Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 25, 2016 | Oct. 28, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 25, 2016 | |
Entity Registrant Name | Bloomin' Brands, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 105,390,926 | |
Entity Central Index Key | 1,546,417 | |
Current Fiscal Year End Date | --12-25 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 25, 2016 | Dec. 27, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 91,474 | $ 132,337 |
Current portion of restricted cash and cash equivalents | 803 | 6,772 |
Inventories | 66,514 | 80,704 |
Other current assets, net | 91,563 | 198,831 |
Total current assets | 250,354 | 418,644 |
Restricted cash | 0 | 16,265 |
Property, fixtures and equipment, net | 1,418,532 | 1,594,460 |
Goodwill | 314,566 | 300,861 |
Intangible assets, net | 542,240 | 546,837 |
Deferred income tax assets | 3,669 | 7,631 |
Other assets, net | 130,663 | 147,871 |
Total assets | 2,660,024 | 3,032,569 |
Current Liabilities | ||
Accounts payable | 189,662 | 193,116 |
Accrued and other current liabilities | 202,351 | 206,611 |
Unearned revenue | 242,442 | 382,586 |
Current portion of long-term debt, net | 39,551 | 31,853 |
Total current liabilities | 674,006 | 814,166 |
Deferred rent | 150,991 | 139,758 |
Deferred income tax liabilities | 23,206 | 53,546 |
Long-term debt, net | 1,186,057 | 1,285,011 |
Other long-term liabilities, net | 360,114 | 294,662 |
Total liabilities | 2,394,374 | 2,587,143 |
Commitments and contingencies | ||
Mezzanine Equity | ||
Redeemable noncontrolling interests | 26,092 | 23,526 |
Bloomin’ Brands Stockholders’ Equity | ||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of September 25, 2016 and December 27, 2015 | 0 | 0 |
Common stock, $0.01 par value, 475,000,000 shares authorized; 105,194,804 and 119,214,522 shares issued and outstanding as of September 25, 2016 and December 27, 2015, respectively | 1,052 | 1,192 |
Additional paid-in capital | 1,068,165 | 1,072,861 |
Accumulated deficit | (747,472) | (518,360) |
Accumulated other comprehensive loss | (94,984) | (147,367) |
Total Bloomin’ Brands stockholders’ equity | 226,761 | 408,326 |
Noncontrolling interests | 12,797 | 13,574 |
Total stockholders’ equity | 239,558 | 421,900 |
Total liabilities, mezzanine equity and stockholders’ equity | $ 2,660,024 | $ 3,032,569 |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Sep. 25, 2016 | Dec. 27, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 105,194,804 | 119,214,522 |
Common stock, shares outstanding | 105,194,804 | 119,214,522 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Revenues | ||||
Restaurant sales | $ 998,806 | $ 1,020,131 | $ 3,229,377 | $ 3,307,700 |
Other revenues | 6,581 | 6,590 | 18,786 | 20,677 |
Total revenues | 1,005,387 | 1,026,721 | 3,248,163 | 3,328,377 |
Costs and expenses | ||||
Cost of sales | 322,080 | 339,000 | 1,044,179 | 1,083,923 |
Labor and other related | 290,032 | 286,628 | 921,992 | 911,653 |
Other restaurant operating | 243,175 | 243,609 | 747,189 | 761,928 |
Depreciation and amortization | 48,551 | 47,455 | 145,206 | 141,316 |
General and administrative | 65,072 | 69,623 | 208,663 | 218,832 |
Provision for impaired assets and restaurant closings | 4,743 | 1,682 | 49,183 | 11,715 |
Total costs and expenses | 973,653 | 987,997 | 3,116,412 | 3,129,367 |
Income from operations | 31,734 | 38,724 | 131,751 | 199,010 |
Loss on defeasance, extinguishment and modification of debt | (418) | 0 | (26,998) | (2,638) |
Other income (expense), net | 2,079 | (266) | 2,059 | (1,356) |
Interest expense, net | (10,217) | (14,851) | (33,394) | (40,916) |
Income before provision for income taxes | 23,178 | 23,607 | 73,418 | 154,100 |
Provision for income taxes | 1,950 | 6,202 | 24,372 | 41,557 |
Net income | 21,228 | 17,405 | 49,046 | 112,543 |
Less: net income attributable to noncontrolling interests | 495 | 594 | 3,015 | 2,918 |
Net income attributable to Bloomin’ Brands | 20,733 | 16,811 | 46,031 | 109,625 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 45,471 | (34,157) | 58,151 | (85,801) |
Unrealized gain (loss) on derivatives, net of tax | 672 | (3,884) | (4,250) | (7,052) |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 947 | 1,115 | 2,902 | 1,115 |
Comprehensive income (loss) | 68,318 | (19,521) | 105,849 | 20,805 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 2,509 | (11,380) | 7,435 | (9,056) |
Comprehensive income (loss) attributable to Bloomin’ Brands | $ 65,809 | $ (8,141) | $ 98,414 | $ 29,861 |
Earnings per share: | ||||
Basic (usd per share) | $ 0.19 | $ 0.14 | $ 0.41 | $ 0.89 |
Diluted (usd per share) | $ 0.18 | $ 0.13 | $ 0.40 | $ 0.87 |
Weighted average common shares outstanding: | ||||
Basic (shares) | 109,399 | 121,567 | 113,553 | 123,337 |
Diluted (shares) | 112,430 | 124,733 | 116,516 | 126,610 |
Cash dividends declared per common share | $ 0.07 | $ 0.06 | $ 0.21 | $ 0.18 |
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. 28, 2014 | 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, per common share | (22,147) | (22,147) | ||||
Repurchase and retirement of common stock, shares | (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 from 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) | ||
Change in redemption value of redeemable interests | (11,548) | (11,548) | ||||
Purchase of noncontrolling and limited partnership interests, net of tax | (229) | (229) | ||||
Distributions to noncontrolling interests | (3,310) | (3,310) | ||||
Contributions from noncontrolling interests | 3,442 | 3,442 | ||||
Balance (in shares) at Sep. 27, 2015 | 119,751,000 | |||||
Balance at Sep. 27, 2015 | $ 417,518 | $ 1,198 | 1,075,424 | (526,023) | (140,306) | 7,225 |
Balance (in shares) at Dec. 27, 2015 | 119,214,522 | 119,215,000 | ||||
Balance at Dec. 27, 2015 | $ 421,900 | $ 1,192 | 1,072,861 | (518,360) | (147,367) | 13,574 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 48,451 | 46,031 | 2,420 | |||
Other comprehensive (loss) income, net of tax | 52,294 | 52,383 | (89) | |||
Cash dividends declared, per common share | $ (23,981) | (23,981) | ||||
Repurchase and retirement of common stock, shares | (14,831,000) | (14,831,000) | ||||
Repurchase and retirement of common stock, value | $ (274,892) | $ (148) | (274,744) | |||
Stock-based compensation | 18,390 | 18,390 | ||||
Tax shortfall from stock-based compensation | (410) | (410) | ||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, shares | 811,000 | |||||
Common stock issued under stock plans, net of forfeitures and shares withheld for employee taxes, value | 3,263 | $ 8 | 3,654 | (399) | ||
Change in redemption value of redeemable interests | (1,349) | (1,349) | ||||
Purchase of noncontrolling and limited partnership interests, net of tax | (419) | (1,000) | 581 | |||
Distributions to noncontrolling interests | (4,245) | (4,245) | ||||
Contributions from noncontrolling interests | $ 556 | 556 | ||||
Balance (in shares) at Sep. 25, 2016 | 105,194,804 | 105,195,000 | ||||
Balance at Sep. 25, 2016 | $ 239,558 | $ 1,052 | $ 1,068,165 | $ (747,472) | $ (94,984) | $ 12,797 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Parenthetical $ in Thousands | 9 Months Ended |
Sep. 25, 2016USD ($)$ / shares | |
Common stock, dividends per share | $ / shares | $ 0.21 |
Additional paid-in capital [Member] | |
Purchase of limited partnership interests, deferred tax effect | $ | $ 1,504 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Cash flows provided by operating activities: | ||
Net income | $ 49,046 | $ 112,543 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 145,206 | 141,316 |
Amortization of deferred discounts and issuance costs | 3,862 | 3,583 |
Amortization of deferred gift card sales commissions | 21,146 | 20,381 |
Provision for impaired assets and restaurant closings | 49,183 | 11,715 |
Stock-based and other non-cash compensation expense | 17,646 | 16,797 |
Deferred income tax expense | 1,764 | 6,053 |
(Gain) loss on sale of subsidiary or business | (2,084) | 1,168 |
Loss on defeasance, extinguishment and modification of debt | 26,998 | 2,638 |
Excess tax benefit from stock-based compensation | (1,214) | (1,058) |
Other non-cash items, net | (4,873) | (2,058) |
Change in assets and liabilities: | ||
Decrease (increase) in inventories | 14,291 | (2,214) |
Decrease in other current assets | 82,975 | 71,279 |
Decrease in other assets | 6,021 | 11,414 |
Decrease in accounts payable and accrued and other current liabilities | (56,910) | (16,932) |
Increase in deferred rent | 12,206 | 15,516 |
Decrease in unearned revenue | (138,300) | (139,672) |
Decrease in other long-term liabilities | (3,407) | (5,175) |
Net cash provided by operating activities | 223,556 | 247,294 |
Cash flows provided by (used in) investing activities: | ||
Proceeds from disposal of property, fixtures and equipment | 1,335 | 5,521 |
Proceeds from sale-leaseback transactions, net | 320,287 | 0 |
Proceeds from sale of a business, net of cash divested | 23,009 | 7,798 |
Capital expenditures | (185,581) | (166,783) |
Decrease in restricted cash | 40,977 | 42,868 |
Increase in restricted cash | (18,739) | (33,960) |
Other investments, net | (5,148) | 9,618 |
Net cash provided by (used in) investing activities | 176,140 | (134,938) |
Cash flows used in financing activities: | ||
Proceeds from issuance of long-term debt, net | 364,211 | 0 |
Defeasance, extinguishment and modification of debt | (478,906) | (215,000) |
Repayments of long-term debt | (221,266) | (36,330) |
Proceeds from borrowings on revolving credit facilities, net | 591,500 | 522,225 |
Repayments of borrowings on revolving credit facilities | (377,500) | (193,300) |
Proceeds from the exercise of share-based compensation | 3,662 | 6,396 |
Distributions to noncontrolling interests | (4,245) | (3,310) |
Contributions from noncontrolling interests | 556 | 3,442 |
Purchase of limited partnership and noncontrolling interests | (10,778) | (652) |
Repayments of partner deposits and accrued partner obligations | (14,985) | (35,884) |
Repurchase of common stock | (275,291) | (160,724) |
Excess tax benefit from stock-based compensation | 1,214 | 1,058 |
Cash dividends paid on common stock | (23,981) | (22,147) |
Net cash used in financing activities | (445,809) | (134,226) |
Effect of exchange rate changes on cash and cash equivalents | 5,250 | (8,284) |
Net decrease in cash and cash equivalents | (40,863) | (30,154) |
Cash and cash equivalents as of the beginning of the period | 132,337 | 165,744 |
Cash and cash equivalents as of the end of the period | 91,474 | 135,590 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 32,726 | 39,408 |
Cash paid for income taxes, net of refunds | 51,833 | 18,383 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Change in acquisition of property, fixtures and equipment included in accounts payable or capital lease liabilities | 17,174 | 17 |
Purchase of noncontrolling interest included in accrued and other current liabilities | $ 1,414 | $ 0 |
Description of the Business and
Description of the Business and Basis of Presentation | 9 Months Ended |
Sep. 25, 2016 | |
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. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Each of the Company’s concepts has additional restaurants in which it has no direct investment and are operated under franchise agreements. Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for 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 27, 2015 . Recently Issued Financial Accounting Standards Not Yet Adopted - In August 2016, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU No. 2016-15”) which provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. ASU No. 2016-15 will be effect ive for the Company in fiscal year 2018 , and early adoption is permitted. The Company does not expect ASU No. 2016-15 to have a material impact on its financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09: “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09”). ASU No. 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU No. 2016-09 will be effective for the Company in fiscal year 2017. While reducing the complexity of the accounting for share based-payments, ASU No. 2016-09 is expected to impact net income, earnings per share and presentation of cash flows. In February 2016, the FASB issued ASU No. 2016-02: “Leases (Topic 842)” (“ASU No. 2016-02”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU No. 2016-02 is effective for the Company in fiscal year 2019 and must be adopted using a modified retrospective approach. The Company is currently evaluating the impact the adoption of ASU No. 2016-02 will have 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’s fiscal year 2016 annual reporting period. The Company does not expect ASU No. 2014-15 to have a material impact on its financial position, results of operations and cash flows. In May 2014, the FASB issued ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. ASU No. 2014-09, as amended, 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. 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. |
Impairment, Disposals and Exit
Impairment, Disposals and Exit Costs | 9 Months Ended |
Sep. 25, 2016 | |
Impairments and Disposals [Abstract] | |
Impairments, disposals and exit costs | Impairments, Disposals and Exit Costs The components of Provision for impaired assets and restaurant closings are as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Impairment losses U.S. $ 5,267 $ 1,637 $ 5,348 $ 3,043 International — — 39,636 — Corporate — — — 746 Total impairment losses $ 5,267 $ 1,637 $ 44,984 $ 3,789 Restaurant closure expenses U.S. $ (524 ) $ (20 ) $ 4,325 $ 1,754 International — 65 (126 ) 6,172 Total restaurant closure expenses $ (524 ) $ 45 $ 4,199 $ 7,926 Provision for impaired assets and restaurant closings $ 4,743 $ 1,682 $ 49,183 $ 11,715 Outback Steakhouse South Korea - On July 25, 2016, the Company completed the sale of its Outback Steakhouse subsidiary in South Korea (“Outback Steakhouse South Korea”) for a purchase price of $50.0 million , in cash. In the second quarter of 2016, the Company recognized an impairment charge of $39.6 million , including costs to sell of $3.3 million , within the International segment. The Company also recognized tax expense of ($1.1) million and $2.4 million for the thirteen and thirty-nine weeks ended September 25, 2016 , respectively, with respect to undistributed earnings in South Korea that were previously considered to be permanently reinvested. During the thirteen and thirty-nine weeks ended September 25, 2016 , the Company recognized a gain on the sale of Outback Steakhouse South Korea of $2.1 million within Other income (expense), net in the Consolidated Statements of Operations and Comprehensive Income (Loss) , primarily due to a change in foreign currency exchange rates subsequent to the Company’s second fiscal quarter. After completion of the sale, the Company’s restaurant locations in South Korea are operated as franchises under an agreement with the buyer. Following are the components of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the following periods: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Restaurant sales $ 11,753 $ 41,909 $ 90,455 $ 128,276 Income (loss) before income taxes (1) $ 2,246 $ 2,124 $ (32,348 ) $ (1,050 ) ________________ (1) Includes impairment charges of $39.6 million for Assets held for sale during the thirty-nine weeks ended September 25, 2016 . Includes a gain of $2.1 million on the sale of Outback Steakhouse South Korea for the thirteen and thirty-nine weeks ended September 25, 2016 . Bonefish Restructuring - On February 12, 2016 , the Company decided to close 14 Bonefish restaurants (“Bonefish Restructuring”). The Company expects to substantially complete these restaurant closings through the first quarter of 2019 . The Company currently expects to incur additional charges of approximately $3.5 million to $6.1 million over the next five years , including costs associated with lease obligations, employee terminations and other closure-related obligations. Following is a summary of estimated pre-tax expense by type: (dollars in millions) ESTIMATED EXPENSE Lease-related liabilities, net $ 3.2 to $ 5.2 Employee severance and other obligations $ 0.3 to $ 0.9 Total future cash expenditures of $10.1 million to $12.3 million , primarily related to lease liabilities, are expected to occur through October 2024 . Restaurant Closure Initiatives - During 2014, the Company decided to close 36 underperforming international locations, primarily in South Korea (the “International Restaurant Closure Initiative”). In 2013, the Company decided to close 22 underperforming domestic locations (the “Domestic Restaurant Closure Initiative”). Following is a summary of expenses related to the Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives recognized in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Impairment, facility closure and other expenses Bonefish Restructuring $ (685 ) $ — $ 3,695 $ — International Restaurant Closure Initiative — 65 (124 ) 6,160 Domestic Restaurant Closure Initiative — (20 ) 81 1,317 Provision for impaired assets and restaurant closings $ (685 ) $ 45 $ 3,652 $ 7,477 Severance and other expenses Bonefish Restructuring $ — $ — $ 601 $ — International Restaurant Closure Initiative — 140 23 1,713 General and administrative $ — $ 140 $ 624 $ 1,713 Reversal of deferred rent liability Bonefish Restructuring $ (609 ) $ — $ (3,410 ) $ — International Restaurant Closure Initiative — — — (198 ) Other restaurant operating $ (609 ) $ — $ (3,410 ) $ (198 ) $ (1,294 ) $ 185 $ 866 $ 8,992 The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Bonefish Restructuring and Domestic and International Restaurant Closure Initiatives, during the thirty-nine weeks ended September 25, 2016 : (dollars in thousands) THIRTY-NINE WEEKS ENDED Beginning of the period $ 5,699 Charges 5,400 Cash payments (4,284 ) Adjustments (1,201 ) End of the period (1) $ 5,614 ________________ (1) As of September 25, 2016 , the Company had exit-related accruals of $1.9 million recorded in Accrued and other current liabilities and $3.7 million recorded in Other long-term liabilities, net in the Consolidated Balance Sheet. Other Impairments - During the thirteen and thirty-nine weeks ended September 25, 2016 , the Company recognized impairment charges of $3.2 million for its Puerto Rico subsidiary, within the U.S. segment. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 25, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings Per Share The following table presents the computation of basic and diluted earnings per share : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands, except per share data) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Net income attributable to Bloomin’ Brands $ 20,733 $ 16,811 $ 46,031 $ 109,625 Basic weighted average common shares outstanding 109,399 121,567 113,553 123,337 Effect of diluted securities: Stock options 2,720 2,966 2,719 3,071 Nonvested restricted stock and restricted stock units 311 200 242 200 Nonvested performance-based share units — — 2 2 Diluted weighted average common shares outstanding 112,430 124,733 116,516 126,610 Basic earnings per share $ 0.19 $ 0.14 $ 0.41 $ 0.89 Diluted earnings per share $ 0.18 $ 0.13 $ 0.40 $ 0.87 Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Stock options 5,530 2,828 5,079 2,616 Nonvested restricted stock and restricted stock units 103 28 285 38 Nonvested performance-based share units 130 — 99 — |
Stock-based and Deferred Compen
Stock-based and Deferred Compensation Plans | 9 Months Ended |
Sep. 25, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based and deferred compensation plans | Stock-based and Deferred Compensation Plans Stock-based Compensation Plans Equity Compensation Plans - On April 22, 2016, the Company’s shareholders approved the Bloomin’ Brands, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Incentive Plan”). Following approval of the 2016 Incentive Plan, no further awards have been granted under the Company’s previous equity compensation plans. Existing awards under previous plans continue to vest in accordance with the original vesting schedule and will expire at the end of their original term. The 2016 Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other cash-based or stock-based awards to Company management, other key employees, consultants and directors. As of September 25, 2016 , the maximum number of shares of common stock available for issuance pursuant to the 2016 Incentive Plan was 5,608,064 . Performance-based Share Units - During the thirty-nine weeks ended September 25, 2016 , the Company granted performance-based share units that vest after three years based on the achievement of certain Company performance criteria as set forth in the award agreement and may range from zero to 200% of the target grant. The Company recognized stock-based compensation expense as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Stock options $ 2,929 $ 2,633 $ 8,971 $ 7,612 Restricted stock and restricted stock units 2,322 1,823 6,901 4,973 Performance-based share units 21 939 1,773 2,628 $ 5,272 $ 5,395 $ 17,645 $ 15,213 During the thirty-nine weeks ended September 25, 2016 , the Company made grants to its employees of 3.2 million stock options, 1.0 million time-based restricted stock units and 0.4 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 25, 2016 Assumptions: Weighted-average risk-free interest rate (1) 1.3 % Dividend yield (2) 1.6 % Expected term (3) 6.1 years Weighted-average volatility (4) 35.2 % Weighted-average grant date fair value per option $ 5.28 ________________ (1) Risk-free interest 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 to be paid on the Company’s common stock over the expected term of the option. (3) Expected term represents the period of time that the options are expected to be outstanding. The 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 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 25, 2016 : UNRECOGNIZED REMAINING WEIGHTED-AVERAGE VESTING PERIOD Stock options $ 24,451 2.5 Restricted stock and restricted stock units $ 25,241 2.9 Performance-based share units $ 2,187 1.7 |
Other Current Assets, Net
Other Current Assets, Net | 9 Months Ended |
Sep. 25, 2016 | |
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 25, 2016 DECEMBER 27, 2015 Prepaid expenses $ 26,787 $ 30,373 Accounts receivable - gift cards, net 12,864 115,926 Accounts receivable - vendors, net 8,693 10,310 Accounts receivable - franchisees, net 2,372 1,149 Accounts receivable - other, net 22,398 21,158 Assets held for sale 469 784 Other current assets, net 17,980 19,131 $ 91,563 $ 198,831 |
Property, Fixtures and Equipmen
Property, Fixtures and Equipment, Net | 9 Months Ended |
Sep. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, fixtures and equipment, net | Property, Fixtures and Equipment, Net During the thirty-nine weeks ended September 25, 2016 , the Company entered into sale-leaseback transactions with third-parties in which it sold 88 restaurant properties at fair market value for gross proceeds of $326.5 million . The Company recorded a deferred gain of $97.2 million , primarily in Other long-term liabilities, net in its Consolidated Balance Sheet. Deferred gains from these sale-leaseback transactions are amortized to Other restaurant operating expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) over the initial term of each lease, ranging from 15 to 20 years. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 25, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets, net | Goodwill and Intangible Assets, Net Goodwill - The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 27, 2015 $ 172,711 $ 128,150 $ 300,861 Translation adjustments — 15,893 15,893 Divestiture of business unit (1) — (1,901 ) (1,901 ) Transfer to Assets held for sale (287 ) — (287 ) Balance as of September 25, 2016 $ 172,424 $ 142,142 $ 314,566 _______________ (1) During the thirty-nine weeks ended September 25, 2016 , the Company disposed of Goodwill in connection with the sale of Outback Steakhouse South Korea. The Company performed its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during the fiscal second quarters of 2016 and 2015. In connection with these assessments, the Company did not record any goodwill or indefinite-lived intangible impairment charges. |
Other Assets, Net
Other Assets, Net | 9 Months Ended |
Sep. 25, 2016 | |
Other Assets [Abstract] | |
Other assets, net | Other Assets, Net Other assets, net, consisted of the following: (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Company-owned life insurance $ 74,373 $ 68,950 Deferred financing fees (1) 2,906 3,730 Liquor licenses 27,806 27,869 Assets held for sale 1,546 — Other assets 24,032 47,322 $ 130,663 $ 147,871 ________________ (1) Net of accumulated amortization of $3.0 million and $2.2 million as of September 25, 2016 and December 27, 2015 , respectively. |
Long-term Debt, Net
Long-term Debt, Net | 9 Months Ended |
Sep. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt, net | Long-term Debt, Net Following is a summary of outstanding long-term debt: SEPTEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 264,375 2.51 % $ 277,500 2.26 % Term loan A-1 143,438 2.45 % 150,000 2.34 % Revolving credit facility (1) 646,000 2.48 % 432,000 2.29 % Total Senior Secured Credit Facility $ 1,053,813 $ 859,500 PRP Mortgage Loan (2) $ 172,840 2.96 % $ — — % 2012 CMBS loan: First mortgage loan (1) $ — — % $ 289,588 4.13 % First mezzanine loan — — % 84,028 9.00 % Second mezzanine loan — — % 85,353 11.25 % Total 2012 CMBS loan $ — $ 458,969 Capital lease obligations $ 2,495 $ 2,632 Other long-term debt 3,006 0.00% to 7.60% 2,292 0.73% to 7.60% Less: unamortized debt discount and issuance costs (6,546 ) (6,529 ) $ 1,225,608 $ 1,316,864 Less: current portion of long-term debt, net (39,551 ) (31,853 ) Long-term debt, net $ 1,186,057 $ 1,285,011 ________________ (1) Represents the weighted-average interest rate for the respective period. (2) Subsequent to September 25, 2016 , the Company made payments on its PRP Mortgage Loan with proceeds from sale-leaseback transactions. See Note 18 - Subsequent Events for further details. PRP Mortgage Loan - On February 11, 2016 , New Private Restaurant Partners, LLC, an indirect wholly-owned subsidiary of the Company (“PRP”), as borrower, and Wells Fargo Bank, National Association, as lender (the “Lender”), entered into a loan agreement (the “PRP Mortgage Loan”), pursuant to which PRP borrowed $300.0 million . The PRP Mortgage Loan has an initial maturity date of February 11, 2018 (the “Initial Maturity”) with an option to extend the Initial Maturity for one twelve -month extension period (the “Extension”) provided that certain conditions are satisfied. The PRP Mortgage Loan is collateralized by certain properties owned by PRP (“Collateral Properties”). PRP has also made negative pledges with respect to certain properties (“Unencumbered Properties”). The proceeds of the PRP Mortgage Loan were used, together with borrowings under the Company’s revolving credit facility, to prepay a portion, and fully defease the remainder, of the 2012 CMBS loan. In connection with the defeasance, the Company recognized a loss of $26.6 million during the thirty-nine weeks ended September 25, 2016 . Following the defeasance of the 2012 CMBS loan, $19.3 million of restricted cash was released. The PRP Mortgage Loan bears interest, payable monthly, at a variable rate equal to 250 basis points above the seven-day LIBOR , subject to adjustment in certain circumstances. At the time of the Amendment, the PRP Mortgage Loan was collateralized by 105 properties owned by PRP. The PRP Mortgage Loan permits the Company to refinance or sell the Collateral Properties and the Unencumbered Properties, subject to certain terms and conditions, including that specified release proceeds are applied against the outstanding loan balance. On July 27, 2016, PRP and the Lender, entered into a First Amendment (the “Amendment”) to the PRP Mortgage Loan to provide for additional borrowings of $69.5 million , increasing the outstanding loan balance as of the date of the Amendment from $189.3 million to $258.8 million . In connection with the modification, the Company recognized a loss of $0.4 million during the thirteen and thirty-nine weeks ended September 25, 2016 . Deferred Financing Fees - During the first and third quarters of 2016, the Company deferred $5.3 million and $0.5 million of financing costs incurred in connection with the PRP Mortgage Loan and the Amendment, respectively. The deferred financing costs are included in Long-term debt, net in the Consolidated Balance Sheet. Debt Covenants - As of September 25, 2016 and December 27, 2015 , the Company was in compliance with its debt covenants. |
Other Long-term Liabilities, Ne
Other Long-term Liabilities, Net | 9 Months Ended |
Sep. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term liabilities, net | Other Long-term Liabilities, Net Other long-term liabilities, net, consisted of the following: (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Accrued insurance liability $ 39,125 $ 40,649 Unfavorable leases (1) 42,726 45,375 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 114,094 134,470 Deferred gain on sale-leaseback transactions (2) 121,478 33,154 Other long-term liabilities 42,691 41,014 $ 360,114 $ 294,662 _______________ (1) Net of accumulated amortization of $32.0 million and $29.8 million as of September 25, 2016 and December 27, 2015 , respectively. (2) Net of accumulated amortization of $11.4 million and $8.1 million as of September 25, 2016 and December 27, 2015 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 25, 2016 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | Redeemable Noncontrolling Interests The Company consolidates subsidiaries in Brazil and China, each of which have noncontrolling interests that are permitted to deliver subsidiary shares in exchange for cash at a future date. The following table presents a rollforward of Redeemable noncontrolling interests during the thirty-nine weeks ended September 25, 2016 and September 27, 2015 : THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Balance, beginning of period $ 23,526 $ 24,733 Change in redemption value of Redeemable noncontrolling interests 1,349 2,877 Foreign currency translation attributable to Redeemable noncontrolling interests 4,509 (2,752 ) Net income attributable to Redeemable noncontrolling interests 595 934 Purchase of Redeemable noncontrolling interests (3,887 ) (459 ) Out-of period adjustment - foreign currency translation attributable to Redeemable noncontrolling interests (1) — (9,232 ) Out-of period adjustment - change in redemption value of Redeemable noncontrolling interests (1) — 8,671 Balance, end of period $ 26,092 $ 24,772 ________________ (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. Brazil Redeemable Noncontrolling Interests - Certain former equity holders (the “Former Equity Holders”) of PGS Consultoria e Serviços Ltda. (the “Brazil Joint Venture”) have options to sell their remaining interests to OB Brasil (the “put options”) and OB Brasil has options to purchase such remaining interests (the “call options” and together with the put options, the “Options”), in various amounts and at various times through 2018, subject to acceleration in certain circumstances. The purchase price under each of the Options is based on a multiple of adjusted earnings before interest, taxes, depreciation and amortization of the business, subject to a possible fair market value adjustment. The Options are embedded features within the noncontrolling interest and are classified within the Company’s Consolidated Balance Sheets as Redeemable noncontrolling interests. During the thirty-nine weeks ended September 25, 2016 , certain Former Equity Holders exercised options to sell their remaining interests to the Company for $2.5 million . These transactions resulted in a reduction of $3.9 million of Mezzanine equity and an increase of $1.4 million of Additional paid-in capital during the thirty-nine weeks ended September 25, 2016 . As a result of the option exercise, the Company now owns 91.37% of the Brazil Joint Venture. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 25, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' equity | Stockholders’ Equity Share Repurchases - In August 2015, the Board of Directors (“the Board”) approved a share repurchase program (the “2015 Share Repurchase Program”) under which the Company was authorized to repurchase up to $100.0 million of its outstanding common stock. The Board canceled the remaining $30.0 million of authorization under the 2015 Share Repurchase Program and approved a new $250.0 million authorization (the “2016 Share Repurchase Program”) on February 12, 2016. On July 26, 2016 , the Board canceled the remaining $110.1 million of authorization under the 2016 Share Repurchase Program and approved a new $300.0 million authorization (the “July 2016 Share Repurchase Program”). The July 2016 Share Repurchase Program will expire on January 26, 2018 . Following is a summary of the shares repurchased under the Company’s share repurchase programs during fiscal year 2016: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT Thirteen weeks ended March 27, 2016 4,399 $ 17.05 $ 75,000 Thirteen weeks ended June 26, 2016 3,376 $ 19.22 64,892 Thirteen weeks ended September 25, 2016 7,056 $ 19.13 135,000 Total common stock repurchases 14,831 $ 18.53 $ 274,892 Dividends - The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS AMOUNT Thirteen weeks ended March 27, 2016 $ 0.07 $ 8,238 Thirteen weeks ended June 26, 2016 0.07 7,978 Thirteen weeks ended September 25, 2016 0.07 7,765 Total cash dividends declared and paid $ 0.21 $ 23,981 In October 2016, the Board declared a quarterly cash dividend of $0.07 per share, payable on November 22, 2016 , to shareholders of record at the close of business on November 9, 2016 . Acquisition of Noncontrolling Interests - During the thirty-nine weeks ended September 25, 2016 , the Company purchased the remaining partnership interests in certain of the Company’s limited partnerships for five Outback Steakhouse restaurants for an aggregate purchase price of $3.4 million . These transactions resulted in a reduction of $2.5 million , net of tax, in Additional paid-in capital in the Company’s Consolidated Statement of Changes in Stockholders’ Equity during the thirty-nine weeks ended September 25, 2016 . The following table sets forth the effect of the acquisition of the limited partnership interests on stockholders’ equity attributable to Bloomin’ Brands for the thirteen and thirty-nine weeks ended September 25, 2016 : NET INCOME ATTRIBUTABLE TO BLOOMIN’ BRANDS AND TRANSFERS TO NONCONTROLLING INTERESTS THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 25, 2016 Net income attributable to Bloomin’ Brands $ 20,733 $ 46,031 Transfers to noncontrolling interests: Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests (1,655 ) (2,475 ) Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests $ 19,078 $ 43,556 Accumulated Other Comprehensive Loss - Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Foreign currency translation adjustment (1) $ (87,445 ) $ (141,176 ) Unrealized losses on derivatives, net of tax (7,539 ) (6,191 ) Accumulated other comprehensive loss $ (94,984 ) $ (147,367 ) ________________ (1) During the thirteen and thirty-nine weeks ended September 25, 2016, approximately $16.8 million of the foreign currency translation adjustment in Accumulated other comprehensive loss was disposed of in connection with the sale of Outback Steakhouse South Korea. Following are the components of Other comprehensive income (loss) during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Bloomin’ Brands: Foreign currency translation adjustment $ 43,457 $ (31,415 ) $ 53,731 $ (83,059 ) Out-of period adjustment - foreign currency translation (1) — 9,232 — 9,232 Total foreign currency translation adjustment $ 43,457 $ (22,183 ) $ 53,731 $ (73,827 ) Unrealized gain (loss) on derivatives, net of tax (2) $ 672 $ (3,884 ) $ (4,250 ) $ (7,052 ) Reclassification of adjustment for loss on derivatives included in Net income, net of tax (2) 947 1,115 2,902 1,115 Total unrealized gain (loss) on derivatives, net of tax $ 1,619 $ (2,769 ) $ (1,348 ) $ (5,937 ) Other comprehensive income (loss) attributable to Bloomin’ Brands $ 45,076 $ (24,952 ) $ 52,383 $ (79,764 ) Non-controlling interests: Foreign currency translation adjustment $ (65 ) $ 10 $ (89 ) $ 10 Other comprehensive (loss) income attributable to Non-controlling interests $ (65 ) $ 10 $ (89 ) $ 10 Redeemable non-controlling interests: Foreign currency translation adjustment $ 2,079 $ (2,752 ) $ 4,509 $ (2,752 ) Out-of period adjustment - foreign currency translation (1) — (9,232 ) — (9,232 ) Total foreign currency translation adjustment $ 2,079 $ (11,984 ) $ 4,509 $ (11,984 ) Other comprehensive income (loss) attributable to Redeemable non-controlling interests $ 2,079 $ (11,984 ) $ 4,509 $ (11,984 ) ________________ (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. (2) Amounts attributable to Bloomin’ Brands are net of tax (expense) benefit during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Tax (expense) benefit from unrealized gain (loss) on derivatives $ (424 ) $ 2,483 $ 2,735 $ 4,509 Tax benefit from reclassification of adjustments for losses on derivatives included in Net income $ 598 $ 713 $ 1,854 $ 713 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 25, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | Derivative Instruments and Hedging Activities Interest Rate Risk - 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. Currency Exchange Rate Risk - The Company is exposed to foreign currency exchange rate risk arising from transactions and balances denominated in currencies other than the U.S. dollar. The Company may use foreign currency forward contracts to manage certain foreign currency exposures. 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 $5.4 million will be reclassified 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 25, 2016 DECEMBER 27, 2015 CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - liability $ 5,021 $ 5,142 Accrued and other current liabilities Interest rate swaps - liability 7,357 5,007 Other long-term liabilities, net Total fair value of derivative instruments (1) $ 12,378 $ 10,149 Accrued interest $ 432 $ 556 Accrued and other current liabilities ____________________ (1) See Note 14 - 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 for the thirteen and thirty-nine weeks ended September 25, 2016 and September 27, 2015 : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Interest rate swap expense recognized in Interest expense, net (1) $ (1,545 ) $ (1,828 ) $ (4,756 ) $ (1,828 ) Income tax benefit recognized in Provision for income taxes 598 713 1,854 713 Total effects of the interest rate swaps on Net income $ (947 ) $ (1,115 ) $ (2,902 ) $ (1,115 ) ____________________ (1) During the thirteen and thirty-nine weeks ended September 25, 2016 and September 27, 2015 , the Company did not recogni ze 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 25, 2016 , 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 25, 2016 , all counterparties to the interest rate swaps had performed in accordance with their contractual obligations. The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness. As of September 25, 2016 and December 27, 2015 , the fair value of the Company’s interest rate swaps in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk, was $13.0 million and $10.9 million , respectively. As of September 25, 2016 and December 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 25, 2016 and December 27, 2015 , it could have been required to settle its obligations under the agreements at their termination value of $13.0 million and $10.9 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair Value Measurements Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input: 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 25, 2016 and December 27, 2015 : SEPTEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 138 $ 138 $ — $ 6,333 $ 6,333 $ — Money market funds 18,979 18,979 — 7,168 7,168 — Restricted cash equivalents: Fixed income funds 552 552 — 551 551 — Money market funds 251 251 — 2,681 2,681 — Other current assets, net: Derivative instruments - foreign currency forward contracts — — — 59 — 59 Total asset recurring fair value measurements $ 19,920 $ 19,920 $ — $ 16,792 $ 16,733 $ 59 Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 5,021 $ — $ 5,021 $ 5,142 $ — $ 5,142 Derivative instruments - commodities 264 — 264 583 — 583 Derivative instruments - foreign currency forward contracts — — — 703 — 703 Other long-term liabilities: Derivative instruments - interest rate swaps 7,357 — 7,357 5,007 — 5,007 Total liability recurring fair value measurements $ 12,642 $ — $ 12,642 $ 11,435 $ — $ 11,435 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 The Company’s derivative instruments include interest rate swaps, foreign currency forward contracts and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. 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 25, 2016 and December 27, 2015, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 25, 2016 SEPTEMBER 25, 2016 (dollars in thousands) CARRYING VALUE (1) TOTAL IMPAIRMENT CARRYING VALUE (1) TOTAL IMPAIRMENT Assets held for sale $ 1,356 $ 3,209 $ 45,351 $ 42,926 Property, fixtures and equipment 12,064 2,058 12,064 2,058 $ 13,420 $ 5,267 $ 57,415 $ 44,984 THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 SEPTEMBER 27, 2015 (dollars in thousands) CARRYING VALUE (2) TOTAL IMPAIRMENT CARRYING VALUE (2) TOTAL IMPAIRMENT Assets held for sale $ 185 $ 44 $ 3,538 $ 1,072 Property, fixtures and equipment 1,624 1,593 2,574 2,717 $ 1,809 $ 1,637 $ 6,112 $ 3,789 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 25, 2016 . Sale contracts (Level 2) were used to estimate the fair value. (2) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 27, 2015 . A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments as of September 25, 2016 and December 27, 2015 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 25, 2016 and December 27, 2015 : SEPTEMBER 25, 2016 DECEMBER 27, 2015 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 $ 264,375 $ 263,384 $ — $ 277,500 $ 276,459 $ — Term loan A-1 143,438 142,900 — 150,000 149,438 — Revolving credit facility 646,000 641,155 — 432,000 429,300 — PRP Mortgage Loan 172,840 — 172,840 — — — 2012 CMBS loan: Mortgage loan — — — 289,588 — 293,222 First mezzanine loan — — — 84,028 — 83,608 Second mezzanine loan — — — 85,353 — 85,780 Other notes payable 1,653 — 1,572 931 — 918 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. PRP Mortgage Loan and 2012 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. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Income before provision for income taxes $ 23,178 $ 23,607 $ 73,418 $ 154,100 Provision for income taxes $ 1,950 $ 6,202 $ 24,372 $ 41,557 Effective income tax rate 8.4 % 26.3 % 33.2 % 27.0 % The net decrease in the effective income tax rate for the thirteen weeks ended September 25, 2016 was primarily due to: (i) a decrease in the tax liability recorded in connection with the sale of Outback South Korea, (ii) a reduction of uncertain tax positions due to the expiration of statute of limitations and (iii) a change in the blend of taxable income across the Company’s U.S. and international subsidiaries. The net increase in the effective income tax rate for the thirty-nine weeks ended September 25, 2016 was primarily due to the change in the blend of taxable income across the Company’s U.S. and international subsidiaries and the recording of additional tax liabilities, including incremental taxes on earnings that were previously considered permanently reinvested, in connection with the sale of Outback Steakhouse South Korea. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 25, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and Contingencies Litigation and Other Matters - The Company had $4.2 million and $4.5 million of liabilities recorded for various legal matters as of September 25, 2016 and December 27, 2015 , respectively. 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 nationwide collective action permitted all hourly employees in all Outback Steakhouse restaurants to join. The suit seeks an unspecified amount in back pay for the employees that joined 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. In November 2015, the Company reached a tentative settlement agreement resolving all claims and the cost of class administration for $3.2 million . The parties submitted the settlement to the Court for approval in February 2016 and received conditional approval on April 11, 2016. The Company expects final approval of the settlement in the fourth quarter of 2016. 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. 25, 2016 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment Reporting The Company has two reportable segments, U.S. and International, which reflects 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. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer (“CEO”), whom the Company has determined to be its Chief Operating Decision Maker (“CODM”). 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) Brazil, South Korea, Hong Kong, China Carrabba’s Italian Grill (Abbraccio) Brazil ________________ (1) Includes international franchise locations. 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 27, 2015 . 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 and certain bonus expenses. Prior to 2016, certain insurance expenses were not allocated to the Company’s concepts as these expenses were reviewed and evaluated on a Company-wide basis and therefore, these costs were excluded from segment restaurant-level operating margin and income from operations. In 2016, the Company’s management changed how insurance expenses related to its restaurants are reviewed and now considers those costs when evaluating the operating performance of the Company’s concepts. Accordingly, the Company has recast all prior period segment information to reflect this change. The following table is a summary of Total revenue by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Total revenues U.S. $ 893,906 $ 902,453 $ 2,896,666 $ 2,947,445 International 111,481 124,268 351,497 380,932 Total revenues $ 1,005,387 $ 1,026,721 $ 3,248,163 $ 3,328,377 The following table is a reconciliation of Segment income (loss) from operations to Income before provision for income taxes : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Segment income (loss) from operations U.S. $ 61,905 $ 63,476 $ 268,754 $ 287,936 International 8,277 9,770 (14,947 ) 24,376 Total segment income from operations 70,182 73,246 253,807 312,312 Unallocated corporate operating expense (38,448 ) (34,522 ) (122,056 ) (113,302 ) Total income from operations 31,734 38,724 131,751 199,010 Loss on defeasance, extinguishment and modification of debt (418 ) — (26,998 ) (2,638 ) Other income (expense), net 2,079 (266 ) 2,059 (1,356 ) Interest expense, net (10,217 ) (14,851 ) (33,394 ) (40,916 ) Income before provision for income taxes $ 23,178 $ 23,607 $ 73,418 $ 154,100 The following table is a summary of Depreciation and amortization expense by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Depreciation and amortization U.S. $ 39,346 $ 38,025 $ 116,508 $ 112,410 International 5,978 6,507 19,479 20,033 Corporate 3,227 2,923 9,219 8,873 Total depreciation and amortization $ 48,551 $ 47,455 $ 145,206 $ 141,316 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 25, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Events Subsequent to September 25, 2016 , the Company entered into sale-leaseback transactions with third-parties in which it sold 59 restaurant properties at fair market value for gross proceeds of $187.0 million . The Company then simultaneously leased these properties under a master lease. In connection with these transactions, the Company made payments of $121.9 million on its PRP Mortgage Loan. The remaining $50.9 million of the PRP Mortgage Loan balance is due on the Initial Maturity date unless the the Company exercises the Extension. |
Description of the Business a26
Description of the Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 25, 2016 | |
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 27, 2015 . |
New accounting pronouncements, policy | Recently Issued Financial Accounting Standards Not Yet Adopted - In August 2016, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU No. 2016-15”) which provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. ASU No. 2016-15 will be effect ive for the Company in fiscal year 2018 , and early adoption is permitted. The Company does not expect ASU No. 2016-15 to have a material impact on its financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09: “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09”). ASU No. 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU No. 2016-09 will be effective for the Company in fiscal year 2017. While reducing the complexity of the accounting for share based-payments, ASU No. 2016-09 is expected to impact net income, earnings per share and presentation of cash flows. In February 2016, the FASB issued ASU No. 2016-02: “Leases (Topic 842)” (“ASU No. 2016-02”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU No. 2016-02 is effective for the Company in fiscal year 2019 and must be adopted using a modified retrospective approach. The Company is currently evaluating the impact the adoption of ASU No. 2016-02 will have 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’s fiscal year 2016 annual reporting period. The Company does not expect ASU No. 2014-15 to have a material impact on its financial position, results of operations and cash flows. In May 2014, the FASB issued ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. ASU No. 2014-09, as amended, 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. |
Impairment, Disposals and Exi27
Impairment, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Impairment losses U.S. $ 5,267 $ 1,637 $ 5,348 $ 3,043 International — — 39,636 — Corporate — — — 746 Total impairment losses $ 5,267 $ 1,637 $ 44,984 $ 3,789 Restaurant closure expenses U.S. $ (524 ) $ (20 ) $ 4,325 $ 1,754 International — 65 (126 ) 6,172 Total restaurant closure expenses $ (524 ) $ 45 $ 4,199 $ 7,926 Provision for impaired assets and restaurant closings $ 4,743 $ 1,682 $ 49,183 $ 11,715 |
Condensed income statement, Outback South Korea | Following are the components of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the following periods: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Restaurant sales $ 11,753 $ 41,909 $ 90,455 $ 128,276 Income (loss) before income taxes (1) $ 2,246 $ 2,124 $ (32,348 ) $ (1,050 ) ________________ (1) Includes impairment charges of $39.6 million for Assets held for sale during the thirty-nine weeks ended September 25, 2016 . Includes a gain of $2.1 million on the sale of Outback Steakhouse South Korea for the thirteen and thirty-nine weeks ended September 25, 2016 . |
Schedule of restructuring reserve by type of cost, facility closure and other costs | The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Bonefish Restructuring and Domestic and International Restaurant Closure Initiatives, during the thirty-nine weeks ended September 25, 2016 : (dollars in thousands) THIRTY-NINE WEEKS ENDED Beginning of the period $ 5,699 Charges 5,400 Cash payments (4,284 ) Adjustments (1,201 ) End of the period (1) $ 5,614 ________________ (1) As of September 25, 2016 , the Company had exit-related accruals of $1.9 million recorded in Accrued and other current liabilities and $3.7 million recorded in Other long-term liabilities, net in the Consolidated Balance Sheet. |
Bonefish Restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related costs, Bonefish Grill Restructuring | Following is a summary of estimated pre-tax expense by type: (dollars in millions) ESTIMATED EXPENSE Lease-related liabilities, net $ 3.2 to $ 5.2 Employee severance and other obligations $ 0.3 to $ 0.9 |
Restructuring and Restaurant Closure Initiatives [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Impairments and disposals, restructuring and restaurant closure initiatives | Following is a summary of expenses related to the Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives recognized in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Impairment, facility closure and other expenses Bonefish Restructuring $ (685 ) $ — $ 3,695 $ — International Restaurant Closure Initiative — 65 (124 ) 6,160 Domestic Restaurant Closure Initiative — (20 ) 81 1,317 Provision for impaired assets and restaurant closings $ (685 ) $ 45 $ 3,652 $ 7,477 Severance and other expenses Bonefish Restructuring $ — $ — $ 601 $ — International Restaurant Closure Initiative — 140 23 1,713 General and administrative $ — $ 140 $ 624 $ 1,713 Reversal of deferred rent liability Bonefish Restructuring $ (609 ) $ — $ (3,410 ) $ — International Restaurant Closure Initiative — — — (198 ) Other restaurant operating $ (609 ) $ — $ (3,410 ) $ (198 ) $ (1,294 ) $ 185 $ 866 $ 8,992 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table presents the computation of basic and diluted earnings per share : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands, except per share data) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Net income attributable to Bloomin’ Brands $ 20,733 $ 16,811 $ 46,031 $ 109,625 Basic weighted average common shares outstanding 109,399 121,567 113,553 123,337 Effect of diluted securities: Stock options 2,720 2,966 2,719 3,071 Nonvested restricted stock and restricted stock units 311 200 242 200 Nonvested performance-based share units — — 2 2 Diluted weighted average common shares outstanding 112,430 124,733 116,516 126,610 Basic earnings per share $ 0.19 $ 0.14 $ 0.41 $ 0.89 Diluted earnings per share $ 0.18 $ 0.13 $ 0.40 $ 0.87 |
Schedule of antidilutive securities excluded from computation of earnings per share | Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Stock options 5,530 2,828 5,079 2,616 Nonvested restricted stock and restricted stock units 103 28 285 38 Nonvested performance-based share units 130 — 99 — |
Stock-based and Deferred Comp29
Stock-based and Deferred Compensation Plans (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
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 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Stock options $ 2,929 $ 2,633 $ 8,971 $ 7,612 Restricted stock and restricted stock units 2,322 1,823 6,901 4,973 Performance-based share units 21 939 1,773 2,628 $ 5,272 $ 5,395 $ 17,645 $ 15,213 |
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 25, 2016 Assumptions: Weighted-average risk-free interest rate (1) 1.3 % Dividend yield (2) 1.6 % Expected term (3) 6.1 years Weighted-average volatility (4) 35.2 % Weighted-average grant date fair value per option $ 5.28 ________________ (1) Risk-free interest 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 to be paid on the Company’s common stock over the expected term of the option. (3) Expected term represents the period of time that the options are expected to be outstanding. The 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 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 25, 2016 : UNRECOGNIZED REMAINING WEIGHTED-AVERAGE VESTING PERIOD Stock options $ 24,451 2.5 Restricted stock and restricted stock units $ 25,241 2.9 Performance-based share units $ 2,187 1.7 |
Other Current Assets, Net (Tabl
Other Current Assets, Net (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Other Current Assets, Net [Abstract] | |
Schedule of other current assets | Other current assets, net, consisted of the following: (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Prepaid expenses $ 26,787 $ 30,373 Accounts receivable - gift cards, net 12,864 115,926 Accounts receivable - vendors, net 8,693 10,310 Accounts receivable - franchisees, net 2,372 1,149 Accounts receivable - other, net 22,398 21,158 Assets held for sale 469 784 Other current assets, net 17,980 19,131 $ 91,563 $ 198,831 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill rollforward | The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 27, 2015 $ 172,711 $ 128,150 $ 300,861 Translation adjustments — 15,893 15,893 Divestiture of business unit (1) — (1,901 ) (1,901 ) Transfer to Assets held for sale (287 ) — (287 ) Balance as of September 25, 2016 $ 172,424 $ 142,142 $ 314,566 _______________ (1) During the thirty-nine weeks ended September 25, 2016 , the Company disposed of Goodwill in connection with the sale of Outback Steakhouse South Korea. |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Other Assets [Abstract] | |
Schedule of other assets | Other assets, net, consisted of the following: (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Company-owned life insurance $ 74,373 $ 68,950 Deferred financing fees (1) 2,906 3,730 Liquor licenses 27,806 27,869 Assets held for sale 1,546 — Other assets 24,032 47,322 $ 130,663 $ 147,871 ________________ (1) Net of accumulated amortization of $3.0 million and $2.2 million as of September 25, 2016 and December 27, 2015 , respectively. |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt: SEPTEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 264,375 2.51 % $ 277,500 2.26 % Term loan A-1 143,438 2.45 % 150,000 2.34 % Revolving credit facility (1) 646,000 2.48 % 432,000 2.29 % Total Senior Secured Credit Facility $ 1,053,813 $ 859,500 PRP Mortgage Loan (2) $ 172,840 2.96 % $ — — % 2012 CMBS loan: First mortgage loan (1) $ — — % $ 289,588 4.13 % First mezzanine loan — — % 84,028 9.00 % Second mezzanine loan — — % 85,353 11.25 % Total 2012 CMBS loan $ — $ 458,969 Capital lease obligations $ 2,495 $ 2,632 Other long-term debt 3,006 0.00% to 7.60% 2,292 0.73% to 7.60% Less: unamortized debt discount and issuance costs (6,546 ) (6,529 ) $ 1,225,608 $ 1,316,864 Less: current portion of long-term debt, net (39,551 ) (31,853 ) Long-term debt, net $ 1,186,057 $ 1,285,011 ________________ (1) Represents the weighted-average interest rate for the respective period. (2) Subsequent to September 25, 2016 , the Company made payments on its PRP Mortgage Loan with proceeds from sale-leaseback transactions. See Note 18 - Subsequent Events for further details. |
Other Long-term Liabilities, 34
Other Long-term Liabilities, Net (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other noncurrent liabilities | Other long-term liabilities, net, consisted of the following: (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Accrued insurance liability $ 39,125 $ 40,649 Unfavorable leases (1) 42,726 45,375 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 114,094 134,470 Deferred gain on sale-leaseback transactions (2) 121,478 33,154 Other long-term liabilities 42,691 41,014 $ 360,114 $ 294,662 _______________ (1) Net of accumulated amortization of $32.0 million and $29.8 million as of September 25, 2016 and December 27, 2015 , respectively. (2) Net of accumulated amortization of $11.4 million and $8.1 million as of September 25, 2016 and December 27, 2015 , respectively. |
Redeemable Noncontrolling Int35
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | The following table presents a rollforward of Redeemable noncontrolling interests during the thirty-nine weeks ended September 25, 2016 and September 27, 2015 : THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Balance, beginning of period $ 23,526 $ 24,733 Change in redemption value of Redeemable noncontrolling interests 1,349 2,877 Foreign currency translation attributable to Redeemable noncontrolling interests 4,509 (2,752 ) Net income attributable to Redeemable noncontrolling interests 595 934 Purchase of Redeemable noncontrolling interests (3,887 ) (459 ) Out-of period adjustment - foreign currency translation attributable to Redeemable noncontrolling interests (1) — (9,232 ) Out-of period adjustment - change in redemption value of Redeemable noncontrolling interests (1) — 8,671 Balance, end of period $ 26,092 $ 24,772 ________________ (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. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
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 during fiscal year 2016: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT Thirteen weeks ended March 27, 2016 4,399 $ 17.05 $ 75,000 Thirteen weeks ended June 26, 2016 3,376 $ 19.22 64,892 Thirteen weeks ended September 25, 2016 7,056 $ 19.13 135,000 Total common stock repurchases 14,831 $ 18.53 $ 274,892 |
Dividends declared and paid | The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS AMOUNT Thirteen weeks ended March 27, 2016 $ 0.07 $ 8,238 Thirteen weeks ended June 26, 2016 0.07 7,978 Thirteen weeks ended September 25, 2016 0.07 7,765 Total cash dividends declared and paid $ 0.21 $ 23,981 |
Consolidation, less than wholly owned subsidiary, parent ownership interest, effects of changes, net | The following table sets forth the effect of the acquisition of the limited partnership interests on stockholders’ equity attributable to Bloomin’ Brands for the thirteen and thirty-nine weeks ended September 25, 2016 : NET INCOME ATTRIBUTABLE TO BLOOMIN’ BRANDS AND TRANSFERS TO NONCONTROLLING INTERESTS THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 25, 2016 Net income attributable to Bloomin’ Brands $ 20,733 $ 46,031 Transfers to noncontrolling interests: Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests (1,655 ) (2,475 ) Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests $ 19,078 $ 43,556 |
Schedule of accumulated other comprehensive loss | Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) SEPTEMBER 25, 2016 DECEMBER 27, 2015 Foreign currency translation adjustment (1) $ (87,445 ) $ (141,176 ) Unrealized losses on derivatives, net of tax (7,539 ) (6,191 ) Accumulated other comprehensive loss $ (94,984 ) $ (147,367 ) ________________ (1) During the thirteen and thirty-nine weeks ended September 25, 2016, approximately $16.8 million of the foreign currency translation adjustment in Accumulated other comprehensive loss was disposed of in connection with the sale of Outback Steakhouse South Korea. |
Comprehensive income (loss) | Following are the components of Other comprehensive income (loss) during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Bloomin’ Brands: Foreign currency translation adjustment $ 43,457 $ (31,415 ) $ 53,731 $ (83,059 ) Out-of period adjustment - foreign currency translation (1) — 9,232 — 9,232 Total foreign currency translation adjustment $ 43,457 $ (22,183 ) $ 53,731 $ (73,827 ) Unrealized gain (loss) on derivatives, net of tax (2) $ 672 $ (3,884 ) $ (4,250 ) $ (7,052 ) Reclassification of adjustment for loss on derivatives included in Net income, net of tax (2) 947 1,115 2,902 1,115 Total unrealized gain (loss) on derivatives, net of tax $ 1,619 $ (2,769 ) $ (1,348 ) $ (5,937 ) Other comprehensive income (loss) attributable to Bloomin’ Brands $ 45,076 $ (24,952 ) $ 52,383 $ (79,764 ) Non-controlling interests: Foreign currency translation adjustment $ (65 ) $ 10 $ (89 ) $ 10 Other comprehensive (loss) income attributable to Non-controlling interests $ (65 ) $ 10 $ (89 ) $ 10 Redeemable non-controlling interests: Foreign currency translation adjustment $ 2,079 $ (2,752 ) $ 4,509 $ (2,752 ) Out-of period adjustment - foreign currency translation (1) — (9,232 ) — (9,232 ) Total foreign currency translation adjustment $ 2,079 $ (11,984 ) $ 4,509 $ (11,984 ) Other comprehensive income (loss) attributable to Redeemable non-controlling interests $ 2,079 $ (11,984 ) $ 4,509 $ (11,984 ) ________________ (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. (2) Amounts attributable to Bloomin’ Brands are net of tax (expense) benefit during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Tax (expense) benefit from unrealized gain (loss) on derivatives $ (424 ) $ 2,483 $ 2,735 $ 4,509 Tax benefit from reclassification of adjustments for losses on derivatives included in Net income $ 598 $ 713 $ 1,854 $ 713 |
Derivative Instruments and He37
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
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 25, 2016 DECEMBER 27, 2015 CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - liability $ 5,021 $ 5,142 Accrued and other current liabilities Interest rate swaps - liability 7,357 5,007 Other long-term liabilities, net Total fair value of derivative instruments (1) $ 12,378 $ 10,149 Accrued interest $ 432 $ 556 Accrued and other current liabilities ____________________ (1) See Note 14 - 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 for the thirteen and thirty-nine weeks ended September 25, 2016 and September 27, 2015 : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Interest rate swap expense recognized in Interest expense, net (1) $ (1,545 ) $ (1,828 ) $ (4,756 ) $ (1,828 ) Income tax benefit recognized in Provision for income taxes 598 713 1,854 713 Total effects of the interest rate swaps on Net income $ (947 ) $ (1,115 ) $ (2,902 ) $ (1,115 ) ____________________ (1) During the thirteen and thirty-nine weeks ended September 25, 2016 and September 27, 2015 , the Company did not recogni ze any gain or loss as a result of hedge ineffectiveness. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements, recurring and nonrecurring, valuation techniques | Fair value is categorized into one of the 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 25, 2016 and December 27, 2015 : SEPTEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 138 $ 138 $ — $ 6,333 $ 6,333 $ — Money market funds 18,979 18,979 — 7,168 7,168 — Restricted cash equivalents: Fixed income funds 552 552 — 551 551 — Money market funds 251 251 — 2,681 2,681 — Other current assets, net: Derivative instruments - foreign currency forward contracts — — — 59 — 59 Total asset recurring fair value measurements $ 19,920 $ 19,920 $ — $ 16,792 $ 16,733 $ 59 Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 5,021 $ — $ 5,021 $ 5,142 $ — $ 5,142 Derivative instruments - commodities 264 — 264 583 — 583 Derivative instruments - foreign currency forward contracts — — — 703 — 703 Other long-term liabilities: Derivative instruments - interest rate swaps 7,357 — 7,357 5,007 — 5,007 Total liability recurring fair value measurements $ 12,642 $ — $ 12,642 $ 11,435 $ — $ 11,435 |
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 The Company’s derivative instruments include interest rate swaps, foreign currency forward contracts and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. 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 25, 2016 and December 27, 2015, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. |
Fair value, assets and liabilities measured on 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 25, 2016 SEPTEMBER 25, 2016 (dollars in thousands) CARRYING VALUE (1) TOTAL IMPAIRMENT CARRYING VALUE (1) TOTAL IMPAIRMENT Assets held for sale $ 1,356 $ 3,209 $ 45,351 $ 42,926 Property, fixtures and equipment 12,064 2,058 12,064 2,058 $ 13,420 $ 5,267 $ 57,415 $ 44,984 THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 SEPTEMBER 27, 2015 (dollars in thousands) CARRYING VALUE (2) TOTAL IMPAIRMENT CARRYING VALUE (2) TOTAL IMPAIRMENT Assets held for sale $ 185 $ 44 $ 3,538 $ 1,072 Property, fixtures and equipment 1,624 1,593 2,574 2,717 $ 1,809 $ 1,637 $ 6,112 $ 3,789 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 25, 2016 . Sale contracts (Level 2) were used to estimate the fair value. (2) Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 27, 2015 . A third-party market appraisal (Level 2) and a purchase contract (Level 2) were used to estimate the fair value. |
Schedule of carrying value and fair value of senior secured credit facilities, CMBS loan and other unsecured debt | The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of September 25, 2016 and December 27, 2015 : SEPTEMBER 25, 2016 DECEMBER 27, 2015 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 $ 264,375 $ 263,384 $ — $ 277,500 $ 276,459 $ — Term loan A-1 143,438 142,900 — 150,000 149,438 — Revolving credit facility 646,000 641,155 — 432,000 429,300 — PRP Mortgage Loan 172,840 — 172,840 — — — 2012 CMBS loan: Mortgage loan — — — 289,588 — 293,222 First mezzanine loan — — — 84,028 — 83,608 Second mezzanine loan — — — 85,353 — 85,780 Other notes payable 1,653 — 1,572 931 — 918 |
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. PRP Mortgage Loan and 2012 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 (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate reconciliation | THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Income before provision for income taxes $ 23,178 $ 23,607 $ 73,418 $ 154,100 Provision for income taxes $ 1,950 $ 6,202 $ 24,372 $ 41,557 Effective income tax rate 8.4 % 26.3 % 33.2 % 27.0 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 25, 2016 | |
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) Brazil, South Korea, Hong Kong, China Carrabba’s Italian Grill (Abbraccio) Brazil ________________ (1) Includes international franchise locations. |
Reconciliation of revenue from segments to consolidated | The following table is a summary of Total revenue by segment: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Total revenues U.S. $ 893,906 $ 902,453 $ 2,896,666 $ 2,947,445 International 111,481 124,268 351,497 380,932 Total revenues $ 1,005,387 $ 1,026,721 $ 3,248,163 $ 3,328,377 |
Reconciliation of operating profit (loss) from segments to consolidated | The following table is a reconciliation of Segment income (loss) from operations to Income before provision for income taxes : THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED (dollars in thousands) SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Segment income (loss) from operations U.S. $ 61,905 $ 63,476 $ 268,754 $ 287,936 International 8,277 9,770 (14,947 ) 24,376 Total segment income from operations 70,182 73,246 253,807 312,312 Unallocated corporate operating expense (38,448 ) (34,522 ) (122,056 ) (113,302 ) Total income from operations 31,734 38,724 131,751 199,010 Loss on defeasance, extinguishment and modification of debt (418 ) — (26,998 ) (2,638 ) Other income (expense), net 2,079 (266 ) 2,059 (1,356 ) Interest expense, net (10,217 ) (14,851 ) (33,394 ) (40,916 ) Income before provision for income taxes $ 23,178 $ 23,607 $ 73,418 $ 154,100 |
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 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 Depreciation and amortization U.S. $ 39,346 $ 38,025 $ 116,508 $ 112,410 International 5,978 6,507 19,479 20,033 Corporate 3,227 2,923 9,219 8,873 Total depreciation and amortization $ 48,551 $ 47,455 $ 145,206 $ 141,316 |
Description of the Business a41
Description of the Business and Basis of Presentation Description of Business (Details) | Sep. 25, 2016restraurant_concept |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Impairments, Disposals and Exit
Impairments, Disposals and Exit Costs (Provision for impaired assets and restaurant closings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for impaired assets and restaurant closings | $ 4,743 | $ 1,682 | $ 49,183 | $ 11,715 |
U.S. segment [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | Outback Puerto Rico [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal, loss on write-down | 3,200 | 3,200 | ||
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 | 5,267 | 1,637 | 44,984 | 3,789 |
Restaurant closure expenses | (524) | 45 | 4,199 | 7,926 |
Provision for impaired assets and restaurant closings [Member] | U.S. segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 5,267 | 1,637 | 5,348 | 3,043 |
Restaurant closure expenses | (524) | (20) | 4,325 | 1,754 |
Provision for impaired assets and restaurant closings [Member] | International segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 0 | 0 | 39,636 | 0 |
Restaurant closure expenses | 0 | 65 | (126) | 6,172 |
Provision for impaired assets and restaurant closings [Member] | Corporate, non-segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | $ 0 | $ 0 | $ 0 | $ 746 |
Impairment, Disposals and Exi43
Impairment, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Outback South Korea) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2016 | Jun. 26, 2016 | Sep. 25, 2016 | Sep. 27, 2015 | Jul. 25, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal of Outback South Korea, gain on disposal | $ 2,084 | $ (1,168) | |||
Outback South Korea [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal of Outback South Korea, consideration | $ 50,000 | ||||
Disposal of Outback South Korea, deferred tax liabilities from repatriation of foreign earnings | $ (1,100) | 2,400 | |||
Disposal of Outback South Korea, gain on disposal | $ 2,100 | $ 2,100 | |||
International segment [Member] | Outback South Korea [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal, loss on write-down | $ 39,600 | ||||
Disposal of Outback South Korea, estimated costs to sell | $ 3,300 |
Impairment, Disposals and Exi44
Impairment, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Outback South Korea - Condensed Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 25, 2016 | Jun. 26, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |||
Condensed Income Statements, Captions [Line Items] | |||||||
Disposal of Outback South Korea, gain on disposal | $ 2,084 | $ (1,168) | |||||
Outback South Korea [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Restaurant sales | $ 11,753 | $ 41,909 | 90,455 | 128,276 | |||
Loss before income taxes | 2,246 | [1] | $ 2,124 | (32,348) | [1] | $ (1,050) | |
Disposal of Outback South Korea, gain on disposal | $ 2,100 | $ 2,100 | |||||
Outback South Korea [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | International segment [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Disposal, loss on write-down | $ 39,600 | ||||||
[1] | Includes impairment charges of $39.6 million for Assets held for sale during the thirty-nine weeks ended September 25, 2016. Includes a gain of $2.1 million on the sale of Outback Steakhouse South Korea for the thirteen and thirty-nine weeks ended September 25, 2016. |
Impairment, Disposals and Exi45
Impairment, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Bonefish Restructuring) (Details) - Bonefish Restructuring [Member] - Disposal Group, not discontinued operations [Member] $ in Millions | 9 Months Ended |
Sep. 25, 2016USD ($)locations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of restaurants | locations | 14 |
Bonefish Grill Restructuring, completion period | 5 years |
Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Lease expiration date, Bonefish Grill Restructuring | Oct. 31, 2024 |
Minimum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Bonefish Grill Restructuring, expected future costs | $ 3.5 |
Minimum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Bonefish Grill Restructuring, expected future costs | 3.2 |
Effect on future cash flows, amount | 10.1 |
Minimum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Bonefish Grill Restructuring, expected future costs | 0.3 |
Maximum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Bonefish Grill Restructuring, expected future costs | 6.1 |
Maximum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Bonefish Grill Restructuring, expected future costs | 5.2 |
Effect on future cash flows, amount | 12.3 |
Maximum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Bonefish Grill Restructuring, expected future costs | $ 0.9 |
Impairments, Disposals and Ex46
Impairments, Disposals and Exit Costs (Restaurant closure initiatives-Summary) (Details) - Disposal Group, not discontinued operations [Member] - locations | Dec. 28, 2014 | Dec. 31, 2013 |
International Restaurant Closure Initiative [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of restaurants | 36 | |
Domestic Restaurant Closure Initiative [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of restaurants | 22 |
Impairments, Disposals and Ex47
Impairments, Disposals and Exit Costs (Restaurant closure initiatives summary by financial statement line-Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Facility closing [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | $ 5,400 | |||
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 | $ (685) | $ 45 | 3,652 | $ 7,477 |
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 | 0 | 140 | 624 | 1,713 |
Other restaurant operating [Member] | Contract termination [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring, reversal of deferred rent liabilities | (609) | 0 | (3,410) | (198) |
Bonefish Restructuring [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 | (685) | 0 | 3,695 | 0 |
Bonefish Restructuring [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 | 0 | 0 | 601 | 0 |
Bonefish Restructuring [Member] | Other restaurant operating [Member] | Contract termination [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring, reversal of deferred rent liabilities | (609) | 0 | (3,410) | 0 |
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] | ||||
Restructuring charges | 0 | 65 | (124) | 6,160 |
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] | ||||
Restructuring charges | 0 | 140 | 23 | 1,713 |
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] | ||||
Restructuring, reversal of deferred rent liabilities | 0 | 0 | 0 | (198) |
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] | ||||
Restructuring charges | 0 | (20) | 81 | 1,317 |
Restructuring and Restaurant Closure Initiatives [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring charges | $ (1,294) | $ 185 | $ 866 | $ 8,992 |
Impairments, Disposals and Ex48
Impairments, Disposals and Exit Costs (Lease liability rollforward) (Details) - Facility closing [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 25, 2016 | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve beginning of period | $ 5,699 | |
Restructuring charges | 5,400 | |
Payments for restructuring | (4,284) | |
Restructuring reserve, adjustments | (1,201) | |
Restructuring reserve end of period | [1] | 5,614 |
Accrued and other current liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, current | 1,900 | |
Other long-term liabilities, net [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, noncurrent | $ 3,700 | |
[1] | As of September 25, 2016, the Company had exit-related accruals of $1.9 million recorded in Accrued and other current liabilities and $3.7 million recorded in Other long-term liabilities, net in the Consolidated Balance Sheet. |
Impairment, Disposals and Exi49
Impairment, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Other impairments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 25, 2016 | Sep. 25, 2016 | |
U.S. segment [Member] | Outback Puerto Rico [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal, loss on write-down | $ 3.2 | $ 3.2 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Schedule of earnings per share, basic and diluted [Line Items] | ||||
Net income attributable to Bloomin’ Brands | $ 20,733 | $ 16,811 | $ 46,031 | $ 109,625 |
Basic weighted average common shares outstanding | 109,399 | 121,567 | 113,553 | 123,337 |
Effect of diluted securities: | ||||
Diluted weighted average common shares outstanding | 112,430 | 124,733 | 116,516 | 126,610 |
Basic earnings per share | $ 0.19 | $ 0.14 | $ 0.41 | $ 0.89 |
Diluted earnings per share | $ 0.18 | $ 0.13 | $ 0.40 | $ 0.87 |
Stock options [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 2,720 | 2,966 | 2,719 | 3,071 |
Nonvested restricted stock and restricted stock units [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 311 | 200 | 242 | 200 |
Nonvested performance-based share units [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 0 | 0 | 2 | 2 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Stock options [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share | 5,530 | 2,828 | 5,079 | 2,616 |
Nonvested restricted stock and restricted stock units [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share | 103 | 28 | 285 | 38 |
Nonvested performance-based share units [Member] | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share | 130 | 0 | 99 | 0 |
Stock-based Compensation and De
Stock-based Compensation and Deferred Compensation Plans (Stock-based compensation expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 5,272 | $ 5,395 | $ 17,645 | $ 15,213 |
Performance-based share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |||
Compensation expense | 21 | 939 | $ 1,773 | 2,628 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 400,000 | |||
Performance-based share units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0.00% | |||
Performance-based share units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% | |||
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 2,929 | 2,633 | $ 8,971 | 7,612 |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 3,200,000 | |||
Restricted stock and restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 2,322 | $ 1,823 | $ 6,901 | $ 4,973 |
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 | 1,000,000 | |||
Common stock [Member] | 2016 Incentive plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 5,608,064 | 5,608,064 |
Stock-based Compensation and 53
Stock-based Compensation and Deferred Compensation Plans (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. 25, 2016$ / shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Weighted-average risk-free interest rate | 1.30% | [1] |
Dividend yield | 1.60% | [2] |
Expected term | 6 years 1 month 10 days | [3] |
Weighted-average volatility | 35.20% | [4] |
Weighted-average grant date fair value per option | $ 5.28 | |
[1] | Risk-free interest 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 to be paid on the Company’s common stock over the expected term of the option. | |
[3] | Expected term represents the period of time that the options are expected to be outstanding. The 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 is based on the historical volatilities of the Company’s stock and the stock of comparable peer companies. |
Stock-based Compensation and 54
Stock-based Compensation and Deferred Compensation Plans (Unrecognized stock compensation expense and the remaining weighted-average vesting period) (Details) $ in Thousands | 9 Months Ended |
Sep. 25, 2016USD ($) | |
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 | $ 24,451 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 6 months |
Restricted stock and restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 25,241 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 10 months 27 days |
Performance-based share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 2,187 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 8 months 14 days |
Other Current Assets, Net (Deta
Other Current Assets, Net (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Dec. 27, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Prepaid expenses | $ 26,787 | $ 30,373 |
Assets held for sale | 469 | 784 |
Other current assets, net | 17,980 | 19,131 |
Total other current assets, net | 91,563 | 198,831 |
Accounts receivable - gift cards [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 12,864 | 115,926 |
Accounts receivable - vendors, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 8,693 | 10,310 |
Accounts receivable - franchisees, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 2,372 | 1,149 |
Accounts receivable - other, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 22,398 | $ 21,158 |
Property, Fixtures and Equipm56
Property, Fixtures and Equipment, Net (Details) $ in Millions | 9 Months Ended |
Sep. 25, 2016USD ($)locations | |
Sale Leaseback Transaction [Line Items] | |
Number of restaurant properties sold and leased back | locations | 88 |
Proceeds from sale-leaseback transactions | $ 326.5 |
Sale leaseback transactions, deferred gain, gross | $ 97.2 |
Minimum [Member] | |
Sale Leaseback Transaction [Line Items] | |
Sale leaseback transactions, lease terms | 15 years |
Maximum [Member] | |
Sale Leaseback Transaction [Line Items] | |
Sale leaseback transactions, lease terms | 20 years |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Sep. 25, 2016 | ||
Goodwill [Roll Forward] | ||||
Balance as of December 27, 2015 | $ 300,861 | |||
Translation adjustments | 15,893 | |||
Divestiture of business unit | [1] | (1,901) | ||
Transfer to Assets held for sale | (287) | |||
Balance as of September 25, 2016 | 314,566 | |||
Goodwill, impairment loss | $ 0 | $ 0 | ||
Intangible assets, impairment | $ 0 | $ 0 | ||
U.S. segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance as of December 27, 2015 | 172,711 | |||
Translation adjustments | 0 | |||
Divestiture of business unit | [1] | 0 | ||
Transfer to Assets held for sale | (287) | |||
Balance as of September 25, 2016 | 172,424 | |||
International segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance as of December 27, 2015 | 128,150 | |||
Translation adjustments | 15,893 | |||
Divestiture of business unit | [1] | (1,901) | ||
Transfer to Assets held for sale | 0 | |||
Balance as of September 25, 2016 | $ 142,142 | |||
[1] | During the thirty-nine weeks ended September 25, 2016, the Company disposed of Goodwill in connection with the sale of Outback Steakhouse South Korea. |
Other Assets, Net (Details)
Other Assets, Net (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Dec. 27, 2015 | |
Other Assets [Abstract] | |||
Company-owned life insurance | $ 74,373 | $ 68,950 | |
Deferred financing fees | [1] | 2,906 | 3,730 |
Liquor licenses | 27,806 | 27,869 | |
Assets held for sale | 1,546 | 0 | |
Other assets | 24,032 | 47,322 | |
Other assets, net | 130,663 | 147,871 | |
Accumulated amortization, deferred financing fees | $ 3,000 | $ 2,200 | |
[1] | Net of accumulated amortization of $3.0 million and $2.2 million as of September 25, 2016 and December 27, 2015, respectively. |
Long-term Debt, net (Schedule o
Long-term Debt, net (Schedule of Long-term Debt, Net) (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jul. 27, 2016 | Dec. 27, 2015 | ||
Debt instrument [Line Items] | |||||
Capital lease obligations | $ 2,495 | $ 2,632 | |||
Unamortized debt discount and issuance costs | (6,546) | (6,529) | |||
Total debt and capital lease obligations | 1,225,608 | 1,316,864 | |||
Current portion of long-term debt | (39,551) | (31,853) | |||
Long-term debt, net | 1,186,057 | 1,285,011 | |||
2012 CMBS loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 0 | 458,969 | |||
Secured debt [Member] | Senior secured credit facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | 1,053,813 | 859,500 | |||
Secured debt [Member] | Term loan A facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | $ 264,375 | $ 277,500 | |||
Secured debt [Member] | Term loan A facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 2.51% | 2.26% | ||
Secured debt [Member] | Term loan A-1 facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | $ 143,438 | $ 150,000 | |||
Debt instrument, interest rate at period end | 2.45% | 2.34% | |||
Secured debt [Member] | Revolving credit facility [Member] | |||||
Debt instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 646,000 | $ 432,000 | |||
Secured debt [Member] | Revolving credit facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 2.48% | 2.29% | ||
Mortgage [Member] | PRP mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | $ 172,840 | [2] | $ 189,300 | $ 0 | |
Debt instrument, interest rate at period end | 2.96% | 0.00% | |||
Mortgage [Member] | First mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 289,588 | |||
Mortgage [Member] | First mortgage loan [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 0.00% | 4.13% | ||
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 84,028 | |||
Debt instrument, interest rate at period end | 0.00% | 9.00% | |||
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 85,353 | |||
Debt instrument, interest rate at period end | 0.00% | 11.25% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | |||||
Debt instrument [Line Items] | |||||
Other long-term debt, noncurrent | $ 3,006 | $ 2,292 | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 0.00% | 0.73% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 7.60% | 7.60% | |||
[1] | Represents the weighted-average interest rate for the respective period. | ||||
[2] | Subsequent to September 25, 2016, the Company made payments on its PRP Mortgage Loan with proceeds from sale-leaseback transactions. See Note 18 - Subsequent Events for further details. |
Long-term Debt, net (PRP Mortga
Long-term Debt, net (PRP Mortgage) (Details) $ in Thousands | Jul. 28, 2016USD ($) | Feb. 11, 2016USD ($) | Sep. 25, 2016USD ($) | Sep. 27, 2015USD ($) | Sep. 25, 2016USD ($) | Sep. 27, 2015USD ($) | Jul. 27, 2016USD ($)properties | Mar. 27, 2016USD ($) | Dec. 27, 2015USD ($) | ||
Debt instrument [Line Items] | |||||||||||
Loss on defeasance, extinguishment and modification of debt | $ 418 | $ 0 | $ 26,998 | $ 2,638 | |||||||
Decrease in restricted cash, CMBS defeasance | 40,977 | $ 42,868 | |||||||||
PRP mortgage loan [Member] | Long-term debt [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Deferred finance costs, gross | $ 5,300 | ||||||||||
2012 CMBS loan [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Decrease in restricted cash, CMBS defeasance | $ 19,300 | ||||||||||
Long-term debt | 0 | 0 | $ 458,969 | ||||||||
Amended PRP Mortgage Loan [Member] | Long-term debt [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Deferred finance costs, gross | 500 | 500 | |||||||||
Mortgage [Member] | PRP mortgage loan [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Debt instrument, issuance date | Feb. 11, 2016 | ||||||||||
Debt instrument, face amount | $ 300,000 | ||||||||||
Debt instrument, maturity date | Feb. 11, 2018 | ||||||||||
Debt instrument, principal payment extension period | 12 months | ||||||||||
Loss on defeasance, extinguishment and modification of debt | (400) | 400 | |||||||||
Long-term debt | $ 172,840 | [1] | 172,840 | [1] | $ 189,300 | $ 0 | |||||
Mortgage [Member] | PRP mortgage loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||
Debt instrument, description of variable rate basis | seven-day LIBOR | ||||||||||
Mortgage [Member] | 2012 CMBS loan [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Loss on defeasance, extinguishment and modification of debt | $ 26,600 | ||||||||||
Mortgage [Member] | Amended PRP Mortgage Loan [Member] | |||||||||||
Debt instrument [Line Items] | |||||||||||
Number of real estate properties securing debt | properties | 105 | ||||||||||
Proceeds from issuance of debt | $ 69,500 | ||||||||||
Long-term debt | $ 258,800 | ||||||||||
[1] | Subsequent to September 25, 2016, the Company made payments on its PRP Mortgage Loan with proceeds from sale-leaseback transactions. See Note 18 - Subsequent Events for further details. |
Other Long-term Liabilities, 61
Other Long-term Liabilities, Net (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Dec. 27, 2015 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued insurance liability | $ 39,125 | $ 40,649 | |
Unfavorable leases | [1] | 42,726 | 45,375 |
Chef and Restaurant Managing Partner deferred compensation obligations and deposits | 114,094 | 134,470 | |
Deferred gain on sale-leaseback transactions | [2] | 121,478 | 33,154 |
Other long-term liabilities | 42,691 | 41,014 | |
Other long-term liabilities, net | 360,114 | 294,662 | |
Off market leases, unfavorable, accumulated amortization | 32,000 | 29,800 | |
Sale-leaseback transaction, deferred gain, accumulated amortization | $ 11,400 | $ 8,100 | |
[1] | Net of accumulated amortization of $32.0 million and $29.8 million as of September 25, 2016 and December 27, 2015, respectively. | ||
[2] | Net of accumulated amortization of $11.4 million and $8.1 million as of September 25, 2016 and December 27, 2015, respectively. |
Redeemable Noncontrolling Int62
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | $ 23,526 | ||
Change in redemption value of Redeemable noncontrolling interests | (1,349) | $ (11,548) | |
Balance, end of period | 26,092 | ||
Redeemable noncontrolling interests [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | 23,526 | 24,733 | |
Change in redemption value of Redeemable noncontrolling interests | 1,349 | 2,877 | |
Foreign currency translation attributable to Redeemable noncontrolling interests | 4,509 | (2,752) | |
Net income attributable to Redeemable noncontrolling interests | 595 | 934 | |
Purchase of Redeemable noncontrolling interests | (3,887) | (459) | |
Balance, end of period | 26,092 | 24,772 | |
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-periods adjustment [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Foreign currency translation attributable to Redeemable noncontrolling interests | 0 | (9,232) | [1] |
Redeemable noncontrolling interests [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | Out-of-periods adjustment [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Change in redemption value of Redeemable noncontrolling interests | $ 0 | $ 8,671 | [1] |
[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. |
Redeemable Noncontrolling Int63
Redeemable Noncontrolling Interests (Acquisitions) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Business Acquisition [Line Items] | ||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | $ (419) | $ (229) |
Additional paid-in capital [Member] | ||
Business Acquisition [Line Items] | ||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | (1,000) | $ (229) |
Brazilian Joint Venture [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of noncontrolling interests, purchase price | 2,500 | |
Purchase of Redeemable noncontrolling interests | $ 3,900 | |
Brazilian Joint Venture [Member] | Bloomin' Brands, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 91.37% | |
Brazilian Joint Venture [Member] | Additional paid-in capital [Member] | ||
Business Acquisition [Line Items] | ||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | $ 1,400 |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Thousands | Jul. 26, 2016 | Feb. 12, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Sep. 25, 2016 | Sep. 27, 2015 | Aug. 01, 2015 |
Share Repurchase Program [Line Items] | ||||||||
Stock repurchased and retired during period, shares | 7,056 | 3,376 | 4,399 | 14,831 | ||||
Stock repurchased program, average price paid, per share | $ 19.13 | $ 19.22 | $ 17.05 | $ 18.53 | ||||
Stock repurchased and retired during period, value | $ 135,000,000 | $ 64,892,000 | $ 75,000,000 | $ 274,892,000 | $ 159,999,000 | |||
2015 Share Repurchase Program [Member] | ||||||||
Share Repurchase Program [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 100,000,000 | |||||||
Stock repurchase program, authorized repurchase amount canceled | $ 30,000,000 | |||||||
2016 Share Repurchase Program [Member] | ||||||||
Share Repurchase Program [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | |||||||
Stock repurchase program, authorized repurchase amount canceled | $ 110,100,000 | |||||||
July 2016 Share Repurchase Program [Member] | ||||||||
Share Repurchase Program [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 300,000,000 | |||||||
Stock repurchase program expiration date | Jan. 26, 2018 |
Stockholders' Equity (Dividend)
Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Dividends Payable [Line Items] | |||||||
Common stock, dividends, per share, cash paid | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.21 | |||
Dividends, common stock, cash | $ 7,765 | $ 7,978 | $ 8,238 | $ 23,981 | $ 22,147 | ||
Common stock, dividends per share | $ 0.07 | $ 0.06 | $ 0.21 | $ 0.18 | |||
Subsequent event [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Common stock, dividends per share | $ 0.07 | ||||||
Dividends payable, date to be paid | Nov. 22, 2016 | ||||||
Dividends payable, date of record | Nov. 9, 2016 |
Stockholders' Equity (Acquisiti
Stockholders' Equity (Acquisition of Noncontrolling Interests) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016USD ($)restaurant | Sep. 27, 2015USD ($) | Sep. 25, 2016USD ($)restaurant | Sep. 27, 2015USD ($) | |
Business Acquisition [Line Items] | ||||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | $ (419) | $ (229) | ||
Net income attributable to Bloomin’ Brands | $ 20,733 | $ 16,811 | 46,031 | 109,625 |
Change from net income attributable to Bloomin' Brands and transfers to noncontrolling interests | 19,078 | 43,556 | ||
Limited Partnerships [Member] | ||||
Business Acquisition [Line Items] | ||||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | $ (1,655) | (2,475) | ||
Additional paid-in capital [Member] | ||||
Business Acquisition [Line Items] | ||||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | (1,000) | $ (229) | ||
Additional paid-in capital [Member] | Limited Partnerships [Member] | ||||
Business Acquisition [Line Items] | ||||
Decrease in Bloomin' Brands additional paid-in capital for purchase of limited partnership interests | $ 2,500 | |||
Outback Steakhouse [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of restaurant limited partnership interests acquired | restaurant | 5 | 5 | ||
Payments to acquire limited partnership interests | $ 3,400 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2016 | Sep. 25, 2016 | Dec. 27, 2015 | |||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ (94,984) | $ (94,984) | $ (147,367) | ||
Outback South Korea [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Disposal of Outback South Korea, foreign currency translation adjustment | 16,800 | 16,800 | |||
Accumulated translation adjustment [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Accumulated other comprehensive loss | (87,445) | [1] | (87,445) | [1] | (141,176) |
Accumulated net loss from designated or qualifying cash flow hedges [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ (7,539) | $ (7,539) | $ (6,191) | ||
[1] | During the thirteen and thirty-nine weeks ended September 25, 2016, approximately $16.8 million of the foreign currency translation adjustment in Accumulated other comprehensive loss was disposed of in connection with the sale of Outback Steakhouse South Korea. |
Stockholders' Equity (Other Com
Stockholders' Equity (Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | ||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Other comprehensive income (loss), foreign currency translation adjustment | $ 45,471 | $ (34,157) | $ 58,151 | $ (85,801) | |
Unrealized losses on derivatives | 672 | (3,884) | (4,250) | (7,052) | |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 947 | 1,115 | 2,902 | 1,115 | |
Other comprehensive (loss) income, net of tax | 52,294 | (79,754) | |||
Other comprehensive (loss) income, unrealized gain (loss) on derivatives arising during period, tax (expense) benefit | (424) | 2,483 | 2,735 | 4,509 | |
Reclassification of adjustment for loss on derivatives included in net income, tax benefit | 598 | 713 | 1,854 | 713 | |
Bloomin' Brands [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Foreign currency translation adjustment, attributable to parent | 43,457 | (31,415) | 53,731 | (83,059) | |
Other comprehensive income (loss), foreign currency translation adjustment | 43,457 | (22,183) | 53,731 | (73,827) | |
Unrealized losses on derivatives | [1] | 672 | (3,884) | (4,250) | (7,052) |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | [1] | 947 | 1,115 | 2,902 | 1,115 |
Other comprehensive (loss) income, derivatives qualifying as hedges, net of tax | 1,619 | (2,769) | (1,348) | (5,937) | |
Other comprehensive (loss) income, net of tax | 45,076 | (24,952) | 52,383 | (79,764) | |
Bloomin' Brands [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-periods adjustment [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Foreign currency translation adjustment, attributable to parent | [2] | 0 | 9,232 | 0 | 9,232 |
Non-controlling interests [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Other comprehensive (loss) income, net of tax | (65) | 10 | (89) | 10 | |
Other comprehensive (loss) income, foreign currency transaction and translation gain (loss) arising during period, net of tax | (65) | 10 | (89) | 10 | |
Redeemable noncontrolling interests [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Other comprehensive income (loss), foreign currency translation adjustment | 2,079 | (11,984) | 4,509 | (11,984) | |
Other comprehensive (loss) income, net of tax | 2,079 | (11,984) | 4,509 | (11,984) | |
Other comprehensive (loss) income, foreign currency transaction and translation gain (loss) arising during period, net of tax | 2,079 | (2,752) | 4,509 | (2,752) | |
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-periods adjustment [Member] | |||||
Accumulated other comprehensive income (loss) [Line Items] | |||||
Other comprehensive income (loss), foreign currency translation adjustment, net of tax, portion attributable to noncontrolling interest | [2] | $ 0 | $ (9,232) | $ 0 | $ (9,232) |
[1] | Amounts attributable to Bloomin’ Brands are net of tax (expense) benefit during the periods presented: THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED(dollars in thousands)SEPTEMBER 25, 2016 SEPTEMBER 27, 2015 SEPTEMBER 25, 2016 SEPTEMBER 27, 2015Tax (expense) benefit from unrealized gain (loss) on derivatives$(424) $2,483 $2,735 $4,509Tax benefit from reclassification of adjustments for losses on derivatives included in Net income$598 $713 $1,854 $713 | ||||
[2] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. |
Derivative Instruments and He69
Derivative Instruments and Hedging Activities (Cash flow hedges of interest rate risk) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] | Sep. 09, 2014USD ($)counterparties | Sep. 24, 2017USD ($) |
Derivative [Line Items] | ||
Derivative, inception date | Sep. 9, 2014 | |
Derivative agreements, number of counterparties | counterparties | 8 | |
Derivative, notional amount | $ 400,000,000 | |
Derivative, effective date | Jun. 30, 2015 | |
Derivative, maturity date | May 16, 2019 | |
Derivative, average fixed interest rate | 2.02% | |
Interest expense [Member] | Scenario, forecast [Member] | ||
Derivative [Line Items] | ||
Derivative instruments, reclassification from AOCI to income, next twelve months, estimated | $ 5,400,000 | |
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. 25, 2016 | Dec. 27, 2015 | |
Derivative [Line Items] | |||
Derivative, interest rate swaps, liabilities, fair value | [1] | $ 12,378 | $ 10,149 |
Accrued and other current liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative, interest rate swaps, liabilities, fair value | 5,021 | 5,142 | |
Accrued interest expense, interest rate swaps | 432 | 556 | |
Other long-term liabilities, net [Member] | |||
Derivative [Line Items] | |||
Derivative, interest rate swaps, liabilities, fair value | $ 7,357 | $ 5,007 | |
[1] | See Note 14 - 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. 25, 2016USD ($)counterparties | Sep. 27, 2015USD ($) | Sep. 28, 2014USD ($) | Sep. 25, 2016USD ($)counterparties | Sep. 27, 2015USD ($) | Dec. 27, 2015USD ($) | ||
Derivative [Line Items] | |||||||
Income tax benefit in Provision for income taxes | $ (598) | $ (713) | $ (1,854) | $ (713) | |||
Total effects of interest rate swaps on Net income | (947) | (1,115) | (2,902) | (1,115) | |||
Interest rate swap [Member] | Designated as hedging instrument [Member] | |||||||
Derivative [Line Items] | |||||||
Total effects of interest rate swaps on Net income | (947) | (1,115) | (2,902) | (1,115) | |||
Derivative, net hedge ineffectiveness gain (loss) | $ 0 | $ 0 | $ 0 | 0 | |||
Number of derivatives with each counterparty | counterparties | 1 | 1 | |||||
Derivative, net liability position, aggregate fair value | $ 13,000 | $ 13,000 | $ 10,900 | ||||
Derivative, termination value | 13,000 | 13,000 | $ 10,900 | ||||
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] | (1,545) | $ (1,828) | (4,756) | (1,828) | ||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Income tax expense [Member] | |||||||
Derivative [Line Items] | |||||||
Income tax benefit in Provision for income taxes | $ 598 | $ 713 | $ 1,854 | $ 713 | |||
[1] | During the thirteen and thirty-nine weeks ended September 25, 2016 and September 27, 2015, 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. 25, 2016 | Dec. 27, 2015 |
Fair value, inputs, level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 19,920 | $ 16,733 |
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 | 59 |
Liabilities at fair value | 12,642 | 11,435 |
Reported value measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 19,920 | 16,792 |
Liabilities at fair value | 12,642 | 11,435 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Other current assets [Member] | Foreign exchange forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, current | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Accrued and other current liabilities [Member] | Foreign exchange forward [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] | 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] | ||
Derivative liability, noncurrent | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Fixed income funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 138 | 6,333 |
Restricted cash equivalents, fair value disclosure | 552 | 551 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 18,979 | 7,168 |
Restricted cash equivalents, fair value disclosure | 251 | 2,681 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Other current assets [Member] | Foreign exchange forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, current | 0 | 59 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Accrued and other current liabilities [Member] | Foreign exchange forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 0 | 703 |
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 | 5,021 | 5,142 |
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 | 264 | 583 |
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] | ||
Derivative liability, noncurrent | 7,357 | 5,007 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Fixed income funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Restricted cash equivalents, fair value disclosure | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Restricted cash equivalents, fair value disclosure | 0 | 0 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Other current assets [Member] | Foreign exchange forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, current | 0 | 59 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Accrued and other current liabilities [Member] | Foreign exchange forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 0 | 703 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Accrued and other current liabilities [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, current | 5,021 | 5,142 |
Fair value, measurements, recurring [Member] | Reported value measurement [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 | 264 | 583 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Other long-term liabilities, net [Member] | Interest rate swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, noncurrent | 7,357 | 5,007 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Fixed income funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 138 | 6,333 |
Restricted cash equivalents, fair value disclosure | 552 | 551 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 18,979 | 7,168 |
Restricted cash equivalents, fair value disclosure | $ 251 | $ 2,681 |
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. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | ||||||
Assets Measured with Impairment, quarter-to-date [Member] | Disposal group, held-for-sale, not discontinued operations [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 | $ 1,356 | $ 185 | $ 1,356 | $ 185 | |||||
Assets Measured with Impairment, quarter-to-date [Member] | Property, plant and equipment [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 | 12,064 | 1,624 | 12,064 | 1,624 | |||||
Assets measured with impairment, year-to-date [Member] | Disposal group, held-for-sale, not discontinued operations [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 | 45,351 | 3,538 | 45,351 | 3,538 | |||||
Assets measured with impairment, year-to-date [Member] | Property, plant and equipment [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 | 12,064 | 2,574 | 12,064 | 2,574 | |||||
Fair value, measurements, nonrecurring [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total impairment losses | 5,267 | 1,637 | 44,984 | 3,789 | |||||
Fair value, measurements, nonrecurring [Member] | Disposal group, held-for-sale, not discontinued operations [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 3,209 | 44 | 42,926 | 1,072 | |||||
Fair value, measurements, nonrecurring [Member] | Property, plant and equipment [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Property, fixtures and equipment, impairment | 2,058 | 1,593 | 2,058 | 2,717 | |||||
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 | 13,420 | [1] | 1,809 | [2] | 13,420 | [1] | 1,809 | [2] | |
Reported value measurement [Member] | Assets Measured with Impairment, quarter-to-date [Member] | Disposal group, held-for-sale, not discontinued operations [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 1,356 | [1] | 185 | [2] | 1,356 | [1] | 185 | [2] | |
Reported value measurement [Member] | Assets Measured with Impairment, quarter-to-date [Member] | Property, plant and equipment [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | [2] | 12,064 | 1,624 | 12,064 | 1,624 | ||||
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 | 57,415 | [1] | 6,112 | [2] | 57,415 | [1] | 6,112 | [2] | |
Reported value measurement [Member] | Assets measured with impairment, year-to-date [Member] | Disposal group, held-for-sale, not discontinued operations [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | 45,351 | [1] | 3,538 | [2] | 45,351 | [1] | 3,538 | [2] | |
Reported value measurement [Member] | Assets measured with impairment, year-to-date [Member] | Property, plant and equipment [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, fair value disclosure, nonrecurring | [2] | $ 12,064 | $ 2,574 | $ 12,064 | $ 2,574 | ||||
[1] | Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 25, 2016. Sale contracts (Level 2) were used to estimate the fair value. | ||||||||
[2] | Carrying value approximates fair value with all assets measured using Level 2 inputs for the thirteen and thirty-nine weeks ended September 27, 2015. A third-party market appraisal (Level 2) and a purchase contract (Level 2) 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. 25, 2016 | Jul. 27, 2016 | Dec. 27, 2015 | |
2012 CMBS loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | $ 0 | $ 458,969 | ||
Secured debt [Member] | Term loan A facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 264,375 | 277,500 | ||
Secured debt [Member] | Term loan A-1 facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 143,438 | 150,000 | ||
Secured debt [Member] | Revolving credit facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Line of credit facility, amount outstanding | 646,000 | 432,000 | ||
Secured debt [Member] | Fair value, inputs, level 2 [Member] | Term loan A facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 263,384 | 276,459 | ||
Secured debt [Member] | Fair value, inputs, level 2 [Member] | Term loan A-1 facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 142,900 | 149,438 | ||
Secured debt [Member] | Fair value, inputs, level 2 [Member] | Revolving credit facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 641,155 | 429,300 | ||
Secured debt [Member] | Fair value, inputs, level 3 [Member] | Term loan A facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Secured debt [Member] | Fair value, inputs, level 3 [Member] | Term loan A-1 facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Secured debt [Member] | Fair value, inputs, level 3 [Member] | Revolving credit facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 0 | 0 | ||
Mortgage [Member] | PRP mortgage loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 172,840 | [1] | $ 189,300 | 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 | 0 | 289,588 | ||
Mortgage [Member] | Fair value, inputs, level 2 [Member] | PRP 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 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] | PRP mortgage loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans payable, fair value disclosure | 172,840 | 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 | 0 | 293,222 | ||
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 0 | 84,028 | ||
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt | 0 | 85,353 | ||
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 | 0 | 83,608 | ||
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 | 0 | 85,780 | ||
Unsecured debt [Member] | Notes payable, other payables [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other notes payable | 1,653 | 931 | ||
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 | $ 1,572 | $ 918 | ||
[1] | Subsequent to September 25, 2016, the Company made payments on its PRP Mortgage Loan with proceeds from sale-leaseback transactions. See Note 18 - Subsequent Events for further details. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income before provision for income taxes | $ 23,178 | $ 23,607 | $ 73,418 | $ 154,100 |
Provision for income taxes | $ 1,950 | $ 6,202 | $ 24,372 | $ 41,557 |
Effective income tax rate | 8.40% | 26.30% | 33.20% | 27.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Oct. 04, 2013employeesubsidiaries | Nov. 30, 2015USD ($) | Sep. 25, 2016USD ($) | Dec. 27, 2015USD ($) |
Other Commitments [Line Items] | ||||
Estimated litigation liability | $ 4.2 | $ 4.5 | ||
Pending litigation [Member] | ||||
Other Commitments [Line Items] | ||||
Litigation settlement, amount | $ 3.2 | |||
Pending litigation [Member] | Subsidiaries [Member] | ||||
Other Commitments [Line Items] | ||||
Loss contingency, number of defendants | subsidiaries | 2 | |||
Pending litigation [Member] | Employee [Member] | ||||
Other Commitments [Line Items] | ||||
Number of employees party to lawsuit | employee | 2 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016USD ($) | Sep. 27, 2015USD ($) | Sep. 25, 2016USD ($)reportable_segment | Sep. 27, 2015USD ($) | |
Segment reporting information [Line Items] | ||||
Number of reportable segments | reportable_segment | 2 | |||
Revenues | $ 1,005,387 | $ 1,026,721 | $ 3,248,163 | $ 3,328,377 |
Intersegment eliminations [Member] | ||||
Segment reporting information [Line Items] | ||||
Revenues | $ 0 |
Segment Reporting (Revenue by S
Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 1,005,387 | $ 1,026,721 | $ 3,248,163 | $ 3,328,377 |
U.S. segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | 893,906 | 902,453 | 2,896,666 | 2,947,445 |
International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 111,481 | $ 124,268 | $ 351,497 | $ 380,932 |
Segment Reporting (Income from
Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | $ 31,734 | $ 38,724 | $ 131,751 | $ 199,010 |
Loss on defeasance, extinguishment and modification of debt | (418) | 0 | (26,998) | (2,638) |
Other income (expense), net | 2,079 | (266) | 2,059 | (1,356) |
Interest expense, net | (10,217) | (14,851) | (33,394) | (40,916) |
Income before provision for income taxes | 23,178 | 23,607 | 73,418 | 154,100 |
Operating segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | 70,182 | 73,246 | 253,807 | 312,312 |
Corporate, non-segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | (38,448) | (34,522) | (122,056) | (113,302) |
U.S. segment [Member] | Operating segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | 61,905 | 63,476 | 268,754 | 287,936 |
International segment [Member] | Operating segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (loss) from operations | $ 8,277 | $ 9,770 | $ (14,947) | $ 24,376 |
Segment Reporting (Depreciation
Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 48,551 | $ 47,455 | $ 145,206 | $ 141,316 |
Operating segments [Member] | U.S. segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 39,346 | 38,025 | 116,508 | 112,410 |
Operating segments [Member] | International segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 5,978 | 6,507 | 19,479 | 20,033 |
Corporate, non-segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 3,227 | $ 2,923 | $ 9,219 | $ 8,873 |
Subsequent Events (Text) (Detai
Subsequent Events (Text) (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Nov. 02, 2016USD ($)properties | Sep. 25, 2016USD ($)locations | Jul. 27, 2016USD ($) | Dec. 27, 2015USD ($) | ||
Subsequent Event [Line Items] | |||||
Number of restaurant properties sold and leased back | locations | 88 | ||||
Proceeds from sale-leaseback transactions | $ 326,500 | ||||
PRP mortgage loan [Member] | Mortgage [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term debt | $ 172,840 | [1] | $ 189,300 | $ 0 | |
Subsequent event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of restaurant properties sold and leased back | properties | 59 | ||||
Proceeds from sale-leaseback transactions | $ 187,000 | ||||
Subsequent event [Member] | PRP mortgage loan [Member] | Mortgage [Member] | |||||
Subsequent Event [Line Items] | |||||
Repayments of debt | 121,900 | ||||
Long-term debt | $ 50,900 | ||||
[1] | Subsequent to September 25, 2016, the Company made payments on its PRP Mortgage Loan with proceeds from sale-leaseback transactions. See Note 18 - Subsequent Events for further details. |