Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2015 | Apr. 30, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 29-Mar-15 | |
Entity Registrant Name | Bloomin' Brands, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 123,969,839 | |
Entity Central Index Key | 1546417 | |
Current Fiscal Year End Date | -15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $135,648 | $165,744 |
Current portion of restricted cash and cash equivalents | 6,061 | 6,829 |
Inventories | 73,246 | 80,817 |
Deferred income tax assets | 124,626 | 123,866 |
Assets held for sale | 4,416 | 16,667 |
Other current assets, net | 140,338 | 206,628 |
Total current assets | 484,335 | 600,551 |
Restricted cash | 25,244 | 25,451 |
Property, fixtures and equipment, net | 1,621,955 | 1,629,311 |
Goodwill | 329,804 | 341,540 |
Intangible assets, net | 574,508 | 585,432 |
Deferred income tax assets | 6,540 | 6,038 |
Other assets, net | 156,258 | 155,963 |
Total assets | 3,198,644 | 3,344,286 |
Current Liabilities | ||
Accounts payable | 207,149 | 191,207 |
Accrued and other current liabilities | 222,517 | 237,844 |
Current portion of partner deposits and accrued partner obligations | 8,189 | 8,399 |
Unearned revenue | 272,117 | 376,696 |
Current portion of long-term debt, net | 25,491 | 25,964 |
Total current liabilities | 735,463 | 840,110 |
Partner deposits and accrued partner obligations | 63,036 | 69,766 |
Deferred rent | 130,126 | 121,819 |
Deferred income tax liabilities | 177,898 | 181,125 |
Long-term debt, net | 1,285,819 | 1,289,879 |
Other long-term liabilities, net | 262,386 | 260,405 |
Total liabilities | 2,654,728 | 2,763,104 |
Commitments and contingencies (Note 13) | ||
Mezzanine Equity | ||
Redeemable noncontrolling interests | 25,069 | 24,733 |
Bloomin’ Brands Stockholders’ Equity | ||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of March 29, 2015 and December 28, 2014 | 0 | 0 |
Common stock, $0.01 par value, 475,000,000 shares authorized; 123,772,109 and 125,949,870 shares issued and outstanding as of March 29, 2015 and December 28, 2014, respectively | 1,238 | 1,259 |
Additional paid-in capital | 1,087,315 | 1,085,627 |
Accumulated deficit | -484,612 | -474,994 |
Accumulated other comprehensive loss | -90,016 | -60,542 |
Total Bloomin’ Brands stockholders’ equity | 513,925 | 551,350 |
Noncontrolling interests | 4,922 | 5,099 |
Total stockholders’ equity | 518,847 | 556,449 |
Total liabilities, mezzanine equity and stockholders’ equity | $3,198,644 | $3,344,286 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
Bloomin’ Brands Stockholders’ Equity | ||
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 | 123,772,109 | 125,949,870 |
Common stock, shares outstanding | 123,772,109 | 125,949,870 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Revenues | ||
Restaurant sales | $1,194,810 | $1,150,525 |
Other revenues | 7,249 | 7,334 |
Total revenues | 1,202,059 | 1,157,859 |
Costs and expenses | ||
Cost of sales | 387,468 | 373,614 |
Labor and other related | 323,986 | 311,418 |
Other restaurant operating | 264,038 | 256,518 |
Depreciation and amortization | 46,486 | 46,165 |
General and administrative | 73,247 | 74,054 |
Provision for impaired assets and restaurant closings | 9,133 | 6,064 |
Total costs and expenses | 1,104,358 | 1,067,833 |
Income from operations | 97,701 | 90,026 |
Other expense, net | -1,147 | -164 |
Interest expense, net | -13,198 | -16,598 |
Income before provision for income taxes | 83,356 | 73,264 |
Provision for income taxes | 21,274 | 18,164 |
Net income | 62,082 | 55,100 |
Less: net income attributable to noncontrolling interests | 1,494 | 1,367 |
Net income attributable to Bloomin’ Brands | 60,588 | 53,733 |
Other comprehensive income: | ||
Foreign currency translation adjustment | -25,462 | -5,365 |
Unrealized losses on derivatives, net of tax | -4,012 | 0 |
Comprehensive income | 32,608 | 49,735 |
Less: comprehensive income attributable to noncontrolling interests | 1,494 | 1,367 |
Comprehensive income attributable to Bloomin’ Brands | $31,114 | $48,368 |
Earnings per share: | ||
Basic (usd per share) | $0.48 | $0.43 |
Diluted (usd per share) | $0.47 | $0.42 |
Weighted average common shares outstanding: | ||
Basic (shares) | 125,302 | 124,542 |
Diluted (shares) | 128,759 | 127,851 |
Cash dividends declared per common share | $0.06 | $0 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $482,709 | $1,248 | $1,068,705 | ($565,154) | ($26,418) | $4,328 |
Balance (in shares) at Dec. 31, 2013 | 124,784,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 54,983 | 53,733 | 1,250 | |||
Other comprehensive loss, net of tax | -5,365 | -5,365 | ||||
Stock-based compensation | 3,641 | 3,641 | ||||
Excess tax benefit on stock-based compensation | 1,221 | 1,221 | ||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, shares | 765,000 | |||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, value | 5,168 | 7 | 5,642 | -481 | ||
Purchase of limited partnership interests, net of tax of $6,197 | -11,014 | -12,250 | 1,236 | |||
Distributions to noncontrolling interests | -1,167 | -1,167 | ||||
Balance at Mar. 30, 2014 | 530,176 | 1,255 | 1,066,959 | -511,902 | -31,783 | 5,647 |
Balance (in shares) at Mar. 30, 2014 | 125,549,000 | |||||
Balance at Dec. 28, 2014 | 556,449 | 1,259 | 1,085,627 | -474,994 | -60,542 | 5,099 |
Balance (in shares) at Dec. 28, 2014 | 125,949,870 | 125,950,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 61,747 | 60,588 | 1,159 | |||
Other comprehensive loss, net of tax | -29,474 | -29,474 | ||||
Cash dividends declared, $0.06 per common share | -7,423 | -7,423 | ||||
Repurchase and retirement of common stock, shares | -2,759,164 | -2,759,000 | ||||
Repurchase and retirement of common stock, value | -70,000 | -28 | -69,972 | |||
Stock-based compensation | 4,785 | 4,785 | ||||
Excess tax benefit on stock-based compensation | 1,127 | 1,127 | ||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, shares | 581,000 | |||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, value | 2,972 | 7 | 3,199 | -234 | ||
Distributions to noncontrolling interests | -1,336 | -1,336 | ||||
Balance at Mar. 29, 2015 | $518,847 | $1,238 | $1,087,315 | ($484,612) | ($90,016) | $4,922 |
Balance (in shares) at Mar. 29, 2015 | 123,772,109 | 123,772,000 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Parenthetical (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Common stock, dividends per share | $0.06 | $0 |
Purchase of limited partnership interests, deferred tax effect | $0 | $6,197 |
Additional paid-in capital [Member] | ||
Purchase of limited partnership interests, deferred tax effect | $6,197 | |
Common stock [Member] | ||
Common stock, dividends per share | $0.06 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Cash flows provided by operating activities: | ||
Net income | $62,082 | $55,100 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 46,486 | 46,165 |
Amortization of deferred financing fees | 751 | 848 |
Amortization of capitalized gift card sales commissions | 9,356 | 8,792 |
Provision for impaired assets and restaurant closings | 9,133 | 6,064 |
Accretion on debt discounts | 557 | 568 |
Stock-based and other non-cash compensation expense | 4,617 | 2,357 |
Deferred income tax expense (benefit) | 210 | -876 |
Loss on disposal of property, fixtures and equipment | 220 | 436 |
Gain on life insurance and restricted cash investments | -2,089 | -362 |
Loss on disposal of business or subsidiary | 1,151 | 0 |
Recognition of deferred gain on sale-leaseback transaction | -535 | -535 |
Excess tax benefits from stock-based compensation | -1,127 | -1,221 |
Change in assets and liabilities: | ||
Decrease in inventories | 6,235 | 13,788 |
Decrease (increase) in other current assets | 54,387 | -7,463 |
Decrease in other assets | 3,562 | 2,591 |
Increase in accounts payable and accrued and other current liabilities | 1,829 | 11,957 |
Increase in deferred rent | 7,999 | 2,080 |
Decrease in unearned revenue | -104,680 | -98,214 |
Decrease in other long-term liabilities | -4,182 | -2,248 |
Net cash provided by operating activities | 95,962 | 39,827 |
Cash flows used in investing activities: | ||
Purchases of life insurance policies | -2,103 | -520 |
Proceeds received from life insurance policies | 1,592 | 627 |
Proceeds from disposal of property, fixtures and equipment | 647 | 105 |
Acquisition of business, net of cash acquired | 0 | -3,063 |
Proceeds from sale of a business | 7,798 | 0 |
Capital expenditures | -47,672 | -39,313 |
Decrease in restricted cash | 8,528 | 5,514 |
Increase in restricted cash | -8,268 | -5,105 |
Net cash used in investing activities | -39,478 | -41,755 |
Cash flows used in financing activities: | ||
Repayments of long-term debt | -21,104 | -14,578 |
Proceeds from borrowings on revolving credit facilities | 131,000 | 0 |
Repayments of borrowings on revolving credit facilities | -115,000 | 0 |
Proceeds from the exercise of stock options | 3,954 | 5,974 |
Distributions to noncontrolling interests | -1,336 | -1,167 |
Purchase of limited partnership interests | 0 | -17,211 |
Repayments of partner deposits and accrued partner obligations | -6,000 | -7,388 |
Repurchase of common stock | -70,234 | -481 |
Excess tax benefits from stock-based compensation | 1,127 | 1,221 |
Tax withholding on performance-based share units | -748 | -324 |
Cash dividends paid on common stock | -7,423 | 0 |
Net cash used in financing activities | -85,764 | -33,954 |
Effect of exchange rate changes on cash and cash equivalents | -816 | -1,385 |
Net decrease in cash and cash equivalents | -30,096 | -37,267 |
Cash and cash equivalents as of the beginning of the period | 165,744 | 209,871 |
Cash and cash equivalents as of the end of the period | 135,648 | 172,604 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 13,352 | 15,663 |
Cash paid for income taxes, net of refunds | 5,597 | 10,622 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Change in acquisition of property, fixtures and equipment included in accounts payable or capital lease liabilities | -469 | 851 |
Deferred tax effect of purchase of noncontrolling interests | $0 | $6,197 |
Description_of_the_Business_an
Description of the Business and Basis of Presentation | 3 Months Ended |
Mar. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business and basis of presentation | Description of the Business and Basis of Presentation |
Description of the Business - The Company owns and operates casual, upscale casual and fine dining restaurants primarily in the United States. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements. In January 2015, the Company sold its Roy’s business. | |
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 the fair presentation of the Company’s results of operations, financial position and cash flows 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 28, 2014. | |
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. These reclassifications had no effect on previously reported net income. | |
Recently Issued Financial Accounting Standards Not Yet Adopted - In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03: “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU No. 2015-03”). ASU No. 2015-03 will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The update requires retrospective application and represents a change in accounting principle. ASU No. 2015-03 will be effective for the Company in fiscal year 2016, with early adoption permitted. The Company does not expect ASU No. 2015-03 to have a material impact on its financial position, results of operations and cash flows. | |
In August 2014, the FASB issued ASU No. 2014-15: “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU No. 2014-15”). ASU No. 2014-15 will explicitly require management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The new standard is applicable for all entities and will be effective for the Company in fiscal year 2016. The Company does not expect ASU No. 2014-15 to have a material impact on its financial position, results of operations and cash flows. | |
In May 2014, the FASB issued ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. 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. ASU No. 2014-09 will be effective for the Company in fiscal year 2017 and is applied retrospectively to each period presented or as a cumulative effect adjustment at the date of adoption. The Company has not selected a transition method and is evaluating the impact this guidance will have on its financial position, results of operations and cash flows. | |
Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company. |
Impairments_Disposals_and_Exit
Impairments, Disposals and Exit Costs | 3 Months Ended | ||||||||||
Mar. 29, 2015 | |||||||||||
Impairments and Disposals [Abstract] | |||||||||||
Impairments, disposals and exit costs | Impairments, Disposals and Exit Costs | ||||||||||
The components of Provision for impaired assets and restaurant closings are as follows: | |||||||||||
THIRTEEN WEEKS ENDED | |||||||||||
(dollars in thousands) | 29-Mar-15 | 30-Mar-14 | |||||||||
Impairment losses | $ | 1,295 | $ | 92 | |||||||
Restaurant closure expenses | 7,838 | 5,972 | |||||||||
Provision for impaired assets and restaurant closings | $ | 9,133 | $ | 6,064 | |||||||
Restaurant Closure Initiatives - During 2014, the Company decided to close 36 underperforming international locations, primarily in South Korea (the “International Restaurant Closure Initiative”). As of March 29, 2015, 35 of the 36 locations had been closed. In connection with the International Restaurant Closure Initiative, the Company incurred pre-tax restaurant and other closing costs of $6.4 million during the thirteen weeks ended March 29, 2015, which were recorded within the International segment. | |||||||||||
The Company expects to incur additional charges of approximately $1.0 million to $2.0 million, including costs associated with lease obligations, employee terminations and other closure related obligations, through the third quarter of 2015. Future cash expenditures of $7.0 million to $10.0 million, primarily related to lease liabilities, are expected to occur through August 2022. | |||||||||||
In the fourth quarter of 2013, the Company completed an assessment of its domestic restaurant base and decided to close 22 underperforming domestic locations (the “Domestic Restaurant Closure Initiative”). Pre-tax restaurant and other closing costs of $1.3 million and $4.9 million were incurred during the thirteen weeks ended March 29, 2015 and March 30, 2014, respectively, in connection with the Domestic Restaurant Closure Initiative, which were recorded within the U.S. segment. | |||||||||||
Following is a summary of restaurant closure initiative expenses recognized in the Consolidated Statement of Operations and Comprehensive Income (dollars in thousands): | |||||||||||
DESCRIPTION | LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | THIRTEEN WEEKS ENDED | |||||||||
MARCH 29, 2015 | MARCH 30, 2014 | ||||||||||
Facility closure and other expenses | Provision for impaired assets and restaurant closings | $ | 7,741 | $ | 5,972 | ||||||
Severance and other liabilities | General and administrative | 1,327 | 1,035 | ||||||||
Reversal of deferred rent liability | Other restaurant operating | (198 | ) | (2,078 | ) | ||||||
$ | 8,870 | $ | 4,929 | ||||||||
The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Domestic and International Restaurant Closure Initiatives, during the thirteen weeks ended March 29, 2015: | |||||||||||
THIRTEEN WEEKS ENDED | |||||||||||
(dollars in thousands) | MARCH 29, 2015 | ||||||||||
Beginning of the period | $ | 11,000 | |||||||||
Charges | 8,220 | ||||||||||
Cash payments | (6,663 | ) | |||||||||
Adjustments (1) | (479 | ) | |||||||||
End of the period (2) | $ | 12,078 | |||||||||
________________ | |||||||||||
-1 | Adjustments to facility closure and other costs represent changes in sublease assumptions and the impact of lease settlements on the Company’s remaining lease obligations. | ||||||||||
-2 | As of March 29, 2015, the Company had exit-related accruals of $4.3 million recorded in Accrued and other current liabilities and $7.8 million recorded in Other long-term liabilities, net. | ||||||||||
Roy’s - On January 26, 2015, the Company sold its Roy’s business to United Ohana, LLC (the “Buyer”), for a purchase price of $10.0 million, less certain liabilities, and recorded a loss on sale of $1.1 million, which was recorded in Other expense, net, during the thirteen weeks ended March 29, 2015. Included in the sale agreement is a provision in which the Company will pay the buyer up to $5.0 million, if certain lease contingencies are not resolved prior to April 2018 and the Buyer is damaged. At the time of this report, the Company believes it is probable there are no liabilities to recognize as the lease contingencies are expected to be resolved pursuant to the sale agreement. | |||||||||||
In connection with the sale of Roy’s, the Company continues to provide lease guarantees for certain of the Roy’s locations. Under the guarantees, the Company will pay the rental expense over the remaining lease term in the event of default. The fair value and maximum value of the lease guarantees is nominal. The maximum amount is calculated as the fair value of the lease payments over the remaining lease term and assumes that there are subleases. | |||||||||||
Following are the components of Roy’s included in the Consolidated Statements of Operations and Comprehensive Income during the periods indicated: | |||||||||||
THIRTEEN WEEKS ENDED | |||||||||||
(dollars in thousands) | 29-Mar-15 | 30-Mar-14 | |||||||||
Restaurant sales | $ | 5,729 | $ | 18,929 | |||||||
(Loss) income before income taxes (1) | $ | (968 | ) | $ | 455 | ||||||
________________ | |||||||||||
-1 | Includes a loss on sale of $1.1 million during the thirteen weeks ended March 29, 2015. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per share | Earnings Per Share | |||||||
The Company computes basic earnings per share based on the weighted average number of common shares that were outstanding during the period. Diluted earnings per share includes the dilutive effect of common stock equivalents consisting of stock options, restricted stock, restricted stock units and performance-based share units, using the treasury stock method. Performance-based share units are considered dilutive when the related performance criterion has been met. | ||||||||
The following table presents the computation of basic and diluted earnings per share: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
(in thousands, except per share data) | 29-Mar-15 | 30-Mar-14 | ||||||
Net income attributable to Bloomin’ Brands | $ | 60,588 | $ | 53,733 | ||||
Basic weighted average common shares outstanding | 125,302 | 124,542 | ||||||
Effect of diluted securities: | ||||||||
Stock options | 3,221 | 3,193 | ||||||
Nonvested restricted stock and restricted stock units | 230 | 111 | ||||||
Nonvested performance-based share units | 6 | 5 | ||||||
Diluted weighted average common shares outstanding | 128,759 | 127,851 | ||||||
Basic earnings per share | $ | 0.48 | $ | 0.43 | ||||
Diluted earnings per share | $ | 0.47 | $ | 0.42 | ||||
Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
(in thousands) | 29-Mar-15 | 30-Mar-14 | ||||||
Stock options | 2,122 | 1,917 | ||||||
Nonvested restricted stock and restricted stock units | 61 | 220 | ||||||
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Stock-based compensation | Stock-based Compensation | |||||||
The Company recognized stock-based compensation expense as follows: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | 29-Mar-15 | 30-Mar-14 | ||||||
Stock options | $ | 2,427 | $ | 2,468 | ||||
Restricted stock and restricted stock units | 1,409 | 749 | ||||||
Performance-based share units | 749 | 358 | ||||||
$ | 4,585 | $ | 3,575 | |||||
During the thirteen weeks ended March 29, 2015, the Company made grants to its employees of 1.1 million stock options, 0.4 million time-based restricted stock units and 0.2 million performance-based share units. | ||||||||
Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
MARCH 29, 2015 | ||||||||
Assumptions: | ||||||||
Weighted-average risk-free interest rate (1) | 1.66 | % | ||||||
Dividend yield (2) | 1 | % | ||||||
Expected term (3) | 6.3 years | |||||||
Weighted-average volatility (4) | 43.6 | % | ||||||
Weighted-average grant date fair value per option | $ | 10.2 | ||||||
________________ | ||||||||
-1 | Risk-free rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the contractual life of the option. | |||||||
-2 | Dividend yield is the level of dividends expected 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 simplified method of estimating the expected term is used since the Company does not have significant historical exercise experience for its stock options. | |||||||
-4 | Volatility for the thirteen weeks ended March 29, 2015 is based on the historical volatilities of the Company’s stock and the stock of comparable peer companies. | |||||||
The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of March 29, 2015: | ||||||||
UNRECOGNIZED | REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years) | |||||||
COMPENSATION EXPENSE | ||||||||
(dollars in thousands) | ||||||||
Stock options | $ | 31,549 | 3.1 | |||||
Restricted stock and restricted stock units | $ | 21,394 | 3.4 | |||||
Performance-based share units | $ | 3,347 | 0.9 | |||||
Other_Current_Assets_Net
Other Current Assets, Net | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Other Current Assets, Net [Abstract] | ||||||||
Other current assets, net | Other Current Assets, Net | |||||||
Other current assets, net, consisted of the following: | ||||||||
MARCH 29, | DECEMBER 28, | |||||||
(dollars in thousands) | 2015 | 2014 | ||||||
Prepaid expenses | $ | 44,755 | $ | 30,260 | ||||
Accounts receivable - vendors, net | 29,314 | 27,340 | ||||||
Accounts receivable - franchisees, net | 1,930 | 1,159 | ||||||
Accounts receivable - other, net | 31,804 | 107,178 | ||||||
Other current assets, net | 32,535 | 40,691 | ||||||
$ | 140,338 | $ | 206,628 | |||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Goodwill Disclosure [Abstract] | ||||||||||||
Goodwill | Goodwill | |||||||||||
(dollars in thousands) | U.S. SEGMENT | INTERNATIONAL SEGMENT | CONSOLIDATED | |||||||||
Balance as of December 28, 2014 | $ | 172,711 | $ | 168,829 | $ | 341,540 | ||||||
Translation adjustments | — | (11,736 | ) | (11,736 | ) | |||||||
Balance as of March 29, 2015 | $ | 172,711 | $ | 157,093 | $ | 329,804 | ||||||
Longterm_Debt_Net
Long-term Debt, Net | 3 Months Ended | |||||||||||||
Mar. 29, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term debt, net | Long-term Debt, Net | |||||||||||||
Following is a summary of outstanding long-term debt: | ||||||||||||||
MARCH 29, 2015 | DECEMBER 28, 2014 | |||||||||||||
(dollars in thousands) | OUTSTANDING BALANCE | INTEREST RATE | OUTSTANDING BALANCE | INTEREST RATE | ||||||||||
Senior Secured Credit Facility: | ||||||||||||||
Term loan A (1) | $ | 288,750 | 2.16 | % | $ | 296,250 | 2.16 | % | ||||||
Term loan B (2) | 215,000 | 3.5 | % | 225,000 | 3.5 | % | ||||||||
Revolving credit facility (1) (2) (3) | 341,000 | 2.16 | % | 325,000 | 2.16 | % | ||||||||
Total Senior Secured Credit Facility | 844,750 | 846,250 | ||||||||||||
2012 CMBS loan: | ||||||||||||||
First mortgage loan (1) | 297,649 | 4.09 | % | 299,765 | 4.08 | % | ||||||||
First mezzanine loan | 84,836 | 9 | % | 85,127 | 9 | % | ||||||||
Second mezzanine loan | 85,863 | 11.25 | % | 86,067 | 11.25 | % | ||||||||
Total 2012 CMBS Loan | 468,348 | 470,959 | ||||||||||||
Capital lease obligations | 545 | 634 | ||||||||||||
Other long-term debt (4) | 3,183 | 0.72% to 7.00% | 4,073 | 0.52% to 7.00% | ||||||||||
$ | 1,316,826 | $ | 1,321,916 | |||||||||||
Less: current portion of long-term debt, net | (25,491 | ) | (25,964 | ) | ||||||||||
Less: unamortized debt discount | (5,516 | ) | (6,073 | ) | ||||||||||
Long-term debt, net | $ | 1,285,819 | $ | 1,289,879 | ||||||||||
________________ | ||||||||||||||
-1 | Represents the weighted-average interest rate for the respective period. | |||||||||||||
-2 | On March 31, 2015, the Company amended its credit agreement to effect an increase of its existing revolving credit facility in order to fully pay down its existing Term Loan B on April 2, 2015. See Note 15 - Subsequent Events for details regarding this amendment. | |||||||||||||
-3 | Includes $6.0 million of borrowings on the swing line loan sub-facilities at an interest rate of 4.25%. | |||||||||||||
-4 | Balance is comprised of sale-leaseback obligations and uncollateralized notes payable. Interest rates presented relate to the notes payable. | |||||||||||||
Fees on letters of credit and the daily unused availability under the revolving credit facility as of March 29, 2015 were 2.13% and 0.30%, respectively. As of March 29, 2015, $29.6 million of the revolving credit facility was committed for the issuance of letters of credit and not available for borrowing. | ||||||||||||||
As of March 29, 2015 and December 28, 2014, the Company was in compliance with its debt covenants. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests | 3 Months Ended | |||
Mar. 29, 2015 | ||||
Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | Redeemable Noncontrolling Interests | |||
THIRTEEN WEEKS ENDED | ||||
(dollars in thousands) | 29-Mar-15 | |||
Balance, beginning of period | $ | 24,733 | ||
Net income attributable to Redeemable noncontrolling interests | 336 | |||
Balance, end of period | $ | 25,069 | ||
As of March 29, 2015, the Company allocated Net income attributable to noncontrolling interests and performed a measurement of the redemption amount for Redeemable noncontrolling interests, including a fair value assessment. Based on the fair value assessment, no adjustment was required for the thirteen weeks ended March 29, 2015. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Stockholders' equity | Stockholders’ Equity | |||||||||||
Secondary Public Offering - In March 2015, Bain Capital sold its remaining shares of Bloomin’ Brands through an underwritten secondary public offering. The selling stockholders received all of the proceeds from the offering. Pursuant to the underwriting agreement for the secondary public offering, the Company repurchased from the underwriters 2,759,164 of the shares sold by Bain Capital at a cost of $70.0 million. | ||||||||||||
Share Repurchases - In December 2014, the Company’s Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to $100.0 million of its outstanding common stock. The authorization will expire on June 12, 2016. As of March 29, 2015, $70.0 million of outstanding stock had been repurchased under the program as discussed above. | ||||||||||||
Shares repurchased are retired. The par value of the repurchased shares is deducted from common stock and the excess of the purchase price over the par value of the shares is recorded to Accumulated deficit. | ||||||||||||
Dividends - On February 12, 2015, the Board of Directors declared the Company’s first quarterly cash dividend of $0.06 per share, which was paid on March 18, 2015. | ||||||||||||
On April 29, 2015, the Board of Directors declared a quarterly cash dividend of $0.06 per share, payable on May 27, 2015 to shareholders of record at the close of business on May 15, 2015. | ||||||||||||
Accumulated other comprehensive loss - Following are the components of Accumulated other comprehensive loss (“AOCL”), net of tax: | ||||||||||||
(dollars in thousands) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | UNREALIZED LOSSES ON DERIVATIVES | ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||
Balances as of December 28, 2014 | $ | (58,149 | ) | $ | (2,393 | ) | $ | (60,542 | ) | |||
Other comprehensive loss, net of tax | (25,462 | ) | (4,012 | ) | (29,474 | ) | ||||||
Balances as of March 29, 2015 | $ | (83,611 | ) | $ | (6,405 | ) | $ | (90,016 | ) |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||
Mar. 29, 2015 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Derivative instruments and hedging activities | Derivative Instruments and Hedging Activities | |||||||||
The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate risk, primarily by managing the amount, sources and duration of its debt funding and through the use of derivative financial instruments. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps. | ||||||||||
DESIGNATED HEDGES | ||||||||||
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 swap agreements have an aggregate notional amount of $400.0 million, a forward start date of June 30, 2015, and mature on May 16, 2019. Under the terms of the swap agreements, the Company will pay a weighted-average fixed rate of 2.02% on the $400.0 million notional amount and receive payments from the counterparty based on the 30-day LIBOR rate. | ||||||||||
The interest rate swaps, which have been designated and qualify as a cash flow hedge, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. Fair value changes in the interest rate swaps are recognized in AOCL for all effective portions. Balances in AOCL are subsequently reclassified to earnings in the same period that the hedged interest payments affect earnings. The Company estimates $4.8 million will be reclassified to interest expense over the next twelve months. | ||||||||||
The following table presents the fair value and classification of the Company’s interest rate swaps: | ||||||||||
(dollars in thousands) | MARCH 29, 2015 | DECEMBER 28, 2014 | CONSOLIDATED BALANCE SHEET CLASSIFICATION | |||||||
Interest rate swaps - liability | $ | 4,421 | $ | 2,617 | Accrued and other current liabilities | |||||
Interest rate swaps - liability | 6,081 | 1,307 | Other long-term liabilities, net | |||||||
Total fair value of derivative instruments (1) | $ | 10,502 | $ | 3,924 | ||||||
____________________ | ||||||||||
-1 | See Note 11 - Fair Value Measurements for fair value discussion of the interest rate swaps. | |||||||||
As of March 29, 2015, no interest expense related to the interest rate swaps is accrued in the Consolidated Balance Sheets or recognized in the Consolidated Statements of Operations and Comprehensive Income as the interest rate swaps do not commence until June 30, 2015. During the thirteen weeks ended March 29, 2015, the Company did not recognize any gain or loss as a result of hedge ineffectiveness. | ||||||||||
The following table summarizes the effects of the interest rate swap on the Consolidated Statements of Operations and Comprehensive Income for the thirteen weeks ended March 29, 2015: | ||||||||||
(dollars in thousands) | AMOUNT OF (LOSS) GAIN RECOGNIZED IN OTHER COMPREHENSIVE INCOME | |||||||||
Interest rate swaps | $ | (6,578 | ) | |||||||
Income tax benefit | 2,566 | |||||||||
Net of income taxes | $ | (4,012 | ) | |||||||
The Company records its derivatives on the Consolidated Balance Sheets on a gross balance basis. The Company’s derivatives are subject to master netting arrangements. As of March 29, 2015, the Company did not have more than one derivative between the same counterparties and as such, there was no netting. | ||||||||||
By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of March 29, 2015, all counterparties to the interest rate swaps had performed in accordance with their contractual obligations. | ||||||||||
As of March 29, 2015, the fair value of the Company’s derivatives in a net liability position, excluding any adjustment for nonperformance risk, was $10.7 million. As of March 29, 2015, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 29, 2015, it could have been required to settle its obligations under the agreements at their termination value of $10.7 million. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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 following three levels based on the lowest level of significant input: | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014: | ||||||||||||||||||||||||
MARCH 29, 2015 | DECEMBER 28, 2014 | |||||||||||||||||||||||
(dollars in thousands) | TOTAL | LEVEL 1 | LEVEL 2 | TOTAL | LEVEL 1 | LEVEL 2 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||
Fixed income funds | $ | 3,065 | $ | 3,065 | $ | — | $ | 4,602 | $ | 4,602 | $ | — | ||||||||||||
Money market funds | 2,852 | 2,852 | — | 7,842 | 7,842 | — | ||||||||||||||||||
Restricted cash equivalents: | ||||||||||||||||||||||||
Money market funds | 3,607 | 3,607 | — | 3,360 | 3,360 | — | ||||||||||||||||||
Total asset recurring fair value measurements | $ | 9,524 | $ | 9,524 | $ | — | $ | 15,804 | $ | 15,804 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accrued and other current liabilities: | ||||||||||||||||||||||||
Derivative instruments - interest rate swaps | $ | 4,421 | $ | — | $ | 4,421 | $ | 2,617 | $ | — | $ | 2,617 | ||||||||||||
Derivative instruments - commodities | 637 | — | 637 | 566 | — | 566 | ||||||||||||||||||
Other long-term liabilities: | ||||||||||||||||||||||||
Derivative instruments - interest rate swaps | 6,081 | — | 6,081 | 1,307 | — | 1,307 | ||||||||||||||||||
Total liability recurring fair value measurements | $ | 11,139 | $ | — | $ | 11,139 | $ | 4,490 | $ | — | $ | 4,490 | ||||||||||||
Fair value of each class of financial instrument is determined based on the following: | ||||||||||||||||||||||||
FINANCIAL INSTRUMENT | METHODS AND ASSUMPTIONS | |||||||||||||||||||||||
Fixed income funds and | Carrying value approximates fair value because maturities are less than three months. | |||||||||||||||||||||||
Money market funds | ||||||||||||||||||||||||
Derivative instruments | Derivative instruments primarily relate to the interest rate swaps. Fair value measurements are based on a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives and uses observable market-based inputs, including interest rate curves and credit spreads. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 29, 2015, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. | |||||||||||||||||||||||
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 thirteen weeks ended March 29, 2015: | ||||||||||||||||||||||||
THIRTEEN WEEKS ENDED | ||||||||||||||||||||||||
MARCH 29, 2015 | ||||||||||||||||||||||||
(dollars in thousands) | CARRYING VALUE (1) | TOTAL | ||||||||||||||||||||||
IMPAIRMENT | ||||||||||||||||||||||||
Assets held for sale | $ | 1,564 | $ | 171 | ||||||||||||||||||||
Property, fixtures and equipment | 950 | 1,124 | ||||||||||||||||||||||
$ | 2,514 | $ | 1,295 | |||||||||||||||||||||
________________ | ||||||||||||||||||||||||
-1 | Carrying value approximates fair value with all assets measured using Level 2 inputs. A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. | |||||||||||||||||||||||
Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments as of March 29, 2015 and December 28, 2014 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 March 29, 2015 and December 28, 2014: | ||||||||||||||||||||||||
MARCH 29, 2015 | DECEMBER 28, 2014 | |||||||||||||||||||||||
FAIR VALUE | FAIR VALUE | |||||||||||||||||||||||
(dollars in thousands) | CARRYING VALUE | LEVEL 2 | LEVEL 3 | CARRYING VALUE | LEVEL 2 | LEVEL 3 | ||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||||||
Term loan A | $ | 288,750 | $ | 287,306 | $ | — | $ | 296,250 | $ | 294,769 | $ | — | ||||||||||||
Term loan B | 215,000 | 213,925 | — | 225,000 | 222,188 | — | ||||||||||||||||||
Revolving credit facility | 341,000 | 338,443 | — | 325,000 | 322,563 | — | ||||||||||||||||||
CMBS loan: | ||||||||||||||||||||||||
Mortgage loan | 297,649 | — | 305,912 | 299,765 | — | 308,563 | ||||||||||||||||||
First mezzanine loan | 84,836 | — | 84,895 | 85,127 | — | 85,187 | ||||||||||||||||||
Second mezzanine loan | 85,863 | — | 86,782 | 86,067 | — | 86,988 | ||||||||||||||||||
Other notes payable | 1,821 | — | 1,760 | 2,722 | — | 2,625 | ||||||||||||||||||
Fair value of debt is determined based on the following: | ||||||||||||||||||||||||
DEBT FACILITY | METHODS AND ASSUMPTIONS | |||||||||||||||||||||||
Senior Secured Credit Facility | Quoted market prices in inactive markets. | |||||||||||||||||||||||
CMBS loan | Assumptions derived from current conditions in the real estate and credit markets, changes in the underlying collateral and expectations of management. | |||||||||||||||||||||||
Other notes payable | Discounted cash flow approach. Discounted cash flow inputs primarily include cost of debt rates which are used to derive the present value factors for the determination of fair value. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes |
The effective income tax rate for the thirteen weeks ended March 29, 2015 was 25.5% compared to 24.8% for the thirteen weeks ended March 30, 2014. This increase in the effective income tax rate was due to a change in the blend of taxable income across the Company’s U.S. and international subsidiaries. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and Contingencies |
Litigation and Other Matters - The matter set forth below is subject to uncertainties and outcomes that are not predictable with certainty. The Company is unable to estimate a range of reasonably possible loss for the matter described below as the proceedings are at stages where significant uncertainty exists as to the legal or factual issues. The Company provides disclosure of matters when management believes it is reasonably possible the impact may be material to the consolidated financial statements. | |
On October 4, 2013, two then-current employees (the “Nevada Plaintiffs”) filed a purported collective action lawsuit against the Company, OSI Restaurant Partners, LLC (“OSI”), and two of its subsidiaries in the U.S. District Court for the District of Nevada (Cardoza, et al. v. Bloomin’ Brands, Inc., et al., Case No.: 2:13-cv-01820-JAD-NJK). The complaint alleges violations of the Fair Labor Standards Act by requiring employees to work off the clock, complete on-line training without pay, and attend meetings in the restaurant without pay. The suit seeks to certify a nationwide collective action that all hourly employees in all Outback Steakhouse restaurants would be permitted to join. The suit seeks an unspecified amount in back pay for the employees that join the lawsuit, an equal amount in liquidated damages, costs, expenses, and attorney’s fees. The Nevada Plaintiffs also filed a companion lawsuit in Nevada state court alleging that the Company violated the state break time rules. On October 27, 2014 the Court conditionally certified a class for notice purposes consisting of all employees that worked at a company-owned Outback Steakhouse between October 27, 2011 and October 27, 2014. The Company subsequently filed a Motion to Reconsider the October 27, 2014 order. On February 5, 2015, the Court denied the Company’s Motion to reconsider the October 27, 2014 order granting conditional certification. The Company believes these lawsuits are without merit, and is vigorously defending all allegations. | |
In addition, the Company is subject to legal proceedings, claims and liabilities, such as liquor liability, sexual harassment and slip and fall cases, 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. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment reporting | Segment Reporting | |||||||
During the first quarter of 2015, the Company recast its segment reporting to reflect two reporting segments, U.S. and International, which matches changes made in how the Company manages its business, reviews operating performance and allocates resources. 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. All prior period information was recast to reflect this change. | ||||||||
The Company’s reporting segments are organized based on restaurant concept and geographic location. 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. The Company has two reporting segments: U.S. and International. Following is a summary of reporting segments: | ||||||||
SEGMENT | CONCEPT | GEOGRAPHIC LOCATION | ||||||
U.S. | Outback Steakhouse | United States of America, including Puerto Rico | ||||||
Carrabba’s Italian Grill | ||||||||
Bonefish Grill | ||||||||
Fleming’s Prime Steakhouse & Wine Bar | ||||||||
International | Outback Steakhouse (1) | South Korea, Brazil, Hong Kong, China | ||||||
Carrabba’s Italian Grill (Abbraccio) | Brazil | |||||||
________________ | ||||||||
-1 | Includes international franchise locations in 18 countries and Guam. | |||||||
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 28, 2014. Revenues for all segments include only transactions with customers and include no intersegment revenues. Excluded from net income from operations for U.S. and International are legal and certain corporate costs not directly related to the performance of the segments, interest and other expenses related to the Company’s credit agreements and derivative instruments, certain stock-based compensation expenses, certain insurance expenses managed centrally and certain bonus expense. | ||||||||
The following table is a summary of Total revenue by segment: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | MARCH 29, 2015 | MARCH 30, 2014 | ||||||
Total revenues | ||||||||
U.S. | $ | 1,062,014 | $ | 1,010,626 | ||||
International | 140,045 | 147,233 | ||||||
Total revenues | $ | 1,202,059 | $ | 1,157,859 | ||||
The following table is a reconciliation of Segment income from operations to Income before provision for income taxes: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | MARCH 29, 2015 | MARCH 30, 2014 | ||||||
Segment income from operations | ||||||||
U.S. | $ | 127,408 | $ | 106,901 | ||||
International | 8,879 | 16,225 | ||||||
Total segment income from operations | 136,287 | 123,126 | ||||||
Unallocated corporate operating expense | (38,586 | ) | (33,100 | ) | ||||
Total income from operations | 97,701 | 90,026 | ||||||
Other expense, net | (1,147 | ) | (164 | ) | ||||
Interest expense, net | (13,198 | ) | (16,598 | ) | ||||
Income before provision for income taxes | $ | 83,356 | $ | 73,264 | ||||
The following table is a summary of Depreciation and amortization expense by segment: | ||||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | MARCH 29, 2015 | MARCH 30, 2014 | ||||||
Depreciation and amortization | ||||||||
U.S. | $ | 36,716 | $ | 35,773 | ||||
International | 6,837 | 6,843 | ||||||
Corporate | 2,933 | 3,549 | ||||||
Total depreciation and amortization | $ | 46,486 | $ | 46,165 | ||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 29, 2015 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Events |
On March 31, 2015, OSI entered into an amendment (the “Amendment”) to OSI’s existing credit agreement (as previously amended, the “Existing Credit Agreement”) to effect an increase of OSI’s revolving credit facility from $600.0 million to $825.0 million in order to fully pay down its existing Term Loan B on April 2, 2015 (the “Prepayment”). No other material changes were made to the terms of OSI’s Existing Credit Agreement as a result of the Amendment. | |
Prior to the Prepayment, the Company had an outstanding balance of $215.0 million on its Term Loan B. In connection with the Amendment, the Company made a $216.3 million draw on the revolving credit facility to prepay its Term Loan B and to pay related accrued interest, fees and expenses. Following the Prepayment and Amendment, the Company will recognize a loss on extinguishment and modification of debt of approximately $2.6 million, which will be recorded in the Company’s Consolidated Statement of Operations and Comprehensive Income in the thirteen weeks ending June 28, 2015. |
Description_of_the_Business_an1
Description of the Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation, policy | 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 the fair presentation of the Company’s results of operations, financial position and cash flows 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 28, 2014. |
Reclassification, policy | 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. These reclassifications had no effect on previously reported net income. |
New accounting pronouncements, policy | Recently Issued Financial Accounting Standards Not Yet Adopted - In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03: “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU No. 2015-03”). ASU No. 2015-03 will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The update requires retrospective application and represents a change in accounting principle. ASU No. 2015-03 will be effective for the Company in fiscal year 2016, with early adoption permitted. The Company does not expect ASU No. 2015-03 to have a material impact on its financial position, results of operations and cash flows. |
In August 2014, the FASB issued ASU No. 2014-15: “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU No. 2014-15”). ASU No. 2014-15 will explicitly require management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The new standard is applicable for all entities and will be effective for the Company in fiscal year 2016. The Company does not expect ASU No. 2014-15 to have a material impact on its financial position, results of operations and cash flows. | |
In May 2014, the FASB issued ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. 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. ASU No. 2014-09 will be effective for the Company in fiscal year 2017 and is applied retrospectively to each period presented or as a cumulative effect adjustment at the date of adoption. The Company has not selected a transition method and is evaluating the impact this guidance will have on its financial position, results of operations and cash flows. | |
Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company. |
Impairments_Disposals_and_Exit1
Impairments, Disposals and Exit Costs (Tables) | 3 Months Ended | ||||||||||
Mar. 29, 2015 | |||||||||||
Impairments and Disposals [Abstract] | |||||||||||
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows: | ||||||||||
THIRTEEN WEEKS ENDED | |||||||||||
(dollars in thousands) | 29-Mar-15 | 30-Mar-14 | |||||||||
Impairment losses | $ | 1,295 | $ | 92 | |||||||
Restaurant closure expenses | 7,838 | 5,972 | |||||||||
Provision for impaired assets and restaurant closings | $ | 9,133 | $ | 6,064 | |||||||
Schedule of restructuring costs by type of cost | Following is a summary of restaurant closure initiative expenses recognized in the Consolidated Statement of Operations and Comprehensive Income (dollars in thousands): | ||||||||||
DESCRIPTION | LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | THIRTEEN WEEKS ENDED | |||||||||
MARCH 29, 2015 | MARCH 30, 2014 | ||||||||||
Facility closure and other expenses | Provision for impaired assets and restaurant closings | $ | 7,741 | $ | 5,972 | ||||||
Severance and other liabilities | General and administrative | 1,327 | 1,035 | ||||||||
Reversal of deferred rent liability | Other restaurant operating | (198 | ) | (2,078 | ) | ||||||
$ | 8,870 | $ | 4,929 | ||||||||
Facility closing reserve rollforward | The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Domestic and International Restaurant Closure Initiatives, during the thirteen weeks ended March 29, 2015: | ||||||||||
THIRTEEN WEEKS ENDED | |||||||||||
(dollars in thousands) | MARCH 29, 2015 | ||||||||||
Beginning of the period | $ | 11,000 | |||||||||
Charges | 8,220 | ||||||||||
Cash payments | (6,663 | ) | |||||||||
Adjustments (1) | (479 | ) | |||||||||
End of the period (2) | $ | 12,078 | |||||||||
________________ | |||||||||||
-1 | Adjustments to facility closure and other costs represent changes in sublease assumptions and the impact of lease settlements on the Company’s remaining lease obligations. | ||||||||||
-2 | As of March 29, 2015, the Company had exit-related accruals of $4.3 million recorded in Accrued and other current liabilities and $7.8 million recorded in Other long-term liabilities, net. | ||||||||||
Condensed income statement, Roy's | Following are the components of Roy’s included in the Consolidated Statements of Operations and Comprehensive Income during the periods indicated: | ||||||||||
THIRTEEN WEEKS ENDED | |||||||||||
(dollars in thousands) | 29-Mar-15 | 30-Mar-14 | |||||||||
Restaurant sales | $ | 5,729 | $ | 18,929 | |||||||
(Loss) income before income taxes (1) | $ | (968 | ) | $ | 455 | ||||||
________________ | |||||||||||
-1 | Includes a loss on sale of $1.1 million during the thirteen weeks ended March 29, 2015. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
(in thousands, except per share data) | 29-Mar-15 | 30-Mar-14 | ||||||
Net income attributable to Bloomin’ Brands | $ | 60,588 | $ | 53,733 | ||||
Basic weighted average common shares outstanding | 125,302 | 124,542 | ||||||
Effect of diluted securities: | ||||||||
Stock options | 3,221 | 3,193 | ||||||
Nonvested restricted stock and restricted stock units | 230 | 111 | ||||||
Nonvested performance-based share units | 6 | 5 | ||||||
Diluted weighted average common shares outstanding | 128,759 | 127,851 | ||||||
Basic earnings per share | $ | 0.48 | $ | 0.43 | ||||
Diluted earnings per share | $ | 0.47 | $ | 0.42 | ||||
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: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
(in thousands) | 29-Mar-15 | 30-Mar-14 | ||||||
Stock options | 2,122 | 1,917 | ||||||
Nonvested restricted stock and restricted stock units | 61 | 220 | ||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | 29-Mar-15 | 30-Mar-14 | ||||||
Stock options | $ | 2,427 | $ | 2,468 | ||||
Restricted stock and restricted stock units | 1,409 | 749 | ||||||
Performance-based share units | 749 | 358 | ||||||
$ | 4,585 | $ | 3,575 | |||||
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: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
MARCH 29, 2015 | ||||||||
Assumptions: | ||||||||
Weighted-average risk-free interest rate (1) | 1.66 | % | ||||||
Dividend yield (2) | 1 | % | ||||||
Expected term (3) | 6.3 years | |||||||
Weighted-average volatility (4) | 43.6 | % | ||||||
Weighted-average grant date fair value per option | $ | 10.2 | ||||||
________________ | ||||||||
-1 | Risk-free rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the contractual life of the option. | |||||||
-2 | Dividend yield is the level of dividends expected 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 simplified method of estimating the expected term is used since the Company does not have significant historical exercise experience for its stock options. | |||||||
-4 | Volatility for the thirteen weeks ended March 29, 2015 is based on the historical volatilities of the Company’s stock and the stock of comparable peer companies. | |||||||
Schedule of unrecognized compensation cost, nonvested awards | The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of March 29, 2015: | |||||||
UNRECOGNIZED | REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years) | |||||||
COMPENSATION EXPENSE | ||||||||
(dollars in thousands) | ||||||||
Stock options | $ | 31,549 | 3.1 | |||||
Restricted stock and restricted stock units | $ | 21,394 | 3.4 | |||||
Performance-based share units | $ | 3,347 | 0.9 | |||||
Other_Current_Assets_Net_Table
Other Current Assets, Net (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Other Current Assets, Net [Abstract] | ||||||||
Schedule of other current assets | Other current assets, net, consisted of the following: | |||||||
MARCH 29, | DECEMBER 28, | |||||||
(dollars in thousands) | 2015 | 2014 | ||||||
Prepaid expenses | $ | 44,755 | $ | 30,260 | ||||
Accounts receivable - vendors, net | 29,314 | 27,340 | ||||||
Accounts receivable - franchisees, net | 1,930 | 1,159 | ||||||
Accounts receivable - other, net | 31,804 | 107,178 | ||||||
Other current assets, net | 32,535 | 40,691 | ||||||
$ | 140,338 | $ | 206,628 | |||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Goodwill Disclosure [Abstract] | ||||||||||||
Goodwill rollforward | ||||||||||||
(dollars in thousands) | U.S. SEGMENT | INTERNATIONAL SEGMENT | CONSOLIDATED | |||||||||
Balance as of December 28, 2014 | $ | 172,711 | $ | 168,829 | $ | 341,540 | ||||||
Translation adjustments | — | (11,736 | ) | (11,736 | ) | |||||||
Balance as of March 29, 2015 | $ | 172,711 | $ | 157,093 | $ | 329,804 | ||||||
Longterm_Debt_Net_Tables
Long-term Debt, Net (Tables) | 3 Months Ended | |||||||||||||
Mar. 29, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt: | |||||||||||||
MARCH 29, 2015 | DECEMBER 28, 2014 | |||||||||||||
(dollars in thousands) | OUTSTANDING BALANCE | INTEREST RATE | OUTSTANDING BALANCE | INTEREST RATE | ||||||||||
Senior Secured Credit Facility: | ||||||||||||||
Term loan A (1) | $ | 288,750 | 2.16 | % | $ | 296,250 | 2.16 | % | ||||||
Term loan B (2) | 215,000 | 3.5 | % | 225,000 | 3.5 | % | ||||||||
Revolving credit facility (1) (2) (3) | 341,000 | 2.16 | % | 325,000 | 2.16 | % | ||||||||
Total Senior Secured Credit Facility | 844,750 | 846,250 | ||||||||||||
2012 CMBS loan: | ||||||||||||||
First mortgage loan (1) | 297,649 | 4.09 | % | 299,765 | 4.08 | % | ||||||||
First mezzanine loan | 84,836 | 9 | % | 85,127 | 9 | % | ||||||||
Second mezzanine loan | 85,863 | 11.25 | % | 86,067 | 11.25 | % | ||||||||
Total 2012 CMBS Loan | 468,348 | 470,959 | ||||||||||||
Capital lease obligations | 545 | 634 | ||||||||||||
Other long-term debt (4) | 3,183 | 0.72% to 7.00% | 4,073 | 0.52% to 7.00% | ||||||||||
$ | 1,316,826 | $ | 1,321,916 | |||||||||||
Less: current portion of long-term debt, net | (25,491 | ) | (25,964 | ) | ||||||||||
Less: unamortized debt discount | (5,516 | ) | (6,073 | ) | ||||||||||
Long-term debt, net | $ | 1,285,819 | $ | 1,289,879 | ||||||||||
________________ | ||||||||||||||
-1 | Represents the weighted-average interest rate for the respective period. | |||||||||||||
-2 | On March 31, 2015, the Company amended its credit agreement to effect an increase of its existing revolving credit facility in order to fully pay down its existing Term Loan B on April 2, 2015. See Note 15 - Subsequent Events for details regarding this amendment. | |||||||||||||
-3 | Includes $6.0 million of borrowings on the swing line loan sub-facilities at an interest rate of 4.25%. | |||||||||||||
-4 | Balance is comprised of sale-leaseback obligations and uncollateralized notes payable. Interest rates presented relate to the notes payable. |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended | |||
Mar. 29, 2015 | ||||
Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | ||||
THIRTEEN WEEKS ENDED | ||||
(dollars in thousands) | 29-Mar-15 | |||
Balance, beginning of period | $ | 24,733 | ||
Net income attributable to Redeemable noncontrolling interests | 336 | |||
Balance, end of period | $ | 25,069 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Schedule of accumulated other comprehensive loss | Following are the components of Accumulated other comprehensive loss (“AOCL”), net of tax: | |||||||||||
(dollars in thousands) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | UNREALIZED LOSSES ON DERIVATIVES | ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||
Balances as of December 28, 2014 | $ | (58,149 | ) | $ | (2,393 | ) | $ | (60,542 | ) | |||
Other comprehensive loss, net of tax | (25,462 | ) | (4,012 | ) | (29,474 | ) | ||||||
Balances as of March 29, 2015 | $ | (83,611 | ) | $ | (6,405 | ) | $ | (90,016 | ) |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||
Mar. 29, 2015 | ||||||||||
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 interest rate swaps: | |||||||||
(dollars in thousands) | MARCH 29, 2015 | DECEMBER 28, 2014 | CONSOLIDATED BALANCE SHEET CLASSIFICATION | |||||||
Interest rate swaps - liability | $ | 4,421 | $ | 2,617 | Accrued and other current liabilities | |||||
Interest rate swaps - liability | 6,081 | 1,307 | Other long-term liabilities, net | |||||||
Total fair value of derivative instruments (1) | $ | 10,502 | $ | 3,924 | ||||||
____________________ | ||||||||||
-1 | See Note 11 - Fair Value Measurements for fair value discussion of the interest rate swaps. | |||||||||
Schedule of derivative instruments, (loss) gain | The following table summarizes the effects of the interest rate swap on the Consolidated Statements of Operations and Comprehensive Income for the thirteen weeks ended March 29, 2015: | |||||||||
(dollars in thousands) | AMOUNT OF (LOSS) GAIN RECOGNIZED IN OTHER COMPREHENSIVE INCOME | |||||||||
Interest rate swaps | $ | (6,578 | ) | |||||||
Income tax benefit | 2,566 | |||||||||
Net of income taxes | $ | (4,012 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair value measurements, recurring and nonrecurring, valuation techniques | Fair value is categorized into one of following three levels based on the lowest level of significant input: | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014: | |||||||||||||||||||||||
MARCH 29, 2015 | DECEMBER 28, 2014 | |||||||||||||||||||||||
(dollars in thousands) | TOTAL | LEVEL 1 | LEVEL 2 | TOTAL | LEVEL 1 | LEVEL 2 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||
Fixed income funds | $ | 3,065 | $ | 3,065 | $ | — | $ | 4,602 | $ | 4,602 | $ | — | ||||||||||||
Money market funds | 2,852 | 2,852 | — | 7,842 | 7,842 | — | ||||||||||||||||||
Restricted cash equivalents: | ||||||||||||||||||||||||
Money market funds | 3,607 | 3,607 | — | 3,360 | 3,360 | — | ||||||||||||||||||
Total asset recurring fair value measurements | $ | 9,524 | $ | 9,524 | $ | — | $ | 15,804 | $ | 15,804 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accrued and other current liabilities: | ||||||||||||||||||||||||
Derivative instruments - interest rate swaps | $ | 4,421 | $ | — | $ | 4,421 | $ | 2,617 | $ | — | $ | 2,617 | ||||||||||||
Derivative instruments - commodities | 637 | — | 637 | 566 | — | 566 | ||||||||||||||||||
Other long-term liabilities: | ||||||||||||||||||||||||
Derivative instruments - interest rate swaps | 6,081 | — | 6,081 | 1,307 | — | 1,307 | ||||||||||||||||||
Total liability recurring fair value measurements | $ | 11,139 | $ | — | $ | 11,139 | $ | 4,490 | $ | — | $ | 4,490 | ||||||||||||
Fair value, assets measured on recurring basis, methods and assumptions | Fair value of each class of financial instrument is determined based on the following: | |||||||||||||||||||||||
FINANCIAL INSTRUMENT | METHODS AND ASSUMPTIONS | |||||||||||||||||||||||
Fixed income funds and | Carrying value approximates fair value because maturities are less than three months. | |||||||||||||||||||||||
Money market funds | ||||||||||||||||||||||||
Derivative instruments | Derivative instruments primarily relate to the interest rate swaps. Fair value measurements are based on a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives and uses observable market-based inputs, including interest rate curves and credit spreads. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 29, 2015, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. | |||||||||||||||||||||||
Fair value, assets and liabilities measured on recurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the thirteen weeks ended March 29, 2015: | |||||||||||||||||||||||
THIRTEEN WEEKS ENDED | ||||||||||||||||||||||||
MARCH 29, 2015 | ||||||||||||||||||||||||
(dollars in thousands) | CARRYING VALUE (1) | TOTAL | ||||||||||||||||||||||
IMPAIRMENT | ||||||||||||||||||||||||
Assets held for sale | $ | 1,564 | $ | 171 | ||||||||||||||||||||
Property, fixtures and equipment | 950 | 1,124 | ||||||||||||||||||||||
$ | 2,514 | $ | 1,295 | |||||||||||||||||||||
________________ | ||||||||||||||||||||||||
-1 | Carrying value approximates fair value with all assets measured using Level 2 inputs. A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. | |||||||||||||||||||||||
Schedule of carrying value and fair value of senior secured credit facilities, CMBS loan and other unsecured debt | The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of March 29, 2015 and December 28, 2014: | |||||||||||||||||||||||
MARCH 29, 2015 | DECEMBER 28, 2014 | |||||||||||||||||||||||
FAIR VALUE | FAIR VALUE | |||||||||||||||||||||||
(dollars in thousands) | CARRYING VALUE | LEVEL 2 | LEVEL 3 | CARRYING VALUE | LEVEL 2 | LEVEL 3 | ||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||||||
Term loan A | $ | 288,750 | $ | 287,306 | $ | — | $ | 296,250 | $ | 294,769 | $ | — | ||||||||||||
Term loan B | 215,000 | 213,925 | — | 225,000 | 222,188 | — | ||||||||||||||||||
Revolving credit facility | 341,000 | 338,443 | — | 325,000 | 322,563 | — | ||||||||||||||||||
CMBS loan: | ||||||||||||||||||||||||
Mortgage loan | 297,649 | — | 305,912 | 299,765 | — | 308,563 | ||||||||||||||||||
First mezzanine loan | 84,836 | — | 84,895 | 85,127 | — | 85,187 | ||||||||||||||||||
Second mezzanine loan | 85,863 | — | 86,782 | 86,067 | — | 86,988 | ||||||||||||||||||
Other notes payable | 1,821 | — | 1,760 | 2,722 | — | 2,625 | ||||||||||||||||||
Fair value, financial instruments measured on nonrecurring basis, valuation techniques | Fair value of debt is determined based on the following: | |||||||||||||||||||||||
DEBT FACILITY | METHODS AND ASSUMPTIONS | |||||||||||||||||||||||
Senior Secured Credit Facility | Quoted market prices in inactive markets. | |||||||||||||||||||||||
CMBS loan | Assumptions derived from current conditions in the real estate and credit markets, changes in the underlying collateral and expectations of management. | |||||||||||||||||||||||
Other notes payable | Discounted cash flow approach. Discounted cash flow inputs primarily include cost of debt rates which are used to derive the present value factors for the determination of fair value. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of segment reporting information, by segment | Following is a summary of reporting segments: | |||||||
SEGMENT | CONCEPT | GEOGRAPHIC LOCATION | ||||||
U.S. | Outback Steakhouse | United States of America, including Puerto Rico | ||||||
Carrabba’s Italian Grill | ||||||||
Bonefish Grill | ||||||||
Fleming’s Prime Steakhouse & Wine Bar | ||||||||
International | Outback Steakhouse (1) | South Korea, Brazil, Hong Kong, China | ||||||
Carrabba’s Italian Grill (Abbraccio) | Brazil | |||||||
________________ | ||||||||
-1 | Includes international franchise locations in 18 countries and Guam. | |||||||
Reconciliation of revenue from segments to consolidated | The following table is a summary of Total revenue by segment: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | MARCH 29, 2015 | MARCH 30, 2014 | ||||||
Total revenues | ||||||||
U.S. | $ | 1,062,014 | $ | 1,010,626 | ||||
International | 140,045 | 147,233 | ||||||
Total revenues | $ | 1,202,059 | $ | 1,157,859 | ||||
Reconciliation of operating profit from segments to consolidated | The following table is a reconciliation of Segment income from operations to Income before provision for income taxes: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | MARCH 29, 2015 | MARCH 30, 2014 | ||||||
Segment income from operations | ||||||||
U.S. | $ | 127,408 | $ | 106,901 | ||||
International | 8,879 | 16,225 | ||||||
Total segment income from operations | 136,287 | 123,126 | ||||||
Unallocated corporate operating expense | (38,586 | ) | (33,100 | ) | ||||
Total income from operations | 97,701 | 90,026 | ||||||
Other expense, net | (1,147 | ) | (164 | ) | ||||
Interest expense, net | (13,198 | ) | (16,598 | ) | ||||
Income before provision for income taxes | $ | 83,356 | $ | 73,264 | ||||
Reconciliation of segment depreciation and amortization | The following table is a summary of Depreciation and amortization expense by segment: | |||||||
THIRTEEN WEEKS ENDED | ||||||||
(dollars in thousands) | MARCH 29, 2015 | MARCH 30, 2014 | ||||||
Depreciation and amortization | ||||||||
U.S. | $ | 36,716 | $ | 35,773 | ||||
International | 6,837 | 6,843 | ||||||
Corporate | 2,933 | 3,549 | ||||||
Total depreciation and amortization | $ | 46,486 | $ | 46,165 | ||||
Description_of_the_Business_an2
Description of the Business and Basis of Presentation Description of Business (Details) | Mar. 29, 2015 |
Restaurant_concepts | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Impairments_Disposals_and_Exit2
Impairments, Disposals and Exit Costs (Details) (USD $) | 3 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | Dec. 31, 2013 | Jan. 26, 2015 | ||
locations | locations | |||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Provision for impaired assets and restaurant closings | $9,133,000 | $6,064,000 | ||||
Loss on disposal of Roy's | -1,151,000 | 0 | ||||
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 | 1,295,000 | 92,000 | ||||
Restaurant closure expenses | 7,838,000 | 5,972,000 | ||||
International Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Number of restaurants | 36 | |||||
Number of restaurants closed | 35 | |||||
Domestic Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Number of restaurants | 22 | |||||
Restaurant Closure Initiatives [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring costs | -8,870,000 | -4,929,000 | ||||
Roy's divestiture [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Disposal group, including discontinued operation, consideration | 10,000,000 | |||||
Restaurant sales | 5,729,000 | 18,929,000 | ||||
Income before provision for income taxes | -968,000 | [1] | 455,000 | |||
Roy's divestiture [Member] | Other (expense) income, net [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Loss on disposal of Roy's | 1,100,000 | |||||
Indemnification agreement [Member] | Roy's divestiture [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Loss contingency, range of possible loss, maximum | 5,000,000 | |||||
Facility closing [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring reserve, beginning of the period | 11,000,000 | |||||
Restructuring charges | 8,220,000 | |||||
Payments for restructuring | -6,663,000 | |||||
Restructuring reserve, accrual adjustment | -479,000 | [2] | ||||
Restructuring reserve, end of the period | 12,078,000 | [3] | ||||
Facility closing [Member] | International Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Lease expiration date, International Restaurant Closure Initiative | 26-Aug-22 | |||||
Facility closing [Member] | Restaurant Closure Initiatives [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 costs | -7,741,000 | -5,972,000 | ||||
Facility closing [Member] | Accrued and other current liabilities [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring reserve, current | 4,300,000 | |||||
Facility closing [Member] | Other long-term liabilities, net [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring reserve, noncurrent | 7,800,000 | |||||
Employee severance [Member] | Restaurant Closure Initiatives [Member] | General and administrative expense [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring costs | -1,327,000 | -1,035,000 | ||||
Contract termination [Member] | Restaurant Closure Initiatives [Member] | Other restaurant operating [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring costs | -198,000 | -2,078,000 | ||||
Minimum [Member] | International Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring and related cost, expected cost | 1,000,000 | |||||
Effect on future cash flows, amount | 7,000,000 | |||||
Maximum [Member] | International Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring and related cost, expected cost | 2,000,000 | |||||
Effect on future cash flows, amount | 10,000,000 | |||||
International segment [Member] | International Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring costs | -6,400,000 | |||||
U.S. segment [Member] | Facility closing [Member] | Domestic Restaurant Closure Initiative [Member] | ||||||
Income statement, balance sheet and additional disclosures by disposal groups, including discontinued operations [Line Items] | ||||||
Restructuring costs | ($1,300,000) | ($4,900,000) | ||||
[1] | Includes a loss on sale of $1.1 million during the thirteen weeks ended March 29, 2015. | |||||
[2] | Adjustments to facility closure and other costs represent changes in sublease assumptions and the impact of lease settlements on the Company’s remaining lease obligations. | |||||
[3] | As of March 29, 2015, the Company had exit-related accruals of $4.3 million recorded in Accrued and other current liabilities and $7.8 million recorded in Other long-term liabilities, net. |
Earnings_Per_Share_Basic_and_D
Earnings Per Share (Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Schedule of earnings per share, basic and diluted [Line Items] | ||
Net income attributable to Bloomin’ Brands | $60,588 | $53,733 |
Basic weighted average common shares outstanding | 125,302 | 124,542 |
Effect of diluted securities: | ||
Diluted weighted average common shares outstanding | 128,759 | 127,851 |
Basic earnings per share (usd per share) | $0.48 | $0.43 |
Diluted earnings per share (usd per share) | $0.47 | $0.42 |
Stock options [Member] | ||
Effect of diluted securities: | ||
Dilutive shares | 3,221 | 3,193 |
Nonvested restricted stock and restricted stock units [Member] | ||
Effect of diluted securities: | ||
Dilutive shares | 230 | 111 |
Performance-based share units [Member] | ||
Effect of diluted securities: | ||
Dilutive shares | 6 | 5 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Antidilutive Securities) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
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 | 2,122 | 1,917 |
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 | 61 | 220 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $4,585 | $3,575 | |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1.1 | ||
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | 1.66% | [1] | |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | 1.00% | [2] | |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term | 6 years 3 months | [3] | |
Share-based compensation arrangement by share-based payment award, fair value assumptions, weighted average volatility rate | 43.60% | [4] | |
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $10.20 | ||
Share-based compensation, nonvested awards, compensation not yet recognized, stock options | 31,549 | ||
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 2,427 | 2,468 | |
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition in years | 3 years 0 months 25 days | ||
Restricted stock and restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,409 | 749 | |
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition in years | 3 years 4 months 9 days | ||
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | 21,394 | ||
Nonvested performance-based share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 749 | 358 | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.2 | ||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition in years | 0 years 10 months 22 days | ||
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $3,347 | ||
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 | ||
[1] | Risk-free rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the contractual life of the option. | ||
[2] | Dividend yield is the level of dividends expected 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 simplified method of estimating the expected term is used since the Company does not have significant historical exercise experience for its stock options. | ||
[4] | Volatility for the thirteen weeks ended March 29, 2015 is based on the historical volatilities of the Company’s stock and the stock of comparable peer companies. |
Other_Current_Assets_Net_Detai
Other Current Assets, Net (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid expenses | $44,755 | $30,260 |
Other current assets, net | 32,535 | 40,691 |
Total other current assets, net | 140,338 | 206,628 |
Accounts receivable - vendors, net [Member] | ||
Accounts receivable, net | 29,314 | 27,340 |
Accounts receivable - franchisees, net [Member] | ||
Accounts receivable, net | 1,930 | 1,159 |
Accounts receivable - other, net [Member] | ||
Accounts receivable, net | $31,804 | $107,178 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Goodwill [Line Items] | |
Balance as of December 28, 2014 | $341,540 |
Goodwill, translation adjustments | -11,736 |
Balance as of March 29, 2015 | 329,804 |
U.S. segment [Member] | |
Goodwill [Line Items] | |
Balance as of December 28, 2014 | 172,711 |
Goodwill, translation adjustments | 0 |
Balance as of March 29, 2015 | 172,711 |
International segment [Member] | |
Goodwill [Line Items] | |
Balance as of December 28, 2014 | 168,829 |
Goodwill, translation adjustments | -11,736 |
Balance as of March 29, 2015 | $157,093 |
Longterm_Debt_Net_Schedule_of_
Long-term Debt, Net (Schedule of Long-term Debt, Net) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | ||
Debt instrument [Line Items] | |||||
Capital lease obligations | $545 | 634 | |||
Total debt and capital lease obligations | 1,316,826 | 1,321,916 | |||
Current portion of long-term debt | -25,491 | -25,964 | |||
Debt instrument, unamortized discount | -5,516 | -6,073 | |||
Total long-term debt and capital lease obligations | 1,285,819 | 1,289,879 | |||
Repayments of lines of credit | 115,000 | 0 | |||
2012 CMBS loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 468,348 | 470,959 | |||
Secured debt [Member] | Senior Secured Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 844,750 | 846,250 | |||
Secured debt [Member] | Term Loan A Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 288,750 | 296,250 | |||
Secured debt [Member] | Term Loan B Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 215,000 | [1] | 225,000 | ||
Debt instrument, interest rate at period end | 3.50% | 3.50% | |||
Secured debt [Member] | Revolving Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 341,000 | [1],[2] | 325,000 | ||
Secured debt [Member] | Swing line loan [Member] | Revolving Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 6,000 | [3] | |||
Debt instrument, interest rate at period end | 4.25% | ||||
Mortgage [Member] | First mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 297,649 | 299,765 | |||
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 84,836 | 85,127 | |||
Debt instrument, interest rate at period end | 9.00% | 9.00% | |||
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 85,863 | 86,067 | |||
Debt instrument, interest rate at period end | 11.25% | 11.25% | |||
Unsecured debt [Member] | |||||
Debt instrument [Line Items] | |||||
Other long-term debt, noncurrent | $3,183 | [4] | 4,073 | [4] | |
Unsecured debt [Member] | Notes payable, other payables [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage rate range, minimum | 0.72% | 0.52% | |||
Debt instrument, interest rate, stated percentage rate range, maximum | 7.00% | 7.00% | |||
Weighted average [Member] | Secured debt [Member] | Term Loan A Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | 2.16% | [3] | 2.16% | [3] | |
Weighted average [Member] | Secured debt [Member] | Revolving Credit Facility [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | 2.16% | [3] | 2.16% | [3] | |
Weighted average [Member] | Mortgage [Member] | First mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | 4.09% | [3] | 4.08% | [3] | |
[1] | On March 31, 2015, the Company amended its credit agreement to effect an increase of its existing revolving credit facility in order to fully pay down its existing Term Loan B on April 2, 2015. See Note 15 - Subsequent Events for details regarding this amendment. | ||||
[2] | Includes $6.0 million of borrowings on the swing line loan sub-facilities at an interest rate of 4.25%. | ||||
[3] | Represents the weighted-average interest rate for the respective period. | ||||
[4] | Balance is comprised of sale-leaseback obligations and uncollateralized notes payable. Interest rates presented relate to the notes payable. |
Longterm_Debt_Net_Details
Long-term Debt, Net (Details) (Secured debt [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2015 |
Revolving Credit Facility [Member] | |
Debt instrument [Line Items] | |
Line of credit facility, unused capacity, commitment fee percentage | 0.30% |
Letters of credit outstanding, amount | $29.60 |
Letter of credit [Member] | |
Debt instrument [Line Items] | |
Letters of credit fee, percentage | 2.13% |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Redeemable Noncontrolling Interests [Abstract] | |
Balance, beginning of period | $24,733 |
Net income attributable to Redeemable noncontrolling interests | 336 |
Balance, end of period | 25,069 |
Noncontrolling interest, change in redemption value | $0 |
Stockholders_Equity_Secondary_
Stockholders' Equity (Secondary Public Offering) (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stock repurchased and retired during period, shares | 2,759,164 |
Stock repurchased and retired during period, value | $70,000 |
Stockholders_Equity_Share_Repu
Stockholders' Equity (Share Repurchase) (Details) (USD $) | 3 Months Ended |
Mar. 29, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stock repurchase program, authorized amount | $100,000,000 |
Stock repurchase program expiration date | 12-Jun-16 |
Stock repurchased and retired during period, value | $70,000,000 |
Stockholders_Equity_Dividend_D
Stockholders' Equity (Dividend) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
Feb. 12, 2015 | Mar. 29, 2015 | Mar. 30, 2014 | Apr. 29, 2015 | |
Dividends Payable [Line Items] | ||||
Cash dividends declared per common share | $0.06 | $0.06 | $0 | |
Subsequent event [Member] | ||||
Dividends Payable [Line Items] | ||||
Cash dividends declared per common share | $0.06 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balances as of December 28, 2014 | ($60,542) | |
Other comprehensive loss, net of tax | -29,474 | -5,365 |
Balances as of March 29, 2015 | -90,016 | |
Accumulated translation adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balances as of December 28, 2014 | -58,149 | |
Other comprehensive loss, net of tax | -25,462 | |
Balances as of March 29, 2015 | -83,611 | |
Accumulated net gain (loss) from designated or qualifying cash flow hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balances as of December 28, 2014 | -2,393 | |
Other comprehensive loss, net of tax | -4,012 | |
Balances as of March 29, 2015 | ($6,405) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Mar. 29, 2015 | Mar. 30, 2014 | Sep. 09, 2014 | Mar. 27, 2016 | Dec. 28, 2014 | |||
counterparties | counterparties | ||||||
Derivative [Line Items] | |||||||
Other comprehensive loss, unrealized loss on derivatives, net of tax | ($4,012,000) | $0 | |||||
Interest rate swap [Member] | Designated as hedging instrument [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, inception date | 9-Sep-14 | ||||||
Derivative agreements, number of counterparties | 8 | ||||||
Derivative, notional amount | 400,000,000 | ||||||
Derivative, effective date | 30-Jun-15 | ||||||
Derivative, maturity date | 16-May-19 | ||||||
Derivative, average fixed interest rate | 2.02% | ||||||
Derivative, interest rate swaps, liabilities, fair value | 10,502,000 | [1] | 3,924,000 | [1] | |||
Accrued interest expense, interest rate swaps | 0 | ||||||
Derivative, net hedge ineffectiveness gain (loss) | 0 | ||||||
Other comprehensive (loss) income, unrealized (loss) gain on derivatives arising during period, before tax | -6,578,000 | ||||||
Other comprehensive (loss) income, unrealized (loss) gains on derivatives arising during period, tax | 2,566,000 | ||||||
Other comprehensive loss, unrealized loss on derivatives, net of tax | -4,012,000 | ||||||
Number of derivatives with each counterparty | 1 | ||||||
Derivative, net liability position, aggregate fair value | 10,700,000 | ||||||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Interest expense [Member] | Scenario, forecast [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative instruments, reclassification from AOCI to income, estimated | 4,800,000 | ||||||
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 | 4,421,000 | 2,617,000 | |||||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Other long-term liabilities, net [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, interest rate swaps, liabilities, fair value | $6,081,000 | $1,307,000 | |||||
Interest rate swap [Member] | Designated as hedging instrument [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, variable interest rate | 30-day LIBOR | ||||||
[1] | See Note 11 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | |
2012 CMBS loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | $468,348 | $470,959 | ||
Secured debt [Member] | Term Loan A Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 288,750 | 296,250 | ||
Secured debt [Member] | Term Loan B Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 215,000 | [1] | 225,000 | |
Secured debt [Member] | Revolving Credit Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Line of credit facility, amount outstanding | 341,000 | [1],[2] | 325,000 | |
Mortgage [Member] | 2012 CMBS first mortgage loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 297,649 | 299,765 | ||
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 84,836 | 85,127 | ||
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 85,863 | 86,067 | ||
Unsecured debt [Member] | Notes payable, other payables [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other notes payable | 1,821 | 2,722 | ||
Fair value, inputs, level 2 [Member] | Secured debt [Member] | Term Loan A Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 287,306 | 294,769 | ||
Fair value, inputs, level 2 [Member] | Secured debt [Member] | Term Loan B Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 213,925 | 222,188 | ||
Fair value, inputs, level 2 [Member] | Secured debt [Member] | Revolving Credit Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 338,443 | 322,563 | ||
Fair value, inputs, level 2 [Member] | Mortgage [Member] | 2012 CMBS first mortgage loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Fair value, inputs, level 2 [Member] | Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Fair value, inputs, level 2 [Member] | Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Fair value, inputs, level 2 [Member] | Unsecured debt [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 | ||
Fair value, inputs, level 3 [Member] | Secured debt [Member] | Term Loan A Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Fair value, inputs, level 3 [Member] | Secured debt [Member] | Term Loan B Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Fair value, inputs, level 3 [Member] | Secured debt [Member] | Revolving Credit Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Fair value, inputs, level 3 [Member] | Mortgage [Member] | 2012 CMBS first mortgage loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 305,912 | 308,563 | ||
Fair value, inputs, level 3 [Member] | Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 84,895 | 85,187 | ||
Fair value, inputs, level 3 [Member] | Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 86,782 | 86,988 | ||
Fair value, inputs, level 3 [Member] | Unsecured debt [Member] | Notes payable, other payables [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes payable, fair value disclosure | 1,760 | 2,625 | ||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets at fair value | 9,524 | 15,804 | ||
Liabilities at fair value | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets at fair value | 0 | 0 | ||
Liabilities at fair value | 11,139 | 4,490 | ||
Provision for impaired assets and restaurant closings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses | 1,295 | 92 | ||
Provision for impaired assets and restaurant closings [Member] | Fair value, measurements, nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses | 1,295 | |||
Provision for impaired assets and restaurant closings [Member] | Fair value, measurements, nonrecurring [Member] | 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 | 171 | |||
Provision for impaired assets and restaurant closings [Member] | Fair value, measurements, nonrecurring [Member] | Property, plant and equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, fixtures and equipment, impairment | 1,124 | |||
Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | Assets held-for-sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, fair value disclosure | 1,564 | |||
Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | Property, plant and equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, fair value disclosure | 950 | |||
Fixed income funds [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 3,065 | 4,602 | ||
Fixed income funds [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 0 | 0 | ||
Money market funds [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 2,852 | 7,842 | ||
Restricted cash equivalents, fair value disclosure | 3,607 | 3,360 | ||
Money market funds [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [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, measurements, recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets at fair value | 9,524 | 15,804 | ||
Liabilities at fair value | 11,139 | 4,490 | ||
Reported value measurement [Member] | Assets measured with impairment, year-to-date [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, fair value disclosure | 2,514 | |||
Reported value measurement [Member] | Assets measured with impairment, year-to-date [Member] | Assets held-for-sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, fair value disclosure | 1,564 | [3] | ||
Reported value measurement [Member] | Assets measured with impairment, year-to-date [Member] | Property, plant and equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used, fair value disclosure | 950 | [3] | ||
Reported value measurement [Member] | Fixed income funds [Member] | Fair value, measurements, recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 3,065 | 4,602 | ||
Reported value measurement [Member] | Money market funds [Member] | Fair value, measurements, recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 2,852 | 7,842 | ||
Restricted cash equivalents, fair value disclosure | 3,607 | 3,360 | ||
Commodity [Member] | Accrued and other current liabilities [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, current | 0 | 0 | ||
Commodity [Member] | Accrued and other current liabilities [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, current | 637 | 566 | ||
Commodity [Member] | Accrued and other current liabilities [Member] | Reported value measurement [Member] | Fair value, measurements, recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, current | 637 | 566 | ||
Interest rate swap [Member] | Accrued and other current liabilities [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, current | 0 | 0 | ||
Interest rate swap [Member] | Accrued and other current liabilities [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, current | 4,421 | 2,617 | ||
Interest rate swap [Member] | Accrued and other current liabilities [Member] | Reported value measurement [Member] | Fair value, measurements, recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, current | 4,421 | 2,617 | ||
Interest rate swap [Member] | Other long-term liabilities, net [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | 0 | 0 | ||
Interest rate swap [Member] | Other long-term liabilities, net [Member] | Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | 6,081 | 1,307 | ||
Interest rate swap [Member] | Other long-term liabilities, net [Member] | Reported value measurement [Member] | Fair value, measurements, recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | $6,081 | $1,307 | ||
[1] | On March 31, 2015, the Company amended its credit agreement to effect an increase of its existing revolving credit facility in order to fully pay down its existing Term Loan B on April 2, 2015. See Note 15 - Subsequent Events for details regarding this amendment. | |||
[2] | Includes $6.0 million of borrowings on the swing line loan sub-facilities at an interest rate of 4.25%. | |||
[3] | Carrying value approximates fair value with all assets measured using Level 2 inputs. A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 25.50% | 24.80% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Pending litigation [Member]) | 0 Months Ended |
Oct. 04, 2013 | |
employee | |
Employee [Member] | |
Other Commitments [Line Items] | |
Number of employees party to lawsuit | 2 |
Subsidiaries [Member] | |
Other Commitments [Line Items] | |
Loss contingency, number of defendants | 2 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Segment reporting information [Line Items] | ||
Number of reportable segments | 2 | |
Revenues | $1,202,059,000 | $1,157,859,000 |
International segment [Member] | ||
Segment reporting information [Line Items] | ||
Revenues | 140,045,000 | 147,233,000 |
Intersegment eliminations [Member] | ||
Segment reporting information [Line Items] | ||
Revenues | $0 | |
Franchised units [Member] | International segment [Member] | ||
Segment reporting information [Line Items] | ||
Number of countries in which entity operates | 18 |
Segment_Reporting_Revenue_by_S
Segment Reporting (Revenue by Segment) (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total revenues | $1,202,059,000 | $1,157,859,000 |
U.S. segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total revenues | 1,062,014,000 | 1,010,626,000 |
International segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total revenues | $140,045,000 | $147,233,000 |
Segment_Reporting_Income_from_
Segment Reporting (Income from Operations Reconciliation) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) from operations | $97,701 | $90,026 |
Other expense, net | -1,147 | -164 |
Interest expense, net | -13,198 | -16,598 |
Income before provision for income taxes | 83,356 | 73,264 |
Operating segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) from operations | 136,287 | 123,126 |
Corporate, non-segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) from operations | -38,586 | -33,100 |
U.S. segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) from operations | 127,408 | 106,901 |
International segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (loss) from operations | $8,879 | $16,225 |
Segment_Reporting_Depreciation
Segment Reporting (Depreciation and Amortization by Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation and amortization | $46,486 | $46,165 |
U.S. segment [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation and amortization | 36,716 | 35,773 |
International segment [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation and amortization | 6,837 | 6,843 |
Corporate, non-segment [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation and amortization | $2,933 | $3,549 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Apr. 02, 2015 | Mar. 31, 2015 | ||
Subsequent event [Line Items] | |||||
Proceeds from revolving credit facility | $131,000,000 | $0 | |||
Subsequent event [Member] | |||||
Subsequent event [Line Items] | |||||
Loss on extinguishment and modification of debt | 2,600,000 | ||||
Term Loan B Facility [Member] | Secured debt [Member] | Subsequent event [Member] | |||||
Subsequent event [Line Items] | |||||
Long-term debt | 215,000,000 | [1] | |||
Revolving Credit Facility [Member] | Secured debt [Member] | Subsequent event [Member] | |||||
Subsequent event [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 600,000,000 | ||||
Proceeds from revolving credit facility | 216,300,000 | ||||
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | Secured debt [Member] | Subsequent event [Member] | |||||
Subsequent event [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $825,000,000 | ||||
[1] | On March 31, 2015, the Company amended its credit agreement to effect an increase of its existing revolving credit facility in order to fully pay down its existing Term Loan B on April 2, 2015. See Note 15 - Subsequent Events for details regarding this amendment. |