Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 27, 2015 | Oct. 29, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 27, 2015 | |
Entity Registrant Name | Bloomin' Brands, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 119,810,801 | |
Entity Central Index Key | 1,546,417 | |
Current Fiscal Year End Date | --12-27 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 135,590 | $ 165,744 |
Current portion of restricted cash and cash equivalents | 4,895 | 6,829 |
Inventories | 79,562 | 80,817 |
Deferred income tax assets | 125,416 | 123,866 |
Assets held for sale | 185 | 16,667 |
Other current assets, net | 95,148 | 206,628 |
Total current assets | 440,796 | 600,551 |
Restricted cash | 16,184 | 25,451 |
Property, fixtures and equipment, net | 1,622,954 | 1,629,311 |
Goodwill | 306,306 | 341,540 |
Intangible assets, net | 553,615 | 585,432 |
Deferred income tax assets | 4,945 | 6,038 |
Other assets, net | 148,387 | 155,963 |
Total assets | 3,093,187 | 3,344,286 |
Current Liabilities | ||
Accounts payable | 197,267 | 191,207 |
Accrued and other current liabilities | 194,817 | 237,844 |
Current portion of partner deposits and accrued partner obligations | 2,150 | 8,399 |
Unearned revenue | 236,797 | 376,696 |
Current portion of long-term debt, net | 21,731 | 25,964 |
Total current liabilities | 652,762 | 840,110 |
Partner deposits and accrued partner obligations | 57,360 | 69,766 |
Deferred rent | 137,288 | 121,819 |
Deferred income tax liabilities | 177,371 | 181,125 |
Long-term debt, net | 1,377,942 | 1,289,879 |
Other long-term liabilities, net | 248,174 | 260,405 |
Total liabilities | $ 2,650,897 | $ 2,763,104 |
Commitments and contingencies | ||
Mezzanine Equity | ||
Redeemable noncontrolling interests | $ 24,772 | $ 24,733 |
Bloomin’ Brands Stockholders’ Equity | ||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of September 27, 2015 and December 28, 2014 | 0 | 0 |
Common stock, $0.01 par value, 475,000,000 shares authorized; 119,751,468 and 125,949,870 shares issued and outstanding as of September 27, 2015 and December 28, 2014, respectively | 1,198 | 1,259 |
Additional paid-in capital | 1,075,424 | 1,085,627 |
Accumulated deficit | (526,023) | (474,994) |
Accumulated other comprehensive loss | (140,306) | (60,542) |
Total Bloomin’ Brands stockholders’ equity | 410,293 | 551,350 |
Noncontrolling interests | 7,225 | 5,099 |
Total stockholders’ equity | 417,518 | 556,449 |
Total liabilities, mezzanine equity and stockholders’ equity | $ 3,093,187 | $ 3,344,286 |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Sep. 27, 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 | 119,751,468 | 125,949,870 |
Common stock, shares outstanding | 119,751,468 | 125,949,870 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | ||
Revenues | |||||
Restaurant sales | $ 1,020,131 | $ 1,059,217 | $ 3,307,700 | $ 3,314,179 | |
Other revenues | 6,590 | 6,237 | 20,677 | 20,046 | |
Total revenues | 1,026,721 | 1,065,454 | 3,328,377 | 3,334,225 | |
Costs and expenses | |||||
Cost of sales | 339,000 | 348,315 | 1,083,923 | 1,080,785 | |
Labor and other related | 286,628 | 295,532 | 911,653 | 909,422 | |
Other restaurant operating | 243,609 | 269,480 | 761,928 | 791,277 | |
Depreciation and amortization | 47,455 | 48,750 | 141,316 | 143,542 | |
General and administrative | 69,623 | 75,417 | 218,832 | 221,733 | |
Provision for impaired assets and restaurant closings | 1,682 | 29,081 | 11,715 | 36,170 | |
Total costs and expenses | 987,997 | 1,066,575 | 3,129,367 | 3,182,929 | |
Income (loss) from operations | 38,724 | (1,121) | 199,010 | 151,296 | |
Loss on extinguishment and modification of debt | 0 | 0 | (2,638) | (11,092) | |
Other (expense) income, net | (266) | 18 | (1,356) | 171 | |
Interest expense, net | (14,851) | (13,837) | (40,916) | (45,544) | |
Income (loss) before provision (benefit) for income taxes | 23,607 | (14,940) | 154,100 | 94,831 | |
Provision (benefit) for income taxes | 6,202 | (4,110) | 41,557 | 22,839 | |
Net income (loss) | 17,405 | (10,830) | 112,543 | 71,992 | |
Less: net income attributable to noncontrolling interests | 594 | 613 | 2,918 | 3,311 | |
Net income (loss) attributable to Bloomin’ Brands | 16,811 | (11,443) | 109,625 | 68,681 | |
Other comprehensive (loss) income: | |||||
Foreign currency translation adjustment | (34,157) | (2,754) | (85,801) | 10,969 | |
Unrealized losses on derivatives, net of tax | (3,884) | (486) | (7,052) | (486) | |
Reclassification of adjustment for loss on derivatives included in net income, net of tax | 1,115 | 0 | 1,115 | 0 | |
Comprehensive (loss) income | (19,521) | (14,070) | 20,805 | 82,475 | |
Less: comprehensive (loss) income attributable to noncontrolling interests | (11,380) | 613 | (9,056) | 3,311 | |
Comprehensive (loss) income attributable to Bloomin’ Brands | $ (8,141) | $ (14,683) | $ 29,861 | $ 79,164 | |
Earnings (loss) per share: | |||||
Basic (usd per share) | $ 0.14 | $ (0.09) | $ 0.89 | $ 0.55 | |
Diluted (usd per share) | $ 0.13 | $ (0.09) | $ 0.87 | $ 0.54 | |
Weighted average common shares outstanding: | |||||
Basic (shares) | 121,567 | 125,289 | 123,337 | 125,023 | |
Diluted (shares) | 124,733 | 125,289 | 126,610 | 128,148 | |
Cash dividends declared per common share | $ 0.06 | $ 0 | $ 0.18 | $ 0 | |
Parent [Member] | |||||
Other comprehensive (loss) income: | |||||
Foreign currency translation adjustment | $ (22,183) | $ (73,827) | |||
Unrealized losses on derivatives, net of tax | [1] | (3,884) | $ (486) | (7,052) | $ (486) |
Reclassification of adjustment for loss on derivatives included in net income, net of tax | [2] | $ 1,115 | $ 1,115 | ||
[1] | Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $2.5 million and $4.5 million for the thirteen and thirty-nine weeks ended September 27, 2015, respectively, and $0.3 million for the thirteen and thirty-nine weeks ended September 28, 2014. | ||||
[2] | Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $0.7 million for the thirteen and thirty-nine weeks ended September 27, 2015. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Non-controlling interests [Member] |
Balance (in shares) at Dec. 31, 2013 | 124,784,000 | |||||
Balance at Dec. 31, 2013 | $ 482,709 | $ 1,248 | $ 1,068,705 | $ (565,154) | $ (26,418) | $ 4,328 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 71,534 | 68,681 | 2,853 | |||
Other comprehensive (loss) income, net of tax | 10,483 | 10,483 | 0 | |||
Stock-based compensation | 12,987 | 12,987 | ||||
Excess tax benefit on stock-based compensation | 1,067 | 1,067 | ||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, shares | 845,000 | |||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, value | 5,782 | $ 8 | 6,643 | (869) | ||
Purchase of limited partnership interests and noncontrolling interests | (10,692) | (11,928) | 1,236 | |||
Transfer to redeemable noncontrolling interest | (627) | (627) | ||||
Distributions to noncontrolling interests | (3,505) | (3,505) | ||||
Contributions from noncontrolling interests | 174 | 174 | ||||
Balance (in shares) at Sep. 28, 2014 | 125,629,000 | |||||
Balance at Sep. 28, 2014 | 569,912 | $ 1,256 | 1,076,847 | (497,342) | (15,935) | 5,086 |
Balance (in shares) at Dec. 31, 2013 | 124,784,000 | |||||
Balance at Dec. 31, 2013 | $ 482,709 | $ 1,248 | 1,068,705 | (565,154) | (26,418) | 4,328 |
Balance (in shares) at Dec. 28, 2014 | 125,949,870 | 125,950,000 | ||||
Balance at Dec. 28, 2014 | $ 556,449 | $ 1,259 | 1,085,627 | (474,994) | (60,542) | 5,099 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 111,609 | 109,625 | 1,984 | |||
Other comprehensive (loss) income, net of tax | (79,754) | (79,764) | 10 | |||
Cash dividends declared, $0.18 per common share | $ (22,147) | (22,147) | ||||
Repurchase and retirement of common stock, shares | (7,043,000) | (7,043,000) | ||||
Repurchase and retirement of common stock, value | $ (159,999) | $ (70) | (159,929) | |||
Stock-based compensation | 16,276 | 16,276 | ||||
Excess tax benefit on stock-based compensation | 1,058 | 1,058 | ||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, shares | 844,000 | |||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, value | 5,671 | $ 9 | 6,387 | (725) | ||
Purchase of limited partnership interests and noncontrolling interests | (229) | (229) | ||||
Change in redemption value of redeemable noncontrolling interests | (11,548) | (11,548) | ||||
Distributions to noncontrolling interests | (3,310) | (3,310) | ||||
Contributions from noncontrolling interests | $ 3,442 | 3,442 | ||||
Balance (in shares) at Sep. 27, 2015 | 119,751,468 | 119,751,000 | ||||
Balance at Sep. 27, 2015 | $ 417,518 | $ 1,198 | $ 1,075,424 | $ (526,023) | $ (140,306) | $ 7,225 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Parenthetical $ in Thousands | 9 Months Ended |
Sep. 28, 2014USD ($)$ / shares | |
Common stock, dividends per share | $ / shares | $ 0 |
Purchase of limited partnership interests, deferred tax effect | $ 6,519 |
Additional paid-in capital [Member] | |
Purchase of limited partnership interests, deferred tax effect | $ 6,519 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Cash flows provided by operating activities: | ||
Net income | $ 112,543 | $ 71,992 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 141,316 | 143,542 |
Amortization of deferred financing fees | 2,211 | 2,378 |
Amortization of capitalized gift card sales commissions | 20,381 | 20,144 |
Provision for impaired assets and restaurant closings | 11,715 | 36,170 |
Accretion on debt discounts | 1,372 | 1,589 |
Stock-based and other non-cash compensation expense | 16,797 | 14,546 |
Deferred income tax expense (benefit) | 6,053 | (1,687) |
Loss on disposal of property, fixtures and equipment | 1,234 | 1,548 |
Gain on life insurance and restricted cash investments | (1,700) | (1,305) |
Loss on disposal of business or subsidiary | 1,168 | 0 |
Loss on extinguishment and modification of debt | 2,638 | 11,092 |
Recognition of deferred gain on sale-leaseback transaction | (1,592) | (1,605) |
Excess tax benefits from stock-based compensation | (1,058) | (1,067) |
Change in assets and liabilities: | ||
(Increase) decrease in inventories | (2,214) | 14,707 |
Decrease (increase) in other current assets | 71,279 | (34,489) |
Decrease in other assets | 11,414 | 6,141 |
Decrease in accounts payable and accrued and other current liabilities | (16,932) | (2,059) |
Increase in deferred rent | 15,516 | 14,969 |
Decrease in unearned revenue | (139,672) | (134,545) |
Decrease in other long-term liabilities | (5,175) | (2,513) |
Net cash provided by operating activities | 247,294 | 159,548 |
Cash flows used in investing activities: | ||
Purchases of life insurance policies | (4,447) | (1,682) |
Proceeds received from life insurance policies | 14,942 | 627 |
Proceeds from disposal of property, fixtures and equipment | 5,521 | 4,070 |
Acquisition of business, net of cash acquired | 0 | (3,063) |
Proceeds from sale of a business | 7,798 | 0 |
Capital expenditures | (166,783) | (174,432) |
Decrease in restricted cash | 42,868 | 19,612 |
Increase in restricted cash | (33,960) | (21,150) |
Investment in unconsolidated affiliates | (877) | 0 |
Net cash used in investing activities | (134,938) | (176,018) |
Cash flows used in financing activities: | ||
Proceeds from issuance of senior secured Term loan A | 0 | 297,088 |
Extinguishment and modification of senior secured term loan | (215,000) | (700,000) |
Repayments of long-term debt | (36,330) | (25,159) |
Proceeds from borrowings on revolving credit facilities | 523,485 | 474,500 |
Repayments of borrowings on revolving credit facilities | (193,300) | (59,500) |
Financing fees | (1,260) | (4,492) |
Proceeds from the exercise of stock options, net of tax withholdings | 6,396 | 6,642 |
Distributions to noncontrolling interests | (3,310) | (3,505) |
Contributions from noncontrolling interests | 3,442 | 174 |
Purchase of limited partnership and noncontrolling interests | (652) | (17,211) |
Repayments of partner deposits and accrued partner obligations | (35,884) | (17,603) |
Repurchase of common stock | (160,724) | (869) |
Excess tax benefits from stock-based compensation | 1,058 | 1,067 |
Cash dividends paid on common stock | (22,147) | 0 |
Net cash used in financing activities | (134,226) | (48,868) |
Effect of exchange rate changes on cash and cash equivalents | (8,284) | 138 |
Net cash decrease in cash and cash equivalents | (30,154) | (65,200) |
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 | 135,590 | 144,671 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 39,408 | 43,369 |
Cash paid for income taxes, net of refunds | 18,383 | 43,193 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Conversion of partner deposits and accrued partner obligations to notes payable | 0 | 503 |
Change in acquisition of property, fixtures and equipment included in accounts payable or capital lease liabilities | 17 | 11,174 |
Contribution receivable from noncontrolling interest | 0 | 1,456 |
Deferred tax effect of purchase of noncontrolling interests | $ 0 | $ 6,519 |
Description of the Business and
Description of the Business and Basis of Presentation | 9 Months Ended |
Sep. 27, 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 - Bloomin’ Brands, Inc., through its subsidiaries (“Bloomin’ Brands” or 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 . 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 requires 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. Since ASU No. 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, the FASB issued ASU No. 2015-15: “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU No. 2015-15”) in August 2015. ASU No. 2015-15 clarifies that debt issuance costs related to line-of-credit arrangements may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-03 requires retrospective application. ASU No. 2015-03 and ASU No. 2015-15 will be effective for the Company in fiscal year 2016, with early adoption permitted. The Company does not expect ASU No. 2015-03 and ASU No. 2015-15 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. On July 9, 2015, the FASB agreed to delay the effective date of ASU 2014-09 by one year. As a result, the new guidance will be effective for the Company in fiscal year 2018 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. Out-of-Period Adjustments - In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments (“CTA”) to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. Management evaluated the materiality of the errors from a qualitative and quantitative perspective and concluded that the errors were immaterial to the current and prior periods. As a result, the Company recorded the cumulative adjustment in its Consolidated Statement of Stockholders’ Equity for the thirty-nine weeks ended September 27, 2015 and Consolidated Statements of Operations and Comprehensive (Loss) Income for the thirteen and thirty-nine weeks ended September 27, 2015: FINANCIAL STATMENT LINE ITEM IMPACT IMPACT BY PERIOD CUMULATIVE ADJUSTMENT FISCAL YEAR (dollars in thousands) 2013 2014 Q1 2015 Q2 2015 Mezzanine equity: Allocation of CTA to redeemable noncontrolling interests Redeemable noncontrolling interests $ (1,762 ) $ (2,677 ) $ (2,511 ) $ (2,282 ) $ (9,232 ) Adjustment for the change in the redemption value of redeemable interests Redeemable noncontrolling interests 1,715 1,824 1,856 3,276 8,671 Net impact to Mezzanine equity $ (47 ) $ (853 ) $ (655 ) $ 994 $ (561 ) Bloomin’ Brands stockholders’ equity: Allocation of CTA to redeemable noncontrolling interests Accumulated other comprehensive loss $ 1,762 $ 2,677 $ 2,511 $ 2,282 $ 9,232 Adjustment for the change in the redemption value of redeemable interests Additional paid-in capital (1,715 ) (1,824 ) (1,856 ) (3,276 ) (8,671 ) Net impact to Bloomin’ Brands stockholders’ equity $ 47 $ 853 $ 655 $ (994 ) $ 561 Other comprehensive (loss) income: Allocation of CTA to redeemable noncontrolling interests Comprehensive (loss) income attributable to Bloomin’ Brands $ 1,762 $ 2,677 $ 2,511 $ 2,282 $ 9,232 Allocation of CTA to redeemable noncontrolling interests Comprehensive (loss) income attributable to noncontrolling interests (1,762 ) (2,677 ) (2,511 ) (2,282 ) (9,232 ) Net impact to Other comprehensive (loss) income $ — $ — $ — $ — $ — 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. |
Disposals, Exit Costs and Acqui
Disposals, Exit Costs and Acquisitions | 9 Months Ended |
Sep. 27, 2015 | |
Disposals, Exit Costs and Acquisitions [Abstract] | |
Disposals, exit costs and acquisitions | Disposals, Exit Costs and Acquisitions The components of Provision for impaired assets and restaurant closings are as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Impairment losses $ 1,637 $ 28,734 $ 3,789 $ 29,216 Restaurant closure expenses 45 347 7,926 6,954 Provision for impaired assets and restaurant closings $ 1,682 $ 29,081 $ 11,715 $ 36,170 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 September 27, 2015 , 35 of the 36 locations have closed. In connection with the International Restaurant Closure Initiative, the Company incurred pre-tax restaurant and other closing costs of $0.1 million and $6.2 million during the thirteen and thirty-nine weeks ended September 27, 2015 , respectively, and pre-tax fixed asset impairment costs of $11.6 million during the thirteen and thirty-nine weeks ended September 28, 2014 , which were recorded within the International segment. The Company expects to incur additional charges of approximately $1.0 million , including costs associated with lease obligations, employee terminations and other closure related obligations, through the first half of 2016. Future cash expenditures of $5.0 million to $6.0 million , primarily related to lease liabilities, are expected to occur through the final lease expiration of 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 $6.0 million were incurred during the thirty-nine weeks ended September 27, 2015 and September 28, 2014 , respectively, in connection with the Domestic Restaurant Closure Initiative, which were recorded within the U.S. segment. Following is a summary of expenses related to the Domestic and International Restaurant Closure Initiatives recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Property, fixtures and equipment impairments Provision for impaired assets and restaurant closings $ — $ 11,573 $ — $ 11,573 Facility closure and other expenses Provision for impaired assets and restaurant closings 45 — 7,477 5,972 Severance and other expenses General and administrative 140 — 1,713 1,035 Reversal of deferred rent liability Other restaurant operating — — (198 ) (2,078 ) $ 185 $ 11,573 $ 8,992 $ 16,502 Following is a summary of cumulative restaurant closure initiative expenses incurred to date as of September 27, 2015 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME DOMESTIC RESTAURANT CLOSURE INITIATIVE INTERNATIONAL RESTAURANT CLOSURE INITIATIVE RESTAURANT CLOSURE INITIATIVES TOTAL Property, fixtures and equipment impairments Provision for impaired assets and restaurant closings $ 18,695 $ 11,573 $ 30,268 Facility closure and other expenses Provision for impaired assets and restaurant closings 7,289 14,325 21,614 Severance and other expenses General and administrative 1,035 4,720 5,755 Reversal of deferred rent liability Other restaurant operating (2,078 ) (1,031 ) (3,109 ) $ 24,941 $ 29,587 $ 54,528 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 thirty-nine weeks ended September 27, 2015 : THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, Beginning of the period $ 11,000 Charges 9,534 Cash payments (11,878 ) Adjustments (1) (1,608 ) End of the period (2) $ 7,048 ________________ (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 September 27, 2015 , the Company had exit-related accruals of $2.8 million recorded in Accrued and other current liabilities and $4.2 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 recognized a loss on sale of $0.1 million and $0.9 million , which was recorded in Other expense, net, during the thirteen and thirty-nine weeks ended September 27, 2015 , respectively. The sale agreement contained a provision obligating the Company to pay the Buyer up to $5.0 million , if certain lease contingencies are not resolved prior to April 2018 and the Buyer is damaged. In July 2015, these lease contingencies were satisfactorily resolved. 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 by the Buyer. 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 the decision to sell Roy’s, the Company recorded pre-tax impairment charges of $6.0 million for Assets held for sale during the thirteen and thirty-nine weeks ended September 28, 2014 . This impairment charge was recorded in Provision for impaired assets and restaurant closings in the Consolidated Statements of Operations and Comprehensive (Loss) Income . Following are the components of Roy’s included in the Consolidated Statements of Operations and Comprehensive (Loss) Income during the periods indicated: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Restaurant sales $ — $ 15,717 $ 5,729 $ 52,117 Loss before income taxes (1) (2) $ (124 ) $ (6,962 ) $ (765 ) $ (6,393 ) ________________ (1) Includes loss on sale of $0.1 million and $0.9 million during the thirteen and thirty-nine weeks ended September 27, 2015 . (2) Includes impairment charges of $6.0 million for Assets held for sale during the thirteen and thirty-nine weeks ended September 28, 2014 . Other Disposals - During the third quarter of 2014, the Company decided to sell both of its corporate airplanes. In connection with this decision, the Company recognized pre-tax asset impairment charges of $10.6 million for the thirteen and thirty-nine weeks ended September 28, 2014 . During the thirty-nine weeks ended September 27, 2015 , the Company recognized additional pre-tax asset impairment charges of $0.7 million . The impairment charges are recorded in Provision for impaired assets and restaurant closings in the Consolidated Statements of Operations and Comprehensive (Loss) Income . The Company completed the sale of its remaining corporate aircraft during the third quarter of 2015 for net proceeds of $2.0 million . Acquisitions - In 2013, the Company completed the acquisition of a controlling interest in PGS Consultoria e Serviços Ltda. (the “Brazil Joint Venture”) by purchasing 80% of the issued and outstanding capital stock of PGS Participações Ltda (“PGS Par”). As a result of the acquisition, the Company had a 90% interest and the former equity holders of PGS Par (“Former Equity Holders”) retained a noncontrolling interest of 10% in the Brazil Joint Venture. In April 2015, certain Former Equity Holders exercised options to sell their remaining interests in the Brazil Joint Venture to the Company for total cash consideration of $0.7 million . This transaction resulted in a reduction of $0.5 million and $0.2 million of Mezzanine equity and Additional paid-in capital, respectively, during the thirty-nine weeks ended September 27, 2015 . As a result of the option exercise, the Company now owns 90.25% of the Brazil Joint Venture. In connection with the Company’s acquisition of the Brazil Joint Venture in 2013, $7.9 million of the Company’s cash was held in escrow for customary indemnification obligations. The Former Equity Holders had an equal amount of cash held in escrow. In 2015, the Company and the Former Equity Holders agreed to release all escrow cash . The release of cash was reflected in the Company’s Consolidated Balance Sheet as of September 27, 2015. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 27, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per share | Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) 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 (loss) per share : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands, except per share data) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Net income (loss) attributable to Bloomin’ Brands $ 16,811 $ (11,443 ) $ 109,625 $ 68,681 Basic weighted average common shares outstanding 121,567 125,289 123,337 125,023 Effect of diluted securities: Stock options 2,966 — 3,071 3,055 Nonvested restricted stock, restricted stock units and performance-based share units 200 — 202 70 Diluted weighted average common shares outstanding 124,733 125,289 126,610 128,148 Basic earnings (loss) per share $ 0.14 $ (0.09 ) $ 0.89 $ 0.55 Diluted earnings (loss) per share $ 0.13 $ (0.09 ) $ 0.87 $ 0.54 Dilutive securities outstanding not included in the computation of earnings (loss) per share because their effect was antidilutive were as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Stock options 2,828 5,519 2,616 3,385 Nonvested restricted stock and restricted stock units 28 359 38 251 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 27, 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 THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Stock options $ 2,633 $ 3,611 $ 7,612 $ 9,177 Restricted stock and restricted stock units 1,823 863 4,973 2,601 Performance-based share units 939 398 2,628 933 $ 5,395 $ 4,872 $ 15,213 $ 12,711 During the thirty-nine weeks ended September 27, 2015 , the Company made grants to its employees of 1.2 million stock options, 0.6 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: THIRTY-NINE WEEKS ENDED SEPTEMBER 27, Assumptions: Weighted-average risk-free interest rate (1) 1.64 % Dividend yield (2) 1.0 % Expected term (3) 6.3 years Weighted-average volatility (4) 43.4 % Weighted-average grant date fair value per option $ 10.11 ________________ (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 thirty-nine weeks ended September 27, 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 September 27, 2015 : UNRECOGNIZED REMAINING WEIGHTED-AVERAGE VESTING PERIOD Stock options $ 24,663 2.7 Restricted stock and restricted stock units $ 20,392 3.0 Performance-based share units $ 1,604 0.4 |
Other Current Assets, Net
Other Current Assets, Net | 9 Months Ended |
Sep. 27, 2015 | |
Other Current Assets, Net [Abstract] | |
Other current assets, net | Other Current Assets, Net Other current assets, net, consisted of the following: (dollars in thousands) SEPTEMBER 27, DECEMBER 28, Prepaid expenses $ 24,271 $ 30,260 Accounts receivable - vendors, net 20,398 27,340 Accounts receivable - franchisees, net 3,114 1,159 Accounts receivable - other, net 31,740 107,178 Other current assets, net 15,625 40,691 $ 95,148 $ 206,628 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 27, 2015 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net (dollars in thousands) U.S. SEGMENT INTERNATIONAL SEGMENT CONSOLIDATED Balance as of December 28, 2014 $ 172,711 $ 168,829 $ 341,540 Translation adjustments — (35,234 ) (35,234 ) Balance as of September 27, 2015 $ 172,711 $ 133,595 $ 306,306 The Company performed an annual assessment of goodwill and other indefinite-lived intangible assets during the fiscal second quarters of 2015 and 2014. In connection with the annual assessment, no goodwill or indefinite-lived intangible asset impairments were recorded in the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014 , respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Sep. 27, 2015 | |
Payables and Accruals [Abstract] | |
Accrued and other current liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: (dollars in thousands) SEPTEMBER 27, DECEMBER 28, Accrued payroll and other compensation $ 88,659 $ 121,548 Accrued insurance 22,513 19,455 Other current liabilities 83,645 96,841 $ 194,817 $ 237,844 Accrued Payroll Taxes - In May 2015 and October 2015, the IRS issued an audit adjustment of $3.3 million and $3.1 million , respectively, to the Company for the employer’s share of FICA taxes related to cash tips allegedly received and unreported by the Company’s employees during calendar year 2011 and 2012, respectively. As of September 27, 2015 and December 28, 2014 , the Company had $3.1 million and $12.0 million , respectively, recorded in Accrued and other current liabilities in the Company’s Consolidated Balance Sheet for payroll tax audits. |
Long-term Debt, Net
Long-term Debt, Net | 9 Months Ended |
Sep. 27, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt, net | Long-term Debt, Net Following is a summary of outstanding long-term debt: SEPTEMBER 27, 2015 DECEMBER 28, 2014 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 281,250 2.19 % $ 296,250 2.16 % Term loan B — — % 225,000 3.50 % Revolving credit facility (1) 655,000 2.18 % 325,000 2.16 % Total Senior Secured Credit Facility 936,250 846,250 2012 CMBS loan: First mortgage loan (1) 291,768 4.12 % 299,765 4.08 % First mezzanine loan 84,317 9.00 % 85,127 9.00 % Second mezzanine loan 85,546 11.25 % 86,067 11.25 % Total 2012 CMBS Loan 461,631 470,959 Capital lease obligations 2,746 634 Other long-term debt (2) 2,513 0.73% to 7.60% 4,073 0.52% to 7.00% $ 1,403,140 $ 1,321,916 Less: current portion of long-term debt, net (21,731 ) (25,964 ) Less: unamortized debt discount (3,467 ) (6,073 ) Long-term debt, net $ 1,377,942 $ 1,289,879 ________________ (1) Represents the weighted-average interest rate for the respective period. (2) Balance is comprised of sale-leaseback obligations and uncollateralized notes payable. Interest rates presented relate to the notes payable. Credit Agreement Amendment - On March 31, 2015, OSI Restaurant Partners, LLC (“OSI”), a wholly-owned subsidiary of the Company, entered into an amendment (the “Amendment”) to its existing credit agreement, dated October 26, 2012 (as previously amended, the “Existing Credit Agreement”), to effect an increase of OSI’s existing 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. No other material changes were made to the terms of OSI’s Existing Credit Agreement as a result of the Amendment. Revolving Credit Facility - Fees on letters of credit and the daily unused availability under the revolving credit facility as of September 27, 2015 were 2.13% and 0.30% , respectively. As of September 27, 2015 , $29.6 million of the revolving credit facility was committed for the issuance of letters of credit and not available for borrowing. Debt Covenants - As of September 27, 2015 and December 28, 2014 , the Company was in compliance with its debt covenants. Loss on Modification and Extinguishment of Debt - Following is a summary of loss on extinguishment and modification of debt recorded in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income : THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, 2015 (1) SEPTEMBER 28, 2014 (2) Refinancing of Senior Secured Credit Facility $ 2,638 $ 11,092 ________________ (1) The loss was comprised of the write-off of $1.4 million of deferred financing fees and the write-off of $1.2 million of unamortized debt discount. (2) The loss was comprised of the write-off of $5.5 million of deferred financing fees, the write-off of $4.9 million of unamortized debt discount and a prepayment penalty of $0.7 million . Deferred Financing Fees - During the second quarter of 2015, the Company deferred $1.2 million of financing costs incurred in connection with the amendment to the Credit Agreement. The deferred financing costs are included in Other assets, net in the Consolidated Balance Sheets. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 27, 2015 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | Redeemable Noncontrolling Interests THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, Balance, beginning of period $ 24,733 Change in redemption value of Redeemable noncontrolling interests 2,877 Net income attributable to Redeemable noncontrolling interests 934 Foreign currency translation attributable to Redeemable noncontrolling interests (2,752 ) Purchase of Redeemable noncontrolling interests (1) (459 ) Out-of period adjustment - foreign currency translation attributable to Redeemable noncontrolling interests (2) (9,232 ) Out-of period adjustment - change in redemption value of Redeemable noncontrolling interests (2) 8,671 Balance, end of period $ 24,772 ________________ (1) In April 2015, certain equity holders of PGS Par exercised options to sell their remaining interests in the Brazil Joint Venture. See Note 2 - Disposals, Exit Costs and Acquisitions for further information. (2) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 27, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' equity | Stockholders’ Equity Secondary Public Offering - In March 2015, Bain Capital sold its remaining shares of the Company’s common stock 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 (the “Board”) approved a share repurchase program (the “2014 Share Repurchase Program”) under which the Company was authorized to repurchase up to $100.0 million of its outstanding common stock. As of September 27, 2015 , no shares remained available for purchase under the 2014 Share Repurchase Program. In August 2015, the Board approved a new share repurchase program (the “2015 Share Repurchase Program”) under which the Company is authorized to repurchase up to $100.0 million of its outstanding common stock. The authorization for the 2015 Share Repurchase Program will expire on February 3, 2017 . As of September 27, 2015 , $40.0 million remained available for the repurchase of common stock under the 2015 Share Repurchase Program. Following is a summary of the shares repurchased under the Company’s share repurchase programs: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT Thirteen weeks ended March 29, 2015 (1) 2,759 $ 25.37 $ 70,000 Thirteen weeks ended June 28, 2015 1,370 $ 21.90 30,000 Thirteen weeks ended September 27, 2015 2,914 $ 20.59 59,999 Total common stock repurchases 7,043 $ 22.72 $ 159,999 ________________ (1) Includes the repurchase of $70.0 million of the Company’s common stock in connection with the secondary public offering by Bain Capital in March 2015. 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 - The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS AMOUNT Thirteen weeks ended March 29, 2015 $ 0.06 $ 7,423 Thirteen weeks ended June 28, 2015 0.06 7,391 Thirteen weeks ended September 27, 2015 0.06 7,333 Total cash dividends declared and paid $ 0.18 $ 22,147 In October 2015, the Board declared a quarterly cash dividend of $0.06 per share, payable on November 25, 2015 to shareholders of record at the close of business on November 13, 2015 . Accumulated Other Comprehensive Loss - Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) SEPTEMBER 27, 2015 DECEMBER 28, 2014 Foreign currency translation adjustment $ (131,976 ) $ (58,149 ) Unrealized losses on derivatives, net of tax (8,330 ) (2,393 ) Accumulated other comprehensive loss $ (140,306 ) $ (60,542 ) Following are the components of Other comprehensive (loss) income during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 SEPTEMBER 27, 2015 (dollars in thousands) BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS Foreign currency translation adjustment $ (31,415 ) $ 10 $ (2,752 ) $ (83,059 ) $ 10 $ (2,752 ) Out-of period adjustment - foreign currency translation (1) 9,232 — (9,232 ) 9,232 — (9,232 ) Total foreign currency translation adjustment $ (22,183 ) $ 10 $ (11,984 ) $ (73,827 ) $ 10 $ (11,984 ) Unrealized losses on derivatives, net of tax (2) $ (3,884 ) $ — $ — $ (7,052 ) $ — $ — Reclassification of adjustment for loss on derivatives included in net income, net of tax (3) 1,115 — — 1,115 — — Total unrealized losses on derivatives, net of tax $ (2,769 ) $ — $ — $ (5,937 ) $ — $ — Other comprehensive loss $ (24,952 ) $ 10 $ (11,984 ) $ (79,764 ) $ 10 $ (11,984 ) THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 SEPTEMBER 28, 2014 (dollars in thousands) BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS Foreign currency translation adjustment $ (2,754 ) $ — $ — $ 10,969 $ — $ — Unrealized losses on derivatives, net of tax (2) (486 ) — — (486 ) — — Other comprehensive (loss) income $ (3,240 ) $ — $ — $ 10,483 $ — $ — ________________ (1) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. (2) Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $2.5 million and $4.5 million for the thirteen and thirty-nine weeks ended September 27, 2015, respectively, and $0.3 million for the thirteen and thirty-nine weeks ended September 28, 2014. (3) Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $0.7 million for the thirteen and thirty-nine weeks ended September 27, 2015. Noncontrolling Interests - In 2015, certain former equity holders of PGS Par contributed approximately $3.2 million to the Company for a noncontrolling interest in a new concept in Brazil (Abbraccio). Recognition of the noncontrolling interest was reflected in the Company’s Consolidated Statement of Stockholders’ Equity for the thirty-nine weeks ended September 27, 2015 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 27, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | Derivative Instruments and Hedging Activities The Company is exposed to certain risks 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 start date of June 30, 2015 , and mature on May 16, 2019 . Under the terms of the swap agreements, the Company pays a weighted-average fixed rate of 2.02% on the $400.0 million notional amount and receives payments from the counterparty based on the 30-day LIBOR rate. The 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 $6.5 million will be reclassified as an increase to interest expense over the next twelve months. The following table presents the fair value, accrued interest and classification of the Company’s interest rate swaps: (dollars in thousands) SEPTEMBER 27, DECEMBER 28, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - liability $ 6,104 $ 2,617 Accrued and other current liabilities Interest rate swaps - liability 7,552 1,307 Other long-term liabilities, net Total fair value of derivative instruments (1) $ 13,656 $ 3,924 Accrued interest $ 627 $ — Accrued and other current liabilities ____________________ (1) See Note 12 - Fair Value Measurements for fair value discussion of the interest rate swaps. The following table summarizes the effects of the interest rate swap on Net income (loss) for the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014 : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Interest rate swap expense recognized in Interest expense, net (1) $ (1,828 ) $ — $ (1,828 ) $ — Income tax benefit recognized in (Provision) benefit for income taxes 713 — 713 — Total effects of the interest rate swaps on Net income (loss) $ (1,115 ) $ — $ (1,115 ) $ — ____________________ (1) During the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014 , the Company did not recognize any gain or loss as a result of hedge ineffectiveness. 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 September 27, 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 September 27, 2015 , all counterparties to the interest rate swaps had performed in accordance with their contractual obligations. As of September 27, 2015 , the fair value of the Company’s derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, was $14.6 million . As of September 27, 2015 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of September 27, 2015 , it could have been required to settle its obligations under the agreements at their termination value of $14.6 million . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 27, 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 September 27, 2015 and December 28, 2014 : SEPTEMBER 27, 2015 DECEMBER 28, 2014 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 3,888 $ 3,888 $ — $ 4,602 $ 4,602 $ — Money market funds 9,741 9,741 — 7,842 7,842 — Restricted cash equivalents: Fixed income funds 551 551 — — — — Money market funds 65 65 — 3,360 3,360 — Total asset recurring fair value measurements $ 14,245 $ 14,245 $ — $ 15,804 $ 15,804 $ — Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 6,104 $ — $ 6,104 $ 2,617 $ — $ 2,617 Derivative instruments - commodities 577 — 577 566 — 566 Other long-term liabilities: Derivative instruments - interest rate swaps 7,552 — 7,552 1,307 — 1,307 Total liability recurring fair value measurements $ 14,233 $ — $ 14,233 $ 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 Money market funds Carrying value approximates fair value because maturities are less than three months. 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 September 27, 2015 and December 28, 2014, 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: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 SEPTEMBER 27, 2015 (dollars in thousands) CARRYING VALUE TOTAL CARRYING VALUE TOTAL Assets held for sale (1) $ 185 $ 44 $ 3,538 $ 1,072 Property, fixtures and equipment (1) 1,624 1,593 2,574 2,717 $ 1,809 $ 1,637 $ 6,112 $ 3,789 THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 SEPTEMBER 28, 2014 (dollars in thousands) CARRYING VALUE TOTAL CARRYING VALUE TOTAL Assets held for sale (1) $ 24,773 $ 16,588 $ 24,773 $ 16,588 Property, fixtures and equipment (2) 1,213 12,146 4,164 12,628 $ 25,986 $ 28,734 $ 28,937 $ 29,216 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014. A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. Refer to Note 2 - Disposals, Exit Costs and Acquisitions for discussion of impairments related to corporate airplanes and Roy’s recognized during the thirteen and thirty-nine weeks ended September 28, 2014 . (2) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen weeks ended September 28, 2014 and $3.5 million and $0.6 million measured using Level 2 and Level 3 inputs, respectively, for the thirty-nine weeks ended September 28, 2014 . A third-party market appraisal (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments as of September 27, 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 September 27, 2015 and December 28, 2014 : SEPTEMBER 27, 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 $ 281,250 $ 275,625 $ — $ 296,250 $ 294,769 $ — Term loan B — — — 225,000 222,188 — Revolving credit facility 655,000 650,906 — 325,000 322,563 — CMBS loan: Mortgage loan 291,768 — 298,323 299,765 — 308,563 First mezzanine loan 84,317 — 84,376 85,127 — 85,187 Second mezzanine loan 85,546 — 86,461 86,067 — 86,988 Other notes payable 1,362 — 1,119 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 | 9 Months Ended |
Sep. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes The effective income tax rates for the thirteen and thirty-nine weeks ended September 27, 2015 were 26.3% and 27.0% , respectively, compared to 27.5% and 24.1% for the thirteen and thirty-nine weeks ended September 28, 2014 , respectively. The net decrease in the effective income tax rate for the thirteen weeks ended September 27, 2015 was due to (i) a reduction in the overall U.S. state income tax rate primarily for a return to provision adjustment, (ii) the reduction of uncertain tax positions and (iii) a change in the blend of taxable income across the Company’s U.S. and international subsidiaries. The decrease in the effective income tax rate was partially offset by the favorable resolution of a payroll tax audit contingency that resulted in a deferred tax adjustment. The net increase in the effective income rate for the thirty-nine weeks ended September 27, 2015 was due to the favorable resolution of a payroll tax audit contingency that resulted in a deferred tax adjustment, partially offset by a change in the blend of taxable income across our U.S. and international subsidiaries. See Note 7 - Accrued and Other Current Liabilities for additional details regarding the payroll tax audit contingency. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 27, 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 | 9 Months Ended |
Sep. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment Reporting During the first quarter of 2015, the Company recast its segment reporting to include two reportable segments, U.S. and International, which reflects 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. 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 certain legal and 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 bonus expense and certain insurance expenses managed centrally. The following table is a summary of Total revenue by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Total revenues U.S. $ 902,453 $ 915,435 $ 2,947,445 $ 2,893,104 International 124,268 150,019 380,932 441,121 Total revenues $ 1,026,721 $ 1,065,454 $ 3,328,377 $ 3,334,225 The following table is a reconciliation of Segment income (loss) from operations to Income (loss) before provision (benefit) for income taxes : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Segment income (loss) from operations U.S. $ 60,891 $ 54,734 $ 281,564 $ 242,903 International 9,770 (2,968 ) 24,376 21,539 Total segment income from operations 70,661 51,766 305,940 264,442 Unallocated corporate operating expense (31,937 ) (52,887 ) (106,930 ) (113,146 ) Total income (loss) from operations 38,724 (1,121 ) 199,010 151,296 Loss on extinguishment and modification of debt — — (2,638 ) (11,092 ) Other (expense) income, net (266 ) 18 (1,356 ) 171 Interest expense, net (14,851 ) (13,837 ) (40,916 ) (45,544 ) Income (loss) before provision (benefit) for income taxes $ 23,607 $ (14,940 ) $ 154,100 $ 94,831 The following table is a summary of Depreciation and amortization expense by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Depreciation and amortization U.S. $ 38,025 $ 36,740 $ 112,410 $ 109,749 International 6,507 8,397 20,033 22,670 Corporate 2,923 3,613 8,873 11,123 Total depreciation and amortization $ 47,455 $ 48,750 $ 141,316 $ 143,542 |
Description of the Business a23
Description of the Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 27, 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 . |
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 requires 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. Since ASU No. 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, the FASB issued ASU No. 2015-15: “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU No. 2015-15”) in August 2015. ASU No. 2015-15 clarifies that debt issuance costs related to line-of-credit arrangements may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-03 requires retrospective application. ASU No. 2015-03 and ASU No. 2015-15 will be effective for the Company in fiscal year 2016, with early adoption permitted. The Company does not expect ASU No. 2015-03 and ASU No. 2015-15 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. On July 9, 2015, the FASB agreed to delay the effective date of ASU 2014-09 by one year. As a result, the new guidance will be effective for the Company in fiscal year 2018 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. |
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. |
Stockholders' Equity (Policies)
Stockholders' Equity (Policies) | 9 Months Ended |
Sep. 27, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Repurchases of common stock, policy | 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. |
Description of the Business a25
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of out of-period adjustments | As a result, the Company recorded the cumulative adjustment in its Consolidated Statement of Stockholders’ Equity for the thirty-nine weeks ended September 27, 2015 and Consolidated Statements of Operations and Comprehensive (Loss) Income for the thirteen and thirty-nine weeks ended September 27, 2015: FINANCIAL STATMENT LINE ITEM IMPACT IMPACT BY PERIOD CUMULATIVE ADJUSTMENT FISCAL YEAR (dollars in thousands) 2013 2014 Q1 2015 Q2 2015 Mezzanine equity: Allocation of CTA to redeemable noncontrolling interests Redeemable noncontrolling interests $ (1,762 ) $ (2,677 ) $ (2,511 ) $ (2,282 ) $ (9,232 ) Adjustment for the change in the redemption value of redeemable interests Redeemable noncontrolling interests 1,715 1,824 1,856 3,276 8,671 Net impact to Mezzanine equity $ (47 ) $ (853 ) $ (655 ) $ 994 $ (561 ) Bloomin’ Brands stockholders’ equity: Allocation of CTA to redeemable noncontrolling interests Accumulated other comprehensive loss $ 1,762 $ 2,677 $ 2,511 $ 2,282 $ 9,232 Adjustment for the change in the redemption value of redeemable interests Additional paid-in capital (1,715 ) (1,824 ) (1,856 ) (3,276 ) (8,671 ) Net impact to Bloomin’ Brands stockholders’ equity $ 47 $ 853 $ 655 $ (994 ) $ 561 Other comprehensive (loss) income: Allocation of CTA to redeemable noncontrolling interests Comprehensive (loss) income attributable to Bloomin’ Brands $ 1,762 $ 2,677 $ 2,511 $ 2,282 $ 9,232 Allocation of CTA to redeemable noncontrolling interests Comprehensive (loss) income attributable to noncontrolling interests (1,762 ) (2,677 ) (2,511 ) (2,282 ) (9,232 ) Net impact to Other comprehensive (loss) income $ — $ — $ — $ — $ — |
Disposals, Exit Costs and Acq26
Disposals, Exit Costs and Acquisitions (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Disposals, Exit Costs and Acquisitions [Abstract] | |
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Impairment losses $ 1,637 $ 28,734 $ 3,789 $ 29,216 Restaurant closure expenses 45 347 7,926 6,954 Provision for impaired assets and restaurant closings $ 1,682 $ 29,081 $ 11,715 $ 36,170 |
Schedule of restructuring costs by type of cost | Following is a summary of expenses related to the Domestic and International Restaurant Closure Initiatives recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Property, fixtures and equipment impairments Provision for impaired assets and restaurant closings $ — $ 11,573 $ — $ 11,573 Facility closure and other expenses Provision for impaired assets and restaurant closings 45 — 7,477 5,972 Severance and other expenses General and administrative 140 — 1,713 1,035 Reversal of deferred rent liability Other restaurant operating — — (198 ) (2,078 ) $ 185 $ 11,573 $ 8,992 $ 16,502 |
Cumulative restructuring and related costs | Following is a summary of cumulative restaurant closure initiative expenses incurred to date as of September 27, 2015 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME DOMESTIC RESTAURANT CLOSURE INITIATIVE INTERNATIONAL RESTAURANT CLOSURE INITIATIVE RESTAURANT CLOSURE INITIATIVES TOTAL Property, fixtures and equipment impairments Provision for impaired assets and restaurant closings $ 18,695 $ 11,573 $ 30,268 Facility closure and other expenses Provision for impaired assets and restaurant closings 7,289 14,325 21,614 Severance and other expenses General and administrative 1,035 4,720 5,755 Reversal of deferred rent liability Other restaurant operating (2,078 ) (1,031 ) (3,109 ) $ 24,941 $ 29,587 $ 54,528 |
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 thirty-nine weeks ended September 27, 2015 : THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, Beginning of the period $ 11,000 Charges 9,534 Cash payments (11,878 ) Adjustments (1) (1,608 ) End of the period (2) $ 7,048 ________________ (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 September 27, 2015 , the Company had exit-related accruals of $2.8 million recorded in Accrued and other current liabilities and $4.2 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 (Loss) Income during the periods indicated: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Restaurant sales $ — $ 15,717 $ 5,729 $ 52,117 Loss before income taxes (1) (2) $ (124 ) $ (6,962 ) $ (765 ) $ (6,393 ) ________________ (1) Includes loss on sale of $0.1 million and $0.9 million during the thirteen and thirty-nine weeks ended September 27, 2015 . (2) Includes impairment charges of $6.0 million for Assets held for sale during the thirteen and thirty-nine weeks ended September 28, 2014 . |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings (loss) per share, basic and diluted | The following table presents the computation of basic and diluted earnings (loss) per share : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands, except per share data) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Net income (loss) attributable to Bloomin’ Brands $ 16,811 $ (11,443 ) $ 109,625 $ 68,681 Basic weighted average common shares outstanding 121,567 125,289 123,337 125,023 Effect of diluted securities: Stock options 2,966 — 3,071 3,055 Nonvested restricted stock, restricted stock units and performance-based share units 200 — 202 70 Diluted weighted average common shares outstanding 124,733 125,289 126,610 128,148 Basic earnings (loss) per share $ 0.14 $ (0.09 ) $ 0.89 $ 0.55 Diluted earnings (loss) per share $ 0.13 $ (0.09 ) $ 0.87 $ 0.54 |
Schedule of antidilutive securities excluded from computation of earnings (loss) per share | Dilutive securities outstanding not included in the computation of earnings (loss) per share because their effect was antidilutive were as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Stock options 2,828 5,519 2,616 3,385 Nonvested restricted stock and restricted stock units 28 359 38 251 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 27, 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 THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Stock options $ 2,633 $ 3,611 $ 7,612 $ 9,177 Restricted stock and restricted stock units 1,823 863 4,973 2,601 Performance-based share units 939 398 2,628 933 $ 5,395 $ 4,872 $ 15,213 $ 12,711 |
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: THIRTY-NINE WEEKS ENDED SEPTEMBER 27, Assumptions: Weighted-average risk-free interest rate (1) 1.64 % Dividend yield (2) 1.0 % Expected term (3) 6.3 years Weighted-average volatility (4) 43.4 % Weighted-average grant date fair value per option $ 10.11 ________________ (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 thirty-nine weeks ended September 27, 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 September 27, 2015 : UNRECOGNIZED REMAINING WEIGHTED-AVERAGE VESTING PERIOD Stock options $ 24,663 2.7 Restricted stock and restricted stock units $ 20,392 3.0 Performance-based share units $ 1,604 0.4 |
Other Current Assets, Net (Tabl
Other Current Assets, Net (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Other Current Assets, Net [Abstract] | |
Schedule of other current assets | Other current assets, net, consisted of the following: (dollars in thousands) SEPTEMBER 27, DECEMBER 28, Prepaid expenses $ 24,271 $ 30,260 Accounts receivable - vendors, net 20,398 27,340 Accounts receivable - franchisees, net 3,114 1,159 Accounts receivable - other, net 31,740 107,178 Other current assets, net 15,625 40,691 $ 95,148 $ 206,628 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Intangible Assets, Net (Including Goodwill) [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 — (35,234 ) (35,234 ) Balance as of September 27, 2015 $ 172,711 $ 133,595 $ 306,306 |
Accrued and Other Current Lia31
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following: (dollars in thousands) SEPTEMBER 27, DECEMBER 28, Accrued payroll and other compensation $ 88,659 $ 121,548 Accrued insurance 22,513 19,455 Other current liabilities 83,645 96,841 $ 194,817 $ 237,844 |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt: SEPTEMBER 27, 2015 DECEMBER 28, 2014 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 281,250 2.19 % $ 296,250 2.16 % Term loan B — — % 225,000 3.50 % Revolving credit facility (1) 655,000 2.18 % 325,000 2.16 % Total Senior Secured Credit Facility 936,250 846,250 2012 CMBS loan: First mortgage loan (1) 291,768 4.12 % 299,765 4.08 % First mezzanine loan 84,317 9.00 % 85,127 9.00 % Second mezzanine loan 85,546 11.25 % 86,067 11.25 % Total 2012 CMBS Loan 461,631 470,959 Capital lease obligations 2,746 634 Other long-term debt (2) 2,513 0.73% to 7.60% 4,073 0.52% to 7.00% $ 1,403,140 $ 1,321,916 Less: current portion of long-term debt, net (21,731 ) (25,964 ) Less: unamortized debt discount (3,467 ) (6,073 ) Long-term debt, net $ 1,377,942 $ 1,289,879 ________________ (1) Represents the weighted-average interest rate for the respective period. (2) Balance is comprised of sale-leaseback obligations and uncollateralized notes payable. Interest rates presented relate to the notes payable. |
Schedule of extinguishment of debt | Following is a summary of loss on extinguishment and modification of debt recorded in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income : THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, 2015 (1) SEPTEMBER 28, 2014 (2) Refinancing of Senior Secured Credit Facility $ 2,638 $ 11,092 ________________ (1) The loss was comprised of the write-off of $1.4 million of deferred financing fees and the write-off of $1.2 million of unamortized debt discount. (2) The loss was comprised of the write-off of $5.5 million of deferred financing fees, the write-off of $4.9 million of unamortized debt discount and a prepayment penalty of $0.7 million . |
Redeemable Noncontrolling Int33
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, Balance, beginning of period $ 24,733 Change in redemption value of Redeemable noncontrolling interests 2,877 Net income attributable to Redeemable noncontrolling interests 934 Foreign currency translation attributable to Redeemable noncontrolling interests (2,752 ) Purchase of Redeemable noncontrolling interests (1) (459 ) Out-of period adjustment - foreign currency translation attributable to Redeemable noncontrolling interests (2) (9,232 ) Out-of period adjustment - change in redemption value of Redeemable noncontrolling interests (2) 8,671 Balance, end of period $ 24,772 ________________ (1) In April 2015, certain equity holders of PGS Par exercised options to sell their remaining interests in the Brazil Joint Venture. See Note 2 - Disposals, Exit Costs and Acquisitions for further information. (2) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 27, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of repurchases of common stock | Following is a summary of the shares repurchased under the Company’s share repurchase programs: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT Thirteen weeks ended March 29, 2015 (1) 2,759 $ 25.37 $ 70,000 Thirteen weeks ended June 28, 2015 1,370 $ 21.90 30,000 Thirteen weeks ended September 27, 2015 2,914 $ 20.59 59,999 Total common stock repurchases 7,043 $ 22.72 $ 159,999 ________________ (1) Includes the repurchase of $70.0 million of the Company’s common stock in connection with the secondary public offering by Bain Capital in March 2015. |
Dividends declared and paid | The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS AMOUNT Thirteen weeks ended March 29, 2015 $ 0.06 $ 7,423 Thirteen weeks ended June 28, 2015 0.06 7,391 Thirteen weeks ended September 27, 2015 0.06 7,333 Total cash dividends declared and paid $ 0.18 $ 22,147 |
Schedule of accumulated other comprehensive loss | Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) SEPTEMBER 27, 2015 DECEMBER 28, 2014 Foreign currency translation adjustment $ (131,976 ) $ (58,149 ) Unrealized losses on derivatives, net of tax (8,330 ) (2,393 ) Accumulated other comprehensive loss $ (140,306 ) $ (60,542 ) |
Comprehensive income (loss) | Following are the components of Other comprehensive (loss) income during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 SEPTEMBER 27, 2015 (dollars in thousands) BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS Foreign currency translation adjustment $ (31,415 ) $ 10 $ (2,752 ) $ (83,059 ) $ 10 $ (2,752 ) Out-of period adjustment - foreign currency translation (1) 9,232 — (9,232 ) 9,232 — (9,232 ) Total foreign currency translation adjustment $ (22,183 ) $ 10 $ (11,984 ) $ (73,827 ) $ 10 $ (11,984 ) Unrealized losses on derivatives, net of tax (2) $ (3,884 ) $ — $ — $ (7,052 ) $ — $ — Reclassification of adjustment for loss on derivatives included in net income, net of tax (3) 1,115 — — 1,115 — — Total unrealized losses on derivatives, net of tax $ (2,769 ) $ — $ — $ (5,937 ) $ — $ — Other comprehensive loss $ (24,952 ) $ 10 $ (11,984 ) $ (79,764 ) $ 10 $ (11,984 ) THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 SEPTEMBER 28, 2014 (dollars in thousands) BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS BLOOMIN’ BRANDS, INC. NON- CONTROLLING INTERESTS REDEEMABLE NON- CONTROLLING INTERESTS Foreign currency translation adjustment $ (2,754 ) $ — $ — $ 10,969 $ — $ — Unrealized losses on derivatives, net of tax (2) (486 ) — — (486 ) — — Other comprehensive (loss) income $ (3,240 ) $ — $ — $ 10,483 $ — $ — ________________ (1) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. (2) Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $2.5 million and $4.5 million for the thirteen and thirty-nine weeks ended September 27, 2015, respectively, and $0.3 million for the thirteen and thirty-nine weeks ended September 28, 2014. (3) Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $0.7 million for the thirteen and thirty-nine weeks ended September 27, 2015. |
Derivative Instruments and He35
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 27, 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, accrued interest and classification of the Company’s interest rate swaps: (dollars in thousands) SEPTEMBER 27, DECEMBER 28, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - liability $ 6,104 $ 2,617 Accrued and other current liabilities Interest rate swaps - liability 7,552 1,307 Other long-term liabilities, net Total fair value of derivative instruments (1) $ 13,656 $ 3,924 Accrued interest $ 627 $ — Accrued and other current liabilities ____________________ (1) See Note 12 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Schedule of derivatives instruments statements of financial performance and financial position, location | The following table summarizes the effects of the interest rate swap on Net income (loss) for the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014 : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Interest rate swap expense recognized in Interest expense, net (1) $ (1,828 ) $ — $ (1,828 ) $ — Income tax benefit recognized in (Provision) benefit for income taxes 713 — 713 — Total effects of the interest rate swaps on Net income (loss) $ (1,115 ) $ — $ (1,115 ) $ — ____________________ (1) During the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014 , the Company did not recognize any gain or loss as a result of hedge ineffectiveness. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 27, 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 September 27, 2015 and December 28, 2014 : SEPTEMBER 27, 2015 DECEMBER 28, 2014 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 3,888 $ 3,888 $ — $ 4,602 $ 4,602 $ — Money market funds 9,741 9,741 — 7,842 7,842 — Restricted cash equivalents: Fixed income funds 551 551 — — — — Money market funds 65 65 — 3,360 3,360 — Total asset recurring fair value measurements $ 14,245 $ 14,245 $ — $ 15,804 $ 15,804 $ — Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 6,104 $ — $ 6,104 $ 2,617 $ — $ 2,617 Derivative instruments - commodities 577 — 577 566 — 566 Other long-term liabilities: Derivative instruments - interest rate swaps 7,552 — 7,552 1,307 — 1,307 Total liability recurring fair value measurements $ 14,233 $ — $ 14,233 $ 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 Money market funds Carrying value approximates fair value because maturities are less than three months. 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 September 27, 2015 and December 28, 2014, 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 a nonrecurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 SEPTEMBER 27, 2015 (dollars in thousands) CARRYING VALUE TOTAL CARRYING VALUE TOTAL Assets held for sale (1) $ 185 $ 44 $ 3,538 $ 1,072 Property, fixtures and equipment (1) 1,624 1,593 2,574 2,717 $ 1,809 $ 1,637 $ 6,112 $ 3,789 THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 SEPTEMBER 28, 2014 (dollars in thousands) CARRYING VALUE TOTAL CARRYING VALUE TOTAL Assets held for sale (1) $ 24,773 $ 16,588 $ 24,773 $ 16,588 Property, fixtures and equipment (2) 1,213 12,146 4,164 12,628 $ 25,986 $ 28,734 $ 28,937 $ 29,216 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014. A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. Refer to Note 2 - Disposals, Exit Costs and Acquisitions for discussion of impairments related to corporate airplanes and Roy’s recognized during the thirteen and thirty-nine weeks ended September 28, 2014 . (2) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen weeks ended September 28, 2014 and $3.5 million and $0.6 million measured using Level 2 and Level 3 inputs, respectively, for the thirty-nine weeks ended September 28, 2014 . A third-party market appraisal (Level 2) and discounted cash flow models (Level 3) 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 September 27, 2015 and December 28, 2014 : SEPTEMBER 27, 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 $ 281,250 $ 275,625 $ — $ 296,250 $ 294,769 $ — Term loan B — — — 225,000 222,188 — Revolving credit facility 655,000 650,906 — 325,000 322,563 — CMBS loan: Mortgage loan 291,768 — 298,323 299,765 — 308,563 First mezzanine loan 84,317 — 84,376 85,127 — 85,187 Second mezzanine loan 85,546 — 86,461 86,067 — 86,988 Other notes payable 1,362 — 1,119 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) | 9 Months Ended |
Sep. 27, 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 | he following table is a summary of Total revenue by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Total revenues U.S. $ 902,453 $ 915,435 $ 2,947,445 $ 2,893,104 International 124,268 150,019 380,932 441,121 Total revenues $ 1,026,721 $ 1,065,454 $ 3,328,377 $ 3,334,225 |
Reconciliation of operating profit (loss) from segments to consolidated | The following table is a reconciliation of Segment income (loss) from operations to Income (loss) before provision (benefit) for income taxes : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Segment income (loss) from operations U.S. $ 60,891 $ 54,734 $ 281,564 $ 242,903 International 9,770 (2,968 ) 24,376 21,539 Total segment income from operations 70,661 51,766 305,940 264,442 Unallocated corporate operating expense (31,937 ) (52,887 ) (106,930 ) (113,146 ) Total income (loss) from operations 38,724 (1,121 ) 199,010 151,296 Loss on extinguishment and modification of debt — — (2,638 ) (11,092 ) Other (expense) income, net (266 ) 18 (1,356 ) 171 Interest expense, net (14,851 ) (13,837 ) (40,916 ) (45,544 ) Income (loss) before provision (benefit) for income taxes $ 23,607 $ (14,940 ) $ 154,100 $ 94,831 |
Reconciliation of segment depreciation and amortization | The following table is a summary of Depreciation and amortization expense by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, Depreciation and amortization U.S. $ 38,025 $ 36,740 $ 112,410 $ 109,749 International 6,507 8,397 20,033 22,670 Corporate 2,923 3,613 8,873 11,123 Total depreciation and amortization $ 47,455 $ 48,750 $ 141,316 $ 143,542 |
Description of the Business a38
Description of the Business and Basis of Presentation Description of Business (Details) | Sep. 27, 2015Restaurant_concepts |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Description of the Business a39
Description of the Business and Basis of Presentation Out-of-Period Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Sep. 28, 2014 | Jun. 28, 2015 | Sep. 27, 2015 | Sep. 28, 2014 | Dec. 28, 2014 | Dec. 31, 2013 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Adjustment for the change in the redemption value of redeemable interests | $ (11,548) | |||||||||||
Other comprehensive (loss) income, net of tax | (79,754) | $ 10,483 | ||||||||||
Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Foreign currency translation adjustments attributable to Redeemable noncontrolling interests | (2,752) | |||||||||||
Adjustment for the change in the redemption value of redeemable interests | 2,877 | |||||||||||
Allocation of CTA to Redeemable noncontrolling interests, redeemable noncontrolling interests impact | $ 0 | 0 | ||||||||||
Other comprehensive (loss) income, net of tax | $ (11,984) | 0 | (11,984) | 0 | ||||||||
Parent [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | (2,754) | 10,969 | ||||||||||
Other comprehensive (loss) income, net of tax | (24,952) | $ (3,240) | (79,764) | $ 10,483 | ||||||||
Out-of-period adjustment [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | $ 2,282 | $ 2,511 | $ 9,232 | $ 2,677 | $ 1,762 | |||||||
Allocation of CTA to Redeemable noncontrolling interests, redeemable noncontrolling interests impact | (2,282) | (2,511) | (9,232) | (2,677) | (1,762) | |||||||
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | 0 | 0 | |||||||
Out-of-period adjustment [Member] | Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net impact to Mezzanine equity | 994 | (655) | (561) | (853) | (47) | |||||||
Out-of-period adjustment [Member] | Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Foreign currency translation adjustments attributable to Redeemable noncontrolling interests | (2,282) | (2,511) | (9,232) | (9,232) | [1] | (2,677) | (1,762) | |||||
Allocation of CTA to Redeemable noncontrolling interests, redeemable noncontrolling interests impact | [2] | 9,232 | 9,232 | |||||||||
Out-of-period adjustment [Member] | Redeemable noncontrolling interests [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Adjustment for the change in the redemption value of redeemable interests | 3,276 | 1,856 | 8,671 | 8,671 | [1] | 1,824 | 1,715 | |||||
Out-of-period adjustment [Member] | Parent [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net impact to Bloomin’ Brands stockholders’ equity | (994) | 655 | 561 | 853 | 47 | |||||||
Out-of-period adjustment [Member] | Parent [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | $ 9,232 | [2] | 2,282 | 2,511 | 9,232 | $ 9,232 | [2] | 2,677 | 1,762 | |||
Out-of-period adjustment [Member] | Parent [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Adjustment for the change in the redemption value of redeemable interests | $ (3,276) | $ (1,856) | $ (8,671) | $ (1,824) | $ (1,715) | |||||||
[1] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. | |||||||||||
[2] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. |
Disposals, Exit Costs and Acq40
Disposals, Exit Costs and Acquisitions (Provision for impaired assets and restaurant closings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for impaired assets and restaurant closings | $ 1,682 | $ 29,081 | $ 11,715 | $ 36,170 |
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 | 1,637 | 28,734 | 3,789 | 29,216 |
Restaurant closure expenses | $ 45 | $ 347 | $ 7,926 | $ 6,954 |
Disposals, Exit Costs and Acq41
Disposals, Exit Costs and Acquisitions (Restaurant closure initiatives-Narrative) (Details) - Disposal group, held-for-sale, not discontinued operations [Member] $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2015USD ($)locations | Sep. 28, 2014USD ($) | Sep. 27, 2015USD ($)locations | Sep. 28, 2014USD ($) | Dec. 28, 2014locations | Dec. 31, 2013locations | |
International Restaurant Closure Initiative [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of restaurants | locations | 36 | |||||
Number of restaurants closed | locations | 35 | 35 | ||||
International Restaurant Closure Initiative [Member] | International segment [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring costs | $ 0.1 | $ 11.6 | $ 6.2 | $ 11.6 | ||
International Restaurant Closure Initiative [Member] | Facility closing [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
International Restaurant Closure Initiative, expected future costs | $ 1 | $ 1 | ||||
Lease expiration date, International Restaurant Closure Initiative | Aug. 26, 2022 | |||||
International Restaurant Closure Initiative [Member] | Facility closing [Member] | Minimum [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Effect on future cash flows, amount | $ 5 | |||||
International Restaurant Closure Initiative [Member] | Facility closing [Member] | Maximum [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Effect on future cash flows, amount | 6 | |||||
Domestic Restaurant Closure Initiative [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of restaurants | locations | 22 | |||||
Domestic Restaurant Closure Initiative [Member] | Facility closing [Member] | U.S. segment [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring costs | $ 1.3 | $ 6 |
Disposals, Exit Costs and Acq42
Disposals, Exit Costs and Acquisitions (Restaurant closure initiative-Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | $ 9,534 | |||
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 | $ 1,637 | $ 28,734 | 3,789 | $ 29,216 |
Restaurant Closure Initiatives [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | 185 | 11,573 | 8,992 | 16,502 |
Impairment and restructuring charges to date | 54,528 | 54,528 | ||
Restaurant Closure Initiatives [Member] | Provision for impaired assets and restaurant closings [Member] | Property, fixtures and equipment impairments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 0 | 11,573 | 0 | 11,573 |
Impairment and restructuring charges to date | 30,268 | 30,268 | ||
Restaurant Closure Initiatives [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | 45 | 0 | 7,477 | 5,972 |
Impairment and restructuring charges to date | 21,614 | 21,614 | ||
Restaurant Closure Initiatives [Member] | General and administrative expense [Member] | Employee severance [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | 140 | 0 | 1,713 | 1,035 |
Impairment and restructuring charges to date | 5,755 | 5,755 | ||
Restaurant Closure Initiatives [Member] | Other restaurant operating [Member] | Contract termination [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | 0 | $ 0 | (198) | $ (2,078) |
Impairment and restructuring charges to date | (3,109) | (3,109) | ||
Domestic Restaurant Closure Initiative [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 24,941 | 24,941 | ||
Domestic Restaurant Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Property, fixtures and equipment impairments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 18,695 | 18,695 | ||
Domestic Restaurant Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 7,289 | 7,289 | ||
Domestic Restaurant Closure Initiative [Member] | General and administrative expense [Member] | Employee severance [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 1,035 | 1,035 | ||
Domestic Restaurant Closure Initiative [Member] | Other restaurant operating [Member] | Contract termination [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | (2,078) | (2,078) | ||
International Restaurant Closure Initiative [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 29,587 | 29,587 | ||
International Restaurant Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Property, fixtures and equipment impairments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 11,573 | 11,573 | ||
International Restaurant Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 14,325 | 14,325 | ||
International Restaurant Closure Initiative [Member] | General and administrative expense [Member] | Employee severance [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | 4,720 | 4,720 | ||
International Restaurant Closure Initiative [Member] | Other restaurant operating [Member] | Contract termination [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment and restructuring charges to date | $ (1,031) | $ (1,031) |
Disposals, Exit Costs and Acq43
Disposals, Exit Costs and Acquisitions (Lease liability rollforward) (Details) - Facility closing [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 27, 2015 | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve beginning of period | $ 11,000 | |
Restructuring charges | 9,534 | |
Payments for restructuring | (11,878) | |
Restructuring reserve, accrual adjustment | [1] | (1,608) |
Restructuring reserve end of period | [2] | 7,048 |
Accrued and other current liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, current | 2,800 | |
Other long-term liabilities, net [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, noncurrent | $ 4,200 | |
[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 September 27, 2015, the Company had exit-related accruals of $2.8 million recorded in Accrued and other current liabilities and $4.2 million recorded in Other long-term liabilities, net. |
Disposals, Exit Costs and Acq44
Disposals, Exit Costs and Acquisitions (Roy's disposal) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | Jan. 26, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on disposal of Roy's | $ (1,168) | $ 0 | |||
Disposal group, disposed of by sale, not discontinued operations [Member] | 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 | ||||
Disposal group, disposed of by sale, not discontinued operations [Member] | Roy's Divestiture [Member] | Indemnification agreement [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 | ||||
Disposal group, disposed of by sale, not discontinued operations [Member] | 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 | $ 100 | $ 900 | |||
Impairment losses | $ 6,000 | $ 6,000 |
Disposals, Exit Costs and Acq45
Disposals, Exit Costs and Acquisitions (Roy’s condensed income statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on disposal of Roy's | $ (1,168) | $ 0 | ||||||
Disposal group, disposed of by sale, not discontinued operations [Member] | Roy's Divestiture [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restaurant sales | $ 0 | $ 15,717 | 5,729 | 52,117 | ||||
Loss before income taxes (1) (2) | (124) | [1] | (6,962) | [2] | (765) | [1] | (6,393) | [2] |
Disposal group, disposed of by sale, not discontinued operations [Member] | 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 | $ 100 | $ 900 | ||||||
Impairment losses | $ 6,000 | $ 6,000 | ||||||
[1] | Includes loss on sale of $0.1 million and $0.9 million during the thirteen and thirty-nine weeks ended September 27, 2015. | |||||||
[2] | Includes impairment charges of $6.0 million for Assets held for sale during the thirteen and thirty-nine weeks ended September 28, 2014. |
Disposals, Exit Costs and Acq46
Disposals, Exit Costs and Acquisitions (Other disposals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Disposal group, disposed of by sale, not discontinued operations [Member] | Corporate Aircraft [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of flight equipment | $ 2,000 | |||
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 | $ 1,637 | $ 28,734 | $ 3,789 | $ 29,216 |
Provision for impaired assets and restaurant closings [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Corporate Aircraft [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | $ 10,600 | $ 700 | $ 10,600 |
Disposals, Exit Costs and Acq47
Disposals, Exit Costs and Acquisitions (Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jun. 30, 2015 | Apr. 30, 2015 | Sep. 27, 2015 | Sep. 28, 2014 | Nov. 01, 2013 | |
Business Acquisition [Line Items] | |||||
Purchase of noncontrolling interests, purchase price | $ 652 | $ 17,211 | |||
Net decrease in Bloomin' Brands equity for purchase of noncontrolling interests | 229 | 10,692 | |||
Decrease in restricted cash | 42,868 | 19,612 | |||
Additional paid-in capital [Member] | |||||
Business Acquisition [Line Items] | |||||
Net decrease in Bloomin' Brands equity for purchase of noncontrolling interests | $ 229 | $ 11,928 | |||
Bloomin' Brands, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Decrease in restricted cash | $ 7,900 | ||||
Brazilian Joint Venture [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% | ||||
Former Equity Holders, PGS Par [Member] | |||||
Business Acquisition [Line Items] | |||||
Decrease in restricted cash | $ 7,900 | ||||
PGS Participações Ltda. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 80.00% | ||||
Brazilian Joint Venture [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase of noncontrolling interests, purchase price | $ 700 | ||||
Purchase of Redeemable noncontrolling interests | 500 | ||||
Brazilian Joint Venture [Member] | Additional paid-in capital [Member] | |||||
Business Acquisition [Line Items] | |||||
Net decrease in Bloomin' Brands equity for purchase of noncontrolling interests | $ 200 | ||||
Brazilian Joint Venture [Member] | Bloomin' Brands, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 90.25% | 90.00% | |||
Replacement reserve escrow | $ 7,900 | ||||
Brazilian Joint Venture [Member] | Former Equity Holders, PGS Par [Member] | |||||
Business Acquisition [Line Items] | |||||
Replacement reserve escrow | $ 7,900 |
Earnings (Loss) Per Share (Basi
Earnings (Loss) Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Schedule of earnings per share, basic and diluted [Line Items] | ||||
Net income (loss) attributable to Bloomin’ Brands | $ 16,811 | $ (11,443) | $ 109,625 | $ 68,681 |
Basic weighted average common shares outstanding | 121,567 | 125,289 | 123,337 | 125,023 |
Effect of diluted securities: | ||||
Diluted weighted average common shares outstanding | 124,733 | 125,289 | 126,610 | 128,148 |
Basic earnings (loss) per share | $ 0.14 | $ (0.09) | $ 0.89 | $ 0.55 |
Diluted earnings (loss) per share | $ 0.13 | $ (0.09) | $ 0.87 | $ 0.54 |
Stock options [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 2,966 | 0 | 3,071 | 3,055 |
Nonvested restricted stock, restricted stock units and performance-based share units [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 200 | 0 | 202 | 70 |
Earnings (Loss) Per Share (Anti
Earnings (Loss) Per Share (Antidilutive Securities) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Stock options [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings (loss) per share | 2,828 | 5,519 | 2,616 | 3,385 |
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 (loss) per share | 28 | 359 | 38 | 251 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock-based compensation expense) (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 5,395 | $ 4,872 | $ 15,213 | $ 12,711 |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1.2 | |||
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 2,633 | 3,611 | $ 7,612 | 9,177 |
Restricted stock and restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1,823 | 863 | 4,973 | 2,601 |
Performance-based share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 939 | $ 398 | $ 2,628 | $ 933 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.2 | |||
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 | 0.6 |
Stock-based Compensation (Assum
Stock-based Compensation (Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted) (Details) - Stock compensation plan [Member] | 9 Months Ended | |
Sep. 27, 2015$ / shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Weighted-average risk-free interest rate | 1.64% | [1] |
Dividend yield | 1.00% | [2] |
Expected term | 6 years 3 months 18 days | [3] |
Weighted-average volatility | 43.40% | [4] |
Weighted-average grant date fair value per option | $ 10.11 | |
[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 thirty-nine weeks ended September 27, 2015 is based on the historical volatilities of the Company’s stock and the stock of comparable peer companies. |
Stock-based Compensation (Unrec
Stock-based Compensation (Unrecognized stock compensation expense and the remaining weighted-average vesting period) (Details) $ in Thousands | 9 Months Ended |
Sep. 27, 2015USD ($) | |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 24,663 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 8 months 12 days |
Restricted stock and restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 3 years |
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 20,392 |
Performance-based share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 4 months 24 days |
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 1,604 |
Other Current Assets, Net (Deta
Other Current Assets, Net (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 |
Prepaid expenses | $ 24,271 | $ 30,260 |
Other current assets, net | 15,625 | 40,691 |
Total other current assets, net | 95,148 | 206,628 |
Accounts receivable - vendors, net [Member] | ||
Accounts receivable, net | 20,398 | 27,340 |
Accounts receivable - franchisees, net [Member] | ||
Accounts receivable, net | 3,114 | 1,159 |
Accounts receivable - other, net [Member] | ||
Accounts receivable, net | $ 31,740 | $ 107,178 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets, Net (Goodwill Rollforward) (Details) $ in Thousands | 9 Months Ended |
Sep. 27, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 28, 2014 | $ 341,540 |
Goodwill, Translation Adjustments | (35,234) |
Balance as of September 27, 2015 | 306,306 |
U.S. segment [Member] | |
Goodwill [Roll Forward] | |
Balance as of December 28, 2014 | 172,711 |
Goodwill, Translation Adjustments | 0 |
Balance as of September 27, 2015 | 172,711 |
International segment [Member] | |
Goodwill [Roll Forward] | |
Balance as of December 28, 2014 | 168,829 |
Goodwill, Translation Adjustments | (35,234) |
Balance as of September 27, 2015 | $ 133,595 |
Goodwill and Intagible Assets,
Goodwill and Intagible Assets, Net (Goodwill Impairment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 | $ 0 | $ 0 | $ 0 |
Accrued and Other Current Lia56
Accrued and Other Current Liabilities (Table) (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 |
Payables and Accruals [Abstract] | ||
Accrued payroll and other compensation | $ 88,659 | $ 121,548 |
Accrued insurance | 22,513 | 19,455 |
Other current liabilities | 83,645 | 96,841 |
Accrued and other current liabilities | $ 194,817 | $ 237,844 |
Accrued and Other Current Lia57
Accrued and Other Current Liabilities (Accrued Payroll Taxes) (Details) - Internal Revenue Service (IRS) [Member] - Employer's share of FICA taxes [Member] - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 31, 2015 | May. 31, 2015 | Sep. 27, 2015 | Dec. 28, 2014 | |
Accrued and other current liabilities [Member] | ||||
Schedule Of Accrued Liabilities And Other Liabilities Current [Line Items] | ||||
Loss contingency, accrual, current | $ 3.1 | $ 12 | ||
Tax year 2011 [Member] | ||||
Schedule Of Accrued Liabilities And Other Liabilities Current [Line Items] | ||||
Taxing authority audit adjustment | $ 3.3 | |||
Subsequent Event [Member] | Tax Year 2012 [Member] | ||||
Schedule Of Accrued Liabilities And Other Liabilities Current [Line Items] | ||||
Taxing authority audit adjustment | $ 3.1 |
Long-term Debt, net (Schedule o
Long-term Debt, net (Schedule of Long-term Debt, Net) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 27, 2015 | Sep. 28, 2014 | Dec. 28, 2014 | ||
Debt instrument [Line Items] | ||||
Capital lease obligations | $ 2,746 | $ 634 | ||
Total debt and capital lease obligations | 1,403,140 | 1,321,916 | ||
Current portion of long-term debt | (21,731) | (25,964) | ||
Debt instrument, unamortized discount | (3,467) | (6,073) | ||
Total long-term debt and capital lease obligations | 1,377,942 | 1,289,879 | ||
2012 CMBS loan [Member] | ||||
Debt instrument [Line Items] | ||||
Long-term debt | 461,631 | 470,959 | ||
Secured debt [Member] | Senior Secured Credit Facility [Member] | ||||
Debt instrument [Line Items] | ||||
Long-term debt | 936,250 | 846,250 | ||
Secured debt [Member] | Term Loan A Facility [Member] | ||||
Debt instrument [Line Items] | ||||
Long-term debt | $ 281,250 | $ 296,250 | ||
Secured debt [Member] | Term Loan A Facility [Member] | Weighted average [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, interest rate at period end | [1] | 2.19% | 2.16% | |
Secured debt [Member] | Term Loan B Facility [Member] | ||||
Debt instrument [Line Items] | ||||
Long-term debt | $ 0 | $ 225,000 | ||
Debt instrument, interest rate at period end | 0.00% | 3.50% | ||
Secured debt [Member] | Revolving Credit Facility [Member] | ||||
Debt instrument [Line Items] | ||||
Line of credit facility, amount outstanding | $ 655,000 | $ 325,000 | ||
Secured debt [Member] | Revolving Credit Facility [Member] | Weighted average [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, interest rate at period end | [1] | 2.18% | 2.16% | |
Mortgage [Member] | First mortgage loan [Member] | ||||
Debt instrument [Line Items] | ||||
Long-term debt | $ 291,768 | $ 299,765 | ||
Mortgage [Member] | First mortgage loan [Member] | Weighted average [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, interest rate at period end | [1] | 4.12% | 4.08% | |
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | ||||
Debt instrument [Line Items] | ||||
Long-term debt | $ 84,317 | $ 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 | $ 85,546 | $ 86,067 | ||
Debt instrument, interest rate at period end | 11.25% | 11.25% | ||
Unsecured debt [Member] | Notes payable, other payables [Member] | ||||
Debt instrument [Line Items] | ||||
Other long-term debt, noncurrent | [2] | $ 2,513 | $ 4,073 | |
Debt instrument, interest rate, stated percentage rate range, minimum | [2] | 0.73% | 0.52% | |
Debt instrument, interest rate, stated percentage rate range, maximum | [2] | 7.60% | 7.00% | |
[1] | Represents the weighted-average interest rate for the respective period. | |||
[2] | Balance is comprised of sale-leaseback obligations and uncollateralized notes payable. Interest rates presented relate to the notes payable. |
Long-term Debt, net (Credit agr
Long-term Debt, net (Credit agreement amendment) (Details) - Secured debt [Member] - Revolving Credit Facility [Member] $ in Millions | Mar. 31, 2015USD ($) |
Line of credit facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 600 |
Amended Credit Agreement [Member] | |
Line of credit facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 825 |
Long-term Debt, net (Revolving
Long-term Debt, net (Revolving credit facility) (Details) - Secured debt [Member] $ in Millions | 9 Months Ended |
Sep. 27, 2015USD ($) | |
Letter of credit [Member] | |
Line of credit facility [Line Items] | |
Letters of credit fee, percentage | 2.13% |
Revolving Credit Facility [Member] | |
Line of credit facility [Line Items] | |
Line of credit facility, unused capacity, commitment fee percentage | 0.30% |
Letters of credit outstanding, amount | $ 29.6 |
Long-term Debt, net (Loss on mo
Long-term Debt, net (Loss on modification and extinguishment of debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |||
Line of credit facility [Line Items] | ||||||
Loss on extinguishment and modification of debt | $ 0 | $ 0 | $ (2,638) | $ (11,092) | ||
Senior Secured Credit Facility [Member] | Other assets, net [Member] | ||||||
Line of credit facility [Line Items] | ||||||
Deferred finance costs, gross | $ 1,200 | 1,200 | ||||
Senior Secured Credit Facility [Member] | Loss on extinguishment and modification of debt [Member] | ||||||
Line of credit facility [Line Items] | ||||||
Loss on extinguishment and modification of debt | 2,638 | [1] | 11,092 | [2] | ||
Write off of deferred debt issuance cost | 1,400 | 5,500 | ||||
Extinguishment of debt, write off of debt discount | $ 1,200 | 4,900 | ||||
Payments of debt extinguishment costs, prepayment premium | $ 700 | |||||
[1] | The loss was comprised of the write-off of $1.4 million of deferred financing fees and the write-off of $1.2 million of unamortized debt discount. | |||||
[2] | The loss was comprised of the write-off of $5.5 million of deferred financing fees, the write-off of $4.9 million of unamortized debt discount and a prepayment penalty of $0.7 million. |
Redeemable Noncontrolling Int62
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 28, 2015 | Mar. 29, 2015 | Jun. 28, 2015 | Sep. 27, 2015 | Dec. 28, 2014 | Dec. 31, 2013 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Balance, beginning of period | $ 24,733 | $ 24,733 | $ 24,733 | |||||
Change in redemption value of redeemable noncontrolling interests | (11,548) | |||||||
Balance, end of period | 24,772 | $ 24,733 | ||||||
Redeemable noncontrolling interests [Member] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Balance, beginning of period | 24,733 | 24,733 | 24,733 | |||||
Change in redemption value of redeemable noncontrolling interests | 2,877 | |||||||
Net income attributable to Redeemable noncontrolling interests | 934 | |||||||
Foreign currency translation adjustments attributable to Redeemable noncontrolling interests | (2,752) | |||||||
Purchase of Redeemable noncontrolling interests | [1] | (459) | ||||||
Balance, end of period | 24,772 | 24,733 | ||||||
Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Foreign currency translation adjustments attributable to Redeemable noncontrolling interests | $ (2,282) | (2,511) | (9,232) | (9,232) | [2] | (2,677) | $ (1,762) | |
Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Change in redemption value of redeemable noncontrolling interests | $ 3,276 | $ 1,856 | $ 8,671 | $ 8,671 | [2] | $ 1,824 | $ 1,715 | |
[1] | In April 2015, certain equity holders of PGS Par exercised options to sell their remaining interests in the Brazil Joint Venture. See Note 2 - Disposals, Exit Costs and Acquisitions for further information. | |||||||
[2] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. |
Stockholders' Equity (Secondary
Stockholders' Equity (Secondary Public Offering) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Sep. 27, 2015 | |
Secondary Public Offering [Line Items] | ||||||
Stock repurchased and retired during period, shares | 2,914,000 | 1,370,000 | 2,759,000 | 7,043,000 | ||
Stock repurchased and retired during period, value | $ 59,999 | $ 30,000 | $ 70,000 | $ 159,999 | ||
Secondary public offering [Member] | Bain Capital [Member] | Share repurchase [Member] | ||||||
Secondary Public Offering [Line Items] | ||||||
Stock repurchased and retired during period, shares | 2,759,164 | |||||
Stock repurchased and retired during period, value | $ 70,000 | |||||
[1] | Includes the repurchase of $70.0 million of the Company’s common stock in connection with the secondary public offering by Bain Capital in March 2015. |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Aug. 31, 2015 | Mar. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Sep. 27, 2015 | Aug. 01, 2015 | Dec. 28, 2014 | |
Share Repurchase Program [Line Items] | |||||||||
Stock repurchased and retired during period, shares | 2,914,000 | 1,370,000 | 2,759,000 | 7,043,000 | |||||
Stock repurchase program, average price paid, per share | $ 20.59 | $ 21.90 | $ 25.37 | $ 22.72 | |||||
Stock repurchased and retired during period, value | $ 59,999 | $ 30,000 | $ 70,000 | $ 159,999 | |||||
Share repurchase [Member] | Bain Capital [Member] | Secondary public offering [Member] | |||||||||
Share Repurchase Program [Line Items] | |||||||||
Stock repurchased and retired during period, shares | 2,759,164 | ||||||||
Stock repurchased and retired during period, value | $ 70,000 | ||||||||
2014 Share Repurchase Program [Member] | |||||||||
Share Repurchase Program [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 0 | 0 | |||||||
2015 Share Repurchase Program [Member] | |||||||||
Share Repurchase Program [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||
Stock repurchase program expiration date | Feb. 3, 2017 | ||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 40,000 | $ 40,000 | |||||||
[1] | Includes the repurchase of $70.0 million of the Company’s common stock in connection with the secondary public offering by Bain Capital in March 2015. |
Stockholders' Equity (Dividend)
Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Dividends Payable [Line Items] | ||||||
Dividends, common stock, cash | $ 7,333 | $ 7,391 | $ 7,423 | $ 22,147 | ||
Common stock, dividends per share | $ 0.06 | $ 0 | $ 0.18 | $ 0 | ||
Dividends payable, date to be paid | Nov. 25, 2015 | |||||
Dividends payable, date of record | Nov. 13, 2015 | |||||
Dividend Paid [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Common stock, dividends, per share, cash paid | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.18 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 |
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (140,306) | $ (60,542) |
Accumulated translation adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | (131,976) | (58,149) |
Accumulated net loss from designated or qualifying cash flow hedges [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (8,330) | $ (2,393) |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Sep. 28, 2014 | Jun. 28, 2015 | Sep. 27, 2015 | Sep. 28, 2014 | Dec. 28, 2014 | Dec. 31, 2013 | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (34,157) | $ (2,754) | $ (85,801) | $ 10,969 | ||||||||
Unrealized losses on derivatives | (3,884) | (486) | (7,052) | (486) | ||||||||
Reclassification of adjustment for loss on derivatives included in net income, net of tax | 1,115 | 0 | 1,115 | 0 | ||||||||
Other comprehensive loss, net of tax | (79,754) | 10,483 | ||||||||||
Other comprehensive (loss) income, unrealized (loss) gains on derivatives arising during period, tax expense (benefit) | 2,500 | (300) | 4,500 | 300 | ||||||||
Reclassification of adjustment for loss on derivatives included in net income, tax expense (benefit) | 700 | 700 | ||||||||||
Parent [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | (31,415) | (83,059) | ||||||||||
Foreign currency translation adjustment, attributable to parent | (2,754) | 10,969 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (22,183) | (73,827) | ||||||||||
Unrealized losses on derivatives | [1] | (3,884) | (486) | (7,052) | (486) | |||||||
Reclassification of adjustment for loss on derivatives included in net income, net of tax | [2] | 1,115 | 1,115 | |||||||||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | (2,769) | (5,937) | ||||||||||
Other comprehensive loss, net of tax | (24,952) | (3,240) | (79,764) | 10,483 | ||||||||
Non-controlling interests [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | 10 | 10 | ||||||||||
Foreign currency translation adjustment, attributable to noncontrolling interests | 0 | 0 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 10 | 10 | ||||||||||
Unrealized losses on derivatives | [1] | 0 | 0 | 0 | 0 | |||||||
Reclassification of adjustment for loss on derivatives included in net income, net of tax | [2] | 0 | 0 | |||||||||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 0 | 0 | ||||||||||
Other comprehensive loss, net of tax | 10 | 0 | 10 | 0 | ||||||||
Redeemable noncontrolling interests [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | (2,752) | (2,752) | ||||||||||
Foreign currency translation adjustment, attributable to noncontrolling interests | 0 | 0 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (11,984) | (11,984) | ||||||||||
Unrealized losses on derivatives | [1] | 0 | 0 | 0 | 0 | |||||||
Reclassification of adjustment for loss on derivatives included in net income, net of tax | [2] | 0 | 0 | |||||||||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 0 | 0 | ||||||||||
Other comprehensive loss, net of tax | (11,984) | $ 0 | (11,984) | $ 0 | ||||||||
Out-of-period adjustment [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Foreign currency translation adjustment, attributable to parent | $ 2,282 | $ 2,511 | $ 9,232 | $ 2,677 | $ 1,762 | |||||||
Foreign currency translation adjustment, attributable to noncontrolling interests | 2,282 | 2,511 | 9,232 | 2,677 | 1,762 | |||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | |||||||
Out-of-period adjustment [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Parent [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Foreign currency translation adjustment, attributable to parent | 9,232 | [3] | $ 2,282 | $ 2,511 | $ 9,232 | 9,232 | [3] | $ 2,677 | $ 1,762 | |||
Out-of-period adjustment [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Non-controlling interests [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Foreign currency translation adjustment, attributable to noncontrolling interests | [3] | 0 | 0 | |||||||||
Out-of-period adjustment [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Redeemable noncontrolling interests [Member] | ||||||||||||
Accumulated other comprehensive income (loss) [Line Items] | ||||||||||||
Foreign currency translation adjustment, attributable to noncontrolling interests | [3] | $ (9,232) | $ (9,232) | |||||||||
[1] | Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $2.5 million and $4.5 million for the thirteen and thirty-nine weeks ended September 27, 2015, respectively, and $0.3 million for the thirteen and thirty-nine weeks ended September 28, 2014. | |||||||||||
[2] | Amounts attributable to Bloomin’ Brands, Inc are net of tax benefit of $0.7 million for the thirteen and thirty-nine weeks ended September 27, 2015. | |||||||||||
[3] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 1 - Description of the Business and Basis of Presentation for further details. |
Stockholders' Equity (Noncontro
Stockholders' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2015 | Sep. 27, 2015 | Sep. 28, 2014 | |
Noncontrolling Interest [Line Items] | |||
Contributions from noncontrolling interests | $ 3,442 | $ 174 | |
Non-controlling interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Contributions from noncontrolling interests | $ 3,200 |
Derivative Instruments and He69
Derivative Instruments and Hedging Activities (Cash flow hedges of interest rate risk) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] $ in Millions | Sep. 09, 2014USD ($)counterparties | Sep. 25, 2016USD ($) |
Derivative [Line Items] | ||
Derivative, inception date | Sep. 9, 2014 | |
Derivative agreements, number of counterparties | counterparties | 8 | |
Derivative, notional amount | $ 400 | |
Derivative, effective date | Jun. 30, 2015 | |
Derivative, maturity date | May 16, 2019 | |
Derivative, average fixed interest rate | 2.02% | |
Interest expense [Member] | Scenario, forecast [Member] | ||
Derivative [Line Items] | ||
Derivative instruments, reclassification from AOCI to income, next twelve months, estimated | $ 6.5 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Derivative, variable interest rate | 30-day LIBOR |
Derivative Instruments and He70
Derivative Instruments and Hedging Activities (Fair value and classification of interest rate swaps) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 | |
Derivative [Line Items] | |||
Derivative, interest rate swaps, liabilities, fair value | [1] | $ 13,656 | $ 3,924 |
Accrued interest expense, interest rate swaps | 627 | 0 | |
Accrued and other current liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative, interest rate swaps, liabilities, fair value | 6,104 | 2,617 | |
Other long-term liabilities, net [Member] | |||
Derivative [Line Items] | |||
Derivative, interest rate swaps, liabilities, fair value | $ 7,552 | $ 1,307 | |
[1] | See Note 12 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Derivative Instruments and He71
Derivative Instruments and Hedging Activities (Effects of the interest rate swap on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2015USD ($)counterparties | Sep. 28, 2014USD ($) | Sep. 27, 2015USD ($)counterparties | Sep. 28, 2014USD ($) | ||
Derivative [Line Items] | |||||
Income tax benefit in (Provision) benefit for income taxes | $ (700) | $ (700) | |||
Total effects of interest rate swaps on Net income (loss) | (1,115) | $ 0 | (1,115) | $ 0 | |
Interest rate swap [Member] | Designated as hedging instrument [Member] | |||||
Derivative [Line Items] | |||||
Total effects of interest rate swaps on Net income (loss) | (1,115) | 0 | (1,115) | 0 | |
Derivative, net hedge ineffectiveness gain (loss) | $ 0 | $ 0 | |||
Number of derivatives with each counterparty | counterparties | 1 | 1 | |||
Derivative, net liability position, aggregate fair value | $ 14,600 | $ 14,600 | |||
Derivative, termination value | 14,600 | 14,600 | |||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Interest expense [Member] | |||||
Derivative [Line Items] | |||||
Interest rate swap expense recognized in Interest expense, net | [1] | (1,828) | 0 | (1,828) | 0 |
Interest rate swap [Member] | Designated as hedging instrument [Member] | Income tax expense (benefit) [Member] | |||||
Derivative [Line Items] | |||||
Income tax benefit in (Provision) benefit for income taxes | $ 713 | $ 0 | $ 713 | $ 0 | |
[1] | During the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014, the Company did not recognize any gain or loss as a result of hedge ineffectiveness. |
Fair Value Measurements (Fair v
Fair Value Measurements (Fair value measurements on a recurring basis) (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 |
Fair value, inputs, level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 14,245 | $ 15,804 |
Liabilities at fair value | 0 | 0 |
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 | 14,233 | 4,490 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Accrued and other current liabilities [Member] | Commodity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Other long-term liabilities, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities fair value disclosure | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 6,104 | 2,617 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Accrued and other current liabilities [Member] | Commodity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 577 | 566 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Other long-term liabilities, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities fair value disclosure | 7,552 | 1,307 |
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 | 3,888 | 4,602 |
Restricted cash equivalents, fair value disclosure | 551 | 0 |
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 |
Restricted 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 | 9,741 | 7,842 |
Restricted cash equivalents, fair value disclosure | 65 | 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 14,245 | 15,804 |
Liabilities at fair value | 14,233 | 4,490 |
Reported value measurement [Member] | Fair value, measurements, recurring [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 6,104 | 2,617 |
Reported value measurement [Member] | Fair value, measurements, recurring [Member] | Accrued and other current liabilities [Member] | Commodity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 577 | 566 |
Reported value measurement [Member] | Fair value, measurements, recurring [Member] | Other long-term liabilities, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities fair value disclosure | 7,552 | 1,307 |
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 | 3,888 | 4,602 |
Restricted cash equivalents, fair value disclosure | 551 | 0 |
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 | 9,741 | 7,842 |
Restricted cash equivalents, fair value disclosure | $ 65 | $ 3,360 |
Fair Value Measurements (Fair73
Fair Value Measurements (Fair value measurements on a nonrecurring basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | ||||||
Provision for impaired assets and restaurant closings [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Impairment losses | $ 1,637 | $ 28,734 | $ 3,789 | $ 29,216 | |||||
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 | 1,637 | 28,734 | 3,789 | 29,216 | |||||
Reported value measurement [Member] | Assets measured with impairment, quarter-to-date [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 1,809 | 25,986 | 1,809 | 25,986 | |||||
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] | |||||||||
Assets, fair value disclosure, nonrecurring | 6,112 | 28,937 | 6,112 | 28,937 | |||||
Disposal group, held-for-sale, not discontinued operations [Member] | 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 of long-lived assets to be disposed of | 44 | 16,588 | 1,072 | 16,588 | |||||
Disposal group, held-for-sale, not discontinued operations [Member] | Assets measured with impairment, quarter-to-date [Member] | Fair value, inputs, level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 185 | 24,773 | 185 | 24,773 | |||||
Disposal group, held-for-sale, not discontinued operations [Member] | Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 3,538 | 24,773 | 3,538 | 24,773 | |||||
Disposal group, held-for-sale, not discontinued operations [Member] | Reported value measurement [Member] | Assets measured with impairment, quarter-to-date [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | [1] | 185 | 24,773 | 185 | 24,773 | ||||
Disposal group, held-for-sale, not discontinued operations [Member] | 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] | |||||||||
Assets, fair value disclosure, nonrecurring | [1] | 3,538 | 24,773 | 3,538 | 24,773 | ||||
Property, plant and equipment [Member] | 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] | |||||||||
Property, fixtures and equipment, impairment | 1,593 | 12,146 | 2,717 | 12,628 | |||||
Property, plant and equipment [Member] | Assets measured with impairment, quarter-to-date [Member] | Fair value, inputs, level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 1,624 | 1,213 | 1,624 | 1,213 | |||||
Property, plant and equipment [Member] | Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 2,574 | 3,500 | [1] | 2,574 | 3,500 | [1] | |||
Property, plant and equipment [Member] | Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | [1] | 600 | 600 | ||||||
Property, plant and equipment [Member] | Reported value measurement [Member] | Assets measured with impairment, quarter-to-date [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 1,624 | [1] | 1,213 | [2] | 1,624 | [1] | 1,213 | [2] | |
Property, plant and equipment [Member] | 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] | |||||||||
Assets, fair value disclosure, nonrecurring | $ 2,574 | [1] | $ 4,164 | [2] | $ 2,574 | [1] | $ 4,164 | [2] | |
[1] | Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 27, 2015 and September 28, 2014. A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. Refer to Note 2 - Disposals, Exit Costs and Acquisitions for discussion of impairments related to corporate airplanes and Roy’s recognized during the thirteen and thirty-nine weeks ended September 28, 2014. | ||||||||
[2] | Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen weeks ended September 28, 2014 and $3.5 million and $0.6 million measured using Level 2 and Level 3 inputs, respectively, for the thirty-nine weeks ended September 28, 2014. A third-party market appraisal (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying value and fair value of debt by hierarchy level) (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Dec. 28, 2014 |
2012 CMBS loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 461,631 | $ 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 | 281,250 | 296,250 |
Secured debt [Member] | Term Loan A Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 275,625 | 294,769 |
Secured debt [Member] | Term Loan A Facility [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Secured debt [Member] | Term Loan B Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 225,000 |
Secured debt [Member] | Term Loan B Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 222,188 |
Secured debt [Member] | Term Loan B Facility [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
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 | 655,000 | 325,000 |
Secured debt [Member] | Revolving Credit Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 650,906 | 322,563 |
Secured debt [Member] | Revolving Credit Facility [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 0 |
Mortgage [Member] | 2012 CMBS first mortgage loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 291,768 | 299,765 |
Mortgage [Member] | Fair value, inputs, level 2 [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 |
Mortgage [Member] | Fair value, inputs, level 3 [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 | 298,323 | 308,563 |
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 84,317 | 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 | 85,546 | 86,067 |
Mezzanine mortgage debt [Member] | Fair value, inputs, level 2 [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 |
Mezzanine mortgage debt [Member] | Fair value, inputs, level 2 [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 |
Mezzanine mortgage debt [Member] | Fair value, inputs, level 3 [Member] | First mezzanine loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 84,376 | 85,187 |
Mezzanine mortgage debt [Member] | Fair value, inputs, level 3 [Member] | Second mezzanine loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 86,461 | 86,988 |
Unsecured debt [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other notes payable | 1,362 | 2,722 |
Unsecured debt [Member] | Fair value, inputs, level 2 [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value disclosure | 0 | 0 |
Unsecured debt [Member] | Fair value, inputs, level 3 [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value disclosure | $ 1,119 | $ 2,625 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 26.30% | 27.50% | 27.00% | 24.10% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Pending litigation [Member] | Oct. 04, 2013employeesubsidiaries |
Subsidiaries [Member] | |
Other Commitments [Line Items] | |
Loss contingency, number of defendants | subsidiaries | 2 |
Employee [Member] | |
Other Commitments [Line Items] | |
Number of employees party to lawsuit | 2 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015USD ($)franchisee | Sep. 28, 2014USD ($) | Sep. 27, 2015USD ($)franchisee | Sep. 28, 2014USD ($) | |
Segment reporting information [Line Items] | ||||
Number of reportable segments | 2 | |||
Revenues | $ 1,026,721 | $ 1,065,454 | $ 3,328,377 | $ 3,334,225 |
International segment [Member] | ||||
Segment reporting information [Line Items] | ||||
Revenues | $ 124,268 | $ 150,019 | 380,932 | $ 441,121 |
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 | franchisee | 18 | 18 |
Segment Reporting (Revenue by S
Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 1,026,721 | $ 1,065,454 | $ 3,328,377 | $ 3,334,225 |
U.S. segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | 902,453 | 915,435 | 2,947,445 | 2,893,104 |
International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 124,268 | $ 150,019 | $ 380,932 | $ 441,121 |
Segment Reporting (Income from
Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | $ 38,724 | $ (1,121) | $ 199,010 | $ 151,296 |
Loss on extinguishment and modification of debt | 0 | 0 | (2,638) | (11,092) |
Other (expense) income, net | (266) | 18 | (1,356) | 171 |
Interest expense, net | (14,851) | (13,837) | (40,916) | (45,544) |
Income (loss) before provision (benefit) for income taxes | 23,607 | (14,940) | 154,100 | 94,831 |
Operating segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | 70,661 | 51,766 | 305,940 | 264,442 |
Corporate, non-segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | (31,937) | (52,887) | (106,930) | (113,146) |
U.S. segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | 60,891 | 54,734 | 281,564 | 242,903 |
International segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | $ 9,770 | $ (2,968) | $ 24,376 | $ 21,539 |
Segment Reporting (Depreciation
Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 47,455 | $ 48,750 | $ 141,316 | $ 143,542 |
U.S. segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 38,025 | 36,740 | 112,410 | 109,749 |
International segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 6,507 | 8,397 | 20,033 | 22,670 |
Corporate, non-segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 2,923 | $ 3,613 | $ 8,873 | $ 11,123 |