 million tax benefit for 2017 from the impact of the Tax Act on the retrospective adoption of ASU No. 2014-09. |
• | During the thirteen weeks ended September 30, 2018, the Company made immaterial adjustments to the initial provisional amounts in association with the filing of its 2017 federal income tax return. |
REPORTABLE SEGMENT (1) | CONCEPT | GEOGRAPHIC LOCATION | ||
U.S. | Outback Steakhouse | United States of America | ||
Carrabba’s Italian Grill | ||||
Bonefish Grill | ||||
Fleming’s Prime Steakhouse & Wine Bar | ||||
International | Outback Steakhouse | Brazil, Hong Kong/China | ||
Carrabba’s Italian Grill (Abbraccio) | Brazil |
(1) | Includes franchise locations. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in thousands) | (Restated) (1) | (Restated) (1) | |||||||||||||
Total revenues | |||||||||||||||
U.S. | $ | 861,493 | $ | 838,809 | $ | 2,782,555 | $ | 2,803,278 | |||||||
International | 103,528 | 116,778 | 330,745 | 343,478 | |||||||||||
Total revenues | $ | 965,021 | $ | 955,587 | $ | 3,113,300 | $ | 3,146,756 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in thousands) | (Restated) (1) | (Restated) (1) | |||||||||||||
Segment income from operations | |||||||||||||||
U.S. | $ | 44,598 | $ | 30,224 | $ | 230,645 | $ | 213,248 | |||||||
International | 7,776 | 8,394 | 14,052 | 26,757 | |||||||||||
Total segment income from operations | 52,374 | 38,618 | 244,697 | 240,005 | |||||||||||
Unallocated corporate operating expense | (39,837 | ) | (33,399 | ) | (120,865 | ) | (116,610 | ) | |||||||
Total income from operations | 12,537 | 5,219 | 123,832 | 123,395 | |||||||||||
Loss on extinguishment and modification of debt | — | — | — | (260 | ) | ||||||||||
Other (expense) income, net | (1 | ) | 7,531 | (6 | ) | 14,761 | |||||||||
Interest expense, net | (11,600 | ) | (10,705 | ) | (33,229 | ) | (29,389 | ) | |||||||
Income before (benefit) provision for income taxes | $ | 936 | $ | 2,045 | $ | 90,597 | $ | 108,507 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Depreciation and amortization | |||||||||||||||
U.S. | $ | 39,796 | $ | 37,186 | $ | 119,063 | $ | 111,192 | |||||||
International | 6,420 | 7,036 | 19,866 | 20,550 | |||||||||||
Corporate | 4,355 | 3,604 | 12,544 | 10,737 | |||||||||||
Total depreciation and amortization | $ | 50,571 | $ | 47,826 | $ | 151,473 | $ | 142,479 |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
U.S. | $ | 1,121,331 | $ | 1,164,322 | |||
International | |||||||
Brazil | 108,447 | 126,341 | |||||
Other | 18,649 | 18,012 | |||||
Total assets | $ | 1,248,427 | $ | 1,308,675 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in thousands) | (Restated) (1) | (Restated) (1) | |||||||||||||
U.S. | $ | 861,493 | $ | 838,809 | $ | 2,782,555 | $ | 2,803,278 | |||||||
International | |||||||||||||||
Brazil | 88,178 | 108,503 | 284,376 | 308,384 | |||||||||||
Other | 15,350 | 8,275 | 46,369 | 35,094 | |||||||||||
Total revenue | $ | 965,021 | $ | 955,587 | $ | 3,113,300 | $ | 3,146,756 |
(1) | See Note 1 - Description of the Business and Basis of Presentation for details of the impact of implementing ASU No. 2014-09. |
(i) | Consumer reactions to public health and food safety issues; |
(ii) | Our ability to compete in the highly competitive restaurant industry with many well-established competitors and new market entrants; |
(iii) | Minimum wage increases and additional mandated employee benefits; |
(iv) | Economic conditions and their effects on consumer confidence and discretionary spending, consumer traffic, the cost and availability of credit and interest rates; |
(v) | Fluctuations in the price and availability of commodities; |
(vi) | Our ability to effectively respond to changes in patterns of consumer traffic, consumer tastes and dietary habits; |
(vii) | Our ability to comply with governmental laws and regulations, the costs of compliance with such laws and regulations and the effects of changes to applicable laws and regulations, including tax laws and unanticipated liabilities; |
(viii) | Our ability to implement our expansion, remodeling and relocation plans due to uncertainty in locating and acquiring attractive sites on acceptable terms, obtaining required permits and approvals, recruiting and training necessary personnel, obtaining adequate financing and estimating the performance of newly opened, remodeled or relocated restaurants; |
(ix) | Our ability to protect our information technology systems from interruption or security breach, including cyber security threats, and to protect consumer data and personal employee information; |
(x) | The effects of international economic, political and social conditions and legal systems on our foreign operations and on foreign currency exchange rates; |
(xi) | Our ability to preserve and grow the reputation and value of our brands, particularly in light of changes in consumer engagement with social media platforms; |
(xii) | Any impairment in the carrying value of our goodwill or other intangible or long-lived assets and its effect on our financial condition and results of operations; |
(xiii) | Strategic actions, including acquisitions and dispositions, and our success in implementing these initiatives or integrating any acquired or newly created businesses; |
(xiv) | Seasonal and periodic fluctuations in our results and the effects of significant adverse weather conditions and other disasters or unforeseen events; |
(xv) | The effects of our substantial leverage and restrictive covenants in our various credit facilities on our ability to raise additional capital to fund our operations, to make capital expenditures to invest in new or renovate restaurants and to react to changes in the economy or our industry, and our exposure to interest rate risk in connection with our variable-rate debt; |
(xvi) | The adequacy of our cash flow and earnings and other conditions which may affect our ability to pay dividends and repurchase shares of our common stock; and |
(xvii) | Such other factors as discussed in Part I, Item IA. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2017. |
• | An increase in Total revenues of 1.0% to $1.0 billion in the third quarter of 2018, as compared to the third quarter of 2017, primarily due to higher U.S. comparable restaurant sales and the net impact of restaurant openings and closures, partially offset by foreign currency translation of the Brazil Real relative to the U.S. dollar. |
• | Income from operations of $12.5 million in the third quarter of 2018, as compared to $5.2 million in the third quarter of 2017, increased primarily due to lower impairment charges and restaurant closing costs, certain cost saving initiatives and increases in average check. These increases were partially offset by commodity and labor inflation, higher incentive compensation expense and lower comparable sales in Brazil. |
• | Average restaurant unit volumes—average sales (excluding gift card breakage) per restaurant to measure changes in customer traffic, pricing and development of the brand; |
• | Comparable restaurant sales—year-over-year comparison of sales volumes (excluding gift card breakage) for Company-owned restaurants that are open 18 months or more in order to remove the impact of new restaurant openings in comparing the operations of existing restaurants; |
• | System-wide sales—total restaurant sales volume for all Company-owned and franchise restaurants, regardless of ownership, to interpret the overall health of our brands; |
• | Restaurant-level operating margin, Income from operations, Net income and Diluted earnings per share — financial measures utilized to evaluate our operating performance. |
(i) | Franchise and other revenues which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income. |
(ii) | Depreciation and amortization which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants. |
(iii) | General and administrative expense which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices. |
(iv) | Asset impairment charges and restaurant closing costs which are not reflective of ongoing restaurant performance in a period. |
• | Adjusted restaurant-level operating margin, Adjusted income from operations, Adjusted net income and Adjusted diluted earnings per share—non-GAAP financial measures utilized to evaluate our operating performance. |
• | Customer satisfaction scores—measurement of our customers’ experiences in a variety of key areas. |
Number of restaurants (at end of the period): | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||
U.S. | |||||
Outback Steakhouse | |||||
Company-owned | 580 | 584 | |||
Franchised | 153 | 156 | |||
Total | 733 | 740 | |||
Carrabba’s Italian Grill | |||||
Company-owned | 224 | 226 | |||
Franchised | 3 | 3 | |||
Total | 227 | 229 | |||
Bonefish Grill | |||||
Company-owned | 191 | 195 | |||
Franchised | 7 | 7 | |||
Total | 198 | 202 | |||
Fleming’s Prime Steakhouse & Wine Bar | |||||
Company-owned | 70 | 68 | |||
Other | |||||
Company-owned | 5 | 1 | |||
U.S. Total | 1,233 | 1,240 | |||
International | |||||
Company-owned | |||||
Outback Steakhouse - Brazil (1) | 92 | 87 | |||
Other | 32 | 36 | |||
Franchised | |||||
Outback Steakhouse - South Korea | 75 | 74 | |||
Other | 56 | 54 | |||
International Total | 255 | 251 | |||
System-wide total | 1,488 | 1,491 |
(1) | The restaurant counts for Brazil are reported as of August 31, 2018 and 2017, respectively, to correspond with the balance sheet dates of this subsidiary. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||
Revenues | |||||||||||
Restaurant sales | 98.4 | % | 98.4 | % | 98.4 | % | 98.7 | % | |||
Franchise and other revenues | 1.6 | 1.6 | 1.6 | 1.3 | |||||||
Total revenues | 100.0 | 100.0 | 100.0 | 100.0 | |||||||
Costs and expenses | |||||||||||
Cost of sales (1) | 32.4 | 31.6 | 32.1 | 31.7 | |||||||
Labor and other related (1) | 30.4 | 30.4 | 29.4 | 29.2 | |||||||
Other restaurant operating (1) | 24.6 | 25.1 | 23.7 | 23.7 | |||||||
Depreciation and amortization | 5.2 | 5.0 | 4.9 | 4.5 | |||||||
General and administrative | 7.0 | 6.9 | 6.8 | 6.8 | |||||||
Provision for impaired assets and restaurant closings | 0.4 | 1.9 | 0.5 | 1.2 | |||||||
Total costs and expenses | 98.7 | 99.5 | 96.0 | 96.1 | |||||||
Income from operations | 1.3 | 0.5 | 4.0 | 3.9 | |||||||
Loss on extinguishment and modification of debt | — | — | — | (*) | |||||||
Other (expense) income, net | (*) | 0.8 | (*) | 0.5 | |||||||
Interest expense, net | (1.2 | ) | (1.1 | ) | (1.1 | ) | (1.0 | ) | |||
Income before (benefit) provision for income taxes | 0.1 | 0.2 | 2.9 | 3.4 | |||||||
(Benefit) provision for income taxes | (0.3 | ) | (0.4 | ) | (0.2 | ) | 0.6 | ||||
Net income | 0.4 | 0.6 | 3.1 | 2.8 | |||||||
Less: net income (loss) attributable to noncontrolling interests | * | (*) | * | * | |||||||
Net income attributable to Bloomin’ Brands | 0.4 | % | 0.6 | % | 3.1 | % | 2.8 | % |
(1) | As a percentage of Restaurant sales. |
* | Less than 1/10th of one percent of Total revenues. |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the periods ended September 24, 2017 (1) | $ | 940.0 | $ | 3,105.0 | |||
Change from: | |||||||
Comparable restaurant sales (2) | 19.1 | 34.8 | |||||
Restaurant openings (2) | 16.1 | 46.6 | |||||
Divestiture of restaurants through refranchising transactions | — | (64.4 | ) | ||||
Effect of foreign currency translation | (16.6 | ) | (25.2 | ) | |||
Restaurant closings | (9.2 | ) | (32.9 | ) | |||
For the periods ended September 30, 2018 | $ | 949.4 | $ | 3,063.9 |
(1) | Restaurant sales have been restated for the thirteen and thirty-nine weeks ended September 24, 2017. See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
(2) | The thirty-nine weeks ended September 24, 2017 included several high-volume days between December 26th and December 31st and the thirty-nine weeks ended September 30, 2018 excluded these high-volume days. This shift had an approximate $19.0 million negative impact on Restaurant sales in 2018. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(Restated) (1) | (Restated) (1) | ||||||||||||||
Average restaurant unit volumes: | |||||||||||||||
U.S. | |||||||||||||||
Outback Steakhouse | $ | 65,636 | $ | 62,555 | $ | 69,461 | $ | 66,948 | |||||||
Carrabba’s Italian Grill | $ | 51,000 | $ | 51,167 | $ | 55,542 | $ | 55,935 | |||||||
Bonefish Grill | $ | 54,517 | $ | 53,554 | $ | 58,800 | $ | 58,585 | |||||||
Fleming’s Prime Steakhouse & Wine Bar | $ | 71,046 | $ | 68,809 | $ | 80,557 | $ | 79,300 | |||||||
International | |||||||||||||||
Outback Steakhouse - Brazil (2) | $ | 67,149 | $ | 83,856 | $ | 75,136 | $ | 85,214 | |||||||
Operating weeks: | |||||||||||||||
U.S. | |||||||||||||||
Outback Steakhouse | 7,558 | 7,592 | 22,738 | 23,785 | |||||||||||
Carrabba’s Italian Grill | 2,912 | 2,950 | 8,748 | 8,974 | |||||||||||
Bonefish Grill | 2,489 | 2,542 | 7,510 | 7,690 | |||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 910 | 875 | 2,718 | 2,624 | |||||||||||
International | |||||||||||||||
Outback Steakhouse - Brazil | 1,209 | 1,137 | 3,515 | 3,310 |
(1) | Activity has been restated for the retrospective adoption of ASU No. 2014-09. See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
(2) | Translated at average exchange rates of 3.84 and 3.22 for the thirteen weeks ended September 30, 2018 and September 24, 2017, respectively, and 3.49 and 3.20 for the thirty-nine weeks ended September 30, 2018 and September 24, 2017, respectively. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||
SEPTEMBER 30, 2018 (1) | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 (1) | SEPTEMBER 24, 2017 | ||||||||
Year over year percentage change: | |||||||||||
Comparable restaurant sales (stores open 18 months or more) (2): | |||||||||||
U.S. | |||||||||||
Outback Steakhouse | 4.6 | % | 0.6 | % | 4.3 | % | 0.8 | % | |||
Carrabba’s Italian Grill | (0.6 | )% | (2.8 | )% | — | % | (2.1 | )% | |||
Bonefish Grill | 1.8 | % | (4.3 | )% | 1.1 | % | (2.4 | )% | |||
Fleming’s Prime Steakhouse & Wine Bar | 0.5 | % | (1.0 | )% | 1.4 | % | (1.8 | )% | |||
Combined U.S. (3) | 2.9 | % | (1.0 | )% | 2.8 | % | (0.5 | )% | |||
International | |||||||||||
Outback Steakhouse - Brazil (4) | (3.3 | )% | 4.8 | % | (2.8 | )% | 6.9 | % | |||
Traffic: | |||||||||||
U.S. | |||||||||||
Outback Steakhouse | 0.9 | % | 0.1 | % | 1.3 | % | (1.1 | )% | |||
Carrabba’s Italian Grill | (2.9 | )% | (4.2 | )% | (4.8 | )% | (4.5 | )% | |||
Bonefish Grill | (2.7 | )% | (5.7 | )% | (2.1 | )% | (3.5 | )% | |||
Fleming’s Prime Steakhouse & Wine Bar | (4.2 | )% | (6.5 | )% | (4.7 | )% | (6.6 | )% | |||
Combined U.S. | (0.5 | )% | (1.9 | )% | (0.6 | )% | (2.3 | )% | |||
International | |||||||||||
Outback Steakhouse - Brazil | (5.5 | )% | (1.5 | )% | (5.0 | )% | (0.1 | )% | |||
Average check per person increases (5): | |||||||||||
U.S. | |||||||||||
Outback Steakhouse | 3.7 | % | 0.5 | % | 3.0 | % | 1.9 | % | |||
Carrabba’s Italian Grill | 2.3 | % | 1.4 | % | 4.8 | % | 2.4 | % | |||
Bonefish Grill | 4.5 | % | 1.4 | % | 3.2 | % | 1.1 | % | |||
Fleming’s Prime Steakhouse & Wine Bar | 4.7 | % | 5.5 | % | 6.1 | % | 4.8 | % | |||
Combined U.S. | 3.4 | % | 0.9 | % | 3.4 | % | 1.8 | % | |||
International | |||||||||||
Outback Steakhouse - Brazil | 2.1 | % | 6.2 | % | 2.3 | % | 6.8 | % |
(1) | For Q3 2018, comparable restaurant sales and traffic compare the thirteen weeks from July 2, 2018 through September 30, 2018 to the thirteen weeks from July 3, 2017 through October 1, 2017, and the thirty-nine weeks from January 1, 2018 through September 30, 2018 to the thirty-nine weeks from January 2, 2017 through October 1, 2017. |
(2) | Comparable restaurant sales exclude the effect of fluctuations in foreign currency rates. Relocated international restaurants closed more than 30 days and relocated U.S. restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening. |
(3) | Combined U.S. comparable restaurant sales for the thirteen weeks ended September 24, 2017 includes an estimated (1.0%) impact related to hurricanes that occurred during the quarter. |
(4) | Includes trading day impact from calendar period reporting. |
(5) | Average check per person includes the impact of menu pricing changes, product mix and discounts. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in millions) | (Restated) (1) | (Restated) (1) | |||||||||||||
Franchise revenues (2) | $ | 12.5 | $ | 12.4 | $ | 39.9 | $ | 33.0 | |||||||
Other revenues | 3.1 | 3.2 | 9.5 | 8.7 | |||||||||||
Franchise and other revenues | $ | 15.6 | $ | 15.6 | $ | 49.4 | $ | 41.7 |
(1) | See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
(2) | Represents franchise royalties, advertising fees and initial franchise fees. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | |||||||||||||||
Cost of sales | $ | 307.5 | $ | 296.6 | $ | 982.4 | $ | 984.5 | |||||||||||||
% of Restaurant sales | 32.4 | % | 31.6 | % | 0.8 | % | 32.1 | % | 31.7 | % | 0.4 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | |||||||||||||||
Labor and other related | $ | 289.0 | $ | 285.3 | $ | 902.0 | $ | 907.6 | |||||||||||||
% of Restaurant sales | 30.4 | % | 30.4 | % | — | % | 29.4 | % | 29.2 | % | 0.2 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||||||||
(dollars in millions) | (Restated) (1) | Change | (Restated) (1) | Change | |||||||||||||||||
Other restaurant operating | $ | 233.7 | $ | 235.9 | $ | 725.5 | $ | 735.5 | |||||||||||||
% of Restaurant sales | 24.6 | % | 25.1 | % | (0.5 | )% | 23.7 | % | 23.7 | % | — | % |
(1) | See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | |||||||||||||||||
Depreciation and amortization | $ | 50.6 | $ | 47.8 | $ | 2.8 | $ | 151.5 | $ | 142.5 | $ | 9.0 |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the periods ended September 24, 2017 | $ | 66.1 | $ | 215.1 | |||
Change from: | |||||||
Incentive compensation (1) | 3.8 | 1.9 | |||||
Severance | 1.7 | 1.1 | |||||
Compensation and benefits | (2.4 | ) | (4.5 | ) | |||
Foreign currency exchange | (1.1 | ) | (1.6 | ) | |||
Computer expense | (0.4 | ) | 1.7 | ||||
Other | — | (1.2 | ) | ||||
For the periods ended September 30, 2018 | $ | 67.7 | $ | 212.5 |
(1) | Includes retention compensation and excludes stock-based compensation. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | |||||||||||||||||
Provision for impaired assets and restaurant closings | $ | 4.0 | $ | 18.6 | $ | (14.6 | ) | $ | 15.6 | $ | 38.3 | $ | (22.7 | ) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||||||||||
(dollars in millions) | (Restated) (1) | Change | (Restated) (1) | Change | |||||||||||||||||||
Income from operations | $ | 12.5 | $ | 5.2 | $ | 7.3 | $ | 123.8 | $ | 123.4 | $ | 0.4 | |||||||||||
% of Total revenues | 1.3 | % | 0.5 | % | 0.8 | % | 4.0 | % | 3.9 | % | 0.1 | % |
(1) | See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | |||||||||||||||||
Interest expense, net | $ | 11.6 | $ | 10.7 | $ | 0.9 | $ | 33.2 | $ | 29.4 | $ | 3.8 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | Change | ||||||||||||||
(Benefit) provision for income taxes | $ | (3,317 | ) | $ | (3,248 | ) | $ | (6,516 | ) | $ | 17,744 | |||||||||
Effective income tax rate | (NM) | (NM) | (NM) | (7.2 | )% | 16.4 | % | (23.6 | )% |
REPORTABLE SEGMENT (1) | CONCEPT | GEOGRAPHIC LOCATION | ||
U.S. | Outback Steakhouse | United States of America | ||
Carrabba’s Italian Grill | ||||
Bonefish Grill | ||||
Fleming’s Prime Steakhouse & Wine Bar | ||||
International | Outback Steakhouse | Brazil, Hong Kong/China | ||
Carrabba’s Italian Grill (Abbraccio) | Brazil |
(1) | Includes franchise locations. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in thousands) | (Restated) (1) | (Restated) (1) | |||||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 848,837 | $ | 826,076 | $ | 2,742,118 | $ | 2,769,895 | |||||||
Franchise and other revenues | 12,656 | 12,733 | 40,437 | 33,383 | |||||||||||
Total revenues | $ | 861,493 | $ | 838,809 | $ | 2,782,555 | $ | 2,803,278 | |||||||
Restaurant-level operating margin | 11.9 | % | 11.8 | % | 14.4 | % | 14.6 | % | |||||||
Income from operations | $ | 44,598 | $ | 30,224 | $ | 230,645 | $ | 213,248 | |||||||
Operating income margin | 5.2 | % | 3.6 | % | 8.3 | % | 7.6 | % |
(1) | See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the periods ended September 24, 2017 (1) | $ | 826.1 | $ | 2,769.9 | |||
Change from: | |||||||
Comparable restaurant sales (2) | 22.4 | 43.7 | |||||
Restaurant openings (2) | 5.8 | 17.7 | |||||
Divestiture of restaurants through refranchising transactions | — | (64.4 | ) | ||||
Restaurant closings | (5.5 | ) | (24.8 | ) | |||
For the periods ended September 30, 2018 | $ | 848.8 | $ | 2,742.1 |
(1) | Restaurant sales have been restated for the thirteen and thirty-nine weeks ended September 24, 2017. See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
(2) | The thirty-nine weeks ended September 30, 2018 includes an approximate $19.0 million negative impact on Restaurant sales from a one-week shift in the fiscal calendar. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||||
(dollars in thousands) | (Restated) (1) | (Restated) (1) | |||||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 100,563 | $ | 113,936 | $ | 321,769 | $ | 335,132 | |||||||
Franchise and other revenues | 2,965 | 2,842 | 8,976 | 8,346 | |||||||||||
Total revenues | $ | 103,528 | $ | 116,778 | $ | 330,745 | $ | 343,478 | |||||||
Restaurant-level operating margin | 17.9 | % | 20.7 | % | 18.4 | % | 20.7 | % | |||||||
Income from operations | $ | 7,776 | $ | 8,394 | $ | 14,052 | $ | 26,757 | |||||||
Operating income margin | 7.5 | % | 7.2 | % | 4.2 | % | 7.8 | % |
(1) | See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the periods ended September 24, 2017 (1) | $ | 113.9 | $ | 335.1 | |||
Change from: | |||||||
Effect of foreign currency translation | (16.6 | ) | (25.2 | ) | |||
Restaurant closings | (3.7 | ) | (8.1 | ) | |||
Comparable restaurant sales | (3.3 | ) | (8.9 | ) | |||
Restaurant openings | 10.3 | 28.9 | |||||
For the periods ended September 30, 2018 | $ | 100.6 | $ | 321.8 |
(1) | Restaurant sales have been restated for the thirteen and thirty-nine weeks ended September 24, 2017. See Note 1 - Description of the Business and Basis of Presentation of the Notes to Consolidated Financial Statements for details regarding the impact of implementing ASU No. 2014-09. |
FRANCHISE SALES | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
U.S. | |||||||||||||||
Outback Steakhouse (1) | $ | 122 | $ | 123 | $ | 391 | $ | 327 | |||||||
Carrabba’s Italian Grill (1) | 4 | 3 | 9 | 7 | |||||||||||
Bonefish Grill | 3 | 3 | 11 | 11 | |||||||||||
U.S. Total | $ | 129 | $ | 129 | $ | 411 | $ | 345 | |||||||
International | |||||||||||||||
Outback Steakhouse-South Korea | $ | 47 | $ | 43 | $ | 149 | $ | 127 | |||||||
Other | 28 | 28 | 83 | 85 | |||||||||||
International Total | $ | 75 | $ | 71 | $ | 232 | $ | 212 | |||||||
Total franchise sales (2) | $ | 204 | $ | 200 | $ | 643 | $ | 557 |
(1) | In Q2 2017, we sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant, which are now operated as franchises. |
(2) | Franchise sales are not included in Total revenues in the Consolidated Statements of Operations and Comprehensive (Loss) Income. |
THIRTEEN WEEKS ENDED | |||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||
U.S. GAAP | ADJUSTED (1) | U.S. GAAP | ADJUSTED (1) | ||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 32.4 | % | 32.4 | % | 31.6 | % | 31.6 | % | |||
Labor and other related | 30.4 | % | 30.4 | % | 30.4 | % | 30.4 | % | |||
Other restaurant operating | 24.6 | % | 24.8 | % | 25.1 | % | 25.1 | % | |||
Restaurant-level operating margin | 12.5 | % | 12.4 | % | 13.0 | % | 13.0 | % | |||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | ||||||||||
U.S. GAAP | ADJUSTED (1) | U.S. GAAP | ADJUSTED (1) | ||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 32.1 | % | 32.1 | % | 31.7 | % | 31.7 | % | |||
Labor and other related | 29.4 | % | 29.4 | % | 29.2 | % | 29.2 | % | |||
Other restaurant operating | 23.7 | % | 23.8 | % | 23.7 | % | 23.9 | % | |||
Restaurant-level operating margin | 14.8 | % | 14.7 | % | 15.4 | % | 15.2 | % |
(1) | Includes adjustments recorded in Other restaurant operating for the following activities, as described in the Adjusted income from operations, Adjusted net income and Adjusted diluted earnings per share table below: |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in millions) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Restaurant and asset impairments and closing costs | $ | 1.0 | $ | — | $ | 3.2 | $ | 4.8 | |||||||
Restaurant relocations and related costs | 0.2 | 0.2 | 0.6 | 0.7 | |||||||||||
$ | 1.2 | $ | 0.2 | $ | 3.8 | $ | 5.5 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(in thousands, except per share data) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||||||||
Income from operations | $ | 12,537 | $ | 5,219 | $ | 123,832 | $ | 123,395 | |||||||
Operating income margin | 1.3 | % | 0.5 | % | 4.0 | % | 3.9 | % | |||||||
Adjustments: | |||||||||||||||
Restaurant and asset impairments and closing costs (1) | $ | 2,840 | $ | 15,292 | $ | 12,021 | $ | 31,491 | |||||||
Severance (2) | 2,528 | 1,015 | 3,493 | 1,015 | |||||||||||
Restaurant relocations and related costs (3) | 1,560 | 3,743 | 4,638 | 8,101 | |||||||||||
Legal and contingent matters | — | — | 758 | — | |||||||||||
Transaction-related expenses (4) | — | — | — | 1,447 | |||||||||||
Total income from operations adjustments | $ | 6,928 | $ | 20,050 | $ | 20,910 | $ | 42,054 | |||||||
Adjusted income from operations | $ | 19,465 | $ | 25,269 | $ | 144,742 | $ | 165,449 | |||||||
Adjusted operating income margin | 2.0 | % | 2.6 | % | 4.6 | % | 5.3 | % | |||||||
Net income attributable to Bloomin’ Brands | $ | 4,072 | $ | 5,583 | $ | 96,191 | $ | 89,341 | |||||||
Adjustments: | |||||||||||||||
Income from operations adjustments | 6,928 | 20,050 | 20,910 | 42,054 | |||||||||||
Gain on disposal of business and other costs (5) | — | (7,570 | ) | — | (14,854 | ) | |||||||||
Loss on extinguishment and modification of debt | — | — | — | 260 | |||||||||||
Total adjustments, before income taxes | 6,928 | 12,480 | 20,910 | 27,460 | |||||||||||
Adjustment to provision for income taxes (6) | (1,643 | ) | (5,074 | ) | (3,762 | ) | (14,018 | ) | |||||||
Net adjustments | 5,285 | 7,406 | 17,148 | 13,442 | |||||||||||
Adjusted net income | $ | 9,357 | $ | 12,989 | $ | 113,339 | $ | 102,783 | |||||||
Diluted earnings per share | $ | 0.04 | $ | 0.06 | $ | 1.02 | $ | 0.88 | |||||||
Adjusted diluted earnings per share | $ | 0.10 | $ | 0.14 | $ | 1.20 | $ | 1.01 | |||||||
Diluted weighted average common shares outstanding | 93,324 | 95,655 | 94,489 | 101,497 |
(1) | Represents asset impairment charges and related costs primarily associated with: (i) approved closure and restructuring initiatives, (ii) the restructuring of certain international markets in 2018 and (iii) the remeasurement of certain surplus properties. |
(2) | Relates to severance expense incurred primarily as a result of restructuring of certain functions. |
(3) | Represents asset impairment charges and accelerated depreciation incurred in connection with our relocation program. |
(4) | Relates primarily to professional fees related to certain income tax items in which the associated tax benefit is adjusted in Adjustments to provision for income taxes, as described in footnote 6 below. |
(5) | Primarily relates to: (i) the sale of 54 U.S. Company-owned restaurants to existing franchisees, (ii) a gain on the sale of one Carrabba’s Italian Grill restaurant and (iii) expenses related to certain surplus properties. |
(6) | Represents income tax effect of the adjustments for the periods presented. Adjustments include the impact of excluding $4.6 million of discrete income tax items for the thirty-nine weeks ended September 24, 2017. |
SENIOR SECURED CREDIT FACILITY | TOTAL CREDIT FACILITIES | ||||||||||
(dollars in thousands) | TERM LOAN A | REVOLVING FACILITY | |||||||||
Balance as of December 31, 2017 | $ | 500,000 | $ | 600,000 | $ | 1,100,000 | |||||
2018 new debt | — | 379,700 | 379,700 | ||||||||
2018 payments | (18,750 | ) | (329,700 | ) | (348,450 | ) | |||||
Balance as of September 30, 2018 | $ | 481,250 | $ | 650,000 | $ | 1,131,250 | |||||
Weighted-average interest rate, as of September 30, 2018 | 3.95 | % | 3.95 | % | |||||||
Principal maturity date | November 2022 | November 2022 |
THIRTY-NINE WEEKS ENDED | |||||||
(dollars in thousands) | SEPTEMBER 30, 2018 | SEPTEMBER 24, 2017 | |||||
Net cash provided by operating activities | $ | 155,196 | $ | 223,015 | |||
Net cash used in investing activities | (124,303 | ) | (62,535 | ) | |||
Net cash used in financing activities | (76,960 | ) | (196,206 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (4,861 | ) | 1,972 | ||||
Net decrease in cash, cash equivalents and restricted cash | $ | (50,928 | ) | $ | (33,754 | ) |
(dollars in thousands) | SEPTEMBER 30, 2018 | DECEMBER 31, 2017 | |||||
Current assets | $ | 228,454 | $ | 360,209 | |||
Current liabilities | 620,649 | 813,392 | |||||
Working capital (deficit) | $ | (392,195 | ) | $ | (453,183 | ) |
(dollars in thousands) | DIVIDENDS PAID | SHARE REPURCHASES (1) | TOTAL | ||||||||
Fiscal year 2015 | $ | 29,332 | $ | 169,999 | $ | 199,331 | |||||
Fiscal year 2016 | 31,379 | 309,887 | 341,266 | ||||||||
Fiscal year 2017 | 30,988 | 272,736 | 303,724 | ||||||||
First fiscal quarter 2018 | 8,371 | 50,996 | 59,367 | ||||||||
Second fiscal quarter 2018 | 8,363 | 30,004 | 38,367 | ||||||||
Third fiscal quarter 2018 | 8,344 | 17,968 | 26,312 | ||||||||
Total | $ | 116,777 | $ | 851,590 | $ | 968,367 |
(1) | Excludes share repurchases for the settlement of taxes related to equity awards of $180, $447, and $770 for fiscal years 2017, 2016 and 2015, respectively. |
REPORTING PERIOD | TOTAL NUMBER OF SHARES PURCHASED | AVERAGE PRICE PAID PER SHARE | TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS | APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (1) | ||||||||||
July 2, 2018 through July 29, 2018 | — | $ | — | — | $ | 69,000,043 | ||||||||
July 30, 2018 through August 26, 2018 | 967,622 | $ | 18.57 | 967,622 | $ | 51,032,265 | ||||||||
August 27, 2018 through September 30, 2018 | — | $ | — | — | $ | 51,032,265 | ||||||||
Total | 967,622 | 967,622 |
(1) | On February 16, 2018, the Board of Directors authorized the repurchase of $150.0 million of our outstanding common stock as announced in our press release issued on February 22, 2018 (the “2018 Share Repurchase Program”). The 2018 Share Repurchase Program will expire on August 16, 2019. |
EXHIBIT NUMBER | DESCRIPTION OF EXHIBITS | FILINGS REFERENCED FOR INCORPORATION BY REFERENCE | ||
31.1 | Filed herewith | |||
31.2 | Filed herewith | |||
32.1 | Filed herewith | |||
32.2 | Filed herewith | |||
101.INS | XBRL Instance Document | Filed herewith | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith |
Date: | November 2, 2018 | BLOOMIN’ BRANDS, INC. | |
(Registrant) | |||
By: /s/ David J. Deno | |||
David J. Deno Executive Vice President and Chief Financial and Administrative Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Bloomin’ Brands, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 2, 2018 | /s/ Elizabeth A. Smith |
Elizabeth A. Smith | ||
Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Bloomin’ Brands, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 2, 2018 | /s/ David J. Deno |
David J. Deno | ||
Executive Vice President and Chief Financial and Administrative Officer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report. |
Date: | November 2, 2018 | /s/ Elizabeth A. Smith |
Elizabeth A. Smith | ||
Chief Executive Officer (Principal Executive Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report. |
Date: | November 2, 2018 | /s/ David J. Deno |
David J. Deno | ||
Executive Vice President and Chief Financial and Administrative Officer (Principal Financial Officer) |
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Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 30, 2018 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Entity Registrant Name | Bloomin' Brands, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 91,901,387 | |
Entity Central Index Key | 0001546417 | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 91,853,854 | 91,912,546 |
Common stock, shares outstanding | 91,853,854 | 91,912,546 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|||||||||||||||
Revenues | ||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 965,021 | $ 955,587 | [1],[2],[3] | $ 3,113,300 | $ 3,146,756 | [1],[2],[3] | ||||||||||||
Costs and expenses | ||||||||||||||||||
Cost of sales | 307,493 | 296,632 | 982,415 | 984,510 | ||||||||||||||
Labor and other related | 289,023 | 285,325 | 902,006 | 907,580 | ||||||||||||||
Other restaurant operating | 233,744 | 235,944 | 725,468 | 735,480 | ||||||||||||||
Depreciation and amortization | 50,571 | 47,826 | 151,473 | 142,479 | ||||||||||||||
General and administrative | 67,691 | 66,063 | 212,516 | 215,059 | ||||||||||||||
Provision for impaired assets and restaurant closings | 3,962 | 18,578 | 15,590 | 38,253 | ||||||||||||||
Total costs and expenses | 952,484 | 950,368 | 2,989,468 | 3,023,361 | ||||||||||||||
Income from operations | 12,537 | 5,219 | [4] | 123,832 | 123,395 | [4] | ||||||||||||
Loss on extinguishment and modification of debt | 0 | 0 | [4] | 0 | (260) | [4] | ||||||||||||
Other (expense) income, net | (1) | 7,531 | [4] | (6) | 14,761 | [4] | ||||||||||||
Interest expense, net | (11,600) | (10,705) | [4] | (33,229) | (29,389) | [4] | ||||||||||||
Income before (benefit) provision for income taxes | 936 | 2,045 | [4] | 90,597 | 108,507 | [4] | ||||||||||||
(Benefit) provision for income taxes | (3,317) | (3,248) | (6,516) | 17,744 | ||||||||||||||
Net income | 4,253 | 5,293 | 97,113 | 90,763 | ||||||||||||||
Less: net income (loss) attributable to noncontrolling interests | 181 | (290) | 922 | 1,422 | ||||||||||||||
Net income attributable to Bloomin’ Brands | 4,072 | 5,583 | [5] | 96,191 | 89,341 | [5] | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||
Foreign currency translation adjustment | (16,349) | 6,399 | (45,044) | 17,770 | ||||||||||||||
Unrealized gain (loss) on derivatives, net of tax | 37 | 370 | 1,221 | (139) | ||||||||||||||
Reclassification of adjustment for (gain) loss on derivatives included in Net income, net of tax | (51) | 492 | 328 | 1,919 | ||||||||||||||
Comprehensive (loss) income | (12,110) | 12,554 | 53,618 | 110,313 | ||||||||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | 423 | (306) | 1,504 | 1,376 | ||||||||||||||
Comprehensive (loss) income attributable to Bloomin’ Brands | $ (12,533) | $ 12,860 | $ 52,114 | $ 108,937 | ||||||||||||||
Earnings per share: | ||||||||||||||||||
Basic earnings per share | $ 0.04 | $ 0.06 | [5] | $ 1.04 | $ 0.91 | [5] | ||||||||||||
Diluted earnings per share | $ 0.04 | $ 0.06 | [5] | $ 1.02 | $ 0.88 | [5] | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||
Basic (shares) | 92,202 | 92,485 | [5] | 92,197 | 98,137 | [5] | ||||||||||||
Diluted (shares) | 93,324 | 95,655 | [5] | 94,489 | 101,497 | [5] | ||||||||||||
Cash dividends declared per common share | $ 0.09 | $ 0.08 | $ 0.27 | $ 0.24 | ||||||||||||||
Restaurant sales [Member] | ||||||||||||||||||
Revenues | ||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 949,400 | $ 940,012 | [1],[6] | $ 3,063,887 | $ 3,105,027 | [1],[6] | ||||||||||||
Franchise and other revenue [Member] | ||||||||||||||||||
Revenues | ||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 15,621 | $ 15,575 | [1] | $ 49,413 | $ 41,729 | [1] | ||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common stock [Member] |
Additional paid-in capital [Member] |
Accumulated deficit [Member] |
Accumulated other comprehensive loss [Member] |
Non-controlling interests [Member] |
|||
---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative-effect from a change in accounting principle | $ 14,364 | $ 14,364 | |||||||
Balance (in shares) at Dec. 25, 2016 | 103,922,000 | ||||||||
Balance at Dec. 25, 2016 | 226,063 | $ 1,039 | $ 1,079,583 | (756,070) | $ (111,143) | $ 12,654 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 90,935 | 89,341 | 1,594 | ||||||
Other comprehensive (loss) income, net of tax | 19,520 | 19,596 | (76) | ||||||
Cash dividends declared, per common share | (23,677) | (23,677) | |||||||
Repurchase and retirement of common stock, shares | (13,807,000) | ||||||||
Repurchase and retirement of common stock | (272,736) | $ (138) | (272,598) | ||||||
Stock-based compensation | 17,969 | 17,969 | |||||||
Common stock issued under stock plans, shares | [1] | 1,049,000 | |||||||
Common stock issued under stock plans | [1] | 4,448 | $ 11 | 4,617 | (180) | ||||
Change in redemption value of redeemable interests | (172) | (172) | |||||||
Purchase of noncontrolling interests, net of tax of $45 | (893) | (713) | (180) | ||||||
Distributions to noncontrolling interests | (4,158) | (4,158) | |||||||
Contributions from noncontrolling interests | 727 | 727 | |||||||
Other | 419 | 419 | |||||||
Balance (in shares) at Sep. 24, 2017 | 91,164,000 | ||||||||
Balance at Sep. 24, 2017 | $ 72,809 | $ 912 | 1,077,607 | (925,143) | (91,547) | 10,980 | |||
Balance (in shares) at Dec. 31, 2017 | 91,912,546 | 91,913,000 | |||||||
Balance at Dec. 31, 2017 | $ 81,231 | $ 919 | 1,081,813 | (913,191) | (99,199) | 10,889 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 97,442 | 96,191 | 1,251 | ||||||
Other comprehensive (loss) income, net of tax | (43,495) | (44,077) | 582 | ||||||
Cash dividends declared, per common share | $ (25,078) | (25,078) | |||||||
Repurchase and retirement of common stock, shares | (4,371,000) | (4,371,000) | |||||||
Repurchase and retirement of common stock | $ (98,968) | $ (43) | (98,925) | ||||||
Stock-based compensation | 16,478 | 16,478 | |||||||
Common stock issued under stock plans, shares | [1] | 4,312,000 | |||||||
Common stock issued under stock plans | [1] | 35,795 | $ 43 | 35,752 | |||||
Change in redemption value of redeemable interests | (329) | (329) | |||||||
Distributions to noncontrolling interests | (4,505) | (4,505) | |||||||
Contributions from noncontrolling interests | $ 1,571 | 1,571 | |||||||
Balance (in shares) at Sep. 30, 2018 | 91,853,854 | 91,854,000 | |||||||
Balance at Sep. 30, 2018 | $ 60,142 | $ 919 | $ 1,108,636 | $ (915,925) | $ (143,276) | $ 9,788 | |||
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands |
9 Months Ended |
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Sep. 24, 2017
USD ($)
$ / shares
| |
Cash dividends declared per common share | $ / shares | $ 0.24 |
Additional paid-in capital [Member] | |
Purchase of limited partnership interests, deferred tax effect | $ | $ 45 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
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Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
Dec. 31, 2017 |
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Cash flows provided by operating activities: | |||||||||
Net income | $ 4,253 | $ 5,293 | $ 97,113 | $ 90,763 | |||||
Adjustments to reconcile Net income to cash provided by operating activities: | |||||||||
Depreciation and amortization | 50,571 | 47,826 | 151,473 | 142,479 | |||||
Amortization of deferred discounts and issuance costs | 1,930 | 2,240 | |||||||
Amortization of deferred gift card sales commissions | 4,932 | 4,774 | 20,151 | 18,530 | |||||
Provision for impaired assets and restaurant closings | 3,962 | 18,578 | 15,590 | 38,253 | |||||
Stock-based and other non-cash compensation expense | 19,692 | 19,775 | |||||||
Deferred income tax (benefit) expense | (1,318) | 3,252 | |||||||
Gain on sale of a business or subsidiary | 0 | (15,787) | |||||||
Loss on extinguishment and modification of debt | 0 | 0 | [1] | 0 | 260 | [1] | |||
Recognition of deferred gain on sale-leaseback transactions | (9,237) | (8,836) | |||||||
Other, net | 2,177 | 4,690 | |||||||
Change in assets and liabilities | (142,375) | (72,604) | |||||||
Net cash provided by operating activities | 155,196 | 223,015 | |||||||
Cash flows used in investing activities: | |||||||||
Proceeds from disposal of property, fixtures and equipment | 10,453 | 19 | |||||||
Proceeds from sale-leaseback transactions, net | 11,332 | 83,866 | |||||||
Proceeds from sale of a business, net of cash divested | 0 | 38,980 | |||||||
Capital expenditures | (146,288) | (183,820) | |||||||
Other investments, net | 200 | (1,580) | |||||||
Net cash used in investing activities | (124,303) | (62,535) | |||||||
Cash flows used in financing activities: | |||||||||
Proceeds from issuance of long-term debt, net | 1,637 | 124,443 | |||||||
Repayments of long-term debt | (20,164) | (64,578) | |||||||
Proceeds from borrowings on revolving credit facilities, net | 378,529 | 467,500 | |||||||
Repayments of borrowings on revolving credit facilities | (329,700) | (417,000) | |||||||
Proceeds from failed sale-leaseback transactions, net | 0 | 5,942 | |||||||
Proceeds from share-based compensation, net | 35,795 | 4,628 | |||||||
Distributions to noncontrolling interests | (4,505) | (4,158) | |||||||
Contributions from noncontrolling interests | 1,571 | 727 | |||||||
Purchase of limited partnership and noncontrolling interests | (1,619) | (5,354) | |||||||
Repayments of partner deposits and accrued partner obligations | (14,458) | (11,763) | |||||||
Repurchase of common stock | (98,968) | (272,916) | |||||||
Cash dividends paid on common stock | (25,078) | (23,677) | |||||||
Net cash used in financing activities | (76,960) | (196,206) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (4,861) | 1,972 | |||||||
Net decrease in cash, cash equivalents and restricted cash | (50,928) | (33,754) | |||||||
Cash, cash equivalents and restricted cash as of the beginning of the period | 129,543 | 136,186 | $ 136,186 | ||||||
Cash, cash equivalents and restricted cash as of the end of the period | $ 78,615 | $ 102,432 | 78,615 | 102,432 | $ 129,543 | ||||
Supplemental disclosures of cash flow information: | |||||||||
Cash paid for interest | 31,376 | 27,897 | |||||||
Cash paid for income taxes, net of refunds | 9,696 | 28,134 | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||
Increase in liabilities from the acquisition of property, fixtures and equipment or capital leases | $ 5,075 | $ 6,375 | |||||||
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Description of the Business and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of the Business and Basis of Presentation | Description of the Business and Basis of Presentation Description of the Business - Bloomin’ Brands, Inc., through its subsidiaries (“Bloomin’ Brands” or the “Company”), owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Each of the Company’s concepts has additional restaurants in which it has no direct investment and are operated under franchise agreements. Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Recently Adopted Financial Accounting Standards - On January 1, 2018, the Company elected to early adopt Accounting Standards Update (“ASU”) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU No. 2017-04”) on a prospective basis. ASU No. 2017-04 eliminates the second step of goodwill impairment, which requires a hypothetical purchase price allocation. Under ASU No. 2017-04, goodwill impairment is calculated as the amount a reporting unit’s carrying value exceeds its calculated fair value. The adoption of ASU No. 2017-04 did not impact the Company’s Consolidated Financial Statements. Goodwill and indefinite-lived intangible assets are tested for impairment annually, as of the first day of the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company performed its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during the second quarters of 2018 and 2017. In connection with these assessments, the Company did not record any goodwill or indefinite-lived intangible impairment charges. On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”) using the full retrospective transition method. ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. The standard also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. Under the new standard, the Company recognizes gift card breakage proportional to redemptions, which are highest in the Company’s first fiscal quarter. Previously, under the remote method, the majority of breakage revenue was recorded in the Company’s fourth fiscal quarter corresponding with the timing of the original gift card sale. Advertising fees charged to franchisees, which were previously recorded as a reduction to Other restaurant operating expenses, are recognized as Franchise revenue. In addition, initial franchise and renewal fees are recognized over the term of the franchise agreements. In connection with adoption of ASU No. 2014-09, a cumulative effect adjustment of $33.1 million, net of tax, was recorded as a credit to the ending balance of Accumulated deficit as of December 27, 2015. 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:
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:
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See Note 2 - Revenue Recognition for required disclosures under ASU No. 2014-09. Effective July 2, 2018, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU No. 2017-12”), which provides guidance for reporting the economic results of hedging activities and simplifies the disclosures of risk exposures and hedging strategies. Upon adoption, the Company revised its accounting policies and certain disclosures, however there was no impact on its Consolidated Financial Statements. For derivatives that qualify for hedge accounting, any gain or loss on the derivative instrument is recognized in equity as a change to Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. See Note 12 - Derivative Instruments and Hedging Activities for required disclosures under ASU No. 2017-12. Recently Issued Financial Accounting Standards Not Yet Adopted - In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02: Leases (Topic 842) (“ASU No. 2016-02”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. In July 2018, the FASB issued ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“ASU No. 2018-11”), that allows for an additional transition method, which permits use of the effective date of adoption as the date of initial application of ASU No. 2016-02 without restating comparative period financial statements. ASU No. 2016-02 and ASU No. 2018-11 are effective for the Company in 2019 and the Company will adopt ASU No. 2016-02 using the transition method allowable under ASU No. 2018-11. The Company plans to elect a transition package including practical expedients that require application to comparative periods but do not require it to reassess the classification and initial direct costs of expired or existing contracts and leases. In preparation for adoption, the Company is in the process of implementing a new lease accounting system and is assessing the overall impact of adoption on its financial statements and internal control over financial reporting. Adoption of ASU No. 2016-02 is expected to have an impact on the Company’s Consolidated Balance Sheet due to recognition of right-of-use assets and lease liabilities related to real estate and equipment under operating lease agreements. The adoption will result in a credit to the beginning balance of Accumulated Deficit to derecognize deferred gains on sale-leaseback transactions and a corresponding debit for the related deferred tax assets. At September 30, 2018, deferred gains on sale-leaseback transactions and their related deferred tax assets were $192.7 million and $49.6 million, respectively. There will also be an increase to Other restaurant operating expense in future periods since the Company will not recognize these deferred gains through its statements of operations over the corresponding lease term. During the thirty-nine weeks ended September 30, 2018, the Company recorded $9.2 million of sale-leaseback deferred gain amortization. The Company’s evaluation of ASU No. 2016-02 is ongoing and may identify additional impacts on its Consolidated Financial Statements and related disclosures. Reclassifications - The Company reclassified certain items in the accompanying Consolidated Financial Statements for prior periods to be comparable with the classification for the current period. |
Revenue Recognition |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company records food and beverage revenues, net of discounts and taxes, upon delivery to the customer. Franchise-related revenues are included in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. Royalties, which are a percentage of net sales of the franchisee, are recognized as revenue in the period which the sales are reported to have occurred. The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
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The following tables include the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated:
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Gift Card Revenue - Proceeds from the sale of gift cards, which do not have expiration dates, are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Gift cards sold at a discount are recorded as revenue upon redemption of the associated gift cards at an amount net of the related discount. Gift card breakage, the amount of gift cards which will not be redeemed, is recognized using estimates based on historical redemption patterns. If actual redemptions vary from the estimated breakage, gift card breakage income may differ from the amount recorded. The Company periodically updates its estimates used for breakage. Gift card sales that are accompanied by a bonus card to be used by the customer at a future visit result in a separate deferral of a portion of the original gift card sale. Revenue is recorded when the bonus card is redeemed at the estimated fair market value of the bonus card. Approximately 86% of the current deferred gift card revenue is expected to be recognized over the next 12 months. Gift card sales commissions paid to third-party providers are initially capitalized and subsequently amortized to Other restaurant operating expenses based on historical gift card redemption patterns. Advertising Fees - Advertising fees charged to franchisees are recognized as Franchise revenue in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. Franchise Fees - Initial franchise and renewal fees are recognized over the term of the franchise agreement and renewal period, respectively. The weighted average remaining term of franchise agreements and renewal periods was approximately 15 years as of September 30, 2018. Loyalty Program - The Company maintains a customer loyalty program, Dine Rewards, in the U.S., where customers have the ability to earn a reward after a number of qualified visits. The Company has developed an estimated value of the partial reward earned from each qualified visit, which is recorded as deferred revenue. Each reward has a maximum value and must be redeemed within three months of earning such reward. The revenue associated with the fair value of the qualified visit is recognized upon the earlier of redemption or expiration of the reward. The Company applies the practical expedient to exclude disclosures regarding loyalty program remaining performance obligations which have original expected durations of one year or less. The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
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The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
The Company applies the portfolio approach practical expedient to account for gift card contracts and performance obligations. The following table is a rollforward of unearned gift card revenue for the periods indicated:
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Impairment and Exit Costs |
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Impairments and Disposals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments and Exit Costs | Impairments and Exit Costs The components of Provision for impaired assets and restaurant closings are as follows:
Closure Initiatives - Since February 2017, the Company decided to close certain underperforming restaurants in the U.S. and certain Abbraccio restaurants outside of the core markets of São Paulo and Rio de Janeiro in Brazil and in 2016 the Company decided to close certain Bonefish Grill restaurants (collectively, the “Closure Initiatives”). Following is a summary of expenses related to the Closure Initiatives recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
________________
International Restructuring - During the thirty-nine weeks ended September 30, 2018, the Company recognized asset impairment and closure charges of $9.1 million related to the restructuring of certain international markets, including China. Surplus Properties - During the thirteen and thirty-nine weeks ended September 24, 2017, the Company recognized impairment charges of $9.5 million within the U.S. segment in connection with the remeasurement of certain surplus properties currently leased to the owners of its former restaurant concepts. The remaining restaurant impairment and closing charges resulted primarily from locations identified for remodel, relocation or closure. Projected Future Expenses and Cash Expenditures - The Company expects to incur additional charges for the Closure Initiatives through Q3 2019, including costs associated with lease obligations, employee terminations and other closure-related obligations. Following is a summary of remaining estimated pre-tax expense and future cash expenditures, by type, as of September 30, 2018:
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Accrued Facility Closure and Other Costs Rollforward - The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Closure Initiatives, during the thirty-nine weeks ended September 30, 2018:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table presents the computation of basic and diluted earnings per share for the periods indicated:
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Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows, for the periods indicated:
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Stock-based Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Plans | Stock-based Compensation Plans The Company recognized stock-based compensation expense as follows:
The following table presents a summary of the Company’s stock option activity:
Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows:
________________
The following represents stock option compensation information for the periods indicated:
During the thirty-nine weeks ended September 30, 2018, the Company made grants to its employees of 0.4 million time-based restricted stock units and 0.2 million performance-based share units. As of September 30, 2018, the maximum number of shares of common stock available for issuance pursuant to the Bloomin’ Brands, Inc. 2016 Omnibus Incentive Compensation Plan was 4,418,256. The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 30, 2018:
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Other Current Assets, Net |
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Other Current Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets, Net | Other Current Assets, Net Other current assets, net, consisted of the following:
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Other Assets, Net |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, net | Other Assets, Net Other assets, net, consisted of the following:
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Accrued and Other Current Liabilities |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following:
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Long-term Debt, Net |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Net | Long-term Debt, Net Following is a summary of outstanding long-term debt, as of the periods indicated:
________________
Debt Covenants - As of September 30, 2018 and December 31, 2017, the Company was in compliance with its debt covenants. |
Other Long-term Liabilities, Net |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities, Net | Other Long-term Liabilities, Net Other long-term liabilities, net, consisted of the following, as of the periods indicated:
_______________
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Stockholders' Equity |
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Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Share Repurchases - On February 16, 2018, the Company’s Board of Directors (the “Board”) canceled the remaining $55.0 million of authorization under the 2017 Share Repurchase Program and approved a new $150.0 million authorization (the “2018 Share Repurchase Program”). The 2018 Share Repurchase Program will expire on August 16, 2019. As of September 30, 2018, $51.0 million remained available for repurchase under the 2018 Share Repurchase Program. Following is a summary of the shares repurchased under the Company’s share repurchase program during fiscal year 2018:
Dividends - The Company declared and paid dividends per share during fiscal year 2018 as follows:
In October 2018, the Board declared a quarterly cash dividend of $0.09 per share, payable on November 21, 2018, to shareholders of record at the close of business on November 14, 2018. Accumulated Other Comprehensive Loss (“AOCL”)- Following are the components of AOCL:
Following are the components of the Company’s Other comprehensive (loss) income during the periods presented:
________________
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk - On September 9, 2014, the Company entered into variable-to-fixed interest rate swap agreements with eight counterparties to hedge a portion of the cash flows of the Company’s variable rate debt (the “2014 Swap Agreements”). The 2014 Swap Agreements have an aggregate notional amount of $400.0 million, a start date of June 30, 2015, and mature on May 16, 2019. Under the terms of the 2014 Swap Agreements, the Company pays a weighted-average fixed rate of 2.02% on the $400.0 million notional amount and receives payments from the counterparty based on the 30-day LIBOR rate. The 2014 Swap Agreements, which have been designated and qualify as cash flow hedges, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The following table presents the fair value and classification of the Company’s 2014 Swap Agreements, as of the periods indicated:
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The following table summarizes the effects of the 2014 Swap Agreements on Net income for the periods indicated:
On October 24, 2018 and October 25, 2018, the Company entered into variable-to-fixed interest rate swap agreements with 12 counterparties to hedge a portion of the cash flows of the Company’s variable rate debt (the “2018 Swap Agreements”). The 2018 Swap Agreements have an aggregate notional amount of $550.0 million, a forward start date of May 16, 2019 (the maturity date of the 2014 Swap Agreements), and mature on November 30, 2022. Under the terms of the 2018 Swap Agreements, the Company will pay a weighted-average fixed rate of 3.04% on the notional amount and receive payments from the counterparty based on the one-month LIBOR rate. The 2018 Swap Agreements have been designated and qualify as cash flow hedges, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The Company estimates $0.4 million will be reclassified to interest expense during 2019 related to the 2018 Swap Agreements. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input:
Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
Fair value of each class of financial instrument is determined based on the following:
Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated:
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Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, restricted cash, accounts receivable, accounts payable and current and long-term debt. The fair values of cash equivalents, restricted cash, accounts receivable and accounts payable approximate their carrying amounts reported in the Consolidated Balance Sheets due to their short duration. Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:
Fair value of debt is determined based on the following:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes
________________ NM Not meaningful. The increase in the benefit for income taxes for the thirteen weeks ended September 30, 2018 as compared to the thirteen weeks ended September 24, 2017 was primarily due to the reduction in the U.S. federal corporate tax rate from 35% to 21% as a part of the legislation enacted in December 2017 known as the Tax Cuts and Jobs Act (the “Tax Act”), lower forecasted pre-tax income in 2018 and the impact of certain favorable discrete tax items recorded in 2018, partially offset by changes to the estimate of the forecasted full-year effective tax rate relative to prior quarters in 2017. The effective income tax rate for the thirty-nine weeks ended September 30, 2018 decreased by 23.6 percentage points as compared to the thirty-nine weeks ended September 24, 2017. The decrease was primarily due to the reduction in the U.S. federal corporate tax rate from the Tax Act, lower actual and forecasted pre-tax income and excess tax benefits from equity-based compensation arrangements recorded in 2018, partially offset by a domestic manufacturing deduction recorded in 2017. The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for the thirteen weeks ended September 30, 2018 was lower than the statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips and changes to the estimate of the forecasted full-year effective tax rate relative to prior quarters. The effective income tax rate for the thirty-nine weeks ended September 30, 2018 was lower than the statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips and excess tax benefits from equity-based compensation arrangements. The Tax Act - The Company has applied guidance under SEC Staff Accounting Bulletin No. 118, which allows for a measurement period up to one year after the December 22, 2017 enactment date of the Tax Act to complete the accounting requirements. As of September 30, 2018, the Company made reasonable estimates of the effects of the Tax Act but has not completed its accounting for all tax effects. Below is a summary of the provisional amounts the Company has recorded:
The Company is continuing to gather information and additional guidance is expected from the U.S. Treasury and state taxing authorities on the application of certain provisions of the Tax Act and will continue to make and refine its calculations as additional analysis is completed. The Company’s estimates may also be affected as it gains a more thorough understanding of the tax law. These changes could be material to income tax expense. The Company expects to complete its analysis within the annual measurement period. Items considered provisional include: Reduction of U.S. Federal Corporate Income Tax Rate - The Tax Act reduced the corporate income tax rate to 21%, effective January 1, 2018. While the Company is able to make a reasonable estimate of the impact of the reduction in the corporate rate on its deferred tax assets and liabilities, it may be affected by other analyses related to the Tax Act, including, but not limited to, its calculation of deemed repatriation of deferred foreign income and the state tax effect of adjustments made to federal temporary differences. Deemed Repatriation Transition Tax - The Deemed Repatriation Transition Tax (the “Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of the Company’s foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of foreign income taxes paid on such earnings. The Company is able to make a reasonable estimate of the Transition Tax and recorded a provisional amount. Due to the ability to utilize foreign tax credits in the calculation of the Transition Tax, the obligation primarily related to the estimated state impacts. However, the Company is continuing to gather additional information. Additional guidance from the U.S. Treasury and state taxing authorities on the application of certain provisions of the Tax Act is expected in the future. Valuation Allowances - The Company must assess whether its valuation allowance analyses or deferred tax assets are affected by various aspects of the Tax Act (e.g., deemed repatriation of deferred foreign income, global intangible low-taxed income (“GILTI”) inclusions and new categories of foreign tax credits). While the Company did record an additional valuation allowance against foreign tax credit carryforwards, it has recorded provisional amounts related to certain portions of the Tax Act and any corresponding determination of the need for a change in a valuation allowance is also provisional. For tax years beginning after December 31, 2017, the Tax Act subjects a U.S. shareholder to tax on GILTI earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. As of September 30, 2018, the Company has not yet determined its accounting policy with regard to GILTI, and does not expect GILTI in 2018. Other Tax Matters - The Company was previously under examination by tax authorities in South Korea for the 2008 to 2012 tax years. In connection with the examination, the Company was assessed and paid $6.7 million of tax obligations. During the thirteen weeks ended September 30, 2018, the Company received final confirmation of relief from double taxation through competent authority. No material modifications were made to amounts previously recorded. |
Commitments and Contingencies |
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Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Other Matters - The Company had $2.8 million and $4.3 million of liabilities recorded for various legal matters as of September 30, 2018 and December 31, 2017, respectively. The Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage-and-hour and other employment-related litigation, which arise in the ordinary course of business and are generally covered by insurance if they exceed specified retention or deductible amounts. In the opinion of management, the amount of ultimate liability with respect to those actions will not have a material adverse impact on the Company’s financial position or results of operations and cash flows. Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases. These leases have varying terms, the latest of which expires in 2032. As of September 30, 2018, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $27.8 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 30, 2018 was approximately $19.2 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements govern its ability to pursue and recover damages incurred. The Company believes the financial strength and operating history of the lessees’ significantly reduces the risk that it will be required to make payments under these leases. Accordingly, no liability has been recorded. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company identifies its restaurant concepts and international markets as operating segments, which reflects how the Company manages its business, reviews operating performance and allocates resources. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer (“CEO”), whom the Company has determined to be its Chief Operating Decision Maker (“CODM”). The Company aggregates its operating segments into two reportable segments, U.S. and International. The U.S. segment includes all brands operating in the U.S. while brands operating outside the U.S. are included in the International segment. The following is a summary of reporting segments:
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Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from Income from operations for U.S. and International are certain legal and corporate costs not directly related to the performance of the segments, stock-based compensation expenses and certain bonus expenses. The following table is a summary of Total revenue by segment:
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The following table is a reconciliation of Segment income from operations to Income before (benefit) provision for income taxes:
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The following table is a summary of Depreciation and amortization expense by segment:
Geographic Areas — International assets are defined as assets residing in a country other than the U.S. The following table details long-lived assets, excluding goodwill, intangible assets and deferred tax assets, by major geographic area:
International revenues are defined as revenues generated from restaurant sales originating in a country other than the U.S. The following table details Total revenues by major geographic area:
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Description of the Business and Basis of Presentation (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
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Recently Issued Financial Accounting Standards | Recently Adopted Financial Accounting Standards - On January 1, 2018, the Company elected to early adopt Accounting Standards Update (“ASU”) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU No. 2017-04”) on a prospective basis. ASU No. 2017-04 eliminates the second step of goodwill impairment, which requires a hypothetical purchase price allocation. Under ASU No. 2017-04, goodwill impairment is calculated as the amount a reporting unit’s carrying value exceeds its calculated fair value. The adoption of ASU No. 2017-04 did not impact the Company’s Consolidated Financial Statements. Goodwill and indefinite-lived intangible assets are tested for impairment annually, as of the first day of the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company performed its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during the second quarters of 2018 and 2017. In connection with these assessments, the Company did not record any goodwill or indefinite-lived intangible impairment charges. On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”) using the full retrospective transition method. ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. The standard also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. Under the new standard, the Company recognizes gift card breakage proportional to redemptions, which are highest in the Company’s first fiscal quarter. Previously, under the remote method, the majority of breakage revenue was recorded in the Company’s fourth fiscal quarter corresponding with the timing of the original gift card sale. Advertising fees charged to franchisees, which were previously recorded as a reduction to Other restaurant operating expenses, are recognized as Franchise revenue. In addition, initial franchise and renewal fees are recognized over the term of the franchise agreements. In connection with adoption of ASU No. 2014-09, a cumulative effect adjustment of $33.1 million, net of tax, was recorded as a credit to the ending balance of Accumulated deficit as of December 27, 2015. 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:
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:
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See Note 2 - Revenue Recognition for required disclosures under ASU No. 2014-09. Effective July 2, 2018, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU No. 2017-12”), which provides guidance for reporting the economic results of hedging activities and simplifies the disclosures of risk exposures and hedging strategies. Upon adoption, the Company revised its accounting policies and certain disclosures, however there was no impact on its Consolidated Financial Statements. For derivatives that qualify for hedge accounting, any gain or loss on the derivative instrument is recognized in equity as a change to Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. See Note 12 - Derivative Instruments and Hedging Activities for required disclosures under ASU No. 2017-12. Recently Issued Financial Accounting Standards Not Yet Adopted - In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02: Leases (Topic 842) (“ASU No. 2016-02”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. In July 2018, the FASB issued ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“ASU No. 2018-11”), that allows for an additional transition method, which permits use of the effective date of adoption as the date of initial application of ASU No. 2016-02 without restating comparative period financial statements. ASU No. 2016-02 and ASU No. 2018-11 are effective for the Company in 2019 and the Company will adopt ASU No. 2016-02 using the transition method allowable under ASU No. 2018-11. The Company plans to elect a transition package including practical expedients that require application to comparative periods but do not require it to reassess the classification and initial direct costs of expired or existing contracts and leases. In preparation for adoption, the Company is in the process of implementing a new lease accounting system and is assessing the overall impact of adoption on its financial statements and internal control over financial reporting. Adoption of ASU No. 2016-02 is expected to have an impact on the Company’s Consolidated Balance Sheet due to recognition of right-of-use assets and lease liabilities related to real estate and equipment under operating lease agreements. The adoption will result in a credit to the beginning balance of Accumulated Deficit to derecognize deferred gains on sale-leaseback transactions and a corresponding debit for the related deferred tax assets. At September 30, 2018, deferred gains on sale-leaseback transactions and their related deferred tax assets were $192.7 million and $49.6 million, respectively. There will also be an increase to Other restaurant operating expense in future periods since the Company will not recognize these deferred gains through its statements of operations over the corresponding lease term. During the thirty-nine weeks ended September 30, 2018, the Company recorded $9.2 million of sale-leaseback deferred gain amortization. The Company’s evaluation of ASU No. 2016-02 is ongoing and may identify additional impacts on its Consolidated Financial Statements and related disclosures. |
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Reclassifications | Reclassifications - The Company reclassified certain items in the accompanying Consolidated Financial Statements for prior periods to be comparable with the classification for the current period. |
Description of the Business and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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:
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Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue Recognition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of principal transactions, revenue | The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
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Disaggregation of revenue | The following tables include the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated:
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Contract with customers, asset and liability | The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
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Other current assets, net [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with customers, asset and liability | The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
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Unearned revenue [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with customers, asset and liability | The following table is a rollforward of unearned gift card revenue for the periods indicated:
____________________
|
Impairments and Exit Costs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows:
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Accrued facility closure and other costs rollforward | The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Closure Initiatives, during the thirty-nine weeks ended September 30, 2018:
________________
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Restructuring and restaurant closure initiatives [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal groups, including discontinued operations | Following is a summary of expenses related to the Closure Initiatives recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
________________
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Closure Initiatives [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal groups, including discontinued operations | Following is a summary of remaining estimated pre-tax expense and future cash expenditures, by type, as of September 30, 2018:
________________
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted | The following table presents the computation of basic and diluted earnings per share for the periods indicated:
____________________
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Schedule of antidilutive securities excluded from computation of earnings per share | Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows, for the periods indicated:
|
Stock-based Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan | The Company recognized stock-based compensation expense as follows:
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Share-based compensation, stock options, activity | The following table presents a summary of the Company’s stock option activity:
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Schedule of share-based payment award, stock options, valuation assumptions | Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows:
________________
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Schedule of stock-based compensation information, stock options | The following represents stock option compensation information for the periods indicated:
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Schedule of unrecognized compensation cost, nonvested awards | The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 30, 2018:
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Other Current Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other current assets | Other current assets, net, consisted of the following:
_______________
|
Other Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other assets | Other assets, net, consisted of the following:
________________
|
Accrued and Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following:
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Long-term Debt, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt, as of the periods indicated:
________________
|
Other Long-term Liabilities, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | Other long-term liabilities, net, consisted of the following, as of the periods indicated:
_______________
|
Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of repurchases of common stock | Following is a summary of the shares repurchased under the Company’s share repurchase program during fiscal year 2018:
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Dividends declared and paid | The Company declared and paid dividends per share during fiscal year 2018 as follows:
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Schedule of accumulated other comprehensive loss | Following are the components of AOCL:
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Comprehensive income | Following are the components of the Company’s Other comprehensive (loss) income during the periods presented:
________________
|
Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative instruments in statement of financial position, fair value | The following table presents the fair value and classification of the Company’s 2014 Swap Agreements, as of the periods indicated:
____________________
|
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Schedule of derivatives instruments statements of financial performance, location | The following table summarizes the effects of the 2014 Swap Agreements on Net income for the periods indicated:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, financial instruments measured on nonrecurring basis, valuation techniques | Fair value is categorized into one of the following three levels based on the lowest level of significant input:
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Schedule of assets and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
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Fair value, assets measured on recurring basis, methods and assumptions | Fair value of each class of financial instrument is determined based on the following:
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Fair value, assets and liabilities measured on a nonrecurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated:
________________
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Schedule of carrying value and fair value of senior secured credit facilities and other unsecured debt | The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:
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Debt facilities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, financial instruments measured on nonrecurring basis, valuation techniques | Fair value of debt is determined based on the following:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation |
________________ NM Not meaningful. |
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | The following is a summary of reporting segments:
_________________
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Reconciliation of revenue from segments to consolidated | The following table is a summary of Total revenue by segment:
____________________
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Reconciliation of operating profit from segments to consolidated | The following table is a reconciliation of Segment income from operations to Income before (benefit) provision for income taxes:
____________________
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Reconciliation of segment depreciation and amortization | The following table is a summary of Depreciation and amortization expense by segment:
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Schedule of long-lived assets, by geographical areas | The following table details long-lived assets, excluding goodwill, intangible assets and deferred tax assets, by major geographic area:
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Revenue from external customers by geographic areas | The following table details Total revenues by major geographic area:
____________________
|
Description of the Business and Basis of Presentation Description of Business (Details) |
Sep. 30, 2018
restraurant_concept
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Description of the Business and Basis of Presentation Adoption of New Accounting Procurements 2017-04 (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jul. 01, 2018 |
Jun. 25, 2017 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Goodwill, impairment loss | $ 0 | $ 0 |
Impairment of intangible assets, indefinite-lived | $ 0 | $ 0 |
Description of the Business and Basis of Presentation Adoption of New Accounting Procurements 2014-09 (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
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Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
Jul. 01, 2018 |
Dec. 31, 2017 |
Jun. 25, 2017 |
Dec. 25, 2016 |
Dec. 27, 2015 |
|||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 965,021 | $ 955,587 | [1],[2],[3] | $ 3,113,300 | $ 3,146,756 | [1],[2],[3] | |||||||||||||||||||||
Other restaurant operating | 233,744 | 235,944 | 725,468 | 735,480 | |||||||||||||||||||||||
Income from operations | 12,537 | 5,219 | [4] | 123,832 | 123,395 | [4] | |||||||||||||||||||||
Income before (benefit) provision for income taxes | 936 | 2,045 | [4] | 90,597 | 108,507 | [4] | |||||||||||||||||||||
(Benefit) provision for income taxes | (3,317) | (3,248) | (6,516) | 17,744 | |||||||||||||||||||||||
Net income | 4,253 | 5,293 | 97,113 | 90,763 | |||||||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ 4,072 | $ 5,583 | [5] | $ 96,191 | $ 89,341 | [5] | |||||||||||||||||||||
Basic earnings per share | $ 0.04 | $ 0.06 | [5] | $ 1.04 | $ 0.91 | [5] | |||||||||||||||||||||
Diluted earnings per share | $ 0.04 | $ 0.06 | [5] | $ 1.02 | $ 0.88 | [5] | |||||||||||||||||||||
Deferred income tax assets, net | $ 76,236 | $ 76,236 | $ 60,486 | ||||||||||||||||||||||||
Total assets | 2,350,794 | 2,350,794 | 2,561,894 | ||||||||||||||||||||||||
Unearned revenue | 202,277 | 202,277 | 330,756 | ||||||||||||||||||||||||
Total current liabilities | 620,649 | 620,649 | 813,392 | ||||||||||||||||||||||||
Other long-term liabilities, net | 186,130 | 186,130 | 210,443 | [6] | |||||||||||||||||||||||
Total liabilities | 2,290,652 | 2,290,652 | 2,480,663 | ||||||||||||||||||||||||
Accumulated deficit | (915,925) | (915,925) | (913,191) | ||||||||||||||||||||||||
Total Bloomin’ Brands stockholders’ equity | 50,354 | 50,354 | 70,342 | ||||||||||||||||||||||||
Total stockholders’ equity | 60,142 | $ 72,809 | 60,142 | $ 72,809 | 81,231 | $ 226,063 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 2,350,794 | 2,350,794 | 2,561,894 | ||||||||||||||||||||||||
Deferred gift card revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 193,283 | 178,128 | 193,283 | 178,128 | $ 213,286 | 323,628 | $ 201,805 | 331,803 | |||||||||||||||||||
Deferred loyalty revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 6,667 | ||||||||||||||||||||||||||
Deferred franchise fees [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 461 | ||||||||||||||||||||||||||
Restaurant sales [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | 949,400 | 940,012 | [1],[7] | 3,063,887 | 3,105,027 | [1],[7] | |||||||||||||||||||||
Franchise and other revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | 15,621 | 15,575 | [1] | 49,413 | 41,729 | [1] | |||||||||||||||||||||
Previously reported [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | 948,899 | 3,125,704 | |||||||||||||||||||||||||
Other restaurant operating | 231,293 | 723,357 | |||||||||||||||||||||||||
Income from operations | 3,182 | 114,466 | |||||||||||||||||||||||||
Income before (benefit) provision for income taxes | 8 | 99,578 | |||||||||||||||||||||||||
(Benefit) provision for income taxes | (4,038) | 14,280 | |||||||||||||||||||||||||
Net income | 4,046 | 85,298 | |||||||||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ 4,336 | $ 83,876 | |||||||||||||||||||||||||
Basic earnings per share | $ 0.05 | $ 0.85 | |||||||||||||||||||||||||
Diluted earnings per share | $ 0.05 | $ 0.83 | |||||||||||||||||||||||||
Deferred income tax assets, net | 71,499 | ||||||||||||||||||||||||||
Total assets | 2,572,907 | ||||||||||||||||||||||||||
Unearned revenue | 378,227 | ||||||||||||||||||||||||||
Total current liabilities | 860,863 | ||||||||||||||||||||||||||
Other long-term liabilities, net | [6] | 205,745 | |||||||||||||||||||||||||
Total liabilities | 2,523,436 | ||||||||||||||||||||||||||
Accumulated deficit | (944,951) | ||||||||||||||||||||||||||
Total Bloomin’ Brands stockholders’ equity | 38,582 | ||||||||||||||||||||||||||
Total stockholders’ equity | 49,471 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | 2,572,907 | ||||||||||||||||||||||||||
Previously reported [Member] | Deferred gift card revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 371,455 | ||||||||||||||||||||||||||
Previously reported [Member] | Deferred loyalty revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 6,667 | ||||||||||||||||||||||||||
Previously reported [Member] | Deferred franchise fees [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 105 | ||||||||||||||||||||||||||
Previously reported [Member] | Restaurant sales [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 937,852 | $ 3,093,297 | |||||||||||||||||||||||||
Previously reported [Member] | Franchise and other revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | 11,047 | 32,407 | |||||||||||||||||||||||||
Accumulated deficit [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Total stockholders’ equity | $ (915,925) | (925,143) | $ (915,925) | (925,143) | (913,191) | $ (756,070) | |||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | 6,688 | 21,052 | |||||||||||||||||||||||||
Other restaurant operating | 4,651 | 12,123 | |||||||||||||||||||||||||
Income from operations | 2,037 | 8,929 | |||||||||||||||||||||||||
Income before (benefit) provision for income taxes | 2,037 | 8,929 | |||||||||||||||||||||||||
(Benefit) provision for income taxes | 790 | 3,464 | |||||||||||||||||||||||||
Net income | 1,247 | 5,465 | |||||||||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ 1,247 | $ 5,465 | |||||||||||||||||||||||||
Basic earnings per share | $ 0.01 | $ 0.06 | |||||||||||||||||||||||||
Diluted earnings per share | $ 0.01 | $ 0.05 | |||||||||||||||||||||||||
Deferred income tax assets, net | (11,013) | ||||||||||||||||||||||||||
Total assets | (11,013) | ||||||||||||||||||||||||||
Unearned revenue | (47,471) | ||||||||||||||||||||||||||
Total current liabilities | (47,471) | ||||||||||||||||||||||||||
Other long-term liabilities, net | [6] | 4,698 | |||||||||||||||||||||||||
Total liabilities | (42,773) | ||||||||||||||||||||||||||
Accumulated deficit | 31,760 | ||||||||||||||||||||||||||
Total Bloomin’ Brands stockholders’ equity | 31,760 | ||||||||||||||||||||||||||
Total stockholders’ equity | 31,760 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | (11,013) | ||||||||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | Deferred gift card revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | (47,827) | ||||||||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | Deferred loyalty revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | 0 | ||||||||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | Deferred franchise fees [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Unearned revenue | $ 356 | ||||||||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | Restaurant sales [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 2,160 | $ 11,730 | |||||||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | Franchise and other revenue [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 4,528 | $ 9,322 | |||||||||||||||||||||||||
Adjustments for new accounting pronouncement [Member] | Accumulated deficit [Member] | |||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||
Cumulative-effect of new accounting principle in period of adoption | $ 33,100 | ||||||||||||||||||||||||||
|
Description of the Business and Basis of Presentation New Accounting Pronouncements Not Yet Adopted 2016-02 (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred gain on sale-leaseback transactions, net | $ 192,700 | |
Deferred tax assets, net of valuation allowance, noncurrent | 49,600 | |
Recognition of deferred gain on sale-leaseback transactions | $ 9,237 | $ 8,836 |
Revenue Recognition - Principal Revenue Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
[1] | Sep. 30, 2018 |
Sep. 24, 2017 |
[1] | |||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | $ 965,021 | $ 955,587 | [2],[3] | $ 3,113,300 | $ 3,146,756 | [2],[3] | ||||||||
Restaurant sales [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 949,400 | 940,012 | [4] | 3,063,887 | 3,105,027 | [4] | ||||||||
Franchise and other revenue [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 15,621 | 15,575 | 49,413 | 41,729 | ||||||||||
Franchise [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 12,534 | 12,400 | [4] | 39,883 | 33,062 | [4] | ||||||||
Other revenue [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | $ 3,087 | $ 3,175 | $ 9,530 | $ 8,667 | ||||||||||
|
Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | $ 965,021 | $ 955,587 | [1],[2],[3] | $ 3,113,300 | $ 3,146,756 | [1],[2],[3] | |||||||||||
U.S. segment [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 861,493 | 838,809 | [2] | 2,782,555 | 2,803,278 | [2] | |||||||||||
International segment [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 103,528 | 116,778 | [2] | 330,745 | 343,478 | [2] | |||||||||||
Restaurant sales [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 949,400 | 940,012 | [1],[4] | 3,063,887 | 3,105,027 | [1],[4] | |||||||||||
Restaurant sales [Member] | U.S. segment [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 848,837 | 826,076 | [4] | 2,742,118 | 2,769,895 | [4] | |||||||||||
Restaurant sales [Member] | International segment [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 100,563 | 113,936 | [4] | 321,769 | 335,132 | [4] | |||||||||||
Restaurant sales [Member] | Outback Steakhouse [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | [5] | 498,390 | 478,637 | [4] | 1,591,588 | 1,609,172 | [4] | ||||||||||
Restaurant sales [Member] | Carrabba's Italian Grill [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | [5] | 148,513 | 150,943 | [4] | 485,894 | 501,965 | [4] | ||||||||||
Restaurant sales [Member] | Bonefish Grill [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 135,691 | 136,134 | [4] | 441,594 | 450,521 | [4] | |||||||||||
Restaurant sales [Member] | Fleming's Prime Steakhouse & Wine Bar [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 64,652 | 60,208 | [4] | 218,954 | 208,083 | [4] | |||||||||||
Restaurant sales [Member] | Other - U.S. [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 1,591 | 154 | [4] | 4,088 | 154 | [4] | |||||||||||
Restaurant sales [Member] | Outback Brazil [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 81,193 | 95,344 | [4] | 264,125 | 282,035 | [4] | |||||||||||
Restaurant sales [Member] | Other - International [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 19,370 | 18,592 | [4] | 57,644 | 53,097 | [4] | |||||||||||
Franchise [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 12,534 | 12,400 | [1],[4] | 39,883 | 33,062 | [1],[4] | |||||||||||
Franchise [Member] | U.S. segment [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 9,955 | 9,920 | [4] | 31,963 | 25,647 | [4] | |||||||||||
Franchise [Member] | International segment [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 2,579 | 2,480 | [4] | 7,920 | 7,415 | [4] | |||||||||||
Franchise [Member] | Outback Steakhouse [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | [5] | 9,583 | 9,573 | [4] | 30,814 | 24,538 | [4] | ||||||||||
Franchise [Member] | Carrabba's Italian Grill [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | [5] | 154 | 157 | [4] | 458 | 402 | [4] | ||||||||||
Franchise [Member] | Bonefish Grill [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 218 | 190 | [4] | 691 | 707 | [4] | |||||||||||
Franchise [Member] | Fleming's Prime Steakhouse & Wine Bar [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | [4] | 0 | 0 | [4] | |||||||||||
Franchise [Member] | Other - U.S. [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | [4] | 0 | 0 | [4] | |||||||||||
Franchise [Member] | Outback Brazil [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | [4] | 0 | 0 | [4] | |||||||||||
Franchise [Member] | Other - International [Member] | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Restaurant sales, franchise and other revenues | $ 2,579 | $ 2,480 | [4] | $ 7,920 | $ 7,415 | [4] | |||||||||||
|
Revenue Recognition - Narrative (Details) |
Sep. 30, 2018 |
---|---|
Revenue Recognition [Line Items] | |
Revenue, remaining performance obligation, expected satisfaction over next year, percent | 86.00% |
Deferred franchise fees [Member] | |
Revenue Recognition [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 15 years |
Revenue Recognition - Contract Assets and Liabilities Summary (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jul. 01, 2018 |
Dec. 31, 2017 |
Sep. 24, 2017 |
Jun. 25, 2017 |
Dec. 25, 2016 |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|
Revenue Recognition [Line Items] | |||||||||||
Deferred gift card sales commissions, current | $ 7,910 | $ 9,175 | $ 16,231 | [1],[2] | $ 7,347 | $ 9,418 | $ 15,584 | ||||
Unearned revenue | 202,277 | 330,756 | |||||||||
Deferred gift card revenue [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 193,283 | $ 213,286 | 323,628 | $ 178,128 | $ 201,805 | $ 331,803 | |||||
Deferred loyalty revenue [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 6,667 | ||||||||||
Deferred franchise fees [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 461 | ||||||||||
Unearned revenue [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 202,277 | 330,756 | |||||||||
Unearned revenue [Member] | Deferred gift card revenue [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 193,283 | 323,628 | [1] | ||||||||
Unearned revenue [Member] | Deferred loyalty revenue [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 8,535 | 6,667 | |||||||||
Unearned revenue [Member] | Deferred franchise fees [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Unearned revenue | 459 | 461 | [1] | ||||||||
Other long-term liabilities, net [Member] | Deferred franchise fees [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Deferred franchise fees, noncurrent | $ 4,761 | $ 4,698 | [1] | ||||||||
|
Revenue Recognition - Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
||||||
Revenue Recognition [Abstract] | |||||||||
Balance, beginning of period | $ 9,175 | $ 9,418 | $ 16,231 | [1],[2] | $ 15,584 | ||||
Deferred gift card sales commissions amortization | (4,932) | (4,774) | (20,151) | (18,530) | |||||
Deferred gift card sales commissions capitalization | 4,029 | 3,763 | 13,287 | 12,553 | |||||
Other | (362) | (1,060) | (1,457) | (2,260) | |||||
Balance, end of period | $ 7,910 | $ 7,347 | $ 7,910 | $ 7,347 | |||||
|
Revenue Recognition - Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|||
Revenue Recognition [Line Items] | ||||||
Balance, beginning of the period | $ 330,756 | |||||
Balance, end of the period | $ 202,277 | 202,277 | ||||
Deferred gift card revenue [Member] | ||||||
Revenue Recognition [Line Items] | ||||||
Balance, beginning of the period | 213,286 | $ 201,805 | 323,628 | $ 331,803 | ||
Gift card sales | 54,477 | 54,392 | 189,599 | 193,638 | ||
Gift card redemptions | (71,146) | (74,061) | (304,198) | (329,696) | ||
Gift card breakage | [1] | (3,334) | (4,008) | (15,746) | (17,617) | |
Balance, end of the period | $ 193,283 | $ 178,128 | $ 193,283 | $ 178,128 | ||
|
Impairments and Exit Costs (Provision for impaired assets and restaurant closings) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for impaired assets and restaurant closings | $ 3,962 | $ 18,578 | $ 15,590 | $ 38,253 |
Provision for impaired assets and restaurant closings [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 1,330 | 14,242 | 8,322 | 15,175 |
Restaurant closure expenses | 2,632 | 4,336 | 7,268 | 23,078 |
Provision for impaired assets and restaurant closings [Member] | U.S. segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 1,330 | 12,339 | 1,725 | 13,272 |
Restaurant closure expenses | 2,650 | 4,336 | 3,672 | 23,078 |
Provision for impaired assets and restaurant closings [Member] | International segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 0 | 1,903 | 6,597 | 1,903 |
Restaurant closure expenses | $ (18) | $ 0 | $ 3,596 | $ 0 |
Impairments and Exit Costs (Restaurant closure initiatives-Summary) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | $ 2,239 | $ 3,772 | $ 3,956 | $ 19,971 | ||||
International segment [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | 9,100 | |||||||
Facility closing [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | 11,147 | |||||||
Closure Initiatives [Member] | Facility closing [Member] | Provision for impaired assets and restaurant closings [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | [1] | 2,370 | 3,772 | 4,002 | 21,784 | |||
Closure Initiatives [Member] | Facility closing [Member] | Provision for impaired assets and restaurant closings [Member] | U.S. segment [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | 2,400 | 1,900 | 3,000 | 19,900 | ||||
Closure Initiatives [Member] | Facility closing [Member] | Provision for impaired assets and restaurant closings [Member] | International segment [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | 1,900 | [1] | 1,000 | [1] | 1,900 | |||
Closure Initiatives [Member] | Employee severance [Member] | General and administrative expense [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring charges | 338 | 0 | 570 | 2,948 | ||||
Closure Initiatives [Member] | Contract termination [Member] | Other restaurant operating [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring, reversal of deferred rent liabilities | $ (469) | $ 0 | $ (616) | $ (4,761) | ||||
|
Impairments and Exit Costs (International Restructuring - Text) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | $ 2,239 | $ 3,772 | $ 3,956 | $ 19,971 |
International segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | $ 9,100 |
Impairments and Exit Costs (Surplus Properties) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 24, 2017 |
Sep. 24, 2017 |
|
Surplus Properties [Member] | U.S. segment [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment of surplus properties, held and used | $ 9.5 | $ 9.5 |
Impairments and Exit Costs (Projected Future Expenses & Cash Expenditures) (Details) - Closure Initiatives [Member] $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
| ||||
Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Lease expiration date | Jan. 31, 2029 | |||
Minimum [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expected future costs | $ 2.2 | |||
Effect on future cash flows, amount | 21.6 | [1] | ||
Minimum [Member] | Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expected future costs | 2.0 | |||
Minimum [Member] | Other restructuring [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expected future costs | 0.2 | |||
Maximum [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expected future costs | 2.8 | |||
Effect on future cash flows, amount | 26.5 | [1] | ||
Maximum [Member] | Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expected future costs | 2.4 | |||
Maximum [Member] | Other restructuring [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Expected future costs | $ 0.4 | |||
|
Impairments and Exit Costs (Lease liability rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | $ 2,239 | $ 3,772 | $ 3,956 | $ 19,971 | ||
Facility closing [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve beginning of period | 22,709 | |||||
Restructuring charges | 11,147 | |||||
Payments for restructuring | (11,805) | |||||
Restructuring reserve, adjustments | (3,879) | |||||
Restructuring reserve end of period | [1] | 18,172 | 18,172 | |||
Facility closing [Member] | Accrued and other current liabilities [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, current | 5,300 | 5,300 | ||||
Facility closing [Member] | Other long-term liabilities, net [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, noncurrent | $ 12,900 | $ 12,900 | ||||
|
Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
[1] | Sep. 30, 2018 |
Sep. 24, 2017 |
[1] | |||
Schedule of earnings per share, basic and diluted [Line Items] | ||||||||
Net income attributable to Bloomin’ Brands | $ 4,072 | $ 5,583 | $ 96,191 | $ 89,341 | ||||
Basic weighted average common shares outstanding | 92,202 | 92,485 | 92,197 | 98,137 | ||||
Effect of diluted securities: | ||||||||
Diluted weighted average common shares outstanding | 93,324 | 95,655 | 94,489 | 101,497 | ||||
Basic earnings per share | $ 0.04 | $ 0.06 | $ 1.04 | $ 0.91 | ||||
Diluted earnings per share | $ 0.04 | $ 0.06 | $ 1.02 | $ 0.88 | ||||
Stock options [Member] | ||||||||
Effect of diluted securities: | ||||||||
Dilutive shares | 799 | 2,781 | 1,870 | 2,948 | ||||
Nonvested restricted stock and restricted stock units [Member] | ||||||||
Effect of diluted securities: | ||||||||
Dilutive shares | 323 | 389 | 409 | 392 | ||||
Nonvested performance-based share units [Member] | ||||||||
Effect of diluted securities: | ||||||||
Dilutive shares | 0 | 0 | 13 | 20 | ||||
|
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Stock options [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share | 3,802 | 6,065 | 2,628 | 5,663 |
Nonvested restricted stock and restricted stock units [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share | 259 | 179 | 129 | 174 |
Nonvested performance-based share units [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share | 214 | 134 | 191 | 256 |
Stock-based Compensation Plans (Stock-based compensation expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 5,165 | $ 4,997 | $ 15,948 | $ 17,174 |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1,533 | 2,705 | 5,059 | 8,404 |
Restricted stock and restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 2,323 | 2,527 | 7,110 | 7,769 |
Performance-based share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 1,309 | $ (235) | $ 3,779 | $ 1,001 |
Stock-based Compensation Plans (Stock Options Activity - Table) (Details) - Stock options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at December 31, 2017 (shares) | 10,051 | |
Granted (shares) | 488 | |
Exercised (shares) | (3,926) | |
Forfeited or expired (shares) | (265) | |
Outstanding at September 30, 2018 (shares) | 6,348 | 10,051 |
Exercisable at September 30, 2018 (shares) | 4,125 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at December 31, 2017 (per share) | $ 14.89 | |
Granted (per share) | 24.01 | |
Exercised (per share) | 10.02 | |
Forfeited or expired (per share) | 21.24 | |
Outstanding at September 30, 2018 (per share) | 18.34 | $ 14.89 |
Exercisable at September 30, 2018 (per share) | $ 17.72 | |
Weighted-average remaining contractual years, outstanding | 5 years 11 months 4 days | 5 years 2 months 3 days |
Weighted-average remaining contractual years, exercisable | 4 years 8 months 29 days | |
Outstanding intrinsic value | $ 20,051 | $ 71,373 |
Exercisable intrinsic value | $ 16,314 |
Stock-based Compensation Plans (Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted) (Details) - Stock options [Member] - $ / shares |
9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Weighted-average risk-free interest rate | [1] | 2.66% | 1.92% | ||||||||
Dividend yield | [2] | 1.50% | 1.84% | ||||||||
Expected term | [3] | 5 years 9 months 21 days | 6 years 3 months 1 day | ||||||||
Weighted-average volatility | [4] | 32.76% | 33.72% | ||||||||
Weighted-average grant date fair value per option | $ 7.23 | $ 5.09 | |||||||||
|
Stock-based Compensation Plans (Stock Option Compensation - Table) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from option exercises, net of tax withholding | $ 35,795 | $ 4,628 |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | 52,001 | 7,752 |
Excess tax benefits for tax deductions related to the exercise of stock options | 8,316 | 1,257 |
Cash received from option exercises, net of tax withholding | $ 39,329 | $ 7,095 |
Stock-based Compensation Plans (Grants During Period) (Details) shares in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
shares
| |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.4 |
Performance-based share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.2 |
Stock-based Compensation Plans (Unrecognized stock compensation expense and the remaining weighted-average vesting period) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
shares
| |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 9,718 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 5 months |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 17,181 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 6 months 28 days |
Performance-based share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 7,925 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 25 days |
Bloomin' Brands, Inc. 2016 Omnibus Incentive Compensation Plan [Member] | Common stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares authorized | shares | 4,418,256 |
Other Current Assets, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jul. 01, 2018 |
Dec. 31, 2017 |
Sep. 24, 2017 |
Jun. 25, 2017 |
Dec. 25, 2016 |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Prepaid expenses | $ 43,150 | $ 40,688 | |||||||||
Deferred gift card sales commissions | 7,910 | $ 9,175 | 16,231 | [1],[2] | $ 7,347 | $ 9,418 | $ 15,584 | ||||
Assets held for sale | 6,510 | 6,217 | |||||||||
Other current assets, net | 8,631 | 5,597 | |||||||||
Total other current assets, net | 101,324 | 179,402 | |||||||||
Accounts receivable - gift cards [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts receivable, net | 11,358 | 66,361 | |||||||||
Accounts receivable - vendors, net [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts receivable, net | 5,307 | 19,483 | |||||||||
Accounts receivable - franchisees, net [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts receivable, net | 2,912 | 2,017 | |||||||||
Accounts receivable - other, net [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts receivable, net | $ 15,546 | $ 22,808 | |||||||||
|
Other Assets, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Other Assets [Abstract] | ||||
Company-owned life insurance | $ 63,780 | $ 73,818 | ||
Deferred financing fees | [1] | 6,980 | 8,232 | |
Liquor licenses | 24,198 | 24,659 | ||
Other assets | 24,122 | 28,552 | ||
Other assets, net | 119,080 | 135,261 | ||
Accumulated amortization, deferred financing fees | $ 4,700 | $ 4,100 | ||
|
Accrued and Other Current Liabilities (Table) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued payroll and other compensation | $ 94,973 | $ 113,636 |
Accrued insurance | 23,245 | 23,482 |
Other current liabilities | 109,649 | 133,722 |
Accrued and other current liabilities | $ 227,867 | $ 270,840 |
Long-term Debt, net (Schedule of Long-term Debt, Net) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
||||
Debt instrument [Line Items] | |||||
Financing obligations | $ 19,566 | $ 19,579 | |||
Capital lease obligations | 2,732 | 2,015 | |||
Unamortized debt discount and issuance costs | (3,716) | (4,394) | |||
Total debt, net | 1,150,791 | 1,118,104 | |||
Current portion of long-term debt | (26,767) | (26,335) | |||
Long-term debt, net | $ 1,124,024 | $ 1,091,769 | |||
Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Sale-leaseback transaction, imputed interest rate | 7.57% | 7.52% | |||
Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Sale-leaseback transaction, imputed interest rate | 7.82% | 7.82% | |||
Secured debt [Member] | Senior Secured Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 1,131,250 | $ 1,100,000 | |||
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 481,250 | $ 500,000 | |||
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 3.95% | 3.27% | ||
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 650,000 | $ 600,000 | |||
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 3.95% | 3.26% | ||
Unsecured debt [Member] | Notes payable, other payables [Member] | |||||
Debt instrument [Line Items] | |||||
Other long-term debt, noncurrent | $ 959 | $ 904 | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 0.00% | 0.00% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 2.18% | 2.18% | |||
|
Other Long-term Liabilities, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Other Liabilities Disclosure [Abstract] | |||||||||
Accrued insurance liability | $ 35,269 | $ 35,945 | |||||||
Unfavorable leases | [1] | 33,567 | 36,661 | ||||||
Chef and Restaurant Managing Partner deferred compensation obligations and deposits | 66,470 | 81,083 | |||||||
Other long-term liabilities | 50,824 | 56,754 | [2] | ||||||
Other long-term liabilities, net | 186,130 | 210,443 | [3] | ||||||
Off market leases, unfavorable, accumulated amortization | $ 35,900 | $ 34,000 | |||||||
|
Stockholders' Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 16, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Share Repurchase Program [Line Items] | ||||||
Stock repurchased and retired during period, shares | 968 | 1,287 | 2,116 | 4,371 | ||
Stock repurchased program, average price paid, per share | $ 18.57 | $ 23.31 | $ 24.10 | $ 22.64 | ||
Stock repurchased and retired during period, value | $ 17,968,000 | $ 30,004,000 | $ 50,996,000 | $ 98,968,000 | $ 272,736,000 | |
2017 Share repurchase program [Member] | ||||||
Share Repurchase Program [Line Items] | ||||||
Stock repurchase program, authorized repurchase amount canceled | $ 55,000,000 | |||||
2018 Share repurchase program [Member] | ||||||
Share Repurchase Program [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 150,000,000 | |||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 51,000 | 51,000 |
Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Oct. 31, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Dividends Payable [Line Items] | |||||||
Common stock, dividends, per share, cash paid | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.27 | |||
Dividends, common stock, cash | $ 8,344 | $ 8,363 | $ 8,371 | $ 25,078 | $ 23,677 | ||
Common stock, dividends per share | $ 0.09 | $ 0.08 | $ 0.27 | $ 0.24 | |||
Subsequent event [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Common stock, dividends per share | $ 0.09 | ||||||
Dividends payable, date to be paid | Nov. 21, 2018 | ||||||
Dividends payable, date of record | Nov. 14, 2018 |
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (143,276) | $ (99,199) |
Accumulated translation adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | (144,199) | (98,573) |
Accumulated net gain (loss) from designated or qualifying cash flow hedges [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ 923 | $ (626) |
Stockholders' Equity (Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||||
Unrealized gain (loss) on derivatives, net of tax | $ 37 | $ 370 | $ 1,221 | $ (139) | |||||
Reclassification of adjustment for (gain) loss on derivatives included in Net income, net of tax | (51) | 492 | 328 | 1,919 | |||||
Other comprehensive (loss) income attributable to Bloomin’ Brands | (43,495) | 19,520 | |||||||
Bloomin' Brands [Member] | |||||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||||
Foreign currency translation adjustment | (16,591) | 6,415 | (45,626) | 17,816 | |||||
Unrealized gain (loss) on derivatives, net of tax | [1] | 37 | 370 | 1,221 | (139) | ||||
Reclassification of adjustment for (gain) loss on derivatives included in Net income, net of tax | [2] | (51) | 492 | 328 | 1,919 | ||||
Total unrealized (loss) gain on derivatives, net of tax | (14) | 862 | 1,549 | 1,780 | |||||
Other comprehensive (loss) income attributable to Bloomin’ Brands | $ (16,605) | 7,277 | (44,077) | 19,596 | |||||
Other comprehensive income, unrealized gain on derivatives arising during period, tax | $ 200 | $ 400 | $ (100) | ||||||
|
Derivative Instruments and Hedging Activities (Cash flow hedges of interest rate risk - September 2014) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] |
Sep. 09, 2014
USD ($)
counterparties
|
---|---|
Derivative [Line Items] | |
Derivative, inception date | Sep. 09, 2014 |
Derivative agreements, number of counterparties | counterparties | 8 |
Derivative, notional amount | $ | $ 400,000,000 |
Derivative, effective date | Jun. 30, 2015 |
Derivative, maturity date | May 16, 2019 |
Derivative, average fixed interest rate | 2.02% |
London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Derivative, variable interest rate | 30-day LIBOR |
Derivative Instruments and Hedging Activities (Fair value and classification of interest rate swaps) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Derivative, interest rate swaps, assets, fair value | [1] | $ 1,144 | $ 67 | ||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Other current assets, net [Member] | |||||
Derivative [Line Items] | |||||
Derivative, interest rate swaps, assets, fair value | 1,144 | 0 | |||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Other assets, net [Member] | |||||
Derivative [Line Items] | |||||
Derivative, interest rate swaps, assets, fair value | 0 | 67 | |||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Accrued and other current liabilities [Member] | |||||
Derivative [Line Items] | |||||
Derivative, interest rate swaps, liabilities, fair value | [1] | $ 0 | $ 1,010 | ||
|
Derivative Instruments and Hedging Activities (Effects of the interest rate swap on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Derivative [Line Items] | ||||
Total effects of the interest rate swaps on Net income | $ 51 | $ (492) | $ (328) | $ (1,919) |
Interest rate swap [Member] | Designated as hedging instrument [Member] | ||||
Derivative [Line Items] | ||||
Total effects of the interest rate swaps on Net income | 51 | (492) | (328) | (1,919) |
Interest rate swap [Member] | Designated as hedging instrument [Member] | Interest expense [Member] | ||||
Derivative [Line Items] | ||||
Interest rate swap income (expense) recognized in Interest expense, net | 68 | (804) | (442) | (3,105) |
Interest rate swap [Member] | Designated as hedging instrument [Member] | Income tax (benefit) expense [Member] | ||||
Derivative [Line Items] | ||||
Income tax (expense) benefit recognized in (Benefit) provision for income taxes | $ (17) | $ 312 | $ 114 | $ 1,186 |
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activites (Cash flow hedges of interest rate risk - October 2018) (Details) - Designated as hedging instrument [Member] - Interest rate swap [Member] |
12 Months Ended | ||
---|---|---|---|
Oct. 25, 2018
USD ($)
counterparties
|
Sep. 09, 2014
USD ($)
counterparties
|
Dec. 29, 2019
USD ($)
|
|
Derivative [Line Items] | |||
Derivative, inception date | Sep. 09, 2014 | ||
Derivative agreements, number of counterparties | counterparties | 8 | ||
Derivative, notional amount | $ 400,000,000 | ||
Derivative, effective date | Jun. 30, 2015 | ||
Derivative, maturity date | May 16, 2019 | ||
Derivative, average fixed interest rate | 2.02% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative [Line Items] | |||
Derivative, variable interest rate | 30-day LIBOR | ||
Interest expense [Member] | Scenario, forecast [Member] | |||
Derivative [Line Items] | |||
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred | $ 400,000 | ||
Subsequent event [Member] | |||
Derivative [Line Items] | |||
Derivative agreements, number of counterparties | counterparties | 12 | ||
Derivative, notional amount | $ 550,000,000 | ||
Derivative, effective date | May 16, 2019 | ||
Derivative, maturity date | Nov. 30, 2022 | ||
Derivative, average fixed interest rate | 3.04% | ||
Subsequent event [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative [Line Items] | |||
Derivative, variable interest rate | one-month LIBOR | ||
Subsequent event [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, inception date | Oct. 24, 2018 | ||
Subsequent event [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, inception date | Oct. 25, 2018 |
Fair Value Measurements (Fair value measurements on a recurring basis) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair value, inputs, level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 16,473 | $ 27,766 |
Liabilities, fair value disclosure | 0 | 0 |
Fair value, inputs, level 1 [Member] | Other current assets, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current assets | 0 | 0 |
Fair value, inputs, level 1 [Member] | Other assets, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, non-current assets | 0 | 0 |
Fair value, inputs, level 1 [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current liabilities | 0 | 0 |
Fair value, inputs, level 1 [Member] | Fixed income funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 391 | 1,830 |
Fair value, inputs, level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 16,082 | 24,656 |
Restricted cash equivalents, fair value disclosure | 0 | 1,280 |
Fair value, inputs, level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,144 | 67 |
Liabilities, fair value disclosure | 0 | 1,010 |
Fair value, inputs, level 2 [Member] | Other current assets, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current assets | 1,144 | 0 |
Fair value, inputs, level 2 [Member] | Other assets, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, non-current assets | 0 | 67 |
Fair value, inputs, level 2 [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current liabilities | 0 | 1,010 |
Fair value, inputs, level 2 [Member] | Fixed income funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Fair value, inputs, level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Restricted cash equivalents, fair value disclosure | 0 | 0 |
Reported value measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 17,617 | 27,833 |
Liabilities, fair value disclosure | 0 | 1,010 |
Reported value measurement [Member] | Other current assets, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current assets | 1,144 | 0 |
Reported value measurement [Member] | Other assets, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, non-current assets | 0 | 67 |
Reported value measurement [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current liabilities | 0 | 1,010 |
Reported value measurement [Member] | Fixed income funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 391 | 1,830 |
Reported value measurement [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 16,082 | 24,656 |
Restricted cash equivalents, fair value disclosure | $ 0 | $ 1,280 |
Fair Value Measurements (Fair value measurements on a nonrecurring basis) (Details) - Fair value, measurements, nonrecurring [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total impairment losses | $ 1,330 | $ 14,242 | $ 8,322 | $ 15,175 | |||
Assets held for sale [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Impairment of long-lived assets to be disposed of | 61 | 249 | 111 | 320 | |||
Property, plant and equipment [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Property, fixtures and equipment, impairment | 1,269 | 13,993 | 8,211 | 14,855 | |||
Reported value measurement [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | [1] | 4,025 | 14,405 | 4,025 | 14,405 | ||
Reported value measurement [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | [1] | 5,455 | 15,472 | 5,455 | 15,472 | ||
Reported value measurement [Member] | Assets held for sale [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | [1] | 2,030 | 470 | 2,030 | 470 | ||
Reported value measurement [Member] | Assets held for sale [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | [1] | 2,080 | 470 | 2,080 | 470 | ||
Reported value measurement [Member] | Property, plant and equipment [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | [1] | 1,995 | 13,935 | 1,995 | 13,935 | ||
Reported value measurement [Member] | Property, plant and equipment [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, fair value disclosure | [1] | $ 3,375 | $ 15,002 | $ 3,375 | $ 15,002 | ||
|
Fair Value Measurements (Carrying value and fair value of debt by hierarchy level) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Secured debt [Member] | Fair value, inputs, level 2 [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | $ 483,055 | $ 502,500 |
Secured debt [Member] | Fair value, inputs, level 2 [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 648,375 | 598,500 |
Secured debt [Member] | Fair value, inputs, level 3 [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Secured debt [Member] | Fair value, inputs, level 3 [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Unsecured debt [Member] | Fair value, inputs, level 2 [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
Unsecured debt [Member] | Fair value, inputs, level 3 [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value disclosure | 954 | 891 |
Reported value measurement [Member] | Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 481,250 | 500,000 |
Reported value measurement [Member] | Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 650,000 | 600,000 |
Reported value measurement [Member] | Unsecured debt [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 959 | $ 904 |
Income Taxes - Change in Effective Rate (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Income Tax Disclosure [Abstract] | ||||
(Benefit) provision for income taxes | $ (3,317) | $ (3,248) | $ (6,516) | $ 17,744 |
Effective income tax rate | (7.20%) | 16.40% | ||
Change in effective income tax rate, percent | (23.60%) | |||
Blended federal and state statutory income tax rate | 26.00% |
Income Taxes Income Taxes - Tax Act & Other Tax Matters (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
Dec. 31, 2017 |
|
Income Taxes [Line Items] | |||||
(Benefit) provision for income taxes | $ (3,317) | $ (3,248) | $ (6,516) | $ 17,744 | |
Deferred income tax (benefit) expense | (1,318) | 3,252 | |||
Adjustments for new accounting pronouncement [Member] | |||||
Income Taxes [Line Items] | |||||
(Benefit) provision for income taxes | $ 790 | $ 3,464 | |||
Tax Act [Member] | Provisional [Member] | |||||
Income Taxes [Line Items] | |||||
(Benefit) provision for income taxes | $ 1,900 | ||||
Tax Act [Member] | Provisional [Member] | Adjustments for new accounting pronouncement [Member] | |||||
Income Taxes [Line Items] | |||||
Deferred income tax (benefit) expense | $ (5,600) | ||||
South Korean Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
Current foreign tax expense (benefit) | $ 6,700 | ||||
South Korean Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination, year under examination | 2008 | ||||
South Korean Tax Authority [Member] | Latest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination, year under examination | 2012 |
Commitments and Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated litigation liability | $ 2.8 | $ 4.3 |
Commitments and Contingencies – Lease Guarantees (Details) - Property lease guarantee [Member] $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 27.8 |
Guarantee obligations, maximum exposure at present value | 19.2 |
Guarantor obligations, liability recorded | $ 0.0 |
Segment Reporting (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
reportable_segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
[2] | Sep. 30, 2018 |
Sep. 24, 2017 |
[2] | |||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | $ 965,021 | $ 955,587 | [1],[3] | $ 3,113,300 | $ 3,146,756 | [1],[3] | ||||||
U.S. segment [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | 861,493 | 838,809 | 2,782,555 | 2,803,278 | ||||||||
International segment [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | $ 103,528 | $ 116,778 | $ 330,745 | $ 343,478 | ||||||||
|
Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
[1] | Sep. 30, 2018 |
Sep. 24, 2017 |
[1] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Income from operations | $ 12,537 | $ 5,219 | $ 123,832 | $ 123,395 | ||||
Loss on extinguishment and modification of debt | 0 | 0 | 0 | (260) | ||||
Other (expense) income, net | (1) | 7,531 | (6) | 14,761 | ||||
Interest expense, net | (11,600) | (10,705) | (33,229) | (29,389) | ||||
Income before (benefit) provision for income taxes | 936 | 2,045 | 90,597 | 108,507 | ||||
Operating segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Income from operations | 52,374 | 38,618 | 244,697 | 240,005 | ||||
Operating segments [Member] | U.S. segment [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Income from operations | 44,598 | 30,224 | 230,645 | 213,248 | ||||
Operating segments [Member] | International segment [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Income from operations | 7,776 | 8,394 | 14,052 | 26,757 | ||||
Corporate, non-segment [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Income from operations | $ (39,837) | $ (33,399) | $ (120,865) | $ (116,610) | ||||
|
Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
Sep. 30, 2018 |
Sep. 24, 2017 |
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 50,571 | $ 47,826 | $ 151,473 | $ 142,479 |
Operating segments [Member] | U.S. segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 39,796 | 37,186 | 119,063 | 111,192 |
Operating segments [Member] | International segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 6,420 | 7,036 | 19,866 | 20,550 |
Corporate, non-segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 4,355 | $ 3,604 | $ 12,544 | $ 10,737 |
Segment Reporting (Geographic Areas) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 24, 2017 |
[3] | Sep. 30, 2018 |
Sep. 24, 2017 |
[3] | Dec. 31, 2017 |
|||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Long-lived assets | $ 1,248,427 | $ 1,248,427 | $ 1,308,675 | ||||||||||
Total revenues | 965,021 | $ 955,587 | [1],[2] | 3,113,300 | $ 3,146,756 | [1],[2] | |||||||
U.S. [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Long-lived assets | 1,121,331 | 1,121,331 | 1,164,322 | ||||||||||
Total revenues | 861,493 | 838,809 | 2,782,555 | 2,803,278 | |||||||||
Brazil [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Long-lived assets | 108,447 | 108,447 | 126,341 | ||||||||||
Total revenues | 88,178 | 108,503 | 284,376 | 308,384 | |||||||||
International, other [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Long-lived assets | 18,649 | 18,649 | $ 18,012 | ||||||||||
Total revenues | $ 15,350 | $ 8,275 | $ 46,369 | $ 35,094 | |||||||||
|
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