Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 25, 2016 | Feb. 17, 2017 | Jun. 26, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 25, 2016 | ||
Entity Registrant Name | Bloomin' Brands, Inc. | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1.6 | ||
Entity Common Stock, Shares Outstanding | 102,843,651 | ||
Entity Central Index Key | 1,546,417 | ||
Current Fiscal Year End Date | --12-25 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 | |
Current Assets | |||
Cash and cash equivalents | $ 127,176 | $ 132,337 | |
Current portion of restricted cash and cash equivalents | 7,886 | 6,772 | |
Inventories | 65,231 | 80,704 | |
Other current assets, net | 190,226 | 198,831 | |
Total current assets | 390,519 | 418,644 | |
Restricted cash | 1,124 | 16,265 | |
Property, fixtures and equipment, net | 1,237,148 | 1,594,460 | |
Goodwill | 310,055 | 300,861 | |
Intangible assets, net | 535,523 | [1] | 546,837 |
Deferred income tax assets | 38,764 | 7,631 | |
Other assets, net | 129,146 | 147,871 | |
Total assets | 2,642,279 | 3,032,569 | |
Current Liabilities | |||
Accounts payable | 195,371 | 193,116 | |
Accrued and other current liabilities | 204,415 | 206,611 | |
Unearned revenue | 388,543 | 382,586 | |
Current portion of long-term debt, net | 35,079 | 31,853 | |
Total current liabilities | 823,408 | 814,166 | |
Deferred rent | 151,130 | 139,758 | |
Deferred income tax liabilities | 16,709 | 53,546 | |
Long-term debt, net | 1,054,406 | 1,285,011 | |
Deferred gain on sale-leaseback transactions, net | 181,696 | 33,154 | |
Other long-term liabilities, net | 219,030 | 261,508 | |
Total liabilities | 2,446,379 | 2,587,143 | |
Commitments and contingencies | |||
Mezzanine Equity | |||
Redeemable noncontrolling interests | 547 | 23,526 | |
Bloomin’ Brands Stockholders’ Equity | |||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of December 25, 2016 and December 27, 2015 | 0 | 0 | |
Common stock, $0.01 par value, 475,000,000 shares authorized; 103,922,110 and 119,214,522 shares issued and outstanding as of December 25, 2016 and December 27, 2015, respectively | 1,039 | 1,192 | |
Additional paid-in capital | 1,079,583 | 1,072,861 | |
Accumulated deficit | (786,780) | (518,360) | |
Accumulated other comprehensive loss | (111,143) | (147,367) | |
Total Bloomin’ Brands stockholders’ equity | 182,699 | 408,326 | |
Noncontrolling interests | 12,654 | 13,574 | |
Total stockholders’ equity | 195,353 | 421,900 | |
Total liabilities, mezzanine equity and stockholders’ equity | $ 2,642,279 | $ 3,032,569 | |
[1] | The Company recorded $0.6 million of intangible asset impairment charges during fiscal year 2016, within the International segment. |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Dec. 25, 2016 | Dec. 27, 2015 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value 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 value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 103,922,110 | 119,214,522 |
Common stock, shares outstanding | 103,922,110 | 119,214,522 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Revenues | |||
Restaurant sales | $ 4,226,057 | $ 4,349,921 | $ 4,415,783 |
Franchise and other revenues | 26,255 | 27,755 | 26,928 |
Total revenues | 4,252,312 | 4,377,676 | 4,442,711 |
Costs and expenses | |||
Cost of sales | 1,354,853 | 1,419,689 | 1,435,359 |
Labor and other related | 1,211,250 | 1,205,610 | 1,218,961 |
Other restaurant operating | 992,157 | 1,006,772 | 1,049,053 |
Depreciation and amortization | 193,838 | 190,399 | 190,911 |
General and administrative | 267,981 | 287,614 | 304,382 |
Provision for impaired assets and restaurant closings | 104,627 | 36,667 | 52,081 |
Total costs and expenses | 4,124,706 | 4,146,751 | 4,250,747 |
Income from operations | 127,606 | 230,925 | 191,964 |
Loss on defeasance, extinguishment and modification of debt | (26,998) | (2,956) | (11,092) |
Other income (expense), net | 1,609 | (939) | (1,244) |
Interest expense, net | (45,726) | (56,176) | (59,658) |
Income before provision for income taxes | 56,491 | 170,854 | 119,970 |
Provision for income taxes | 10,144 | 39,294 | 24,044 |
Net income | 46,347 | 131,560 | 95,926 |
Less: net income attributable to noncontrolling interests | 4,599 | 4,233 | 4,836 |
Net income attributable to Bloomin’ Brands | 41,748 | 127,327 | 91,090 |
Other comprehensive income: | |||
Foreign currency translation adjustment | 37,075 | (96,194) | (31,731) |
Unrealized loss on derivatives, net of tax | (1,250) | (6,033) | (2,393) |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 3,807 | 2,235 | 0 |
Comprehensive income | 85,979 | 31,568 | 61,802 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 8,008 | (8,934) | 4,836 |
Comprehensive income attributable to Bloomin’ Brands | $ 77,971 | $ 40,502 | $ 56,966 |
Earnings per share: | |||
Basic | $ 0.37 | $ 1.04 | $ 0.73 |
Diluted | $ 0.37 | $ 1.01 | $ 0.71 |
Weighted average common shares outstanding: | |||
Basic | 111,381 | 122,352 | 125,139 |
Diluted | 114,311 | 125,585 | 128,317 |
Cash dividends declared per common share | $ 0.28 | $ 0.24 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Noncontrolling interests [Member] | |
Balance (in shares) at Dec. 31, 2013 | 124,784,000 | ||||||
Balance at Dec. 31, 2013 | $ 482,709 | $ 1,248 | $ 1,068,705 | $ (565,154) | $ (26,418) | $ 4,328 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 95,251 | 91,090 | 4,161 | ||||
Other comprehensive income (loss), net of tax | (34,124) | (34,124) | 0 | ||||
Stock-based compensation | 17,420 | 17,420 | |||||
Excess tax benefit on stock-based compensation | 2,732 | 2,732 | |||||
Common stock issued under stock plans, shares | [1] | 1,166,000 | |||||
Common stock issued under stock plans, value | [1] | 8,140 | $ 11 | 9,059 | (930) | ||
Purchase of limited partnership interests, net of tax | (10,426) | (11,662) | 1,236 | ||||
Transfer to redeemable noncontrolling interest | (627) | (627) | |||||
Distributions to noncontrolling interests | (5,062) | (5,062) | |||||
Contributions from noncontrolling interests | 436 | 436 | |||||
Conversion of accrued partner obligations to noncontrolling interests | 0 | ||||||
Balance (in shares) at Dec. 28, 2014 | 125,950,000 | ||||||
Balance at Dec. 28, 2014 | 556,449 | $ 1,259 | 1,085,627 | (474,994) | (60,542) | 5,099 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 130,555 | 127,327 | 3,228 | ||||
Other comprehensive income (loss), net of tax | (86,816) | (86,825) | 9 | ||||
Dividends, common stock, cash | $ (29,332) | (29,332) | |||||
Stock repurchased and retired during period, shares | (7,645,000) | (7,645,000) | |||||
Stock repurchased and retired during period, value | $ (169,999) | $ (76) | (169,923) | ||||
Stock-based compensation | 21,672 | 21,672 | |||||
Excess tax benefit on stock-based compensation | 733 | 733 | |||||
Common stock issued under stock plans, shares | [1] | 910,000 | |||||
Common stock issued under stock plans, value | [1] | 5,254 | $ 9 | 6,015 | (770) | ||
Purchase of limited partnership interests, net of tax | (306) | (306) | |||||
Change in redemption value of Redeemable noncontrolling interests | (11,548) | (11,548) | |||||
Distributions to noncontrolling interests | (4,761) | (4,761) | |||||
Contributions from noncontrolling interests | 3,635 | 3,635 | |||||
Conversion of accrued partner obligations to noncontrolling interests | $ 6,364 | 6,364 | |||||
Balance (in shares) at Dec. 27, 2015 | 119,214,522 | 119,215,000 | |||||
Balance at Dec. 27, 2015 | $ 421,900 | $ 1,192 | 1,072,861 | (518,360) | (147,367) | 13,574 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 45,370 | 41,748 | 3,622 | ||||
Other comprehensive income (loss), net of tax | 36,181 | 36,224 | (43) | ||||
Dividends, common stock, cash | $ (31,379) | (31,379) | |||||
Stock repurchased and retired during period, shares | (16,647,000) | (16,647,000) | |||||
Stock repurchased and retired during period, value | $ (309,887) | $ (166) | (309,721) | ||||
Stock-based compensation | 23,539 | 23,539 | |||||
Excess tax benefit on stock-based compensation | 454 | 454 | |||||
Common stock issued under stock plans, shares | [1] | 1,354,000 | |||||
Common stock issued under stock plans, value | [1] | 6,397 | $ 13 | 6,831 | (447) | ||
Purchase of limited partnership interests, net of tax | 9,882 | 9,301 | 581 | ||||
Change in redemption value of Redeemable noncontrolling interests | (2,024) | (2,024) | |||||
Distributions to noncontrolling interests | (5,818) | (5,818) | |||||
Contributions from noncontrolling interests | 738 | 738 | |||||
Conversion of accrued partner obligations to noncontrolling interests | $ 0 | ||||||
Balance (in shares) at Dec. 25, 2016 | 103,922,110 | 103,922,000 | |||||
Balance at Dec. 25, 2016 | $ 195,353 | $ 1,039 | $ 1,079,583 | $ (786,780) | $ (111,143) | $ 12,654 | |
[1] | Net of forfeitures and shares withheld for employee taxes. |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Parenthetical - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2016 | Dec. 28, 2014 | |
Deferred tax effect of purchase of noncontrolling interests | $ 1,504 | $ 6,785 |
Common stock, dividends, per share, declared | $ 0.28 | $ 0 |
Additional paid-in capital [Member] | ||
Deferred tax effect of purchase of noncontrolling interests | $ 1,504 | $ 6,785 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Cash flows provided by operating activities: | |||
Net income | $ 46,347 | $ 131,560 | $ 95,926 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 193,838 | 190,399 | 190,911 |
Amortization of deferred discounts and issuance costs | 7,857 | 4,722 | 5,194 |
Amortization of deferred gift card sales commissions | 28,045 | 28,205 | 27,509 |
Provision for impaired assets and restaurant closings | 104,627 | 36,667 | 52,081 |
Stock-based and other non-cash compensation expense | 21,522 | 22,725 | 19,689 |
Deferred income tax (benefit) expense | (75,349) | 3,996 | (13,623) |
Loss on defeasance, extinguishment and modification of debt | 26,998 | 2,956 | 11,092 |
(Gain) loss on sale of subsidiary or business | (1,633) | 1,182 | 770 |
Recognition of deferred gain on sale-leaseback transactions | (5,981) | (2,121) | (2,140) |
Excess tax benefit from stock-based compensation | (2,252) | (733) | (2,732) |
Other non-cash items, net | 824 | 38 | 1,395 |
Change in assets and liabilities: | |||
Decrease (increase) in inventories | 15,053 | (3,831) | (3,126) |
Increase in other current assets | (22,778) | (43,727) | (116,828) |
Decrease in other assets | 5,752 | 16,969 | 9,459 |
(Decrease) increase in accounts payable and accrued and other current liabilities | (8,222) | (9,141) | 32,182 |
Increase in deferred rent | 12,426 | 17,983 | 18,746 |
Increase in unearned revenue | 7,812 | 6,106 | 21,030 |
(Decrease) increase in other long-term liabilities | (14,305) | (6,525) | 4,471 |
Net cash provided by operating activities | 340,581 | 397,430 | 352,006 |
Cash flows provided by (used in) investing activities: | |||
Proceeds from disposal of property, fixtures and equipment | 1,726 | 5,420 | 5,745 |
Proceeds from sale-leaseback transactions, net | 530,684 | 0 | 0 |
Acquisition of business, net of cash acquired | 0 | 0 | (3,063) |
Proceeds from sale of a business, net of cash divested | 28,635 | 7,798 | 0 |
Capital expenditures | (260,578) | (210,263) | (237,868) |
Decrease in restricted cash | 45,479 | 54,782 | 26,075 |
Increase in restricted cash | (31,446) | (47,830) | (30,176) |
Other investments, net | (5,219) | 9,450 | (1,055) |
Net cash provided by (used in) investing activities | 309,281 | (180,643) | (240,342) |
Cash flows used in financing activities: | |||
Proceeds from issuance of long-term debt, net | 364,211 | 149,250 | 292,596 |
Defeasance, extinguishment and modification of debt | (478,906) | (215,000) | (700,000) |
Repayments of long-term debt | (355,616) | (43,076) | (31,873) |
Proceeds from borrowings on revolving credit facilities, net | 729,500 | 564,040 | 519,000 |
Repayments of borrowings on revolving credit facilities | (539,500) | (458,300) | (194,000) |
Proceeds from failed sale-leaseback transactions, net | 18,246 | 0 | 0 |
Proceeds from the exercise of share-based compensation | 6,843 | 6,024 | 9,070 |
Distributions to noncontrolling interests | (5,818) | (4,761) | (5,062) |
Contributions from noncontrolling interests | 738 | 3,635 | 1,872 |
Purchase of limited partnership and noncontrolling interests | (39,476) | (890) | (17,211) |
Repayments of partner deposits and accrued partner obligations | (18,739) | (42,555) | (24,925) |
Repurchase of common stock | (310,334) | (170,769) | (930) |
Excess tax benefit from stock-based compensation | 2,252 | 733 | 2,732 |
Cash dividends paid on common stock | (31,379) | (29,332) | 0 |
Net cash used in financing activities | (657,978) | (241,001) | (148,731) |
Effect of exchange rate changes on cash and cash equivalents | 2,955 | (9,193) | (7,060) |
Net decrease in cash and cash equivalents | (5,161) | (33,407) | (44,127) |
Cash and cash equivalents as of the beginning of the period | 132,337 | 165,744 | 209,871 |
Cash and cash equivalents as of the end of the period | 127,176 | 132,337 | 165,744 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 41,645 | 53,971 | 57,241 |
Cash paid for income taxes, net of refunds | 88,823 | 31,552 | 56,216 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Purchase of noncontrolling interest included in accrued and other current liabilities | 1,414 | 0 | 0 |
Change in acquisition of property, fixtures and equipment included in accounts payable or capital lease liabilities | 9,610 | 3,396 | (1,669) |
Deferred tax effect of purchase of noncontrolling interests | 1,504 | 0 | 6,785 |
Conversion of accrued partner obligations to noncontrolling interests | 0 | 6,364 | 0 |
Conversion of partner deposits and accrued partner obligations to notes payable | $ 0 | $ 0 | $ 503 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 25, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business | Description of Business Bloomin’ Brands, Inc. (“Bloomin’ Brands” or the “Company”) is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts. OSI Restaurant Partners, LLC (“OSI”) is the Company’s primary operating entity and New Private Restaurant Properties, LLC (“PRP”), another indirect wholly-owned subsidiary of the Company, leases certain of the Company-owned restaurant properties to OSI’s subsidiaries. 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. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2016 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of Significant Accounting Policies Basis of Presentation - The Company’s consolidated financial statements include the accounts and operations of Bloomin’ Brands and its subsidiaries. To ensure timely reporting, the Company consolidates the results of its Brazil operations on a one -month calendar lag. In December 2016, the Company made payments of $24.8 million to purchase the remaining interests in its Outback Steakhouse operations in Brazil. As these payments were material to the Company’s Consolidated Balance Sheet and Consolidated Statement of Cash Flows, the cash payments and acquisition of the redeemable noncontrolling interest were recognized as of December 25, 2016. See Note 13 - Redeemable Noncontrolling Interests for further information. As of November 30, 2016 and December 25, 2016, the Brazil Real to U.S. dollar foreign exchange rate was 3.39 and 3.27 , respectively. There were no other intervening events that would materially affect the Company’s consolidated financial position, results of operations or cash flows as of and for the fiscal year ended December 25, 2016 . Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates variable interest entities where it has been determined the Company is the primary beneficiary of those entities’ operations. The Company is a franchisor of 240 restaurants as of December 25, 2016 , but does not possess any ownership interests in its franchisees and does not provide financial support to its franchisees. These franchise relationships are not deemed variable interest entities and are not consolidated. Investments in entities the Company does not control, but where the Company’s interest is generally between 20% and 50% and the Company has the ability to exercise significant influence over the entity are accounted for under the equity method. Use of Estimates - The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated. Cash and Cash Equivalents - Cash equivalents consist of investments that are readily convertible to cash with an original maturity date of three months or less. Cash and cash equivalents include $50.0 million and $60.7 million , as of December 25, 2016 and December 27, 2015 , respectively, for amounts in transit from credit card companies since settlement is reasonably assured. Concentrations of Credit and Counterparty Risk - Financial instruments that potentially subject the Company to a concentration of credit risk are vendor and other receivables. Vendor and other receivables consist primarily of amounts due from vendor rebates and gift card resellers, respectively. The Company considers the concentration of credit risk for vendor and other receivables to be minimal due to the payment histories and general financial condition of its vendors and gift card resellers. Financial instruments that potentially subject the Company to concentrations of counterparty risk are cash and cash equivalents, restricted cash and derivatives. The Company attempts to limit its counterparty risk by investing in certificates of deposit, money market funds, noninterest-bearing accounts and other highly rated investments. Whenever possible, the Company selects investment grade counterparties and rated money market funds in order mitigate its counterparty risk. At times, cash balances may be in excess of FDIC insurance limits. See Note 15 - Derivative Instruments and Hedging Activities for a discussion of the Company’s use of derivative instruments and management of credit risk inherent in derivative instruments. Fair Value - Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input: Level 1 Unadjusted quoted market prices in active markets for identical assets or liabilities Level 2 Observable inputs available at measurement date other than quoted prices included in Level 1 Level 3 Unobservable inputs that cannot be corroborated by observable market data Inventories - Inventories consist of food and beverages and are stated at the lower of cost (first-in, first-out) or market. Restricted Cash - The Company has both current and long-term restricted cash balances consisting of amounts: (i) pledged for payment of the PRP Mortgage loan, (ii) pledged for settlement of deferred compensation plan obligations and (iii) held in escrow for certain indemnifications associated with the sale of Roy’s. Property, Fixtures and Equipment - Property, fixtures and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful life of the assets. Improvements to leased properties are depreciated over the shorter of their useful life or the lease term, which includes renewal periods that are reasonably assured. Estimated useful lives by major asset category are generally as follows: Buildings and building improvements 20 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Leasehold improvements 5 to 20 years Capitalized software 3 to 7 years Repair and maintenance costs that maintain the appearance and functionality of the restaurant, but do not extend the useful life of any restaurant asset are expensed as incurred. The Company suspends depreciation and amortization for assets held for sale. The cost and related accumulated depreciation of assets sold or disposed are removed from the Company’s Consolidated Balance Sheets, and any resulting gain or loss is generally recognized in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . The Company capitalizes direct and indirect internal costs associated with the acquisition, development, design and construction of Company-owned restaurant locations as these costs have a future benefit to the Company. Upon restaurant opening, these costs are depreciated and charged to depreciation and amortization expense. Internal costs of $7.6 million , $8.0 million and $8.7 million were capitalized during fiscal years 2016 , 2015 and 2014 , respectively. For fiscal years 2016 and 2015 , software development costs of $7.1 million and $4.8 million , respectively, were capitalized. As of December 25, 2016 and December 27, 2015 , there was $24.4 million and $27.9 million , respectively, of unamortized software included in Property, fixtures and equipment in the Company’s Consolidated Balance Sheets . Goodwill and Intangible Assets - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. The Company’s indefinite-lived intangible assets consist of trade names. Goodwill and indefinite-lived intangible assets are tested for impairment annually, as of the first day of the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the fair value of the reporting unit is calculated. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of potential impairment, in which case a second step is performed comparing the recorded amount of goodwill or indefinite-lived intangible assets to the implied fair value. Definite-lived intangible assets, which consist primarily of trademarks, franchise agreements, reacquired franchise rights, favorable leases, and other long-lived assets, are amortized over their estimated useful lives and are tested for impairment, using the discounted cash flow method, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Derivatives - The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. If the derivative qualifies for hedge accounting treatment, then the effective portion of the gain or loss on the derivative instrument is recognized in equity as a change to Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the gain or loss on the derivative instrument is immediately recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income . The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, foreign currency exchange rate movements and other identified risks. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreement. Deferred Financing Fees - For fees associated with its revolving credit facility, the Company records deferred financing fees related to the issuance of debt obligations in Other assets, net. For fees associated with all other debt obligations, the Company records deferred financing fees in Long-term debt, net. The Company amortizes deferred financing fees to interest expense over the term of the respective financing arrangement, primarily using the effective interest method. The Company amortized deferred financing fees of $7.1 million , $2.9 million and $3.1 million to interest expense for fiscal years 2016 , 2015 and 2014 , respectively. Liquor Licenses - The costs of obtaining non-transferable liquor licenses directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and included in Other assets, net. Annual liquor license renewal fees are expensed over the renewal term. Insurance Reserves - The Company carries insurance programs with specific retention levels or high per-claim deductibles for a significant portion of expected losses under its workers’ compensation, general liability/liquor liability, health, property and management liability insurance programs. The Company records a liability for all unresolved claims and for an estimate of incurred but not reported claims at the anticipated cost that falls below its specified retention levels or per-claim deductible amounts. In establishing reserves, the Company considers certain actuarial assumptions and judgments regarding economic conditions, the frequency and severity of claims, claim development history and settlement practices. Reserves recorded for workers’ compensation and general liability claims are discounted using the average of the one -year and five -year risk free rate of monetary assets that have comparable maturities. Redeemable Noncontrolling Interests - The Company consolidates its Outback Steakhouse subsidiary in China, which has a noncontrolling interest that is permitted to deliver subsidiary shares in exchange for cash at a future date. The Company believes that it is probable that the noncontrolling interest will become redeemable. The Redeemable noncontrolling interest is reported at its estimated redemption value measured as the greater of estimated fair value at the end of each reporting period or the historical cost basis of the redeemable noncontrolling interest adjusted for cumulative earnings or loss allocations. The resulting increases or decreases to fair value, if applicable, are recognized as adjustments to Retained earnings, or in the absence of Retained earnings, Additional paid-in capital. The redeemable noncontrolling interest is classified in Mezzanine equity in the Company’s Consolidated Balance Sheets. Share Repurchase - Shares repurchased are retired. The par value of the repurchased shares is deducted from common stock and the excess of the purchase price over the par value of the shares is recorded to Accumulated deficit. Revenue Recognition - The Company records food and beverage revenues, net of discounts, upon sale. Initial and developmental franchise fees are recognized as income once the Company has substantially performed all of its material obligations under the franchise agreement, which is generally upon the opening of the franchised restaurant. Continuing royalties, which are a percentage of net sales of the franchisee, are recognized as income when earned. Franchise-related revenues are included in Other revenues in the Company’s Consolidated Statements of Operations and Comprehensive Income , except for amounts received for national marketing, which are recorded as a reduction of Other restaurant operating expenses. The Company defers revenue for gift cards, which do not have expiration dates, until redemption by the customer. Gift cards sold at a discount are recorded as revenue upon redemption of the associated gift cards at an amount net of the related discount. The Company also recognizes gift card breakage revenue for gift cards when the likelihood of redemption by the customer is remote, which the Company determined are those gift cards issued on or before three years prior to the balance sheet date. The Company recorded breakage revenue of $26.0 million , $22.9 million and $18.8 million for fiscal years 2016 , 2015 and 2014 , respectively. Breakage revenue is recorded as a component of Restaurant sales in the Company’s Consolidated Statements of Operations and Comprehensive Income . Gift card sales commissions paid to third-party providers are initially capitalized and subsequently recognized as Other restaurant operating expenses upon redemption of the associated gift card. Deferred expenses of $15.6 million and $16.1 million as of December 25, 2016 and December 27, 2015 , respectively, were reflected in Other current assets, net in the Company’s Consolidated Balance Sheets. Gift card sales that are accompanied by a bonus gift card to be used by the customer at a future visit result in a separate deferral of a portion of the original gift card sale. Revenue is recorded when the bonus card is redeemed at the estimated fair market value of the bonus card. The Company maintains a customer loyalty program, Dine Rewards, in the U.S., where customers have the ability to earn a reward after a number of qualified visits. The Company has developed an estimated value of the partial reward earned from each qualified visit based on historical data. The estimated value of the partial reward is recorded as deferred revenue. Each reward has a maximum value and must be redeemed within three months of earning such reward. The revenue associated with the fair value of the qualified visit is recognized upon the earlier of redemption or expiration of the reward. Deferred revenue related to the loyalty program was $4.2 million and $0.8 million as of December 25, 2016 and December 27, 2015 , respectively. The Company collects and remits sales, food and beverage, alcoholic beverage and hospitality taxes on transactions with customers and reports revenue net of taxes in its Consolidated Statements of Operations and Comprehensive Income . Operating Leases - Rent expense for the Company’s operating leases, which generally have escalating rentals over the term of the lease and may include rent holidays, is recorded on a straight-line basis over the initial lease term and those renewal periods that are reasonably assured. The difference between rent expense and rent paid is recorded as deferred rent and is included in the Company’s Consolidated Balance Sheets. Payments received from landlords as incentives for leasehold improvements are recorded as deferred rent and are amortized on a straight-line basis over the term of the lease as a reduction of rent expense. Favorable and unfavorable lease assets and liabilities are amortized on a straight-line basis to rent expense over the remaining lease term. Pre-Opening Expenses - Non-capital expenditures associated with opening new restaurants are expensed as incurred and are included in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . Consideration Received from Vendors - The Company receives consideration for a variety of vendor-sponsored programs, such as volume rebates, promotions and advertising allowances. Advertising allowances are intended to offset the Company’s costs of promoting and selling menu items in its restaurants. Vendor consideration is recorded as a reduction of Cost of sales or Other restaurant operating expenses when recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income . Impairment of Long-Lived Assets and Costs Associated with Exit Activities - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. For long-lived assets deployed at its restaurants, the Company reviews for impairment at the individual restaurant level. When evaluating for impairment, the total future undiscounted cash flows expected to be generated by the asset are compared to the carrying amount. If the total future undiscounted cash flows of the asset are less than its carrying amount, recoverability is measured by comparing the fair value of the assets to the carrying amount. An impairment loss is recognized in earnings when the asset’s carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. Generally, restaurant closure costs, including lease termination fees, are expensed as incurred. When the Company ceases using the property rights under a non-cancelable operating lease, it records a liability for the net present value of any remaining lease obligations as a result of lease termination, less the estimated sublease income that can reasonably be obtained for the property. Any subsequent adjustments to that liability as a result of lease termination or changes in estimates of sublease income are recorded in the period incurred. The associated expense is recorded in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income . Restaurant sites and certain other assets to be sold are included in assets held for sale when certain criteria are met, including the requirement that the likelihood of selling the assets within one year is probable. Advertising Costs - Advertising production costs are expensed in the period when the advertising first occurs. All other advertising costs are expensed in the period in which the costs are incurred. Advertising expense of $160.8 million , $161.6 million and $191.1 million for fiscal years 2016 , 2015 and 2014 , respectively, was recorded in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . Legal Costs - Settlement costs are accrued when they are deemed probable and reasonably estimable. Legal fees are recognized as incurred and are reported in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . Research and Development Expenses (“R&D”) - R&D is expensed as incurred in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . R&D primarily consists of payroll and benefit costs. R&D was $5.2 million , $6.5 million and $5.8 million for fiscal years 2016 , 2015 and 2014 , respectively. Partner Compensation - In additional to salary, the Restaurant Managing Partner of each Company-owned U.S. restaurant and the Chef Partner of each Fleming’s Prime Steakhouse & Wine Bar, as well as Area Operating Partners, generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their associated restaurants’ monthly operating results or distributable cash flows (“Monthly Payments”). The expense associated with the Monthly Payments for Restaurant Managing Partners and Chef Partners is included in Labor and other related expenses, and the expense associated with the Monthly Payments for Area Operating Partners is included in General and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . Restaurant Managing Partners and Chef Partners in the U.S. that are eligible to participate in a deferred compensation program receive an unsecured promise of a cash contribution to their account (see Note 5 - Stock-based and Deferred Compensation Plans ). Also, on the fifth anniversary of the opening of each new U.S. Company-owned restaurant, the Area Operating Partner supervising the restaurant during the first five years of operation receives an additional performance-based bonus. The Company estimates future bonuses and deferred compensation obligations to Restaurant Managing, Chef Partners and Area Operating Partners, using current and historical information on restaurant performance and records the long-term portion of partner obligations in Other long-term liabilities, net in its Consolidated Balance Sheets. Deferred compensation expenses for Restaurant Managing and Chef partners are included in Labor and other related expenses and bonus expense for Area Operating Partners is included in General and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . Stock-based Compensation - Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. Stock-based compensation expense is recognized only for those awards expected to vest. The expense, net of forfeitures, is recognized using the straight-line method. Foreign Currency Translation and Transactions - For non-U.S. operations, the functional currency is the local currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date with the translation adjustments recorded in Accumulated other comprehensive loss in the Company’s Consolidated Statements of Changes in Stockholders’ Equity. Results of operations are translated using the average exchange rates for the reporting period. The Company recorded foreign currency exchange transaction losses of $1.3 million , $1.2 million and $0.7 million for fiscal years 2016 , 2015 and 2014 , respectively. Foreign currency exchange transaction losses are recorded in General and administrative in the Company’s Consolidated Statements of Operations and Comprehensive Income . Income Taxes - Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. A valuation allowance may reduce deferred income tax assets to the amount that is more likely than not to be realized. The Company records a tax benefit for an uncertain tax position using the highest cumulative tax benefit that is more likely than not to be realized. The Company adjusts its liability for unrecognized tax benefits in the period in which it determines the issue is effectively settled, the statute of limitations expires or when more information becomes available. Liabilities for unrecognized tax benefits, including penalties and interest, are recorded in Accrued and other current liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets. Recently Adopted Financial Accounting Standards - In August 2014, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2014-15: “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU No. 2014-15”). ASU No. 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The adoption of ASU No. 2014-15 on December 25, 2016 did not have an impact on the Company’s financial position, results of operations or cash flows. Recently Issued Financial Accounting Standards Not Yet Adopted - 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. 2017-14, 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 January 2017, the FASB issued ASU No. 2017-01, “Business Combinations - Clarifying the Definition of a Business,” (“ASU No. 2017-01”). ASU No. 2017-01 clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects various areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU No. 2017-01 is effective for the Company in fiscal year 2018 and is not expected to have an impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued 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 should now be included with cash and cash equivalents when reconciling the beginning and ending cash amounts shown on the Statements of Cash Flows. ASU No. 2016-18 will be effective for the Company in fiscal year 2018, with early adoption permitted. Other than the change in presentation of restricted cash within the Statement of Cash Flows, the adoption of ASU No. 2016-18 is not expected to have an impact on the Company’s 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 effect ive for the Company in fiscal year 2018 , and early adoption is permitted. The Company does not expect ASU No. 2016-15 to have a material impact on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09: “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09”). ASU No. 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU No. 2016-09 will be effective for the Company in fiscal year 2017. Currently, the Company recognizes excess tax benefits for stock compensation in the Statement of Stockholder’s Equity when the benefits are realized (on a with and without basis). Upon adoption of ASU No. 2016-09, excess tax benefits related to stock compensation will be recorded through the Statement of Operations and Comprehensive Income. Excess tax benefits of approximately $14.0 million to $15.0 million will be recorded as a cumulative effect adjustment to equity in fiscal year 2017. The impact of adopting ASU No. 2016-09 will depend on the difference between the market price of the Company’s stock between the grant dates and subsequent vesting dates of share-based awards, and this impact could be positive or negative depending on how the Company’s stock price fluctuates. In February 2016, the FASB issued ASU No. 2016-02: “Leases (Topic 842)” (“ASU No. 2016-02”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU No. 2016-02 is effective for the Company in fiscal year 2019 and must be adopted using a modified retrospective approach. The Company is currently evaluating the impact the adoption of ASU No. 2016-02 will have on its Consolidated Financial Statements. In May 2014, the FASB issued ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. ASU No. 2014-09, as amended, will be effective for the Company in fiscal year 2018 and is applied retrospectively to each period presented or as a cumulative effect adjustment at the date of adoption. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to accounting for breakage and advertising fees charged to franchisees. Under the new standard, the Company expects to recognize 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 Other 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 Consolidated Financial Statements. Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company. Out-of-Period Adjustments - In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments (“CTA”) to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. Management evaluated the materiality of the errors from a qualitat |
Impairments, Disposals and Exit
Impairments, Disposals and Exit Costs | 12 Months Ended |
Dec. 25, 2016 | |
Impairments and Disposals [Abstract] | |
Impairments, disposals and exit costs | Impairments, Disposals and Exit Costs The components of Provision for impaired assets and restaurant closings are as follows: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Impairment losses U.S. $ 57,464 $ 27,408 $ 13,822 International 41,599 — 12,690 Corporate — 746 10,559 Total impairment losses $ 99,063 $ 28,154 $ 37,071 Restaurant closure expenses U.S. $ 5,596 $ 2,460 $ 7,334 International (32 ) 6,053 7,676 Total restaurant closure expenses $ 5,564 $ 8,513 $ 15,010 Provision for impaired assets and restaurant closings $ 104,627 $ 36,667 $ 52,081 Closure Initiative and Restructuring Costs - Following is a summary of expenses, related to the 2017 Closure Initiative, Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives (“Closure Initiatives”), recognized in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Impairment, facility closure and other expenses 2017 Closure Initiative (1) $ 46,500 $ — $ — Bonefish Restructuring 4,859 24,204 — International Restaurant Closure Initiative (2) — 6,041 19,738 Domestic Restaurant Closure Initiative (3) — 1,602 5,972 Provision for impaired assets and restaurant closings $ 51,359 $ 31,847 $ 25,710 Severance and other expenses Bonefish Restructuring $ 601 $ 143 $ — International Restaurant Closure Initiative (2) — 1,715 3,007 Domestic Restaurant Closure Initiative (3) — — 1,035 General and administrative $ 601 $ 1,858 $ 4,042 Reversal of deferred rent liability 2017 Closure Initiative (1) $ (3,271 ) $ — $ — Bonefish Restructuring (3,410 ) — — International Restaurant Closure Initiative (2) — (198 ) (833 ) Domestic Restaurant Closure Initiative (3) — — (2,078 ) Other restaurant operating $ (6,681 ) $ (198 ) $ (2,911 ) $ 45,279 $ 33,507 $ 26,841 ________________ (1) Includes pre-tax asset impairments of $45.6 million within the U.S. segment and $0.9 million within the International segment. (2) During 2014, the Company decided to close 36 underperforming international locations, primarily in South Korea (the “International Restaurant Closure Initiative”). (3) During 2013, the Company decided to close 22 underperforming domestic locations (the “Domestic Restaurant Closure Initiative”). 2017 Closure Initiative - On February 15, 2017 , the Company decided to close 43 underperforming restaurants (the “2017 Closure Initiative”). Most of these restaurants will close in 2017, with the balance closing as leases and certain operating covenants expire or are amended or waived. In connection with the 2017 Closure Initiative, the Company reassessed the future undiscounted cash flows of the impacted restaurants and determined the undiscounted cash flows would not recover the value of the impacted restaurants. As a result, the Company estimated the fair value of the impacted restaurants and recognized pre-tax asset impairments of $46.5 million during fiscal year 2016, which includes three restaurants that closed in the fourth quarter. Bonefish Restructuring - On February 12, 2016 , the Company decided to close 14 Bonefish restaurants (“Bonefish Restructuring”). The Company expects to substantially complete these restaurant closings through the first quarter of 2019 . In connection with the Bonefish Restructuring, the Company reassessed the future undiscounted cash flows of the impacted restaurants, and as a result, the Company recognized pre-tax asset impairments during fiscal year 2015, within the U.S. segment. Cumulative Closure Initiative and Restructuring Costs - Following is a summary of cumulative expenses related to the Closure Initiatives incurred through December 25, 2016 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLOSURE INITIATIVES AND RESTRUCTURING 2017 BONEFISH INTERNATIONAL DOMESTIC TOTAL Impairments, facility closure and other expenses Provision for impaired assets and restaurant closings $ 46,500 $ 29,063 $ 25,779 $ 26,269 $ 127,611 Severance and other expenses General and administrative — 744 4,722 1,035 6,501 Reversal of deferred rent liability Other restaurant operating (3,271 ) (3,410 ) (1,031 ) (2,078 ) (9,790 ) $ 43,229 $ 26,397 $ 29,470 $ 25,226 $ 124,322 Projected Future Expenses and Cash Expenditures - The Company currently expects to incur additional charges for the 2017 Closure Initiative and Bonefish Grill Restructuring over the next three years , including costs associated with lease obligations, employee terminations and other closure-related obligations. Following is a summary of estimated pre-tax expense by type: Estimated future expense (dollars in millions) 2017 CLOSURE INITIATIVE BONEFISH GRILL RESTRUCTURING Lease related liabilities, net of subleases $ 17.0 to $ 19.0 $ 2.2 to $ 5.2 Employee severance and other obligations $ 2.5 to $ 4.5 $ 0.3 to $ 1.0 Total estimated future expense $ 19.5 to $ 23.5 $ 2.5 to $ 6.2 Total estimated future cash expenditures (dollars in millions) $ 31.5 $ 37.0 $ 10.1 to $ 12.5 Total future undiscounted cash expenditures for the 2017 Closures Initiative and Bonefish Grill 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 Cost Rollforward - The following table summarizes the Company’s accrual activity related to facility closure and other costs during fiscal years 2016 and 2015 : (dollars in thousands) 2016 2015 Beginning of the year $ 5,699 $ 11,000 Charges 6,845 10,358 Cash payments (4,706 ) (13,814 ) Adjustments (1,281 ) (1,845 ) End of the year (1) $ 6,557 $ 5,699 ________________ (1) The Company had exit-related accruals of $2.6 million and $2.0 million , recorded in Accrued and other current liabilities and $4.0 million and $3.7 million , recorded in Other long-term liabilities, net, as of December 25, 2016 and December 27, 2015 , respectively. Outback Steakhouse South Korea - On July 25, 2016, the Company completed the sale of its Outback Steakhouse subsidiary in South Korea (“Outback Steakhouse South Korea”) for a purchase price of $50.0 million , in cash. In the second quarter of 2016, the Company recognized an impairment charge of $39.6 million , including costs to sell of $3.3 million , within the International segment. The Company also recognized tax expense of $2.4 million for fiscal year 2016 with respect to undistributed earnings in South Korea that were previously considered to be permanently reinvested. During the third quarter of 2016, the Company recognized a gain on the sale of Outback Steakhouse South Korea of $2.1 million within Other income (expense), net in the Consolidated Statements of Operations and Comprehensive Income , primarily due to a change in foreign currency exchange rates subsequent to the Company’s second fiscal quarter. After completion of the sale, the Company’s restaurant locations in South Korea are operated as franchises. Following are the components of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income for the following periods: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Restaurant sales $ 90,455 $ 171,649 $ 238,802 (Loss) income before income taxes (1) $ (32,348 ) $ 3,284 $ (12,955 ) ________________ (1) Includes impairment charges of $39.6 million for Assets held for sale and a gain of $2.1 million on the sale of Outback Steakhouse South Korea for fiscal year 2016 . Roy’s - On January 26, 2015, the Company sold its Roy’s business to United Ohana, LLC (the “Buyer”), for a purchase price of $10.0 million , less certain liabilities, and recognized a loss on sale of $0.9 million , which was recorded in Other expense, net, during fiscal year 2015. In connection with the sale of Roy’s, the Company continues to provide lease guarantees for certain of the Roy’s locations. Under the guarantees, the Company will pay the rental expense over the remaining lease term in the event of default by the Buyer. The fair value and maximum value of the lease guarantees is nominal. The maximum amount is calculated as the fair value of the lease payments, net of sublease assumptions, over the remaining lease term. Following are the components of Roy’s included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the following periods: FISCAL YEAR (dollars in thousands) 2015 2014 Restaurant sales $ 5,729 $ 68,575 Loss before income taxes (1)(2) $ (831 ) $ (13,612 ) ________________ (1) Loss before income taxes includes loss on sale of $0.9 million in fiscal year 2015. (2) Loss before income taxes includes impairment charges of $13.4 million in fiscal year 2014, which was recorded within the U.S. segment. Other Disposals - During 2016, the Company recognized impairment charges of $3.5 million for its Puerto Rico subsidiary, within the U.S. segment. During 2014, the Company decided to sell both of its corporate airplanes. In connection with this decision, the Company recognized pre-tax asset impairment charges of $0.7 million and $10.6 million in fiscal years 2015 and 2014, respectively. The remaining restaurant impairment and closing charges resulted from the carrying value of a restaurant’s assets exceeding its estimated fair market value, primarily due to locations identified for relocation or closure. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 25, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings Per Share The Company computes basic earnings per share based on the weighted average number of common shares that were outstanding during the period. Diluted earnings per share includes the dilutive effect of common stock equivalents consisting of restricted stock, restricted stock units, performance-based share units and stock options, using the treasury stock method. Performance-based share units are considered dilutive when the related performance criterion has been met. The following table presents the computation of basic and diluted earnings per share: FISCAL YEAR (in thousands, except per share amounts) 2016 2015 2014 Net income attributable to Bloomin’ Brands $ 41,748 $ 127,327 $ 91,090 Basic weighted average common shares outstanding 111,381 122,352 125,139 Effect of diluted securities: Stock options 2,659 2,992 3,079 Nonvested restricted stock and restricted stock units 260 216 91 Nonvested performance-based share units 11 25 8 Diluted weighted average common shares outstanding 114,311 125,585 128,317 Basic earnings per share $ 0.37 $ 1.04 $ 0.73 Diluted earnings per share $ 0.37 $ 1.01 $ 0.71 Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows: FISCAL YEAR (shares in thousands) 2016 2015 2014 Stock options 5,151 2,670 3,090 Nonvested restricted stock and restricted stock units 219 27 206 Nonvested performance-based share units 92 — — |
Stock-based and Deferred Compen
Stock-based and Deferred Compensation Plans | 12 Months Ended |
Dec. 25, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract] | |
Stock-based and deferred compensation plans | Stock-based and Deferred Compensation Plans Stock-based Compensation Plans Equity Compensation Plans - On April 22, 2016, the Company’s shareholders approved the Bloomin’ Brands, Inc. 2016 Omnibus Incentive Compensation Plan (the “2016 Incentive Plan”). Following approval of the 2016 Incentive Plan, no further awards have been granted under the Company’s previous equity compensation plans. Existing awards under previous plans continue to vest in accordance with the original vesting schedule and will expire at the end of their original term. The 2016 Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other cash-based or stock-based awards to Company management, other key employees, consultants and directors. As of December 25, 2016 , the maximum number of shares of common stock available for issuance pursuant to the 2016 Incentive Plan was 6,127,810 . The Company recognized stock-based compensation expense as follows: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Stock options $ 11,926 $ 10,041 $ 11,946 Restricted stock and restricted stock units 9,275 6,758 3,857 Performance-based share units 1,393 3,596 1,190 $ 22,594 $ 20,395 $ 16,993 Stock Options - Beginning in August 2012, stock options generally vest and become exercisable over a period of four years in an equal number of shares each year. Stock options have an exercisable life of no more than ten years from the date of grant. The Company settles stock option exercises with authorized but unissued shares of the Company’s common stock. Stock options granted prior to August 2012 generally vest and become exercisable over a period of five years in an equal number of shares each year. The following table presents a summary of the Company’s stock option activity for fiscal year 2016 : (in thousands, except exercise price and contractual life) OPTIONS WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 27, 2015 9,718 $ 12.99 5.6 $ 59,427 Granted 3,164 17.58 Exercised (1,090 ) 8.26 Forfeited or expired (808 ) 20.32 Outstanding as of December 25, 2016 10,984 $ 14.24 5.8 $ 58,231 Vested and expected to vest as of December 25, 2016 10,908 $ 14.20 5.8 $ 58,176 Exercisable as of December 25, 2016 6,640 $ 10.77 3.9 $ 55,659 Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows for the periods indicated: FISCAL YEAR 2016 2015 2014 Assumptions: Weighted-average risk-free interest rate (1) 1.32 % 1.64 % 1.82 % Dividend yield (2) 1.59 % 1.00 % — % Expected term (3) 6.1 years 6.3 years 6.3 years Weighted-average volatility (4) 35.2 % 43.4 % 48.4 % Weighted-average grant date fair value per option $ 5.28 $ 10.11 $ 11.37 ________________ (1) Risk-free 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 and the stock of comparable peer companies. The following represents stock option compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Intrinsic value of options exercised $ 10,792 $ 11,843 $ 19,474 Excess tax benefits for tax deductions related to the exercise of stock options $ 2,146 $ 702 $ 2,405 Cash received from option exercises, net of tax withholding $ 8,998 $ 7,440 $ 9,540 Fair value of stock options vested $ 19,431 $ 26,643 $ 36,614 Tax benefits for stock option compensation expense $ 4,177 $ 4,594 $ 7,576 Unrecognized stock option expense $ 20,684 Remaining weighted-average vesting period 2.3 years Restricted Stock and Restricted Stock Units - Restricted stock and restricted stock units generally vest and become exercisable in an equal number of shares each year. Restricted stock and restricted stock units issued to members of the Board of Directors (the “Board”) and employees vest over a period of three years and four years , respectively. Following is a summary of the Company’s restricted stock and restricted stock unit activity for fiscal year 2016 : (shares in thousands) NUMBER OF RESTRICTED STOCK & RESTRICTED STOCK UNIT AWARDS WEIGHTED-AVERAGE Outstanding as of December 27, 2015 1,145 $ 21.48 Granted 1,058 16.38 Vested (370 ) 20.98 Forfeited (239 ) 19.18 Outstanding as of December 25, 2016 1,594 $ 18.55 The following represents restricted stock and restricted stock unit compensation information as of December 25, 2016 : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Fair value of restricted stock vested $ 7,752 $ 5,339 $ 2,680 Tax benefits for restricted stock compensation expense $ 2,513 $ 2,303 $ 1,298 Unrecognized restricted stock expense $ 21,870 Remaining weighted-average vesting period 2.7 years Performance-based Share Units - Beginning in 2013, the Company granted performance-based share units (“PSUs”) to certain employees. Typically, the PSUs vest in an equal number of shares over four years for awards granted prior to 2016, and in fiscal 2016, the Company granted performance-based share units that vest after three years. The number of units that vest is determined for each year based on the achievement of certain Company performance criteria as set forth in the award agreement and may range from zero to 200% of the annual target grant. The PSUs are settled in shares of common stock, with holders receiving one share of common stock for each performance-based share unit that vests. The fair value of PSUs is based on the closing price of the Company’s common stock on the grant date. Compensation expense for PSUs is recognized over the vesting period when it is probable the performance criteria will be achieved. As of December 25, 2016 , the following PSU programs were in progress: TARGET NO. OF PSUs REMAINING TO GRANT (1) (shares in thousands) MAXIMUM PAYOUT (AS A % OF TARGET NO. OF PSUs) (2) AWARD DATE PROGRAM 2/27/2014 2014 Program 40 200 % 2/26/2015 2015 Program 98 200 % 10/1/2015 2015 International Program 19 100 % 157 ________________ (1) Represents target PSUs awarded under each of the identified programs that have not been granted for accounting purposes. The PSUs issued 2015 and prior do not result in the recognition of stock-based compensation expense until the performance target has been set by the Board as of the beginning of each fiscal year. There is no effect of these PSUs on the Company’s basic or diluted shares outstanding. (2) Assumes achievement of target threshold of the Adjusted EPS goal for the Company for the 2014 Program and 2015 Program. The following table presents a summary of the Company’s PSU activity for fiscal year 2016 : (shares in thousands) PERFORMANCE-BASED SHARE UNITS WEIGHTED-AVERAGE Outstanding as of December 27, 2015 166 $ 24.11 Granted (1) 352 16.17 Vested (145 ) 25.05 Forfeited (61 ) 19.48 Outstanding as of December 25, 2016 312 $ 16.26 ________________ (1) Share unit amounts include the number of PSUs at the target threshold in the current period grant and additional shares earned above target due to exceeding prior period performance criteria. The following represents PSU compensation information as of December 25, 2016 : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Tax benefits for PSU compensation expense $ 910 $ 636 $ 26 Unrecognized PSU expense $ 2,668 Remaining weighted-average vesting period 1.5 years Deferred Compensation Plans Restaurant Managing Partners and Chef Partners - Restaurant Managing Partners and Chef Partners are eligible to participate in deferred compensation programs. The Company invests in various corporate-owned life insurance policies, which are held within an irrevocable grantor or “rabbi” trust account for settlement of the obligations under the deferred compensation plans. The deferred compensation obligation due to Restaurant Managing and Chef Partners was $113.0 million and $133.2 million as of December 25, 2016 and December 27, 2015 , respectively. The unfunded obligation for Restaurant Managing and Chef Partners’ deferred compensation was $50.6 million and $74.0 million as of December 25, 2016 and December 27, 2015 , respectively. Other Benefit Plans 401(k) Plan - The Company has a qualified defined contribution plan that qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. The Company incurred contribution costs of $3.2 million , $3.7 million and $1.1 million for the 401(k) Plan for fiscal years 2016 , 2015 and 2014 , respectively. Deferred Compensation Plan - The Company provides a deferred compensation plan for its highly compensated employees who are not eligible to participate in the 401(k) Plan. The deferred compensation plan allows these employees to contribute a percentage of their base salary and cash bonus on a pre-tax basis. The deferred compensation plan is unfunded and unsecured. |
Other Current Assets, Net
Other Current Assets, Net | 12 Months Ended |
Dec. 25, 2016 | |
Other Assets [Abstract] | |
Other current assets, net | Other Current Assets, Net Other current assets, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Prepaid expenses $ 35,298 $ 30,373 Accounts receivable - gift cards, net 102,664 115,926 Accounts receivable - vendors, net 10,107 10,310 Accounts receivable - franchisees, net 1,677 1,149 Accounts receivable - other, net 20,497 21,158 Assets held for sale 1,331 784 Other current assets, net 18,652 19,131 $ 190,226 $ 198,831 |
Property, Fixtures and Equipmen
Property, Fixtures and Equipment, Net | 12 Months Ended |
Dec. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, fixtures and equipment, net | Property, Fixtures and Equipment, Net Property, fixtures and equipment, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Land $ 114,375 $ 256,906 Buildings and building improvements 726,418 1,043,699 Furniture and fixtures 383,758 392,849 Equipment 550,598 543,842 Leasehold improvements 492,465 492,628 Construction in progress 47,332 23,842 Less: accumulated depreciation (1,077,798 ) (1,159,306 ) $ 1,237,148 $ 1,594,460 Sale-leaseback Transactions - During 2016, the Company entered into sale-leaseback transactions with third-parties in which it sold 153 restaurant properties at fair market value for gross proceeds of $541.9 million . In connection with the sale-leaseback transactions, the Company recorded a deferred gain of $163.4 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 15 to 20 years. In the fourth quarter of 2016, the Company sold six restaurant properties to third parties for aggregate proceeds of $18.5 million . The sale of the properties does not qualify for sale-leaseback accounting and the book value of the buildings and land will remain on the Company’s Consolidated Balance Sheet. See Note 11 - Long-term Debt, Net and Note 18 - Commitments and Contingencies for additional details regarding the financing obligation. Leased Properties - As of December 25, 2016 , the Company leased $16.3 million and $23.4 million , respectively, of certain land and buildings to third parties. Accumulated depreciation related to the leased building assets of $7.5 million is included in Property, fixtures and equipment as of December 25, 2016 . Depreciation and repair and maintenance expense is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Depreciation expense $ 183,049 $ 178,855 $ 177,504 Repair and maintenance expense 108,940 107,960 108,392 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 25, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets, net | Goodwill and Intangible Assets, Net Goodwill - The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 28, 2014 $ 172,711 $ 168,829 $ 341,540 Translation adjustments — (40,679 ) (40,679 ) Balance as of December 27, 2015 $ 172,711 $ 128,150 $ 300,861 Translation adjustments — 11,382 11,382 Divestiture of Outback Steakhouse South Korea — (1,901 ) (1,901 ) Transfer to Assets held for sale (287 ) — (287 ) Balance as of December 25, 2016 $ 172,424 $ 137,631 $ 310,055 The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated: DECEMBER 25, 2016 DECEMBER 27, 2015 DECEMBER 28, 2014 (dollars in thousands) GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS U.S. $ 840,594 $ (668,170 ) $ 840,881 $ (668,170 ) $ 840,881 $ (668,170 ) International 254,097 (116,466 ) 244,616 (116,466 ) 285,295 (116,466 ) Total goodwill $ 1,094,691 $ (784,636 ) $ 1,085,497 $ (784,636 ) $ 1,126,176 $ (784,636 ) The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets each year during the second quarter. As a result of this assessment, the Company did not record any goodwill asset impairment charges during fiscal years 2016 , 2015 or 2014 . Intangible Assets, net - Intangible assets, net, consisted of the following as of December 25, 2016 and December 27, 2015 : WEIGHTED AVERAGE AMORTIZATION PERIOD DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE Trade names Indefinite $ 414,041 $ 414,041 $ 414,000 $ 414,000 Trademarks 12 81,381 $ (36,400 ) 44,981 82,131 $ (32,662 ) 49,469 Favorable leases 10 73,665 (41,258 ) 32,407 80,909 (42,882 ) 38,027 Franchise agreements 4 14,881 (10,922 ) 3,959 14,881 (9,777 ) 5,104 Reacquired franchise rights 11 53,045 (13,091 ) 39,954 46,447 (7,745 ) 38,702 Other intangibles 3 9,099 (8,918 ) 181 9,099 (7,564 ) 1,535 Total intangible assets (1) 10 $ 646,112 $ (110,589 ) $ 535,523 $ 647,467 $ (100,630 ) $ 546,837 ________________ (1) The Company recorded $0.6 million of intangible asset impairment charges during fiscal year 2016, within the International segment. The Company did not record any indefinite-lived intangible asset impairment charges during fiscal years 2016 , 2015 or 2014 . Definite-lived intangible assets are amortized on a straight-line basis. The following table presents the aggregate expense related to the amortization of the Company’s trademarks, favorable leases, franchise agreements, reacquired franchise rights and other intangibles: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Amortization expense (1) $ 15,666 $ 16,852 $ 19,807 ________________ (1) Amortization expense is recorded in Depreciation and amortization and Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . The following table presents expected annual amortization of intangible assets as of December 25, 2016 : (dollars in thousands) 2017 $ 13,581 2018 13,095 2019 12,763 2020 11,349 2021 10,110 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 25, 2016 | |
Other Assets [Abstract] | |
Other assets, net | Other Assets, Net Other assets, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Company-owned life insurance $ 74,629 $ 68,950 Deferred financing fees (1) 2,632 3,730 Liquor licenses 27,515 27,869 Other assets 24,370 47,322 $ 129,146 $ 147,871 ________________ (1) Net of accumulated amortization of $3.3 million and $2.2 million as of December 25, 2016 and December 27, 2015 , respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 25, 2016 | |
Payables and Accruals [Abstract] | |
Accrued and other current liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Accrued payroll and other compensation $ 81,981 $ 95,994 Accrued insurance 23,533 20,824 Other current liabilities 98,901 89,793 $ 204,415 $ 206,611 |
Long-term Debt, Net
Long-term Debt, Net | 12 Months Ended |
Dec. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt, net | Long-term Debt, Net Following is a summary of outstanding long-term debt: DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 258,750 2.63 % $ 277,500 2.26 % Term loan A-1 140,625 2.70 % 150,000 2.34 % Revolving credit facility (1) (2) 622,000 2.67 % 432,000 2.29 % Total Senior Secured Credit Facility 1,021,375 859,500 PRP Mortgage Loan (2) 47,202 3.21 % — — % 2012 CMBS loan: First mortgage loan (1) — — % 289,588 4.13 % First mezzanine loan — — % 84,028 9.00 % Second mezzanine loan — — % 85,353 11.25 % Total 2012 CMBS loan — 458,969 Financing obligations 19,595 7.45% to 7.60% 1,361 7.60 % Capital lease obligations 2,364 2,632 Other notes payable 1,776 0.00% to 7.00% 931 0.73% to 7.00% Less: unamortized debt discount and issuance costs (2,827 ) (6,529 ) Total debt, net 1,089,485 1,316,864 Less: current portion of long-term debt, net (35,079 ) (31,853 ) Long-term debt, net $ 1,054,406 $ 1,285,011 ________________ (1) Represents the weighted-average interest rate for the respective period. (2) Subsequent to December 25, 2016 , the Company made payments of $19.2 million on its PRP Mortgage Loan. Bloomin’ Brands, Inc. is a holding company and conducts its operations through its subsidiaries, certain of which have incurred indebtedness as described below. Credit Agreement Amendments - On May 16, 2014, OSI completed a refinancing of its senior secured credit facility and entered into the Third Amendment (“Third Amendment”) to its existing credit agreement, dated October 26, 2012 (as amended, the “Credit Agreement”). The Credit Agreement, provided for senior secured financing (the “Senior Secured Credit Facility”) of up to $1.125 billion , initially consisting of a $300.0 million Term loan A, a $225.0 million Term loan B and a $600.0 million revolving credit facility, including letter of credit and swing line loan sub-facilities. The Term loan A and revolving credit facility mature May 16, 2019 . The Term loan A was issued with a discount of $2.9 million . On March 31, 2015, OSI entered into the Fourth Amendment to its Credit Agreement (the “Fourth Amendment”), to effect an increase of OSI’s existing revolving credit facility from $600.0 million to $825.0 million in order to fully pay down its existing Term loan B on April 2, 2015. OSI entered into the Fifth Amendment to its Credit Agreement (the “Fifth Amendment”) on December 11, 2015. The Fifth Amendment provided an incremental Term loan A-1 in an aggregate principal amount of $150.0 million , increased certain leverage ratio tests for purposes of restricted payments and mandatory prepayments and made certain other revisions to the terms of the Credit Agreement as discussed below under Debt Covenants and Other Restrictions . The Company may elect an interest rate for the Credit Agreement at each reset period based on the Base Rate or the Eurocurrency Rate. The Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association , (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the Eurocurrency rate with a one-month interest period plus 1.0% (the “Base Rate”). The Eurocurrency Rate option is the seven , 30 , 60 , 90 or 180-day Eurocurrency rate (“Eurocurrency Rate”). The interest rates are as follows: BASE RATE ELECTION EUROCURRENCY RATE ELECTION Term loan A, Term loan A-1 and revolving credit facility 75 to 125 basis points over Base Rate 175 to 225 basis points over the Eurocurrency Rate Fees on letters of credit and the daily unused availability under the revolving credit facility as of December 25, 2016 , were 2.13% and 0.30% , respectively. As of December 25, 2016 , $27.8 million of the revolving credit facility was committed for the issuance of letters of credit and not available for borrowing. Substantially all of the assets of the Company’s domestic OSI subsidiaries collateralize the Senior Secured Credit Facility. PRP Mortgage Loan - On February 11, 2016 , New Private Restaurant Partners, LLC, an indirect wholly-owned subsidiary of the Company (“PRP”), as borrower, and Wells Fargo Bank, National Association, as lender (the “Lender”), entered into a loan agreement (the “PRP Mortgage Loan”), pursuant to which PRP borrowed $300.0 million . The PRP Mortgage Loan has an initial maturity date of February 11, 2018 (the “Initial Maturity”) with an option to extend the Initial Maturity for one twelve -month extension period (the “Extension”) provided that certain conditions are satisfied. The PRP Mortgage Loan is collateralized by certain properties owned by PRP (“Collateral Properties”). PRP has also made negative pledges with respect to certain properties (“Unencumbered Properties”). The proceeds of the PRP Mortgage Loan were used, together with borrowings under the Company’s revolving credit facility, to prepay a portion, and fully defease the remainder, of the 2012 CMBS loan. In connection with the defeasance, the Company recognized a loss of $26.6 million during the fiscal year ended December 25, 2016 . Following the defeasance of the 2012 CMBS loan, $19.3 million of restricted cash was released. The PRP Mortgage Loan bears interest, payable monthly, at a variable rate equal to 250 basis points above the seven-day LIBOR , subject to adjustment in certain circumstances. The PRP Mortgage Loan permits the Company to refinance or sell the Collateral Properties and the Unencumbered Properties, subject to certain terms and conditions, including that specified release proceeds are applied against the outstanding loan balance. On July 27, 2016, PRP and the Lender, entered into a First Amendment (the “Amendment”) to the PRP Mortgage Loan to provide for additional borrowings of $69.5 million . Financing Obligation - In the fourth quarter of 2016, the Company sold six restaurant properties to third parties for aggregate proceeds of $18.5 million and the Company entered into lease agreements under which the Company agreed to lease back each of the properties for an initial term of 20 years . As the Company had continuing involvement in these restaurant properties, the sale of the properties does not qualify for sale-leaseback accounting. As a result, the aggregate proceeds have been recorded as a financing obligation and the assets related to the sold and leased restaurant properties remain on the Company’s Consolidated Balance Sheet and continue to be depreciated. As such, the lease payments are recognized as interest expense. See Note 18 - Commitments and Contingencies for additional details regarding the financing obligation. Debt Covenants and Other Restrictions - Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness; make significant payments; sell assets; pay dividends and other restricted payments; acquire certain assets; effect mergers and similar transactions; and effect certain other transactions with affiliates. The Credit Agreement also has a financial covenant to maintain a specified quarterly Total Net Leverage Ratio (“TNLR”). TNLR is the ratio of Consolidated Total Debt (Current portion of long-term debt and Long-term debt, net) to Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization and certain other adjustments). The TNLR may not exceed a level set at 5.00 to 1.00 through fiscal 2017, with a step down to a maximum level of 4.75 to 1.00 in fiscal 2018 and thereafter. The Fifth Amendment to the Credit Agreement permits regular quarterly dividend payments, subject to certain restrictions. As of December 25, 2016 and December 27, 2015 , the Company was in compliance with its debt covenants. Loss on Defeasance, Extinguishment and Modification of Debt - Following is a summary of loss on defeasance, extinguishment and modification of debt recorded in the Company’s Consolidated Statements of Operations and Comprehensive Income : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Defeasance of 2012 CMBS Loan (1) $ 26,580 $ — $ — Modification of PRP Mortgage Loan (2) 418 — — Refinancing of Senior Secured Credit Facility (3) — 2,956 11,092 Loss on defeasance, extinguishment and modification of debt $ 26,998 $ 2,956 $ 11,092 ________________ (1) The loss was comprised of a penalty of $23.2 million , write-offs of $1.7 million and $1.1 million of deferred financing fees and unamortized debt discount, respectively, and third-party financing costs of $0.6 million . (2) The loss was comprised of third-party financing costs. (3) Losses were comprised of write-offs of $1.4 million and $5.5 million of deferred financing fees and $1.2 million and $4.9 million of unamortized debt discount for fiscal years 2015 and 2014, respectively. Losses also included third-party financing costs of $0.3 million in fiscal year 2015 and a prepayment penalty of $0.7 million in fiscal year 2014. Deferred financing fees - The Company deferred $5.8 million and $2.0 million of financing costs incurred in connection with the PRP Mortgage Loan and related amendment and Credit Agreement amendments in fiscal years 2016 and 2015, respectively. Deferred financing fees of $1.3 million incurred in connection with the modification of the revolving credit facility were recorded in Other assets, net in fiscal year 2015. All other deferred financing fees were recorded in Long-term debt, net. Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of December 25, 2016 : (dollars in thousands) DECEMBER 25, Year 1 $ 35,079 Year 2 76,086 Year 3 957,701 Year 4 484 Year 5 483 Thereafter 19,652 Total $ 1,089,485 The following is a summary of required amortization payments for Term loan A and Term loan A-1 (dollars in thousands): SCHEDULED QUARTERLY PAYMENT DATES TERM LOAN A TERM LOAN A-1 March 31, 2017 through June 30, 2018 $ 5,625 $ 2,813 September 30, 2018 through March 31, 2019 $ 7,500 $ 3,750 The Credit Agreement contains mandatory prepayment requirements for Term loan A and Term loan A-1. The Company is required to prepay outstanding amounts under its Term loan A and Term loan A-1 with 50% of its annual excess cash flow, as defined in the Credit Agreement. The amount of outstanding Term loan A and Term loan A-1 required to be prepaid in accordance with the debt covenants may vary based on the Company’s leverage ratio and year end results. Other than the required minimum amortization premiums of $33.8 million , the Company does not anticipate any other payments will be required through December 31, 2017. |
Other Long-term Liabilities, Ne
Other Long-term Liabilities, Net | 12 Months Ended |
Dec. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term liabilities, net | Other Long-term Liabilities, Net Other long-term liabilities, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Accrued insurance liability $ 39,260 $ 40,649 Unfavorable leases (1) 41,778 45,375 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 102,768 134,470 Other long-term liabilities 35,224 41,014 $ 219,030 $ 261,508 _______________ (1) Net of accumulated amortization of $32.6 million and $29.8 million as of December 25, 2016 and December 27, 2015 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 25, 2016 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | Redeemable Noncontrolling Interests Brazil Redeemable Noncontrolling Interests - In 2013, the Company, through its wholly-owned subsidiary, Outback Steakhouse Restaurantes Brasil S.A. (“OB Brasil”), completed the acquisition of a controlling interest in PGS Consultoria e Serviços Ltda. (the“Brazil Joint Venture”). As a result of the acquisition, the Company had a 90% interest and the former equity holders of PGS Participações Ltda, the Company’s joint venture partner (“Former Equity Holders”), retained a noncontrolling interest of 10% in the Brazil Joint Venture. The purchase agreement provided the Former Equity Holders with options to sell their remaining interests to OB Brasil and provided OB Brasil with options to purchase such remaining interests (the “Options”), in various amounts and at various times through 2018, subject to acceleration in certain circumstances. The Options were embedded features within the noncontrolling interest and were classified within the Company’s Consolidated Balance Sheets as Redeemable noncontrolling interests. In 2016 and 2015, the Former Equity Holders exercised Options to sell their interests in the Brazil Joint Venture to the Company for total cash consideration of $27.3 million and $0.9 million , respectively. These transactions resulted in a reduction of $29.4 million and $0.6 million of Mezzanine equity and an increase of $2.1 million and $0.3 million of Additional paid-in capital during fiscal years 2016 and 2015, respectively. As a result of the exercise of the Options, the Company owns 100% of the Brazil Joint Venture as of December 25, 2016 . In connection with the acquisition of the remaining interests in the Brazil Joint Venture, the Company recognized a cumulative translation adjustment of $9.6 million , which resulted in an increase to Additional paid-in capital and a decrease to Accumulated other comprehensive loss during fiscal year 2016. China Redeemable Noncontrolling Interests - The Company also consolidates a subsidiary in China, which has noncontrolling interests that are permitted to deliver subsidiary shares in exchange for cash at a future date. Rollforward of Redeemable Noncontrolling Interests - The following table presents a rollforward of Redeemable noncontrolling interests for fiscal years 2016 and 2015 : FISCAL YEAR (dollars in thousands) 2016 2015 Balance, beginning of period $ 23,526 $ 24,733 Change in redemption value of Redeemable noncontrolling interests 2,024 2,877 Net income attributable to Redeemable noncontrolling interests 977 1,005 Foreign currency translation attributable to Redeemable noncontrolling interests 3,451 (3,944 ) Purchase of Redeemable noncontrolling interests (29,431 ) (584 ) Out-of period adjustment - foreign currency translation attributable to Redeemable noncontrolling interests (1) — (9,232 ) Out-of period adjustment - change in redemption value of Redeemable noncontrolling interests (1) — 8,671 Balance, end of period $ 547 $ 23,526 ________________ (1) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 25, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' equity | Stockholders’ Equity Share Repurchases - The following table presents a summary of the Company’s share repurchase programs for 2014 , 2015 and 2016 (dollars in thousands): SHARE REPURCHASE PROGRAM BOARD APPROVAL DATE AUTHORIZED REPURCHASED CANCELED REMAINING 2014 December 12, 2014 $ 100,000 $ 100,000 $ — $ — 2015 August 3, 2015 $ 100,000 $ 69,999 $ 30,001 $ — 2016 February 12, 2016 $ 250,000 $ 139,892 $ 110,108 $ — July 2016 (1) July 26, 2016 $ 300,000 $ 169,995 $ — $ 130,005 ________________ (1) In January 2017, the Company repurchased 1.1 million shares of its common stock for $20.0 million under a Rule 10b5-1 plan. The July 2016 Share Repurchase Program will expire on January 26, 2018 . Following is a summary of the shares repurchased under the Company’s share repurchase programs: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT 2016 2015 2016 2015 2016 2015 First fiscal quarter 4,399 2,759 $ 17.05 $ 25.37 $ 75,000 $ 70,000 Second fiscal quarter 3,376 1,370 $ 19.22 $ 21.90 64,892 30,000 Third fiscal quarter 7,056 2,914 $ 19.13 $ 20.59 135,000 59,999 Fourth fiscal quarter 1,816 602 $ 19.27 $ 16.60 34,995 10,000 Total common stock repurchases 16,647 7,645 $ 18.62 $ 22.24 $ 309,887 $ 169,999 Dividends - The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS AMOUNT 2016 2015 2016 2015 First fiscal quarter $ 0.07 0.06 $ 8,238 $ 7,423 Second fiscal quarter 0.07 0.06 7,978 7,391 Third fiscal quarter 0.07 0.06 7,765 7,333 Fourth fiscal quarter 0.07 0.06 7,398 7,185 Total cash dividends declared and paid $ 0.28 $ 0.24 $ 31,379 $ 29,332 In February 2017, the Board declared a quarterly cash dividend of $0.08 per share, payable on March 10, 2017 to shareholders of record at the close of business on February 27, 2017 . Acquisition of Limited Partnership Interests - During 2016, the Company purchased the remaining partnership interests in certain of the Company’s limited partnerships for five Outback Steakhouse restaurants for an aggregate purchase price of $3.4 million . These transactions resulted in a reduction of $2.5 million , net of tax, in Additional paid-in capital in the Company’s Consolidated Statement of Changes in Stockholders’ Equity during fiscal year 2016 . During 2014, the Company purchased the remaining partnership interests in certain of the Company’s limited partnerships that either owned or had a contractual right to varying percentages of cash flows in 37 Bonefish Grill restaurants for an aggregate purchase price of $17.2 million . These transactions resulted in a reduction of $11.7 million , net of tax, in Additional paid-in capital in the Company’s Consolidated Statement of Changes in Stockholders’ Equity during fiscal year 2014. The following table sets forth the effect of the acquisition of the limited partnership interests on stockholders’ equity attributable to Bloomin’ Brands for the following periods: NET INCOME ATTRIBUTABLE TO BLOOMIN’ BRANDS AND TRANSFERS TO NONCONTROLLING INTERESTS FISCAL YEAR (dollars in thousands) 2016 2015 2014 Net income attributable to Bloomin’ Brands $ 41,748 $ 127,327 $ 91,090 Transfers to noncontrolling interests: Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests (2,475 ) — (11,662 ) Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests $ 39,273 $ 127,327 $ 79,428 Accumulated Other Comprehensive Loss - Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) DECEMBER 25, 2016 DECEMBER 27, 2015 Foreign currency translation adjustment (1) $ (107,509 ) $ (141,176 ) Unrealized losses on derivatives, net of tax (3,634 ) (6,191 ) Accumulated other comprehensive loss $ (111,143 ) $ (147,367 ) ________________ (1) During the fiscal year 2016, approximately $16.8 million of the foreign currency translation adjustment in Accumulated other comprehensive loss was disposed of in connection with the sale of Outback Steakhouse South Korea. Following are the components of Other comprehensive (loss) income during the periods presented: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Bloomin’ Brands: Foreign currency translation adjustment $ 33,667 $ (92,259 ) $ (31,731 ) Out-of period adjustment - foreign currency translation (1) — 9,232 — Total foreign currency translation adjustment $ 33,667 $ (83,027 ) $ (31,731 ) Unrealized loss on derivatives, net of tax (2) $ (1,250 ) $ (6,033 ) $ (2,393 ) Reclassification of adjustment for loss on derivatives included in Net income, net of tax (3) 3,807 2,235 — Total unrealized gain (loss) on derivatives, net of tax $ 2,557 $ (3,798 ) $ (2,393 ) Other comprehensive income (loss) attributable to Bloomin’ Brands $ 36,224 $ (86,825 ) $ (34,124 ) Non-controlling interests: Foreign currency translation adjustment $ (43 ) $ 9 $ — Other comprehensive (loss) income attributable to Non-controlling interests $ (43 ) $ 9 $ — Redeemable non-controlling interests: Foreign currency translation adjustment $ 3,451 $ (3,944 ) $ — Out-of period adjustment - foreign currency translation (1) — (9,232 ) — Total foreign currency translation adjustment $ 3,451 $ (13,176 ) $ — Other comprehensive income (loss) attributable to Redeemable non-controlling interests $ 3,451 $ (13,176 ) $ — ________________ (1) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 2 - Summary of Significant Accounting Policies for further details. (2) Unrealized loss on derivatives is net of tax benefits of ($0.8) million , ($3.9) million and ($1.5) million for fiscal years 2016 , 2015 and 2014 , respectively. (3) Reclassifications of adjustments for losses on derivatives are net of tax benefits of $2.4 million and $1.4 million for fiscal years 2016 and 2015 , respectively. Noncontrolling Interests - In 2015, certain former equity holders of PGS Par contributed approximately $3.2 million to the Company for a noncontrolling interest in a new concept in Brazil (Abbraccio). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 25, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | Derivative Instruments and Hedging Activities Interest Rate Risk - The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, primarily by managing the amount, sources and duration of its debt funding and through the use of derivative financial instruments. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Currency Exchange Rate Risk - The Company is exposed to foreign currency exchange rate risk arising from transactions and balances denominated in currencies other than the U.S. dollar. The Company may use foreign currency forward contracts to manage certain foreign currency exposures. DESIGNATED HEDGES Cash Flow Hedges of Interest Rate Risk - On September 9, 2014 , the Company entered into variable-to-fixed interest rate swap agreements with eight counterparties to hedge a portion of the cash flows of the Company’s variable rate debt. The swap agreements have an aggregate notional amount of $400.0 million , a start date of June 30, 2015 , and mature on May 16, 2019 . Under the terms of the swap agreements, the Company pays a weighted-average fixed rate of 2.02% on the $400.0 million notional amount and receives payments from the counterparty based on the 30-day LIBOR rate. The interest rate swaps, which have been designated and qualify as a cash flow hedge, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The Company estimates $4.2 million will be reclassified to interest expense over the next twelve months. The following table presents the fair value of the Company’s interest rate swaps as well as their classification on the Company’s Consolidated Balance Sheet: (dollars in thousands) DECEMBER 25, DECEMBER 27, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - liability $ 3,968 $ 5,142 Accrued and other current liabilities Interest rate swaps - liability 1,999 5,007 Other long-term liabilities, net Total fair value of derivative instruments (1) $ 5,967 $ 10,149 Accrued interest $ 408 $ 556 Accrued and other current liabilities ____________________ (1) See Note 16 - Fair Value Measurements for fair value discussion of the interest rate swaps. The following table summarizes the effects of the interest rate swaps on Net income for the period indicated: FISCAL YEAR (dollars in thousands) 2016 2015 Interest rate swap expense recognized in Interest expense, net (1) $ (6,241 ) $ (3,664 ) Income tax benefit recognized in Provision for income taxes 2,434 1,429 Total effects of the interest rate swaps on Net income $ (3,807 ) $ (2,235 ) ____________________ (1) During fiscal years 2016 and 2015 , the Company did not recognize any gain or loss as a result of hedge ineffectiveness. The Company records its derivatives on the Consolidated Balance Sheets on a gross balance basis. The Company’s interest rate swaps are subject to master netting arrangements. As of December 25, 2016 , the Company did not have more than one derivative between the same counterparties and as such, there was no netting. By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of December 25, 2016 and December 27, 2015 , 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 December 25, 2016 and December 27, 2015 , the fair value of the Company’s interest rate swaps in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, was $6.4 million and $10.9 million , respectively. As of December 25, 2016 and December 27, 2015 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 25, 2016 and December 27, 2015 , it could have been required to settle its obligations under the agreements at their termination value of $6.4 million and $10.9 million , respectively. NON-DESIGNATED HEDGES Commodities - The Company’s restaurants are dependent upon energy to operate and are impacted by changes in energy prices, including natural gas. The Company utilizes derivative instruments with a notional amount of $0.8 million to mitigate some of its overall exposure to material increases in natural gas. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair Value Measurements Fair Value Measurements on a Recurring Basis - The following table presents the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of December 25, 2016 and December 27, 2015 : DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 90 $ 90 $ — $ 6,333 $ 6,333 $ — Money market funds 18,607 18,607 — 7,168 7,168 — Restricted cash equivalents: Fixed income funds 552 552 — 551 551 — Money market funds 2,518 2,518 — 2,681 2,681 — Other current assets, net: Derivative instruments - foreign currency forward contracts — — — 59 — 59 Total asset recurring fair value measurements $ 21,767 $ 21,767 $ — $ 16,792 $ 16,733 $ 59 Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 3,968 $ — $ 3,968 $ 5,142 $ — $ 5,142 Derivative instruments - commodities 157 — 157 583 — 583 Derivative instruments - foreign currency forward contracts — — — 703 — 703 Other long-term liabilities: Derivative instruments - interest rate swaps 1,999 — 1,999 5,007 — 5,007 Total liability recurring fair value measurements $ 6,124 $ — $ 6,124 $ 11,435 $ — $ 11,435 Fair value of each class of financial instrument is determined based on the following: FINANCIAL INSTRUMENT METHODS AND ASSUMPTIONS Fixed income funds and Money market funds Carrying value approximates fair value because maturities are less than three months. Derivative instruments The Company’s derivative instruments include interest rate swaps, foreign currency forward contracts and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 25, 2016 and December 27, 2015, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. The following table summarizes the fair value remeasurements for Assets held for sale and Property, fixtures and equipment for fiscal years 2016 , 2015 and 2014 aggregated by the level in the fair value hierarchy within which those measurements fall: 2016 2015 2014 (dollars in thousands) CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT Assets held for sale (1) $ 45,901 $ 44,729 $ 4,136 $ 1,028 $ 9,613 $ 23,974 Property, fixtures and equipment (2) 21,450 53,136 3,634 27,126 2,429 13,097 Other (3) 39 1,198 — — — — $ 67,390 $ 99,063 $ 7,770 $ 28,154 $ 12,042 $ 37,071 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs (purchase contracts) to estimate the fair value. Refer to Note 3 - Impairments, Disposals and Exit Costs for discussion of impairments related to Outback Steakhouse South Korea, corporate airplanes and Roy’s. (2) Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $20.3 million , $2.5 million and $1.8 million for fiscal years 2016 , 2015 and 2014 , respectively. Assets measured using Level 3 inputs, had carrying values of $1.2 million , $1.1 million and $0.6 million for fiscal years 2016 , 2015 and 2014 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 3 - Impairments, Disposals and Exit Costs for discussion of impairments related to the 2017 Closure Initiative, Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives. (3) Other primarily includes investment in unconsolidated affiliates and intangible assets. Carrying value approximates fair value with all assets measured using market appraisals (Level 2) to estimate the fair value. Fair Value of Financial Instruments - The Company’s non-derivative financial instruments as of December 25, 2016 and December 27, 2015 consist of cash equivalents, restricted cash, accounts receivable, accounts payable and current and long-term debt. The fair values of cash equivalents, restricted cash, accounts receivable and accounts payable approximate their carrying amounts reported in the Company’s 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 as of December 25, 2016 and December 27, 2015 aggregated by the level in the fair value hierarchy in which those measurements fall: DECEMBER 25, 2016 DECEMBER 27, 2015 FAIR VALUE FAIR VALUE (dollars in thousands) CARRYING VALUE LEVEL 2 LEVEL 3 CARRYING VALUE LEVEL 2 LEVEL 3 Senior Secured Credit Facility: Term loan A $ 258,750 $ 257,780 $ — $ 277,500 $ 276,459 $ — Term loan A-1 140,625 140,098 — 150,000 149,438 — Revolving credit facility 622,000 617,335 — 432,000 429,300 — PRP Mortgage Loan 47,202 — 47,202 — — — 2012 CMBS loan: Mortgage loan — — — 289,588 — 293,222 First mezzanine loan — — — 84,028 — 83,608 Second mezzanine loan — — — 85,353 — 85,780 Other notes payable 1,776 — 1,659 931 — 918 Fair value of debt is determined based on the following: DEBT FACILITY METHODS AND ASSUMPTIONS Senior Secured Credit Facility Quoted market prices in inactive markets. PRP Mortgage Loan and Assumptions derived from current conditions in the real estate and credit markets, changes in the underlying collateral and expectations of management. Other notes payable Discounted cash flow approach. Discounted cash flow inputs primarily include cost of debt rates which are used to derive the present value factors for the determination of fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes The following table presents the domestic and foreign components of Income before provision for income taxes: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Domestic $ 70,481 $ 146,331 $ 124,157 Foreign (13,990 ) 24,523 (4,187 ) $ 56,491 $ 170,854 $ 119,970 Provision (benefit) for income taxes consisted of the following: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Current provision: Federal $ 43,071 $ 17,952 $ 13,364 State 28,033 5,962 7,687 Foreign 14,389 11,384 16,616 85,493 35,298 37,667 Deferred provision (benefit): Federal (53,647 ) 2,514 (8,842 ) State (21,316 ) 626 688 Foreign (386 ) 856 (5,469 ) (75,349 ) 3,996 (13,623 ) Provision for income taxes $ 10,144 $ 39,294 $ 24,044 Effective Income Tax Rate - The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows: FISCAL YEAR 2016 2015 2014 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 8.2 2.3 3.2 Valuation allowance on deferred income tax assets 6.1 1.7 1.5 Employment-related credits, net (53.5 ) (15.8 ) (24.2 ) Net life insurance expense (2.7 ) (0.3 ) (0.8 ) Noncontrolling interests (2.8 ) (0.8 ) (1.2 ) Tax settlements and related adjustments (0.2 ) (0.1 ) 1.7 Sale of Outback Steakhouse South Korea 27.4 — — Foreign rate differential 0.8 0.6 2.7 Other, net (0.3 ) 0.4 2.1 Total 18.0 % 23.0 % 20.0 % The net decrease in the effective income tax rate in fiscal year 2016 as compared to fiscal year 2015 was primarily due to benefits from employment-related credits being a higher percentage of net income in 2016 and a change in the amount and mix of income and losses across the Company’s domestic and international subsidiaries, partially offset by the sale of Outback Steakhouse South Korea. The net increase in the effective income tax rate in fiscal year 2015 as compared to fiscal year 2014 was primarily due to a change in the amount and mix of income and losses across the Company’s domestic and international subsidiaries and the payroll tax audit settlements. Deferred Tax Assets and Liabilities - The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: (dollars in thousands) DECEMBER 25, DECEMBER 27, Deferred income tax assets: Deferred rent $ 57,783 $ 53,426 Insurance reserves 23,906 22,716 Unearned revenue 19,566 18,029 Deferred compensation 62,389 65,100 Net operating loss carryforwards 6,036 8,176 Federal tax credit carryforwards 58,963 148,447 Partner deposits and accrued partner obligations 8,245 13,248 Other, net 8,309 11,813 Gross deferred income tax assets 245,197 340,955 Less: valuation allowance (7,220 ) (4,088 ) Net deferred income tax assets 237,977 336,867 Deferred income tax liabilities: Less: property, fixtures and equipment basis differences (37,847 ) (197,604 ) Less: intangible asset basis differences (155,053 ) (150,997 ) Less: deferred gain on extinguishment of debt (23,022 ) (34,181 ) Net deferred income tax assets (liabilities) $ 22,055 $ (45,915 ) Undistributed Earnings - The Company had aggregate undistributed earnings of $60.6 million for foreign subsidiaries, which it considers to be permanently reinvested and are expected to continue to be permanently reinvested. As such, no deferred tax liability has been recorded as of December 25, 2016 . If the Company identifies an exception to its reinvestment policy of undistributed earnings, additional tax liabilities will be recorded. It is not practical to determine the amount of unrecognized deferred income tax liabilities on the undistributed earnings the Company considers to be permanently reinvested. Tax Carryforwards - The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 25, 2016 are as follows: (dollars in thousands) EXPIRATION DATE AMOUNT United States federal tax credit carryforwards 2026 - 2036 $ 71,335 Foreign loss carryforwards 2017 - Indefinite $ 22,514 Unrecognized Tax Benefits - As of December 25, 2016 and December 27, 2015 , the liability for unrecognized tax benefits was $19.6 million and $19.4 million , respectively. Of the total amount of unrecognized tax benefits, including accrued interest and penalties, $18.9 million and $19.3 million , respectively, if recognized, would impact the Company’s effective tax rate. The following table summarizes the activity related to the Company’s unrecognized tax benefits: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Balance as of beginning of year $ 19,430 $ 17,563 $ 17,068 Additions for tax positions taken during a prior period 476 3,022 2,177 Reductions for tax positions taken during a prior period (430 ) (848 ) (422 ) Additions for tax positions taken during the current period 2,472 2,305 2,649 Settlements with taxing authorities (391 ) (1,078 ) (3,935 ) Lapses in the applicable statutes of limitations (2,230 ) (540 ) (120 ) Translation adjustments 256 (994 ) 146 Balance as of end of year $ 19,583 $ 19,430 $ 17,563 The Company recognizes interest and penalties related to uncertain tax positions in Provision for income taxes . The Company recognized a benefit related to interest and penalties of $0.4 million and $0.6 million and an expense of $1.5 million for fiscal years 2016 , 2015 and 2014 , respectively. The Company had approximately $1.2 million and $1.6 million accrued for the payment of interest and penalties as of December 25, 2016 and December 27, 2015 respectively. In many cases, the Company’s uncertain tax positions are related to tax years that remain the subject to examination by relevant taxable authorities. Based on the outcome of these examinations, or a result of the expiration of the statute of limitations for specific jurisdictions, it is reasonably possible that the related recorded unrecognized tax benefits for tax positions taken on previously filed tax returns will change by approximately $1.0 million to $2.0 million within the next twelve months. Open Tax Years - Following is a summary of the open audit years by jurisdiction: OPEN AUDIT YEARS United States federal 2007 - 2015 United States states 2001 - 2015 Foreign 2009 - 2015 The Company was previously under examination by tax authorities in South Korea for the 2008 to 2012 tax years. In connection with the examination, the Company was assessed and paid $6.7 million of tax obligations. The Company is currently seeking relief from double taxation through competent authority. Accordingly, the Company has not recorded any tax expense related to the assessment in South Korea. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 25, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and Contingencies Operating Leases - The Company leases restaurant and office facilities and certain equipment under operating leases mainly having initial terms expiring between 2017 and 2036. The restaurant facility leases have renewal clauses primarily from five to 30 years , exercisable at the option of the Company. Certain of these leases require the payment of contingent rentals leased on a percentage of gross revenues, as defined by the terms of the applicable lease agreement. Total rent expense is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Rent expense (1) $ 173,507 $ 164,754 $ 169,701 ____________________ (1) Includes contingent rent expense of $5.9 million , $7.4 million and $8.0 million for fiscal years 2016 , 2015 and 2014 , respectively. As of December 25, 2016 , future minimum rental payments under non-cancelable operating leases are as follows: (dollars in thousands) 2017 $ 174,019 2018 163,721 2019 149,516 2020 135,998 2021 120,150 Thereafter 905,650 Total minimum lease payments (1) $ 1,649,054 ____________________ (1) Total minimum lease payments have not been reduced by minimum sublease rentals of $6.3 million due in future periods under non-cancelable subleases. Financing Obligation - Following is a summary of the Company’s minimum financing payments during the initial term of the various leases as of December 25, 2016 : (dollars in thousands) DECEMBER 25, Year 1 $ 1,182 Year 2 1,202 Year 3 1,224 Year 4 1,245 Year 5 1,267 Thereafter 21,519 Total (1) $ 27,639 ____________________ (1) Refer to Note 11 - Long-term Debt, Net for additional details regarding the Company’s financing obligation. Purchase Obligations - Purchase obligations were $439.4 million and $509.7 million as of December 25, 2016 and December 27, 2015 , respectively. These purchase obligations are primarily due within five years, however, commitments with various vendors extend through April 2022. Outstanding commitments consist primarily of food and beverage products related to normal business operations and contracts for restaurant level service contracts, advertising and technology. In 2016 , the Company purchased more than 85% of its U.S. beef raw materials from four beef suppliers that represent approximately 83% of the total beef marketplace in the U.S. Litigation and Other Matters - In relation to the various legal matters discussed below, the Company had $3.5 million and $4.5 million of liability recorded as of December 25, 2016 and December 27, 2015 , respectively. During fiscal years 2016 , 2015 and 2014 , the Company recognized $4.0 million , $4.6 million and $1.2 million , respectively, in Other restaurant operating expenses in its Consolidated Statements of Operations and Comprehensive Income for legal settlements. In November 2015, David Sears and Elizabeth Thomas, two former Outback 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 has accrued a settlement, inclusive of legal fees, of $2.4 million in fiscal year 2016. On October 4, 2013, two then-current employees (the “Nevada Plaintiffs”) filed a purported collective action lawsuit against the Company, OSI Restaurant Partners, LLC, and two of its subsidiaries in the U.S. District Court for the District of Nevada (Cardoza, et al. v. Bloomin’ Brands, Inc., et al., Case No.: 2:13-cv-01820-JAD-NJK). The complaint alleges violations of the Fair Labor Standards Act by requiring employees to work off the clock, complete on-line training without pay, and attend meetings in the restaurant without pay. The nationwide collective action permitted all hourly employees in all Outback Steakhouse restaurants to join. The suit requested an unspecified amount in back pay for the employees that joined the lawsuit, an equal amount in liquidated damages, costs, expenses, and attorney’s fees. The Nevada Plaintiffs also filed a companion lawsuit in Nevada state court alleging that the Company violated the state break time rules. In November 2015, the Company reached a tentative settlement agreement resolving all claims and the cost of class administration for $3.2 million . The Court issued final approval in November 2016 and the Company subsequently made payment during the fourth quarter of 2016. In addition, the Company is subject to legal proceedings, claims and liabilities, such as liquor liability, sexual harassment and slip and fall cases, which arise in the ordinary course of business and are generally covered by insurance if they exceed specified retention or deductible amounts. In the opinion of management, the amount of ultimate liability with respect to those actions will not have a material adverse impact on the Company’s financial position or results of operations and cash flows. Insurance - As of December 25, 2016 , the future payments the Company expects for workers’ compensation, general liability and health insurance claims are: (dollars in thousands) 2017 $ 23,652 2018 13,467 2019 8,934 2020 5,066 2021 2,803 Thereafter 11,549 $ 65,471 Discount rates of 1.32% and 1.08% were used for December 25, 2016 and December 27, 2015 , respectively. A reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized in the Company’s Consolidated Balance Sheets is as follows: (dollars in thousands) DECEMBER 25, DECEMBER 27, Undiscounted reserves $ 65,471 $ 63,791 Discount (2,678 ) (2,318 ) Discounted reserves $ 62,793 $ 61,473 Discounted reserves recognized in the Company ’ s Consolidated Balance Sheets: Accrued and other current liabilities $ 23,533 $ 20,824 Other long-term liabilities, net 39,260 40,649 $ 62,793 $ 61,473 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 25, 2016 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment Reporting The Company has two reportable segments, U.S. and International, which reflects how the Company manages its business, reviews operating performance and allocates resources. The U.S. segment includes all brands operating in the U.S. while brands operating outside the U.S. are included in the International segment. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer, whom the Company has determined to be its Chief Operating Decision Maker. Following is a summary of reporting segments as of December 25, 2016 : 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 Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies . Revenues for all segments include only transactions with customers and include no intersegment revenues. Excluded from income from operations for U.S. and International are certain legal and corporate costs not directly related to the performance of the segments, certain stock-based compensation expenses and certain bonus expense. Prior to 2016, certain insurance expenses were not allocated to the Company’s concepts as these expenses were reviewed and evaluated on a Company-wide basis and therefore, these costs were excluded from segment restaurant-level operating margin and income from operations. In 2016, the Company’s management changed how insurance expenses related to its restaurants are reviewed and now considers those costs when evaluating the operating performance of the Company’s concepts. Accordingly, the Company has recast all prior period segment information to reflect this change. The following table is a summary of Total revenue by segment: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Total revenues U.S. $ 3,797,309 $ 3,879,743 $ 3,854,279 International 455,003 497,933 588,432 Total revenues $ 4,252,312 $ 4,377,676 $ 4,442,711 The following table is a reconciliation of Segment income (loss) from operations to Income before provision for income taxes : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Segment income (loss) from operations U.S. $ 286,683 $ 348,731 $ 327,693 International (5,954 ) 34,597 25,020 Total segment income from operations 280,729 383,328 352,713 Unallocated corporate operating expense (153,123 ) (152,403 ) (160,749 ) Total income from operations 127,606 230,925 191,964 Loss on defeasance, extinguishment and modification of debt (26,998 ) (2,956 ) (11,092 ) Other income (expense), net 1,609 (939 ) (1,244 ) Interest expense, net (45,726 ) (56,176 ) (59,658 ) Income before provision for income taxes $ 56,491 $ 170,854 $ 119,970 The following table is a summary of Depreciation and amortization expense by segment: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Depreciation and amortization U.S. $ 155,434 $ 151,868 $ 147,686 International 26,013 26,736 29,705 Corporate 12,391 11,795 13,520 Total depreciation and amortization $ 193,838 $ 190,399 $ 190,911 The following table is a summary of capital expenditures by segment: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Capital expenditures U.S. $ 211,855 $ 153,445 $ 174,952 International 40,662 46,803 55,594 Corporate 17,671 10,015 7,322 Total capital expenditures $ 270,188 $ 210,263 $ 237,868 The following table sets forth Total assets by segment: (dollars in thousands) DECEMBER 25, 2016 DECEMBER 27, 2015 Assets U.S. $ 1,995,227 $ 2,405,196 International 436,024 472,518 Corporate 211,028 154,855 Total assets $ 2,642,279 $ 3,032,569 International assets are defined as assets residing in a country other than the U.S. The following table details long-lived assets, excluding goodwill, intangible assets and deferred tax assets, by major geographic area: (dollars in thousands) DECEMBER 25, 2016 DECEMBER 27, 2015 U.S. $ 1,231,154 $ 1,601,691 International 136,264 156,905 $ 1,367,418 $ 1,758,596 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 25, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected quarterly financial data (unaudited) | Selected Quarterly Financial Data (Unaudited) 2016 FISCAL QUARTERS FIRST (1) SECOND (1) THIRD (1) FOURTH (1) Total revenues $ 1,164,188 $ 1,078,588 $ 1,005,387 $ 1,004,149 Income (loss) from operations 86,684 13,333 31,734 (4,145 ) Net income (loss) 35,883 (8,065 ) 21,228 (2,699 ) Net income (loss) attributable to Bloomin’ Brands 34,475 (9,177 ) 20,733 (4,283 ) Earnings (loss) per share: Basic $ 0.29 $ (0.08 ) $ 0.19 $ (0.04 ) Diluted $ 0.29 $ (0.08 ) $ 0.18 $ (0.04 ) 2015 FISCAL QUARTERS FIRST (2) SECOND (2) THIRD (2) FOURTH (2) Total revenues $ 1,202,059 $ 1,099,597 $ 1,026,721 $ 1,049,299 Income from operations 97,701 62,585 38,724 31,915 Net income 62,082 33,056 17,405 19,017 Net income attributable to Bloomin’ Brands 60,588 32,226 16,811 17,702 Earnings per share: Basic $ 0.48 $ 0.26 $ 0.14 $ 0.15 Diluted $ 0.47 $ 0.26 $ 0.13 $ 0.14 ____________________ (1) Income from operations in the first quarter includes $3.6 million of restaurant closing costs incurred in connection with the Bonefish Restructuring. Income from operations in the second quarter of 2016 includes $39.6 million of asset impairment charges and related costs associated with the Company’s decision to sell its Outback South Korea subsidiary. Income from operations in the third quarter of 2016 includes $3.2 million of asset impairment charges and related costs for its Puerto Rico subsidiary. Income from operations in the fourth quarter of 2016 includes: (i) $46.5 million of pre-tax asset impairments incurred offset by the reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative, (ii) $6.4 million of asset impairments and closing costs related to the relocation of certain restaurants and (iii) $3.6 million of severance related to restructuring of certain functions. Net income for the first quarter of 2016 includes $26.6 million related to the defeasance of the 2012 CMBS loan. (2) Total revenues in the first quarter of 2015 include $24.3 million higher restaurant sales due to a change in the Company’s fiscal year end. Income from operations in the first quarter of 2015 includes $7.7 million of pre-tax impairments and restaurant closing costs incurred in connection with the Domestic and International Restaurant Closure Initiatives. Income from operations in the fourth quarter includes $24.2 million of pre-tax asset impairments incurred in connection with the Bonefish Restructuring. Net income for the second quarter of 2015 includes $2.6 million of loss in connection with a refinancing of the Company’s Senior Secured Credit Facility. Net income in the first quarter of 2015 includes $4.9 million of less net income due to a change in the Company’s fiscal year end. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation - The Company’s consolidated financial statements include the accounts and operations of Bloomin’ Brands and its subsidiaries. To ensure timely reporting, the Company consolidates the results of its Brazil operations on a one -month calendar lag. In December 2016, the Company made payments of $24.8 million to purchase the remaining interests in its Outback Steakhouse operations in Brazil. As these payments were material to the Company’s Consolidated Balance Sheet and Consolidated Statement of Cash Flows, the cash payments and acquisition of the redeemable noncontrolling interest were recognized as of December 25, 2016. See Note 13 - Redeemable Noncontrolling Interests for further information. As of November 30, 2016 and December 25, 2016, the Brazil Real to U.S. dollar foreign exchange rate was 3.39 and 3.27 , respectively. There were no other intervening events that would materially affect the Company’s consolidated financial position, results of operations or cash flows as of and for the fiscal year ended December 25, 2016 . |
Principles of consolidation | Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates variable interest entities where it has been determined the Company is the primary beneficiary of those entities’ operations. The Company is a franchisor of 240 restaurants as of December 25, 2016 , but does not possess any ownership interests in its franchisees and does not provide financial support to its franchisees. These franchise relationships are not deemed variable interest entities and are not consolidated. Investments in entities the Company does not control, but where the Company’s interest is generally between 20% and 50% and the Company has the ability to exercise significant influence over the entity are accounted for under the equity method. |
Use of estimates | Use of Estimates - The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated. |
Cash and cash equivalents | Cash and Cash Equivalents - Cash equivalents consist of investments that are readily convertible to cash with an original maturity date of three months or less. Cash and cash equivalents include $50.0 million and $60.7 million , as of December 25, 2016 and December 27, 2015 , respectively, for amounts in transit from credit card companies since settlement is reasonably assured. |
Concentration of credit risk | Concentrations of Credit and Counterparty Risk - Financial instruments that potentially subject the Company to a concentration of credit risk are vendor and other receivables. Vendor and other receivables consist primarily of amounts due from vendor rebates and gift card resellers, respectively. The Company considers the concentration of credit risk for vendor and other receivables to be minimal due to the payment histories and general financial condition of its vendors and gift card resellers. |
Concentration of counterparty risk | Financial instruments that potentially subject the Company to concentrations of counterparty risk are cash and cash equivalents, restricted cash and derivatives. The Company attempts to limit its counterparty risk by investing in certificates of deposit, money market funds, noninterest-bearing accounts and other highly rated investments. Whenever possible, the Company selects investment grade counterparties and rated money market funds in order mitigate its counterparty risk. At times, cash balances may be in excess of FDIC insurance limits. See Note 15 - Derivative Instruments and Hedging Activities for a discussion of the Company’s use of derivative instruments and management of credit risk inherent in derivative instruments. |
Fair value | Fair Value - Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input: Level 1 Unadjusted quoted market prices in active markets for identical assets or liabilities Level 2 Observable inputs available at measurement date other than quoted prices included in Level 1 Level 3 Unobservable inputs that cannot be corroborated by observable market data |
Inventories | Inventories - Inventories consist of food and beverages and are stated at the lower of cost (first-in, first-out) or market. |
Restricted cash | Restricted Cash - The Company has both current and long-term restricted cash balances consisting of amounts: (i) pledged for payment of the PRP Mortgage loan, (ii) pledged for settlement of deferred compensation plan obligations and (iii) held in escrow for certain indemnifications associated with the sale of Roy’s. |
Property, fixtures and equipment | Property, Fixtures and Equipment - Property, fixtures and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful life of the assets. Improvements to leased properties are depreciated over the shorter of their useful life or the lease term, which includes renewal periods that are reasonably assured. Estimated useful lives by major asset category are generally as follows: Buildings and building improvements 20 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Leasehold improvements 5 to 20 years Capitalized software 3 to 7 years Repair and maintenance costs that maintain the appearance and functionality of the restaurant, but do not extend the useful life of any restaurant asset are expensed as incurred. The Company suspends depreciation and amortization for assets held for sale. The cost and related accumulated depreciation of assets sold or disposed are removed from the Company’s Consolidated Balance Sheets, and any resulting gain or loss is generally recognized in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . The Company capitalizes direct and indirect internal costs associated with the acquisition, development, design and construction of Company-owned restaurant locations as these costs have a future benefit to the Company. Upon restaurant opening, these costs are depreciated and charged to depreciation and amortization expense. Internal costs of $7.6 million , $8.0 million and $8.7 million were capitalized during fiscal years 2016 , 2015 and 2014 , respectively. For fiscal years 2016 and 2015 , software development costs of $7.1 million and $4.8 million , respectively, were capitalized. As of December 25, 2016 and December 27, 2015 , there was $24.4 million and $27.9 million , respectively, of unamortized software included in Property, fixtures and equipment in the Company’s Consolidated Balance Sheets . |
Goodwill and intangible assets | Goodwill and Intangible Assets - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. The Company’s indefinite-lived intangible assets consist of trade names. Goodwill and indefinite-lived intangible assets are tested for impairment annually, as of the first day of the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the fair value of the reporting unit is calculated. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of potential impairment, in which case a second step is performed comparing the recorded amount of goodwill or indefinite-lived intangible assets to the implied fair value. Definite-lived intangible assets, which consist primarily of trademarks, franchise agreements, reacquired franchise rights, favorable leases, and other long-lived assets, are amortized over their estimated useful lives and are tested for impairment, using the discounted cash flow method, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. |
Derivatives | Derivatives - The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. If the derivative qualifies for hedge accounting treatment, then the effective portion of the gain or loss on the derivative instrument is recognized in equity as a change to Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the gain or loss on the derivative instrument is immediately recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income . The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, foreign currency exchange rate movements and other identified risks. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreement. |
Deferred financing fees | Deferred Financing Fees - For fees associated with its revolving credit facility, the Company records deferred financing fees related to the issuance of debt obligations in Other assets, net. For fees associated with all other debt obligations, the Company records deferred financing fees in Long-term debt, net. The Company amortizes deferred financing fees to interest expense over the term of the respective financing arrangement, primarily using the effective interest method. The Company amortized deferred financing fees of $7.1 million , $2.9 million and $3.1 million to interest expense for fiscal years 2016 , 2015 and 2014 , respectively. |
Liquor licenses | Liquor Licenses - The costs of obtaining non-transferable liquor licenses directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and included in Other assets, net. Annual liquor license renewal fees are expensed over the renewal term. |
Insurance reserves | Insurance Reserves - The Company carries insurance programs with specific retention levels or high per-claim deductibles for a significant portion of expected losses under its workers’ compensation, general liability/liquor liability, health, property and management liability insurance programs. The Company records a liability for all unresolved claims and for an estimate of incurred but not reported claims at the anticipated cost that falls below its specified retention levels or per-claim deductible amounts. In establishing reserves, the Company considers certain actuarial assumptions and judgments regarding economic conditions, the frequency and severity of claims, claim development history and settlement practices. Reserves recorded for workers’ compensation and general liability claims are discounted using the average of the one -year and five -year risk free rate of monetary assets that have comparable maturities. |
Redeemable noncontrolling interests | Redeemable Noncontrolling Interests - The Company consolidates its Outback Steakhouse subsidiary in China, which has a noncontrolling interest that is permitted to deliver subsidiary shares in exchange for cash at a future date. The Company believes that it is probable that the noncontrolling interest will become redeemable. The Redeemable noncontrolling interest is reported at its estimated redemption value measured as the greater of estimated fair value at the end of each reporting period or the historical cost basis of the redeemable noncontrolling interest adjusted for cumulative earnings or loss allocations. The resulting increases or decreases to fair value, if applicable, are recognized as adjustments to Retained earnings, or in the absence of Retained earnings, Additional paid-in capital. The redeemable noncontrolling interest is classified in Mezzanine equity in the Company’s Consolidated Balance Sheets. |
Share repurchase | Share Repurchase - Shares repurchased are retired. The par value of the repurchased shares is deducted from common stock and the excess of the purchase price over the par value of the shares is recorded to Accumulated deficit. |
Revenue recognition | Revenue Recognition - The Company records food and beverage revenues, net of discounts, upon sale. Initial and developmental franchise fees are recognized as income once the Company has substantially performed all of its material obligations under the franchise agreement, which is generally upon the opening of the franchised restaurant. Continuing royalties, which are a percentage of net sales of the franchisee, are recognized as income when earned. Franchise-related revenues are included in Other revenues in the Company’s Consolidated Statements of Operations and Comprehensive Income , except for amounts received for national marketing, which are recorded as a reduction of Other restaurant operating expenses. The Company defers revenue for gift cards, which do not have expiration dates, until redemption by the customer. Gift cards sold at a discount are recorded as revenue upon redemption of the associated gift cards at an amount net of the related discount. The Company also recognizes gift card breakage revenue for gift cards when the likelihood of redemption by the customer is remote, which the Company determined are those gift cards issued on or before three years prior to the balance sheet date. The Company recorded breakage revenue of $26.0 million , $22.9 million and $18.8 million for fiscal years 2016 , 2015 and 2014 , respectively. Breakage revenue is recorded as a component of Restaurant sales in the Company’s Consolidated Statements of Operations and Comprehensive Income . Gift card sales commissions paid to third-party providers are initially capitalized and subsequently recognized as Other restaurant operating expenses upon redemption of the associated gift card. Deferred expenses of $15.6 million and $16.1 million as of December 25, 2016 and December 27, 2015 , respectively, were reflected in Other current assets, net in the Company’s Consolidated Balance Sheets. Gift card sales that are accompanied by a bonus gift card to be used by the customer at a future visit result in a separate deferral of a portion of the original gift card sale. Revenue is recorded when the bonus card is redeemed at the estimated fair market value of the bonus card. The Company maintains a customer loyalty program, Dine Rewards, in the U.S., where customers have the ability to earn a reward after a number of qualified visits. The Company has developed an estimated value of the partial reward earned from each qualified visit based on historical data. The estimated value of the partial reward is recorded as deferred revenue. Each reward has a maximum value and must be redeemed within three months of earning such reward. The revenue associated with the fair value of the qualified visit is recognized upon the earlier of redemption or expiration of the reward. Deferred revenue related to the loyalty program was $4.2 million and $0.8 million as of December 25, 2016 and December 27, 2015 , respectively. The Company collects and remits sales, food and beverage, alcoholic beverage and hospitality taxes on transactions with customers and reports revenue net of taxes in its Consolidated Statements of Operations and Comprehensive Income . |
Operating leases | Operating Leases - Rent expense for the Company’s operating leases, which generally have escalating rentals over the term of the lease and may include rent holidays, is recorded on a straight-line basis over the initial lease term and those renewal periods that are reasonably assured. The difference between rent expense and rent paid is recorded as deferred rent and is included in the Company’s Consolidated Balance Sheets. Payments received from landlords as incentives for leasehold improvements are recorded as deferred rent and are amortized on a straight-line basis over the term of the lease as a reduction of rent expense. Favorable and unfavorable lease assets and liabilities are amortized on a straight-line basis to rent expense over the remaining lease term. |
Pre-opening expenses | Pre-Opening Expenses - Non-capital expenditures associated with opening new restaurants are expensed as incurred and are included in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Consideration received from vendors | Consideration Received from Vendors - The Company receives consideration for a variety of vendor-sponsored programs, such as volume rebates, promotions and advertising allowances. Advertising allowances are intended to offset the Company’s costs of promoting and selling menu items in its restaurants. Vendor consideration is recorded as a reduction of Cost of sales or Other restaurant operating expenses when recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Impairment of long-lived assets and costs associated with exit activities | Impairment of Long-Lived Assets and Costs Associated with Exit Activities - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. For long-lived assets deployed at its restaurants, the Company reviews for impairment at the individual restaurant level. When evaluating for impairment, the total future undiscounted cash flows expected to be generated by the asset are compared to the carrying amount. If the total future undiscounted cash flows of the asset are less than its carrying amount, recoverability is measured by comparing the fair value of the assets to the carrying amount. An impairment loss is recognized in earnings when the asset’s carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. Generally, restaurant closure costs, including lease termination fees, are expensed as incurred. When the Company ceases using the property rights under a non-cancelable operating lease, it records a liability for the net present value of any remaining lease obligations as a result of lease termination, less the estimated sublease income that can reasonably be obtained for the property. Any subsequent adjustments to that liability as a result of lease termination or changes in estimates of sublease income are recorded in the period incurred. The associated expense is recorded in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income . Restaurant sites and certain other assets to be sold are included in assets held for sale when certain criteria are met, including the requirement that the likelihood of selling the assets within one year is probable. |
Advertising costs | Advertising Costs - Advertising production costs are expensed in the period when the advertising first occurs. All other advertising costs are expensed in the period in which the costs are incurred. Advertising expense of $160.8 million , $161.6 million and $191.1 million for fiscal years 2016 , 2015 and 2014 , respectively, was recorded in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Legal costs | Legal Costs - Settlement costs are accrued when they are deemed probable and reasonably estimable. Legal fees are recognized as incurred and are reported in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Research and development expenses | Research and Development Expenses (“R&D”) - R&D is expensed as incurred in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . R&D primarily consists of payroll and benefit costs. R&D was $5.2 million , $6.5 million and $5.8 million for fiscal years 2016 , 2015 and 2014 , respectively. |
Partner compensation | Partner Compensation - In additional to salary, the Restaurant Managing Partner of each Company-owned U.S. restaurant and the Chef Partner of each Fleming’s Prime Steakhouse & Wine Bar, as well as Area Operating Partners, generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their associated restaurants’ monthly operating results or distributable cash flows (“Monthly Payments”). The expense associated with the Monthly Payments for Restaurant Managing Partners and Chef Partners is included in Labor and other related expenses, and the expense associated with the Monthly Payments for Area Operating Partners is included in General and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . Restaurant Managing Partners and Chef Partners in the U.S. that are eligible to participate in a deferred compensation program receive an unsecured promise of a cash contribution to their account (see Note 5 - Stock-based and Deferred Compensation Plans ). Also, on the fifth anniversary of the opening of each new U.S. Company-owned restaurant, the Area Operating Partner supervising the restaurant during the first five years of operation receives an additional performance-based bonus. The Company estimates future bonuses and deferred compensation obligations to Restaurant Managing, Chef Partners and Area Operating Partners, using current and historical information on restaurant performance and records the long-term portion of partner obligations in Other long-term liabilities, net in its Consolidated Balance Sheets. Deferred compensation expenses for Restaurant Managing and Chef partners are included in Labor and other related expenses and bonus expense for Area Operating Partners is included in General and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Stock-based compensation | Stock-based Compensation - Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. Stock-based compensation expense is recognized only for those awards expected to vest. The expense, net of forfeitures, is recognized using the straight-line method. |
Foreign currency translation and transactions | Foreign Currency Translation and Transactions - For non-U.S. operations, the functional currency is the local currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date with the translation adjustments recorded in Accumulated other comprehensive loss in the Company’s Consolidated Statements of Changes in Stockholders’ Equity. Results of operations are translated using the average exchange rates for the reporting period. The Company recorded foreign currency exchange transaction losses of $1.3 million , $1.2 million and $0.7 million for fiscal years 2016 , 2015 and 2014 , respectively. Foreign currency exchange transaction losses are recorded in General and administrative in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Income taxes | Income Taxes - Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. A valuation allowance may reduce deferred income tax assets to the amount that is more likely than not to be realized. The Company records a tax benefit for an uncertain tax position using the highest cumulative tax benefit that is more likely than not to be realized. The Company adjusts its liability for unrecognized tax benefits in the period in which it determines the issue is effectively settled, the statute of limitations expires or when more information becomes available. Liabilities for unrecognized tax benefits, including penalties and interest, are recorded in Accrued and other current liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets. |
Recently adopted financial accounting standards | Recently Adopted Financial Accounting Standards - In August 2014, the Financial Accounting Standards Board (“the FASB”) issued Accounting Standards Update (“ASU”) 2014-15: “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU No. 2014-15”). ASU No. 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The adoption of ASU No. 2014-15 on December 25, 2016 did not have an impact on the Company’s financial position, results of operations or cash flows. Recently Issued Financial Accounting Standards Not Yet Adopted - 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. 2017-14, 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 January 2017, the FASB issued ASU No. 2017-01, “Business Combinations - Clarifying the Definition of a Business,” (“ASU No. 2017-01”). ASU No. 2017-01 clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects various areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU No. 2017-01 is effective for the Company in fiscal year 2018 and is not expected to have an impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued 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 should now be included with cash and cash equivalents when reconciling the beginning and ending cash amounts shown on the Statements of Cash Flows. ASU No. 2016-18 will be effective for the Company in fiscal year 2018, with early adoption permitted. Other than the change in presentation of restricted cash within the Statement of Cash Flows, the adoption of ASU No. 2016-18 is not expected to have an impact on the Company’s 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 effect ive for the Company in fiscal year 2018 , and early adoption is permitted. The Company does not expect ASU No. 2016-15 to have a material impact on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09: “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09”). ASU No. 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU No. 2016-09 will be effective for the Company in fiscal year 2017. Currently, the Company recognizes excess tax benefits for stock compensation in the Statement of Stockholder’s Equity when the benefits are realized (on a with and without basis). Upon adoption of ASU No. 2016-09, excess tax benefits related to stock compensation will be recorded through the Statement of Operations and Comprehensive Income. Excess tax benefits of approximately $14.0 million to $15.0 million will be recorded as a cumulative effect adjustment to equity in fiscal year 2017. The impact of adopting ASU No. 2016-09 will depend on the difference between the market price of the Company’s stock between the grant dates and subsequent vesting dates of share-based awards, and this impact could be positive or negative depending on how the Company’s stock price fluctuates. In February 2016, the FASB issued ASU No. 2016-02: “Leases (Topic 842)” (“ASU No. 2016-02”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU No. 2016-02 is effective for the Company in fiscal year 2019 and must be adopted using a modified retrospective approach. The Company is currently evaluating the impact the adoption of ASU No. 2016-02 will have on its Consolidated Financial Statements. In May 2014, the FASB issued ASU No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. ASU No. 2014-09, as amended, will be effective for the Company in fiscal year 2018 and is applied retrospectively to each period presented or as a cumulative effect adjustment at the date of adoption. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to accounting for breakage and advertising fees charged to franchisees. Under the new standard, the Company expects to recognize 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 Other 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 Consolidated Financial Statements. Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact to the Company. |
Reclassifications | 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. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Accounting Policies [Abstract] | |
Fair value measurements, recurring and nonrecurring, valuation techniques | Fair value is categorized into one of the following three levels based on the lowest level of significant input: Level 1 Unadjusted quoted market prices in active markets for identical assets or liabilities Level 2 Observable inputs available at measurement date other than quoted prices included in Level 1 Level 3 Unobservable inputs that cannot be corroborated by observable market data |
Property, fixtures and equipment, useful lives | Estimated useful lives by major asset category are generally as follows: Buildings and building improvements 20 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Leasehold improvements 5 to 20 years Capitalized software 3 to 7 years Property, fixtures and equipment, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Land $ 114,375 $ 256,906 Buildings and building improvements 726,418 1,043,699 Furniture and fixtures 383,758 392,849 Equipment 550,598 543,842 Leasehold improvements 492,465 492,628 Construction in progress 47,332 23,842 Less: accumulated depreciation (1,077,798 ) (1,159,306 ) $ 1,237,148 $ 1,594,460 |
Schedule of error corrections and prior period adjustments | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments (“CTA”) to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. Management evaluated the materiality of the errors from a qualitative and quantitative perspective and concluded that the errors were immaterial to the current and prior periods. As a result, the Company recorded the cumulative adjustment in its Consolidated Statement of Stockholders’ Equity and Consolidated Statement of Operations and Comprehensive Income for fiscal year 2015: FINANCIAL STATMENT LINE ITEM IMPACT IMPACT BY PERIOD CUMULATIVE ADJUSTMENT FISCAL YEAR (dollars in thousands) 2013 2014 2015 Mezzanine equity: Allocation of CTA to redeemable noncontrolling interests Redeemable noncontrolling interests $ (1,762 ) $ (2,677 ) $ (4,793 ) $ (9,232 ) Adjustment for the change in the redemption value of redeemable interests Redeemable noncontrolling interests 1,715 1,824 5,132 8,671 Net impact to Mezzanine equity $ (47 ) $ (853 ) $ 339 $ (561 ) Bloomin’ Brands stockholders’ equity: Allocation of CTA to redeemable noncontrolling interests Accumulated other comprehensive loss $ 1,762 $ 2,677 $ 4,793 $ 9,232 Adjustment for the change in the redemption value of redeemable interests Additional paid-in capital (1,715 ) (1,824 ) (5,132 ) (8,671 ) Net impact to Bloomin’ Brands stockholders’ equity $ 47 $ 853 $ (339 ) $ 561 Other comprehensive income (loss): Allocation of CTA to redeemable noncontrolling interests Comprehensive income attributable to Bloomin’ Brands $ 1,762 $ 2,677 $ 4,793 $ 9,232 Allocation of CTA to redeemable noncontrolling interests Comprehensive (loss) income attributable to noncontrolling interests (1,762 ) (2,677 ) (4,793 ) (9,232 ) Net impact to Other comprehensive income $ — $ — $ — $ — |
Impairments, Disposals and Ex30
Impairments, Disposals and Exit Costs (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Impairment losses U.S. $ 57,464 $ 27,408 $ 13,822 International 41,599 — 12,690 Corporate — 746 10,559 Total impairment losses $ 99,063 $ 28,154 $ 37,071 Restaurant closure expenses U.S. $ 5,596 $ 2,460 $ 7,334 International (32 ) 6,053 7,676 Total restaurant closure expenses $ 5,564 $ 8,513 $ 15,010 Provision for impaired assets and restaurant closings $ 104,627 $ 36,667 $ 52,081 |
Schedule of restructuring reserve by type of cost, facility closure and other costs | The following table summarizes the Company’s accrual activity related to facility closure and other costs during fiscal years 2016 and 2015 : (dollars in thousands) 2016 2015 Beginning of the year $ 5,699 $ 11,000 Charges 6,845 10,358 Cash payments (4,706 ) (13,814 ) Adjustments (1,281 ) (1,845 ) End of the year (1) $ 6,557 $ 5,699 ________________ (1) The Company had exit-related accruals of $2.6 million and $2.0 million , recorded in Accrued and other current liabilities and $4.0 million and $3.7 million , recorded in Other long-term liabilities, net, as of December 25, 2016 and December 27, 2015 , respectively. |
Outback South Korea [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Condensed income statement, divestitures | Following are the components of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income for the following periods: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Restaurant sales $ 90,455 $ 171,649 $ 238,802 (Loss) income before income taxes (1) $ (32,348 ) $ 3,284 $ (12,955 ) ________________ (1) Includes impairment charges of $39.6 million for Assets held for sale and a gain of $2.1 million on the sale of Outback Steakhouse South Korea for fiscal year 2016 . |
Roy's divestiture [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Condensed income statement, divestitures | Following are the components of Roy’s included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the following periods: FISCAL YEAR (dollars in thousands) 2015 2014 Restaurant sales $ 5,729 $ 68,575 Loss before income taxes (1)(2) $ (831 ) $ (13,612 ) ________________ (1) Loss before income taxes includes loss on sale of $0.9 million in fiscal year 2015. (2) Loss before income taxes includes impairment charges of $13.4 million in fiscal year 2014, which was recorded within the U.S. segment. |
Restructuring and Restaurant Closure Initiatives [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Impairments and disposals, restructuring and restaurant closure initiatives | Following is a summary of expenses, related to the 2017 Closure Initiative, Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives (“Closure Initiatives”), recognized in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Impairment, facility closure and other expenses 2017 Closure Initiative (1) $ 46,500 $ — $ — Bonefish Restructuring 4,859 24,204 — International Restaurant Closure Initiative (2) — 6,041 19,738 Domestic Restaurant Closure Initiative (3) — 1,602 5,972 Provision for impaired assets and restaurant closings $ 51,359 $ 31,847 $ 25,710 Severance and other expenses Bonefish Restructuring $ 601 $ 143 $ — International Restaurant Closure Initiative (2) — 1,715 3,007 Domestic Restaurant Closure Initiative (3) — — 1,035 General and administrative $ 601 $ 1,858 $ 4,042 Reversal of deferred rent liability 2017 Closure Initiative (1) $ (3,271 ) $ — $ — Bonefish Restructuring (3,410 ) — — International Restaurant Closure Initiative (2) — (198 ) (833 ) Domestic Restaurant Closure Initiative (3) — — (2,078 ) Other restaurant operating $ (6,681 ) $ (198 ) $ (2,911 ) $ 45,279 $ 33,507 $ 26,841 ________________ (1) Includes pre-tax asset impairments of $45.6 million within the U.S. segment and $0.9 million within the International segment. (2) During 2014, the Company decided to close 36 underperforming international locations, primarily in South Korea (the “International Restaurant Closure Initiative”). (3) During 2013, the Company decided to close 22 underperforming domestic locations (the “Domestic Restaurant Closure Initiative”). |
Restructuring and related costs | Following is a summary of cumulative expenses related to the Closure Initiatives incurred through December 25, 2016 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLOSURE INITIATIVES AND RESTRUCTURING 2017 BONEFISH INTERNATIONAL DOMESTIC TOTAL Impairments, facility closure and other expenses Provision for impaired assets and restaurant closings $ 46,500 $ 29,063 $ 25,779 $ 26,269 $ 127,611 Severance and other expenses General and administrative — 744 4,722 1,035 6,501 Reversal of deferred rent liability Other restaurant operating (3,271 ) (3,410 ) (1,031 ) (2,078 ) (9,790 ) $ 43,229 $ 26,397 $ 29,470 $ 25,226 $ 124,322 |
Bonefish Restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related costs | Following is a summary of estimated pre-tax expense by type: Estimated future expense (dollars in millions) 2017 CLOSURE INITIATIVE BONEFISH GRILL RESTRUCTURING Lease related liabilities, net of subleases $ 17.0 to $ 19.0 $ 2.2 to $ 5.2 Employee severance and other obligations $ 2.5 to $ 4.5 $ 0.3 to $ 1.0 Total estimated future expense $ 19.5 to $ 23.5 $ 2.5 to $ 6.2 Total estimated future cash expenditures (dollars in millions) $ 31.5 $ 37.0 $ 10.1 to $ 12.5 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table presents the computation of basic and diluted earnings per share: FISCAL YEAR (in thousands, except per share amounts) 2016 2015 2014 Net income attributable to Bloomin’ Brands $ 41,748 $ 127,327 $ 91,090 Basic weighted average common shares outstanding 111,381 122,352 125,139 Effect of diluted securities: Stock options 2,659 2,992 3,079 Nonvested restricted stock and restricted stock units 260 216 91 Nonvested performance-based share units 11 25 8 Diluted weighted average common shares outstanding 114,311 125,585 128,317 Basic earnings per share $ 0.37 $ 1.04 $ 0.73 Diluted earnings per share $ 0.37 $ 1.01 $ 0.71 |
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: FISCAL YEAR (shares in thousands) 2016 2015 2014 Stock options 5,151 2,670 3,090 Nonvested restricted stock and restricted stock units 219 27 206 Nonvested performance-based share units 92 — — |
Stock-based and Deferred Comp32
Stock-based and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract] | |
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by award type | The Company recognized stock-based compensation expense as follows: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Stock options $ 11,926 $ 10,041 $ 11,946 Restricted stock and restricted stock units 9,275 6,758 3,857 Performance-based share units 1,393 3,596 1,190 $ 22,594 $ 20,395 $ 16,993 |
Schedule of share-based compensation, stock options, activity | The following table presents a summary of the Company’s stock option activity for fiscal year 2016 : (in thousands, except exercise price and contractual life) OPTIONS WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 27, 2015 9,718 $ 12.99 5.6 $ 59,427 Granted 3,164 17.58 Exercised (1,090 ) 8.26 Forfeited or expired (808 ) 20.32 Outstanding as of December 25, 2016 10,984 $ 14.24 5.8 $ 58,231 Vested and expected to vest as of December 25, 2016 10,908 $ 14.20 5.8 $ 58,176 Exercisable as of December 25, 2016 6,640 $ 10.77 3.9 $ 55,659 |
Schedule of assumptions used to calculate fair value of options | Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows for the periods indicated: FISCAL YEAR 2016 2015 2014 Assumptions: Weighted-average risk-free interest rate (1) 1.32 % 1.64 % 1.82 % Dividend yield (2) 1.59 % 1.00 % — % Expected term (3) 6.1 years 6.3 years 6.3 years Weighted-average volatility (4) 35.2 % 43.4 % 48.4 % Weighted-average grant date fair value per option $ 5.28 $ 10.11 $ 11.37 ________________ (1) Risk-free 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 and the stock of comparable peer companies. |
Schedule of stock-based compensation information, stock options | The following represents stock option compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Intrinsic value of options exercised $ 10,792 $ 11,843 $ 19,474 Excess tax benefits for tax deductions related to the exercise of stock options $ 2,146 $ 702 $ 2,405 Cash received from option exercises, net of tax withholding $ 8,998 $ 7,440 $ 9,540 Fair value of stock options vested $ 19,431 $ 26,643 $ 36,614 Tax benefits for stock option compensation expense $ 4,177 $ 4,594 $ 7,576 Unrecognized stock option expense $ 20,684 Remaining weighted-average vesting period 2.3 years |
Schedule of stock-based compensation, restricted stock and restricted stock units, activity | Following is a summary of the Company’s restricted stock and restricted stock unit activity for fiscal year 2016 : (shares in thousands) NUMBER OF RESTRICTED STOCK & RESTRICTED STOCK UNIT AWARDS WEIGHTED-AVERAGE Outstanding as of December 27, 2015 1,145 $ 21.48 Granted 1,058 16.38 Vested (370 ) 20.98 Forfeited (239 ) 19.18 Outstanding as of December 25, 2016 1,594 $ 18.55 |
Schedule of stock-based compensation information, restricted stock and restricted stock units | The following represents restricted stock and restricted stock unit compensation information as of December 25, 2016 : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Fair value of restricted stock vested $ 7,752 $ 5,339 $ 2,680 Tax benefits for restricted stock compensation expense $ 2,513 $ 2,303 $ 1,298 Unrecognized restricted stock expense $ 21,870 Remaining weighted-average vesting period 2.7 years |
Schedule of other share-based compensation, activity | As of December 25, 2016 , the following PSU programs were in progress: TARGET NO. OF PSUs REMAINING TO GRANT (1) (shares in thousands) MAXIMUM PAYOUT (AS A % OF TARGET NO. OF PSUs) (2) AWARD DATE PROGRAM 2/27/2014 2014 Program 40 200 % 2/26/2015 2015 Program 98 200 % 10/1/2015 2015 International Program 19 100 % 157 ________________ (1) Represents target PSUs awarded under each of the identified programs that have not been granted for accounting purposes. The PSUs issued 2015 and prior do not result in the recognition of stock-based compensation expense until the performance target has been set by the Board as of the beginning of each fiscal year. There is no effect of these PSUs on the Company’s basic or diluted shares outstanding. (2) Assumes achievement of target threshold of the Adjusted EPS goal for the Company for the 2014 Program and 2015 Program. |
Schedule of nonvested performance-based units, activity | The following table presents a summary of the Company’s PSU activity for fiscal year 2016 : (shares in thousands) PERFORMANCE-BASED SHARE UNITS WEIGHTED-AVERAGE Outstanding as of December 27, 2015 166 $ 24.11 Granted (1) 352 16.17 Vested (145 ) 25.05 Forfeited (61 ) 19.48 Outstanding as of December 25, 2016 312 $ 16.26 ________________ (1) Share unit amounts include the number of PSUs at the target threshold in the current period grant and additional shares earned above target due to exceeding prior period performance criteria. |
Schedule of employee service share-based compensation, allocation of recognized period costs | The following represents PSU compensation information as of December 25, 2016 : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Tax benefits for PSU compensation expense $ 910 $ 636 $ 26 Unrecognized PSU expense $ 2,668 Remaining weighted-average vesting period 1.5 years |
Other Current Assets, Net (Tabl
Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Other Assets [Abstract] | |
Schedule of other current assets, net | Other current assets, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Prepaid expenses $ 35,298 $ 30,373 Accounts receivable - gift cards, net 102,664 115,926 Accounts receivable - vendors, net 10,107 10,310 Accounts receivable - franchisees, net 1,677 1,149 Accounts receivable - other, net 20,497 21,158 Assets held for sale 1,331 784 Other current assets, net 18,652 19,131 $ 190,226 $ 198,831 |
Property, Fixtures and Equipm34
Property, Fixtures and Equipment, Net (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, fixtures and equipment, net | Estimated useful lives by major asset category are generally as follows: Buildings and building improvements 20 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Leasehold improvements 5 to 20 years Capitalized software 3 to 7 years Property, fixtures and equipment, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Land $ 114,375 $ 256,906 Buildings and building improvements 726,418 1,043,699 Furniture and fixtures 383,758 392,849 Equipment 550,598 543,842 Leasehold improvements 492,465 492,628 Construction in progress 47,332 23,842 Less: accumulated depreciation (1,077,798 ) (1,159,306 ) $ 1,237,148 $ 1,594,460 |
Schedule of other operating cost and expense, depreciation and repairs and maintenance expense | Depreciation and repair and maintenance expense is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Depreciation expense $ 183,049 $ 178,855 $ 177,504 Repair and maintenance expense 108,940 107,960 108,392 |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Goodwill [Line Items] | |
Goodwill rollforward | The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 28, 2014 $ 172,711 $ 168,829 $ 341,540 Translation adjustments — (40,679 ) (40,679 ) Balance as of December 27, 2015 $ 172,711 $ 128,150 $ 300,861 Translation adjustments — 11,382 11,382 Divestiture of Outback Steakhouse South Korea — (1,901 ) (1,901 ) Transfer to Assets held for sale (287 ) — (287 ) Balance as of December 25, 2016 $ 172,424 $ 137,631 $ 310,055 |
Finite-lived intangible assets amortization expense | The following table presents the aggregate expense related to the amortization of the Company’s trademarks, favorable leases, franchise agreements, reacquired franchise rights and other intangibles: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Amortization expense (1) $ 15,666 $ 16,852 $ 19,807 ________________ (1) Amortization expense is recorded in Depreciation and amortization and Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Schedule of finite-lived intangible assets, future amortization expense | The following table presents expected annual amortization of intangible assets as of December 25, 2016 : (dollars in thousands) 2017 $ 13,581 2018 13,095 2019 12,763 2020 11,349 2021 10,110 |
Goodwill [Member] | |
Goodwill [Line Items] | |
Schedule of goodwill and intangible assets | The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated: DECEMBER 25, 2016 DECEMBER 27, 2015 DECEMBER 28, 2014 (dollars in thousands) GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS U.S. $ 840,594 $ (668,170 ) $ 840,881 $ (668,170 ) $ 840,881 $ (668,170 ) International 254,097 (116,466 ) 244,616 (116,466 ) 285,295 (116,466 ) Total goodwill $ 1,094,691 $ (784,636 ) $ 1,085,497 $ (784,636 ) $ 1,126,176 $ (784,636 ) |
Intangible assets, net [Member] | |
Goodwill [Line Items] | |
Schedule of goodwill and intangible assets | Intangible assets, net, consisted of the following as of December 25, 2016 and December 27, 2015 : WEIGHTED AVERAGE AMORTIZATION PERIOD DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE Trade names Indefinite $ 414,041 $ 414,041 $ 414,000 $ 414,000 Trademarks 12 81,381 $ (36,400 ) 44,981 82,131 $ (32,662 ) 49,469 Favorable leases 10 73,665 (41,258 ) 32,407 80,909 (42,882 ) 38,027 Franchise agreements 4 14,881 (10,922 ) 3,959 14,881 (9,777 ) 5,104 Reacquired franchise rights 11 53,045 (13,091 ) 39,954 46,447 (7,745 ) 38,702 Other intangibles 3 9,099 (8,918 ) 181 9,099 (7,564 ) 1,535 Total intangible assets (1) 10 $ 646,112 $ (110,589 ) $ 535,523 $ 647,467 $ (100,630 ) $ 546,837 ________________ (1) The Company recorded $0.6 million of intangible asset impairment charges during fiscal year 2016, within the International segment. |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Other Assets [Abstract] | |
Schedule of other assets, noncurrent | Other assets, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Company-owned life insurance $ 74,629 $ 68,950 Deferred financing fees (1) 2,632 3,730 Liquor licenses 27,515 27,869 Other assets 24,370 47,322 $ 129,146 $ 147,871 ________________ (1) Net of accumulated amortization of $3.3 million and $2.2 million as of December 25, 2016 and December 27, 2015 , respectively. |
Accrued and Other Current Lia37
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Accrued payroll and other compensation $ 81,981 $ 95,994 Accrued insurance 23,533 20,824 Other current liabilities 98,901 89,793 $ 204,415 $ 206,611 |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt: DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 258,750 2.63 % $ 277,500 2.26 % Term loan A-1 140,625 2.70 % 150,000 2.34 % Revolving credit facility (1) (2) 622,000 2.67 % 432,000 2.29 % Total Senior Secured Credit Facility 1,021,375 859,500 PRP Mortgage Loan (2) 47,202 3.21 % — — % 2012 CMBS loan: First mortgage loan (1) — — % 289,588 4.13 % First mezzanine loan — — % 84,028 9.00 % Second mezzanine loan — — % 85,353 11.25 % Total 2012 CMBS loan — 458,969 Financing obligations 19,595 7.45% to 7.60% 1,361 7.60 % Capital lease obligations 2,364 2,632 Other notes payable 1,776 0.00% to 7.00% 931 0.73% to 7.00% Less: unamortized debt discount and issuance costs (2,827 ) (6,529 ) Total debt, net 1,089,485 1,316,864 Less: current portion of long-term debt, net (35,079 ) (31,853 ) Long-term debt, net $ 1,054,406 $ 1,285,011 ________________ (1) Represents the weighted-average interest rate for the respective period. (2) Subsequent to December 25, 2016 , the Company made payments of $19.2 million on its PRP Mortgage Loan. |
Schedule of interest rate options, senior secured credit facility | The interest rates are as follows: BASE RATE ELECTION EUROCURRENCY RATE ELECTION Term loan A, Term loan A-1 and revolving credit facility 75 to 125 basis points over Base Rate 175 to 225 basis points over the Eurocurrency Rate |
Schedule of extinguishment and modification of debt | Following is a summary of loss on defeasance, extinguishment and modification of debt recorded in the Company’s Consolidated Statements of Operations and Comprehensive Income : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Defeasance of 2012 CMBS Loan (1) $ 26,580 $ — $ — Modification of PRP Mortgage Loan (2) 418 — — Refinancing of Senior Secured Credit Facility (3) — 2,956 11,092 Loss on defeasance, extinguishment and modification of debt $ 26,998 $ 2,956 $ 11,092 ________________ (1) The loss was comprised of a penalty of $23.2 million , write-offs of $1.7 million and $1.1 million of deferred financing fees and unamortized debt discount, respectively, and third-party financing costs of $0.6 million . (2) The loss was comprised of third-party financing costs. (3) Losses were comprised of write-offs of $1.4 million and $5.5 million of deferred financing fees and $1.2 million and $4.9 million of unamortized debt discount for fiscal years 2015 and 2014, respectively. Losses also included third-party financing costs of $0.3 million in fiscal year 2015 and a prepayment penalty of $0.7 million in fiscal year 2014. |
Schedule of maturities of long-term debt | Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of December 25, 2016 : (dollars in thousands) DECEMBER 25, Year 1 $ 35,079 Year 2 76,086 Year 3 957,701 Year 4 484 Year 5 483 Thereafter 19,652 Total $ 1,089,485 |
Schedule of required amortization payments for term loans A and A-1 | The following is a summary of required amortization payments for Term loan A and Term loan A-1 (dollars in thousands): SCHEDULED QUARTERLY PAYMENT DATES TERM LOAN A TERM LOAN A-1 March 31, 2017 through June 30, 2018 $ 5,625 $ 2,813 September 30, 2018 through March 31, 2019 $ 7,500 $ 3,750 |
Other Long-term Liabilities, 39
Other Long-term Liabilities, Net (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long-term liabilities, net | Other long-term liabilities, net, consisted of the following: (dollars in thousands) DECEMBER 25, DECEMBER 27, Accrued insurance liability $ 39,260 $ 40,649 Unfavorable leases (1) 41,778 45,375 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 102,768 134,470 Other long-term liabilities 35,224 41,014 $ 219,030 $ 261,508 _______________ (1) Net of accumulated amortization of $32.6 million and $29.8 million as of December 25, 2016 and December 27, 2015 , respectively. |
Redeemable Noncontrolling Int40
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | The following table presents a rollforward of Redeemable noncontrolling interests for fiscal years 2016 and 2015 : FISCAL YEAR (dollars in thousands) 2016 2015 Balance, beginning of period $ 23,526 $ 24,733 Change in redemption value of Redeemable noncontrolling interests 2,024 2,877 Net income attributable to Redeemable noncontrolling interests 977 1,005 Foreign currency translation attributable to Redeemable noncontrolling interests 3,451 (3,944 ) Purchase of Redeemable noncontrolling interests (29,431 ) (584 ) Out-of period adjustment - foreign currency translation attributable to Redeemable noncontrolling interests (1) — (9,232 ) Out-of period adjustment - change in redemption value of Redeemable noncontrolling interests (1) — 8,671 Balance, end of period $ 547 $ 23,526 ________________ (1) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of repurchases of common stock | The following table presents a summary of the Company’s share repurchase programs for 2014 , 2015 and 2016 (dollars in thousands): SHARE REPURCHASE PROGRAM BOARD APPROVAL DATE AUTHORIZED REPURCHASED CANCELED REMAINING 2014 December 12, 2014 $ 100,000 $ 100,000 $ — $ — 2015 August 3, 2015 $ 100,000 $ 69,999 $ 30,001 $ — 2016 February 12, 2016 $ 250,000 $ 139,892 $ 110,108 $ — July 2016 (1) July 26, 2016 $ 300,000 $ 169,995 $ — $ 130,005 ________________ (1) In January 2017, the Company repurchased 1.1 million shares of its common stock for $20.0 million under a Rule 10b5-1 plan. The July 2016 Share Repurchase Program will expire on January 26, 2018 . Following is a summary of the shares repurchased under the Company’s share repurchase programs: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT 2016 2015 2016 2015 2016 2015 First fiscal quarter 4,399 2,759 $ 17.05 $ 25.37 $ 75,000 $ 70,000 Second fiscal quarter 3,376 1,370 $ 19.22 $ 21.90 64,892 30,000 Third fiscal quarter 7,056 2,914 $ 19.13 $ 20.59 135,000 59,999 Fourth fiscal quarter 1,816 602 $ 19.27 $ 16.60 34,995 10,000 Total common stock repurchases 16,647 7,645 $ 18.62 $ 22.24 $ 309,887 $ 169,999 |
Dividends declared and paid | The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS AMOUNT 2016 2015 2016 2015 First fiscal quarter $ 0.07 0.06 $ 8,238 $ 7,423 Second fiscal quarter 0.07 0.06 7,978 7,391 Third fiscal quarter 0.07 0.06 7,765 7,333 Fourth fiscal quarter 0.07 0.06 7,398 7,185 Total cash dividends declared and paid $ 0.28 $ 0.24 $ 31,379 $ 29,332 |
Consolidation, less than wholly owned subsidiary, parent ownership interest, effects of changes, net | The following table sets forth the effect of the acquisition of the limited partnership interests on stockholders’ equity attributable to Bloomin’ Brands for the following periods: NET INCOME ATTRIBUTABLE TO BLOOMIN’ BRANDS AND TRANSFERS TO NONCONTROLLING INTERESTS FISCAL YEAR (dollars in thousands) 2016 2015 2014 Net income attributable to Bloomin’ Brands $ 41,748 $ 127,327 $ 91,090 Transfers to noncontrolling interests: Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests (2,475 ) — (11,662 ) Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests $ 39,273 $ 127,327 $ 79,428 |
Schedule of accumulated other comprehensive loss | Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) DECEMBER 25, 2016 DECEMBER 27, 2015 Foreign currency translation adjustment (1) $ (107,509 ) $ (141,176 ) Unrealized losses on derivatives, net of tax (3,634 ) (6,191 ) Accumulated other comprehensive loss $ (111,143 ) $ (147,367 ) ________________ (1) During the fiscal year 2016, approximately $16.8 million of the foreign currency translation adjustment in Accumulated other comprehensive loss was disposed of in connection with the sale of Outback Steakhouse South Korea. |
Comprehensive income (loss) | Following are the components of Other comprehensive (loss) income during the periods presented: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Bloomin’ Brands: Foreign currency translation adjustment $ 33,667 $ (92,259 ) $ (31,731 ) Out-of period adjustment - foreign currency translation (1) — 9,232 — Total foreign currency translation adjustment $ 33,667 $ (83,027 ) $ (31,731 ) Unrealized loss on derivatives, net of tax (2) $ (1,250 ) $ (6,033 ) $ (2,393 ) Reclassification of adjustment for loss on derivatives included in Net income, net of tax (3) 3,807 2,235 — Total unrealized gain (loss) on derivatives, net of tax $ 2,557 $ (3,798 ) $ (2,393 ) Other comprehensive income (loss) attributable to Bloomin’ Brands $ 36,224 $ (86,825 ) $ (34,124 ) Non-controlling interests: Foreign currency translation adjustment $ (43 ) $ 9 $ — Other comprehensive (loss) income attributable to Non-controlling interests $ (43 ) $ 9 $ — Redeemable non-controlling interests: Foreign currency translation adjustment $ 3,451 $ (3,944 ) $ — Out-of period adjustment - foreign currency translation (1) — (9,232 ) — Total foreign currency translation adjustment $ 3,451 $ (13,176 ) $ — Other comprehensive income (loss) attributable to Redeemable non-controlling interests $ 3,451 $ (13,176 ) $ — ________________ (1) In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 2 - Summary of Significant Accounting Policies for further details. (2) Unrealized loss on derivatives is net of tax benefits of ($0.8) million , ($3.9) million and ($1.5) million for fiscal years 2016 , 2015 and 2014 , respectively. (3) Reclassifications of adjustments for losses on derivatives are net of tax benefits of $2.4 million and $1.4 million for fiscal years 2016 and 2015 , respectively. |
Derivative Instruments and He42
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments in statement of financial position, fair value | The following table presents the fair value of the Company’s interest rate swaps as well as their classification on the Company’s Consolidated Balance Sheet: (dollars in thousands) DECEMBER 25, DECEMBER 27, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - liability $ 3,968 $ 5,142 Accrued and other current liabilities Interest rate swaps - liability 1,999 5,007 Other long-term liabilities, net Total fair value of derivative instruments (1) $ 5,967 $ 10,149 Accrued interest $ 408 $ 556 Accrued and other current liabilities ____________________ (1) See Note 16 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Schedule of derivatives instruments statements of financial performance and financial position, location | The following table summarizes the effects of the interest rate swaps on Net income for the period indicated: FISCAL YEAR (dollars in thousands) 2016 2015 Interest rate swap expense recognized in Interest expense, net (1) $ (6,241 ) $ (3,664 ) Income tax benefit recognized in Provision for income taxes 2,434 1,429 Total effects of the interest rate swaps on Net income $ (3,807 ) $ (2,235 ) ____________________ (1) During fiscal years 2016 and 2015 , the Company did not recognize any gain or loss as a result of hedge ineffectiveness. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of December 25, 2016 and December 27, 2015 : DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 90 $ 90 $ — $ 6,333 $ 6,333 $ — Money market funds 18,607 18,607 — 7,168 7,168 — Restricted cash equivalents: Fixed income funds 552 552 — 551 551 — Money market funds 2,518 2,518 — 2,681 2,681 — Other current assets, net: Derivative instruments - foreign currency forward contracts — — — 59 — 59 Total asset recurring fair value measurements $ 21,767 $ 21,767 $ — $ 16,792 $ 16,733 $ 59 Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 3,968 $ — $ 3,968 $ 5,142 $ — $ 5,142 Derivative instruments - commodities 157 — 157 583 — 583 Derivative instruments - foreign currency forward contracts — — — 703 — 703 Other long-term liabilities: Derivative instruments - interest rate swaps 1,999 — 1,999 5,007 — 5,007 Total liability recurring fair value measurements $ 6,124 $ — $ 6,124 $ 11,435 $ — $ 11,435 |
Fair value inputs, assets and liabilities, quantitative information | Fair value of each class of financial instrument is determined based on the following: FINANCIAL INSTRUMENT METHODS AND ASSUMPTIONS Fixed income funds and Money market funds Carrying value approximates fair value because maturities are less than three months. Derivative instruments The Company’s derivative instruments include interest rate swaps, foreign currency forward contracts and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 25, 2016 and December 27, 2015, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. |
Fair value, assets and liabilities measured on a nonrecurring basis | The following table summarizes the fair value remeasurements for Assets held for sale and Property, fixtures and equipment for fiscal years 2016 , 2015 and 2014 aggregated by the level in the fair value hierarchy within which those measurements fall: 2016 2015 2014 (dollars in thousands) CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT Assets held for sale (1) $ 45,901 $ 44,729 $ 4,136 $ 1,028 $ 9,613 $ 23,974 Property, fixtures and equipment (2) 21,450 53,136 3,634 27,126 2,429 13,097 Other (3) 39 1,198 — — — — $ 67,390 $ 99,063 $ 7,770 $ 28,154 $ 12,042 $ 37,071 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs (purchase contracts) to estimate the fair value. Refer to Note 3 - Impairments, Disposals and Exit Costs for discussion of impairments related to Outback Steakhouse South Korea, corporate airplanes and Roy’s. (2) Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $20.3 million , $2.5 million and $1.8 million for fiscal years 2016 , 2015 and 2014 , respectively. Assets measured using Level 3 inputs, had carrying values of $1.2 million , $1.1 million and $0.6 million for fiscal years 2016 , 2015 and 2014 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 3 - Impairments, Disposals and Exit Costs for discussion of impairments related to the 2017 Closure Initiative, Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives. (3) Other primarily includes investment in unconsolidated affiliates and intangible assets. Carrying value approximates fair value with all assets measured using market appraisals (Level 2) to estimate the fair value. |
Schedule of carrying value and fair value of senior secured credit facilities, CMBS loan and other unsecured debt | The following table includes the carrying value and fair value of the Company’s debt as of December 25, 2016 and December 27, 2015 aggregated by the level in the fair value hierarchy in which those measurements fall: DECEMBER 25, 2016 DECEMBER 27, 2015 FAIR VALUE FAIR VALUE (dollars in thousands) CARRYING VALUE LEVEL 2 LEVEL 3 CARRYING VALUE LEVEL 2 LEVEL 3 Senior Secured Credit Facility: Term loan A $ 258,750 $ 257,780 $ — $ 277,500 $ 276,459 $ — Term loan A-1 140,625 140,098 — 150,000 149,438 — Revolving credit facility 622,000 617,335 — 432,000 429,300 — PRP Mortgage Loan 47,202 — 47,202 — — — 2012 CMBS loan: Mortgage loan — — — 289,588 — 293,222 First mezzanine loan — — — 84,028 — 83,608 Second mezzanine loan — — — 85,353 — 85,780 Other notes payable 1,776 — 1,659 931 — 918 |
Fair value inputs, liabilities, quantitative information | Fair value of debt is determined based on the following: DEBT FACILITY METHODS AND ASSUMPTIONS Senior Secured Credit Facility Quoted market prices in inactive markets. PRP Mortgage Loan and Assumptions derived from current conditions in the real estate and credit markets, changes in the underlying collateral and expectations of management. Other notes payable Discounted cash flow approach. Discounted cash flow inputs primarily include cost of debt rates which are used to derive the present value factors for the determination of fair value. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign | The following table presents the domestic and foreign components of Income before provision for income taxes: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Domestic $ 70,481 $ 146,331 $ 124,157 Foreign (13,990 ) 24,523 (4,187 ) $ 56,491 $ 170,854 $ 119,970 |
Schedule of components of income tax (benefit) expense | Provision (benefit) for income taxes consisted of the following: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Current provision: Federal $ 43,071 $ 17,952 $ 13,364 State 28,033 5,962 7,687 Foreign 14,389 11,384 16,616 85,493 35,298 37,667 Deferred provision (benefit): Federal (53,647 ) 2,514 (8,842 ) State (21,316 ) 626 688 Foreign (386 ) 856 (5,469 ) (75,349 ) 3,996 (13,623 ) Provision for income taxes $ 10,144 $ 39,294 $ 24,044 |
Schedule of effective income tax rate reconciliation | The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows: FISCAL YEAR 2016 2015 2014 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 8.2 2.3 3.2 Valuation allowance on deferred income tax assets 6.1 1.7 1.5 Employment-related credits, net (53.5 ) (15.8 ) (24.2 ) Net life insurance expense (2.7 ) (0.3 ) (0.8 ) Noncontrolling interests (2.8 ) (0.8 ) (1.2 ) Tax settlements and related adjustments (0.2 ) (0.1 ) 1.7 Sale of Outback Steakhouse South Korea 27.4 — — Foreign rate differential 0.8 0.6 2.7 Other, net (0.3 ) 0.4 2.1 Total 18.0 % 23.0 % 20.0 % |
Schedule of deferred tax assets and liabilities | The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: (dollars in thousands) DECEMBER 25, DECEMBER 27, Deferred income tax assets: Deferred rent $ 57,783 $ 53,426 Insurance reserves 23,906 22,716 Unearned revenue 19,566 18,029 Deferred compensation 62,389 65,100 Net operating loss carryforwards 6,036 8,176 Federal tax credit carryforwards 58,963 148,447 Partner deposits and accrued partner obligations 8,245 13,248 Other, net 8,309 11,813 Gross deferred income tax assets 245,197 340,955 Less: valuation allowance (7,220 ) (4,088 ) Net deferred income tax assets 237,977 336,867 Deferred income tax liabilities: Less: property, fixtures and equipment basis differences (37,847 ) (197,604 ) Less: intangible asset basis differences (155,053 ) (150,997 ) Less: deferred gain on extinguishment of debt (23,022 ) (34,181 ) Net deferred income tax assets (liabilities) $ 22,055 $ (45,915 ) |
Summary of operating loss carryforwards | The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 25, 2016 are as follows: (dollars in thousands) EXPIRATION DATE AMOUNT United States federal tax credit carryforwards 2026 - 2036 $ 71,335 Foreign loss carryforwards 2017 - Indefinite $ 22,514 |
Schedule of unrecognized tax benefits roll forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Balance as of beginning of year $ 19,430 $ 17,563 $ 17,068 Additions for tax positions taken during a prior period 476 3,022 2,177 Reductions for tax positions taken during a prior period (430 ) (848 ) (422 ) Additions for tax positions taken during the current period 2,472 2,305 2,649 Settlements with taxing authorities (391 ) (1,078 ) (3,935 ) Lapses in the applicable statutes of limitations (2,230 ) (540 ) (120 ) Translation adjustments 256 (994 ) 146 Balance as of end of year $ 19,583 $ 19,430 $ 17,563 |
Summary of open audit years by jurisdiction | Following is a summary of the open audit years by jurisdiction: OPEN AUDIT YEARS United States federal 2007 - 2015 United States states 2001 - 2015 Foreign 2009 - 2015 |
Commitments and Contingencies (
Commitments and Contingencies (Table) | 12 Months Ended |
Dec. 25, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of rent expense | Total rent expense is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Rent expense (1) $ 173,507 $ 164,754 $ 169,701 ____________________ (1) Includes contingent rent expense of $5.9 million , $7.4 million and $8.0 million for fiscal years 2016 , 2015 and 2014 , respectively. |
Schedule of future minimum rental payments for operating leases | As of December 25, 2016 , future minimum rental payments under non-cancelable operating leases are as follows: (dollars in thousands) 2017 $ 174,019 2018 163,721 2019 149,516 2020 135,998 2021 120,150 Thereafter 905,650 Total minimum lease payments (1) $ 1,649,054 ____________________ (1) Total minimum lease payments have not been reduced by minimum sublease rentals of $6.3 million due in future periods under non-cancelable subleases |
Schedule of sale-leaseback transactions | Financing Obligation - Following is a summary of the Company’s minimum financing payments during the initial term of the various leases as of December 25, 2016 : (dollars in thousands) DECEMBER 25, Year 1 $ 1,182 Year 2 1,202 Year 3 1,224 Year 4 1,245 Year 5 1,267 Thereafter 21,519 Total (1) $ 27,639 ____________________ (1) Refer to Note 11 - Long-term Debt, Net for additional details regarding the Company’s financing obligation. |
Schedule of future minimum expected insurance payments | As of December 25, 2016 , the future payments the Company expects for workers’ compensation, general liability and health insurance claims are: (dollars in thousands) 2017 $ 23,652 2018 13,467 2019 8,934 2020 5,066 2021 2,803 Thereafter 11,549 $ 65,471 |
Schedule of liability for unpaid claims and claims adjustment expense | A reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized in the Company’s Consolidated Balance Sheets is as follows: (dollars in thousands) DECEMBER 25, DECEMBER 27, Undiscounted reserves $ 65,471 $ 63,791 Discount (2,678 ) (2,318 ) Discounted reserves $ 62,793 $ 61,473 Discounted reserves recognized in the Company ’ s Consolidated Balance Sheets: Accrued and other current liabilities $ 23,533 $ 20,824 Other long-term liabilities, net 39,260 40,649 $ 62,793 $ 61,473 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Following is a summary of reporting segments as of December 25, 2016 : 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 |
Reconciliation of revenue from segments to consolidated | The following table is a summary of Total revenue by segment: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Total revenues U.S. $ 3,797,309 $ 3,879,743 $ 3,854,279 International 455,003 497,933 588,432 Total revenues $ 4,252,312 $ 4,377,676 $ 4,442,711 |
Reconciliation of operating profit (loss) from segments to consolidated | The following table is a reconciliation of Segment income (loss) from operations to Income before provision for income taxes : FISCAL YEAR (dollars in thousands) 2016 2015 2014 Segment income (loss) from operations U.S. $ 286,683 $ 348,731 $ 327,693 International (5,954 ) 34,597 25,020 Total segment income from operations 280,729 383,328 352,713 Unallocated corporate operating expense (153,123 ) (152,403 ) (160,749 ) Total income from operations 127,606 230,925 191,964 Loss on defeasance, extinguishment and modification of debt (26,998 ) (2,956 ) (11,092 ) Other income (expense), net 1,609 (939 ) (1,244 ) Interest expense, net (45,726 ) (56,176 ) (59,658 ) Income before provision for income taxes $ 56,491 $ 170,854 $ 119,970 |
Reconciliation of segment depreciation and amortization and capital expenditures | The following table is a summary of Depreciation and amortization expense by segment: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Depreciation and amortization U.S. $ 155,434 $ 151,868 $ 147,686 International 26,013 26,736 29,705 Corporate 12,391 11,795 13,520 Total depreciation and amortization $ 193,838 $ 190,399 $ 190,911 The following table is a summary of capital expenditures by segment: FISCAL YEAR (dollars in thousands) 2016 2015 2014 Capital expenditures U.S. $ 211,855 $ 153,445 $ 174,952 International 40,662 46,803 55,594 Corporate 17,671 10,015 7,322 Total capital expenditures $ 270,188 $ 210,263 $ 237,868 |
Schedule of segment total assets | The following table sets forth Total assets by segment: (dollars in thousands) DECEMBER 25, 2016 DECEMBER 27, 2015 Assets U.S. $ 1,995,227 $ 2,405,196 International 436,024 472,518 Corporate 211,028 154,855 Total assets $ 2,642,279 $ 3,032,569 |
Schedule of segment long-lived assets | International assets are defined as assets residing in a country other than the U.S. The following table details long-lived assets, excluding goodwill, intangible assets and deferred tax assets, by major geographic area: (dollars in thousands) DECEMBER 25, 2016 DECEMBER 27, 2015 U.S. $ 1,231,154 $ 1,601,691 International 136,264 156,905 $ 1,367,418 $ 1,758,596 |
Selected Quarterly Financial 47
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 25, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2016 FISCAL QUARTERS FIRST (1) SECOND (1) THIRD (1) FOURTH (1) Total revenues $ 1,164,188 $ 1,078,588 $ 1,005,387 $ 1,004,149 Income (loss) from operations 86,684 13,333 31,734 (4,145 ) Net income (loss) 35,883 (8,065 ) 21,228 (2,699 ) Net income (loss) attributable to Bloomin’ Brands 34,475 (9,177 ) 20,733 (4,283 ) Earnings (loss) per share: Basic $ 0.29 $ (0.08 ) $ 0.19 $ (0.04 ) Diluted $ 0.29 $ (0.08 ) $ 0.18 $ (0.04 ) 2015 FISCAL QUARTERS FIRST (2) SECOND (2) THIRD (2) FOURTH (2) Total revenues $ 1,202,059 $ 1,099,597 $ 1,026,721 $ 1,049,299 Income from operations 97,701 62,585 38,724 31,915 Net income 62,082 33,056 17,405 19,017 Net income attributable to Bloomin’ Brands 60,588 32,226 16,811 17,702 Earnings per share: Basic $ 0.48 $ 0.26 $ 0.14 $ 0.15 Diluted $ 0.47 $ 0.26 $ 0.13 $ 0.14 ____________________ (1) Income from operations in the first quarter includes $3.6 million of restaurant closing costs incurred in connection with the Bonefish Restructuring. Income from operations in the second quarter of 2016 includes $39.6 million of asset impairment charges and related costs associated with the Company’s decision to sell its Outback South Korea subsidiary. Income from operations in the third quarter of 2016 includes $3.2 million of asset impairment charges and related costs for its Puerto Rico subsidiary. Income from operations in the fourth quarter of 2016 includes: (i) $46.5 million of pre-tax asset impairments incurred offset by the reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative, (ii) $6.4 million of asset impairments and closing costs related to the relocation of certain restaurants and (iii) $3.6 million of severance related to restructuring of certain functions. Net income for the first quarter of 2016 includes $26.6 million related to the defeasance of the 2012 CMBS loan. (2) Total revenues in the first quarter of 2015 include $24.3 million higher restaurant sales due to a change in the Company’s fiscal year end. Income from operations in the first quarter of 2015 includes $7.7 million of pre-tax impairments and restaurant closing costs incurred in connection with the Domestic and International Restaurant Closure Initiatives. Income from operations in the fourth quarter includes $24.2 million of pre-tax asset impairments incurred in connection with the Bonefish Restructuring. Net income for the second quarter of 2015 includes $2.6 million of loss in connection with a refinancing of the Company’s Senior Secured Credit Facility. Net income in the first quarter of 2015 includes $4.9 million of less net income due to a change in the Company’s fiscal year end. |
Description of Business (Detail
Description of Business (Details) | Dec. 25, 2016restraurant_concept |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Basis of Presentation) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 25, 2016 | Nov. 30, 2016 | |
Business Acquisition [Line Items] | |||
Reporting lag for Brazil operations in financial statements | 1 month | ||
Brazil, Brazil Real | |||
Business Acquisition [Line Items] | |||
Foreign currency exchange rate, translation | 3.27 | 3.39 | |
Outback Brazil [Member] | Subsequent event [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire remaining interests in Brazil operations | $ 24.8 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Principles of Consolidation) (Details) | Dec. 25, 2016restaurant |
Minimum [Member] | |
Principles of Consolidation [Line Items] | |
Equity method investment, ownership percentage | 20.00% |
Maximum [Member] | |
Principles of Consolidation [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Franchised units [Member] | |
Principles of Consolidation [Line Items] | |
Number of restaurants | 240 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 25, 2016 | Dec. 27, 2015 |
Cash and cash equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents, amounts in transit from credit card companies | $ 50 | $ 60.7 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Property, Fixtures and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized internal costs for construction in progress | $ 7.6 | $ 8 | $ 8.7 |
Capitalized computer software, additions | 7.1 | 4.8 | |
Property, plant and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized computer software, net | $ 24.4 | $ 27.9 | |
Buildings and building improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Buildings and building improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Furniture and fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture and fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Leasehold improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Leasehold improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Capitalized software | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Capitalized software | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Deferred Financing Fees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Interest expense [Member] | |||
Deferred Financing Fees [Line Items] | |||
Amortization of deferred discounts and issuance costs | $ 7.1 | $ 2.9 | $ 3.1 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Insurance Reserves) (Details) - Workers' compensation and general liability [Member] | 12 Months Ended |
Dec. 25, 2016 | |
Minimum [Member] | |
Insurance [Line Items] | |
Insurance, annual risk free rate, period | 1 year |
Maximum [Member] | |
Insurance [Line Items] | |
Insurance, annual risk free rate, period | 5 years |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Other current assets, net [Member] | |||
Revenue Recognition [Line Items] | |||
Deferred gift card commission costs | $ 15.6 | $ 16.1 | |
Unearned revenue [Member] | |||
Revenue Recognition [Line Items] | |||
Loyalty program liability | 4.2 | 0.8 | |
Restaurant sales [Member] | |||
Revenue Recognition [Line Items] | |||
Revenue recognition, gift cards, breakage | $ 26 | $ 22.9 | $ 18.8 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Other restaurant operating [Member] | |||
Schedule of Advertising Costs [Line Items] | |||
Advertising expense | $ 160.8 | $ 161.6 | $ 191.1 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Research and Development Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
General and administrative expense [Member] | |||
Schedule of research and development expense [Line Items] | |||
Research and development expense | $ 5.2 | $ 6.5 | $ 5.8 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Partner Compensation) (Details) | 12 Months Ended |
Dec. 25, 2016 | |
Accounting Policies [Abstract] | |
Restaurant opening period for bonus payment | 5 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Foreign Currency Translation and Transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Accounting Policies [Abstract] | |||
Foreign currency transaction losses | $ 1.3 | $ 1.2 | $ 0.7 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Recently Issued Financial Accounting Standards) (Details) - Adjustments for new accounting pronouncement [Member] - Accumulated deficit [Member] $ in Millions | Dec. 25, 2016USD ($) |
Minimum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of new accounting principle in period of adoption | $ 14 |
Maximum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of new accounting principle in period of adoption | $ 15 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies (Out of Period Adjustments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 31, 2013 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Adjustment for the change in the redemption value of redeemable noncontrolling interests | $ (2,024) | $ (11,548) | |||
Other comprehensive income (loss), net of tax | 36,181 | (86,816) | $ (34,124) | ||
Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | 4,793 | 2,677 | $ 1,762 | ||
Allocation of CTA to Redeemable noncontrolling interests, Redeemable noncontrolling interests | (4,793) | (2,677) | (1,762) | ||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | ||
Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | 9,232 | ||||
Allocation of CTA to Redeemable noncontrolling interests, Redeemable noncontrolling interests | (9,232) | ||||
Other comprehensive income (loss), net of tax | 0 | ||||
Redeemable noncontrolling interests [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Foreign currency translation attributable to Redeemable noncontrolling interests | 3,451 | (3,944) | |||
Adjustment for the change in the redemption value of redeemable noncontrolling interests | 2,024 | 2,877 | |||
Net impact to Mezzanine equity | 339 | (853) | (47) | ||
Other comprehensive income (loss), net of tax | 3,451 | (13,176) | 0 | ||
Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net impact to Mezzanine equity | (561) | ||||
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Foreign currency translation attributable to Redeemable noncontrolling interests | (4,793) | (2,677) | (1,762) | ||
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Foreign currency translation attributable to Redeemable noncontrolling interests | 0 | (9,232) | [1] | ||
Allocation of CTA to Redeemable noncontrolling interests, Redeemable noncontrolling interests | 0 | 9,232 | [2] | 0 | |
Redeemable noncontrolling interests [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Adjustment for the change in the redemption value of redeemable noncontrolling interests | 5,132 | 1,824 | 1,715 | ||
Redeemable noncontrolling interests [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Adjustment for the change in the redemption value of redeemable noncontrolling interests | 0 | 8,671 | [1] | ||
Parent [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | 33,667 | (92,259) | (31,731) | ||
Net impact to Bloomin' Brands stockholders' equity | (339) | 853 | 47 | ||
Other comprehensive income (loss), net of tax | 36,224 | (86,825) | (34,124) | ||
Parent [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net impact to Bloomin' Brands stockholders' equity | 561 | ||||
Parent [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | 4,793 | 2,677 | 1,762 | ||
Parent [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Allocation of CTA to Redeemable noncontrolling interests, parent impact | $ 0 | 9,232 | [2] | 0 | |
Parent [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Adjustment for the change in the redemption value of Redeemable interests | (5,132) | $ (1,824) | $ (1,715) | ||
Parent [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Adjustment for the change in the redemption value of Redeemable interests | $ (8,671) | ||||
[1] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. | ||||
[2] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 2 - Summary of Significant Accounting Policies for further details. |
Impairments, Disposals and Ex62
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Provision for impaired assets and restaurant closings - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for impaired assets and restaurant closings | $ 104,627 | $ 36,667 | $ 52,081 |
Provision for impaired assets and restaurant closings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset impairment charges | 99,063 | 28,154 | 37,071 |
Restaurant closure expenses | 5,564 | 8,513 | 15,010 |
U.S. Segment [Member] | Provision for impaired assets and restaurant closings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset impairment charges | 57,464 | 27,408 | 13,822 |
Restaurant closure expenses | 5,596 | 2,460 | 7,334 |
International Segment [Member] | Provision for impaired assets and restaurant closings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset impairment charges | 41,599 | 0 | 12,690 |
Restaurant closure expenses | (32) | 6,053 | 7,676 |
Corporate, non-segment [Member] | Provision for impaired assets and restaurant closings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset impairment charges | $ 0 | $ 746 | $ 10,559 |
Impairments, Disposals and Ex63
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Closure Initiatives and Restructuring Costs - Text and Table) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 25, 2016USD ($)locations | Mar. 27, 2016USD ($) | Dec. 27, 2015USD ($) | Dec. 25, 2016USD ($)locations | Dec. 27, 2015USD ($) | Dec. 28, 2014USD ($)locations | Feb. 12, 2016locations | Dec. 31, 2013locations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | $ 45,279 | $ 33,507 | $ 26,841 | ||||||
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 | $ 3,300 | ||||||||
Asset impairment charges | $ 46,500 | ||||||||
Number of stores | locations | 43 | 43 | |||||||
Bonefish Restructuring [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Asset impairment charges | $ 24,200 | ||||||||
Number of stores | locations | 14 | ||||||||
International Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of stores | locations | 36 | ||||||||
Domestic Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of stores | locations | 22 | ||||||||
Facility closing [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | $ 6,845 | 10,358 | |||||||
Facility closing [Member] | Bonefish Restructuring [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | $ 3,600 | ||||||||
Provision for impaired assets and restaurant closings [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Asset impairment charges | 99,063 | 28,154 | $ 37,071 | ||||||
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] | |||||||||
Asset impairment charges | 57,464 | 27,408 | 13,822 | ||||||
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] | |||||||||
Asset impairment charges | 41,599 | 0 | 12,690 | ||||||
Provision for impaired assets and restaurant closings [Member] | 2017 Closure Initiative [Member] | U.S. Segment [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Asset impairment charges | 45,600 | ||||||||
Provision for impaired assets and restaurant closings [Member] | 2017 Closure Initiative [Member] | International Segment [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Asset impairment charges | 900 | ||||||||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 51,359 | 31,847 | 25,710 | ||||||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | 2017 Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [1] | 46,500 | 0 | 0 | |||||
Asset impairment charges | 46,500 | ||||||||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | Bonefish Restructuring [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 4,859 | 24,204 | 0 | ||||||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | International Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [2] | 0 | 6,041 | 19,738 | |||||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | Domestic Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [3] | 0 | 1,602 | 5,972 | |||||
General and administrative expense [Member] | Employee severance [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 601 | 1,858 | 4,042 | ||||||
General and administrative expense [Member] | Employee severance [Member] | Bonefish Restructuring [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 601 | 143 | 0 | ||||||
General and administrative expense [Member] | Employee severance [Member] | International Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [2] | 0 | 1,715 | 3,007 | |||||
General and administrative expense [Member] | Employee severance [Member] | Domestic Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [3] | 0 | 0 | 1,035 | |||||
Other restaurant operating [Member] | Contract termination [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring, reversal of deferred rent liabilities | (6,681) | (198) | (2,911) | ||||||
Other restaurant operating [Member] | Contract termination [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 | [1] | (3,271) | 0 | 0 | |||||
Other restaurant operating [Member] | Contract termination [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 | (3,410) | 0 | 0 | ||||||
Other restaurant operating [Member] | Contract termination [Member] | International Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring, reversal of deferred rent liabilities | [2] | 0 | (198) | (833) | |||||
Other restaurant operating [Member] | Contract termination [Member] | Domestic Restaurant Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring, reversal of deferred rent liabilities | [3] | $ 0 | $ 0 | $ (2,078) | |||||
[1] | Includes pre-tax asset impairments of $45.6 million within the U.S. segment and $0.9 million within the International segment. | ||||||||
[2] | During 2014, the Company decided to close 36 underperforming international locations, primarily in South Korea (the “International Restaurant Closure Initiative”). | ||||||||
[3] | During 2013, the Company decided to close 22 underperforming domestic locations (the “Domestic Restaurant Closure Initiative”). |
Impairments, Disposals and Ex64
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Cumulative Restructuring and Restaurant Closure Initiatives - Table) (Details) $ in Thousands | Dec. 25, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | $ 124,322 |
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 127,611 |
General and administrative expense [Member] | Employee severance [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 6,501 |
Other restaurant operating [Member] | Contract termination [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, deferred rent reversal incurred to date | (9,790) |
2017 Closure Initiative [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 43,229 |
2017 Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 46,500 |
2017 Closure Initiative [Member] | General and administrative expense [Member] | Employee severance [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 0 |
2017 Closure Initiative [Member] | Other restaurant operating [Member] | Contract termination [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, deferred rent reversal incurred to date | (3,271) |
Bonefish Restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 26,397 |
Bonefish Restructuring [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 29,063 |
Bonefish Restructuring [Member] | General and administrative expense [Member] | Employee severance [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 744 |
Bonefish Restructuring [Member] | Other restaurant operating [Member] | Contract termination [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, deferred rent reversal incurred to date | (3,410) |
International Restaurant Closure Initiative [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 29,470 |
International Restaurant Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 25,779 |
International Restaurant Closure Initiative [Member] | General and administrative expense [Member] | Employee severance [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 4,722 |
International Restaurant Closure Initiative [Member] | Other restaurant operating [Member] | Contract termination [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, deferred rent reversal incurred to date | (1,031) |
Domestic Restaurant Closure Initiative [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 25,226 |
Domestic Restaurant Closure Initiative [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 26,269 |
Domestic Restaurant Closure Initiative [Member] | General and administrative expense [Member] | Employee severance [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 1,035 |
Domestic Restaurant Closure Initiative [Member] | Other restaurant operating [Member] | Contract termination [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, deferred rent reversal incurred to date | $ (2,078) |
Impairments, Disposals and Ex65
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Projected Future Expense and Cash Expenditures) (Details) $ in Millions | 12 Months Ended |
Dec. 25, 2016USD ($) | |
2017 Closure Initiative and Bonefish Restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related activities completion period | 3 years |
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] | |
Restructuring and related cost, expected cost | $ 19.5 |
2017 Closure Initiative [Member] | Minimum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 17 |
Effect on future cash flows, amount | 31.5 |
2017 Closure Initiative [Member] | Minimum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 2.5 |
2017 Closure Initiative [Member] | Maximum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 23.5 |
2017 Closure Initiative [Member] | Maximum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 19 |
Effect on future cash flows, amount | 37 |
2017 Closure Initiative [Member] | Maximum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | $ 4.5 |
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] | |
Restructuring and related cost, expected cost | $ 2.5 |
Bonefish Restructuring [Member] | Minimum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 2.2 |
Effect on future cash flows, amount | 10.1 |
Bonefish Restructuring [Member] | Minimum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 0.3 |
Bonefish Restructuring [Member] | Maximum [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 6.2 |
Bonefish Restructuring [Member] | Maximum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 5.2 |
Effect on future cash flows, amount | 12.5 |
Bonefish Restructuring [Member] | Maximum [Member] | Other restructuring [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | $ 1 |
Impairments, Disposals and Ex66
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Accrual activity related to facility closure and other costs - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |||
Restructuring Reserve [Roll Forward] | |||||
Charges | $ 45,279 | $ 33,507 | $ 26,841 | ||
Facility closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning of the year | 5,699 | [1] | 11,000 | ||
Charges | 6,845 | 10,358 | |||
Cash payments | (4,706) | (13,814) | |||
Adjustments | (1,281) | (1,845) | |||
End of the year | 6,557 | [1] | 5,699 | [1] | $ 11,000 |
Facility closing [Member] | Accrued and other current liabilities [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, current | 2,600 | 2,000 | |||
Facility closing [Member] | Other long-term liabilities, net [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, noncurrent | $ 4,000 | $ 3,700 | |||
[1] | The Company had exit-related accruals of $2.6 million and $2.0 million, recorded in Accrued and other current liabilities and $4.0 million and $3.7 million, recorded in Other long-term liabilities, net, as of December 25, 2016 and December 27, 2015, respectively. |
Impairments, Disposals and Ex67
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Outback South Korea - Text) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 26, 2016 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Jul. 25, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on disposal | $ 1,633 | $ (1,182) | $ (770) | ||
Outback 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, consideration | $ 50,000 | ||||
Repatriation of foreign earnings, tax expense | 2,400 | ||||
Outback South Korea [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other income (expense), net [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on disposal | $ 2,100 | ||||
Outback South Korea [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | International Segment [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charges | $ 39,600 | ||||
Professional Fees | $ 3,300 |
Impairments, Disposals and Ex68
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Outback South Korea - Income Statement Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 26, 2016 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Condensed Income Statements, Captions [Line Items] | |||||
Loss on disposal | $ 1,633 | $ (1,182) | $ (770) | ||
Disposal group, disposed of by sale, not discontinued operations [Member] | Outback South Korea [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Restaurant sales | 90,455 | 171,649 | 238,802 | ||
(Loss) income before income taxes | (32,348) | [1] | $ 3,284 | $ (12,955) | |
Disposal group, disposed of by sale, not discontinued operations [Member] | Outback South Korea [Member] | International Segment [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Impairment charges | $ 39,600 | ||||
Other income (expense), net [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Outback South Korea [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Loss on disposal | $ 2,100 | ||||
[1] | Includes impairment charges of $39.6 million for Assets held for sale and a gain of $2.1 million on the sale of Outback Steakhouse South Korea for fiscal year 2016. |
Impairments, Disposals and Ex69
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Roy's - Text) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Jan. 26, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on disposal | $ 1,633 | $ (1,182) | $ (770) | |
Roy's divestiture [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, consideration | $ 10,000 | |||
Roy's divestiture [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other (expense) income, net [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on disposal | $ 900 |
Impairments, Disposals and Ex70
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Roy's - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on disposal | $ 1,633 | $ (1,182) | $ (770) |
Roy's divestiture [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] | |||
Restaurant sales | 5,729 | 68,575 | |
(Loss) income before income taxes | (831) | (13,612) | |
Roy's divestiture [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | U.S. Segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset impairment charges | $ 13,400 | ||
Roy's divestiture [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other (expense) income, net [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on disposal | $ 900 |
Impairments, Disposals and Ex71
Impairments, Disposals and Exit Costs Impairments, Disposals and Exit Costs (Other Disposals - Text) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 25, 2016 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Provision for impaired assets and restaurant closings [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charges | $ 99,063 | $ 28,154 | $ 37,071 | |
U.S. Segment [Member] | Provision for impaired assets and restaurant closings [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charges | 57,464 | 27,408 | 13,822 | |
Outback Puerto Rico [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charges | $ 3,200 | |||
Outback Puerto Rico [Member] | U.S. Segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charges | $ 3,500 | |||
Corporate aircraft [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Provision for impaired assets and restaurant closings [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charges | $ 700 | $ 10,600 |
Earnings per Share (Basic and D
Earnings per Share (Basic and Diluted EPS - Table) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
Net income attributable to Bloomin’ Brands | $ (4,283) | $ 20,733 | $ (9,177) | $ 34,475 | $ 17,702 | $ 16,811 | $ 32,226 | $ 60,588 | $ 41,748 | $ 127,327 | $ 91,090 |
Basic weighted average common shares outstanding | 111,381 | 122,352 | 125,139 | ||||||||
Effect of diluted securities: | |||||||||||
Diluted weighted average common shares outstanding | 114,311 | 125,585 | 128,317 | ||||||||
Basic earnings per share | $ (0.04) | $ 0.19 | $ (0.08) | $ 0.29 | $ 0.15 | $ 0.14 | $ 0.26 | $ 0.48 | $ 0.37 | $ 1.04 | $ 0.73 |
Diluted earnings per share | $ (0.04) | $ 0.18 | $ (0.08) | $ 0.29 | $ 0.14 | $ 0.13 | $ 0.26 | $ 0.47 | $ 0.37 | $ 1.01 | $ 0.71 |
Stock options [Member] | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 2,659 | 2,992 | 3,079 | ||||||||
Nonvested restricted stock and restricted stock units [Member] | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 260 | 216 | 91 | ||||||||
Nonvested performance-based share units [Member] | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 11 | 25 | 8 |
Earnings per Share (Antidilutiv
Earnings per Share (Antidilutive Securities - Table) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities not included in the computation of earnings per share | 5,151 | 2,670 | 3,090 |
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 | 219 | 27 | 206 |
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 | 92 | 0 | 0 |
Stock-based and Deferred Comp74
Stock-based and Deferred Compensation Plans (Equity Compensation Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 22,594 | $ 20,395 | $ 16,993 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 11,926 | 10,041 | 11,946 |
Restricted stock and restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 9,275 | 6,758 | 3,857 |
Performance shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1,393 | $ 3,596 | $ 1,190 |
2016 Incentive 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 Available for Grant | 6,127,810 |
Stock-based and Deferred Comp75
Stock-based and Deferred Compensation Plans (Stock Options - Text) (Details) - Stock options [Member] | 7 Months Ended | 12 Months Ended |
Aug. 06, 2012 | Dec. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years | 4 years |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years |
Stock-based and Deferred Comp76
Stock-based and Deferred Compensation Plans (Stock Option Activity - Table) (Details) - Stock options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at December 27, 2015 (shares) | 9,718 | |
Granted (shares) | 3,164 | |
Exercised (shares) | (1,090) | |
Forfeited or expired (shares) | (808) | |
Outstanding at December 25, 2016 (shares) | 10,984 | 9,718 |
Vested and expected to vest at December 25, 2016 (shares) | 10,908 | |
Exercisable at December 25, 2016 (shares) | 6,640 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at December 27, 2015 (per share) | $ 12.99 | |
Granted (per share) | 17.58 | |
Exercised (per share) | 8.26 | |
Forfeited or expired (per share) | 20.32 | |
Outstanding at December 25, 2016 (per share) | 14.24 | $ 12.99 |
Vested and expected to vest at December 25, 2016 (per share) | 14.20 | |
Exercisable at December 25, 2016 (per share) | $ 10.77 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 5 years 9 months 16 days | 5 years 7 months 7 days |
Outstanding intrinsic value | $ 58,231 | $ 59,427 |
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding, weighted average remaining contractual term | 5 years 9 months 8 days | |
Vested and expected to vest intrinsic value | $ 58,176 | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 3 years 11 months 11 days | |
Exercisable intrinsic value | $ 55,659 |
Stock-based and Deferred Comp77
Stock-based and Deferred Compensation Plans (Black-Scholes - Table) (Details) - Stock compensation plan [Member] - $ / shares | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average risk-free interest rate | [1] | 1.32% | 1.64% | 1.82% |
Dividend yield | [2] | 1.59% | 1.00% | 0.00% |
Expected term | [3] | 6 years 1 month 10 days | 6 years 3 months 19 days | 6 years 3 months 19 days |
Weighted-average volatility | [4] | 35.20% | 43.40% | 48.40% |
Weighted-average grant date fair value per option | $ 5.28 | $ 10.11 | $ 11.37 | |
[1] | Risk-free 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 and the stock of comparable peer companies. |
Stock-based and Deferred Comp78
Stock-based and Deferred Compensation Plans (Stock Option Compensation - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefits for tax deductions related to the exercise of stock options | $ 454 | $ 733 | $ 2,732 |
Cash received from option exercises, net of tax withholding | 6,843 | 6,024 | 9,070 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | 10,792 | 11,843 | 19,474 |
Excess tax benefits for tax deductions related to the exercise of stock options | 2,146 | 702 | 2,405 |
Cash received from option exercises, net of tax withholding | 8,998 | 7,440 | 9,540 |
Fair value of stock options vested | 19,431 | 26,643 | 36,614 |
Tax benefits for stock option compensation expense | 4,177 | $ 4,594 | $ 7,576 |
Unrecognized stock option expense | $ 20,684 | ||
Remaining weighted-average vesting period | 2 years 3 months 23 days |
Stock-based and Deferred Comp79
Stock-based and Deferred Compensation Plans (Restricted Stock Activity) (Details) - Restricted stock and restricted stock units [Member] shares in Thousands | 12 Months Ended |
Dec. 25, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at December 27, 2015 (shares) | shares | 1,145 |
Granted (shares) | shares | 1,058 |
Vested (shares) | shares | (370) |
Forfeited (shares) | shares | (239) |
Outstanding at December 25, 2016 (shares) | shares | 1,594 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value [Roll Forward] | |
Outstanding at December 27, 2015 (per share) | $ / shares | $ 21.48 |
Granted (per share) | $ / shares | 16.38 |
Vested (per share) | $ / shares | 20.98 |
Forfeited (per share) | $ / shares | 19.18 |
Outstanding at December 25, 2016 (per share) | $ / shares | $ 18.55 |
Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Employee [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Stock-based and Deferred Comp80
Stock-based and Deferred Compensation Plans (Restricted Stock Compensation) (Details) - Restricted stock and restricted stock units [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock vested | $ 7,752 | $ 5,339 | $ 2,680 |
Tax benefits for stock option compensation expense | 2,513 | $ 2,303 | $ 1,298 |
Unrecognized restricted stock expense | $ 21,870 | ||
Remaining weighted-average vesting period | 2 years 8 months 9 days |
Stock-based and Deferred Comp81
Stock-based and Deferred Compensation Plans (PSU - Text) (Details) - Performance shares [Member] - shares | 12 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | 4 years |
Share-based compensation arrangement by share-based payment award, number of shares that would be issued on vesting of stock units | 1 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% |
Stock-based and Deferred Comp82
Stock-based and Deferred Compensation Plans (PSU Programs - Table) (Details) - Performance shares [Member] shares in Thousands | 12 Months Ended | |
Dec. 25, 2016shares | ||
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, remaining to grant, number | 157 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% | |
February 27, 2014 [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, remaining to grant, number | 40 | [1] |
February 27, 2014 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% | [2] |
February 26, 2015 [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, remaining to grant, number | 98 | [1] |
February 26, 2015 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% | [2] |
October 1, 2015 [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, remaining to grant, number | 19 | [1] |
October 1, 2015 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 100.00% | [2] |
[1] | Represents target PSUs awarded under each of the identified programs that have not been granted for accounting purposes. The PSUs issued 2015 and prior do not result in the recognition of stock-based compensation expense until the performance target has been set by the Board as of the beginning of each fiscal year. There is no effect of these PSUs on the Company’s basic or diluted shares outstanding. | |
[2] | Assumes achievement of target threshold of the Adjusted EPS goal for the Company for the 2014 Program and 2015 Program. |
Stock-based and Deferred Comp83
Stock-based and Deferred Compensation Plans (PSU Activity - Table) (Details) - Performance shares [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Outstanding at December 27, 2015 (shares) | 166 | |||
Granted (shares) | [1] | 352 | ||
Vested (shares) | (145) | |||
Forfeited (shares) | (61) | |||
Outstanding at December 25, 2016 (shares) | 312 | 166 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value [Roll Forward] | ||||
Outstanding at December 27, 2015 (per share) | $ 24.11 | |||
Granted (per share) | 16.17 | |||
Vested (per share) | 25.05 | |||
Forfeited (per share) | 19.48 | |||
Outstanding at December 25, 2016 (per share) | $ 16.26 | $ 24.11 | ||
Tax benefits for stock option compensation expense | $ 910 | $ 636 | $ 26 | |
Unrecognized restricted stock expense | $ 2,668 | |||
Remaining weighted-average vesting period | 1 year 5 months 17 days | |||
[1] | Share unit amounts include the number of PSUs at the target threshold in the current period grant and additional shares earned above target due to exceeding prior period performance criteria. |
Stock-based and Deferred Comp84
Stock-based and Deferred Compensation Plans (Area Operations Directors, Managing, Operating and Chef Partner Programs) (Details) - Restaurant Managing and Chef Partners [Member] - USD ($) $ in Millions | Dec. 25, 2016 | Dec. 27, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation liability, current and noncurrent | $ 113 | $ 133.2 |
Deferred compensations plans, unfunded obligations | $ 50.6 | $ 74 |
Stock-based and Deferred Comp85
Stock-based and Deferred Compensation Plans (Other Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
401(k) plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined contribution plan, employer contribution amount | $ 3.2 | $ 3.7 | $ 1.1 |
Other Current Assets, Net (Deta
Other Current Assets, Net (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Prepaid expenses | $ 35,298 | $ 30,373 |
Assets held for sale | 1,331 | 784 |
Other current assets, net | 18,652 | 19,131 |
Total other current assets, net | 190,226 | 198,831 |
Accounts receivable - gift cards, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 102,664 | 115,926 |
Accounts receivable - vendors, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 10,107 | 10,310 |
Accounts receivable - franchisees, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 1,677 | 1,149 |
Accounts receivable - other, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 20,497 | $ 21,158 |
Property, Fixtures and Equipm87
Property, Fixtures and Equipment, Net (PFE - Table) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (1,077,798) | $ (1,159,306) |
Property, fixtures and equipment, net | 1,237,148 | 1,594,460 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 114,375 | 256,906 |
Buildings and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 726,418 | 1,043,699 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 383,758 | 392,849 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 550,598 | 543,842 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 492,465 | 492,628 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | $ 47,332 | $ 23,842 |
Property, Fixtures and Equipm88
Property, Fixtures and Equipment, Net Property, Fixtures and Equipment, Net (PFE - Sale-leasebacks) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 25, 2016USD ($)locations | Dec. 25, 2016USD ($)locations | |
Property, Plant and Equipment [Line Items] | ||
Number of restaurant properties sold and leased back | locations | 153 | 153 |
Sale-leaseback transactions, gross proceeds, investing activities | $ 541.9 | |
Sale-leaseback transactions, deferred gain, gross | $ 163.4 | $ 163.4 |
Sale-leaseback transactions, lease periods | 20 years | |
Sale-leaseback transactions, gross proceeds, financing activities | $ 18.5 | |
Do not qualify for sale-leaseback accounting [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of restaurant properties sold and leased back | locations | 6 | 6 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Sale-leaseback transactions, lease periods | 15 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Sale-leaseback transactions, lease periods | 20 years |
Property, Fixtures and Equipm89
Property, Fixtures and Equipment, Net (PFE - Leased Assets) (Details) $ in Millions | Dec. 25, 2016USD ($) |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Property leased to third parties under operating leases | $ 16.3 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property leased to third parties under operating leases | 23.4 |
Accumulated depreciation, buildings leased to third parties | $ 7.5 |
Property, Fixtures and Equipm90
Property, Fixtures and Equipment, Net (Depreciation and Repairs - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 183,049 | $ 178,855 | $ 177,504 |
Repair and maintenance expense | $ 108,940 | $ 107,960 | $ 108,392 |
Goodwill and Intangible Asset91
Goodwill and Intangible Assets, Net (Goodwill Rollforward - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Goodwill [Roll Forward] | ||
Balance at beginning of the year | $ 300,861 | $ 341,540 |
Goodwill, translation adjustments | 11,382 | (40,679) |
Disposals | (1,901) | |
Goodwill, Transfers | (287) | |
Balance at end of the year | 310,055 | 300,861 |
U.S. Segment [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of the year | 172,711 | 172,711 |
Goodwill, translation adjustments | 0 | 0 |
Disposals | 0 | |
Goodwill, Transfers | (287) | |
Balance at end of the year | 172,424 | 172,711 |
International Segment [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of the year | 128,150 | 168,829 |
Goodwill, translation adjustments | 11,382 | (40,679) |
Disposals | (1,901) | |
Goodwill, Transfers | 0 | |
Balance at end of the year | $ 137,631 | $ 128,150 |
Goodwill and Intangible Asset92
Goodwill and Intangible Assets, Net (Gross Goodwill and Impairment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Goodwill [Line Items] | |||
Goodwill, gross | $ 1,094,691 | $ 1,085,497 | $ 1,126,176 |
Accumulated impairment losses | (784,636) | (784,636) | (784,636) |
Goodwill, impairment loss | 0 | 0 | 0 |
U.S. Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, gross | 840,594 | 840,881 | 840,881 |
Accumulated impairment losses | (668,170) | (668,170) | (668,170) |
International Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, gross | 254,097 | 244,616 | 285,295 |
Accumulated impairment losses | $ (116,466) | $ (116,466) | $ (116,466) |
Goodwill and Intangible Asset93
Goodwill and Intangible Assets, Net (Intangible Assets - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, accumulated amortization | $ (110,589) | [1] | $ (100,630) | |
Intangible assets, gross (excluding goodwill) | 646,112 | [1] | 647,467 | |
Intangible assets, net (excluding goodwill) | 535,523 | [1] | 546,837 | |
Impairment of intangible assets, indefinite-lived (excluding goodwill) | 0 | 0 | $ 0 | |
International Segment [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets, finite-lived (excluding goodwill) | $ 600 | |||
Weighted average [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 10 years | |||
Trademarks [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | $ 81,381 | 82,131 | ||
Finite-lived intangible assets, accumulated amortization | (36,400) | (32,662) | ||
Finite-lived intangible assets, net | $ 44,981 | 49,469 | ||
Trademarks [Member] | Weighted average [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 12 years | |||
Favorable leases [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | $ 73,665 | 80,909 | ||
Finite-lived intangible assets, accumulated amortization | (41,258) | (42,882) | ||
Finite-lived intangible assets, net | $ 32,407 | 38,027 | ||
Favorable leases [Member] | Weighted average [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 10 years | |||
Franchise agreements [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | $ 14,881 | 14,881 | ||
Finite-lived intangible assets, accumulated amortization | (10,922) | (9,777) | ||
Finite-lived intangible assets, net | $ 3,959 | 5,104 | ||
Franchise agreements [Member] | Weighted average [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 4 years | |||
Reacquired franchise rights [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | $ 53,045 | 46,447 | ||
Finite-lived intangible assets, accumulated amortization | (13,091) | (7,745) | ||
Finite-lived intangible assets, net | $ 39,954 | 38,702 | ||
Reacquired franchise rights [Member] | Weighted average [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 11 years | |||
Other intangible assets [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | $ 9,099 | 9,099 | ||
Finite-lived intangible assets, accumulated amortization | (8,918) | (7,564) | ||
Finite-lived intangible assets, net | $ 181 | 1,535 | ||
Other intangible assets [Member] | Weighted average [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 3 years | |||
Trade names [Member] | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets (excluding goodwill) | $ 414,041 | $ 414,000 | ||
[1] | The Company recorded $0.6 million of intangible asset impairment charges during fiscal year 2016, within the International segment. |
Goodwill and Intangible Asset94
Goodwill and Intangible Assets, Net (Amortization Expense - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | [1] | $ 15,666 | $ 16,852 | $ 19,807 |
[1] | Amortization expense is recorded in Depreciation and amortization and Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income. |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets, Net (Annual Amortization Expense - Table) (Details) $ in Thousands | Dec. 25, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense 2017 | $ 13,581 |
Amortization expense 2018 | 13,095 |
Amortization expense 2019 | 12,763 |
Amortization expense 2020 | 11,349 |
Amortization expense 2021 | $ 10,110 |
Other Assets, Net (Details)
Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 | |
Other Assets [Abstract] | |||
Company-owned life insurance | $ 74,629 | $ 68,950 | |
Deferred financing fees | [1] | 2,632 | 3,730 |
Liquor licenses | 27,515 | 27,869 | |
Other assets | 24,370 | 47,322 | |
Other assets, net | 129,146 | 147,871 | |
Accumulated amortization, deferred financing fees | $ 3,300 | $ 2,200 | |
[1] | Net of accumulated amortization of $3.3 million and $2.2 million as of December 25, 2016 and December 27, 2015, respectively. |
Accrued and Other Current Lia97
Accrued and Other Current Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Payables and Accruals [Abstract] | ||
Accrued payroll and other compensation | $ 81,981 | $ 95,994 |
Accrued insurance | 23,533 | 20,824 |
Other current liabilities | 98,901 | 89,793 |
Accrued and other liabilities, current | $ 204,415 | $ 206,611 |
Long-term Debt, Net (Summary of
Long-term Debt, Net (Summary of Outstanding Debt - Table) (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 22, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |||
Debt instrument [Line Items] | |||||
Sale-leaseback obligations | $ 19,595 | $ 1,361 | |||
Capital lease obligations | 2,364 | 2,632 | |||
Less: unamortized debt discount and issuance costs | (2,827) | (6,529) | |||
Total debt and capital lease obligations | 1,089,485 | 1,316,864 | |||
Current portion of long-term debt | (35,079) | (31,853) | |||
Total long-term debt and capital lease obligations | $ 1,054,406 | $ 1,285,011 | |||
Sale-leaseback transactions, imputed interest rate | 7.60% | ||||
Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Sale-leaseback transactions, imputed interest rate | 7.45% | ||||
Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Sale-leaseback transactions, imputed interest rate | 7.60% | ||||
2012 CMBS loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 458,969 | |||
Secured debt [Member] | Senior secured credit facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | 1,021,375 | 859,500 | |||
Secured debt [Member] | Term loan A facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 258,750 | $ 277,500 | |||
Secured debt [Member] | Term loan A facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 2.63% | 2.26% | ||
Secured debt [Member] | Term loan A-1 facility [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 140,625 | $ 150,000 | |||
Debt instrument, interest rate at period end | 2.70% | 2.34% | |||
Secured debt [Member] | Revolving credit facility [Member] | |||||
Debt instrument [Line Items] | |||||
Revolving credit facility | $ 622,000 | $ 432,000 | |||
Secured debt [Member] | Revolving credit facility [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 2.67% | 2.29% | ||
Mortgages [Member] | PRP mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 47,202 | [2] | $ 0 | ||
Debt instrument, interest rate at period end | 3.21% | 0.00% | |||
Mortgages [Member] | PRP mortgage loan [Member] | Subsequent event [Member] | |||||
Debt instrument [Line Items] | |||||
Repayments of PRP Mortgage Loan | $ 19,200 | ||||
Mortgages [Member] | First mortgage loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 289,588 | |||
Debt instrument, interest rate at period end | 0.00% | ||||
Mortgages [Member] | First mortgage loan [Member] | Weighted average [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate at period end | [1] | 4.13% | |||
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 84,028 | |||
Debt instrument, interest rate at period end | 0.00% | 9.00% | |||
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | |||||
Debt instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 85,353 | |||
Debt instrument, interest rate at period end | 0.00% | 11.25% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | |||||
Debt instrument [Line Items] | |||||
Other long-term debt, noncurrent | $ 1,776 | $ 931 | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 0.00% | 0.73% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member] | |||||
Debt instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 7.00% | 7.00% | |||
[1] | Represents the weighted-average interest rate for the respective period. | ||||
[2] | Subsequent to December 25, 2016, the Company made payments of $19.2 million on its PRP Mortgage Loan. |
Long-term Debt, Net (Credit Agr
Long-term Debt, Net (Credit Agreement - Text) (Details) - Secured debt [Member] - USD ($) $ in Millions | May 16, 2014 | Dec. 25, 2016 | Dec. 11, 2015 | Mar. 31, 2015 |
Revolving credit facility [Member] | ||||
Debt instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 600 | $ 825 | ||
Senior secured credit facility [Member] | ||||
Debt instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 1,125 | |||
Term loan A facility [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, face amount | $ 300 | |||
Debt instrument, maturity date | May 16, 2019 | |||
Unamortized debt discount | $ 2.9 | |||
Term loan A facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.75% | |||
Term loan A facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.25% | |||
Term loan A facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | |||
Term loan A facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.25% | |||
Term loan B facility [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, face amount | $ 225 | |||
Revolving credit facility [Member] | ||||
Debt instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 600 | |||
Debt instrument, maturity date | May 16, 2019 | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.30% | |||
Letters of credit outstanding, amount | $ 27.8 | |||
Revolving credit facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.75% | |||
Revolving credit facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.25% | |||
Revolving credit facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | |||
Revolving credit facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.25% | |||
Term loan A-1 facility [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, face amount | $ 150 | |||
Term loan A-1 facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.75% | |||
Term loan A-1 facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.25% | |||
Term loan A-1 facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | |||
Term loan A-1 facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||||
Debt instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.25% | |||
Credit Agreement [Member] | Base Rate option 1 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | prime rate of Wells Fargo, National Association | |||
Credit Agreement [Member] | Base Rate option 2 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | federal funds effective rate | |||
Debt instrument, basis spread on variable rate | 0.50% | |||
Credit Agreement [Member] | Base Rate option 3 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | the Eurocurrency Rate with a one-month interest period | |||
Debt instrument, basis spread on variable rate | 1.00% | |||
Credit Agreement [Member] | Eurocurrency Rate option 1 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | seven day Eurocurrency rate | |||
Credit Agreement [Member] | Eurocurrency Rate option 2 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | 30-day Eurocurrency rate | |||
Credit Agreement [Member] | Eurocurrency Rate option 3 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | 60-day Eurocurrency rate | |||
Credit Agreement [Member] | Eurocurrency Rate option 4 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | 90-day Eurocurrency rate | |||
Credit Agreement [Member] | Eurocurrency Rate option 5 [Member] | ||||
Debt instrument [Line Items] | ||||
Variable rate description | 180-day Eurocurrency rate | |||
Letter of credit [Member] | ||||
Debt instrument [Line Items] | ||||
Letters of credit fee, percentage | 2.13% |
Long-term Debt, Net Long-term D
Long-term Debt, Net Long-term Debt, Net (PRP Mortgage Loan) (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Feb. 11, 2016 | Mar. 27, 2016 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 |
Debt instrument [Line Items] | ||||||
Loss on defeasance, extinguishment and modification of debt | $ 26,998 | $ 2,956 | $ 11,092 | |||
Decrease in restricted cash | 45,479 | $ 54,782 | $ 26,075 | |||
2012 CMBS loan [Member] | ||||||
Debt instrument [Line Items] | ||||||
Loss on defeasance, extinguishment and modification of debt | $ (26,600) | |||||
Decrease in restricted cash | $ 19,300 | |||||
Mortgages [Member] | PRP mortgage loan [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, issuance date | Feb. 11, 2016 | |||||
Debt instrument, face amount | $ 300,000 | |||||
Debt instrument, maturity date | Feb. 11, 2018 | |||||
Debt instrument, principal payment extension period | 12 months | |||||
Mortgages [Member] | PRP mortgage loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Variable rate description | seven-day LIBOR | |||||
Mortgages [Member] | 2012 CMBS loan [Member] | ||||||
Debt instrument [Line Items] | ||||||
Loss on defeasance, extinguishment and modification of debt | $ 26,600 | |||||
Mortgages [Member] | Amended PRP mortgage loan [Member] | ||||||
Debt instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 69,500 |
Long-term Debt, Net Long-ter101
Long-term Debt, Net Long-term Debt, Net (Financing Obligation - Text) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 25, 2016USD ($)locations | Dec. 25, 2016locations | |
Sale Leaseback Transaction [Line Items] | ||
Number of restaurant properties sold and leased back | 153 | 153 |
Sale-leaseback transactions, gross proceeds, financing activities | $ | $ 18.5 | |
Sale-leaseback transactions, lease periods | 20 years | |
Do not qualify for sale-leaseback accounting [Member] | ||
Sale Leaseback Transaction [Line Items] | ||
Number of restaurant properties sold and leased back | 6 | 6 |
Long-term Debt, Net (Debt Coven
Long-term Debt, Net (Debt Covenants - Text) (Details) - Credit Agreement [Member] - Secured debt [Member] | May 16, 2014 |
Debt instrument [Line Items] | |
Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level | 5 |
Debt covenants compliance, quarterly total net leverage ratio, step-down maximum ratios level | 4.75 |
Long-term Debt, Net (Loss on Ex
Long-term Debt, Net (Loss on Extinguishment and Modification of Debt - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 27, 2016 | Jun. 28, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | $ 26,998 | $ 2,956 | $ 11,092 | ||||||
Senior secured credit facility [Member] | Secured debt [Member] | Loss on extinguishment and modification of debt [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Payments of debt extinguishment costs, prepayment premium | 700 | ||||||||
Early extinguishment of debt, write-off of deferred financing fees | 1,400 | 5,500 | |||||||
Extinguishment of debt, write off of unamortized debt discount | 1,200 | 4,900 | |||||||
Fees and commissions | 300 | ||||||||
2012 CMBS loan [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | $ (26,600) | ||||||||
2012 CMBS loan [Member] | Mortgages [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | 26,600 | ||||||||
2012 CMBS loan [Member] | Mortgages [Member] | Loss on extinguishment and modification of debt [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | 26,580 | [1] | 0 | 0 | |||||
Payments of debt extinguishment costs, prepayment premium | 23,200 | ||||||||
Early extinguishment of debt, write-off of deferred financing fees | 1,700 | ||||||||
Extinguishment of debt, write off of unamortized debt discount | 1,100 | ||||||||
Fees and commissions | 600 | ||||||||
PRP mortgage loan [Member] | Mortgages [Member] | Loss on extinguishment and modification of debt [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | 418 | [2] | 0 | 0 | |||||
Senior secured credit facility [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | [3] | $ (2,600) | |||||||
Senior secured credit facility [Member] | Senior secured credit facility [Member] | Secured debt [Member] | Loss on extinguishment and modification of debt [Member] | |||||||||
Debt instrument [Line Items] | |||||||||
Loss on defeasance, extinguishment and modification of debt | $ 0 | $ 2,956 | [3] | $ 11,092 | [3] | ||||
[1] | The loss was comprised of a penalty of $23.2 million, write-offs of $1.7 million and $1.1 million of deferred financing fees and unamortized debt discount, respectively, and third-party financing costs of $0.6 million. | ||||||||
[2] | The loss was comprised of third-party financing costs. | ||||||||
[3] | Losses were comprised of write-offs of $1.4 million and $5.5 million of deferred financing fees and $1.2 million and $4.9 million of unamortized debt discount for fiscal years 2015 and 2014, respectively. Losses also included third-party financing costs of $0.3 million in fiscal year 2015 and a prepayment penalty of $0.7 million in fiscal year 2014. |
Long-term Debt, Net (Deferred F
Long-term Debt, Net (Deferred Financing Fees) (Details) - USD ($) $ in Millions | Dec. 25, 2016 | Dec. 27, 2015 |
Mortgages [Member] | PRP mortgage loan [Member] | Long term debt, net [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | $ 5.8 | |
Secured debt [Member] | Senior secured credit facility [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | $ 2 | |
Secured debt [Member] | Senior secured credit facility [Member] | Long term debt, net [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | 0.7 | |
Secured debt [Member] | Senior secured credit facility [Member] | Other assets [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | $ 1.3 |
Long-term Debt, Net (Maturities
Long-term Debt, Net (Maturities - Tables) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Debt Disclosure [Abstract] | ||
Year 1 | $ 35,079 | |
Year 2 | 76,086 | |
Year 3 | 957,701 | |
Year 4 | 484 | |
Year 5 | 483 | |
Thereafter | 19,652 | |
Total debt and capital lease obligations | $ 1,089,485 | $ 1,316,864 |
Long-term Debt, Net (Summary106
Long-term Debt, Net (Summary of Required Amortization Payments) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 11, 2015 | May 16, 2014 |
Debt instrument [Line Items] | |||
Minimum amortization payments | $ 35,079 | ||
Credit Agreement [Member] | Secured debt [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, covenant, prepayment requirement, percentage of benchmark | 50.00% | ||
Term loan A facility [Member] | |||
Debt instrument [Line Items] | |||
Quarterly required amortization payments, period one | $ 5,625 | ||
Quarterly required amortization payments, period two | $ 7,500 | ||
Term loan A-1 facility [Member] | |||
Debt instrument [Line Items] | |||
Quarterly required amortization payments, period one | $ 2,813 | ||
Quarterly required amortization payments, period two | $ 3,750 | ||
Term loan A and Term loan A-1 facilities [Member] | |||
Debt instrument [Line Items] | |||
Minimum amortization payments | $ 33,800 |
Other Long-term Liabilities,107
Other Long-term Liabilities, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued insurance liability | $ 39,260 | $ 40,649 | |
Unfavorable leases | [1] | 41,778 | 45,375 |
Chef and Restaurant Managing Partner deferred compensation obligations and deposits | 102,768 | 134,470 | |
Other long-term liabilities | 35,224 | 41,014 | |
Other long-term liabilities, net | 219,030 | 261,508 | |
Unfavorable leases, accumulated amortization | $ 32,600 | $ 29,800 | |
[1] | Net of accumulated amortization of $32.6 million and $29.8 million as of December 25, 2016 and December 27, 2015, respectively. |
Redeemable Noncontrolling In108
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Acquisition of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Nov. 01, 2013 | |
Noncontrolling Interest [Line Items] | ||||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ 9,882 | $ (306) | $ (10,426) | |
Additional paid-in capital [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | 9,301 | (306) | $ (11,662) | |
Brazilian Joint Venture [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% | |||
Payments for Repurchase of Redeemable Noncontrolling Interest | 27,300 | 900 | ||
Noncontrolling interest, decrease from purchase of interests | 29,400 | 600 | ||
Foreign currency translation adjustment attributable to Redeemable noncontrolling interests | 9,600 | |||
Brazilian Joint Venture [Member] | Additional paid-in capital [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ 2,100 | $ 300 | ||
Brazilian Joint Venture [Member] | Bloomin' Brands, Inc. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Business combination, step acquisition, equity interest in acquiree, percentage | 90.00% | |||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100.00% |
Redeemable Noncontrolling In109
Redeemable Noncontrolling Interests (Redeemable Noncontrolling Interests Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 31, 2013 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Balance, beginning of period | $ 23,526 | $ 24,733 | |||
Change in redemption value of Redeemable noncontrolling interests | (2,024) | (11,548) | |||
Balance, end of period | 547 | 23,526 | $ 24,733 | ||
Redeemable noncontrolling interests [Member] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Change in redemption value of Redeemable noncontrolling interests | 2,024 | 2,877 | |||
Net income attributable to Redeemable noncontrolling interests | 977 | 1,005 | |||
Foreign currency translation attributable to Redeemable noncontrolling interests | 3,451 | (3,944) | |||
Noncontrolling interest, decrease from purchase of interests | (29,431) | (584) | |||
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Foreign currency translation attributable to Redeemable noncontrolling interests | (4,793) | (2,677) | $ (1,762) | ||
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Foreign currency translation attributable to Redeemable noncontrolling interests | 0 | (9,232) | [1] | ||
Redeemable noncontrolling interests [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Change in redemption value of Redeemable noncontrolling interests | 5,132 | $ 1,824 | $ 1,715 | ||
Redeemable noncontrolling interests [Member] | Change in redemption value of Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Change in redemption value of Redeemable noncontrolling interests | $ 0 | $ 8,671 | [1] | ||
[1] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests and fair value adjustments for Redeemable noncontrolling interests. |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Jul. 26, 2016 | Feb. 12, 2016 | Aug. 03, 2015 | Dec. 12, 2014 | |
Share Repurchase Program [Line Items] | |||||||||||||||
Stock repurchased and retired during period, value | $ 34,995 | $ 135,000 | $ 64,892 | $ 75,000 | $ 10,000 | $ 59,999 | $ 30,000 | $ 70,000 | $ 309,887 | $ 169,999 | |||||
Stock repurchased and retired during period, shares | 1,816 | 7,056 | 3,376 | 4,399 | 602 | 2,914 | 1,370 | 2,759 | 16,647 | 7,645 | |||||
Stock repurchase program, average price paid, per share | $ 19.27 | $ 19.13 | $ 19.22 | $ 17.05 | $ 16.60 | $ 20.59 | $ 21.90 | $ 25.37 | $ 18.62 | $ 22.24 | |||||
2014 Share Repurchase Program [Member] | |||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||||||||
Stock repurchased and retired during period, value | $ 100,000 | ||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | 0 | ||||||||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 0 | 0 | |||||||||||||
2015 Share Repurchase Program [Member] | |||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||||||||
Stock repurchased and retired during period, value | 69,999 | ||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 30,001 | ||||||||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 0 | 0 | |||||||||||||
2016 Share Repurchase Program [Member] | |||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||
Stock repurchase program, authorized amount | $ 250,000 | ||||||||||||||
Stock repurchased and retired during period, value | $ 139,892 | ||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 110,108 | ||||||||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 0 | 0 | |||||||||||||
July 2016 Share Repurchase Program [Member] | |||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||
Stock repurchase program, authorized amount | $ 300,000 | ||||||||||||||
Stock repurchased and retired during period, value | $ 169,995 | ||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 0 | ||||||||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 130,005 | 130,005 | |||||||||||||
Stock repurchase program expiration date | Jan. 26, 2018 | ||||||||||||||
July 2016 Share Repurchase Program [Member] | Subsequent event [Member] | |||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||
Stock repurchased and retired during period, value | $ 20,000 | ||||||||||||||
Stock repurchased and retired during period, shares | 1,100 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 22, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends per share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.28 | $ 0.24 | ||
Dividends, common stock, cash | $ 7,398 | $ 7,765 | $ 7,978 | $ 8,238 | $ 7,185 | $ 7,333 | $ 7,391 | $ 7,423 | $ 31,379 | $ 29,332 | ||
Common stock, dividends, per share, declared | $ 0.28 | $ 0.24 | $ 0 | |||||||||
Subsequent event [Member] | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends, per share, declared | $ 0.08 | |||||||||||
Dividends payable, date to be paid | Mar. 10, 2017 | |||||||||||
Dividends payable, date of record | Feb. 27, 2017 |
Stockholders' Equity (Acquisiti
Stockholders' Equity (Acquisition of Limiter Partnership Interests - Text) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016USD ($)restaurant | Dec. 27, 2015USD ($) | Dec. 28, 2014USD ($)restaurant | |
Business Acquisition [Line Items] | |||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ 9,882 | $ (306) | $ (10,426) |
Additional paid-in capital [Member] | |||
Business Acquisition [Line Items] | |||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | 9,301 | (306) | (11,662) |
Limited partnerships [Member] | |||
Business Acquisition [Line Items] | |||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | (2,475) | $ 0 | (11,662) |
Limited partnerships [Member] | Additional paid-in capital [Member] | |||
Business Acquisition [Line Items] | |||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ 2,500 | $ 11,700 | |
Outback Steakhouse [Member] | |||
Business Acquisition [Line Items] | |||
Number of restaurant's limited partnership interests acquired | restaurant | 5 | ||
Payments to acquire limited partnership interests | $ 3,400 | ||
Bonefish Grill [Member] | |||
Business Acquisition [Line Items] | |||
Number of restaurant's limited partnership interests acquired | restaurant | 37 | ||
Payments to acquire limited partnership interests | $ 17,200 |
Stockholders' Equity (Acquis113
Stockholders' Equity (Acquisition of Limiter Partnership Interests - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Business Acquisition [Line Items] | |||||||||||
Net income attributable to Bloomin’ Brands | $ (4,283) | $ 20,733 | $ (9,177) | $ 34,475 | $ 17,702 | $ 16,811 | $ 32,226 | $ 60,588 | $ 41,748 | $ 127,327 | $ 91,090 |
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | 9,882 | (306) | (10,426) | ||||||||
Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests | 39,273 | 127,327 | 79,428 | ||||||||
Limited partnerships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ (2,475) | $ 0 | $ (11,662) |
Stockholders' Equity (AOCL - Ta
Stockholders' Equity (AOCL - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (111,143) | $ (147,367) |
Outback South Korea [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Foreign currency translation gain, disposal of Outback Steakhouse South Korea | 16,800 | |
Accumulated translation adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | (107,509) | (141,176) |
Accumulated net loss from designated or qualifying cash flow hedges [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (3,634) | $ (6,191) |
Stockholders' Equity (OCL - Tab
Stockholders' Equity (OCL - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 31, 2013 | ||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | $ 37,075 | $ (96,194) | $ (31,731) | ||||
Unrealized loss on derivatives, net of tax | (1,250) | (6,033) | (2,393) | ||||
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 3,807 | 2,235 | 0 | ||||
Other comprehensive loss, net of tax | 36,181 | (86,816) | (34,124) | ||||
Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Foreign currency translation adjustment, attributable to parent | 4,793 | 2,677 | $ 1,762 | ||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | ||||
Foreign currency translation adjustment, attributable to noncontrolling interest | 4,793 | 2,677 | 1,762 | ||||
Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Foreign currency translation adjustment, attributable to parent | 9,232 | ||||||
Other comprehensive loss, net of tax | 0 | ||||||
Foreign currency translation adjustment, attributable to noncontrolling interest | 9,232 | ||||||
Parent [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Foreign currency translation adjustment, attributable to parent | 33,667 | (92,259) | (31,731) | ||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | 33,667 | (83,027) | (31,731) | ||||
Unrealized loss on derivatives, net of tax | [1] | (1,250) | (6,033) | (2,393) | |||
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 3,807 | [2] | 2,235 | [2] | 0 | ||
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 2,557 | (3,798) | (2,393) | ||||
Other comprehensive loss, net of tax | 36,224 | (86,825) | (34,124) | ||||
Other comprehensive (loss) income, unrealized (loss) gains on derivatives arising during period, tax benefit | (800) | (3,900) | (1,500) | ||||
Reclassification of adjustment for loss on derivatives included in net income, tax benefit | 2,400 | 1,400 | |||||
Parent [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Foreign currency translation adjustment, attributable to parent | 4,793 | 2,677 | $ 1,762 | ||||
Parent [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Foreign currency translation adjustment, attributable to parent | 0 | 9,232 | [3] | 0 | |||
Noncontrolling interests [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Other comprehensive loss, net of tax | (43) | 9 | 0 | ||||
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | (43) | 9 | 0 | ||||
Redeemable noncontrolling interests [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | 3,451 | (13,176) | 0 | ||||
Other comprehensive loss, net of tax | 3,451 | (13,176) | 0 | ||||
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | 3,451 | (3,944) | 0 | ||||
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Out-of-period adjustment [Member] | |||||||
Accumulated other comprehensive income (loss) [Line Items] | |||||||
Foreign currency translation adjustment, attributable to noncontrolling interest | $ 0 | $ (9,232) | [3] | $ 0 | |||
[1] | Unrealized loss on derivatives is net of tax benefits of ($0.8) million, ($3.9) million and ($1.5) million for fiscal years 2016, 2015 and 2014, respectively. | ||||||
[2] | are net of tax benefits of $2.4 million and $1.4 million for fiscal years 2016 and 2015, respectively. | ||||||
[3] | In the third quarter of 2015, the Company identified and corrected errors in accounting for the allocation of foreign currency translation adjustments to Redeemable noncontrolling interests. See Note 2 - Summary of Significant Accounting Policies for further details. |
Stockholders' Equity (Noncontro
Stockholders' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Noncontrolling Interest [Line Items] | |||
Contributions from noncontrolling interests | $ 738 | $ 3,635 | $ 1,872 |
Noncontrolling interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Contributions from noncontrolling interests | $ 3,200 |
Derivative Instruments and H117
Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] $ in Millions | Sep. 09, 2014USD ($)counterparties | Dec. 31, 2017USD ($) |
Derivative [Line Items] | ||
Derivative, inception date | Sep. 9, 2014 | |
Derivative agreements, number of counterparties | counterparties | 8 | |
Derivative, notional amount | $ 400 | |
Derivative, effective date | Jun. 30, 2015 | |
Derivative, maturity date | May 16, 2019 | |
Derivative, average fixed interest rate | 2.02% | |
Scenario, forecast [Member] | Interest expense [Member] | ||
Derivative [Line Items] | ||
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred | $ 4.2 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Derivative, description of terms | 30-day LIBOR |
Derivative Instruments and H118
Derivative Instruments and Hedging Activities (Fair Value of Interest Rate Swaps - Table) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 | |
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | [1] | $ 5,967 | $ 10,149 |
Accrued and other current liabilities [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | 3,968 | 5,142 | |
Interest payable | 408 | 556 | |
Other long-term liabilities, net [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | $ 1,999 | $ 5,007 | |
[1] | See Note 16 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Derivative Instruments and H119
Derivative Instruments and Hedging Activities (Effects of Interest Rate Swap) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016USD ($)counterparties | Dec. 27, 2015USD ($) | Dec. 28, 2014USD ($) | ||
Derivative [Line Items] | ||||
Total effects of the interest rate swaps on Net income | $ (3,807) | $ (2,235) | $ 0 | |
Designated as hedging instrument [Member] | Interest rate swap [Member] | ||||
Derivative [Line Items] | ||||
Total effects of the interest rate swaps on Net income | (3,807) | (2,235) | ||
Derivative, net hedge ineffectiveness gain (loss) | $ 0 | 0 | ||
Number of derivatives with each counterparty | counterparties | 1 | |||
Derivative, net liability position, aggregate fair value | $ 6,400 | 10,900 | ||
Derivative, termination value | 6,400 | 10,900 | ||
Designated as hedging instrument [Member] | Interest rate swap [Member] | Interest expense [Member] | ||||
Derivative [Line Items] | ||||
Interest rate swap expense recognized in interest expense, net | [1] | (6,241) | (3,664) | |
Designated as hedging instrument [Member] | Interest rate swap [Member] | Income tax expense (benefit) [Member] | ||||
Derivative [Line Items] | ||||
Income tax benefit recognized in Provision for income taxes | $ 2,434 | $ 1,429 | ||
[1] | During fiscal years 2016 and 2015, the Company did not recognize any gain or loss as a result of hedge ineffectiveness. |
Derivative Instruments and H120
Derivative Instruments and Hedging Activities (Effects of non-designated Derivatives) (Details) $ in Millions | Dec. 25, 2016USD ($) |
Commodity [Member] | Not designated as hedging instrument [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 0.8 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Fair value, inputs, level 1 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure, recurring | $ 21,767 | $ 16,733 |
Liabilities, fair value disclosure, recurring | 0 | 0 |
Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure, recurring | 0 | 59 |
Liabilities, fair value disclosure, recurring | 6,124 | 11,435 |
Reported value measurement [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure, recurring | 21,767 | 16,792 |
Liabilities, fair value disclosure, recurring | 6,124 | 11,435 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Foreign currency forward contracts [Member] | Other current assets, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative asset, current | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Foreign currency forward contracts [Member] | Accrued and other current liabilities [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] | Interest rate swap [Member] | Accrued and other current liabilities [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] | Interest rate swap [Member] | Other long-term liabilities, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Financial liabilities fair value disclosure | 0 | 0 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Commodity [Member] | Accrued and other current liabilities [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] | Fixed income funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | 90 | 6,333 |
Restricted cash | 552 | 551 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Money market funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | 18,607 | 7,168 |
Restricted cash | 2,518 | 2,681 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Foreign currency forward contracts [Member] | Other current assets, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative asset, current | 0 | 59 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Foreign currency forward contracts [Member] | Accrued and other current liabilities [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative liability, current | 0 | 703 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Interest rate swap [Member] | Accrued and other current liabilities [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative liability, current | 3,968 | 5,142 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Interest rate swap [Member] | Other long-term liabilities, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Financial liabilities fair value disclosure | 1,999 | 5,007 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Commodity [Member] | Accrued and other current liabilities [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative liability, current | 157 | 583 |
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 equivalents | 0 | 0 |
Restricted cash | 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 equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Foreign currency forward contracts [Member] | Other current assets, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative asset, current | 0 | 59 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Foreign currency forward contracts [Member] | Accrued and other current liabilities [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative liability, current | 0 | 703 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Interest rate swap [Member] | Accrued and other current liabilities [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative liability, current | 3,968 | 5,142 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Interest rate swap [Member] | Other long-term liabilities, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Financial liabilities fair value disclosure | 1,999 | 5,007 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Commodity [Member] | Accrued and other current liabilities [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative liability, current | 157 | 583 |
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 equivalents | 90 | 6,333 |
Restricted cash | 552 | 551 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Money market funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | 18,607 | 7,168 |
Restricted cash | $ 2,518 | $ 2,681 |
Fair Value Measurements (Fai122
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Fair value, measurements, nonrecurring [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Asset impairment charges | $ 99,063 | $ 28,154 | $ 37,071 | |
Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | 67,390 | 7,770 | 12,042 | |
Disposal group, held-for-sale, not discontinued operations [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | 45,901 | 4,136 | 9,613 | |
Disposal group, held-for-sale, not discontinued operations [Member] | Fair value, measurements, nonrecurring [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Impairment of long-lived assets to be disposed of | 44,729 | 1,028 | 23,974 | |
Disposal group, held-for-sale, not discontinued operations [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | [1] | 45,901 | 4,136 | 9,613 |
Property, plant and equipment [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | 20,300 | 2,500 | 1,800 | |
Property, plant and equipment [Member] | Fair value, inputs, level 3 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | 1,200 | 1,100 | 600 | |
Property, plant and equipment [Member] | Fair value, measurements, nonrecurring [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used, losses | 53,136 | 27,126 | 13,097 | |
Property, plant and equipment [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | [2] | 21,450 | 3,634 | 2,429 |
Other assets [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | 39 | 0 | 0 | |
Other assets [Member] | Fair value, measurements, nonrecurring [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Other asset impairment charges | 1,198 | 0 | 0 | |
Other assets [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used or held for sale, fair value disclosure | [3] | $ 39 | $ 0 | $ 0 |
[1] | Carrying value approximates fair value with all assets measured using Level 2 inputs (purchase contracts) to estimate the fair value. Refer to Note 3 - Impairments, Disposals and Exit Costs for discussion of impairments related to Outback Steakhouse South Korea, corporate airplanes and Roy’s. | |||
[2] | Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $20.3 million, $2.5 million and $1.8 million for fiscal years 2016, 2015 and 2014, respectively. Assets measured using Level 3 inputs, had carrying values of $1.2 million, $1.1 million and $0.6 million for fiscal years 2016, 2015 and 2014, respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 3 - Impairments, Disposals and Exit Costs for discussion of impairments related to the 2017 Closure Initiative, Bonefish Restructuring and International and Domestic Restaurant Closure Initiatives. | |||
[3] | Other primarily includes investment in unconsolidated affiliates and intangible assets. Carrying value approximates fair value with all assets measured using market appraisals (Level 2) to estimate the fair value. |
Fair Value Measurements (Fai123
Fair Value Measurements (Fair Value of Financial Instruments - Table) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 | |
Secured debt [Member] | Term loan A facility [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Long-term debt, gross | $ 258,750 | $ 277,500 | |
Secured debt [Member] | Term loan A facility [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 257,780 | 276,459 | |
Secured debt [Member] | Term loan A facility [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
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, gross | 140,625 | 150,000 | |
Secured debt [Member] | Term loan A-1 facility [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 140,098 | 149,438 | |
Secured debt [Member] | Term loan A-1 facility [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
Secured debt [Member] | Revolving credit facility [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Revolving credit facility | 622,000 | 432,000 | |
Secured debt [Member] | Revolving credit facility [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 617,335 | 429,300 | |
Secured debt [Member] | Revolving credit facility [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
Mortgages [Member] | PRP mortgage loan [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Long-term debt, gross | 47,202 | [1] | 0 |
Mortgages [Member] | PRP mortgage loan [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
Mortgages [Member] | PRP mortgage loan [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 47,202 | 0 | |
Mortgages [Member] | First mortgage loan [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Long-term debt, gross | 0 | 289,588 | |
Mortgages [Member] | First mortgage loan [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
Mortgages [Member] | First mortgage loan [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 293,222 | |
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Long-term debt, gross | 0 | 84,028 | |
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
Mezzanine mortgage debt [Member] | First mezzanine loan [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 83,608 | |
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Long-term debt, gross | 0 | 85,353 | |
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 0 | |
Mezzanine mortgage debt [Member] | Second mezzanine loan [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Loans payable | 0 | 85,780 | |
Unsecured debt [Member] | Notes payable, other payables [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Other notes payable | 1,776 | 931 | |
Unsecured debt [Member] | Notes payable, other payables [Member] | Fair value, inputs, level 2 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Other notes payable, fair value disclosure | 0 | 0 | |
Unsecured debt [Member] | Notes payable, other payables [Member] | Fair value, inputs, level 3 [Member] | |||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | |||
Other notes payable, fair value disclosure | $ 1,659 | $ 918 | |
[1] | Subsequent to December 25, 2016, the Company made payments of $19.2 million on its PRP Mortgage Loan. |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Provision - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 70,481 | $ 146,331 | $ 124,157 |
Foreign | (13,990) | 24,523 | (4,187) |
Income before provision for income taxes | $ 56,491 | $ 170,854 | $ 119,970 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Current provision: | |||
Federal | $ 43,071 | $ 17,952 | $ 13,364 |
State | 28,033 | 5,962 | 7,687 |
Foreign | 14,389 | 11,384 | 16,616 |
Current provision | 85,493 | 35,298 | 37,667 |
Deferred (benefit) provision: | |||
Federal | (53,647) | 2,514 | (8,842) |
State | (21,316) | 626 | 688 |
Foreign | (386) | 856 | (5,469) |
Deferred (benefit) provision | (75,349) | 3,996 | (13,623) |
Provision for income taxes | $ 10,144 | $ 39,294 | $ 24,044 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate - Table) (Details) | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 8.20% | 2.30% | 3.20% |
Valuation allowance on deferred income tax assets | 6.10% | 1.70% | 1.50% |
Employment-related credits, net | (53.50%) | (15.80%) | (24.20%) |
Net life insurance expense | (2.70%) | (0.30%) | (0.80%) |
Noncontrolling interests | (2.80%) | (0.80%) | (1.20%) |
Tax settlements and related adjustments | (0.20%) | (0.10%) | 1.70% |
Sale of Outback Steakhouse South Korea | 27.40% | 0.00% | 0.00% |
Foreign rate differential | 0.80% | 0.60% | 2.70% |
Other, net | (0.30%) | 0.40% | 2.10% |
Total | 18.00% | 23.00% | 20.00% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities - Table) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Deferred income tax assets: | ||
Deferred rent | $ 57,783 | $ 53,426 |
Insurance reserves | 23,906 | 22,716 |
Unearned revenue | 19,566 | 18,029 |
Deferred compensation | 62,389 | 65,100 |
Net operating loss carryforwards | 6,036 | 8,176 |
Federal tax credit carryforwards | 58,963 | 148,447 |
Partner deposits and accrued partner obligations | 8,245 | 13,248 |
Other, net | 8,309 | 11,813 |
Gross deferred income tax assets | 245,197 | 340,955 |
Less: valuation allowance | (7,220) | (4,088) |
Net deferred income tax assets | 237,977 | 336,867 |
Deferred income tax liabilities: | ||
Less: property, fixtures and equipment basis differences | (37,847) | (197,604) |
Less: intangible asset basis differences | (155,053) | (150,997) |
Less: deferred gain on extinguishment of debt | (23,022) | (34,181) |
Net deferred income tax assets (liabilities) | $ 22,055 | $ (45,915) |
Income Taxes (Undistributed Ear
Income Taxes (Undistributed Earnings - Text) (Details) | Dec. 25, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Undistributed earnings of foreign subsidiaries | $ 60,600,000 |
Deferred tax liabilities, undistributed foreign earnings | $ 0 |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards - Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 25, 2016USD ($) | |
Income Tax Contingency [Line Items] | |
Foreign loss carryforwards | $ 22,514 |
Internal Revenue Service (IRS) [Member] | |
Income Tax Contingency [Line Items] | |
United States federal tax credit carryforwards | $ 71,335 |
Earliest tax year [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Contingency [Line Items] | |
Tax credit carryforward, expiration date | Jan. 1, 2026 |
Earliest tax year [Member] | Foreign tax authority [Member] | |
Income Tax Contingency [Line Items] | |
Operating loss carryforwards, expiration dates | Jan. 1, 2017 |
Latest tax year [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Contingency [Line Items] | |
Tax credit carryforward, expiration date | Dec. 31, 2036 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits - Text) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | $ 19,583 | $ 19,430 | $ 17,563 | $ 17,068 |
Portion of unrecognized tax benefits, including accrued interest and penalties, that if recognized, would impact the effective tax rate | 18,900 | 19,300 | ||
Income tax penalties and interest benefit (expense) | 400 | 600 | (1,500) | |
Unrecognized tax benefits, income tax penalties and interest accrued | 1,200 | 1,600 | ||
Unrecognized tax benefits, increase resulting from prior period tax positions | 476 | $ 3,022 | $ 2,177 | |
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, increase resulting from prior period tax positions | 1,000 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, increase resulting from prior period tax positions | $ 2,000 |
Income Taxes (Unrecognized T131
Income Taxes (Unrecognized Tax Benefits - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits beginning balance | $ 19,430 | $ 17,563 | $ 17,068 |
Additions for tax positions taken during a prior period | 476 | 3,022 | 2,177 |
Reductions for tax positions taken during a prior period | (430) | (848) | (422) |
Additions for tax positions taken during the current period | 2,472 | 2,305 | 2,649 |
Settlements with taxing authorities | (391) | (1,078) | (3,935) |
Lapses in the applicable statutes of limitations | (2,230) | (540) | (120) |
Translation adjustments | 256 | (994) | 146 |
Unrecognized tax benefits ending balance | $ 19,583 | $ 19,430 | $ 17,563 |
Income Taxes (Open Tax Years) (
Income Taxes (Open Tax Years) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 14,389 | $ 11,384 | $ 16,616 |
Internal Revenue Service (IRS) [Member] | Earliest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax year open to examination under the statute of limitations | 2,007 | ||
Internal Revenue Service (IRS) [Member] | Latest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax year open to examination under the statute of limitations | 2,015 | ||
State and local jurisdiction [Member] | Earliest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax year open to examination under the statute of limitations | 2,001 | ||
State and local jurisdiction [Member] | Latest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax year open to examination under the statute of limitations | 2,015 | ||
Foreign tax authority [Member] | Earliest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax year open to examination under the statute of limitations | 2,009 | ||
Foreign tax authority [Member] | Latest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax year open to examination under the statute of limitations | 2,015 | ||
South Korea tax authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 6,700 | ||
Income taxes paid, South Korea income tax audit | $ 6,700 | ||
South Korea tax authority [Member] | Earliest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax examination, year under examination | 2,008 | ||
South Korea tax authority [Member] | Latest tax year [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax examination, year under examination | 2,012 |
Commitments and Contingencie133
Commitments and Contingencies (Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Operating Leased Assets [Line Items] | ||||
Rental expense | [1] | $ 173,507 | $ 164,754 | $ 169,701 |
Contingent rent expense | $ 5,900 | $ 7,400 | $ 8,000 | |
Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, renewal option, period | 5 years | |||
Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, renewal option, period | 30 years | |||
[1] | Includes contingent rent expense of $5.9 million, $7.4 million and $8.0 million for fiscal years 2016, 2015 and 2014, respectively. |
Commitments and Contingencie134
Commitments and Contingencies (Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 25, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2,017 | $ 174,019 | |
2,018 | 163,721 | |
2,019 | 149,516 | |
2,020 | 135,998 | |
2,021 | 120,150 | |
Thereafter | 905,650 | |
Total minimum lease payments | 1,649,054 | [1] |
Minimum sublease rentals | $ 6,300 | |
[1] | Total minimum lease payments have not been reduced by minimum sublease rentals of $6.3 million due in future periods under non-cancelable subleases. |
Commitments and Contingencie135
Commitments and Contingencies (Financing Obligations) (Details) $ in Thousands | Dec. 25, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Year 1 | $ 1,182 | |
Year 2 | 1,202 | |
Year 3 | 1,224 | |
Year 4 | 1,245 | |
Year 5 | 1,267 | |
Thereafter | 21,519 | |
Total | $ 27,639 | [1] |
[1] | Refer to Note 11 - Long-term Debt, Net for additional details regarding the Company’s financing obligation |
Commitments and Contingencie136
Commitments and Contingencies (Purchase Obligations - Text) (Details) $ in Millions | 12 Months Ended | |
Dec. 25, 2016USD ($)supplier | Dec. 27, 2015USD ($) | |
Concentration Risk [Line Items] | ||
Purchase obligations | $ | $ 439.4 | $ 509.7 |
Number of primary beef suppliers | supplier | 4 | |
Percentage of marketplace | 83.00% | |
Minimum [Member] | Beef [Member] | Supplier concentration risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 85.00% |
Commitments and Contingencie137
Commitments and Contingencies (Litigation and Other Matters - Text) (Details) $ in Millions | Oct. 04, 2013employeesubsidiaries | Nov. 30, 2015USD ($)employee | Dec. 25, 2016USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | Dec. 28, 2014USD ($) |
Loss Contingencies [Line Items] | ||||||
Litigation liability | $ 3.5 | $ 3.5 | $ 4.5 | |||
Litigation settlement expense | 4 | $ 4.6 | $ 1.2 | |||
Settled litigation [Member] | Subsidiaries [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, number of defendants | subsidiaries | 2 | |||||
Settled litigation [Member] | Employee [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of employees party to lawsuit | employee | 2 | |||||
Sears [Member] | Pending litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency accrual | 2.4 | $ 2.4 | ||||
Sears [Member] | Pending litigation [Member] | Employee [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of employees party to lawsuit | employee | 2 | |||||
Cardoza [Member] | Settled litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation settlement amount | $ 3.2 | |||||
Payments for legal settlements | $ 3.2 |
Commitments and Contingencie138
Commitments and Contingencies (Insurance, Future Payments) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,017 | $ 23,652 | |
2,018 | 13,467 | |
2,019 | 8,934 | |
2,020 | 5,066 | |
2,021 | 2,803 | |
Thereafter | 11,549 | |
Total | $ 65,471 | $ 63,791 |
Commitments and Contingencie139
Commitments and Contingencies (Undiscounted Reserves to the Discounted Reserves) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Insurance [Line Items] | ||
Discount rate | 1.32% | 1.08% |
Undiscounted reserves | $ 65,471 | $ 63,791 |
Discount | (2,678) | (2,318) |
Self insurance reserve | 62,793 | 61,473 |
Accrued and other current liabilities [Member] | ||
Insurance [Line Items] | ||
Self insurance reserve, current | 23,533 | 20,824 |
Other long-term liabilities, net [Member] | ||
Insurance [Line Items] | ||
Self insurance reserve, noncurrent | $ 39,260 | $ 40,649 |
Segment Reporting (Text) (Detai
Segment Reporting (Text) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016USD ($) | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 27, 2016USD ($) | Dec. 27, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | [1] | Dec. 25, 2016USD ($)reportable_segment | Dec. 27, 2015USD ($) | Dec. 28, 2014USD ($) | |
Segment reporting information [Line Items] | ||||||||||||
Number of reportable segments | reportable_segment | 2 | |||||||||||
Revenues | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 1,049,299 | $ 1,026,721 | $ 1,099,597 | $ 1,202,059 | $ 4,252,312 | $ 4,377,676 | $ 4,442,711 | |
Intersegment eliminations [Member] | ||||||||||||
Segment reporting information [Line Items] | ||||||||||||
Revenues | $ 0 | |||||||||||
[1] | Total revenues in the first quarter of 2015 include $24.3 million higher restaurant sales due to a change in the Company’s fiscal year end. Income from operations in the first quarter of 2015 includes $7.7 million of pre-tax impairments and restaurant closing costs incurred in connection with the Domestic and International Restaurant Closure Initiatives. Income from operations in the fourth quarter includes $24.2 million of pre-tax asset impairments incurred in connection with the Bonefish Restructuring. Net income for the second quarter of 2015 includes $2.6 million of loss in connection with a refinancing of the Company’s Senior Secured Credit Facility. Net income in the first quarter of 2015 includes $4.9 million of less net income due to a change in the Company’s fiscal year end. |
Segment Reporting (Revenue by S
Segment Reporting (Revenue by Segment - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Revenues | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 1,049,299 | $ 1,026,721 | $ 1,099,597 | $ 1,202,059 | $ 4,252,312 | $ 4,377,676 | $ 4,442,711 | |
U.S. Segment [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Revenues | 3,797,309 | 3,879,743 | 3,854,279 | |||||||||
International Segment [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Revenues | $ 455,003 | $ 497,933 | $ 588,432 | |||||||||
[1] | Total revenues in the first quarter of 2015 include $24.3 million higher restaurant sales due to a change in the Company’s fiscal year end. Income from operations in the first quarter of 2015 includes $7.7 million of pre-tax impairments and restaurant closing costs incurred in connection with the Domestic and International Restaurant Closure Initiatives. Income from operations in the fourth quarter includes $24.2 million of pre-tax asset impairments incurred in connection with the Bonefish Restructuring. Net income for the second quarter of 2015 includes $2.6 million of loss in connection with a refinancing of the Company’s Senior Secured Credit Facility. Net income in the first quarter of 2015 includes $4.9 million of less net income due to a change in the Company’s fiscal year end. |
Segment Reporting (Income from
Segment Reporting (Income from Operations Reconciliation - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 25, 2016 | [1] | Sep. 25, 2016 | [1] | Jun. 26, 2016 | [1] | Mar. 27, 2016 | [1] | Dec. 27, 2015 | [2] | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | [2] | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Income (loss) from operations | $ (4,145) | $ 31,734 | $ 13,333 | $ 86,684 | $ 31,915 | $ 38,724 | $ 62,585 | $ 97,701 | $ 127,606 | $ 230,925 | $ 191,964 | ||||||
Loss on defeasance, extinguishment and modification of debt | (26,998) | (2,956) | (11,092) | ||||||||||||||
Other income (expense), net | 1,609 | (939) | (1,244) | ||||||||||||||
Interest expense, net | (45,726) | (56,176) | (59,658) | ||||||||||||||
Income before provision for income taxes | 56,491 | 170,854 | 119,970 | ||||||||||||||
Operating segments [Member] | |||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Income (loss) from operations | 280,729 | 383,328 | 352,713 | ||||||||||||||
Operating segments [Member] | U.S. Segment [Member] | |||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Income (loss) from operations | 286,683 | 348,731 | 327,693 | ||||||||||||||
Operating segments [Member] | International Segment [Member] | |||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Income (loss) from operations | (5,954) | 34,597 | 25,020 | ||||||||||||||
Corporate, non-segment [Member] | |||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Income (loss) from operations | $ (153,123) | $ (152,403) | $ (160,749) | ||||||||||||||
[1] | Income from operations in the first quarter includes $3.6 million of restaurant closing costs incurred in connection with the Bonefish Restructuring. Income from operations in the second quarter of 2016 includes $39.6 million of asset impairment charges and related costs associated with the Company’s decision to sell its Outback South Korea subsidiary. Income from operations in the third quarter of 2016 includes $3.2 million of asset impairment charges and related costs for its Puerto Rico subsidiary. Income from operations in the fourth quarter of 2016 includes: (i) $46.5 million of pre-tax asset impairments incurred offset by the reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative, (ii) $6.4 million of asset impairments and closing costs related to the relocation of certain restaurants and (iii) $3.6 million of severance related to restructuring of certain functions. Net income for the first quarter of 2016 includes $26.6 million related to the defeasance of the 2012 CMBS loan. | ||||||||||||||||
[2] | Total revenues in the first quarter of 2015 include $24.3 million higher restaurant sales due to a change in the Company’s fiscal year end. Income from operations in the first quarter of 2015 includes $7.7 million of pre-tax impairments and restaurant closing costs incurred in connection with the Domestic and International Restaurant Closure Initiatives. Income from operations in the fourth quarter includes $24.2 million of pre-tax asset impairments incurred in connection with the Bonefish Restructuring. Net income for the second quarter of 2015 includes $2.6 million of loss in connection with a refinancing of the Company’s Senior Secured Credit Facility. Net income in the first quarter of 2015 includes $4.9 million of less net income due to a change in the Company’s fiscal year end. |
Segment Reporting (Depreciation
Segment Reporting (Depreciation and Amortization by Segment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | $ 193,838 | $ 190,399 | $ 190,911 |
Corporate, non-segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | 12,391 | 11,795 | 13,520 |
U.S. Segment [Member] | Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | 155,434 | 151,868 | 147,686 |
International Segment [Member] | Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | $ 26,013 | $ 26,736 | $ 29,705 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures by Segment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 260,578 | $ 210,263 | $ 237,868 |
Corporate, non-segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 17,671 | 10,015 | 7,322 |
Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 270,188 | 210,263 | 237,868 |
U.S. Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 211,855 | 153,445 | 174,952 |
International Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 40,662 | $ 46,803 | $ 55,594 |
Segment Reporting (Total Assets
Segment Reporting (Total Assets by Segment) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,642,279 | $ 3,032,569 |
Operating segments [Member] | U.S. Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,995,227 | 2,405,196 |
Operating segments [Member] | International Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 436,024 | 472,518 |
Corporate, non-segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 211,028 | $ 154,855 |
Segment Reporting (Long-lived A
Segment Reporting (Long-lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Dec. 27, 2015 |
Segment reporting information [Line Items] | ||
Long-lived assets | $ 1,367,418 | $ 1,758,596 |
U.S. Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | 1,231,154 | 1,601,691 |
International [Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | $ 136,264 | $ 156,905 |
Selected Quarterly Financial147
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Total revenues | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 1,049,299 | $ 1,026,721 | $ 1,099,597 | $ 1,202,059 | [1] | $ 4,252,312 | $ 4,377,676 | $ 4,442,711 | ||||||
Income (loss) from operations | (4,145) | [2] | 31,734 | [2] | 13,333 | [2] | 86,684 | [2] | 31,915 | [1] | 38,724 | 62,585 | 97,701 | [1] | 127,606 | 230,925 | 191,964 | |
Net income (loss) | (2,699) | 21,228 | (8,065) | 35,883 | [2] | 19,017 | 17,405 | 33,056 | [1] | 62,082 | [1] | 46,347 | 131,560 | 95,926 | ||||
Net income (loss) attributable to Bloomin’ Brands | $ (4,283) | $ 20,733 | $ (9,177) | $ 34,475 | $ 17,702 | $ 16,811 | $ 32,226 | $ 60,588 | $ 41,748 | $ 127,327 | $ 91,090 | |||||||
Earnings (loss) per share: | ||||||||||||||||||
Basic | $ (0.04) | $ 0.19 | $ (0.08) | $ 0.29 | $ 0.15 | $ 0.14 | $ 0.26 | $ 0.48 | $ 0.37 | $ 1.04 | $ 0.73 | |||||||
Diluted | $ (0.04) | $ 0.18 | $ (0.08) | $ 0.29 | $ 0.14 | $ 0.13 | $ 0.26 | $ 0.47 | $ 0.37 | $ 1.01 | $ 0.71 | |||||||
[1] | Total revenues in the first quarter of 2015 include $24.3 million higher restaurant sales due to a change in the Company’s fiscal year end. Income from operations in the first quarter of 2015 includes $7.7 million of pre-tax impairments and restaurant closing costs incurred in connection with the Domestic and International Restaurant Closure Initiatives. Income from operations in the fourth quarter includes $24.2 million of pre-tax asset impairments incurred in connection with the Bonefish Restructuring. Net income for the second quarter of 2015 includes $2.6 million of loss in connection with a refinancing of the Company’s Senior Secured Credit Facility. Net income in the first quarter of 2015 includes $4.9 million of less net income due to a change in the Company’s fiscal year end. | |||||||||||||||||
[2] | Income from operations in the first quarter includes $3.6 million of restaurant closing costs incurred in connection with the Bonefish Restructuring. Income from operations in the second quarter of 2016 includes $39.6 million of asset impairment charges and related costs associated with the Company’s decision to sell its Outback South Korea subsidiary. Income from operations in the third quarter of 2016 includes $3.2 million of asset impairment charges and related costs for its Puerto Rico subsidiary. Income from operations in the fourth quarter of 2016 includes: (i) $46.5 million of pre-tax asset impairments incurred offset by the reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative, (ii) $6.4 million of asset impairments and closing costs related to the relocation of certain restaurants and (iii) $3.6 million of severance related to restructuring of certain functions. Net income for the first quarter of 2016 includes $26.6 million related to the defeasance of the 2012 CMBS loan. |
Selected Quarterly Financial148
Selected Quarterly Financial Data (Footnotes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | ||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Restructuring charges | $ 45,279 | $ 33,507 | $ 26,841 | ||||||||
Severance related to restructuring of certain functions | $ 3,600 | 3,600 | |||||||||
Loss on extinguishment and modification of debt | (26,998) | (2,956) | $ (11,092) | ||||||||
Restaurant sales [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Change in fiscal period, estimated financial impact on reporting period | $ 24,300 | ||||||||||
Net income (loss) attributable to Bloomin' Brands [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Change in fiscal period, estimated financial impact on reporting period | 4,900 | ||||||||||
2012 CMBS loan [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Loss on extinguishment and modification of debt | $ 26,600 | ||||||||||
Senior secured credit facility [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Loss on extinguishment and modification of debt | [1] | $ 2,600 | |||||||||
Outback South Korea [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Asset impairment charges | $ 39,600 | ||||||||||
Outback Puerto Rico [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Asset impairment charges | $ 3,200 | ||||||||||
Facility closing [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Restructuring charges | $ 6,845 | $ 10,358 | |||||||||
Restaurant relocation [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Asset impairment charges | 6,400 | ||||||||||
Bonefish Restructuring [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Asset impairment charges | $ 24,200 | ||||||||||
Bonefish Restructuring [Member] | Facility closing [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Restructuring charges | $ 3,600 | ||||||||||
2017 Closure Initiative [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Asset impairment charges | 46,500 | ||||||||||
Restructuring and related cost, deferred rent reversal incurred to date | $ (3,300) | ||||||||||
Domestic and International Restaurant Closure Initiatives [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Restaurant closure expenses | $ 7,700 | ||||||||||
[1] | Losses were comprised of write-offs of $1.4 million and $5.5 million of deferred financing fees and $1.2 million and $4.9 million of unamortized debt discount for fiscal years 2015 and 2014, respectively. Losses also included third-party financing costs of $0.3 million in fiscal year 2015 and a prepayment penalty of $0.7 million in fiscal year 2014. |