(Mark One) | |
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 24, 2017 | |
or | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to ______ |
Delaware | 20-8023465 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Page No. | ||
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SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 98,697 | $ | 127,176 | |||
Current portion of restricted cash and cash equivalents | 3,735 | 7,886 | |||||
Inventories | 51,017 | 65,231 | |||||
Other current assets, net | 105,261 | 190,226 | |||||
Total current assets | 258,710 | 390,519 | |||||
Restricted cash | — | 1,124 | |||||
Property, fixtures and equipment, net | 1,184,251 | 1,237,148 | |||||
Goodwill | 315,264 | 310,055 | |||||
Intangible assets, net | 527,743 | 535,523 | |||||
Deferred income tax assets | 59,801 | 38,764 | |||||
Other assets, net | 127,185 | 129,146 | |||||
Total assets | $ | 2,472,954 | $ | 2,642,279 | |||
(CONTINUED...) | |||||||
SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 183,439 | $ | 195,371 | |||
Accrued and other current liabilities | 225,870 | 204,415 | |||||
Unearned revenue | 248,627 | 388,543 | |||||
Current portion of long-term debt | 58,826 | 35,079 | |||||
Total current liabilities | 716,762 | 823,408 | |||||
Deferred rent | 156,962 | 151,130 | |||||
Deferred income tax liabilities | 17,764 | 16,709 | |||||
Long-term debt, net | 1,141,866 | 1,054,406 | |||||
Deferred gain on sale-leaseback transactions, net | 188,363 | 181,696 | |||||
Other long-term liabilities, net | 214,026 | 219,030 | |||||
Total liabilities | 2,435,743 | 2,446,379 | |||||
Commitments and contingencies (Note 15) | |||||||
Mezzanine Equity | |||||||
Redeemable noncontrolling interests | 577 | 547 | |||||
Stockholders’ Equity | |||||||
Bloomin’ Brands Stockholders’ Equity | |||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of September 24, 2017 and December 25, 2016 | — | — | |||||
Common stock, $0.01 par value, 475,000,000 shares authorized; 91,164,470 and 103,922,110 shares issued and outstanding as of September 24, 2017 and December 25, 2016, respectively | 912 | 1,039 | |||||
Additional paid-in capital | 1,077,607 | 1,079,583 | |||||
Accumulated deficit | (961,318 | ) | (786,780 | ) | |||
Accumulated other comprehensive loss | (91,547 | ) | (111,143 | ) | |||
Total Bloomin’ Brands stockholders’ equity | 25,654 | 182,699 | |||||
Noncontrolling interests | 10,980 | 12,654 | |||||
Total stockholders’ equity | 36,634 | 195,353 | |||||
Total liabilities, mezzanine equity and stockholders’ equity | $ | 2,472,954 | $ | 2,642,279 | |||
The accompanying notes are an integral part of these consolidated financial statements. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 937,852 | $ | 998,806 | $ | 3,093,297 | $ | 3,229,377 | |||||||
Franchise and other revenues | 11,047 | 6,581 | 32,407 | 18,786 | |||||||||||
Total revenues | 948,899 | 1,005,387 | 3,125,704 | 3,248,163 | |||||||||||
Costs and expenses | |||||||||||||||
Cost of sales | 296,632 | 322,080 | 984,510 | 1,044,179 | |||||||||||
Labor and other related | 285,325 | 290,032 | 907,580 | 921,992 | |||||||||||
Other restaurant operating | 231,293 | 243,175 | 723,357 | 747,189 | |||||||||||
Depreciation and amortization | 47,826 | 48,551 | 142,479 | 145,206 | |||||||||||
General and administrative | 66,063 | 65,072 | 215,059 | 208,663 | |||||||||||
Provision for impaired assets and restaurant closings | 18,578 | 4,743 | 38,253 | 49,183 | |||||||||||
Total costs and expenses | 945,717 | 973,653 | 3,011,238 | 3,116,412 | |||||||||||
Income from operations | 3,182 | 31,734 | 114,466 | 131,751 | |||||||||||
Loss on defeasance, extinguishment and modification of debt | — | (418 | ) | (260 | ) | (26,998 | ) | ||||||||
Other income, net | 7,531 | 2,079 | 14,761 | 2,059 | |||||||||||
Interest expense, net | (10,705 | ) | (10,217 | ) | (29,389 | ) | (33,394 | ) | |||||||
Income before (benefit) provision for income taxes | 8 | 23,178 | 99,578 | 73,418 | |||||||||||
(Benefit) provision for income taxes | (4,038 | ) | 1,950 | 14,280 | 24,372 | ||||||||||
Net income | 4,046 | 21,228 | 85,298 | 49,046 | |||||||||||
Less: net (loss) income attributable to noncontrolling interests | (290 | ) | 495 | 1,422 | 3,015 | ||||||||||
Net income attributable to Bloomin’ Brands | $ | 4,336 | $ | 20,733 | $ | 83,876 | $ | 46,031 | |||||||
Net income | $ | 4,046 | $ | 21,228 | $ | 85,298 | $ | 49,046 | |||||||
Other comprehensive income: | |||||||||||||||
Foreign currency translation adjustment | 6,399 | 45,471 | 17,770 | 58,151 | |||||||||||
Unrealized gain (loss) on derivatives, net of tax | 370 | 672 | (139 | ) | (4,250 | ) | |||||||||
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 492 | 947 | 1,919 | 2,902 | |||||||||||
Comprehensive income | 11,307 | 68,318 | 104,848 | 105,849 | |||||||||||
Less: comprehensive (loss) income attributable to noncontrolling interests | (306 | ) | 2,509 | 1,376 | 7,435 | ||||||||||
Comprehensive income attributable to Bloomin’ Brands | $ | 11,613 | $ | 65,809 | $ | 103,472 | $ | 98,414 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.05 | $ | 0.19 | $ | 0.85 | $ | 0.41 | |||||||
Diluted | $ | 0.05 | $ | 0.18 | $ | 0.83 | $ | 0.40 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 92,485 | 109,399 | 98,137 | 113,553 | |||||||||||
Diluted | 95,655 | 112,430 | 101,497 | 116,516 | |||||||||||
Cash dividends declared per common share | $ | 0.08 | $ | 0.07 | $ | 0.24 | $ | 0.21 |
BLOOMIN’ BRANDS, INC. | ||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM-ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON- CONTROLLING INTERESTS | TOTAL | |||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||||||||
Balance, December 25, 2016 | 103,922 | $ | 1,039 | $ | 1,079,583 | $ | (786,780 | ) | $ | (111,143 | ) | $ | 12,654 | $ | 195,353 | |||||||||||
Net income | — | — | — | 83,876 | — | 1,594 | 85,470 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 19,596 | (76 | ) | 19,520 | ||||||||||||||||||
Cash dividends declared, $0.24 per common share | — | — | (23,677 | ) | — | — | — | (23,677 | ) | |||||||||||||||||
Repurchase and retirement of common stock | (13,807 | ) | (138 | ) | — | (272,598 | ) | — | — | (272,736 | ) | |||||||||||||||
Stock-based compensation | — | — | 17,969 | — | — | — | 17,969 | |||||||||||||||||||
Common stock issued under stock plans (1) | 1,049 | 11 | 4,617 | (180 | ) | — | — | 4,448 | ||||||||||||||||||
Change in the redemption value of redeemable interests | — | — | (172 | ) | — | — | — | (172 | ) | |||||||||||||||||
Purchase of noncontrolling interests, net of tax of $45 | — | — | (713 | ) | — | — | (180 | ) | (893 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (4,158 | ) | (4,158 | ) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 727 | 727 | |||||||||||||||||||
Cumulative-effect from a change in accounting principle | — | — | — | 14,364 | — | — | 14,364 | |||||||||||||||||||
Other | — | — | — | — | — | 419 | 419 | |||||||||||||||||||
Balance, September 24, 2017 | 91,164 | $ | 912 | $ | 1,077,607 | $ | (961,318 | ) | $ | (91,547 | ) | $ | 10,980 | $ | 36,634 | |||||||||||
(CONTINUED...) | ||||||||||||||||||||||||||
BLOOMIN’ BRANDS, INC. | ||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM-ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON- CONTROLLING INTERESTS | TOTAL | |||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||||||||
Balance, December 27, 2015 | 119,215 | $ | 1,192 | $ | 1,072,861 | $ | (518,360 | ) | $ | (147,367 | ) | $ | 13,574 | $ | 421,900 | |||||||||||
Net income | — | — | — | 46,031 | — | 2,420 | 48,451 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 52,383 | (89 | ) | 52,294 | ||||||||||||||||||
Cash dividends declared, $0.21 per common share | — | — | (23,981 | ) | — | — | — | (23,981 | ) | |||||||||||||||||
Repurchase and retirement of common stock | (14,831 | ) | (148 | ) | — | (274,744 | ) | — | — | (274,892 | ) | |||||||||||||||
Stock-based compensation | — | 18,390 | — | — | — | 18,390 | ||||||||||||||||||||
Tax shortfall from stock-based compensation | — | — | (410 | ) | — | — | — | (410 | ) | |||||||||||||||||
Common stock issued under stock plans (1) | 811 | 8 | 3,654 | (399 | ) | — | — | 3,263 | ||||||||||||||||||
Change in the redemption value of redeemable interests | — | — | (1,349 | ) | — | — | — | (1,349 | ) | |||||||||||||||||
Purchase of noncontrolling interests, net of tax of $1,504 | — | — | (1,000 | ) | — | — | 581 | (419 | ) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (4,245 | ) | (4,245 | ) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 556 | 556 | |||||||||||||||||||
Balance, September 25, 2016 | 105,195 | $ | 1,052 | $ | 1,068,165 | $ | (747,472 | ) | $ | (94,984 | ) | $ | 12,797 | $ | 239,558 |
(1) | Net of forfeitures and shares withheld for employee taxes. |
THIRTY-NINE WEEKS ENDED | |||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||
Cash flows provided by operating activities: | |||||||
Net income | $ | 85,298 | $ | 49,046 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 142,479 | 145,206 | |||||
Amortization of deferred discounts and issuance costs | 2,240 | 3,862 | |||||
Amortization of deferred gift card sales commissions | 18,530 | 21,146 | |||||
Provision for impaired assets and restaurant closings | 38,253 | 49,183 | |||||
Stock-based and other non-cash compensation expense | 19,775 | 17,646 | |||||
Deferred income tax (benefit) expense | (212 | ) | 1,764 | ||||
Gain on sale of a business or subsidiary | (15,787 | ) | (2,084 | ) | |||
Loss on defeasance, extinguishment and modification of debt | 260 | 26,998 | |||||
Recognition of deferred gain on sale-leaseback transactions | (8,836 | ) | (3,353 | ) | |||
Excess tax benefit from stock-based compensation | — | (1,214 | ) | ||||
Other non-cash items, net | 4,690 | (1,516 | ) | ||||
Change in assets and liabilities | (63,675 | ) | (83,124 | ) | |||
Net cash provided by operating activities | 223,015 | 223,560 | |||||
Cash flows (used in) provided by investing activities: | |||||||
Proceeds from sale-leaseback transactions, net | 83,866 | 320,287 | |||||
Proceeds from sale of a business, net of cash divested | 38,980 | 23,009 | |||||
Capital expenditures | (183,820 | ) | (185,581 | ) | |||
Other investments, net | (1,561 | ) | (3,813 | ) | |||
Net cash (used in) provided by investing activities | $ | (62,535 | ) | $ | 153,902 | ||
(CONTINUED...) |
THIRTY-NINE WEEKS ENDED | |||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||
Cash flows used in financing activities: | |||||||
Proceeds from issuance of long-term debt, net | $ | 124,443 | $ | 364,211 | |||
Defeasance, extinguishment and modification of debt | — | (478,906 | ) | ||||
Repayments of long-term debt | (64,578 | ) | (221,266 | ) | |||
Proceeds from borrowings on revolving credit facilities, net | 467,500 | 591,500 | |||||
Repayments of borrowings on revolving credit facilities | (417,000 | ) | (377,500 | ) | |||
Proceeds from failed sale-leaseback transactions, net | 5,942 | — | |||||
Proceeds from the exercise of share-based compensation | 4,628 | 3,662 | |||||
Distributions to noncontrolling interests | (4,158 | ) | (4,245 | ) | |||
Contributions from noncontrolling interests | 727 | 556 | |||||
Purchase of limited partnership and noncontrolling interests | (5,354 | ) | (10,778 | ) | |||
Repayments of partner deposits and accrued partner obligations | (11,763 | ) | (14,985 | ) | |||
Repurchase of common stock | (272,916 | ) | (275,291 | ) | |||
Excess tax benefit from stock-based compensation | — | 1,214 | |||||
Cash dividends paid on common stock | (23,677 | ) | (23,981 | ) | |||
Net cash used in financing activities | (196,206 | ) | (445,809 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 1,972 | 5,250 | |||||
Net decrease in cash, cash equivalents and restricted cash | (33,754 | ) | (63,097 | ) | |||
Cash, cash equivalents and restricted cash as of the beginning of the period | 136,186 | 155,374 | |||||
Cash, cash equivalents and restricted cash as of the end of the period | $ | 102,432 | $ | 92,277 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 27,897 | $ | 32,726 | |||
Cash paid for income taxes, net of refunds | 28,134 | 51,833 | |||||
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 | $ | 6,375 | $ | 17,174 | |||
Purchase of noncontrolling interest included in accrued and other current liabilities | — | 1,414 |
THIRTY-NINE WEEKS ENDED SEPTEMBER 25, 2016 | |||||||||||
(dollars in thousands) | AS REPORTED | 2016-18 IMPACT | ADJUSTED | ||||||||
Cash flows provided by investing activities: | |||||||||||
Decrease in restricted cash | $ | 40,977 | $ | (40,977 | ) | $ | — | ||||
Increase in restricted cash | (18,739 | ) | 18,739 | — | |||||||
Net cash provided by investing activities | $ | 176,140 | $ | (22,238 | ) | $ | 153,902 | ||||
Net decrease in cash, cash equivalents and restricted cash | $ | (40,863 | ) | $ | (22,234 | ) | $ | (63,097 | ) | ||
Cash, cash equivalents and restricted cash as of the beginning of the period | 132,337 | 23,037 | 155,374 | ||||||||
Cash, cash equivalents and restricted cash as of the end of the period | $ | 91,474 | $ | 803 | $ | 92,277 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||
(dollars in thousands) | SEPTEMBER 25, 2016 | SEPTEMBER 25, 2016 | |||||
Income (loss) before income taxes (1) | $ | 2,246 | $ | (32,348 | ) |
(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. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Impairment losses | |||||||||||||||
U.S. | $ | 12,339 | $ | 5,267 | $ | 13,272 | $ | 5,348 | |||||||
International | 1,903 | — | 1,903 | 39,636 | |||||||||||
Total impairment losses | $ | 14,242 | $ | 5,267 | $ | 15,175 | $ | 44,984 | |||||||
Restaurant closure expenses | |||||||||||||||
U.S. | $ | 4,336 | $ | (524 | ) | $ | 23,078 | $ | 4,325 | ||||||
International | — | — | — | (126 | ) | ||||||||||
Total restaurant closure expenses | $ | 4,336 | $ | (524 | ) | $ | 23,078 | $ | 4,199 | ||||||
Provision for impaired assets and restaurant closings | $ | 18,578 | $ | 4,743 | $ | 38,253 | $ | 49,183 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Impairment, facility closure and other expenses | |||||||||||||||
2017 Closure Initiative (1) | $ | 1,848 | $ | — | $ | 19,051 | $ | — | |||||||
Bonefish Restructuring (2) | 1,924 | (685 | ) | 2,733 | 3,695 | ||||||||||
Provision for impaired assets and restaurant closings | $ | 3,772 | $ | (685 | ) | $ | 21,784 | $ | 3,695 | ||||||
Severance and other expenses | |||||||||||||||
2017 Closure Initiative (1) | $ | — | $ | — | $ | 2,948 | $ | — | |||||||
Bonefish Restructuring (2) | — | — | — | 601 | |||||||||||
General and administrative | $ | — | $ | — | $ | 2,948 | $ | 601 | |||||||
Reversal of deferred rent liability | |||||||||||||||
2017 Closure Initiative (1) | $ | — | $ | — | $ | (4,761 | ) | $ | — | ||||||
Bonefish Restructuring (2) | — | (609 | ) | — | (3,410 | ) | |||||||||
Other restaurant operating | $ | — | $ | (609 | ) | $ | (4,761 | ) | $ | (3,410 | ) | ||||
$ | 3,772 | $ | (1,294 | ) | $ | 19,971 | $ | 886 |
(1) | On February 15, 2017 and August 28, 2017, the Company decided to close 43 underperforming restaurants in the U.S. and two Abbraccio restaurants outside of the core markets of São Paulo and Rio de Janeiro in Brazil (the “2017 Closure Initiative”). Most of these restaurants were closed in 2017 to date, with the balance mostly closing as leases and certain operating covenants expire or are amended or waived. Expenses of $1.9 million related to the 2017 Closure Initiative for the thirteen and thirty-nine weeks ended September 24, 2017 were recognized within the International segment, with all other expenses recognized within the U.S. segment. |
(2) | On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). The Company expects to substantially complete these restaurant closings through the first quarter of 2019. Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. |
(dollars in thousands) | CONSOLIDATED BALANCE SHEET CLASSIFICATION | SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||
Surplus properties - assets held for sale | Other current assets, net | $ | 3,690 | $ | 676 | ||||
Surplus properties - assets held and used | Property, fixtures and equipment, net | 23,599 | 34,501 | ||||||
Total surplus properties | $ | 27,289 | $ | 35,177 | |||||
Number of surplus properties owned | 21 | 18 |
Estimated future expense (dollars in millions) | 2017 CLOSURE INITIATIVE | BONEFISH RESTRUCTURING | |||||||||||||
Lease related liabilities, net of subleases | $ | 3.2 | to | $ | 4.1 | $ | 2.2 | to | $ | 5.1 | |||||
Employee severance and other obligations | 0.4 | to | 0.8 | 0.3 | to | 0.5 | |||||||||
Total estimated future expense | $ | 3.6 | to | $ | 4.9 | $ | 2.5 | to | $ | 5.6 | |||||
Total estimated future cash expenditures (dollars in millions) | $ | 25.3 | to | $ | 29.5 | $ | 10.1 | to | $ | 12.3 |
THIRTY-NINE WEEKS ENDED | |||
(dollars in thousands) | SEPTEMBER 24, 2017 | ||
Beginning of the period | $ | 6,557 | |
Charges | 24,426 | ||
Cash payments | (7,963 | ) | |
Adjustments | (1,348 | ) | |
End of the period (1) | $ | 21,672 |
(1) | As of September 24, 2017, the Company had exit-related accruals of $6.4 million recorded in Accrued and other current liabilities and $15.3 million recorded in Other long-term liabilities, net in the Consolidated Balance Sheet. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(in thousands, except per share data) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Net income attributable to Bloomin’ Brands | $ | 4,336 | $ | 20,733 | $ | 83,876 | $ | 46,031 | |||||||
Basic weighted average common shares outstanding | 92,485 | 109,399 | 98,137 | 113,553 | |||||||||||
Effect of diluted securities: | |||||||||||||||
Stock options | 2,781 | 2,720 | 2,948 | 2,719 | |||||||||||
Nonvested restricted stock and restricted stock units | 389 | 311 | 392 | 242 | |||||||||||
Nonvested performance-based share units | — | — | 20 | 2 | |||||||||||
Diluted weighted average common shares outstanding | 95,655 | 112,430 | 101,497 | 116,516 | |||||||||||
Basic earnings per share | $ | 0.05 | $ | 0.19 | $ | 0.85 | $ | 0.41 | |||||||
Diluted earnings per share | $ | 0.05 | $ | 0.18 | $ | 0.83 | $ | 0.40 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||
(shares in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||
Stock options | 6,065 | 5,530 | 5,663 | 5,079 | |||||||
Nonvested restricted stock and restricted stock units | 179 | 103 | 174 | 285 | |||||||
Nonvested performance-based share units | 134 | 130 | 256 | 99 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Stock options | $ | 2,705 | $ | 2,929 | $ | 8,404 | $ | 8,971 | |||||||
Restricted stock and restricted stock units | 2,527 | 2,322 | 7,769 | 6,901 | |||||||||||
Performance-based share units | (235 | ) | 21 | 1,001 | 1,773 | ||||||||||
$ | 4,997 | $ | 5,272 | $ | 17,174 | $ | 17,645 |
THIRTY-NINE WEEKS ENDED | |||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||
Assumptions: | |||||||
Weighted-average risk-free interest rate (1) | 1.92 | % | 1.32 | % | |||
Dividend yield (2) | 1.84 | % | 1.59 | % | |||
Expected term (3) | 6.3 years | 6.1 years | |||||
Weighted-average volatility (4) | 33.72 | % | 35.18 | % | |||
Weighted-average grant date fair value per option | $ | 5.09 | $ | 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 expected term of the option. |
(2) | Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. |
(3) | Expected term represents the period of time that the options are expected to be outstanding. The 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. |
UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands) | REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years) | ||||
Stock options | $ | 17,189 | 2.4 | ||
Restricted stock and restricted stock units | $ | 22,588 | 2.6 | ||
Performance-based share units | $ | 1,733 | 1.9 |
(dollars in thousands) | SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | |||||
Prepaid expenses | $ | 36,481 | $ | 35,298 | |||
Accounts receivable - gift cards, net | 11,588 | 102,664 | |||||
Accounts receivable - vendors, net | 4,677 | 10,107 | |||||
Accounts receivable - franchisees, net | 3,345 | 1,677 | |||||
Accounts receivable - other, net | 32,274 | 20,497 | |||||
Assets held for sale | 4,055 | 1,331 | |||||
Other current assets, net | 12,841 | 18,652 | |||||
$ | 105,261 | $ | 190,226 |
(dollars in thousands) | U.S. | INTERNATIONAL | CONSOLIDATED | ||||||||
Balance as of December 25, 2016 | $ | 172,424 | $ | 137,631 | $ | 310,055 | |||||
Translation adjustments | — | 6,866 | 6,866 | ||||||||
Divestitures (1) | (1,657 | ) | — | (1,657 | ) | ||||||
Balance as of September 24, 2017 | $ | 170,767 | $ | 144,497 | $ | 315,264 |
(1) | During the thirty-nine weeks ended September 24, 2017, the Company disposed of Goodwill in connection with the sale of 54 of its U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill locations to existing franchisees. |
SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||||||||
(dollars in thousands) | OUTSTANDING BALANCE | INTEREST RATE | OUTSTANDING BALANCE | INTEREST RATE | |||||||||
Senior Secured Credit Facility: | |||||||||||||
Term loan A (1) | $ | 247,500 | 3.23 | % | $ | 258,750 | 2.63 | % | |||||
Term loan A-1 | 135,000 | 3.20 | % | 140,625 | 2.70 | % | |||||||
Term loan A-2 | 125,000 | 3.20 | % | — | — | % | |||||||
Revolving credit facility (1) | 672,500 | 3.21 | % | 622,000 | 2.67 | % | |||||||
Total Senior Secured Credit Facility | $ | 1,180,000 | $ | 1,021,375 | |||||||||
PRP Mortgage Loan | — | — | % | 47,202 | 3.21 | % | |||||||
Financing obligations | 19,583 | 7.45% to 7.60% | 19,595 | 7.45% to 7.60% | |||||||||
Capital lease obligations | 2,138 | 2,364 | |||||||||||
Other notes payable | 944 | 0.00% to 2.18% | 1,776 | 0.00% to 7.00% | |||||||||
Less: unamortized debt discount and issuance costs | (1,973 | ) | (2,827 | ) | |||||||||
$ | 1,200,692 | $ | 1,089,485 | ||||||||||
Less: current portion of long-term debt | (58,826 | ) | (35,079 | ) | |||||||||
Long-term debt, net | $ | 1,141,866 | $ | 1,054,406 |
(1) | Represents the weighted-average interest rate for the respective period. |
SCHEDULED QUARTERLY PAYMENT DATES | TERM LOAN A-2 | |||
September 30, 2017 through June 30, 2018 | $ | 2,344 | ||
September 30, 2018 through March 31, 2019 | $ | 3,125 |
(dollars in thousands) | SEPTEMBER 24, 2017 | ||
Year 1 | $ | 58,826 | |
Year 2 | 1,121,102 | ||
Year 3 | 519 | ||
Year 4 | 458 | ||
Year 5 | 310 | ||
Thereafter | 19,477 | ||
Total | $ | 1,200,692 |
THIRTY-NINE WEEKS ENDED | |||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||
Balance, beginning of period | $ | 547 | $ | 23,526 | |||
Change in redemption value of Redeemable noncontrolling interests | 172 | 1,349 | |||||
Foreign currency translation attributable to Redeemable noncontrolling interests | 30 | 4,509 | |||||
Net (loss) income attributable to Redeemable noncontrolling interests | (172 | ) | 595 | ||||
Purchase of Redeemable noncontrolling interests | — | (3,887 | ) | ||||
Balance, end of period | $ | 577 | $ | 26,092 |
11. | Stockholders’ Equity |
NUMBER OF SHARES (in thousands) | AVERAGE REPURCHASE PRICE PER SHARE | AMOUNT (dollars in thousands) | ||||||||
First fiscal quarter | 2,887 | $ | 18.37 | $ | 53,053 | |||||
Second fiscal quarter | 7,030 | $ | 20.72 | 145,675 | ||||||
Third fiscal quarter | 3,890 | $ | 19.03 | 74,008 | ||||||
Total common stock repurchases | 13,807 | $ | 19.75 | $ | 272,736 |
DIVIDENDS PER SHARE | AMOUNT (dollars in thousands) | ||||||
First fiscal quarter | $ | 0.08 | $ | 8,254 | |||
Second fiscal quarter | 0.08 | 8,054 | |||||
Third fiscal quarter | 0.08 | 7,369 | |||||
Total cash dividends declared and paid | $ | 0.24 | $ | 23,677 |
(dollars in thousands) | SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | |||||
Foreign currency translation adjustment | $ | (89,693 | ) | $ | (107,509 | ) | |
Unrealized losses on derivatives, net of tax | (1,854 | ) | (3,634 | ) | |||
Accumulated other comprehensive loss | $ | (91,547 | ) | $ | (111,143 | ) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Bloomin’ Brands: | |||||||||||||||
Foreign currency translation adjustment | $ | 6,415 | $ | 43,457 | $ | 17,816 | $ | 53,731 | |||||||
Unrealized gain (loss) on derivatives, net of tax (1) | $ | 370 | $ | 672 | $ | (139 | ) | $ | (4,250 | ) | |||||
Reclassification of adjustment for loss on derivatives included in Net income, net of tax (2) | 492 | 947 | 1,919 | 2,902 | |||||||||||
Total unrealized gain (loss) on derivatives, net of tax | $ | 862 | $ | 1,619 | $ | 1,780 | $ | (1,348 | ) | ||||||
Other comprehensive income attributable to Bloomin’ Brands | $ | 7,277 | $ | 45,076 | $ | 19,596 | $ | 52,383 | |||||||
Non-controlling interests: | |||||||||||||||
Foreign currency translation adjustment | $ | (38 | ) | $ | (65 | ) | $ | (76 | ) | $ | (89 | ) | |||
Other comprehensive loss attributable to Non-controlling interests | $ | (38 | ) | $ | (65 | ) | $ | (76 | ) | $ | (89 | ) | |||
Redeemable non-controlling interests: | |||||||||||||||
Foreign currency translation adjustment | $ | 22 | $ | 2,079 | $ | 30 | $ | 4,509 | |||||||
Other comprehensive income attributable to Redeemable non-controlling interests | $ | 22 | $ | 2,079 | $ | 30 | $ | 4,509 |
(1) | Unrealized gain (loss) on derivatives is net of tax (benefit) of $0.2 million and $0.4 million for the thirteen weeks ended September 24, 2017 and September 25, 2016, respectively, and ($0.1) million and ($2.7) million for the thirty-nine weeks ended September 24, 2017 and September 25, 2016, respectively. |
(2) | Reclassifications of adjustments for losses on derivatives are net of tax of $0.3 million and $0.6 million for the thirteen weeks ended September 24, 2017 and September 25, 2016, respectively, and $1.2 million and $1.9 million for the thirty-nine weeks ended September 24, 2017 and September 25, 2016, respectively. |
(dollars in thousands) | SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | CONSOLIDATED BALANCE SHEET CLASSIFICATION | ||||||
Interest rate swaps - liability | $ | 2,127 | $ | 3,968 | Accrued and other current liabilities | ||||
Interest rate swaps - liability | 951 | 1,999 | Other long-term liabilities, net | ||||||
Total fair value of derivative instruments (1) | $ | 3,078 | $ | 5,967 | |||||
Accrued interest | $ | 217 | $ | 408 | Accrued and other current liabilities |
(1) | See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Interest rate swap expense recognized in Interest expense, net (1) | $ | (804 | ) | $ | (1,545 | ) | $ | (3,105 | ) | $ | (4,756 | ) | |||
Income tax benefit recognized in (Benefit) provision for income taxes | 312 | 598 | 1,186 | 1,854 | |||||||||||
Total effects of the interest rate swaps on Net income | $ | (492 | ) | $ | (947 | ) | $ | (1,919 | ) | $ | (2,902 | ) |
(1) | During the thirteen and thirty-nine weeks ended September 24, 2017 and September 25, 2016, the Company did not recognize any gain or loss as a result of hedge ineffectiveness. |
Level 1 | Unadjusted quoted market prices in active markets for identical assets or liabilities | |
Level 2 | Observable inputs available at measurement date other than quoted prices included in Level 1 | |
Level 3 | Unobservable inputs that cannot be corroborated by observable market data |
SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||||||||||||||||||
(dollars in thousands) | TOTAL | LEVEL 1 | LEVEL 2 | TOTAL | LEVEL 1 | LEVEL 2 | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Fixed income funds | $ | 42 | $ | 42 | $ | — | $ | 90 | $ | 90 | $ | — | |||||||||||
Money market funds | 20,751 | 20,751 | — | 18,607 | 18,607 | — | |||||||||||||||||
Restricted cash equivalents: | |||||||||||||||||||||||
Fixed income funds | — | — | — | 552 | 552 | — | |||||||||||||||||
Money market funds | 3,735 | 3,735 | — | 2,518 | 2,518 | — | |||||||||||||||||
Total asset recurring fair value measurements | $ | 24,528 | $ | 24,528 | $ | — | $ | 21,767 | $ | 21,767 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued and other current liabilities: | |||||||||||||||||||||||
Derivative instruments - interest rate swaps | $ | 2,127 | $ | — | $ | 2,127 | $ | 3,968 | $ | — | $ | 3,968 | |||||||||||
Derivative instruments - commodities | 52 | — | 52 | 157 | — | 157 | |||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Derivative instruments - interest rate swaps | 951 | — | 951 | 1,999 | — | 1,999 | |||||||||||||||||
Total liability recurring fair value measurements | $ | 3,130 | $ | — | $ | 3,130 | $ | 6,124 | $ | — | $ | 6,124 |
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 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 Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk when performing fair value measurements. As of September 24, 2017 and December 25, 2016, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 24, 2017 | ||||||||||||||
(dollars in thousands) | CARRYING VALUE (1) | TOTAL IMPAIRMENT | CARRYING VALUE (1) | TOTAL IMPAIRMENT | |||||||||||
Assets held for sale | $ | 470 | $ | 249 | $ | 470 | $ | 320 | |||||||
Property, fixtures and equipment | 13,935 | 13,993 | 15,002 | 14,855 | |||||||||||
$ | 14,405 | $ | 14,242 | $ | 15,472 | $ | 15,175 | ||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 25, 2016 | SEPTEMBER 25, 2016 | ||||||||||||||
(dollars in thousands) | CARRYING VALUE (2) | TOTAL IMPAIRMENT | CARRYING VALUE (2) | 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 |
(1) | Carrying value approximates fair value with all assets measured using third-party market appraisals or executed sales contracts (Level 2). |
(2) | Carrying value approximates fair value with all assets measured using executed sales contracts (Level 2). |
SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||||||||||||||||||
CARRYING VALUE | FAIR VALUE | CARRYING VALUE | FAIR VALUE | ||||||||||||||||||||
(dollars in thousands) | LEVEL 2 | LEVEL 3 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||||||||||
Term loan A | $ | 247,500 | $ | 246,881 | $ | — | $ | 258,750 | $ | 257,780 | $ | — | |||||||||||
Term loan A-1 | 135,000 | 134,663 | — | 140,625 | 140,098 | — | |||||||||||||||||
Term loan A-2 | 125,000 | 124,688 | — | — | — | — | |||||||||||||||||
Revolving credit facility | 672,500 | 668,297 | — | 622,000 | 617,335 | — | |||||||||||||||||
PRP Mortgage Loan | — | — | — | 47,202 | — | 47,202 | |||||||||||||||||
Other notes payable | 944 | — | 926 | 1,776 | — | 1,659 |
DEBT FACILITY | METHODS AND ASSUMPTIONS | |
Senior Secured Credit Facility | Quoted market prices in inactive markets. | |
PRP Mortgage 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. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||||||
(Benefit) provision for income taxes | $ | (4,038 | ) | $ | 1,950 | $ | 14,280 | $ | 24,372 | ||||||
Effective income tax rate | (NM) | 8.4 | % | 14.3 | % | 33.2 | % |
SEGMENT | CONCEPT | GEOGRAPHIC LOCATION | ||
U.S. | Outback Steakhouse | United States of America | ||
Carrabba’s Italian Grill | ||||
Bonefish Grill | ||||
Fleming’s Prime Steakhouse & Wine Bar | ||||
International | Outback Steakhouse | Brazil, Hong Kong, China | ||
Carrabba’s Italian Grill (Abbraccio) | Brazil |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Total revenues | |||||||||||||||
U.S. | $ | 832,073 | $ | 893,906 | $ | 2,782,060 | $ | 2,896,666 | |||||||
International | 116,826 | 111,481 | 343,644 | 351,497 | |||||||||||
Total revenues | $ | 948,899 | $ | 1,005,387 | $ | 3,125,704 | $ | 3,248,163 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Segment income (loss) from operations | |||||||||||||||
U.S. | $ | 28,139 | $ | 61,905 | $ | 204,153 | $ | 268,754 | |||||||
International | 8,442 | 8,277 | 26,923 | (14,947 | ) | ||||||||||
Total segment income from operations | 36,581 | 70,182 | 231,076 | 253,807 | |||||||||||
Unallocated corporate operating expense | (33,399 | ) | (38,448 | ) | (116,610 | ) | (122,056 | ) | |||||||
Total income from operations | 3,182 | 31,734 | 114,466 | 131,751 | |||||||||||
Loss on defeasance, extinguishment and modification of debt | — | (418 | ) | (260 | ) | (26,998 | ) | ||||||||
Other income, net | 7,531 | 2,079 | 14,761 | 2,059 | |||||||||||
Interest expense, net | (10,705 | ) | (10,217 | ) | (29,389 | ) | (33,394 | ) | |||||||
Income before (benefit) provision for income taxes | $ | 8 | $ | 23,178 | $ | 99,578 | $ | 73,418 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Depreciation and amortization | |||||||||||||||
U.S. | $ | 37,186 | $ | 39,346 | $ | 111,192 | $ | 116,508 | |||||||
International | 7,036 | 5,978 | 20,550 | 19,479 | |||||||||||
Corporate | 3,604 | 3,227 | 10,737 | 9,219 | |||||||||||
Total depreciation and amortization | $ | 47,826 | $ | 48,551 | $ | 142,479 | $ | 145,206 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
U.S. | $ | 832,073 | $ | 893,906 | $ | 2,782,060 | $ | 2,896,666 | |||||||
International | |||||||||||||||
Brazil | 108,503 | 87,188 | 308,384 | 228,197 | |||||||||||
Other | 8,323 | 24,293 | 35,260 | 123,300 | |||||||||||
Total revenues | $ | 948,899 | $ | 1,005,387 | $ | 3,125,704 | $ | 3,248,163 |
(i) | Consumer reactions to public health and food safety issues; |
(ii) | Our ability to compete in the highly competitive restaurant industry with many well-established competitors and new market entrants; |
(iii) | Minimum wage increases and additional mandated employee benefits; |
(iv) | Our ability to comply with governmental laws and regulations, the costs of compliance with such laws and regulations and the effects of changes to applicable laws and regulations, including tax laws and unanticipated liabilities; |
(v) | Economic conditions and their effects on consumer confidence and discretionary spending, consumer traffic, the cost and availability of credit and interest rates; |
(vi) | Fluctuations in the price and availability of commodities; |
(vii) | Our ability to implement our expansion, remodeling and relocation plans due to uncertainty in locating and acquiring attractive sites on acceptable terms, obtaining required permits and approvals, recruiting and training |
(viii) | Our ability to protect our information technology systems from interruption or security breach and to protect consumer data and personal employee information; |
(ix) | The effects of international economic, political and social conditions and legal systems on our foreign operations and on foreign currency exchange rates; |
(x) | Our ability to preserve and grow the reputation and value of our brands; |
(xi) | Seasonal and periodic fluctuations in our results and the effects of significant adverse weather conditions and other disasters or unforeseen events; |
(xii) | Our ability to effectively respond to changes in patterns of consumer traffic, consumer tastes and dietary habits; |
(xiii) | Strategic actions, including acquisitions and dispositions, and our success in integrating any newly acquired or newly created businesses; |
(xiv) | The effects of our substantial leverage and restrictive covenants in our various credit facilities on our ability to raise additional capital to fund our operations, to make capital expenditures to invest in new or renovate restaurants and to react to changes in the economy or our industry, and our exposure to interest rate risk in connection with our variable-rate debt; |
(xv) | The adequacy of our cash flow and earnings and other conditions which may affect our ability to pay dividends and repurchase shares of our common stock; and |
(xvi) | Such other factors as discussed in Part I, Item IA. Risk Factors of our Annual Report on Form 10-K for the year ended December 25, 2016. |
• | A decrease in Total revenues of 5.6% to $948.9 million in the third quarter of 2017, as compared to the third quarter of 2016, primarily due to refranchising internationally and domestically and the net impact of restaurant closings and new restaurant openings, partially offset by an increase in franchise and other revenues. |
• | Income from operations of $3.2 million in the third quarter of 2017, as compared to $31.7 million in the third quarter of 2016, decreased primarily due to lower operating margin at the restaurant-level and certain impairment charges and restaurant closing costs, partially offset by increases primarily in franchise and other revenues. |
• | Average restaurant unit volumes—average sales per restaurant to measure changes in customer traffic, pricing and development of the brand; |
• | Comparable restaurant sales—year-over-year comparison of sales for Company-owned restaurants that are open 18 months or more in order to remove the impact of new restaurant openings in comparing the operations of existing restaurants; |
• | System-wide sales—total restaurant sales volume for all Company-owned and franchise restaurants, regardless of ownership, to interpret the overall health of our brands; |
• | Restaurant-level operating margin, Income from operations, Net income and Diluted earnings per share — financial measures utilized to evaluate our operating performance. |
(i) | Franchise and other revenues which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income. |
(ii) | Depreciation and amortization which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants. |
(iii) | General and administrative expense which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices. |
(iv) | Asset impairment charges and restaurant closing costs which are not reflective of ongoing restaurant performance in a period. |
• | Adjusted restaurant-level operating margin, Adjusted income from operations, Adjusted net income and Adjusted diluted earnings per share—non-GAAP financial measures utilized to evaluate our operating performance, and for which definitions, usefulness and reconciliations are described in more detail in the “Non-GAAP Financial Measures” section below; and |
• | Customer satisfaction scores—measurement of our customers’ experiences in a variety of key areas. |
Number of restaurants (at end of the period): | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||
U.S. | |||||
Outback Steakhouse | |||||
Company-owned (1) | 584 | 651 | |||
Franchised (1) | 156 | 105 | |||
Total | 740 | 756 | |||
Carrabba’s Italian Grill | |||||
Company-owned (1) | 226 | 243 | |||
Franchised (1) | 3 | 2 | |||
Total | 229 | 245 | |||
Bonefish Grill | |||||
Company-owned | 195 | 204 | |||
Franchised | 7 | 6 | |||
Total | 202 | 210 | |||
Fleming’s Prime Steakhouse & Wine Bar | |||||
Company-owned | 68 | 67 | |||
Express | |||||
Company-owned | 1 | — | |||
International | |||||
Company-owned | |||||
Outback Steakhouse - Brazil (2) | 87 | 81 | |||
Other | 36 | 24 | |||
Franchised | |||||
Outback Steakhouse - South Korea | 74 | 72 | |||
Other | 54 | 52 | |||
Total | 251 | 229 | |||
System-wide total | 1,491 | 1,507 |
(1) | In April 2017, we sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant which are now operated as franchises under agreements with the Buyers. |
(2) | The restaurant counts for Brazil are reported as of August 31, 2017 and 2016, respectively, to correspond with the balance sheet dates of this subsidiary. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||
Revenues | |||||||||||
Restaurant sales | 98.8 | % | 99.3 | % | 99.0 | % | 99.4 | % | |||
Franchise and other revenues | 1.2 | 0.7 | 1.0 | 0.6 | |||||||
Total revenues | 100.0 | 100.0 | 100.0 | 100.0 | |||||||
Costs and expenses | |||||||||||
Cost of sales (1) | 31.6 | 32.2 | 31.8 | 32.3 | |||||||
Labor and other related (1) | 30.4 | 29.0 | 29.3 | 28.6 | |||||||
Other restaurant operating (1) | 24.7 | 24.3 | 23.4 | 23.1 | |||||||
Depreciation and amortization | 5.0 | 4.8 | 4.6 | 4.5 | |||||||
General and administrative | 7.0 | 6.5 | 6.9 | 6.4 | |||||||
Provision for impaired assets and restaurant closings | 2.0 | 0.5 | 1.2 | 1.5 | |||||||
Total costs and expenses | 99.7 | 96.8 | 96.3 | 95.9 | |||||||
Income from operations | 0.3 | 3.2 | 3.7 | 4.1 | |||||||
Loss on defeasance, extinguishment and modification of debt | — | (*) | (*) | (0.8 | ) | ||||||
Other income, net | 0.8 | 0.2 | 0.4 | * | |||||||
Interest expense, net | (1.1 | ) | (1.1 | ) | (0.9 | ) | (1.0 | ) | |||
Income before (benefit) provision for income taxes | * | 2.3 | 3.2 | 2.3 | |||||||
(Benefit) provision for income taxes | (0.4 | ) | 0.2 | 0.5 | 0.8 | ||||||
Net income | 0.4 | 2.1 | 2.7 | 1.5 | |||||||
Less: net (loss) income attributable to noncontrolling interests | (*) | * | * | 0.1 | |||||||
Net income attributable to Bloomin’ Brands | 0.4 | % | 2.1 | % | 2.7 | % | 1.4 | % |
(1) | As a percentage of Restaurant sales. |
* | Less than 1/10th of one percent of Total revenues. |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the period ended September 25, 2016 | $ | 998.8 | $ | 3,229.4 | |||
Change from: | |||||||
Divestiture of restaurants through refranchising transactions | (56.3 | ) | (167.0 | ) | |||
Restaurant closings | (21.6 | ) | (62.0 | ) | |||
Comparable restaurant sales | (3.8 | ) | 1.2 | ||||
Restaurant openings | 18.3 | 58.7 | |||||
Effect of foreign currency translation | 2.5 | 33.0 | |||||
For the period ended September 24, 2017 | $ | 937.9 | $ | 3,093.3 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||||||
Average restaurant unit volumes: | |||||||||||||||
U.S. | |||||||||||||||
Outback Steakhouse | $ | 62,733 | $ | 61,588 | $ | 67,112 | $ | 65,845 | |||||||
Carrabba’s Italian Grill | $ | 51,226 | $ | 51,374 | $ | 56,016 | $ | 55,974 | |||||||
Bonefish Grill | $ | 53,666 | $ | 55,125 | $ | 58,727 | $ | 59,365 | |||||||
Fleming’s Prime Steakhouse & Wine Bar | $ | 68,761 | $ | 68,510 | $ | 79,300 | $ | 79,561 | |||||||
International | |||||||||||||||
Outback Steakhouse - Brazil (1) | $ | 83,856 | $ | 79,133 | $ | 85,214 | $ | 72,022 | |||||||
Operating weeks: | |||||||||||||||
U.S. | |||||||||||||||
Outback Steakhouse | 7,592 | 8,463 | 23,785 | 25,347 | |||||||||||
Carrabba’s Italian Grill | 2,950 | 3,163 | 8,974 | 9,507 | |||||||||||
Bonefish Grill | 2,542 | 2,652 | 7,690 | 8,014 | |||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 875 | 871 | 2,624 | 2,587 | |||||||||||
International | |||||||||||||||
Outback Steakhouse - Brazil | 1,137 | 1,042 | 3,310 | 3,026 |
(1) | Translated at an average exchange rate of 3.22 and 3.30 for the thirteen weeks ended September 24, 2017 and September 25, 2016, respectively and 3.20 and 3.59 for the thirty-nine weeks ended September 24, 2017 and September 25, 2016, respectively. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||
Year over year percentage change: | |||||||||||
Comparable restaurant sales (stores open 18 months or more) (1): | |||||||||||
U.S. | |||||||||||
Outback Steakhouse | 0.6 | % | (0.7 | )% | 0.8 | % | (1.6 | )% | |||
Carrabba’s Italian Grill | (2.8 | )% | (2.1 | )% | (2.1 | )% | (2.9 | )% | |||
Bonefish Grill | (4.3 | )% | 1.7 | % | (2.4 | )% | (0.1 | )% | |||
Fleming’s Prime Steakhouse & Wine Bar | (1.0 | )% | (1.9 | )% | (1.8 | )% | (0.3 | )% | |||
Combined U.S. (2) | (1.0 | )% | (0.7 | )% | (0.5 | )% | (1.5 | )% | |||
International | |||||||||||
Outback Steakhouse - Brazil (3) | 4.8 | % | 7.3 | % | 6.9 | % | 6.9 | % | |||
Traffic: | |||||||||||
U.S. | |||||||||||
Outback Steakhouse | 0.1 | % | (6.5 | )% | (1.1 | )% | (5.1 | )% | |||
Carrabba’s Italian Grill | (4.2 | )% | (4.5 | )% | (4.5 | )% | (2.5 | )% | |||
Bonefish Grill | (5.7 | )% | (2.0 | )% | (3.5 | )% | (3.3 | )% | |||
Fleming’s Prime Steakhouse & Wine Bar | (6.5 | )% | (2.9 | )% | (6.6 | )% | (1.6 | )% | |||
Combined U.S. | (1.9 | )% | (5.4 | )% | (2.3 | )% | (4.2 | )% | |||
International | |||||||||||
Outback Steakhouse - Brazil | (1.5 | )% | 1.4 | % | (0.1 | )% | 0.2 | % | |||
Average check per person increases (decreases) (4): | |||||||||||
U.S. | |||||||||||
Outback Steakhouse | 0.5 | % | 5.8 | % | 1.9 | % | 3.5 | % | |||
Carrabba’s Italian Grill | 1.4 | % | 2.4 | % | 2.4 | % | (0.4 | )% | |||
Bonefish Grill | 1.4 | % | 3.7 | % | 1.1 | % | 3.2 | % | |||
Fleming’s Prime Steakhouse & Wine Bar | 5.5 | % | 1.0 | % | 4.8 | % | 1.3 | % | |||
Combined U.S. | 0.9 | % | 4.7 | % | 1.8 | % | 2.7 | % | |||
International | |||||||||||
Outback Steakhouse - Brazil | 6.2 | % | 6.0 | % | 6.8 | % | 6.6 | % |
(1) | Comparable restaurant sales exclude the effect of fluctuations in foreign currency rates. Relocated international restaurants closed more than 30 days and relocated U.S. restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening. |
(2) | Combined U.S. comparable restaurant sales for the thirteen weeks ended September 24, 2017 includes an estimated (1.0%) impact related to hurricanes that occurred during the quarter. |
(3) | Includes trading day impact from calendar period reporting. |
(4) | Increases (decreases) in average check per person includes the impact of menu pricing changes, product mix and discounts. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Franchise revenues (1) | $ | 7.9 | $ | 5.2 | $ | 23.7 | $ | 14.2 | |||||||
Other revenues | 3.1 | 1.4 | 8.7 | 4.6 | |||||||||||
Franchise and other revenues | $ | 11.0 | $ | 6.6 | $ | 32.4 | $ | 18.8 |
(1) | Represents franchise royalties and initial franchise fees. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||
Cost of sales | $ | 296.6 | $ | 322.1 | $ | 984.5 | $ | 1,044.2 | |||||||||||||
% of Restaurant sales | 31.6 | % | 32.2 | % | (0.6 | )% | 31.8 | % | 32.3 | % | (0.5 | )% |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||
Labor and other related | $ | 285.3 | $ | 290.0 | $ | 907.6 | $ | 922.0 | |||||||||||||
% of Restaurant sales | 30.4 | % | 29.0 | % | 1.4 | % | 29.3 | % | 28.6 | % | 0.7 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||
Other restaurant operating | $ | 231.3 | $ | 243.2 | $ | 723.4 | $ | 747.2 | |||||||||||||
% of Restaurant sales | 24.7 | % | 24.3 | % | 0.4 | % | 23.4 | % | 23.1 | % | 0.3 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||||
Depreciation and amortization | $ | 47.8 | $ | 48.6 | $ | (0.8 | ) | $ | 142.5 | $ | 145.2 | $ | (2.7 | ) |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the period ended September 25, 2016 | $ | 65.1 | $ | 208.7 | |||
Change from: | |||||||
Life insurance and deferred compensation | 1.1 | 1.6 | |||||
Computer expense | 1.1 | 1.5 | |||||
Legal and professional fees | 0.5 | 2.8 | |||||
Incentive compensation | (2.2 | ) | (0.4 | ) | |||
Foreign currency exchange | (0.1 | ) | 2.5 | ||||
Compensation, benefits and payroll tax | — | (4.6 | ) | ||||
Other | 0.6 | 3.0 | |||||
For the period ended September 24, 2017 | $ | 66.1 | $ | 215.1 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||||
Provision for impaired assets and restaurant closings | $ | 18.6 | $ | 4.7 | $ | 13.9 | $ | 38.3 | $ | 49.2 | $ | (10.9 | ) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Impairment, facility closure and other expenses | |||||||||||||||
2017 Closure Initiative (1) | $ | 1.8 | $ | — | $ | 19.1 | $ | — | |||||||
Bonefish Restructuring (1) | $ | 1.9 | $ | (0.7 | ) | $ | 2.7 | $ | 3.7 |
(1) | We expect to incur additional charges of approximately $3.2 million to $4.1 million for the 2017 Closure Initiative and $2.2 million to $5.1 million for the Bonefish Restructuring, respectively, over the next two years, including costs associated with lease obligations. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||||
Income from operations | $ | 3.2 | $ | 31.7 | $ | (28.5 | ) | $ | 114.5 | $ | 131.8 | $ | (17.3 | ) | |||||||||
% of Total revenues | 0.3 | % | 3.2 | % | (2.9 | )% | 3.7 | % | 4.1 | % | (0.4 | )% |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||||
Other income, net | $ | 7.5 | $ | 2.1 | $ | 5.4 | $ | 14.8 | $ | 2.1 | $ | 12.7 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | |||||||||||||||||
Interest expense, net | $ | 10.7 | $ | 10.2 | $ | 0.5 | $ | 29.4 | $ | 33.4 | $ | (4.0 | ) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | Change | ||||||||||
Effective income tax rate | (NM) | 8.4 | % | (NM) | 14.3 | % | 33.2 | % | (18.9 | )% |
SEGMENT | CONCEPT | GEOGRAPHIC LOCATION | ||
U.S. | Outback Steakhouse | United States of America | ||
Carrabba’s Italian Grill | ||||
Bonefish Grill | ||||
Fleming’s Prime Steakhouse & Wine Bar | ||||
International | Outback Steakhouse | Brazil, Hong Kong, China | ||
Carrabba’s Italian Grill (Abbraccio) | Brazil |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Segment income (loss) from operations | |||||||||||||||
U.S. | $ | 28,139 | $ | 61,905 | $ | 204,153 | $ | 268,754 | |||||||
International | 8,442 | 8,277 | 26,923 | (14,947 | ) | ||||||||||
Total segment income from operations | 36,581 | 70,182 | 231,076 | 253,807 | |||||||||||
Unallocated corporate operating expense | (33,399 | ) | (38,448 | ) | (116,610 | ) | (122,056 | ) | |||||||
Total income from operations | 3,182 | 31,734 | 114,466 | 131,751 | |||||||||||
Loss on defeasance, extinguishment and modification of debt | — | (418 | ) | (260 | ) | (26,998 | ) | ||||||||
Other income, net | 7,531 | 2,079 | 14,761 | 2,059 | |||||||||||
Interest expense, net | (10,705 | ) | (10,217 | ) | (29,389 | ) | (33,394 | ) | |||||||
Income before (benefit) provision for income taxes | $ | 8 | $ | 23,178 | $ | 99,578 | $ | 73,418 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 823,916 | $ | 889,350 | $ | 2,758,165 | $ | 2,882,091 | |||||||
Franchise and other revenues | 8,157 | 4,556 | 23,895 | 14,575 | |||||||||||
Total revenues | $ | 832,073 | $ | 893,906 | $ | 2,782,060 | $ | 2,896,666 | |||||||
Restaurant-level operating margin | 12.2 | % | 14.1 | % | 14.7 | % | 15.7 | % | |||||||
Income from operations | $ | 28,139 | $ | 61,905 | $ | 204,153 | $ | 268,754 | |||||||
Operating income margin | 3.4 | % | 6.9 | % | 7.3 | % | 9.3 | % |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the period ended September 25, 2016 | $ | 889.4 | $ | 2,882.1 | |||
Change from: | |||||||
Divestiture of restaurants through refranchising transactions | (44.6 | ) | (76.5 | ) | |||
Restaurant closings | (21.2 | ) | (60.7 | ) | |||
Comparable restaurant sales | (6.9 | ) | (12.2 | ) | |||
Restaurant openings | 7.3 | 25.5 | |||||
For the period ended September 24, 2017 | $ | 824.0 | $ | 2,758.2 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 113,936 | $ | 109,456 | $ | 335,132 | $ | 347,286 | |||||||
Franchise and other revenues | 2,890 | 2,025 | 8,512 | 4,211 | |||||||||||
Total revenues | $ | 116,826 | $ | 111,481 | $ | 343,644 | $ | 351,497 | |||||||
Restaurant-level operating margin | 20.7 | % | 18.2 | % | 20.7 | % | 17.9 | % | |||||||
Income (loss) from operations | $ | 8,442 | $ | 8,277 | $ | 26,923 | $ | (14,947 | ) | ||||||
Operating income (loss) margin | 7.2 | % | 7.4 | % | 7.8 | % | (4.3 | )% |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||
For the period ended September 25, 2016 | $ | 109.5 | $ | 347.3 | |||
Change from: | |||||||
Restaurant openings | 11.0 | 33.2 | |||||
Comparable restaurant sales | 3.1 | 13.4 | |||||
Effect of foreign currency translation | 2.5 | 33.0 | |||||
Refranchising of Outback Steakhouse South Korea | (11.7 | ) | (90.5 | ) | |||
Restaurant closings | (0.4 | ) | (1.3 | ) | |||
For the period ended September 24, 2017 | $ | 114.0 | $ | 335.1 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
COMPANY-OWNED RESTAURANT SALES (dollars in millions) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
U.S. | |||||||||||||||
Outback Steakhouse (1) | $ | 476 | $ | 521 | $ | 1,596 | $ | 1,668 | |||||||
Carrabba’s Italian Grill (1) | 151 | 162 | 502 | 532 | |||||||||||
Bonefish Grill | 137 | 147 | 452 | 476 | |||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 60 | 60 | 208 | 206 | |||||||||||
Total | $ | 824 | $ | 890 | $ | 2,758 | $ | 2,882 | |||||||
International | |||||||||||||||
Outback Steakhouse-Brazil | $ | 95 | $ | 83 | $ | 282 | $ | 218 | |||||||
Outback Steakhouse-South Korea (2) | — | 11 | — | 90 | |||||||||||
Other | 19 | 15 | 53 | 39 | |||||||||||
Total | $ | 114 | $ | 109 | $ | 335 | $ | 347 | |||||||
Total Company-owned restaurant sales | $ | 938 | $ | 999 | $ | 3,093 | $ | 3,229 |
(1) | In April 2017, we sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant which are now operated as franchises under agreements with the Buyers. |
(2) | On July 25, 2016, we sold our restaurant locations in South Korea, converting all restaurants in that market to franchised locations. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
FRANCHISE SALES (dollars in millions) (1) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
U.S. | |||||||||||||||
Outback Steakhouse (2) | $ | 123 | $ | 85 | $ | 327 | $ | 260 | |||||||
Carrabba's Italian Grill (2) | 3 | 3 | 7 | 9 | |||||||||||
Bonefish Grill | 3 | 3 | 11 | 10 | |||||||||||
Total | 129 | 91 | 345 | 279 | |||||||||||
International | |||||||||||||||
Outback Steakhouse-South Korea (3) | 43 | 30 | 127 | 30 | |||||||||||
Other | 28 | 28 | 85 | 84 | |||||||||||
Total | 71 | 58 | 212 | 114 | |||||||||||
Total franchise sales (1) | $ | 200 | $ | 149 | $ | 557 | $ | 393 | |||||||
Income from franchise sales (4) | $ | 8 | $ | 5 | $ | 24 | $ | 14 |
(1) | Franchise sales are not included in Total revenues in the Consolidated Statements of Operations and Comprehensive Income. |
(2) | In April 2017, we sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant which are now operated as franchises under agreements with the Buyers. |
(3) | On July 25, 2016, we sold our restaurant locations in South Korea, converting all restaurants in that market to franchised locations. |
(4) | Represents franchise royalties and initial franchise fees included in the Consolidated Statements of Operations and Comprehensive Income in Franchise and other revenues. |
THIRTEEN WEEKS ENDED | |||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||||
U.S. GAAP | ADJUSTED | U.S. GAAP | ADJUSTED (1) | ||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 31.6 | % | 31.6 | % | 32.2 | % | 32.2 | % | |||
Labor and other related | 30.4 | % | 30.4 | % | 29.0 | % | 29.0 | % | |||
Other restaurant operating | 24.7 | % | 24.7 | % | 24.3 | % | 24.4 | % | |||
Restaurant-level operating margin | 13.3 | % | 13.3 | % | 14.4 | % | 14.3 | % | |||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | ||||||||||
U.S. GAAP | ADJUSTED (2) | U.S. GAAP | ADJUSTED (3) | ||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 31.8 | % | 31.8 | % | 32.3 | % | 32.3 | % | |||
Labor and other related | 29.3 | % | 29.3 | % | 28.6 | % | 28.6 | % | |||
Other restaurant operating | 23.4 | % | 23.6 | % | 23.1 | % | 23.2 | % | |||
Restaurant-level operating margin | 15.4 | % | 15.3 | % | 16.0 | % | 15.9 | % |
(1) | Includes adjustments for the write-off of $0.2 million of deferred rent liabilities associated with our relocation program, recorded in Other restaurant operating. |
(2) | Includes adjustments for the write-off of $5.5 million of deferred rent liabilities associated with the 2017 Closure Initiative and our relocation program, recorded in Other restaurant operating. |
(3) | Includes adjustments for the write-off of $1.9 million of deferred rent liabilities, primarily associated with the Bonefish Restructuring, recorded in Other restaurant operating. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||
(in thousands, except per share data) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||||||||
Income from operations | $ | 3,182 | $ | 31,734 | $ | 114,466 | $ | 131,751 | |||||||
Operating income margin | 0.3 | % | 3.2 | % | 3.7 | % | 4.1 | % | |||||||
Adjustments: | |||||||||||||||
Asset impairments and related costs (1) | 10,566 | 3,208 | 10,566 | 43,231 | |||||||||||
Restaurant impairments and closing costs (2) | 4,726 | (685 | ) | 20,925 | 1,435 | ||||||||||
Restaurant relocations and related costs (3) | 3,743 | 1,141 | 8,101 | 2,047 | |||||||||||
Severance (4) | 1,015 | — | 1,015 | 1,872 | |||||||||||
Transaction-related expenses (5) | — | 1,047 | 1,447 | 1,513 | |||||||||||
Total income from operations adjustments | 20,050 | 4,711 | 42,054 | 50,098 | |||||||||||
Adjusted income from operations | $ | 23,232 | $ | 36,445 | $ | 156,520 | $ | 181,849 | |||||||
Adjusted operating income margin | 2.4 | % | 3.6 | % | 5.0 | % | 5.6 | % | |||||||
Net income attributable to Bloomin’ Brands | $ | 4,336 | $ | 20,733 | $ | 83,876 | $ | 46,031 | |||||||
Adjustments: | |||||||||||||||
Income from operations adjustments | 20,050 | 4,711 | 42,054 | 50,098 | |||||||||||
Gain on disposal of business and other costs (6) | (7,570 | ) | (2,084 | ) | (14,854 | ) | (2,084 | ) | |||||||
Loss on defeasance, extinguishment and modification of debt (7) | — | 418 | 260 | 26,998 | |||||||||||
Total adjustments, before income taxes | 12,480 | 3,045 | 27,460 | 75,012 | |||||||||||
Adjustment to provision for income taxes (8) | (5,074 | ) | (2,338 | ) | (14,018 | ) | (9,382 | ) | |||||||
Net adjustments | 7,406 | 707 | 13,442 | 65,630 | |||||||||||
Adjusted net income | $ | 11,742 | $ | 21,440 | $ | 97,318 | $ | 111,661 | |||||||
Diluted earnings per share | $ | 0.05 | $ | 0.18 | $ | 0.83 | $ | 0.40 | |||||||
Adjusted diluted earnings per share | $ | 0.12 | $ | 0.19 | $ | 0.96 | $ | 0.96 | |||||||
Diluted weighted average common shares outstanding | 95,655 | 112,430 | 101,497 | 116,516 |
(1) | Represents asset impairment charges and related costs primarily associated with: (i) the remeasurement of certain surplus properties in 2017, (ii) our Puerto Rico subsidiary in 2016 and (iii) the decision to sell Outback Steakhouse South Korea in 2016. |
(2) | Represents expenses incurred for approved closure and restructuring initiatives. |
(3) | Represents asset impairment charges and accelerated depreciation incurred in connection with our relocation program. |
(4) | Relates to severance expense incurred primarily as a result of: (i) restructuring of certain functions in 2017 and (ii) the relocation of our Fleming’s operations center to the corporate home office in 2016. |
(5) | Relates primarily to the following: (i) professional fees related to certain income tax items in which the associated tax benefit is adjusted in Adjustments to provision for income taxes in 2017, as described in footnote 8 to this table, and (ii) costs incurred in connection with our sale-leaseback initiative in 2017 and 2016. |
(6) | Primarily relates to: (i) the sale of 54 U.S. Company-owned restaurants to existing franchisees in the second quarter of 2017, (ii) a gain of the sale of one Carrabba's Italian Grill restaurant during the third quarter of 2017, (iii) expenses related to certain surplus properties during the third quarter of 2017 and (iv) the sale of Outback Steakhouse South Korea during the third quarter of 2016. |
(7) | Relates to modification of our Credit Agreement in 2017 and amendments of the PRP Mortgage loan and the defeasance of the 2012 CMBS loan in 2016. |
(8) | Represents income tax effect of the adjustments for the thirteen and thirty-nine weeks ended September 24, 2017 and September 25, 2016. Adjustments include the impact of excluding $4.6 million of discrete income tax items for the thirty-nine weeks ended September 24, 2017. |
SENIOR SECURED CREDIT FACILITY | PRP MORTGAGE LOAN | TOTAL CREDIT FACILITIES | |||||||||||||||||||||
TERM LOANS | REVOLVING FACILITY | ||||||||||||||||||||||
(dollars in thousands) | A | A-1 | A-2 | ||||||||||||||||||||
Balance as of December 25, 2016 | $ | 258,750 | $ | 140,625 | $ | — | $ | 622,000 | $ | 47,202 | $ | 1,068,577 | |||||||||||
2017 new debt (1) | — | — | 125,000 | 467,500 | — | 592,500 | |||||||||||||||||
2017 payments | (11,250 | ) | (5,625 | ) | — | (417,000 | ) | (47,202 | ) | (481,077 | ) | ||||||||||||
Balance as of September 24, 2017 | $ | 247,500 | $ | 135,000 | $ | 125,000 | $ | 672,500 | $ | — | $ | 1,180,000 |
(1) | On May 22, 2017, OSI entered into an Amendment to its Credit Agreement which provided an incremental Term loan A-2 in an aggregate principal amount of $125.0 million. A portion of the proceeds from Term loan A-2 were used to repay $25.0 million of our outstanding revolving credit facility. |
INTEREST RATE SEPTEMBER 24, 2017 | ORIGINAL FACILITY | PRINCIPAL MATURITY DATE | OUTSTANDING | |||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | ||||||||||||||
Term loan A, net of discount of $0.8 million (1) | 3.23 | % | $ | 300,000 | May 2019 | $ | 247,500 | $ | 258,750 | |||||||
Term loan A-1 | 3.20 | % | 150,000 | May 2019 | 135,000 | 140,625 | ||||||||||
Term loan A-2 | 3.20 | % | 125,000 | May 2019 | 125,000 | — | ||||||||||
Revolving credit facility (1) | 3.21 | % | 825,000 | May 2019 | 672,500 | 622,000 | ||||||||||
Total Senior Secured Credit Facility | $ | 1,400,000 | $ | 1,180,000 | $ | 1,021,375 | ||||||||||
PRP Mortgage Loan | $ | 369,512 | $ | — | $ | 47,202 | ||||||||||
Total credit facilities | $ | 1,769,512 | $ | 1,180,000 | $ | 1,068,577 |
(1) | Represents the weighted-average interest rate. |
THIRTY-NINE WEEKS ENDED | |||||||
(dollars in thousands) | SEPTEMBER 24, 2017 | SEPTEMBER 25, 2016 | |||||
Net cash provided by operating activities | $ | 223,015 | $ | 223,560 | |||
Net cash (used in) provided by investing activities | (62,535 | ) | 153,902 | ||||
Net cash used in financing activities | (196,206 | ) | (445,809 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 1,972 | 5,250 | |||||
Net decrease in cash, cash equivalents and restricted cash | $ | (33,754 | ) | $ | (63,097 | ) |
(dollars in thousands) | SEPTEMBER 24, 2017 | DECEMBER 25, 2016 | |||||
Current assets | $ | 258,710 | $ | 390,519 | |||
Current liabilities | 716,762 | 823,408 | |||||
Working capital (deficit) | $ | (458,052 | ) | $ | (432,889 | ) |
(dollars in thousands) | DIVIDENDS PAID | SHARE REPURCHASES | TAXES RELATED TO SETTLEMENT OF EQUITY AWARDS | TOTAL | |||||||||||
Fiscal year 2015 | $ | 29,332 | $ | 169,999 | $ | 770 | $ | 200,101 | |||||||
Fiscal year 2016 | 31,379 | 309,887 | 447 | 341,713 | |||||||||||
First fiscal quarter 2017 | 8,254 | 53,053 | 143 | 61,450 | |||||||||||
Second fiscal quarter 2017 | 8,054 | 145,675 | — | 153,729 | |||||||||||
Third fiscal quarter 2017 | 7,369 | 74,008 | 37 | 81,414 | |||||||||||
Total | $ | 84,388 | $ | 752,622 | $ | 1,397 | $ | 838,407 |
REPORTING PERIOD | TOTAL NUMBER OF SHARES PURCHASED | AVERAGE PRICE PAID PER SHARE | TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS | APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (1) | ||||||||||
June 26, 2017 through July 23, 2017 | 1,614,740 | $ | 21.06 | 1,614,740 | $ | 95,000,099 | ||||||||
July 24, 2017 through August 20, 2017 | 1,584,850 | $ | 17.48 | 1,584,754 | $ | 67,300,395 | ||||||||
August 21, 2017 through September 24, 2017 | 692,124 | $ | 17.82 | 690,010 | $ | 55,000,223 | ||||||||
Total (2) | 3,891,714 | 3,889,504 |
(1) | On April 21, 2017, the Board of Directors authorized the repurchase of $250.0 million of our outstanding common stock as announced in our press release issued on April 26, 2017 (the “2017 Share Repurchase Program”). The 2017 Share Repurchase Program will expire on October 21, 2018. |
(2) | Common stock repurchased during the thirteen weeks ended September 24, 2017 represent shares repurchased under the 2017 Share Repurchase Program and 2,210 shares withheld for tax payments due upon vesting of employee restricted stock awards. |
EXHIBIT NUMBER | DESCRIPTION OF EXHIBITS | FILINGS REFERENCED FOR INCORPORATION BY REFERENCE | ||
31.1 | Filed herewith | |||
31.2 | Filed herewith | |||
32.1 | Filed herewith | |||
32.2 | Filed herewith | |||
101.INS | XBRL Instance Document | Filed herewith | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith |
Date: | November 3, 2017 | BLOOMIN’ BRANDS, INC. | |
(Registrant) | |||
By: /s/ David J. Deno | |||
David J. Deno Executive Vice President and Chief Financial and Administrative Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Bloomin’ Brands, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 3, 2017 | /s/ Elizabeth A. Smith |
Elizabeth A. Smith | ||
Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Bloomin’ Brands, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 3, 2017 | /s/ David J. Deno |
David J. Deno | ||
Executive Vice President and Chief Financial and Administrative Officer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report. |
Date: | November 3, 2017 | /s/ Elizabeth A. Smith |
Elizabeth A. Smith | ||
Chief Executive Officer (Principal Executive Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report. |
Date: | November 3, 2017 | /s/ David J. Deno |
David J. Deno | ||
Executive Vice President and Chief Financial and Administrative Officer (Principal Financial Officer) |
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Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 24, 2017 |
Oct. 31, 2017 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 24, 2017 | |
Entity Registrant Name | Bloomin' Brands, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 91,269,593 | |
Entity Central Index Key | 0001546417 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares |
Sep. 24, 2017 |
Dec. 25, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 91,164,470 | 103,922,110 |
Common stock, shares outstanding | 91,164,470 | 103,922,110 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Parenthetical - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Common stock, dividends per share | $ 0.24 | $ 0.21 |
Additional paid-in capital [Member] | ||
Purchase of limited partnership interests, deferred tax effect | $ 45 | $ 1,504 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Cash flows provided by operating activities: | ||
Net income | $ 85,298 | $ 49,046 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 142,479 | 145,206 |
Amortization of deferred discounts and issuance costs | 2,240 | 3,862 |
Amortization of deferred gift card sales commissions | 18,530 | 21,146 |
Provision for impaired assets and restaurant closings | 38,253 | 49,183 |
Stock-based and other non-cash compensation expense | 19,775 | 17,646 |
Deferred income tax (benefit) expense | (212) | 1,764 |
Gain on sale of a business or subsidiary | (15,787) | (2,084) |
Loss on defeasance, extinguishment and modification of debt | 260 | 26,998 |
Recognition of deferred gain on sale-leaseback transactions | (8,836) | (3,353) |
Excess tax benefit from stock-based compensation | 0 | (1,214) |
Other non-cash items, net | 4,690 | (1,516) |
Change in assets and liabilities | (63,675) | (83,124) |
Net cash provided by operating activities | 223,015 | 223,560 |
Cash flows (used in) provided by investing activities: | ||
Proceeds from sale-leaseback transactions, net | 83,866 | 320,287 |
Proceeds from sale of a business, net of cash divested | 38,980 | 23,009 |
Capital expenditures | (183,820) | (185,581) |
Other investments, net | (1,561) | (3,813) |
Net cash (used in) provided by investing activities | (62,535) | 153,902 |
Cash flows used in financing activities: | ||
Proceeds from issuance of long-term debt, net | 124,443 | 364,211 |
Defeasance, extinguishment and modification of debt | 0 | (478,906) |
Repayments of long-term debt | (64,578) | (221,266) |
Proceeds from borrowings on revolving credit facilities, net | 467,500 | 591,500 |
Repayments of borrowings on revolving credit facilities | (417,000) | (377,500) |
Proceeds from failed sale-leaseback transactions, net | 5,942 | 0 |
Proceeds from the exercise of share-based compensation | 4,628 | 3,662 |
Distributions to noncontrolling interests | (4,158) | (4,245) |
Contributions from noncontrolling interests | 727 | 556 |
Purchase of limited partnership and noncontrolling interests | (5,354) | (10,778) |
Repayments of partner deposits and accrued partner obligations | (11,763) | (14,985) |
Repurchase of common stock | (272,916) | (275,291) |
Excess tax benefit from stock-based compensation | 0 | 1,214 |
Cash dividends paid on common stock | (23,677) | (23,981) |
Net cash used in financing activities | (196,206) | (445,809) |
Effect of exchange rate changes on cash and cash equivalents | 1,972 | 5,250 |
Net decrease in cash, cash equivalents and restricted cash | (33,754) | (63,097) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 136,186 | 155,374 |
Cash, cash equivalents and restricted cash as of the end of the period | 102,432 | 92,277 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 27,897 | 32,726 |
Cash paid for income taxes, net of refunds | 28,134 | 51,833 |
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 | 6,375 | 17,174 |
Purchase of noncontrolling interest included in accrued and other current liabilities | $ 0 | $ 1,414 |
Description of the Business and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of the Business and Basis of Presentation | Description of the Business and Basis of Presentation Description of the Business - Bloomin’ Brands, Inc., through its subsidiaries (“Bloomin’ Brands” or the “Company”), owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Each of the Company’s concepts has additional restaurants in which it has no direct investment and are operated under franchise agreements. Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 25, 2016. Recently Adopted Financial Accounting Standards - Effective December 26, 2016, the Company adopted Accounting Standards Update (“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. Upon adoption, the Company made an accounting policy election to recognize forfeitures as they occur. Using the modified retrospective transition method required under the standard, the Company recorded a cumulative-effect adjustment for the adoption of ASU No. 2016-09 of $14.4 million for previously unrecognized excess tax benefits, which increased Deferred tax assets and reduced Accumulated deficit. The recognition of excess tax benefits and tax shortfalls in the income statement and presentation of excess tax benefits on the statement of cash flows were adopted prospectively, with no adjustments made to prior periods. The remaining provisions of ASU No. 2016-09 did not have a material impact on the Company’s Consolidated Financial Statements. Effective June 26, 2017, the Company adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230), Restricted Cash” (“ASU No. 2016-18”). ASU No. 2016-18 provides guidance on the presentation of restricted cash and restricted cash equivalents, which are now included with cash and cash equivalents when reconciling the beginning and ending cash amounts shown on the statements of cash flows. Using the retrospective transition method required under the standard, the Company has adjusted the presentation of its Condensed Consolidated Statements of Cash Flows for all periods presented. The adoption of ASU No. 2016-18 did not have any other impact on the Company’s Consolidated Financial Statements. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s Condensed Consolidated Statement of Cash Flows for the thirty-nine weeks ended September 25, 2016:
Recently Issued Financial Accounting Standards Not Yet Adopted - In May 2014, the Financial Accounting Standards Board (“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. The standard also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company continues to assess the overall impact of the adoption of ASU No. 2014-09 on its Consolidated Financial Statements and related disclosures, and anticipates testing new controls and processes designed to comply with ASU No. 2014-09 throughout the remainder of 2017 to permit adoption on January 1, 2018. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to accounting for gift card breakage and advertising fees charged to franchisees. Under the new standard, the Company expects to recognize gift card breakage proportional to actual gift card redemptions. Advertising fees charged to franchisees, which are currently recorded as a reduction to Other restaurant operating expenses, will be recognized as revenue. In addition, initial franchise fees will be recognized over the term of the franchise agreement, which is not expected to have a material impact on the Company’s Consolidated Financial Statements. The Company intends to adopt ASU No. 2014-09 using the full retrospective transition method, which will result in restating each prior reporting period presented in the year of adoption. Additionally, a cumulative effect adjustment will be recorded to the opening balance of accumulated deficit as of the first day of fiscal year 2016, the earliest period presented. Adoption of ASU No. 2014-09 will also have a significant impact on the Company’s disclosures. 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 that the adoption of ASU No. 2016-02 will have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 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 effective 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 Consolidated Financial Statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU No. 2017-04”). ASU No. 2017-04 eliminates the second step of goodwill impairment, which requires a hypothetical purchase price allocation. Under ASU No. 2017-04, goodwill impairment will be calculated as the amount a reporting unit’s carrying value exceeds its calculated fair value. ASU No. 2017-04 will be applied prospectively and is effective for the Company in fiscal year 2020, with early adoption permitted. The Company does not expect the adoption of ASU No. 2017-04 to have a material impact on its Consolidated Financial Statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU No. 2017-12”) which provides guidance for reporting the economic results of hedging activities and to simplify the disclosures of risk exposures and hedging strategies. ASU No. 2017-12 will be effective for the Company in fiscal year 2019, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2017-12 on its Consolidated Financial Statements. Reclassifications - The Company reclassified certain items in the accompanying Consolidated Financial Statements for prior periods to be comparable with the classification for the current period. These reclassifications had no effect on previously reported net income. |
Disposals |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Disposals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Disposals | Disposals Refranchising - During the thirteen weeks ended June 25, 2017, the Company completed the sale of 54 of its existing U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill locations to two of its existing franchisees (the “Buyers”) for aggregate cash proceeds of $36.2 million, net of certain closing adjustments. The transactions resulted in an aggregate net gain of $7.4 million, recorded within Other income, net, in the Consolidated Statements of Operations and Other Comprehensive Income, and is net of an impairment of $1.7 million related to certain Company-owned assets leased to the Buyers. Included in the cash proceeds are initial franchise fees of $2.2 million that are recorded within Franchise and other revenues in the Consolidated Statements of Operations and Other Comprehensive Income. These restaurants are now operated as franchises by the Buyers and the Company remains contingently liable on certain real estate lease agreements assigned to the Buyers. See Note 15 - Commitments and Contingencies for additional details regarding lease guarantees. Other - During the thirteen weeks ended September 24, 2017, the Company closed and completed the sale of one U.S. Company-owned Carrabba’s Italian Grill location for a purchase price of $9.9 million, net of closing costs. The sale resulted in a net gain of $8.4 million, recorded within Other income, net, in the Consolidated Statements of Operations and Other Comprehensive Income. Outback Steakhouse South Korea - In 2016, the Company completed the sale of its Outback Steakhouse subsidiary in South Korea (“Outback Steakhouse South Korea”). Following is the Income (loss) before income taxes of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
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Impairment and Exit Costs |
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Impairments and Disposals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments and Exit Costs | Impairments and Exit Costs The components of Provision for impaired assets and restaurant closings are as follows:
Closure Initiative and Restructuring Costs - Following is a summary of expenses related to the 2017 Closure Initiative and Bonefish Restructuring (the “Closure Initiatives”) recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
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Surplus Properties - The Company owns certain U.S. restaurant properties and assets that are no longer utilized to operate its restaurant concepts (“surplus properties”). Surplus properties primarily consist of closed properties which include land and a building, and liquor licenses not needed for operations. Surplus properties may be classified in the Consolidated Balance Sheets as assets held for sale or as assets held and used when the Company does not expect to sell these assets within the next 12 months. Following is a summary of the carrying value and number of surplus properties as of the dates indicated:
During the thirteen and thirty-nine weeks ended September 24, 2017, the Company recognized impairment charges of $9.5 million in connection with the remeasurement of certain held and used surplus properties currently leased to the owners of its former restaurant concepts. 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. The remaining restaurant impairment and closing charges resulted primarily from the carrying value of a restaurant’s assets exceeding its estimated fair market value, primarily due to locations identified for relocation. Projected Future Expenses and Cash Expenditures - The Company currently expects to incur additional charges for the Closure Initiatives over the next two years, including costs associated with lease obligations, employee terminations and other closure-related obligations. Following is a summary of remaining estimated pre-tax expense by type as of September 24, 2017:
Total future undiscounted cash expenditures for the 2017 Closure Initiative and Bonefish Restructuring, primarily related to lease liabilities, are expected to occur over the remaining lease terms with the final term ending in January 2029 and October 2024, respectively. Accrued Facility Closure and Other Costs Rollforward - The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Closure Initiatives, during the thirty-nine weeks ended September 24, 2017:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table presents the computation of basic and diluted earnings per share:
Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows:
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Stock-based Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Plans | Stock-based Compensation Plans The Company recognized stock-based compensation expense as follows:
During the thirty-nine weeks ended September 24, 2017, the Company made grants to its employees of 1.3 million stock options, 0.6 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:
________________
The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 24, 2017:
As of September 24, 2017, the maximum number of shares of common stock available for issuance pursuant to the Bloomin’ Brands, Inc. 2016 Omnibus Incentive Compensation Plan was 3,991,216. |
Other Current Assets, Net |
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Other Current Assets, Net | Other Current Assets, Net Other current assets, net, consisted of the following:
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Property, Fixtures and Equipment, Net |
9 Months Ended |
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Sep. 24, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Fixtures and Equipment, Net | Property, Fixtures and Equipment, Net During the thirty-nine weeks ended September 24, 2017, the Company entered into sale-leaseback transactions with third-parties in which it sold 26 restaurant properties at fair market value for gross proceeds of $92.5 million. In connection with the sale-leaseback transactions, the Company recorded deferred gains of $19.4 million, which are amortized to Other restaurant operating expense in the Consolidated Statements of Operations and Comprehensive Income over the initial term of each lease, ranging from 10 to 20 years. |
Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The following table is a rollforward of goodwill:
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The Company performed its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during the fiscal second quarters of 2017 and 2016. In connection with these assessments, the Company did not record any goodwill or indefinite-lived intangible impairment charges. |
Long-term Debt, Net |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Net | Long-term Debt, Net Following is a summary of outstanding long-term debt:
________________
Credit Agreement Amendment - On May 22, 2017, OSI Restaurant Partners, LLC (“OSI”), a wholly-owned subsidiary of the Company, entered into an amendment (the “Amendment”) to its existing credit agreement, dated October 26, 2012 (as previously amended, the “Credit Agreement”). The Amendment provided an incremental Term loan A-2 in an aggregate principal amount of $125.0 million. No other material changes were made to the terms of OSI’s Credit Agreement as a result of the Amendment. The following is a summary of required principal payments for the Amendment (dollars in thousands):
Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of September 24, 2017:
Debt Covenants - As of September 24, 2017 and December 25, 2016, the Company was in compliance with its debt covenants. |
Redeemable Noncontrolling Interests |
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Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company consolidates subsidiaries in which it has 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 periods indicated:
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Stockholders' Equity |
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Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Share Repurchases - On July 26, 2016, the Company’s Board of Directors (“the Board”) approved a $300.0 million authorization (the “July 2016 Share Repurchase Program”). On April 21, 2017, the Board canceled the remaining $52.3 million of authorization under the July 2016 Share Repurchase Program and approved a new $250.0 million authorization (the “2017 Share Repurchase Program”). The 2017 Share Repurchase Program will expire on October 21, 2018. As of September 24, 2017, $55.0 million remained available for repurchase under the 2017 Share Repurchase Program. Following is a summary of the shares repurchased under the Company’s share repurchase programs during fiscal year 2017:
Dividends - The Company declared and paid dividends per share during fiscal year 2017 as follows:
In October 2017, the Board declared a quarterly cash dividend of $0.08 per share, payable on November 22, 2017, to shareholders of record at the close of business on November 13, 2017. Accumulated Other Comprehensive Loss - Following are the components of Accumulated other comprehensive loss (“AOCL”):
Following are the components of Other comprehensive income (loss) during the periods presented:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities 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, primarily interest rate swaps, are to add stability to interest expense and to manage its exposure to interest rate movements. 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 $2.3 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:
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The following table summarizes the effects of the interest rate swaps on Net income for the periods indicated:
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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 24, 2017, 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 24, 2017, 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 24, 2017 and December 25, 2016, 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 $3.3 million and $6.4 million, respectively. As of September 24, 2017 and December 25, 2016, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of September 24, 2017 and December 25, 2016, it could have been required to settle its obligations under the agreements at their termination value of $3.3 million and $6.4 million, respectively. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input:
Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the dates indicated:
Fair value of each class of financial instrument is determined based on the following:
Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis:
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Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, restricted cash, accounts receivable, accounts payable and current and long-term debt. The fair values of cash equivalents, restricted cash, accounts receivable and accounts payable approximate their carrying amounts reported in the Consolidated Balance Sheets due to their short duration. Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the dates indicated:
Fair value of debt is determined based on the following:
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Income Taxes |
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Income Taxes | Income Taxes
____________________ NM Not meaningful. The decrease in the effective tax rate for the thirteen weeks ended September 24, 2017 was primarily due to the benefit of employment-related credits relative to lower forecasted pre-tax income for the 2017 tax year. The benefit for income taxes recorded for the thirteen weeks ended September 24, 2017 includes the impact of changes to the estimate of the forecasted full-year effective tax rate relative to prior quarters in 2017. The effective income tax rate for the thirty-nine weeks ended September 24, 2017 decreased 18.9% as compared to the thirty-nine weeks ended September 25, 2016. Approximately 13.5% of this net decrease was due to impairment and additional tax liabilities recorded in connection with the sale of Outback Steakhouse South Korea in 2016. The remaining decrease was primarily due to the impact of certain favorable discrete tax items recorded in 2017 and lower forecasted pre-tax book income for the 2017 tax year. The Company has a blended federal and state statutory rate of approximately 39%. The effective income tax rate for the thirteen weeks ended September 24, 2017 was lower than the statutory rate primarily due to the benefit of changes to the estimate of the forecasted full-year effective tax rate relative to prior quarters in 2017 and employment-related tax credits. The effective income tax rate for the thirty-nine weeks ended September 24, 2017 was lower than the statutory rate primarily due to the benefit of employment-related tax credits and certain favorable discrete tax items recorded in 2017. |
Commitments and Contingencies |
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Sep. 24, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Other Matters - The Company had $3.7 million and $3.5 million of liabilities recorded for various legal matters as of September 24, 2017 and December 25, 2016, respectively. In November 2015, David Sears and Elizabeth Thomas, two former Outback Steakhouse managers (“Manager Plaintiffs”), sent a demand letter seeking unpaid overtime compensation on behalf of all managers and kitchen managers employed at Outback Steakhouse restaurants from November 2012 to present. The Manager Plaintiffs claim that managers were not assigned sufficient management duties to qualify as exempt from overtime. In December 2016, the Company agreed to a tentative class settlement for eligible kitchen managers and during the second quarter of 2017, the class period closed and the Company made final payment to the class of $2.3 million. The Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage-and-hour and other employment-related litigation which arise in the ordinary course of business and are generally covered by insurance if they exceed specified retention or deductible amounts, with the exception of wage-and-hour cases which are not covered by insurance. In the opinion of management, the amount of ultimate liability with respect to those actions will not have a material adverse impact on the Company’s financial position or results of operations and cash flows. Lease Guarantees - As a result of the Company assigning its interest in obligations under real estate leases in connection with the sale of certain restaurants, the Company is contingently liable on certain lease agreements. These leases have varying terms, the latest of which expires in 2032. As of September 24, 2017, the undiscounted payments the Company could be required to make in the event of non-payment by the primary lessees was approximately $26.9 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 24, 2017 was approximately $17.2 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements govern its ability to pursue and recover damages incurred. The Company believes the financial strength and operating history of the buyers significantly reduces the risk that it will be required to make payments under these leases. Accordingly, no liability has been recorded. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company 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 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 25, 2016. 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, stock-based compensation expenses and certain bonus expenses. The following table is a summary of Total revenue by segment:
The following table is a reconciliation of Segment income (loss) from operations to Income before (benefit) provision for income taxes:
The following table is a summary of Depreciation and amortization expense by segment:
Geographic areas — International revenues are defined as revenues generated from restaurant sales originating in a country other than the U.S. The following table details Total revenues by major geographic area:
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Description of the Business and Basis of Presentation (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 25, 2016. |
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Recently Issued Financial Accounting Standards | Recently Adopted Financial Accounting Standards - Effective December 26, 2016, the Company adopted Accounting Standards Update (“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. Upon adoption, the Company made an accounting policy election to recognize forfeitures as they occur. Using the modified retrospective transition method required under the standard, the Company recorded a cumulative-effect adjustment for the adoption of ASU No. 2016-09 of $14.4 million for previously unrecognized excess tax benefits, which increased Deferred tax assets and reduced Accumulated deficit. The recognition of excess tax benefits and tax shortfalls in the income statement and presentation of excess tax benefits on the statement of cash flows were adopted prospectively, with no adjustments made to prior periods. The remaining provisions of ASU No. 2016-09 did not have a material impact on the Company’s Consolidated Financial Statements. Effective June 26, 2017, the Company adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230), Restricted Cash” (“ASU No. 2016-18”). ASU No. 2016-18 provides guidance on the presentation of restricted cash and restricted cash equivalents, which are now included with cash and cash equivalents when reconciling the beginning and ending cash amounts shown on the statements of cash flows. Using the retrospective transition method required under the standard, the Company has adjusted the presentation of its Condensed Consolidated Statements of Cash Flows for all periods presented. The adoption of ASU No. 2016-18 did not have any other impact on the Company’s Consolidated Financial Statements. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s Condensed Consolidated Statement of Cash Flows for the thirty-nine weeks ended September 25, 2016:
Recently Issued Financial Accounting Standards Not Yet Adopted - In May 2014, the Financial Accounting Standards Board (“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. The standard also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company continues to assess the overall impact of the adoption of ASU No. 2014-09 on its Consolidated Financial Statements and related disclosures, and anticipates testing new controls and processes designed to comply with ASU No. 2014-09 throughout the remainder of 2017 to permit adoption on January 1, 2018. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to accounting for gift card breakage and advertising fees charged to franchisees. Under the new standard, the Company expects to recognize gift card breakage proportional to actual gift card redemptions. Advertising fees charged to franchisees, which are currently recorded as a reduction to Other restaurant operating expenses, will be recognized as revenue. In addition, initial franchise fees will be recognized over the term of the franchise agreement, which is not expected to have a material impact on the Company’s Consolidated Financial Statements. The Company intends to adopt ASU No. 2014-09 using the full retrospective transition method, which will result in restating each prior reporting period presented in the year of adoption. Additionally, a cumulative effect adjustment will be recorded to the opening balance of accumulated deficit as of the first day of fiscal year 2016, the earliest period presented. Adoption of ASU No. 2014-09 will also have a significant impact on the Company’s disclosures. 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 that the adoption of ASU No. 2016-02 will have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 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 effective 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 Consolidated Financial Statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU No. 2017-04”). ASU No. 2017-04 eliminates the second step of goodwill impairment, which requires a hypothetical purchase price allocation. Under ASU No. 2017-04, goodwill impairment will be calculated as the amount a reporting unit’s carrying value exceeds its calculated fair value. ASU No. 2017-04 will be applied prospectively and is effective for the Company in fiscal year 2020, with early adoption permitted. The Company does not expect the adoption of ASU No. 2017-04 to have a material impact on its Consolidated Financial Statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU No. 2017-12”) which provides guidance for reporting the economic results of hedging activities and to simplify the disclosures of risk exposures and hedging strategies. ASU No. 2017-12 will be effective for the Company in fiscal year 2019, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2017-12 on its Consolidated Financial Statements. |
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Reclassifications | Reclassifications - The Company reclassified certain items in the accompanying Consolidated Financial Statements for prior periods to be comparable with the classification for the current period. These reclassifications had no effect on previously reported net income. |
Description of the Business and Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New accounting pronouncement, early adoption | The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s Condensed Consolidated Statement of Cash Flows for the thirty-nine weeks ended September 25, 2016:
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Disposals (Tables) |
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Disposals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Condensed income statement, disposal group | Following is the Income (loss) before income taxes of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
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Impairments and Exit Costs (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows:
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Accrued facility closure and other costs rollforward | The following table summarizes the Company’s accrual activity related to facility closure and other costs, primarily associated with the Closure Initiatives, during the thirty-nine weeks ended September 24, 2017:
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Restructuring and restaurant closure initiatives [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal groups, including discontinued operations | Following is a summary of expenses related to the 2017 Closure Initiative and Bonefish Restructuring (the “Closure Initiatives”) recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
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Surplus properties [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal groups, including discontinued operations | Following is a summary of the carrying value and number of surplus properties as of the dates indicated:
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal groups, including discontinued operations | Following is a summary of remaining estimated pre-tax expense by type as of September 24, 2017:
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Earnings Per Share (Tables) |
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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:
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Schedule of antidilutive securities excluded from computation of earnings per share | Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows:
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Stock-based Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan | The Company recognized stock-based compensation expense as follows:
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Schedule of share-based payment award, stock options, valuation assumptions | Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows:
________________
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Schedule of unrecognized compensation cost, nonvested awards | The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 24, 2017:
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Other Current Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other current assets | Other current assets, net, consisted of the following:
|
Goodwill and Intangible Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill rollforward | The following table is a rollforward of goodwill:
________________
|
Long-term Debt, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt:
________________
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Schedule of required amortization payments | The following is a summary of required principal payments for the Amendment (dollars in thousands):
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Schedule of maturities of long-term debt | Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of September 24, 2017:
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Redeemable Noncontrolling Interests (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | The following table presents a rollforward of Redeemable noncontrolling interests during the periods indicated:
|
Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2017:
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Dividends declared and paid | The Company declared and paid dividends per share during fiscal year 2017 as follows:
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Schedule of accumulated other comprehensive loss | Following are the components of Accumulated other comprehensive loss (“AOCL”):
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Comprehensive income (loss) | Following are the components of Other comprehensive income (loss) during the periods presented:
________________
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
____________________
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Schedule of derivatives instruments statements of financial performance, location | The following table summarizes the effects of the interest rate swaps on Net income for the periods indicated:
____________________
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Schedule of assets and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the dates indicated:
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Fair value, assets measured on recurring basis, methods and assumptions | Fair value of each class of financial instrument is determined based on the following:
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Fair value, assets and liabilities measured on a nonrecurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis:
________________
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Schedule of carrying value and fair value of senior secured credit facilities, PRP Mortgage 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 the dates indicated:
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Fair value, financial instruments measured on nonrecurring basis, valuation techniques | Fair value of debt is determined based on the following:
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation |
____________________ NM Not meaningful. |
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | Following is a summary of reporting segments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of revenue from segments to consolidated | The following table is a summary of Total revenue by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of operating profit from segments to consolidated | The following table is a reconciliation of Segment income (loss) from operations to Income before (benefit) provision for income taxes:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of segment depreciation and amortization | The following table is a summary of Depreciation and amortization expense by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of revenue, by geographical areas | The following table details Total revenues by major geographic area:
|
Description of the Business and Basis of Presentation Description of Business (Details) |
Sep. 24, 2017
restraurant_concept
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Description of the Business and Basis of Presentation Adoption of New Accounting Procurements 2016-09 (Details) - Adjustments for new accounting pronouncement [Member] $ in Millions |
Dec. 25, 2016
USD ($)
|
---|---|
Accumulated deficit [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative-effect of new accounting principle in period of adoption | $ (14.4) |
Deferred tax assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative-effect of new accounting principle in period of adoption | $ 14.4 |
Description of the Business and Basis of Presentation Adoption of New Accounting Procurements 2016-18 (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
|
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Decrease in restricted cash | $ 0 | |
Increase in restricted cash | 0 | |
Net cash provided by investing activities | $ (62,535) | 153,902 |
Net decrease in cash, cash equivalents and restricted cash | (33,754) | (63,097) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 136,186 | 155,374 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 102,432 | 92,277 |
Adjustments for new accounting principle, early adoption [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Decrease in restricted cash | (40,977) | |
Increase in restricted cash | (18,739) | |
Net cash provided by investing activities | (22,238) | |
Net decrease in cash, cash equivalents and restricted cash | (22,234) | |
Cash, cash equivalents and restricted cash as of the beginning of the period | 23,037 | |
Cash, cash equivalents and restricted cash as of the end of the period | 803 | |
Scenario, previously reported [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Decrease in restricted cash | 40,977 | |
Increase in restricted cash | 18,739 | |
Net cash provided by investing activities | 176,140 | |
Net decrease in cash, cash equivalents and restricted cash | (40,863) | |
Cash, cash equivalents and restricted cash as of the beginning of the period | 132,337 | |
Cash, cash equivalents and restricted cash as of the end of the period | $ 91,474 |
Disposals Refranchising (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 25, 2017
USD ($)
Restaurants
franchisee
|
Sep. 24, 2017
USD ($)
|
Sep. 25, 2016
USD ($)
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of a business, net of cash divested | $ 38,980 | $ 23,009 | |
Gain on sale of business | $ 15,787 | $ 2,084 | |
Outback Steakhouse and Carrabba's Italian Grill restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of restaurants | Restaurants | 54 | ||
Number of acquirees, existing franchisees | franchisee | 2 | ||
Proceeds from sale of a business, net of cash divested | $ 36,200 | ||
Disposal group, impairment charges | 1,700 | ||
Outback Steakhouse and Carrabba's Italian Grill restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other income, net [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on sale of business | 7,400 | ||
Outback Steakhouse and Carrabba's Italian Grill restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Franchise and other revenues [Domain] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Initial franchise fees | $ 2,200 |
Disposals Other (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 24, 2017
USD ($)
Restaurants
|
Sep. 24, 2017
USD ($)
Restaurants
|
Sep. 25, 2016
USD ($)
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on sale of business | $ 15,787 | $ 2,084 | |
Disposal group, disposed of by sale, not discontinued operations [Member] | Carrabba's Italian Grill [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of restaurants | Restaurants | 1 | 1 | |
Disposal group, purchase price | $ 9,900 | $ 9,900 | |
Disposal group, disposed of by sale, not discontinued operations [Member] | Carrabba's Italian Grill [Member] | Other income, net [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on sale of business | $ 8,400 |
Disposals Outback South Korea (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 15,787 | $ 2,084 | |||
Outback Steakhouse South Korea [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal group, including discontinued operation, income before provision for income taxes | [1] | $ 2,246 | (32,348) | ||
Disposal group, impairment charges | 39,600 | ||||
Gain on sale of business | $ 2,100 | $ 2,100 | |||
|
Impairments and Exit Costs (Provision for impaired assets and restaurant closings) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
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 | $ 18,578 | $ 4,743 | $ 38,253 | $ 49,183 |
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 | 14,242 | 5,267 | 15,175 | 44,984 |
Restaurant closure expenses | 4,336 | (524) | 23,078 | 4,199 |
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 | 12,339 | 5,267 | 13,272 | 5,348 |
Restaurant closure expenses | 4,336 | (524) | 23,078 | 4,325 |
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 | 1,903 | 0 | 1,903 | 39,636 |
Restaurant closure expenses | $ 0 | $ 0 | $ 0 | $ (126) |
Impairments and Exit Costs (Restaurant closure initiatives-Summary) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2017
USD ($)
|
Sep. 25, 2016
USD ($)
|
Sep. 24, 2017
USD ($)
|
Sep. 25, 2016
USD ($)
|
Aug. 28, 2017
locations
|
Feb. 15, 2017
locations
|
Feb. 12, 2016
locations
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | $ 3,772 | $ (1,294) | $ 19,971 | $ 886 | ||||||||||
2017 Closure Initiative [Member] | U.S. segment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | (100) | 17,200 | ||||||||||||
Number of restaurants | locations | 43 | |||||||||||||
2017 Closure Initiative [Member] | International segment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 1,900 | 1,900 | ||||||||||||
Number of restaurants | locations | 2 | |||||||||||||
Bonefish Restructuring [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of restaurants | locations | 14 | |||||||||||||
Facility closing [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 24,426 | |||||||||||||
Facility closing [Member] | Provision for impaired assets and restaurant closings [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 3,772 | (685) | 21,784 | 3,695 | ||||||||||
Facility closing [Member] | Provision for impaired assets and restaurant closings [Member] | 2017 Closure Initiative [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 1,848 | [1] | 0 | 19,051 | [1] | 0 | ||||||||
Facility closing [Member] | Provision for impaired assets and restaurant closings [Member] | Bonefish Restructuring [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | [2] | 1,924 | (685) | 2,733 | 3,695 | |||||||||
Employee severance [Member] | General and administrative expense [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 0 | 0 | 2,948 | 601 | ||||||||||
Employee severance [Member] | General and administrative expense [Member] | 2017 Closure Initiative [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 0 | [1] | 0 | 2,948 | [1] | 0 | ||||||||
Employee severance [Member] | General and administrative expense [Member] | Bonefish Restructuring [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | [2] | 0 | 0 | 0 | 601 | |||||||||
Contract termination [Member] | Other restaurant operating [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring, reversal of deferred rent liabilities | 0 | (609) | (4,761) | (3,410) | ||||||||||
Contract termination [Member] | Other restaurant operating [Member] | 2017 Closure Initiative [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring, reversal of deferred rent liabilities | 0 | [1] | 0 | (4,761) | [1] | 0 | ||||||||
Contract termination [Member] | Other restaurant operating [Member] | Bonefish Restructuring [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring, reversal of deferred rent liabilities | [2] | $ 0 | $ (609) | $ 0 | $ (3,410) | |||||||||
|
Impairments and Exit Costs (Surplus Properties) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 24, 2017
USD ($)
properties
|
Sep. 24, 2017
USD ($)
properties
|
Dec. 25, 2016
USD ($)
properties
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Surplus properties | $ 27,289 | $ 27,289 | $ 35,177 |
Surplus properties, held and used [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of surplus properties owned | properties | 21 | 21 | 18 |
Other current assets [Member] | Surplus properties, held for sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Surplus properties | $ 3,690 | $ 3,690 | $ 676 |
Property, fixtures and equipment, net [Member] | Surplus properties, held and used [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Surplus properties | 23,599 | 23,599 | $ 34,501 |
U.S. segment [Member] | Surplus properties, held and used [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of surplus properties, held and used | $ 9,500 | $ 9,500 |
Impairments and Exit Costs (Other impairments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 25, 2016 |
Sep. 24, 2017 |
|
U.S. segment [Member] | Outback Puerto Rico [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment losses | $ 3.2 | $ 3.2 |
Impairments and Exit Costs (Projected Future Expenses & Cash Expenditures) (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 24, 2017
USD ($)
| |
2017 Closure Initiative [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Lease expiration date | Jan. 31, 2029 |
2017 Closure Initiative [Member] | Minimum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | $ 3.6 |
Effect on future cash flows, amount | 25.3 |
2017 Closure Initiative [Member] | Minimum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 3.2 |
2017 Closure Initiative [Member] | Minimum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 0.4 |
2017 Closure Initiative [Member] | Maximum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 4.9 |
Effect on future cash flows, amount | 29.5 |
2017 Closure Initiative [Member] | Maximum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 4.1 |
2017 Closure Initiative [Member] | Maximum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | $ 0.8 |
Bonefish Restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
2017 Closure Initiative and Bonefish Grill Restructuring, completion period | 2 years |
Bonefish Restructuring [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Lease expiration date | Oct. 31, 2024 |
Bonefish Restructuring [Member] | Minimum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | $ 2.5 |
Effect on future cash flows, amount | 10.1 |
Bonefish Restructuring [Member] | Minimum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 2.2 |
Bonefish Restructuring [Member] | Minimum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 0.3 |
Bonefish Restructuring [Member] | Maximum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 5.6 |
Effect on future cash flows, amount | 12.3 |
Bonefish Restructuring [Member] | Maximum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | 5.1 |
Bonefish Restructuring [Member] | Maximum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected future costs | $ 0.5 |
Impairments and Exit Costs (Lease liability rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | $ 3,772 | $ (1,294) | $ 19,971 | $ 886 | ||
Facility closing [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve beginning of period | 6,557 | |||||
Restructuring charges | 24,426 | |||||
Payments for restructuring | (7,963) | |||||
Restructuring reserve, adjustments | (1,348) | |||||
Restructuring reserve end of period | [1] | 21,672 | 21,672 | |||
Facility closing [Member] | Accrued and other current liabilities [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, current | 6,400 | 6,400 | ||||
Facility closing [Member] | Other long-term liabilities, net [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, noncurrent | $ 15,300 | $ 15,300 | ||||
|
Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Schedule of earnings per share, basic and diluted [Line Items] | ||||
Net income attributable to Bloomin’ Brands | $ 4,336 | $ 20,733 | $ 83,876 | $ 46,031 |
Basic weighted average common shares outstanding | 92,485 | 109,399 | 98,137 | 113,553 |
Effect of diluted securities: | ||||
Diluted weighted average common shares outstanding | 95,655 | 112,430 | 101,497 | 116,516 |
Basic earnings per share | $ 0.05 | $ 0.19 | $ 0.85 | $ 0.41 |
Diluted earnings per share | $ 0.05 | $ 0.18 | $ 0.83 | $ 0.40 |
Stock options [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 2,781 | 2,720 | 2,948 | 2,719 |
Nonvested restricted stock and restricted stock units [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 389 | 311 | 392 | 242 |
Nonvested performance-based share units [Member] | ||||
Effect of diluted securities: | ||||
Dilutive shares | 0 | 0 | 20 | 2 |
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
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 | 6,065 | 5,530 | 5,663 | 5,079 |
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 | 179 | 103 | 174 | 285 |
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 | 134 | 130 | 256 | 99 |
Stock-based Compensation Plans (Stock-based compensation expense) (Details) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 4,997 | $ 5,272 | $ 17,174 | $ 17,645 |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 2,705 | 2,929 | $ 8,404 | 8,971 |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1.3 | |||
Restricted stock and restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 2,527 | 2,322 | $ 7,769 | 6,901 |
Performance-based share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ (235) | $ 21 | $ 1,001 | $ 1,773 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.4 | |||
Restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.6 |
Stock-based Compensation 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] - $ / shares |
9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Weighted-average risk-free interest rate | [1] | 1.92% | 1.32% | ||||||||
Dividend yield | [2] | 1.84% | 1.59% | ||||||||
Expected term | [3] | 6 years 3 months 1 day | 6 years 1 month 6 days | ||||||||
Weighted-average volatility | [4] | 33.72% | 35.18% | ||||||||
Weighted-average grant date fair value per option | $ 5.09 | $ 5.28 | |||||||||
|
Stock-based Compensation Plans (Unrecognized stock compensation expense and the remaining weighted-average vesting period) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 24, 2017
USD ($)
shares
| |
Bloomin' Brands, Inc. 2016 Omnibus Incentive Compensation Plan [Member] | Common stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares authorized | shares | 3,991,216 |
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 | $ 17,189 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 4 months 27 days |
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 | $ 22,588 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 7 months 18 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 | $ 1,733 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 11 months 10 days |
Other Current Assets, Net (Details) - USD ($) $ in Thousands |
Sep. 24, 2017 |
Dec. 25, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Prepaid expenses | $ 36,481 | $ 35,298 |
Assets held for sale | 4,055 | 1,331 |
Other current assets, net | 12,841 | 18,652 |
Total other current assets, net | 105,261 | 190,226 |
Accounts receivable - gift cards [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 11,588 | 102,664 |
Accounts receivable - vendors, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 4,677 | 10,107 |
Accounts receivable - franchisees, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 3,345 | 1,677 |
Accounts receivable - other, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 32,274 | $ 20,497 |
Property, Fixtures and Equipment, Net (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 24, 2017
USD ($)
locations
| |
Sale Leaseback Transaction [Line Items] | |
Number of restaurant properties sold and leased back | locations | 26 |
Sale-leaseback transactions, gross proceeds | $ 92.5 |
Sale leaseback transactions, deferred gain, gross | $ 19.4 |
Minimum [Member] | |
Sale Leaseback Transaction [Line Items] | |
Sale leaseback transactions, lease terms | 10 years |
Maximum [Member] | |
Sale Leaseback Transaction [Line Items] | |
Sale leaseback transactions, lease terms | 20 years |
Goodwill and Intangible Assets, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 25, 2017 |
Jun. 26, 2016 |
Sep. 24, 2017 |
||||
Goodwill [Roll Forward] | ||||||
Balance as of December 25, 2016 | $ 310,055 | |||||
Translation adjustments | 6,866 | |||||
Divestitures | [1] | (1,657) | ||||
Balance as of September 24, 2017 | 315,264 | |||||
Goodwill, impairment loss | $ 0 | $ 0 | ||||
Impairment of intangible assets, indefinite-lived | $ 0 | $ 0 | ||||
U.S. segment [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Balance as of December 25, 2016 | 172,424 | |||||
Translation adjustments | 0 | |||||
Divestitures | [1] | (1,657) | ||||
Balance as of September 24, 2017 | 170,767 | |||||
International segment [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Balance as of December 25, 2016 | 137,631 | |||||
Translation adjustments | 6,866 | |||||
Divestitures | 0 | |||||
Balance as of September 24, 2017 | $ 144,497 | |||||
|
Long-term Debt, net (Schedule of Long-term Debt, Net) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 24, 2017 |
Dec. 25, 2016 |
||||
Debt instrument [Line Items] | |||||
Financing obligations | $ 19,583 | $ 19,595 | |||
Capital lease obligations | 2,138 | 2,364 | |||
Unamortized debt discount and issuance costs | (1,973) | (2,827) | |||
Total | 1,200,692 | 1,089,485 | |||
Current portion of long-term debt | (58,826) | (35,079) | |||
Long-term debt, net | $ 1,141,866 | $ 1,054,406 | |||
Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Sale-leaseback transaction, imputed interest rate | 7.45% | 7.45% | |||
Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Sale-leaseback transaction, imputed interest rate | 7.60% | 7.60% | |||
Secured debt [Member] | Senior secured credit facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 1,180,000 | $ 1,021,375 | |||
Secured debt [Member] | Term loan A facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 247,500 | $ 258,750 | |||
Secured debt [Member] | Term loan A facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 3.23% | 2.63% | ||
Secured debt [Member] | Term loan A-1 facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 135,000 | $ 140,625 | |||
Debt instrument, interest rate at period end | 3.20% | 2.70% | |||
Secured debt [Member] | Term loan A-2 facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 125,000 | $ 0 | |||
Debt instrument, interest rate at period end | 3.20% | 0.00% | |||
Secured debt [Member] | Revolving credit facility [Member] | |||||
Debt instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 672,500 | $ 622,000 | |||
Secured debt [Member] | Revolving credit facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 3.21% | 2.67% | ||
Mortgage [Member] | PRP Mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 47,202 | |||
Debt instrument, interest rate at period end | 0.00% | 3.21% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | |||||
Debt instrument [Line Items] | |||||
Other long-term debt, noncurrent | $ 944 | $ 1,776 | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 0.00% | 0.00% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 2.18% | 7.00% | |||
|
Long-term Debt, Net Long Term Debt, net (Credit Agreement Amendment) (Details) - USD ($) $ in Thousands |
May 22, 2017 |
Sep. 24, 2017 |
Dec. 25, 2016 |
---|---|---|---|
Debt instrument [Line Items] | |||
Year 1 | $ 58,826 | ||
Year 2 | 1,121,102 | ||
Year 3 | 519 | ||
Year 4 | 458 | ||
Year 5 | 310 | ||
Thereafter | 19,477 | ||
Total | $ 1,200,692 | $ 1,089,485 | |
Term loan A-2 facility [Member] | |||
Debt instrument [Line Items] | |||
Quarterly required principal payments, period one | $ 2,344 | ||
Quarterly required principal payments, period two | 3,125 | ||
Term loan A-2 facility [Member] | Secured debt [Member] | |||
Debt instrument [Line Items] | |||
Proceeds from issuance of debt | $ 125,000 |
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Balance, beginning of period | $ 547 | $ 23,526 |
Change in redemption value of Redeemable noncontrolling interests | (172) | (1,349) |
Balance, end of period | 577 | 26,092 |
Redeemable noncontrolling interests [Member] | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Change in redemption value of Redeemable noncontrolling interests | 172 | 1,349 |
Foreign currency translation attributable to Redeemable noncontrolling interests | 30 | 4,509 |
Net (loss) income attributable to Redeemable noncontrolling interests | (172) | 595 |
Purchase of Redeemable noncontrolling interests | $ 0 | $ (3,887) |
Stockholders' Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Apr. 21, 2017 |
Sep. 24, 2017 |
Jun. 25, 2017 |
Mar. 26, 2017 |
Sep. 24, 2017 |
Sep. 25, 2016 |
Jul. 26, 2016 |
|
Share Repurchase Program [Line Items] | |||||||
Stock repurchased and retired during period, shares | 3,890 | 7,030 | 2,887 | 13,807 | |||
Stock repurchased program, average price paid, per share | $ 19.03 | $ 20.72 | $ 18.37 | $ 19.75 | |||
Stock repurchased and retired during period, value | $ 74,008,000 | $ 145,675,000 | $ 53,053,000 | $ 272,736,000 | $ 274,892,000 | ||
July 2016 Share Repurchase Program [Member] | |||||||
Share Repurchase Program [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 300,000,000 | ||||||
Stock repurchase program, authorized repurchase amount canceled | $ 52,300,000 | ||||||
2017 Share Repurchase Program [Member] | |||||||
Share Repurchase Program [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||||
Stock repurchase program expiration date | Oct. 21, 2018 | ||||||
Stock repurchase program, remaining authorized value to be repurchased | 55,000 | 55,000 |
Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Oct. 31, 2017 |
Sep. 24, 2017 |
Jun. 25, 2017 |
Mar. 26, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Dividends Payable [Line Items] | |||||||
Common stock, dividends, per share, cash paid | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.24 | |||
Dividends, common stock, cash | $ 7,369 | $ 8,054 | $ 8,254 | $ 23,677 | $ 23,981 | ||
Common stock, dividends per share | $ 0.08 | $ 0.07 | $ 0.24 | $ 0.21 | |||
Subsequent event [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Common stock, dividends per share | $ 0.08 | ||||||
Dividends payable, date to be paid | Nov. 22, 2017 | ||||||
Dividends payable, date of record | Nov. 13, 2017 |
Stockholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
Sep. 24, 2017 |
Dec. 25, 2016 |
---|---|---|
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (91,547) | $ (111,143) |
Accumulated translation adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | (89,693) | (107,509) |
Accumulated net loss from designated or qualifying cash flow hedges [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (1,854) | $ (3,634) |
Stockholders' Equity (Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||||
Unrealized gain (loss) on derivatives, net of tax | $ 370 | $ 672 | $ (139) | $ (4,250) | |||||
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 492 | 947 | 1,919 | 2,902 | |||||
Other comprehensive income (loss), net of tax | 19,520 | 52,294 | |||||||
Bloomin' Brands [Member] | |||||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||||
Foreign currency translation adjustment, attributable to parent | 6,415 | 43,457 | 17,816 | 53,731 | |||||
Unrealized gain (loss) on derivatives, net of tax | [1] | 370 | 672 | (139) | (4,250) | ||||
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | [2] | 492 | 947 | 1,919 | 2,902 | ||||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 862 | 1,619 | 1,780 | (1,348) | |||||
Other comprehensive income (loss), net of tax | 7,277 | 45,076 | 19,596 | 52,383 | |||||
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, tax | 200 | 400 | (100) | (2,700) | |||||
Reclassification of adjustment for loss on derivatives included in net income, tax | (300) | (600) | (1,200) | (1,900) | |||||
Non-controlling interests [Member] | |||||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||||
Other comprehensive income (loss), net of tax | (38) | (65) | (76) | (89) | |||||
Other comprehensive (loss) income, foreign currency transaction and translation gain (loss) arising during period, net of tax | (38) | (65) | (76) | (89) | |||||
Redeemable noncontrolling interests [Member] | |||||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||||
Other comprehensive income (loss), net of tax | 22 | 2,079 | 30 | 4,509 | |||||
Other comprehensive (loss) income, foreign currency transaction and translation gain (loss) arising during period, net of tax | $ 22 | $ 2,079 | $ 30 | $ 4,509 | |||||
|
Derivative Instruments and Hedging Activities (Cash flow hedges of interest rate risk) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] |
12 Months Ended | |
---|---|---|
Sep. 09, 2014
USD ($)
counterparties
|
Sep. 30, 2018
USD ($)
|
|
Derivative [Line Items] | ||
Derivative, inception date | Sep. 09, 2014 | |
Derivative agreements, number of counterparties | counterparties | 8 | |
Derivative, notional amount | $ 400,000,000 | |
Derivative, effective date | Jun. 30, 2015 | |
Derivative, maturity date | May 16, 2019 | |
Derivative, average fixed interest rate | 2.02% | |
Interest expense [Member] | Scenario, forecast [Member] | ||
Derivative [Line Items] | ||
Derivative instruments, reclassification from AOCI to income, next twelve months, estimated | $ 2,300,000 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Derivative, variable interest rate | 30-day LIBOR |
Derivative Instruments and Hedging Activities (Fair value and classification of interest rate swaps) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] - USD ($) $ in Thousands |
Sep. 24, 2017 |
Dec. 25, 2016 |
||
---|---|---|---|---|
Derivative [Line Items] | ||||
Derivative, interest rate swaps, liabilities, fair value | [1] | $ 3,078 | $ 5,967 | |
Accrued and other current liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative, interest rate swaps, liabilities, fair value | 2,127 | 3,968 | ||
Accrued interest expense, interest rate swaps | 217 | 408 | ||
Other long-term liabilities, net [Member] | ||||
Derivative [Line Items] | ||||
Derivative, interest rate swaps, liabilities, fair value | $ 951 | $ 1,999 | ||
|
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. 24, 2017
USD ($)
counterparties
|
Sep. 25, 2016
USD ($)
|
Sep. 24, 2017
USD ($)
counterparties
|
Sep. 25, 2016
USD ($)
|
Dec. 25, 2016
USD ($)
|
|||
Derivative [Line Items] | |||||||
Total effects of interest rate swaps on Net income (loss) | $ (492) | $ (947) | $ (1,919) | $ (2,902) | |||
Interest rate swap [Member] | Designated as hedging instrument [Member] | |||||||
Derivative [Line Items] | |||||||
Total effects of interest rate swaps on Net income (loss) | (492) | (947) | (1,919) | (2,902) | |||
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 | $ 3,300 | $ 3,300 | $ 6,400 | ||||
Derivative, termination value | 3,300 | 3,300 | $ 6,400 | ||||
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] | (804) | (1,545) | (3,105) | (4,756) | ||
Interest rate swap [Member] | Designated as hedging instrument [Member] | Income tax expense [Member] | |||||||
Derivative [Line Items] | |||||||
Income tax benefit in Provision for income taxes | $ 312 | $ 598 | $ 1,186 | $ 1,854 | |||
|
Fair Value Measurements (Fair value measurements on a recurring basis) (Details) - USD ($) $ in Thousands |
Sep. 24, 2017 |
Dec. 25, 2016 |
---|---|---|
Fair value, inputs, level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 24,528 | $ 21,767 |
Liabilities at fair value | 0 | 0 |
Fair value, inputs, level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Liabilities at fair value | 3,130 | 6,124 |
Reported value measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 24,528 | 21,767 |
Liabilities at fair value | 3,130 | 6,124 |
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 | 42 | 90 |
Restricted cash equivalents, fair value disclosure | 0 | 552 |
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 | 20,751 | 18,607 |
Restricted cash equivalents, fair value disclosure | 3,735 | 2,518 |
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 | 2,127 | 3,968 |
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 | 52 | 157 |
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 | 951 | 1,999 |
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] | 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 | 2,127 | 3,968 |
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 | 52 | 157 |
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 | 951 | 1,999 |
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 | 42 | 90 |
Restricted cash equivalents, fair value disclosure | 0 | 552 |
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 | 20,751 | 18,607 |
Restricted cash equivalents, fair value disclosure | $ 3,735 | $ 2,518 |
Fair Value Measurements (Fair value measurements on a nonrecurring basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|||||||||
Fair value, measurements, nonrecurring [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Total impairment losses | $ 14,242 | $ 5,267 | $ 15,175 | $ 44,984 | ||||||||
Fair value, measurements, nonrecurring [Member] | Assets held for sale [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impairment of long-lived assets to be disposed of | 249 | 3,209 | 320 | 42,926 | ||||||||
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 | 13,993 | 2,058 | 14,855 | 2,058 | ||||||||
Reported value measurement [Member] | Assets measured with impairment, quarter-to-date [Member] | Fair value, inputs, level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Assets, fair value disclosure, nonrecurring | 14,405 | [1] | 13,420 | [2] | 14,405 | [1] | 13,420 | [2] | ||||
Reported value measurement [Member] | Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Assets, fair value disclosure, nonrecurring | 15,472 | [1] | 57,415 | [2] | 15,472 | [1] | 57,415 | [2] | ||||
Reported value measurement [Member] | Assets held for sale [Member] | Assets measured with impairment, quarter-to-date [Member] | Fair value, inputs, level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Assets, fair value disclosure, nonrecurring | 470 | [1] | 1,356 | [2] | 470 | [1] | 1,356 | [2] | ||||
Reported value measurement [Member] | Assets held for sale [Member] | Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Assets, fair value disclosure, nonrecurring | 470 | [1] | 45,351 | [2] | 470 | [1] | 45,351 | [2] | ||||
Reported value measurement [Member] | Property, plant and equipment [Member] | Assets measured with impairment, quarter-to-date [Member] | Fair value, inputs, level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Assets, fair value disclosure, nonrecurring | 13,935 | [1] | 12,064 | [2] | 13,935 | [1] | 12,064 | [2] | ||||
Reported value measurement [Member] | Property, plant and equipment [Member] | Assets measured with impairment, year-to-date [Member] | Fair value, inputs, level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Assets, fair value disclosure, nonrecurring | $ 15,002 | [1] | $ 12,064 | [2] | $ 15,002 | [1] | $ 12,064 | [2] | ||||
|
Fair Value Measurements (Carrying value and fair value of debt by hierarchy level) (Details) - USD ($) $ in Thousands |
Sep. 24, 2017 |
Dec. 25, 2016 |
---|---|---|
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 | $ 246,881 | $ 257,780 |
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 | 134,663 | 140,098 |
Secured debt [Member] | Fair value, inputs, level 2 [Member] | Term loan A-2 facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 124,688 | 0 |
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 | 668,297 | 617,335 |
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] | Term loan A-2 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] | 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 3 [Member] | PRP Mortgage loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value disclosure | 0 | 47,202 |
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 | 926 | 1,659 |
Reported value measurement [Member] | Secured debt [Member] | Term loan A facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 247,500 | 258,750 |
Reported value measurement [Member] | 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, fair value | 135,000 | 140,625 |
Reported value measurement [Member] | Secured debt [Member] | Term loan A-2 facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 125,000 | 0 |
Reported value measurement [Member] | Secured debt [Member] | Revolving credit facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 672,500 | 622,000 |
Reported value measurement [Member] | Mortgage [Member] | PRP Mortgage loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 47,202 |
Reported value measurement [Member] | Unsecured debt [Member] | Notes payable, other payables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 944 | $ 1,776 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Federal Income Tax Note [Line Items] | ||||
(Benefit) provision for income taxes | $ (4,038) | $ 1,950 | $ 14,280 | $ 24,372 |
Effective income tax rate | 8.40% | 14.30% | 33.20% | |
Change in effective income tax rate, percent | (18.90%) | |||
Blended federal and state statutory income tax rate | 39.00% | |||
Outback Steakhouse South Korea [Member] | ||||
Federal Income Tax Note [Line Items] | ||||
Change in effective income tax rate, percent | 13.50% |
Commitments and Contingencies - Litigation and Other Matters (Details) $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2015
employee
|
Jun. 25, 2017
USD ($)
|
Sep. 24, 2017
USD ($)
|
Dec. 25, 2016
USD ($)
|
|
Other Commitments [Line Items] | ||||
Estimated litigation liability | $ 3.7 | $ 3.5 | ||
Sears [Member] | Settled litigation [Member] | ||||
Other Commitments [Line Items] | ||||
Payments for legal settlements | $ 2.3 | |||
Sears [Member] | Settled litigation [Member] | Employee [Member] | ||||
Other Commitments [Line Items] | ||||
Number of employees party to lawsuit | employee | 2 |
Commitments and Contingencies – Lease Guarantees (Details) - Property lease guarantee [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 24, 2017
USD ($)
| |
Loss Contingencies [Line Items] | |
Guarantor obligations, expiration period | 2032 |
Guarantor obligations, maximum exposure, undiscounted | $ 26.9 |
Guarantee obligations, maximum exposure at present value | 17.2 |
Guarantor obligations, liability recorded | $ 0.0 |
Segment Reporting (Narrative) (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017
USD ($)
|
Sep. 25, 2016
USD ($)
|
Sep. 24, 2017
USD ($)
reportable_segment
|
Sep. 25, 2016
USD ($)
|
|
Segment reporting information [Line Items] | ||||
Number of reportable segments | reportable_segment | 2 | |||
Revenues | $ 948,899,000 | $ 1,005,387,000 | $ 3,125,704,000 | $ 3,248,163,000 |
Intersegment eliminations [Member] | ||||
Segment reporting information [Line Items] | ||||
Revenues | $ 0 |
Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 948,899 | $ 1,005,387 | $ 3,125,704 | $ 3,248,163 |
U.S. segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | 832,073 | 893,906 | 2,782,060 | 2,896,666 |
International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 116,826 | $ 111,481 | $ 343,644 | $ 351,497 |
Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | $ 3,182 | $ 31,734 | $ 114,466 | $ 131,751 |
Loss on defeasance, extinguishment and modification of debt | 0 | (418) | (260) | (26,998) |
Other income, net | 7,531 | 2,079 | 14,761 | 2,059 |
Interest expense, net | (10,705) | (10,217) | (29,389) | (33,394) |
Income before (benefit) provision for income taxes | 8 | 23,178 | 99,578 | 73,418 |
Operating segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | 36,581 | 70,182 | 231,076 | 253,807 |
Operating segments [Member] | U.S. segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | 28,139 | 61,905 | 204,153 | 268,754 |
Operating segments [Member] | International segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | 8,442 | 8,277 | 26,923 | (14,947) |
Corporate, non-segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income from operations | $ (33,399) | $ (38,448) | $ (116,610) | $ (122,056) |
Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 47,826 | $ 48,551 | $ 142,479 | $ 145,206 |
Operating segments [Member] | U.S. segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 37,186 | 39,346 | 111,192 | 116,508 |
Operating segments [Member] | International segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 7,036 | 5,978 | 20,550 | 19,479 |
Corporate, non-segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 3,604 | $ 3,227 | $ 10,737 | $ 9,219 |
Segment Reporting (Geographic Areas) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2017 |
Sep. 25, 2016 |
Sep. 24, 2017 |
Sep. 25, 2016 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 948,899 | $ 1,005,387 | $ 3,125,704 | $ 3,248,163 |
U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 832,073 | 893,906 | 2,782,060 | 2,896,666 |
Brazil | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 108,503 | 87,188 | 308,384 | 228,197 |
International, other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 8,323 | $ 24,293 | $ 35,260 | $ 123,300 |
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