Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 25, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
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 | $ 1.9 | ||
Entity Common Stock, Shares Outstanding | 92,581,406 | ||
Entity Central Index Key | 1,546,417 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 128,263 | $ 127,176 |
Current portion of restricted cash and cash equivalents | 1,280 | 7,886 |
Inventories | 51,264 | 65,231 |
Other current assets, net | 179,402 | 190,226 |
Total current assets | 360,209 | 390,519 |
Restricted cash | 0 | 1,124 |
Property, fixtures and equipment, net | 1,173,414 | 1,237,148 |
Goodwill | 310,234 | 310,055 |
Intangible assets, net | 522,290 | 535,523 |
Deferred income tax assets, net | 71,499 | 38,764 |
Other assets, net | 135,261 | 129,146 |
Total assets | 2,572,907 | 2,642,279 |
Current Liabilities | ||
Accounts payable | 185,461 | 195,371 |
Accrued and other current liabilities | 270,840 | 204,415 |
Unearned revenue | 378,227 | 388,543 |
Current portion of long-term debt | 26,335 | 35,079 |
Total current liabilities | 860,863 | 823,408 |
Deferred rent | 160,047 | 151,130 |
Deferred income tax liabilities | 16,926 | 16,709 |
Long-term debt, net | 1,091,769 | 1,054,406 |
Deferred gain on sale-leaseback transactions, net | 188,086 | 181,696 |
Other long-term liabilities, net | 205,745 | 219,030 |
Total liabilities | 2,523,436 | 2,446,379 |
Commitments and contingencies | ||
Mezzanine Equity | ||
Redeemable noncontrolling interests | 0 | 547 |
Bloomin’ Brands Stockholders’ Equity | ||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of December 31, 2017 and December 25, 2016 | 0 | 0 |
Common stock, $0.01 par value, 475,000,000 shares authorized; 91,912,546 and 103,922,110 shares issued and outstanding as of December 31, 2017 and December 25, 2016, respectively | 919 | 1,039 |
Additional paid-in capital | 1,081,813 | 1,079,583 |
Accumulated deficit | (944,951) | (786,780) |
Accumulated other comprehensive loss | (99,199) | (111,143) |
Total Bloomin’ Brands stockholders’ equity | 38,582 | 182,699 |
Noncontrolling interests | 10,889 | 12,654 |
Total stockholders’ equity | 49,471 | 195,353 |
Total liabilities, mezzanine equity and stockholders’ equity | $ 2,572,907 | $ 2,642,279 |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Dec. 31, 2017 | Dec. 25, 2016 |
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 | 91,912,546 | 103,922,110 |
Common stock, shares outstanding | 91,912,546 | 103,922,110 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Revenues | |||
Restaurant sales | $ 4,168,658 | $ 4,226,057 | $ 4,349,921 |
Franchise and other revenues | 44,688 | 26,255 | 27,755 |
Total revenues | 4,213,346 | 4,252,312 | 4,377,676 |
Costs and expenses | |||
Cost of sales | 1,317,110 | 1,354,853 | 1,419,689 |
Labor and other related | 1,219,593 | 1,211,250 | 1,205,610 |
Other restaurant operating | 978,984 | 992,157 | 1,006,772 |
Depreciation and amortization | 192,282 | 193,838 | 190,399 |
General and administrative | 306,956 | 267,981 | 287,614 |
Provision for impaired assets and restaurant closings | 52,329 | 104,627 | 36,667 |
Total costs and expenses | 4,067,254 | 4,124,706 | 4,146,751 |
Income from operations | 146,092 | 127,606 | 230,925 |
Loss on defeasance, extinguishment and modification of debt | (1,069) | (26,998) | (2,956) |
Other income (expense), net | 14,912 | 1,609 | (939) |
Interest expense, net | (41,392) | (45,726) | (56,176) |
Income before provision for income taxes | 118,543 | 56,491 | 170,854 |
Provision for income taxes | 15,985 | 10,144 | 39,294 |
Net income | 102,558 | 46,347 | 131,560 |
Less: net income attributable to noncontrolling interests | 2,315 | 4,599 | 4,233 |
Net income attributable to Bloomin’ Brands | 100,243 | 41,748 | 127,327 |
Other comprehensive income: | |||
Foreign currency translation adjustment | 8,959 | 37,075 | (96,194) |
Unrealized gain (loss) on derivatives, net of tax | 627 | (1,250) | (6,033) |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 2,381 | 3,807 | 2,235 |
Comprehensive income | 114,525 | 85,979 | 31,568 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 2,338 | 8,008 | (8,934) |
Comprehensive income attributable to Bloomin’ Brands | $ 112,187 | $ 77,971 | $ 40,502 |
Earnings per share: | |||
Basic | $ 1.04 | $ 0.37 | $ 1.04 |
Diluted | $ 1.01 | $ 0.37 | $ 1.01 |
Weighted average common shares outstanding: | |||
Basic | 96,365 | 111,381 | 122,352 |
Diluted | 99,707 | 114,311 | 125,585 |
Cash dividends declared per common share | $ 0.32 | $ 0.28 | $ 0.24 |
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. 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) | ||||||
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 noncontrolling interest, 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 | 119,215,000 | ||||||
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 noncontrolling interest, 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 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 103,342 | 100,243 | 3,099 | ||||
Other comprehensive income (loss), net of tax | 11,941 | 11,944 | (3) | ||||
Dividends, common stock, cash | $ (30,988) | (30,988) | |||||
Stock repurchased and retired during period, shares | (13,807,000) | (13,807,000) | |||||
Stock repurchased and retired during period, value | $ (272,736) | $ (138) | (272,598) | ||||
Stock-based compensation | 23,721 | 23,721 | |||||
Common stock issued under stock plans, shares | [1] | 1,798,000 | |||||
Common stock issued under stock plans, value | [1] | 10,259 | $ 18 | 10,421 | (180) | ||
Purchase of noncontrolling interest, net of tax | 893 | 713 | 180 | ||||
Change in redemption value of Redeemable noncontrolling interests | (211) | (211) | |||||
Distributions to noncontrolling interests | (5,973) | (5,973) | |||||
Contributions from noncontrolling interests | 873 | 873 | |||||
Conversion of accrued partner obligations to noncontrolling interests | 0 | ||||||
Other | $ 419 | 419 | |||||
Balance (in shares) at Dec. 31, 2017 | 91,912,546 | 91,913,000 | |||||
Balance at Dec. 31, 2017 | $ 49,471 | $ 919 | $ 1,081,813 | (944,951) | $ (99,199) | $ 10,889 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative-effect of new accounting principle in period of adoption | $ 14,364 | $ 14,364 | |||||
[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. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Deferred tax effect of purchase of noncontrolling interests | $ 0 | $ 1,504 | $ 0 |
Common stock, dividends, per share, declared | $ 0.32 | $ 0.28 | $ 0.24 |
Additional paid-in capital [Member] | |||
Deferred tax effect of purchase of noncontrolling interests | $ 45 | $ 1,504 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Cash flows provided by operating activities: | |||
Net income | $ 102,558 | $ 46,347 | $ 131,560 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 192,282 | 193,838 | 190,399 |
Amortization of deferred discounts and issuance costs | 2,868 | 7,857 | 4,722 |
Amortization of deferred gift card sales commissions | 26,751 | 28,045 | 28,205 |
Provision for impaired assets and restaurant closings | 52,329 | 104,627 | 36,667 |
Stock-based and other non-cash compensation expense | 25,938 | 21,522 | 22,725 |
Deferred income tax (benefit) expense | (19,595) | (75,349) | 3,996 |
Loss on defeasance, extinguishment and modification of debt | 1,069 | 26,998 | 2,956 |
(Gain) loss on sale of a business or subsidiary | (15,632) | (1,633) | 1,182 |
Recognition of deferred gain on sale-leaseback transactions | (11,872) | (5,981) | (2,121) |
Excess tax benefit from stock-based compensation | 0 | (2,252) | (733) |
Other non-cash items, net | 5,412 | 830 | (2,253) |
Change in assets and liabilities: | |||
Decrease (increase) in inventories | 11,065 | 15,053 | (3,831) |
Increase in other current assets | (12,262) | (22,778) | (43,727) |
(Increase) decrease in other assets | (1,585) | 5,752 | 16,969 |
Increase (decrease) in accounts payable and accrued and other current liabilities | 53,880 | (8,222) | (9,141) |
Increase in deferred rent | 12,079 | 12,426 | 17,983 |
(Decrease) increase in unearned revenue | (10,450) | 7,812 | 6,106 |
Decrease in other long-term liabilities | (5,833) | (14,305) | (6,525) |
Net cash provided by operating activities | 409,002 | 340,587 | 395,139 |
Cash flows (used in) provided by investing activities: | |||
Proceeds from sale-leaseback transactions, net | 98,840 | 530,684 | 0 |
Proceeds from sale of a business, net of cash divested | 39,196 | 28,635 | 7,798 |
Capital expenditures | (260,589) | (260,578) | (210,263) |
Other investments, net | (562) | (3,493) | 14,870 |
Net cash (used in) provided by investing activities | (123,115) | 295,248 | (187,595) |
Cash flows used in financing activities: | |||
Proceeds from issuance of long-term debt, net | 621,603 | 364,211 | 149,250 |
Defeasance, extinguishment and modification of debt | (1,193,719) | (478,906) | (215,000) |
Repayments of long-term debt | (75,528) | (355,616) | (43,076) |
Proceeds from borrowings on revolving credit facilities, net | 1,345,761 | 729,500 | 564,040 |
Repayments of borrowings on revolving credit facilities | (676,500) | (539,500) | (458,300) |
Proceeds from failed sale-leaseback transactions, net | 5,942 | 18,246 | 0 |
Proceeds from the exercise of share-based compensation | 10,439 | 6,843 | 6,024 |
Distributions to noncontrolling interests | (5,973) | (5,818) | (4,761) |
Contributions from noncontrolling interests | 873 | 738 | 3,635 |
Purchase of limited partnership and noncontrolling interests | (5,713) | (39,476) | (890) |
Repayments of partner deposits and accrued partner obligations | (16,786) | (18,739) | (42,555) |
Repurchase of common stock | (272,916) | (310,334) | (170,769) |
Excess tax benefit from stock-based compensation | 0 | 2,252 | 733 |
Cash dividends paid on common stock | (30,988) | (31,379) | (29,332) |
Net cash used in financing activities | (293,505) | (657,978) | (241,001) |
Effect of exchange rate changes on cash and cash equivalents | 975 | 2,955 | (9,193) |
Net decrease in cash, cash equivalents and restricted cash | (6,643) | (19,188) | (42,650) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 136,186 | 155,374 | 198,024 |
Cash, cash equivalents and restricted cash as of the end of the period | 129,543 | 136,186 | 155,374 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 40,475 | 41,645 | 53,971 |
Cash paid for income taxes, net of refunds | 33,392 | 88,823 | 31,552 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Purchase of noncontrolling interest included in accrued and other current liabilities | 0 | 1,414 | 0 |
(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment or capital leases | (4,747) | 9,610 | 3,396 |
Deferred tax effect of purchase of noncontrolling interests | 0 | 1,504 | 0 |
Conversion of accrued partner obligations to noncontrolling interests | $ 0 | $ 0 | $ 6,364 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
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. 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. 31, 2017 | |
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. There were no intervening events that would materially affect the Company’s consolidated financial position, results of operations or cash flows as of and for the year ended December 31, 2017 . Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates variable interest entities where it has been determined that the Company is the primary beneficiary of those entities’ operations. The Company is a franchisor of 290 restaurants as of December 31, 2017 , 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. Fiscal Year - The Company utilizes a 52-53 week year ending on the last Sunday in December. In a 52 week fiscal year, each quarterly period is comprised of 13 weeks. The additional week in a 53 week fiscal year is added to the fourth quarter. Fiscal year 2017 consisted of 53 weeks and fiscal years 2016 and 2015 consisted of 52 weeks. The additional operating week of 2017 resulted in increases of $80.4 million of Total revenues and $0.11 of diluted earnings per share in the Consolidated Statements of Operations and Comprehensive Income . 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 $51.6 million and $50.0 million , as of December 31, 2017 and December 25, 2016 , 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 gift card, vendor and other receivables. Gift card, vendor and other receivables consist primarily of amounts due from gift card resellers and vendor rebates. The Company considers the concentration of credit risk for gift card, vendor and other receivables to be minimal due to the payment histories and general financial condition of its gift card resellers and vendors. 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 16 - 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 net realizable value. Restricted Cash - The Company has short-term restricted cash balances consisting of amounts pledged for settlement of deferred compensation plan obligations. 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 of are removed from the Company’s Consolidated Balance Sheets , and any resulting gain or loss is generally recognized in Other restaurant operating expenses in its 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 $9.1 million , $7.6 million and $8.0 million were capitalized during 2017 , 2016 and 2015 , respectively. For 2017 and 2016 , software costs of $19.1 million and $7.1 million , respectively, were capitalized. As of December 31, 2017 and December 25, 2016 , there was $31.4 million and $24.4 million , respectively, of unamortized software included in Property, fixtures and equipment, net on 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, changes in energy prices 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 on its Consolidated Balance Sheets . 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 $2.9 million , $7.1 million and $2.9 million to interest expense for 2017 , 2016 and 2015 , 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 on the Company’s Consolidated Balance Sheets . 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 or 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 are reported at 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. Redeemable noncontrolling interests are classified in Mezzanine equity on 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 Franchise and 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. The Company recorded breakage revenue of $27.5 million , $26.0 million and $22.9 million for 2017 , 2016 and 2015 , 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 $16.2 million and $15.6 million as of December 31, 2017 and December 25, 2016 , respectively, were reflected in Other current assets, net on 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 $6.7 million and $4.2 million as of December 31, 2017 and December 25, 2016 , 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 . Effective January 1, 2018, the Company’s revenue accounting policies will change in conjunction with its adoption of Accounting Standards Update (“ASU”) No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). See discussion of ASU No. 2014-09 discussion in Recently Issued Financial Accounting Standards Not Yet Adopted below. 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 $134.2 million , $160.8 million and $161.6 million for 2017 , 2016 and 2015 , 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 $3.9 million , $5.2 million and $6.5 million for 2017 , 2016 and 2015 , respectively. Partner Compensation - In addition to salary, Area Operating Partners, Restaurant Managing Partners and Chef 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 restaurants’ monthly operating results or cash flows and/or total controllable income (“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 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 6 - 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. International Restaurant Managing Partners whom purchase participation interests receive monthly cash distributions based on performance. Also, the supervising partners receive additional performance-based bonuses based on completion of their agreement. The terms and availability of these plans vary by country. The Company estimates future bonuses and deferred compensation obligations to Restaurant Managing Partners, 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 on 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. Forfeitures of share-based compensation awards are recognized as they occur. 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 $0.1 million , $1.3 million and $1.2 million for 2017 , 2016 and 2015 , 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, net on the Company’s Consolidated Balance Sheets . Recently Adopted Financial Accounting Standards - Effective December 26, 2016, the Company adopted ASU No. 2016-09: “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09”). ASU No. 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. Upon adoption, the Company made an accounting policy election to recognize forfeitures as they occur. Using the modified retrospective transition method required under the standard, the Company recorded a cumulative-effect adjustment for the adoption of ASU No. 2016-09 of $14.4 million for previously unrecognized excess tax benefits, which increased Deferred tax assets and reduced Accumulated deficit. The recognition of excess tax benefits and tax shortfalls in the income statement and presentation of excess tax benefits on the statement of cash flows were adopted prospectively, with no adjustments made to prior periods. The remaining provisions of ASU No. 2016-09 did not have a material impact on the Company’s Consolidated Financial Statements. Effective June 26, 2017, the Company adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230), Restricted Cash” (“ASU No. 2016-18”). ASU No. 2016-18 provides guidance on the presentation of restricted cash and restricted cash equivalents, which are now included with cash and cash equivalents when reconciling the beginning and ending cash amounts shown on the statements of cash flows. Using the retrospective transition method required under the standard, the Company has adjusted the presentation of its Consolidated Statements of Cash Flows for all periods presented. The adoption of ASU No. 2016-18 did not have any other impact on the Company’s Consolidated Financial Statements. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s Consolidated Statement of Cash Flows: FISCAL YEAR 2016 2015 (dollars in thousands) AS REPORTED 2016-18 IMPACT ADJUSTED AS REPORTED 2016-18 IMPACT ADJUSTED Cash flows provided by operating activities Other non-cash items, net $ 824 $ 6 $ 830 $ 38 $ (2,291 ) $ (2,253 ) Net cash provided by operating activities $ 340,581 $ 6 $ 340,587 $ 397,430 $ (2,291 ) $ 395,139 Cash flows provided by (used in) investing activities Decrease in restricted cash $ 45,479 $ (45,479 ) $ — $ 54,782 $ (54,782 ) $ — Increase in restricted cash (31,446 ) 31,446 — (47,830 ) 47,830 — Net cash provided by (used in) investing activities $ 309,281 $ (14,033 ) $ 295,248 $ (180,643 ) $ (6,952 ) $ (187,595 ) Net decrease in cash, cash equivalents and restricted cash $ (5,161 ) $ (14,027 ) $ (19,188 ) $ (33,407 ) $ (9,243 ) $ (42,650 ) Cash, cash equivalents, and restricted cash as of the beginning of the period 132,337 23,037 155,374 165,744 32,280 198,024 Cash, cash equivalents and restricted cash as of the end of the period $ 127,176 $ 9,010 $ 136,186 $ 132,337 $ 23,037 $ 155,374 Recently Issued Financial Accounting Standards Not Yet Adopted - In May 2014, the Financial Accounting Standards Board (“the FASB”) issued ASU No. 2014-09. ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. The standard also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company has implemented new controls to comply with ASU No. 2014-09 and permit adoption on January 1, 2018. Although the Company is in the process of finalizing the impact of adoption, it has determined that changes in the timing of breakage revenue will impact quarterly results. Under the new standard, the Company will recognize gift card breakage proportional to redemptions. Previously, under the remote method, the majority of breakage revenue was recorded in the Company’s fourth fiscal quarter corresponding with the timing of the original gift card sale. Advertising fees charged to franchisees, which are currently recorded as a reduction to Other restaurant operating expenses, and approximated $17.2 million and $12.4 million in 2017 and 2016, respectively, will be recognized as revenue. In addition, initial franchise fees will be recognized over the term of the franchise agreement. Included in Q2 2017 was $2.2 million of initial franchise fees from domestic refranchising transactions. The Company intends to adopt ASU No. 2014-09 using the full retrospective transition method, which will result in restating each prior reporting period presented in the year of adoption. 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 2019 and must be adopted using a modified retrospective approach. The Company expects the adoption of ASU No. 2016-02 to have a significant impact on its Consolidated Balance Sheet due to recognition of right-of-use assets and lease liabilities for operating leases. The Company’s evaluation of ASU No. 2016-02 is ongoing and may identify additional impacts on the consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU No. 2017-12”) which provides guidance for reporting the economic results of hedging activities and to simplify the disclosures of risk exposures and hedging strategies. ASU No. 2017-12 will be effective for the Company in 2019, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2017-12 on its Consolidated Financial Statements. Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period. These reclassifications had no effect on previously reported net income. |
Disposals
Disposals | 12 Months Ended |
Dec. 31, 2017 | |
Disposals [Abstract] | |
Disposals | Disposals Refranchising - In the second quarter of 2017 , the Company completed the sale of 54 of its existing U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill locations to two of its existing franchisees (the “Buyers”) for aggregate cash proceeds of $36.2 million , net of certain closing adjustments. The transactions resulted in an aggregate net gain of $7.4 million , recorded within Other income, net, in the Consolidated Statements of Operations and Other Comprehensive Income, and is net of an impairment of $1.7 million related to certain Company-owned assets leased to the Buyers. Included in the cash proceeds are initial franchise fees of $2.2 million that are recorded within Franchise and other revenues in the Consolidated Statements of Operations and Other Comprehensive Income. These restaurants are now operated as franchises and the Company remains contingently liable on certain real estate lease agreements assigned to the Buyers. See Note 19 - Commitments and Contingencies for additional details regarding lease guarantees. Other Disposals - During third quarter of 2017 , the Company closed and completed the sale of one U.S. Company-owned Carrabba’s Italian Grill location for a purchase price of $9.9 million , net of closing costs. The sale resulted in a net gain of $8.4 million , recorded in Other income, net, in the Company’s Consolidated Statements of Operations and Other Comprehensive Income. Outback Steakhouse South Korea - In 2016, the Company completed the sale of its Outback Steakhouse subsidiary in South Korea (“Outback Steakhouse South Korea”) for a purchase price of $50.0 million , converting all restaurants in that market to franchised locations. Following is the Income (loss) before income taxes of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 Restaurant sales $ 90,455 $ 171,649 Income (loss) before income taxes (1) $ (32,348 ) $ 3,284 ________________ (1) Includes impairment charges of $39.6 million for Assets held for sale and a gain on sale of $2.1 million in 2016. Roy’s - In 2015, the Company sold its Roy’s business to United Ohana, LLC, for a purchase price of $10.0 million , less certain liabilities. Following are the components of Roy’s included in the Company’s Consolidated Statements of Operations and Comprehensive Income for 2015: FISCAL YEAR (dollars in thousands) 2015 Restaurant sales $ 5,729 Loss before income taxes (1) $ (831 ) ________________ (1) Includes loss on sale of $0.9 million . |
Impairments and Exit Costs
Impairments and Exit Costs | 12 Months Ended |
Dec. 31, 2017 | |
Impairments and Exit Costs [Abstract] | |
Impairments and Exit Costs | Impairments and Exit Costs The components of Provision for impaired assets and restaurant closings are as follows: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Impairment losses U.S. $ 15,325 $ 57,464 $ 27,408 International 10,124 41,599 — Corporate — — 746 Total impairment losses $ 25,449 $ 99,063 $ 28,154 Restaurant closure expenses U.S. $ 26,749 $ 5,596 $ 2,460 International 131 (32 ) 6,053 Total restaurant closure expenses $ 26,880 $ 5,564 $ 8,513 Provision for impaired assets and restaurant closings $ 52,329 $ 104,627 $ 36,667 Closure Initiative and Restructuring Costs - Following is a summary of expenses related to the 2017 Closure Initiative, Bonefish Restructuring and the Pre-2015 Closure Initiatives (the “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) 2017 2016 2015 Impairment, facility closure and other expenses 2017 Closure Initiative (1) $ 20,352 $ 46,500 $ — Bonefish Restructuring (2) 3,783 4,859 24,204 Pre-2015 Closure Initiatives (3) — — 7,643 Provision for impaired assets and restaurant closings $ 24,135 $ 51,359 $ 31,847 Severance and other expenses 2017 Closure Initiative (1) $ 3,299 $ — $ — Bonefish Restructuring (2) 67 601 143 Pre-2015 Closure Initiatives (3) — — 1,715 General and administrative $ 3,366 $ 601 $ 1,858 Reversal of deferred rent liability 2017 Closure Initiative (1) $ (4,755 ) $ (3,271 ) $ — Bonefish Restructuring (2) — (3,410 ) — Pre-2015 Closure Initiatives (3) — — (198 ) Other restaurant operating $ (4,755 ) $ (6,681 ) $ (198 ) $ 22,746 $ 45,279 $ 33,507 ________________ (1) On February 15, 2017 and August 28, 2017 , the Company decided to close 43 underperforming restaurants in the U.S. and two Abbraccio restaurants outside of the core markets of São Paulo and Rio de Janeiro in Brazil (the “2017 Closure Initiative”). Most of these restaurants were closed in 2017, with the balance mostly closing as leases and certain operating covenants expire or are amended or waived. In connection with the 2017 Closure Initiative, the Company recognized impairments of $17.9 million and $45.6 million within the U.S. segment and $2.5 million and $0.9 million within the International segment for 2017 and 2016 , respectively. (2) On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). The Company expects to substantially complete these restaurant closings through the first quarter of 2019. In connection with the Bonefish Restructuring, the Company reassessed the future undiscounted cash flows of the impacted restaurants, and as a result, recognized pre-tax asset impairments during 2015. Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. (3) During 2013 and 2014, the Company decided to close 22 domestic and 36 international (primarily in South Korea) underperforming locations (the “Pre-2015 Closure Initiatives”). Cumulative Closure Initiative and Restructuring Costs - Following is a summary of cumulative expenses related to the Closure Initiatives incurred through December 31, 2017 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLOSURE INITIATIVES AND RESTRUCTURING 2017 BONEFISH PRE-2015 TOTAL Impairments, facility closure and other expenses Provision for impaired assets and restaurant closings $ 66,852 $ 32,846 $ 52,048 $ 151,746 Severance and other expenses General and administrative 3,299 811 5,757 9,867 Reversal of deferred rent liability Other restaurant operating (8,026 ) (3,410 ) (3,109 ) (14,545 ) $ 62,125 $ 30,247 $ 54,696 $ 147,068 Surplus Properties - The Company owns certain U.S. restaurant properties and assets that are no longer utilized to operate its restaurant concepts (“surplus properties”). Surplus properties primarily consist of closed properties which include land and a building, and liquor licenses no longer needed for operations. Surplus properties may be classified in the Consolidated Balance Sheets as assets held for sale or as assets held and used when the Company does not expect to sell these assets within the next 12 months. Following is a summary of the carrying value and number of surplus properties as of the dates indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 31, 2017 DECEMBER 25, 2016 Surplus properties - assets held for sale Other current assets, net $ 6,217 $ 676 Surplus properties - assets held and used Property, fixtures and equipment, net 21,611 34,501 Total surplus properties $ 27,828 $ 35,177 Number of surplus properties owned 22 18 During 2017 , the Company recognized impairment charges of $10.7 million in connection with the remeasurement of certain held and used surplus properties. Other Impairment - During the fourth quarter of 2017 , the Company recognized asset impairment charges of $6.3 million for its China subsidiary, within the International segment. During 2016, the Company recognized impairment charges of $3.5 million for its Puerto Rico subsidiary, within the U.S. segment. 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 and lease liabilities. Projected Future Expenses and Cash Expenditures - The Company currently expects to incur additional charges for the 2017 Closure Initiative and Bonefish Restructuring over the next two 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 RESTRUCTURING Lease related liabilities, net of subleases $ 2.9 to $ 3.8 $ 1.6 to $ 2.3 Employee severance and other obligations 0.4 to 0.7 0.1 to 0.4 Total estimated future expense $ 3.3 to $ 4.5 $ 1.7 to $ 2.7 Total estimated future cash expenditures (dollars in millions) $ 22.3 to $ 26.4 $ 9.6 to $ 12.3 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: FISCAL YEAR (dollars in thousands) 2017 2016 Beginning of the year $ 6,557 $ 5,699 Charges 29,393 6,845 Cash payments (10,728 ) (4,706 ) Adjustments (2,513 ) (1,281 ) End of the year (1) $ 22,709 $ 6,557 ________________ (1) The Company had exit-related accruals of $6.7 million and $2.6 million , recorded in Accrued and other current liabilities and $16.0 million and $4.0 million , recorded in Other long-term liabilities, net, as of December 31, 2017 and December 25, 2016 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Net income attributable to Bloomin’ Brands $ 100,243 $ 41,748 $ 127,327 Basic weighted average common shares outstanding 96,365 111,381 122,352 Effect of diluted securities: Stock options 2,895 2,659 2,992 Nonvested restricted stock and restricted stock units 421 260 216 Nonvested performance-based share units 26 11 25 Diluted weighted average common shares outstanding 99,707 114,311 125,585 Basic earnings per share $ 1.04 $ 0.37 $ 1.04 Diluted earnings per share $ 1.01 $ 0.37 $ 1.01 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) 2017 2016 2015 Stock options 5,555 5,151 2,670 Nonvested restricted stock and restricted stock units 128 219 27 Nonvested performance-based share units 222 92 — |
Stock-based and Deferred Compen
Stock-based and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
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 The Company recognized stock-based compensation expense as follows: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Stock options $ 10,423 $ 11,926 $ 10,041 Restricted stock and restricted stock units 9,933 9,275 6,758 Performance-based share units 2,227 1,393 3,596 $ 22,583 $ 22,594 $ 20,395 Stock Options - 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. The following table presents a summary of the Company’s stock option activity: (in thousands, except exercise price and contractual life) OPTIONS WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 25, 2016 10,984 $ 14.24 5.8 $ 58,231 Granted 1,279 17.39 Exercised (1,411 ) 9.54 Forfeited or expired (801 ) 19.31 Outstanding as of December 31, 2017 10,051 $ 14.89 5.2 $ 71,373 Exercisable as of December 31, 2017 6,727 $ 12.96 3.7 $ 60,814 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 2017 2016 2015 Assumptions: Weighted-average risk-free interest rate (1) 1.92 % 1.32 % 1.64 % Dividend yield (2) 1.84 % 1.59 % 1.00 % Expected term (3) 6.3 years 6.1 years 6.3 years Weighted-average volatility (4) 33.7 % 35.2 % 43.4 % Weighted-average grant date fair value per option $ 5.09 $ 5.28 $ 10.11 ________________ (1) Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option. (2) Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. (3) Expected term represents the period of time that the options are expected to be outstanding. The simplified method of estimating the expected term is used since the Company does not have significant historical exercise experience for its stock options. (4) Based on the historical volatility of the Company’s stock. The following represents stock option compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Intrinsic value of options exercised $ 15,139 $ 10,792 $ 11,843 Excess tax benefits for tax deductions related to the exercise of stock options $ 2,928 $ 2,146 $ 702 Cash received from option exercises, net of tax withholding $ 13,329 $ 8,998 $ 7,440 Fair value of stock options vested $ 28,085 $ 19,431 $ 26,643 Tax benefits for stock option compensation expense $ 5,889 $ 4,177 $ 4,594 Unrecognized stock option expense $ 12,347 Remaining weighted-average vesting period 2.3 years Restricted Stock and Restricted Stock Units - Restricted stock and restricted stock units generally vest over a period of four years and become exercisable in an equal number of shares each year. Following is a summary of the Company’s restricted stock and restricted stock unit activity: (shares in thousands) NUMBER OF RESTRICTED STOCK & RESTRICTED STOCK UNIT AWARDS WEIGHTED-AVERAGE Outstanding as of December 25, 2016 1,594 $ 18.55 Granted 619 16.49 Vested (533 ) 19.10 Forfeited (288 ) 17.91 Outstanding as of December 31, 2017 1,392 $ 17.54 The following represents restricted stock and restricted stock unit compensation information as of December 31, 2017 : FISCAL YEAR (dollars in thousands) 2017 2016 2015 Fair value of restricted stock vested $ 10,182 $ 7,752 $ 5,339 Tax benefits for restricted stock compensation expense $ 3,664 $ 2,513 $ 2,303 Unrecognized restricted stock expense $ 17,365 Remaining weighted-average vesting period 2.5 years Performance-based Share Units (“PSUs”) - The number of units that vest is determined for each year based on the achievement of certain 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. The following table presents a summary of the Company’s PSU activity: (shares in thousands) PERFORMANCE-BASED SHARE UNITS WEIGHTED-AVERAGE Outstanding as of December 25, 2016 312 $ 16.26 Granted 403 17.44 Vested (70 ) 16.29 Forfeited (146 ) 17.98 Outstanding as of December 31, 2017 499 $ 16.72 The following represents PSU compensation information as of December 31, 2017 : FISCAL YEAR (dollars in thousands) 2017 2016 2015 Tax benefits for PSU compensation expense $ 501 $ 910 $ 636 Unrecognized PSU expense $ 2,820 Remaining weighted-average vesting period (1) 1.0 year ________________ (1) For PSUs granted prior to 2016, units typically vest in an equal number of shares over four years. PSUs granted after 2015 vest after three years. As of December 31, 2017 , the maximum number of shares of common stock available for issuance pursuant to the 2016 Omnibus Incentive Plan was 5,063,157 . Deferred Compensation Plans Restaurant Managing Partners and Chef Partners are eligible to participate in deferred compensation programs. To fund deferred compensation arrangements, the Company may invest in corporate-owned life insurance policies, which are held within an irrevocable grantor or “rabbi” trust account for settlement of certain of the obligations under the deferred compensation plans. The deferred compensation obligation due to Restaurant Managing and Chef Partners was $96.3 million and $113.0 million as of December 31, 2017 and December 25, 2016 , respectively. The rabbi trust is funded through the Company’s voluntary contributions. The unfunded obligation for Restaurant Managing and Chef Partners’ deferred compensation was $36.6 million and $50.6 million as of December 31, 2017 and December 25, 2016 , 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 $3.3 million , $3.2 million and $3.7 million for the 401(k) Plan for 2017 , 2016 and 2015 , 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 unsecured and funded through the Company’s voluntary contributions. |
Other Current Assets, Net
Other Current Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other current assets, net | Other Current Assets, Net Other current assets, net, consisted of the following: (dollars in thousands) DECEMBER 31, DECEMBER 25, Prepaid expenses $ 40,688 $ 35,298 Accounts receivable - gift cards, net 66,361 102,664 Accounts receivable - vendors, net 19,483 10,107 Accounts receivable - franchisees, net 2,017 1,677 Accounts receivable - other, net 22,808 20,497 Assets held for sale 6,217 1,331 Other current assets, net 21,828 18,652 $ 179,402 $ 190,226 |
Property, Fixtures and Equipmen
Property, Fixtures and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
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 31, DECEMBER 25, Land $ 74,228 $ 114,375 Buildings and building improvements 653,246 726,418 Furniture and fixtures 410,792 383,758 Equipment 600,977 550,598 Leasehold improvements 534,875 492,465 Construction in progress 40,740 47,332 Less: accumulated depreciation (1,141,444 ) (1,077,798 ) $ 1,173,414 $ 1,237,148 Sale-leaseback Transactions - During 2017 and 2016, the Company entered into sale-leaseback transactions with third-parties in which it sold 31 and 153 restaurant properties at fair market value for gross proceeds of $108.0 million and $541.9 million , respectively. In connection with these sale-leaseback transactions, the Company recorded deferred gains of $22.3 million and $163.4 million , respectively, which are amortized to Other restaurant operating expense in its Consolidated Statements of Operations and Comprehensive Income over the initial term of each lease, ranging from 10 to 20 years. During 2016, the Company sold six restaurant properties to third parties for aggregate proceeds of $18.5 million that did not qualify for sale-leaseback accounting. The book value of the buildings and land for these restaurant properties remains on the Company’s Consolidated Balance Sheets. See Note 12 - Long-term Debt, Net and Note 19 - Commitments and Contingencies for additional details regarding the related financing obligation. Leased Properties - As of December 31, 2017 , the Company leased $20.9 million and $27.6 million of certain land and buildings, respectively, to third parties. Accumulated depreciation related to the leased building assets of $9.5 million is included in Property, fixtures and equipment, net as of December 31, 2017 . Depreciation and repair and maintenance expense is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Depreciation expense $ 182,254 $ 183,049 $ 178,855 Repair and maintenance expense 111,926 108,940 107,960 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets, net | Goodwill and Intangible Assets, Net Goodwill - The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 27, 2015 $ 172,711 $ 128,150 $ 300,861 Translation adjustments — 11,382 11,382 Divestitures — (1,901 ) (1,901 ) Transfer to Assets held for sale (287 ) — (287 ) Balance as of December 25, 2016 $ 172,424 $ 137,631 $ 310,055 Translation adjustments — 3,280 3,280 Impairments (1) — (1,444 ) (1,444 ) Divestitures (2) (1,657 ) — (1,657 ) Balance as of December 31, 2017 $ 170,767 $ 139,467 $ 310,234 ________________ (1) During the fourth quarter of 2017, the Company recognized $1.4 million goodwill impairment related to its China subsidiary in Provision for impaired assets and restaurant closings within its Consolidated Statements of Operations and Comprehensive Income. (2) During the second quarter 2017, the Company disposed of Goodwill in connection with the sale of 54 of its U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill locations to existing franchisees. The following table is a summary of the Company’s gross goodwill balances and accumulated impairments: DECEMBER 31, 2017 DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS U.S. $ 838,937 $ (668,170 ) $ 840,594 $ (668,170 ) $ 840,881 $ (668,170 ) International 257,377 (117,910 ) 254,097 (116,466 ) 244,616 (116,466 ) Total goodwill $ 1,096,314 $ (786,080 ) $ 1,094,691 $ (784,636 ) $ 1,085,497 $ (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 the periods presented. Intangible Assets, net - Intangible assets, net, consisted of the following: WEIGHTED AVERAGE AMORTIZATION PERIOD DECEMBER 31, 2017 DECEMBER 25, 2016 (dollars in thousands) GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE Trade names Indefinite $ 414,141 $ 414,141 $ 414,041 $ 414,041 Trademarks 11 81,381 $ (40,233 ) 41,148 81,381 $ (36,400 ) 44,981 Favorable leases 10 66,338 (39,259 ) 27,079 73,665 (41,258 ) 32,407 Franchise agreements 3 14,881 (12,067 ) 2,814 14,881 (10,922 ) 3,959 Reacquired franchise rights 13 54,961 (17,963 ) 36,998 53,045 (13,091 ) 39,954 Other intangibles 2 9,099 (8,989 ) 110 9,099 (8,918 ) 181 Total intangible assets 10 $ 640,801 $ (118,511 ) $ 522,290 $ 646,112 $ (110,589 ) $ 535,523 The Company did not record any indefinite-lived intangible asset impairment charges during the periods presented. 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) 2017 2016 2015 Amortization expense (1) $ 14,191 $ 15,666 $ 16,852 ________________ (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 31, 2017 : (dollars in thousands) 2018 $ 13,397 2019 12,990 2020 11,333 2021 10,079 2022 9,649 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other assets, net | Other Assets, Net Other assets, net, consisted of the following: (dollars in thousands) DECEMBER 31, DECEMBER 25, Company-owned life insurance $ 73,818 $ 74,629 Deferred financing fees (1) 8,232 2,632 Liquor licenses 24,659 27,515 Other assets 28,552 24,370 $ 135,261 $ 129,146 ________________ (1) Net of accumulated amortization of $4.1 million and $3.3 million as of December 31, 2017 and December 25, 2016 , respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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 31, DECEMBER 25, Accrued payroll and other compensation $ 113,636 $ 81,981 Accrued insurance 23,482 23,533 Other current liabilities 133,722 98,901 $ 270,840 $ 204,415 |
Long-term Debt, Net
Long-term Debt, Net | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term debt, net | Long-term Debt, Net Following is a summary of outstanding long-term debt: DECEMBER 31, 2017 DECEMBER 25, 2016 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 500,000 3.27 % $ — — % Revolving credit facility (1) 600,000 3.26 % — — % Total Senior Secured Credit Facility 1,100,000 — Former Credit Facility: Term loan A (1) — — % 258,750 2.63 % Term loan A-1 — — % 140,625 2.70 % Revolving credit facility (1) — — % 622,000 2.67 % Total Former Credit Facility — 1,021,375 PRP Mortgage Loan — — % 47,202 3.21 % Financing obligations 19,579 7.52% to 7.82% 19,595 7.45% to 7.60% Capital lease obligations 2,015 2,364 Other notes payable 904 0.00% to 2.18% 1,776 0.00% to 7.00% Less: unamortized debt discount and issuance costs (4,394 ) (2,827 ) Total debt, net 1,118,104 1,089,485 Less: current portion of long-term debt (26,335 ) (35,079 ) Long-term debt, net $ 1,091,769 $ 1,054,406 ________________ (1) Represents the weighted-average interest rate for the respective period. Bloomin’ Brands, Inc. is a holding company and conducts its operations through its subsidiaries, certain of which have incurred indebtedness as described below. New Credit Agreement - On November 30, 2017 , the Company and OSI, as co-borrowers, entered into a credit agreement (the “ Credit Agreement ”) with a syndicate of institutional lenders, providing for senior secured financing of up to $1.5 billion consisting of a $500.0 million Term loan A and a $1.0 billion revolving credit facility, including a letter of credit and swing line loan sub-facilities (the “ Senior Secured Credit Facility ”). The Senior Secured Credit Facility matures on November 30, 2022 . At closing, $697.0 million was drawn under the revolving credit facility. The proceeds of the Credit Agreement were used to repay OSI’s former senior secured credit facility (the “Former Credit Facility”). The Company’s total indebtedness was not materially changed as a result of the refinancing. OSI’s Former Credit Facility, originally dated October 26, 2012, as amended, provided up to $1.4 billion , consisting of a $300.0 million Term loan A, a $150.0 million Term loan A-1 and a $825.0 million revolving credit facility, including letter of credit and swing line loan sub-facilities. Prior to the refinancing, in May 2017, OSI amended its former credit agreement, which provided for the $125.0 million Term loan A-2. The Company may elect an interest rate for the Credit Agreement at each reset period based on the Alternate Base Rate or the Eurocurrency Rate. The Alternate 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 “Alternate 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 and revolving credit facility 50 to 100 basis points over Base Rate 150 to 200 basis points over the Eurocurrency Rate Fees on letters of credit and the daily unused availability under the revolving credit facility as of December 31, 2017 were 1.88% and 0.30% , respectively. As of December 31, 2017 , $22.7 million of the revolving credit facility was committed for the issuance of letters of credit and not available for borrowing. The Senior Secured Credit Facility is guaranteed by each of the Company’s current and future domestic subsidiaries and is secured by substantially all now owned or later acquired assets of the Company and OSI, including the Company’s domestic subsidiaries. PRP Mortgage Loan - During 2016 , New Private Restaurant Partners, LLC, an indirect wholly-owned subsidiary of the Company (“PRP”) entered into loan agreements (the “PRP Mortgage Loan”), as borrower, and Wells Fargo Bank, National Association, as lender, for $369.5 million . 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. The Company repaid the PRP Mortgage Loan in April 2017. Financing Obligation - During 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 did not qualify for sale-leaseback accounting. As a result, the aggregate proceeds were recorded as a financing obligation on its Consolidated Balance Sheet. As such, the lease payments are recognized as interest expense. See Note 19 - 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 its 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 Senior Secured Credit Facility 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 of cash) to Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization and certain other adjustments as defined in the Credit Agreement). The TNLR may not exceed 4.50 to 1.00. The Company’s TNLR as of December 31, 2017 does not limit the Company’s ability to draw on its revolving credit facility. The Senior Secured Credit Facility permits regular quarterly dividend payments, subject to certain restrictions. As of December 31, 2017 and December 25, 2016 , 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) 2017 2016 2015 Refinancing of Senior Secured Credit Facility $ 809 $ — $ 2,956 Modification of the Former Credit Facility 260 — — Defeasance of 2012 CMBS Loan (1) — 26,580 — Modification of PRP Mortgage Loan — 418 — Loss on defeasance, extinguishment and modification of debt $ 1,069 $ 26,998 $ 2,956 ________________ (1) The loss was comprised primarily of a penalty of $23.2 million . Deferred financing fees - The Company deferred $9.7 million and $5.8 million of financing costs incurred in connection with the refinancing of its Credit Agreement and PRP Mortgage Loan in 2017 and 2016 , respectively. Deferred financing fees of $6.9 million associated with the revolving credit facility were recorded in Other Assets, net in 2017. All other deferred financing fees associated with the refinancing of the Credit Agreement and PRP Mortgage Loan in 2017 and 2016 , respectively, were recorded in Long-term debt, net. Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding: (dollars in thousands) DECEMBER 31, Year 1 $ 26,335 Year 2 25,543 Year 3 25,487 Year 4 37,969 Year 5 983,307 Thereafter 19,463 Total $ 1,118,104 The following is a summary of required amortization payments for the Term loan A: SCHEDULED QUARTERLY PAYMENT DATES (dollars in thousands) TERM LOAN A April 1, 2018 through December 27, 2020 $ 6,250 March 28, 2021 through December 26, 2021 $ 9,375 March 27, 2022 through September 25, 2022 $ 12,500 The Senior Secured Credit Facility contains mandatory prepayment requirements for Term loan A. The Company is required to prepay outstanding amounts under these loans with 50% of its annual excess cash flow, as defined in the agreement. The amount of outstanding loans 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 $25.0 million , the Company does not anticipate any other payments will be required through December 30, 2018. |
Other Long-term Liabilities, Ne
Other Long-term Liabilities, Net | 12 Months Ended |
Dec. 31, 2017 | |
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 31, DECEMBER 25, Accrued insurance liability $ 35,945 $ 39,260 Unfavorable leases (1) 36,661 41,778 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 81,083 102,768 Other long-term liabilities 52,056 35,224 $ 205,745 $ 219,030 _______________ (1) Net of accumulated amortization of $34.0 million and $32.6 million as of December 31, 2017 and December 25, 2016 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
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”). The purchase agreement provided certain former equity holders of the Brazil Joint Venture with options to sell their remaining interests to OB Brasil and provided OB Brasil with options to purchase such remaining interests (the “Options”). 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 2016 and 2015, respectively. The Company also 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 2016. As a result of these transactions, the Company owns 100% of the Brazil Joint Venture. 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: FISCAL YEAR (dollars in thousands) 2017 2016 Balance, beginning of period $ 547 $ 23,526 Change in redemption value of Redeemable noncontrolling interests 211 2,024 Net (loss) income attributable to Redeemable noncontrolling interests (784 ) 977 Foreign currency translation attributable to Redeemable noncontrolling interests 26 3,451 Purchase of Redeemable noncontrolling interests — (29,431 ) Balance, end of period $ — $ 547 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' equity | Stockholders’ Equity Share Repurchases - Following is a summary of the Company’s share repurchase programs as of December 31, 2017 (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 July 26, 2016 $ 300,000 $ 247,731 $ 52,269 $ — 2017 April 21, 2017 $ 250,000 $ 195,000 $ — $ 55,000 Following is a summary of the shares repurchased under the Company’s share repurchase programs: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT 2017 2016 2017 2016 2017 2016 First fiscal quarter 2,887 4,399 $ 18.37 $ 17.05 $ 53,053 $ 75,000 Second fiscal quarter 7,030 3,376 $ 20.72 $ 19.22 145,675 64,892 Third fiscal quarter 3,890 7,056 $ 19.03 $ 19.13 74,008 135,000 Fourth fiscal quarter — 1,816 $ — $ 19.27 — 34,995 Total common stock repurchases 13,807 16,647 $ 19.75 $ 18.62 $ 272,736 $ 309,887 On February 16, 2018 , the Company’s Board of Directors (the “Board”) canceled the remaining $55.0 million of authorization under the 2017 Share Repurchase Program and approved a new $150.0 million authorization (the “2018 Share Repurchase Program”). The 2018 Share Repurchase Program will expire on August 16, 2019 . Dividends - The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS PER SHARE AMOUNT 2017 2016 2017 2016 First fiscal quarter $ 0.08 $ 0.07 $ 8,254 $ 8,238 Second fiscal quarter 0.08 0.07 8,054 7,978 Third fiscal quarter 0.08 0.07 7,369 7,765 Fourth fiscal quarter 0.08 0.07 7,311 7,398 Total cash dividends declared and paid $ 0.32 $ 0.28 $ 30,988 $ 31,379 In February 2018 , the Board declared a quarterly cash dividend of $0.09 per share, payable on March 14, 2018 to shareholders of record at the close of business on March 5, 2018 . 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. 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) 2017 2016 Net income attributable to Bloomin’ Brands $ 100,243 $ 41,748 Transfers to noncontrolling interests: Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests (713 ) (2,475 ) Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests $ 99,530 $ 39,273 Accumulated Other Comprehensive Loss - Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) DECEMBER 31, 2017 DECEMBER 25, 2016 Foreign currency translation adjustment $ (98,573 ) $ (107,509 ) Unrealized losses on derivatives, net of tax (626 ) (3,634 ) Accumulated other comprehensive loss $ (99,199 ) $ (111,143 ) Following are the components of Other comprehensive (loss) income during the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Bloomin’ Brands: Foreign currency translation adjustment $ 8,936 $ 33,667 $ (92,259 ) Out-of period adjustment - foreign currency translation (1) — — 9,232 Total foreign currency translation adjustment $ 8,936 $ 33,667 $ (83,027 ) Unrealized gain (loss) on derivatives, net of tax (2) $ 627 $ (1,250 ) $ (6,033 ) Reclassification of adjustment for loss on derivatives included in Net income, net of tax (3) 2,381 3,807 2,235 Total unrealized gain (loss) on derivatives, net of tax $ 3,008 $ 2,557 $ (3,798 ) Other comprehensive income (loss) attributable to Bloomin’ Brands $ 11,944 $ 36,224 $ (86,825 ) Non-controlling interests: Foreign currency translation adjustment $ (3 ) $ (43 ) $ 9 Other comprehensive (loss) income attributable to Non-controlling interests $ (3 ) $ (43 ) $ 9 Redeemable non-controlling interests: Foreign currency translation adjustment $ 26 $ 3,451 $ (3,944 ) Out-of period adjustment - foreign currency translation (1) — — (9,232 ) Total foreign currency translation adjustment $ 26 $ 3,451 $ (13,176 ) Other comprehensive income (loss) attributable to Redeemable non-controlling interests $ 26 $ 3,451 $ (13,176 ) ________________ (1) In 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. The errors resulted in a reclassification of $9.2 million from Comprehensive income attributable to Bloomin’ Brands to Comprehensive income (loss) attributable to Redeemable noncontrolling interests. (2) Unrealized gain (loss) on derivatives is net of tax of $0.5 million , ($0.8) million and ($3.9) million for 2017 , 2016 and 2015 , respectively. (3) Reclassifications of adjustments for losses on derivatives are net of tax benefits of $1.5 million , $2.4 million and $1.4 million for 2017 , 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 Abbraccio in Brazil. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | Derivative Instruments and Hedging Activities Interest Rate Risk - The Company manages economic risks, including interest rate variability, 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 manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps. DESIGNATED HEDGES Cash Flow Hedges of Interest Rate Risk - On September 9, 2014 , the Company entered into variable-to-fixed interest rate swap agreements with eight counterparties to hedge a portion of the cash flows of the Company’s variable rate debt. The swap agreements have an aggregate notional amount of $400.0 million , a start date of June 30, 2015 , and mature on May 16, 2019 . Under the terms of the swap agreements, the Company pays a weighted-average fixed rate of 2.02% on the 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 $1.0 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 Sheets : (dollars in thousands) DECEMBER 31, DECEMBER 25, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - asset (1) $ 67 $ — Other assets, net Interest rate swaps - liability $ 1,010 $ 3,968 Accrued and other current liabilities Interest rate swaps - liability — 1,999 Other long-term liabilities, net Total fair value of derivative instruments - liabilities (1) $ 1,010 $ 5,967 Accrued interest $ 15 $ 408 Accrued and other current liabilities ____________________ (1) See Note 17 - 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 periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Interest rate swap expense recognized in Interest expense, net (1) $ (3,908 ) $ (6,241 ) $ (3,664 ) Income tax benefit recognized in Provision for income taxes 1,527 2,434 1,429 Total effects of the interest rate swaps on Net income $ (2,381 ) $ (3,807 ) $ (2,235 ) ____________________ (1) During the periods presented, the Company did not recognize any gain or loss as a result of hedge ineffectiveness. The Company records its derivatives on its Consolidated Balance Sheets on a gross balance basis. The Company’s interest rate swaps are subject to master netting arrangements. As of December 31, 2017 , the Company did not have more than one derivative between the same counterparties and as such, there was no netting. 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 31, 2017 and December 25, 2016 , all counterparties to the interest rate swaps had performed in accordance with their contractual obligations. The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness. As of December 31, 2017 and December 25, 2016 , 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 $1.0 million and $6.4 million , respectively. As of December 31, 2017 and December 25, 2016 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2017 and December 25, 2016 , it could have been required to settle its obligations under the agreements at their termination value of $1.0 million and $6.4 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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: DECEMBER 31, 2017 DECEMBER 25, 2016 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 1,830 $ 1,830 $ — $ 90 $ 90 $ — Money market funds 24,656 24,656 — 18,607 18,607 — Restricted cash equivalents: Fixed income funds — — — 552 552 — Money market funds 1,280 1,280 — 2,518 2,518 — Other assets, net: Derivative instruments - interest rate swaps 67 — 67 — — — Total asset recurring fair value measurements $ 27,833 $ 27,766 $ 67 $ 21,767 $ 21,767 $ — Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 1,010 $ — $ 1,010 $ 3,968 $ — $ 3,968 Derivative instruments - commodities — — — 157 — 157 Other long-term liabilities: Derivative instruments - interest rate swaps — — — 1,999 — 1,999 Total liability recurring fair value measurements $ 1,010 $ — $ 1,010 $ 6,124 $ — $ 6,124 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 and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 31, 2017 and December 25, 2016 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, aggregated by the level in the fair value hierarchy within which those measurements fall: 2017 2016 2015 (dollars in thousands) CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT Assets held for sale (1) $ 870 $ 467 $ 45,901 $ 44,729 $ 4,136 $ 1,028 Property, fixtures and equipment (2) 19,222 23,539 21,450 53,136 3,634 27,126 Other (3) — 1,444 39 1,198 — — $ 20,092 $ 25,450 $ 67,390 $ 99,063 $ 7,770 $ 28,154 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs (purchase contracts and market appraisals) to estimate the fair value. Refer to Note 4 - Impairments and Exit Costs for discussion of impairments related to Outback Steakhouse South Korea and Roy’s. (2) Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $19.2 million , $20.3 million and $2.5 million for 2017 , 2016 and 2015 , respectively. Assets measured using Level 3 inputs, had carrying values of $1.2 million and $1.1 million for 2016 and 2015 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 4 - Impairments and Exit Costs for discussion of impairments related to closure and restructuring initiatives. (3) Other primarily includes: (i) goodwill in 2017 and (ii) investment in unconsolidated affiliates and intangible assets in 2016. 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 31, 2017 and December 25, 2016 consist of cash equivalents, restricted cash, accounts receivable, accounts payable and current and long-term debt, the fair values of which approximate their carrying amounts reported in its 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, aggregated by the level in the fair value hierarchy in which those measurements fall: DECEMBER 31, 2017 DECEMBER 25, 2016 CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE (dollars in thousands) LEVEL 2 LEVEL 3 LEVEL 2 LEVEL 3 Senior Secured Credit Facility: Term loan A $ 500,000 $ 502,500 $ — $ — $ — $ — Revolving credit facility $ 600,000 $ 598,500 $ — $ — $ — $ — Former Credit Facility: Term loan A $ — $ — $ — $ 258,750 $ 257,780 $ — Term loan A-1 $ — $ — $ — $ 140,625 $ 140,098 $ — Revolving credit facility $ — $ — $ — $ 622,000 $ 617,335 $ — PRP Mortgage Loan $ — $ — $ — $ 47,202 $ — $ 47,202 Other notes payable $ 904 $ — $ 891 $ 1,776 $ — $ 1,659 Fair value of debt is determined based on the following: DEBT FACILITY METHODS AND ASSUMPTIONS Senior Secured Credit Facility and Former Credit Facility Quoted market prices in inactive markets. PRP mortgage loan Assumptions derived from current conditions in real estate and credit markets, changes in underlying collateral and expectations of management. Other notes payable Discounted cash flow approach with inputs that primarily include cost of debt interest rates used to determine fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that impacted the Company’s 2017 provision for income taxes, including, but not limited to: (i) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years and (ii) bonus depreciation that will allow for full expensing of qualified property. The Tax Act also establishes new tax laws that will affect 2018, including, but not limited to: (i) reduction of the U.S. federal corporate tax rate; (ii) elimination of the corporate alternative minimum tax; (iii) the creation of the base erosion anti-abuse tax, a new minimum tax; (iv) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (v) a new provision designed to tax global intangible low-taxed income (“GILTI”), which allows for the possibility of using foreign tax credits (“FTCs”) and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (vi) a new limitation on deductible interest expense; (vii) the repeal of the domestic manufacturing deduction; (viii) limitations on the deductibility of certain executive compensation; (ix) limitations on the use of FTCs to reduce the U.S. income tax liability; and (x) limitations on net operating losses generated after December 31, 2017, to 80 percent of taxable income. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. In connection with its initial analysis of the impact of the Tax Act, the Company recorded a provisional net tax expense of $1.9 million in the period ending December 31, 2017, as described in the following table: FISCAL YEAR (dollars in thousands) 2017 Transition Tax (provisional) $ 100 Net impact on U.S. deferred tax assets and liabilities (provisional) (1) 1,600 Net changes in deferred tax liability associated with anticipated repatriation taxes (provisional) 200 $ 1,900 ________________ (1) Includes $4.7 million of expense for a valuation allowance recorded against foreign tax credit carryforwards, $3.9 million of benefit from the impact of the corporate rate reduction on net deferred tax liability balances, and an expense of $0.8 million for the write-off of certain deferred tax assets that will no longer be realized. For various reasons that are discussed more fully below, the Company has not completed its accounting for the income tax effects of the Tax Act. The Company has made reasonable estimates of the effects of the Tax Act and recorded the provisional adjustments as shown in the table above. Reduction of U.S. Federal Corporate Income Tax Rate - The Tax Act reduces the corporate income tax rate to 21 percent , effective January 1, 2018. While the Company is able to make a reasonable estimate of the impact of the reduction in corporate rate on its deferred tax assets and liabilities, it may be affected by other analyses related to the Tax Act, including, but not limited to, its calculation of deemed repatriation of deferred foreign income and the state tax effect of adjustments made to federal temporary differences. Deemed Repatriation Transition Tax - The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of the Company’s foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company is able to make a reasonable estimate of the Transition Tax and recorded a provisional amount. Due to the ability to utilize foreign tax credits in the calculation of the Transition Tax, the obligation primarily related to the estimated state impacts. However, the Company is continuing to gather additional information. Additional guidance from the U.S. Treasury and state taxing authorities on the application of certain provisions of the Tax Act is expected in the future. Valuation Allowances - The Company must assess whether its valuation allowance analyses or deferred tax assets are affected by various aspects of the Tax Act (e.g., deemed repatriation of deferred foreign income, GILTI inclusions and new categories of FTCs). While the Company did record an additional valuation allowance against foreign tax credit carryforwards, the Company has recorded provisional amounts related to certain portions of the Tax Act and any corresponding determination of the need for a change in a valuation allowance is also provisional. The Company is continuing to evaluate other provisions of the Tax Act and the application of ASC 740, however, the Company has estimated that these provisions will not have a material impact in the current year. The following table presents the domestic and foreign components of Income before provision for income taxes: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Domestic $ 119,632 $ 70,481 $ 146,331 Foreign (1,089 ) (13,990 ) 24,523 $ 118,543 $ 56,491 $ 170,854 Provision (benefit) for income taxes consisted of the following: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Current provision: Federal $ 18,384 $ 43,071 $ 17,952 State 8,155 28,033 5,962 Foreign 9,041 14,389 11,384 35,580 85,493 35,298 Deferred (benefit) provision: Federal (15,792 ) (53,647 ) 2,514 State (3,850 ) (21,316 ) 626 Foreign 47 (386 ) 856 (19,595 ) (75,349 ) 3,996 Provision for income taxes $ 15,985 $ 10,144 $ 39,294 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 2017 2016 2015 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 2.2 8.2 2.3 Employment-related credits, net (25.5 ) (53.5 ) (15.8 ) Domestic manufacturing deduction (4.3 ) — — Excess tax benefits from stock-based compensation arrangements (1) (2.1 ) — — Noncontrolling interests (1.3 ) (2.8 ) (0.8 ) Net life insurance expense (0.6 ) (2.7 ) (0.3 ) Refranchising of Outback Steakhouse South Korea — 27.4 — Valuation allowance on deferred income tax assets 3.1 6.1 1.7 Nondeductible compensation 3.1 2.5 0.8 Cumulative effect of the Tax Act 1.6 — — Foreign rate differential 1.6 0.8 0.6 Tax settlements and related adjustments 0.2 (0.2 ) (0.1 ) Other, net 0.5 (2.8 ) (0.4 ) Total 13.5 % 18.0 % 23.0 % ____________________ (1) During 2017, excess tax benefits from share-based award activity are reflected as a reduction to the provision for income taxes as a result of the adoption of ASU No. 2016-09. The net decrease in the effective income tax rate in 2017 as compared to 2016 was primarily due to impairment and additional tax liabilities recorded in connection with the refranchising of Outback Steakhouse South Korea in 2016. The remaining decrease was primarily due to a domestic manufacturing deduction and excess tax benefits from equity-based compensation arrangements recorded in 2017. These decreases were mostly offset by employment-related credits being a lower percentage of net income in 2017 relative to 2016 and the impact of the Tax Act. The net decrease in the effective income tax rate in 2016 as compared to 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 refranchising of Outback Steakhouse South Korea. 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 31, DECEMBER 25, Deferred income tax assets: Deferred rent $ 40,504 $ 57,783 Insurance reserves 15,788 23,906 Unearned revenue 15,020 19,566 Deferred compensation 38,273 62,389 Net operating loss carryforwards 8,003 6,036 Federal tax credit carryforwards 75,661 58,963 Partner deposits and accrued partner obligations 4,326 8,245 Other, net 15,342 8,309 Gross deferred income tax assets 212,917 245,197 Less: valuation allowance (15,925 ) (7,220 ) Net deferred income tax assets 196,992 237,977 Deferred income tax liabilities: Less: property, fixtures and equipment basis differences (18,814 ) (37,847 ) Less: intangible asset basis differences (116,425 ) (155,053 ) Less: deferred gain on extinguishment of debt (7,180 ) (23,022 ) Net deferred income tax assets $ 54,573 $ 22,055 Undistributed Earnings - The Company previously considered the earnings in its non-U.S. subsidiaries to be indefinitely reinvested and, accordingly, recorded no deferred income taxes. Given the Tax Act’s significant changes and potential opportunities to repatriate cash free of U.S. federal tax, the Company is in the process of evaluating its current permanent reinvestment assertions. This evaluation includes the repatriation of historical earnings (2017 and prior) that have been previously taxed under the Tax Act. The Company had aggregate undistributed E&P from foreign subsidiaries of approximately $136.0 million , which is considered previously taxed income (“PTI”) subsequent to the Tax Act. The Company recorded $0.1 million in provisional Transition Tax in connection with this E&P. Due to the ability to utilize foreign tax credits in the calculation of the Transition Tax, the obligation primarily related to the estimated state impacts. Additionally, the Company has recorded a provisional deferred tax liability of $0.2 million as of December 31, 2017 for certain state income taxes on the future repatriation of PTI. The Company currently considers the remaining financial statement carrying amounts over the tax basis of investments in its foreign subsidiaries to be indefinitely reinvested, and have not recorded a provisional deferred tax liability. The determination of any unrecorded provisional deferred tax liability on this amount is not practicable due to the uncertainty of how these investments would be recovered. Tax Carryforwards - The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 31, 2017 are as follows: (dollars in thousands) EXPIRATION DATE AMOUNT United States federal tax credit carryforwards 2026 - 2037 $ 90,092 Foreign loss carryforwards 2018 - Indefinite $ 29,581 Unrecognized Tax Benefits - As of December 31, 2017 and December 25, 2016 , the liability for unrecognized tax benefits was $23.7 million and $19.6 million , respectively. Of the total amount of unrecognized tax benefits, including accrued interest and penalties, $24.0 million and $18.9 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) 2017 2016 2015 Balance as of beginning of year $ 19,583 $ 19,430 $ 17,563 Additions for tax positions taken during a prior period 4,149 476 3,022 Reductions for tax positions taken during a prior period (1,009 ) (430 ) (848 ) Additions for tax positions taken during the current period 1,822 2,472 2,305 Settlements with taxing authorities — (391 ) (1,078 ) Lapses in the applicable statutes of limitations (945 ) (2,230 ) (540 ) Translation adjustments 63 256 (994 ) Balance as of end of year $ 23,663 $ 19,583 $ 19,430 The Company had approximately $1.8 million and $1.2 million accrued for the payment of interest and penalties as of December 31, 2017 and December 25, 2016 , respectively. The Company recognized immaterial interest and penalties related to uncertain tax positions in the Provision for income taxes , for all periods presented. In many cases, the Company’s uncertain tax positions are related to tax years that remain 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 $3.0 million to $4.0 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 - 2016 United States states 2001 - 2016 Foreign 2009 - 2016 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 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 and sublease rental income is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Rent expense (1) $ 188,205 $ 173,507 $ 164,754 Sublease revenues $ 4,472 $ 853 $ 906 ____________________ (1) Includes contingent rent expense of $4.3 million , $5.9 million and $7.4 million , respectively, for the periods presented . As of December 31, 2017 , future minimum rental payments and sublease revenues under non-cancelable operating leases are as follows: (dollars in thousands) LEASE PAYMENTS (1) SUBLEASE REVENUES 2018 $ 185,183 $ 5,068 2019 174,060 5,127 2020 161,567 5,091 2021 145,528 5,093 2022 128,573 4,784 Thereafter 902,757 58,633 Total minimum lease payments $ 1,697,668 $ 83,796 ____________________ (1) Minimum lease payments have not been reduced by minimum sublease rentals. Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases. These leases have varying terms, the latest of which expires in 2032 . As of December 31, 2017 , the undiscounted payments the Company could be required to make in the event of non-payment by the primary lessees was approximately $30.3 million . The present value of these potential payments discounted at the Company’s incremental borrowing rate as of December 31, 2017 was approximately $21.2 million . In the event of default, the indemnity clauses in the Company’s purchase and sale agreements govern its ability to pursue and recover damages incurred. The Company believes the financial strength and operating history of the buyers significantly reduces the risk that it will be required to make payments under these leases. Accordingly, no liability has been recorded. Financing Obligation - Following is a summary of the Company’s minimum financing payments during the initial term of the various leases: (dollars in thousands) DECEMBER 31, Year 1 $ 1,323 Year 2 1,345 Year 3 1,366 Year 4 1,398 Year 5 1,423 Thereafter 22,219 Total (1) $ 29,074 ____________________ (1) Refer to Note 12 - Long-term Debt, Net for additional details regarding the Company’s financing obligation. Purchase Obligations - Purchase obligations were $446.0 million and $439.4 million as of December 31, 2017 and December 25, 2016 , respectively. These purchase obligations are primarily due within five years, however, commitments with various vendors extend through December 2023. 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 2017 , the Company purchased more than 85% of its U.S. beef raw materials from four beef suppliers that represent more than 80% of the total beef marketplace in the U.S. Litigation and Other Matters - In relation to various legal matters discussed below, the Company had $4.3 million and $3.5 million of liability recorded as of December 31, 2017 and December 25, 2016 , respectively. During 2017 , 2016 and 2015 , the Company recognized $1.2 million , $4.0 million and $4.6 million , respectively, in Other restaurant operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income for certain 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 claimed 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 in 2017, the class period closed and the Company made final payment of $2.3 million . On October 4, 2013, two then-current employees (the “Nevada Plaintiffs”) filed a collective action lawsuit against the Company and certain of its subsidiaries. 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 2016. In addition, the Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage-and-hour and other employment-related litigation, which arise in the ordinary course of business and are generally covered by insurance if they exceed specified retention or deductible amounts. Other than the litigation noted above, 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 31, 2017 , the future payments the Company expects for workers’ compensation, general liability and health insurance claims are: (dollars in thousands) 2018 $ 24,231 2019 12,883 2020 8,336 2021 4,622 2022 2,512 Thereafter 10,842 $ 63,426 A reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized on the Company’s Consolidated Balance Sheets is as follows: (dollars in thousands) DECEMBER 31, DECEMBER 25, Undiscounted reserves $ 63,426 $ 65,471 Discount (1) (3,999 ) (2,678 ) Discounted reserves $ 59,427 $ 62,793 Discounted reserves recognized in the Company ’ s Consolidated Balance Sheets: Accrued and other current liabilities $ 23,482 $ 23,533 Other long-term liabilities, net 35,945 39,260 $ 59,427 $ 62,793 ____________________ (1) Discount rates of 1.88% and 1.32% were used for December 31, 2017 and December 25, 2016 , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
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 31, 2017 : SEGMENT (1) 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 _________________ (1) Includes franchise locations. 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 exclude 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. The following table is a summary of Total revenue by segment: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Total revenues U.S. $ 3,750,959 $ 3,797,309 $ 3,879,743 International 462,387 455,003 497,933 Total revenues $ 4,213,346 $ 4,252,312 $ 4,377,676 The following table is a reconciliation of Segment income (loss) from operations to Income before Provision for income taxes : FISCAL YEAR (dollars in thousands) 2017 2016 2015 Segment income (loss) from operations U.S. $ 297,260 $ 286,683 $ 348,731 International 28,916 (5,954 ) 34,597 Total segment income from operations 326,176 280,729 383,328 Unallocated corporate operating expense (180,084 ) (153,123 ) (152,403 ) Total income from operations 146,092 127,606 230,925 Loss on defeasance, extinguishment and modification of debt (1,069 ) (26,998 ) (2,956 ) Other income (loss), net 14,912 1,609 (939 ) Interest expense, net (41,392 ) (45,726 ) (56,176 ) Income before Provision for income taxes $ 118,543 $ 56,491 $ 170,854 The following table is a summary of Depreciation and amortization expense by segment: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Depreciation and amortization U.S. $ 149,976 $ 155,434 $ 151,868 International 27,796 26,013 26,736 Corporate 14,510 12,391 11,795 Total depreciation and amortization $ 192,282 $ 193,838 $ 190,399 The following table is a summary of capital expenditures by segment: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Capital expenditures U.S. $ 209,260 $ 211,855 $ 153,445 International 33,302 40,662 46,803 Corporate 13,280 17,671 10,015 Total capital expenditures $ 255,842 $ 270,188 $ 210,263 The following table sets forth Total assets by segment: (dollars in thousands) DECEMBER 31, 2017 DECEMBER 25, 2016 Assets U.S. $ 1,856,406 $ 1,995,227 International 450,974 436,024 Corporate 265,527 211,028 Total assets $ 2,572,907 $ 2,642,279 Geographic areas — 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 31, 2017 DECEMBER 25, 2016 U.S. $ 1,164,322 $ 1,231,154 International 144,353 136,264 $ 1,308,675 $ 1,367,418 International revenues are defined as revenues generated from restaurant sales originating in a country other than the U.S. The following table details Total revenues by major geographic area: FISCAL YEAR (dollars in thousands) 2017 2016 2015 U.S. $ 3,750,959 $ 3,797,309 $ 3,879,743 International: Brazil 410,249 318,881 287,698 Other 52,138 136,122 210,235 Total revenues $ 4,213,346 $ 4,252,312 $ 4,377,676 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected quarterly financial data (unaudited) | Selected Quarterly Financial Data (Unaudited) 2017 FISCAL QUARTERS FIRST (1) SECOND (1) THIRD (1) FOURTH (1) Total revenues $ 1,143,823 $ 1,032,982 $ 948,899 $ 1,087,642 Income from operations 69,130 42,154 3,182 31,626 Net income 44,923 36,329 4,046 17,260 Net income attributable to Bloomin’ Brands 43,910 35,630 4,336 16,367 Earnings per share: Basic $ 0.43 $ 0.36 $ 0.05 $ 0.18 Diluted $ 0.41 $ 0.35 $ 0.05 $ 0.17 2016 FISCAL QUARTERS FIRST (2) SECOND (2) THIRD (2) FOURTH (2) 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 ) ____________________ (1) Total revenues for the fourth quarter include an increase of $80.4 million for the 53 rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million , $3.0 million , $20.0 million and $25.7 million , respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million , respectively. Includes $0.11 of additional earnings per share from a 53 rd operating week in 2017. (2) Income from operations in the first, second, third and fourth quarters include expense of $3.6 million , $39.6 million , $3.2 million and $56.5 million , respectively. for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the Company’s decision to sell Outback Steakhouse South Korea, (iii) its Puerto Rico subsidiary, (iv) the relocation of certain restaurants and (v) a restructuring event, partially offset by the fourth quarter reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative. Net income for the first quarter includes $26.6 million related to the defeasance of the 2012 CMBS loan. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. There were no intervening events that would materially affect the Company’s consolidated financial position, results of operations or cash flows as of and for the year ended December 31, 2017 . |
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 that the Company is the primary beneficiary of those entities’ operations. The Company is a franchisor of 290 restaurants as of December 31, 2017 , 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 $51.6 million and $50.0 million , as of December 31, 2017 and December 25, 2016 , 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 gift card, vendor and other receivables. Gift card, vendor and other receivables consist primarily of amounts due from gift card resellers and vendor rebates. The Company considers the concentration of credit risk for gift card, vendor and other receivables to be minimal due to the payment histories and general financial condition of its gift card resellers and vendors. |
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 16 - 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 net realizable value. |
Restricted cash | Restricted Cash - The Company has short-term restricted cash balances consisting of amounts pledged for settlement of deferred compensation plan obligations. |
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 of are removed from the Company’s Consolidated Balance Sheets , and any resulting gain or loss is generally recognized in Other restaurant operating expenses in its 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 $9.1 million , $7.6 million and $8.0 million were capitalized during 2017 , 2016 and 2015 , respectively. For 2017 and 2016 , software costs of $19.1 million and $7.1 million , respectively, were capitalized. As of December 31, 2017 and December 25, 2016 , there was $31.4 million and $24.4 million , respectively, of unamortized software included in Property, fixtures and equipment, net on 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, changes in energy prices 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 on its Consolidated Balance Sheets . 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 $2.9 million , $7.1 million and $2.9 million to interest expense for 2017 , 2016 and 2015 , 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 on the Company’s Consolidated Balance Sheets . 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 or 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 - Redeemable noncontrolling interests are reported at 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. Redeemable noncontrolling interests are classified in Mezzanine equity on 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 Franchise and 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. The Company recorded breakage revenue of $27.5 million , $26.0 million and $22.9 million for 2017 , 2016 and 2015 , 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 $16.2 million and $15.6 million as of December 31, 2017 and December 25, 2016 , respectively, were reflected in Other current assets, net on 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 $6.7 million and $4.2 million as of December 31, 2017 and December 25, 2016 , 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 . Effective January 1, 2018, the Company’s revenue accounting policies will change in conjunction with its adoption of Accounting Standards Update (“ASU”) No. 2014-09 “Revenue Recognition (Topic 606), Revenue from Contracts with Customers” (“ASU No. 2014-09”). See discussion of ASU No. 2014-09 discussion in Recently Issued Financial Accounting Standards Not Yet Adopted below. |
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 $134.2 million , $160.8 million and $161.6 million for 2017 , 2016 and 2015 , 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 $3.9 million , $5.2 million and $6.5 million for 2017 , 2016 and 2015 , respectively. |
Partner compensation | Partner Compensation - In addition to salary, Area Operating Partners, Restaurant Managing Partners and Chef 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 restaurants’ monthly operating results or cash flows and/or total controllable income (“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 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 6 - 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. International Restaurant Managing Partners whom purchase participation interests receive monthly cash distributions based on performance. Also, the supervising partners receive additional performance-based bonuses based on completion of their agreement. The terms and availability of these plans vary by country. The Company estimates future bonuses and deferred compensation obligations to Restaurant Managing Partners, 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 on 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. Forfeitures of share-based compensation awards are recognized as they occur. |
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 $0.1 million , $1.3 million and $1.2 million for 2017 , 2016 and 2015 , 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, net on the Company’s Consolidated Balance Sheets . |
Recently adopted financial accounting standards | Recently Adopted Financial Accounting Standards - Effective December 26, 2016, the Company adopted ASU No. 2016-09: “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09”). ASU No. 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. Upon adoption, the Company made an accounting policy election to recognize forfeitures as they occur. Using the modified retrospective transition method required under the standard, the Company recorded a cumulative-effect adjustment for the adoption of ASU No. 2016-09 of $14.4 million for previously unrecognized excess tax benefits, which increased Deferred tax assets and reduced Accumulated deficit. The recognition of excess tax benefits and tax shortfalls in the income statement and presentation of excess tax benefits on the statement of cash flows were adopted prospectively, with no adjustments made to prior periods. The remaining provisions of ASU No. 2016-09 did not have a material impact on the Company’s Consolidated Financial Statements. Effective June 26, 2017, the Company adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230), Restricted Cash” (“ASU No. 2016-18”). ASU No. 2016-18 provides guidance on the presentation of restricted cash and restricted cash equivalents, which are now included with cash and cash equivalents when reconciling the beginning and ending cash amounts shown on the statements of cash flows. Using the retrospective transition method required under the standard, the Company has adjusted the presentation of its Consolidated Statements of Cash Flows for all periods presented. The adoption of ASU No. 2016-18 did not have any other impact on the Company’s Consolidated Financial Statements. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s Consolidated Statement of Cash Flows: FISCAL YEAR 2016 2015 (dollars in thousands) AS REPORTED 2016-18 IMPACT ADJUSTED AS REPORTED 2016-18 IMPACT ADJUSTED Cash flows provided by operating activities Other non-cash items, net $ 824 $ 6 $ 830 $ 38 $ (2,291 ) $ (2,253 ) Net cash provided by operating activities $ 340,581 $ 6 $ 340,587 $ 397,430 $ (2,291 ) $ 395,139 Cash flows provided by (used in) investing activities Decrease in restricted cash $ 45,479 $ (45,479 ) $ — $ 54,782 $ (54,782 ) $ — Increase in restricted cash (31,446 ) 31,446 — (47,830 ) 47,830 — Net cash provided by (used in) investing activities $ 309,281 $ (14,033 ) $ 295,248 $ (180,643 ) $ (6,952 ) $ (187,595 ) Net decrease in cash, cash equivalents and restricted cash $ (5,161 ) $ (14,027 ) $ (19,188 ) $ (33,407 ) $ (9,243 ) $ (42,650 ) Cash, cash equivalents, and restricted cash as of the beginning of the period 132,337 23,037 155,374 165,744 32,280 198,024 Cash, cash equivalents and restricted cash as of the end of the period $ 127,176 $ 9,010 $ 136,186 $ 132,337 $ 23,037 $ 155,374 Recently Issued Financial Accounting Standards Not Yet Adopted - In May 2014, the Financial Accounting Standards Board (“the FASB”) issued ASU No. 2014-09. ASU No. 2014-09 provides a single source of guidance for revenue arising from contracts with customers and supersedes current revenue recognition standards. Under ASU No. 2014-09, revenue is recognized in an amount that reflects the consideration an entity expects to receive for the transfer of goods and services. The standard also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company has implemented new controls to comply with ASU No. 2014-09 and permit adoption on January 1, 2018. Although the Company is in the process of finalizing the impact of adoption, it has determined that changes in the timing of breakage revenue will impact quarterly results. Under the new standard, the Company will recognize gift card breakage proportional to redemptions. Previously, under the remote method, the majority of breakage revenue was recorded in the Company’s fourth fiscal quarter corresponding with the timing of the original gift card sale. Advertising fees charged to franchisees, which are currently recorded as a reduction to Other restaurant operating expenses, and approximated $17.2 million and $12.4 million in 2017 and 2016, respectively, will be recognized as revenue. In addition, initial franchise fees will be recognized over the term of the franchise agreement. Included in Q2 2017 was $2.2 million of initial franchise fees from domestic refranchising transactions. The Company intends to adopt ASU No. 2014-09 using the full retrospective transition method, which will result in restating each prior reporting period presented in the year of adoption. 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 2019 and must be adopted using a modified retrospective approach. The Company expects the adoption of ASU No. 2016-02 to have a significant impact on its Consolidated Balance Sheet due to recognition of right-of-use assets and lease liabilities for operating leases. The Company’s evaluation of ASU No. 2016-02 is ongoing and may identify additional impacts on the consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU No. 2017-12”) which provides guidance for reporting the economic results of hedging activities and to simplify the disclosures of risk exposures and hedging strategies. ASU No. 2017-12 will be effective for the Company in 2019, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2017-12 on its Consolidated Financial Statements. |
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 Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 31, DECEMBER 25, Land $ 74,228 $ 114,375 Buildings and building improvements 653,246 726,418 Furniture and fixtures 410,792 383,758 Equipment 600,977 550,598 Leasehold improvements 534,875 492,465 Construction in progress 40,740 47,332 Less: accumulated depreciation (1,141,444 ) (1,077,798 ) $ 1,173,414 $ 1,237,148 |
New accounting pronouncement, early adoption | The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s Consolidated Statement of Cash Flows: FISCAL YEAR 2016 2015 (dollars in thousands) AS REPORTED 2016-18 IMPACT ADJUSTED AS REPORTED 2016-18 IMPACT ADJUSTED Cash flows provided by operating activities Other non-cash items, net $ 824 $ 6 $ 830 $ 38 $ (2,291 ) $ (2,253 ) Net cash provided by operating activities $ 340,581 $ 6 $ 340,587 $ 397,430 $ (2,291 ) $ 395,139 Cash flows provided by (used in) investing activities Decrease in restricted cash $ 45,479 $ (45,479 ) $ — $ 54,782 $ (54,782 ) $ — Increase in restricted cash (31,446 ) 31,446 — (47,830 ) 47,830 — Net cash provided by (used in) investing activities $ 309,281 $ (14,033 ) $ 295,248 $ (180,643 ) $ (6,952 ) $ (187,595 ) Net decrease in cash, cash equivalents and restricted cash $ (5,161 ) $ (14,027 ) $ (19,188 ) $ (33,407 ) $ (9,243 ) $ (42,650 ) Cash, cash equivalents, and restricted cash as of the beginning of the period 132,337 23,037 155,374 165,744 32,280 198,024 Cash, cash equivalents and restricted cash as of the end of the period $ 127,176 $ 9,010 $ 136,186 $ 132,337 $ 23,037 $ 155,374 |
Disposals (Tables)
Disposals (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Outback Steakhouse South Korea [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Condensed income statement, divestitures | Following is the Income (loss) before income taxes of Outback Steakhouse South Korea included in the Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2016 2015 Restaurant sales $ 90,455 $ 171,649 Income (loss) before income taxes (1) $ (32,348 ) $ 3,284 ________________ (1) Includes impairment charges of $39.6 million for Assets held for sale and a gain on sale of $2.1 million in 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 2015: FISCAL YEAR (dollars in thousands) 2015 Restaurant sales $ 5,729 Loss before income taxes (1) $ (831 ) ________________ (1) Includes loss on sale of $0.9 million . |
Impairments and Exit Costs (Tab
Impairments and Exit Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Impairment losses U.S. $ 15,325 $ 57,464 $ 27,408 International 10,124 41,599 — Corporate — — 746 Total impairment losses $ 25,449 $ 99,063 $ 28,154 Restaurant closure expenses U.S. $ 26,749 $ 5,596 $ 2,460 International 131 (32 ) 6,053 Total restaurant closure expenses $ 26,880 $ 5,564 $ 8,513 Provision for impaired assets and restaurant closings $ 52,329 $ 104,627 $ 36,667 |
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: FISCAL YEAR (dollars in thousands) 2017 2016 Beginning of the year $ 6,557 $ 5,699 Charges 29,393 6,845 Cash payments (10,728 ) (4,706 ) Adjustments (2,513 ) (1,281 ) End of the year (1) $ 22,709 $ 6,557 ________________ (1) The Company had exit-related accruals of $6.7 million and $2.6 million , recorded in Accrued and other current liabilities and $16.0 million and $4.0 million , recorded in Other long-term liabilities, net, as of December 31, 2017 and December 25, 2016 , respectively. |
Other property [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 the carrying value and number of surplus properties as of the dates indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 31, 2017 DECEMBER 25, 2016 Surplus properties - assets held for sale Other current assets, net $ 6,217 $ 676 Surplus properties - assets held and used Property, fixtures and equipment, net 21,611 34,501 Total surplus properties $ 27,828 $ 35,177 Number of surplus properties owned 22 18 |
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 the Pre-2015 Closure Initiatives (the “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) 2017 2016 2015 Impairment, facility closure and other expenses 2017 Closure Initiative (1) $ 20,352 $ 46,500 $ — Bonefish Restructuring (2) 3,783 4,859 24,204 Pre-2015 Closure Initiatives (3) — — 7,643 Provision for impaired assets and restaurant closings $ 24,135 $ 51,359 $ 31,847 Severance and other expenses 2017 Closure Initiative (1) $ 3,299 $ — $ — Bonefish Restructuring (2) 67 601 143 Pre-2015 Closure Initiatives (3) — — 1,715 General and administrative $ 3,366 $ 601 $ 1,858 Reversal of deferred rent liability 2017 Closure Initiative (1) $ (4,755 ) $ (3,271 ) $ — Bonefish Restructuring (2) — (3,410 ) — Pre-2015 Closure Initiatives (3) — — (198 ) Other restaurant operating $ (4,755 ) $ (6,681 ) $ (198 ) $ 22,746 $ 45,279 $ 33,507 ________________ (1) On February 15, 2017 and August 28, 2017 , the Company decided to close 43 underperforming restaurants in the U.S. and two Abbraccio restaurants outside of the core markets of São Paulo and Rio de Janeiro in Brazil (the “2017 Closure Initiative”). Most of these restaurants were closed in 2017, with the balance mostly closing as leases and certain operating covenants expire or are amended or waived. In connection with the 2017 Closure Initiative, the Company recognized impairments of $17.9 million and $45.6 million within the U.S. segment and $2.5 million and $0.9 million within the International segment for 2017 and 2016 , respectively. (2) On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). The Company expects to substantially complete these restaurant closings through the first quarter of 2019. In connection with the Bonefish Restructuring, the Company reassessed the future undiscounted cash flows of the impacted restaurants, and as a result, recognized pre-tax asset impairments during 2015. Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. (3) During 2013 and 2014, the Company decided to close 22 domestic and 36 international (primarily in South Korea) underperforming locations (the “Pre-2015 Closure Initiatives”). |
Restructuring and related costs | Following is a summary of cumulative expenses related to the Closure Initiatives incurred through December 31, 2017 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLOSURE INITIATIVES AND RESTRUCTURING 2017 BONEFISH PRE-2015 TOTAL Impairments, facility closure and other expenses Provision for impaired assets and restaurant closings $ 66,852 $ 32,846 $ 52,048 $ 151,746 Severance and other expenses General and administrative 3,299 811 5,757 9,867 Reversal of deferred rent liability Other restaurant operating (8,026 ) (3,410 ) (3,109 ) (14,545 ) $ 62,125 $ 30,247 $ 54,696 $ 147,068 |
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 costs | Following is a summary of estimated pre-tax expense by type: Estimated future expense (dollars in millions) 2017 CLOSURE INITIATIVE BONEFISH RESTRUCTURING Lease related liabilities, net of subleases $ 2.9 to $ 3.8 $ 1.6 to $ 2.3 Employee severance and other obligations 0.4 to 0.7 0.1 to 0.4 Total estimated future expense $ 3.3 to $ 4.5 $ 1.7 to $ 2.7 Total estimated future cash expenditures (dollars in millions) $ 22.3 to $ 26.4 $ 9.6 to $ 12.3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Net income attributable to Bloomin’ Brands $ 100,243 $ 41,748 $ 127,327 Basic weighted average common shares outstanding 96,365 111,381 122,352 Effect of diluted securities: Stock options 2,895 2,659 2,992 Nonvested restricted stock and restricted stock units 421 260 216 Nonvested performance-based share units 26 11 25 Diluted weighted average common shares outstanding 99,707 114,311 125,585 Basic earnings per share $ 1.04 $ 0.37 $ 1.04 Diluted earnings per share $ 1.01 $ 0.37 $ 1.01 |
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) 2017 2016 2015 Stock options 5,555 5,151 2,670 Nonvested restricted stock and restricted stock units 128 219 27 Nonvested performance-based share units 222 92 — |
Stock-based and Deferred Comp34
Stock-based and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Stock options $ 10,423 $ 11,926 $ 10,041 Restricted stock and restricted stock units 9,933 9,275 6,758 Performance-based share units 2,227 1,393 3,596 $ 22,583 $ 22,594 $ 20,395 |
Schedule of share-based compensation, stock options, activity | The following table presents a summary of the Company’s stock option activity: (in thousands, except exercise price and contractual life) OPTIONS WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 25, 2016 10,984 $ 14.24 5.8 $ 58,231 Granted 1,279 17.39 Exercised (1,411 ) 9.54 Forfeited or expired (801 ) 19.31 Outstanding as of December 31, 2017 10,051 $ 14.89 5.2 $ 71,373 Exercisable as of December 31, 2017 6,727 $ 12.96 3.7 $ 60,814 |
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 2017 2016 2015 Assumptions: Weighted-average risk-free interest rate (1) 1.92 % 1.32 % 1.64 % Dividend yield (2) 1.84 % 1.59 % 1.00 % Expected term (3) 6.3 years 6.1 years 6.3 years Weighted-average volatility (4) 33.7 % 35.2 % 43.4 % Weighted-average grant date fair value per option $ 5.09 $ 5.28 $ 10.11 ________________ (1) Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option. (2) Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. (3) Expected term represents the period of time that the options are expected to be outstanding. The simplified method of estimating the expected term is used since the Company does not have significant historical exercise experience for its stock options. (4) Based on the historical volatility of the Company’s stock. |
Schedule of stock-based compensation information, stock options | The following represents stock option compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Intrinsic value of options exercised $ 15,139 $ 10,792 $ 11,843 Excess tax benefits for tax deductions related to the exercise of stock options $ 2,928 $ 2,146 $ 702 Cash received from option exercises, net of tax withholding $ 13,329 $ 8,998 $ 7,440 Fair value of stock options vested $ 28,085 $ 19,431 $ 26,643 Tax benefits for stock option compensation expense $ 5,889 $ 4,177 $ 4,594 Unrecognized stock option expense $ 12,347 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: (shares in thousands) NUMBER OF RESTRICTED STOCK & RESTRICTED STOCK UNIT AWARDS WEIGHTED-AVERAGE Outstanding as of December 25, 2016 1,594 $ 18.55 Granted 619 16.49 Vested (533 ) 19.10 Forfeited (288 ) 17.91 Outstanding as of December 31, 2017 1,392 $ 17.54 |
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 31, 2017 : FISCAL YEAR (dollars in thousands) 2017 2016 2015 Fair value of restricted stock vested $ 10,182 $ 7,752 $ 5,339 Tax benefits for restricted stock compensation expense $ 3,664 $ 2,513 $ 2,303 Unrecognized restricted stock expense $ 17,365 Remaining weighted-average vesting period 2.5 years |
Schedule of nonvested performance-based units, activity | The following table presents a summary of the Company’s PSU activity: (shares in thousands) PERFORMANCE-BASED SHARE UNITS WEIGHTED-AVERAGE Outstanding as of December 25, 2016 312 $ 16.26 Granted 403 17.44 Vested (70 ) 16.29 Forfeited (146 ) 17.98 Outstanding as of December 31, 2017 499 $ 16.72 |
Schedule of employee service share-based compensation, allocation of recognized period costs | The following represents PSU compensation information as of December 31, 2017 : FISCAL YEAR (dollars in thousands) 2017 2016 2015 Tax benefits for PSU compensation expense $ 501 $ 910 $ 636 Unrecognized PSU expense $ 2,820 Remaining weighted-average vesting period (1) 1.0 year ________________ (1) For PSUs granted prior to 2016, units typically vest in an equal number of shares over four years. PSUs granted after 2015 vest after three years. |
Other Current Assets, Net (Tabl
Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Schedule of other current assets, net | Other current assets, net, consisted of the following: (dollars in thousands) DECEMBER 31, DECEMBER 25, Prepaid expenses $ 40,688 $ 35,298 Accounts receivable - gift cards, net 66,361 102,664 Accounts receivable - vendors, net 19,483 10,107 Accounts receivable - franchisees, net 2,017 1,677 Accounts receivable - other, net 22,808 20,497 Assets held for sale 6,217 1,331 Other current assets, net 21,828 18,652 $ 179,402 $ 190,226 |
Property, Fixtures and Equipm36
Property, Fixtures and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 31, DECEMBER 25, Land $ 74,228 $ 114,375 Buildings and building improvements 653,246 726,418 Furniture and fixtures 410,792 383,758 Equipment 600,977 550,598 Leasehold improvements 534,875 492,465 Construction in progress 40,740 47,332 Less: accumulated depreciation (1,141,444 ) (1,077,798 ) $ 1,173,414 $ 1,237,148 |
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) 2017 2016 2015 Depreciation expense $ 182,254 $ 183,049 $ 178,855 Repair and maintenance expense 111,926 108,940 107,960 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Line Items] | |
Goodwill rollforward | The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 27, 2015 $ 172,711 $ 128,150 $ 300,861 Translation adjustments — 11,382 11,382 Divestitures — (1,901 ) (1,901 ) Transfer to Assets held for sale (287 ) — (287 ) Balance as of December 25, 2016 $ 172,424 $ 137,631 $ 310,055 Translation adjustments — 3,280 3,280 Impairments (1) — (1,444 ) (1,444 ) Divestitures (2) (1,657 ) — (1,657 ) Balance as of December 31, 2017 $ 170,767 $ 139,467 $ 310,234 ________________ (1) During the fourth quarter of 2017, the Company recognized $1.4 million goodwill impairment related to its China subsidiary in Provision for impaired assets and restaurant closings within its Consolidated Statements of Operations and Comprehensive Income. (2) During the second quarter 2017, the Company disposed of Goodwill in connection with the sale of 54 of its U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill locations to existing franchisees. |
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) 2017 2016 2015 Amortization expense (1) $ 14,191 $ 15,666 $ 16,852 ________________ (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 31, 2017 : (dollars in thousands) 2018 $ 13,397 2019 12,990 2020 11,333 2021 10,079 2022 9,649 |
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: DECEMBER 31, 2017 DECEMBER 25, 2016 DECEMBER 27, 2015 (dollars in thousands) GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS U.S. $ 838,937 $ (668,170 ) $ 840,594 $ (668,170 ) $ 840,881 $ (668,170 ) International 257,377 (117,910 ) 254,097 (116,466 ) 244,616 (116,466 ) Total goodwill $ 1,096,314 $ (786,080 ) $ 1,094,691 $ (784,636 ) $ 1,085,497 $ (784,636 ) |
Intangible assets, net [Member] | |
Goodwill [Line Items] | |
Schedule of goodwill and intangible assets | Intangible assets, net, consisted of the following: WEIGHTED AVERAGE AMORTIZATION PERIOD DECEMBER 31, 2017 DECEMBER 25, 2016 (dollars in thousands) GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE Trade names Indefinite $ 414,141 $ 414,141 $ 414,041 $ 414,041 Trademarks 11 81,381 $ (40,233 ) 41,148 81,381 $ (36,400 ) 44,981 Favorable leases 10 66,338 (39,259 ) 27,079 73,665 (41,258 ) 32,407 Franchise agreements 3 14,881 (12,067 ) 2,814 14,881 (10,922 ) 3,959 Reacquired franchise rights 13 54,961 (17,963 ) 36,998 53,045 (13,091 ) 39,954 Other intangibles 2 9,099 (8,989 ) 110 9,099 (8,918 ) 181 Total intangible assets 10 $ 640,801 $ (118,511 ) $ 522,290 $ 646,112 $ (110,589 ) $ 535,523 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Schedule of other assets, noncurrent | Other assets, net, consisted of the following: (dollars in thousands) DECEMBER 31, DECEMBER 25, Company-owned life insurance $ 73,818 $ 74,629 Deferred financing fees (1) 8,232 2,632 Liquor licenses 24,659 27,515 Other assets 28,552 24,370 $ 135,261 $ 129,146 ________________ (1) Net of accumulated amortization of $4.1 million and $3.3 million as of December 31, 2017 and December 25, 2016 , respectively. |
Accrued and Other Current Lia39
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following: (dollars in thousands) DECEMBER 31, DECEMBER 25, Accrued payroll and other compensation $ 113,636 $ 81,981 Accrued insurance 23,482 23,533 Other current liabilities 133,722 98,901 $ 270,840 $ 204,415 |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt: DECEMBER 31, 2017 DECEMBER 25, 2016 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 500,000 3.27 % $ — — % Revolving credit facility (1) 600,000 3.26 % — — % Total Senior Secured Credit Facility 1,100,000 — Former Credit Facility: Term loan A (1) — — % 258,750 2.63 % Term loan A-1 — — % 140,625 2.70 % Revolving credit facility (1) — — % 622,000 2.67 % Total Former Credit Facility — 1,021,375 PRP Mortgage Loan — — % 47,202 3.21 % Financing obligations 19,579 7.52% to 7.82% 19,595 7.45% to 7.60% Capital lease obligations 2,015 2,364 Other notes payable 904 0.00% to 2.18% 1,776 0.00% to 7.00% Less: unamortized debt discount and issuance costs (4,394 ) (2,827 ) Total debt, net 1,118,104 1,089,485 Less: current portion of long-term debt (26,335 ) (35,079 ) Long-term debt, net $ 1,091,769 $ 1,054,406 ________________ (1) Represents the weighted-average interest rate for the respective period. |
Schedule of interest rate options, senior secured credit facility | The interest rates are as follows: BASE RATE ELECTION EUROCURRENCY RATE ELECTION Term loan A and revolving credit facility 50 to 100 basis points over Base Rate 150 to 200 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) 2017 2016 2015 Refinancing of Senior Secured Credit Facility $ 809 $ — $ 2,956 Modification of the Former Credit Facility 260 — — Defeasance of 2012 CMBS Loan (1) — 26,580 — Modification of PRP Mortgage Loan — 418 — Loss on defeasance, extinguishment and modification of debt $ 1,069 $ 26,998 $ 2,956 ________________ (1) The loss was comprised primarily of a penalty of $23.2 million . |
Schedule of maturities of long-term debt | Following is a summary of principal payments of the Company’s total consolidated debt outstanding: (dollars in thousands) DECEMBER 31, Year 1 $ 26,335 Year 2 25,543 Year 3 25,487 Year 4 37,969 Year 5 983,307 Thereafter 19,463 Total $ 1,118,104 |
Schedule of required amortization payments for term loans A and A-1 | The following is a summary of required amortization payments for the Term loan A: SCHEDULED QUARTERLY PAYMENT DATES (dollars in thousands) TERM LOAN A April 1, 2018 through December 27, 2020 $ 6,250 March 28, 2021 through December 26, 2021 $ 9,375 March 27, 2022 through September 25, 2022 $ 12,500 |
Other Long-term Liabilities, 41
Other Long-term Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long-term liabilities, net | Other long-term liabilities, net, consisted of the following: (dollars in thousands) DECEMBER 31, DECEMBER 25, Accrued insurance liability $ 35,945 $ 39,260 Unfavorable leases (1) 36,661 41,778 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 81,083 102,768 Other long-term liabilities 52,056 35,224 $ 205,745 $ 219,030 _______________ (1) Net of accumulated amortization of $34.0 million and $32.6 million as of December 31, 2017 and December 25, 2016 , respectively. |
Redeemable Noncontrolling Int42
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable noncontrolling interests | The following table presents a rollforward of Redeemable noncontrolling interests: FISCAL YEAR (dollars in thousands) 2017 2016 Balance, beginning of period $ 547 $ 23,526 Change in redemption value of Redeemable noncontrolling interests 211 2,024 Net (loss) income attributable to Redeemable noncontrolling interests (784 ) 977 Foreign currency translation attributable to Redeemable noncontrolling interests 26 3,451 Purchase of Redeemable noncontrolling interests — (29,431 ) Balance, end of period $ — $ 547 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of repurchases of common stock | Following is a summary of the Company’s share repurchase programs as of December 31, 2017 (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 July 26, 2016 $ 300,000 $ 247,731 $ 52,269 $ — 2017 April 21, 2017 $ 250,000 $ 195,000 $ — $ 55,000 Following is a summary of the shares repurchased under the Company’s share repurchase programs: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT 2017 2016 2017 2016 2017 2016 First fiscal quarter 2,887 4,399 $ 18.37 $ 17.05 $ 53,053 $ 75,000 Second fiscal quarter 7,030 3,376 $ 20.72 $ 19.22 145,675 64,892 Third fiscal quarter 3,890 7,056 $ 19.03 $ 19.13 74,008 135,000 Fourth fiscal quarter — 1,816 $ — $ 19.27 — 34,995 Total common stock repurchases 13,807 16,647 $ 19.75 $ 18.62 $ 272,736 $ 309,887 |
Dividends declared and paid | The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS PER SHARE AMOUNT 2017 2016 2017 2016 First fiscal quarter $ 0.08 $ 0.07 $ 8,254 $ 8,238 Second fiscal quarter 0.08 0.07 8,054 7,978 Third fiscal quarter 0.08 0.07 7,369 7,765 Fourth fiscal quarter 0.08 0.07 7,311 7,398 Total cash dividends declared and paid $ 0.32 $ 0.28 $ 30,988 $ 31,379 |
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) 2017 2016 Net income attributable to Bloomin’ Brands $ 100,243 $ 41,748 Transfers to noncontrolling interests: Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests (713 ) (2,475 ) Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests $ 99,530 $ 39,273 |
Schedule of accumulated other comprehensive loss | Following are the components of Accumulated other comprehensive loss (“AOCL”): (dollars in thousands) DECEMBER 31, 2017 DECEMBER 25, 2016 Foreign currency translation adjustment $ (98,573 ) $ (107,509 ) Unrealized losses on derivatives, net of tax (626 ) (3,634 ) Accumulated other comprehensive loss $ (99,199 ) $ (111,143 ) |
Comprehensive income (loss) | Following are the components of Other comprehensive (loss) income during the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Bloomin’ Brands: Foreign currency translation adjustment $ 8,936 $ 33,667 $ (92,259 ) Out-of period adjustment - foreign currency translation (1) — — 9,232 Total foreign currency translation adjustment $ 8,936 $ 33,667 $ (83,027 ) Unrealized gain (loss) on derivatives, net of tax (2) $ 627 $ (1,250 ) $ (6,033 ) Reclassification of adjustment for loss on derivatives included in Net income, net of tax (3) 2,381 3,807 2,235 Total unrealized gain (loss) on derivatives, net of tax $ 3,008 $ 2,557 $ (3,798 ) Other comprehensive income (loss) attributable to Bloomin’ Brands $ 11,944 $ 36,224 $ (86,825 ) Non-controlling interests: Foreign currency translation adjustment $ (3 ) $ (43 ) $ 9 Other comprehensive (loss) income attributable to Non-controlling interests $ (3 ) $ (43 ) $ 9 Redeemable non-controlling interests: Foreign currency translation adjustment $ 26 $ 3,451 $ (3,944 ) Out-of period adjustment - foreign currency translation (1) — — (9,232 ) Total foreign currency translation adjustment $ 26 $ 3,451 $ (13,176 ) Other comprehensive income (loss) attributable to Redeemable non-controlling interests $ 26 $ 3,451 $ (13,176 ) ________________ (1) In 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. The errors resulted in a reclassification of $9.2 million from Comprehensive income attributable to Bloomin’ Brands to Comprehensive income (loss) attributable to Redeemable noncontrolling interests. (2) Unrealized gain (loss) on derivatives is net of tax of $0.5 million , ($0.8) million and ($3.9) million for 2017 , 2016 and 2015 , respectively. (3) Reclassifications of adjustments for losses on derivatives are net of tax benefits of $1.5 million , $2.4 million and $1.4 million for 2017 , 2016 and 2015 respectively. |
Derivative Instruments and He44
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments in statement of financial position, fair value | The following table presents the fair value of the Company’s interest rate swaps as well as their classification on the Company’s Consolidated Balance Sheets : (dollars in thousands) DECEMBER 31, DECEMBER 25, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - asset (1) $ 67 $ — Other assets, net Interest rate swaps - liability $ 1,010 $ 3,968 Accrued and other current liabilities Interest rate swaps - liability — 1,999 Other long-term liabilities, net Total fair value of derivative instruments - liabilities (1) $ 1,010 $ 5,967 Accrued interest $ 15 $ 408 Accrued and other current liabilities ____________________ (1) See Note 17 - 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 periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Interest rate swap expense recognized in Interest expense, net (1) $ (3,908 ) $ (6,241 ) $ (3,664 ) Income tax benefit recognized in Provision for income taxes 1,527 2,434 1,429 Total effects of the interest rate swaps on Net income $ (2,381 ) $ (3,807 ) $ (2,235 ) ____________________ (1) During the periods presented, 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. 31, 2017 | |
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: DECEMBER 31, 2017 DECEMBER 25, 2016 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 1,830 $ 1,830 $ — $ 90 $ 90 $ — Money market funds 24,656 24,656 — 18,607 18,607 — Restricted cash equivalents: Fixed income funds — — — 552 552 — Money market funds 1,280 1,280 — 2,518 2,518 — Other assets, net: Derivative instruments - interest rate swaps 67 — 67 — — — Total asset recurring fair value measurements $ 27,833 $ 27,766 $ 67 $ 21,767 $ 21,767 $ — Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 1,010 $ — $ 1,010 $ 3,968 $ — $ 3,968 Derivative instruments - commodities — — — 157 — 157 Other long-term liabilities: Derivative instruments - interest rate swaps — — — 1,999 — 1,999 Total liability recurring fair value measurements $ 1,010 $ — $ 1,010 $ 6,124 $ — $ 6,124 |
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 and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 31, 2017 and December 25, 2016 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, aggregated by the level in the fair value hierarchy within which those measurements fall: 2017 2016 2015 (dollars in thousands) CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT Assets held for sale (1) $ 870 $ 467 $ 45,901 $ 44,729 $ 4,136 $ 1,028 Property, fixtures and equipment (2) 19,222 23,539 21,450 53,136 3,634 27,126 Other (3) — 1,444 39 1,198 — — $ 20,092 $ 25,450 $ 67,390 $ 99,063 $ 7,770 $ 28,154 ________________ (1) Carrying value approximates fair value with all assets measured using Level 2 inputs (purchase contracts and market appraisals) to estimate the fair value. Refer to Note 4 - Impairments and Exit Costs for discussion of impairments related to Outback Steakhouse South Korea and Roy’s. (2) Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $19.2 million , $20.3 million and $2.5 million for 2017 , 2016 and 2015 , respectively. Assets measured using Level 3 inputs, had carrying values of $1.2 million and $1.1 million for 2016 and 2015 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 4 - Impairments and Exit Costs for discussion of impairments related to closure and restructuring initiatives. (3) Other primarily includes: (i) goodwill in 2017 and (ii) investment in unconsolidated affiliates and intangible assets in 2016. 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, aggregated by the level in the fair value hierarchy in which those measurements fall: DECEMBER 31, 2017 DECEMBER 25, 2016 CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE (dollars in thousands) LEVEL 2 LEVEL 3 LEVEL 2 LEVEL 3 Senior Secured Credit Facility: Term loan A $ 500,000 $ 502,500 $ — $ — $ — $ — Revolving credit facility $ 600,000 $ 598,500 $ — $ — $ — $ — Former Credit Facility: Term loan A $ — $ — $ — $ 258,750 $ 257,780 $ — Term loan A-1 $ — $ — $ — $ 140,625 $ 140,098 $ — Revolving credit facility $ — $ — $ — $ 622,000 $ 617,335 $ — PRP Mortgage Loan $ — $ — $ — $ 47,202 $ — $ 47,202 Other notes payable $ 904 $ — $ 891 $ 1,776 $ — $ 1,659 |
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 and Former Credit Facility Quoted market prices in inactive markets. PRP mortgage loan Assumptions derived from current conditions in real estate and credit markets, changes in underlying collateral and expectations of management. Other notes payable Discounted cash flow approach with inputs that primarily include cost of debt interest rates used to determine fair value. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Line Items] | |
Schedule of components of income tax (benefit) expense | Provision (benefit) for income taxes consisted of the following: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Current provision: Federal $ 18,384 $ 43,071 $ 17,952 State 8,155 28,033 5,962 Foreign 9,041 14,389 11,384 35,580 85,493 35,298 Deferred (benefit) provision: Federal (15,792 ) (53,647 ) 2,514 State (3,850 ) (21,316 ) 626 Foreign 47 (386 ) 856 (19,595 ) (75,349 ) 3,996 Provision for income taxes $ 15,985 $ 10,144 $ 39,294 |
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) 2017 2016 2015 Domestic $ 119,632 $ 70,481 $ 146,331 Foreign (1,089 ) (13,990 ) 24,523 $ 118,543 $ 56,491 $ 170,854 |
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 2017 2016 2015 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 2.2 8.2 2.3 Employment-related credits, net (25.5 ) (53.5 ) (15.8 ) Domestic manufacturing deduction (4.3 ) — — Excess tax benefits from stock-based compensation arrangements (1) (2.1 ) — — Noncontrolling interests (1.3 ) (2.8 ) (0.8 ) Net life insurance expense (0.6 ) (2.7 ) (0.3 ) Refranchising of Outback Steakhouse South Korea — 27.4 — Valuation allowance on deferred income tax assets 3.1 6.1 1.7 Nondeductible compensation 3.1 2.5 0.8 Cumulative effect of the Tax Act 1.6 — — Foreign rate differential 1.6 0.8 0.6 Tax settlements and related adjustments 0.2 (0.2 ) (0.1 ) Other, net 0.5 (2.8 ) (0.4 ) Total 13.5 % 18.0 % 23.0 % ____________________ (1) During 2017, excess tax benefits from share-based award activity are reflected as a reduction to the provision for income taxes as a result of the adoption of ASU No. 2016-09. |
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 31, DECEMBER 25, Deferred income tax assets: Deferred rent $ 40,504 $ 57,783 Insurance reserves 15,788 23,906 Unearned revenue 15,020 19,566 Deferred compensation 38,273 62,389 Net operating loss carryforwards 8,003 6,036 Federal tax credit carryforwards 75,661 58,963 Partner deposits and accrued partner obligations 4,326 8,245 Other, net 15,342 8,309 Gross deferred income tax assets 212,917 245,197 Less: valuation allowance (15,925 ) (7,220 ) Net deferred income tax assets 196,992 237,977 Deferred income tax liabilities: Less: property, fixtures and equipment basis differences (18,814 ) (37,847 ) Less: intangible asset basis differences (116,425 ) (155,053 ) Less: deferred gain on extinguishment of debt (7,180 ) (23,022 ) Net deferred income tax assets $ 54,573 $ 22,055 |
Summary of operating loss carryforwards | The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 31, 2017 are as follows: (dollars in thousands) EXPIRATION DATE AMOUNT United States federal tax credit carryforwards 2026 - 2037 $ 90,092 Foreign loss carryforwards 2018 - Indefinite $ 29,581 |
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) 2017 2016 2015 Balance as of beginning of year $ 19,583 $ 19,430 $ 17,563 Additions for tax positions taken during a prior period 4,149 476 3,022 Reductions for tax positions taken during a prior period (1,009 ) (430 ) (848 ) Additions for tax positions taken during the current period 1,822 2,472 2,305 Settlements with taxing authorities — (391 ) (1,078 ) Lapses in the applicable statutes of limitations (945 ) (2,230 ) (540 ) Translation adjustments 63 256 (994 ) Balance as of end of year $ 23,663 $ 19,583 $ 19,430 |
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 - 2016 United States states 2001 - 2016 Foreign 2009 - 2016 |
Tax Act [Member] | |
Income Taxes [Line Items] | |
Schedule of components of income tax (benefit) expense | In connection with its initial analysis of the impact of the Tax Act, the Company recorded a provisional net tax expense of $1.9 million in the period ending December 31, 2017, as described in the following table: FISCAL YEAR (dollars in thousands) 2017 Transition Tax (provisional) $ 100 Net impact on U.S. deferred tax assets and liabilities (provisional) (1) 1,600 Net changes in deferred tax liability associated with anticipated repatriation taxes (provisional) 200 $ 1,900 ________________ (1) Includes $4.7 million of expense for a valuation allowance recorded against foreign tax credit carryforwards, $3.9 million of benefit from the impact of the corporate rate reduction on net deferred tax liability balances, and an expense of $0.8 million for the write-off of certain deferred tax assets that will no longer be realized |
Commitments and Contingencies (
Commitments and Contingencies (Table) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of rent expense | Total rent expense and sublease rental income is as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Rent expense (1) $ 188,205 $ 173,507 $ 164,754 Sublease revenues $ 4,472 $ 853 $ 906 ____________________ (1) Includes contingent rent expense of $4.3 million , $5.9 million and $7.4 million , respectively, for the periods presented . |
Schedule of future minimum rental payments for operating leases | As of December 31, 2017 , future minimum rental payments and sublease revenues under non-cancelable operating leases are as follows: (dollars in thousands) LEASE PAYMENTS (1) SUBLEASE REVENUES 2018 $ 185,183 $ 5,068 2019 174,060 5,127 2020 161,567 5,091 2021 145,528 5,093 2022 128,573 4,784 Thereafter 902,757 58,633 Total minimum lease payments $ 1,697,668 $ 83,796 ____________________ (1) Minimum lease payments have not been reduced by minimum sublease rentals. |
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: (dollars in thousands) DECEMBER 31, Year 1 $ 1,323 Year 2 1,345 Year 3 1,366 Year 4 1,398 Year 5 1,423 Thereafter 22,219 Total (1) $ 29,074 ____________________ (1) Refer to Note 12 - Long-term Debt, Net for additional details regarding the Company’s financing obligation. |
Schedule of future minimum expected insurance payments | As of December 31, 2017 , the future payments the Company expects for workers’ compensation, general liability and health insurance claims are: (dollars in thousands) 2018 $ 24,231 2019 12,883 2020 8,336 2021 4,622 2022 2,512 Thereafter 10,842 $ 63,426 |
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 on the Company’s Consolidated Balance Sheets is as follows: (dollars in thousands) DECEMBER 31, DECEMBER 25, Undiscounted reserves $ 63,426 $ 65,471 Discount (1) (3,999 ) (2,678 ) Discounted reserves $ 59,427 $ 62,793 Discounted reserves recognized in the Company ’ s Consolidated Balance Sheets: Accrued and other current liabilities $ 23,482 $ 23,533 Other long-term liabilities, net 35,945 39,260 $ 59,427 $ 62,793 ____________________ (1) Discount rates of 1.88% and 1.32% were used for December 31, 2017 and December 25, 2016 , respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Following is a summary of reporting segments as of December 31, 2017 : SEGMENT (1) 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 _________________ (1) Includes franchise locations. |
Reconciliation of revenue from segments to consolidated | The following table is a summary of Total revenue by segment: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Total revenues U.S. $ 3,750,959 $ 3,797,309 $ 3,879,743 International 462,387 455,003 497,933 Total revenues $ 4,213,346 $ 4,252,312 $ 4,377,676 |
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) 2017 2016 2015 Segment income (loss) from operations U.S. $ 297,260 $ 286,683 $ 348,731 International 28,916 (5,954 ) 34,597 Total segment income from operations 326,176 280,729 383,328 Unallocated corporate operating expense (180,084 ) (153,123 ) (152,403 ) Total income from operations 146,092 127,606 230,925 Loss on defeasance, extinguishment and modification of debt (1,069 ) (26,998 ) (2,956 ) Other income (loss), net 14,912 1,609 (939 ) Interest expense, net (41,392 ) (45,726 ) (56,176 ) Income before Provision for income taxes $ 118,543 $ 56,491 $ 170,854 |
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) 2017 2016 2015 Depreciation and amortization U.S. $ 149,976 $ 155,434 $ 151,868 International 27,796 26,013 26,736 Corporate 14,510 12,391 11,795 Total depreciation and amortization $ 192,282 $ 193,838 $ 190,399 The following table is a summary of capital expenditures by segment: FISCAL YEAR (dollars in thousands) 2017 2016 2015 Capital expenditures U.S. $ 209,260 $ 211,855 $ 153,445 International 33,302 40,662 46,803 Corporate 13,280 17,671 10,015 Total capital expenditures $ 255,842 $ 270,188 $ 210,263 |
Schedule of segment total assets | The following table sets forth Total assets by segment: (dollars in thousands) DECEMBER 31, 2017 DECEMBER 25, 2016 Assets U.S. $ 1,856,406 $ 1,995,227 International 450,974 436,024 Corporate 265,527 211,028 Total assets $ 2,572,907 $ 2,642,279 |
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 31, 2017 DECEMBER 25, 2016 U.S. $ 1,164,322 $ 1,231,154 International 144,353 136,264 $ 1,308,675 $ 1,367,418 |
Schedule of revenues, by geographic area | International revenues are defined as revenues generated from restaurant sales originating in a country other than the U.S. The following table details Total revenues by major geographic area: FISCAL YEAR (dollars in thousands) 2017 2016 2015 U.S. $ 3,750,959 $ 3,797,309 $ 3,879,743 International: Brazil 410,249 318,881 287,698 Other 52,138 136,122 210,235 Total revenues $ 4,213,346 $ 4,252,312 $ 4,377,676 |
Selected Quarterly Financial 49
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2017 FISCAL QUARTERS FIRST (1) SECOND (1) THIRD (1) FOURTH (1) Total revenues $ 1,143,823 $ 1,032,982 $ 948,899 $ 1,087,642 Income from operations 69,130 42,154 3,182 31,626 Net income 44,923 36,329 4,046 17,260 Net income attributable to Bloomin’ Brands 43,910 35,630 4,336 16,367 Earnings per share: Basic $ 0.43 $ 0.36 $ 0.05 $ 0.18 Diluted $ 0.41 $ 0.35 $ 0.05 $ 0.17 2016 FISCAL QUARTERS FIRST (2) SECOND (2) THIRD (2) FOURTH (2) 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 ) ____________________ (1) Total revenues for the fourth quarter include an increase of $80.4 million for the 53 rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million , $3.0 million , $20.0 million and $25.7 million , respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million , respectively. Includes $0.11 of additional earnings per share from a 53 rd operating week in 2017. (2) Income from operations in the first, second, third and fourth quarters include expense of $3.6 million , $39.6 million , $3.2 million and $56.5 million , respectively. for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the Company’s decision to sell Outback Steakhouse South Korea, (iii) its Puerto Rico subsidiary, (iv) the relocation of certain restaurants and (v) a restructuring event, partially offset by the fourth quarter reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative. Net income for the first quarter includes $26.6 million related to the defeasance of the 2012 CMBS loan. |
Description of Business (Detail
Description of Business (Details) | Dec. 31, 2017restraurant_concept |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Basis of Presentation) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Reporting lag for Brazil operations in financial statements | 1 month |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Principles of Consolidation) (Details) | Dec. 31, 2017restaurant |
Minimum [Member] | |
Principles of Consolidation [Line Items] | |
Equity method investment, ownership percentage | 20.00% |
Maximum [Member] | |
Principles of Consolidation [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Franchised units [Member] | |
Principles of Consolidation [Line Items] | |
Number of restaurants | 290 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Fiscal Year) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | [1] | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Accounting Policies [Abstract] | ||||||||||||||
Total revenues from 53rd week | $ 80,400 | $ 1,087,642 | $ 948,899 | $ 1,032,982 | $ 1,143,823 | [1] | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 4,213,346 | $ 4,252,312 | $ 4,377,676 | |
Diluted earnings per share | $ 0.11 | $ 0.17 | $ 0.05 | $ 0.35 | $ 0.41 | $ (0.04) | $ 0.18 | $ (0.08) | $ 0.29 | $ 1.01 | $ 0.37 | $ 1.01 | ||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 25, 2016 |
Cash and cash equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents, amounts in transit from credit card companies | $ 51.6 | $ 50 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Property, Fixtures and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized internal costs for construction in progress | $ 9.1 | $ 7.6 | $ 8 |
Capitalized computer software, additions | 19.1 | 7.1 | |
Property, plant and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized computer software, net | $ 31.4 | $ 24.4 | |
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 Accoun56
Summary of Significant Accounting Policies (Deferred Financing Fees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Interest expense [Member] | |||
Deferred Financing Fees [Line Items] | |||
Amortization of deferred discounts and issuance costs | $ 2.9 | $ 7.1 | $ 2.9 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Insurance Reserves) (Details) - Workers' compensation and general liability [Member] | 12 Months Ended |
Dec. 31, 2017 | |
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 Accoun58
Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Other current assets, net [Member] | |||
Revenue Recognition [Line Items] | |||
Deferred gift card commission costs | $ 16.2 | $ 15.6 | |
Unearned revenue [Member] | |||
Revenue Recognition [Line Items] | |||
Loyalty program liability | 6.7 | 4.2 | |
Restaurant sales [Member] | |||
Revenue Recognition [Line Items] | |||
Revenue recognition, gift card breakage | $ 27.5 | $ 26 | $ 22.9 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Other restaurant operating [Member] | |||
Schedule of Advertising Costs [Line Items] | |||
Advertising expense | $ 134.2 | $ 160.8 | $ 161.6 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies (Research and Development Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
General and administrative expense [Member] | |||
Schedule of research and development expense [Line Items] | |||
Research and development expense | $ 3.9 | $ 5.2 | $ 6.5 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies (Partner Compensation) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Restaurant opening period for bonus payment | 5 years |
Summary of Significant Accoun62
Summary of Significant Accounting Policies (Foreign Currency Translation and Transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
General and administrative expense [Member] | |||
Schedule of Foreign Currency Exchange Transaction Gains (Losses) [Line Items] | |||
Foreign currency transaction losses | $ 0.1 | $ 1.3 | $ 1.2 |
Summary of Significant Accoun63
Summary of Significant Accounting Policies (Recently Issued Financial Accounting Standards) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 25, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other non-cash items, net | $ 5,412 | $ 830 | $ (2,253) | |
Net cash provided by operating activities | 409,002 | 340,587 | 395,139 | |
Decrease in restricted cash | 0 | 0 | ||
Increase in restricted cash | 0 | 0 | ||
Net cash provided by (used in) investing activities | (123,115) | 295,248 | (187,595) | |
Net decrease in cash, cash equivalents and restricted cash | (6,643) | (19,188) | (42,650) | |
Cash, cash equivalents and restricted cash as of the beginning of the period | 136,186 | 155,374 | 198,024 | |
Cash, cash equivalents and restricted cash as of the end of the period | 129,543 | 136,186 | 155,374 | |
Other restaurant operating [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Advertising fees charged to franchisees | 17,200 | 12,400 | ||
Franchise and other revenues [Domain] | Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Initial franchise fees | $ 2,200 | |||
ASU No. 2016-09 [Member] | Accumulated deficit [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity | (14,400) | |||
Deferred tax assets [Member] | ASU No. 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity | 14,400 | |||
Scenario, previously reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other non-cash items, net | 824 | 38 | ||
Net cash provided by operating activities | 340,581 | 397,430 | ||
Decrease in restricted cash | 45,479 | 54,782 | ||
Increase in restricted cash | (31,446) | (47,830) | ||
Net cash provided by (used in) investing activities | 309,281 | (180,643) | ||
Net decrease in cash, cash equivalents and restricted cash | (5,161) | (33,407) | ||
Cash, cash equivalents and restricted cash as of the beginning of the period | 127,176 | 132,337 | 165,744 | |
Cash, cash equivalents and restricted cash as of the end of the period | 127,176 | 132,337 | ||
Restatement adjustment [Member] | ASU No. 2016-18 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other non-cash items, net | 6 | (2,291) | ||
Net cash provided by operating activities | 6 | (2,291) | ||
Decrease in restricted cash | (45,479) | (54,782) | ||
Increase in restricted cash | 31,446 | 47,830 | ||
Net cash provided by (used in) investing activities | (14,033) | (6,952) | ||
Net decrease in cash, cash equivalents and restricted cash | (14,027) | (9,243) | ||
Cash, cash equivalents and restricted cash as of the beginning of the period | $ 9,010 | 23,037 | 32,280 | |
Cash, cash equivalents and restricted cash as of the end of the period | $ 9,010 | $ 23,037 |
Disposals Refranchising (Detail
Disposals Refranchising (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 24, 2017USD ($) | Jun. 25, 2017USD ($)Restaurantsfranchisee | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of a business, net of cash divested | $ 39,196 | $ 28,635 | $ 7,798 | ||
Gain on sale of business | $ 8,400 | $ 7,400 | $ 15,632 | $ 1,633 | $ (1,182) |
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Franchise and other revenues [Domain] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Initial franchise fees | $ 2,200 | ||||
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of stores | Restaurants | 54 | ||||
Number of acquirees, existing franchisees | franchisee | 2 | ||||
Proceeds from sale of a business, net of cash divested | $ 36,200 | ||||
Impairment charges | 1,700 | ||||
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other income (expense), net [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | 7,400 | ||||
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Franchise and other revenues [Domain] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Initial franchise fees | $ 2,200 |
Disposals Other Disposals (Deta
Disposals Other Disposals (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 24, 2017USD ($)Restaurants | Jun. 25, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 8,400 | $ 7,400 | $ 15,632 | $ 1,633 | $ (1,182) |
Carrabba's Italian Grill [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of stores | Restaurants | 1 | ||||
Disposal group, consideration | $ 9,900 | ||||
Carrabba's Italian Grill [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] | |||||
Gain on sale of business | $ 8,400 |
Disposals Outback Steakhouse So
Disposals Outback Steakhouse South Korea (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 24, 2017 | Jun. 25, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of business | $ 8,400 | $ 7,400 | $ 15,632 | $ 1,633 | $ (1,182) | |
Outback Steakhouse South Korea [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal group, consideration | 50,000 | |||||
Restaurant sales | 90,455 | 171,649 | ||||
Income (loss) before income taxes | (32,348) | [1] | $ 3,284 | |||
Impairment charges | 39,600 | |||||
Gain on sale of business | $ 2,100 | |||||
[1] | Includes impairment charges of $39.6 million for Assets held for sale and a gain on sale of $2.1 million in 2016. |
Disposals Roy's (Details)
Disposals Roy's (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 24, 2017 | Jun. 25, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
(Gain) loss on sale of a business or subsidiary | $ (8,400) | $ (7,400) | $ (15,632) | $ (1,633) | $ 1,182 | |
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 | |||||
Restaurant sales | 5,729 | |||||
Income (loss) before income taxes | [1] | (831) | ||||
(Gain) loss on sale of a business or subsidiary | $ 900 | |||||
[1] | Includes loss on sale of $0.9 million. |
Impairments and Exit Costs (Pro
Impairments and Exit Costs (Provision for impaired assets and restaurant closings - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for impaired assets and restaurant closings | $ 52,329 | $ 104,627 | $ 36,667 |
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 | 25,449 | 99,063 | 28,154 |
Restaurant closure expenses | 26,880 | 5,564 | 8,513 |
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 | 15,325 | 57,464 | 27,408 |
Restaurant closure expenses | 26,749 | 5,596 | 2,460 |
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 | 10,124 | 41,599 | 0 |
Restaurant closure expenses | 131 | (32) | 6,053 |
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 | $ 0 | $ 746 |
Impairments and Exit Costs (Clo
Impairments and Exit Costs (Closure Initiatives and Restructuring Costs - Text and Table) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 25, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($)locations | Aug. 28, 2017locations | Feb. 15, 2017locations | Feb. 12, 2016locations | Dec. 31, 2013locations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | $ 22,746 | $ 45,279 | $ 33,507 | ||||||
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) | ||||||||
2017 Closure Initiative [Member] | U.S. Segment [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 17,900 | 45,600 | |||||||
Number of stores | locations | 43 | ||||||||
2017 Closure Initiative [Member] | International Segment [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 2,500 | 900 | |||||||
Number of stores | locations | 2 | ||||||||
Bonefish Restructuring [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of stores | locations | 14 | ||||||||
Pre-2015 Closure Initiatives [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of stores | locations | 36 | 22 | |||||||
Facility closing [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | 29,393 | 6,845 | |||||||
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 | 24,135 | 51,359 | $ 31,847 | ||||||
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] | 20,352 | 46,500 | 0 | |||||
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 | [2] | 3,783 | 4,859 | 24,204 | |||||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | Pre-2015 Closure Initiatives [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [3] | 0 | 0 | 7,643 | |||||
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 | 3,366 | 601 | 1,858 | ||||||
General and administrative expense [Member] | Employee severance [Member] | 2017 Closure Initiative [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [2] | 3,299 | 0 | 0 | |||||
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 | [2] | 67 | 601 | 143 | |||||
General and administrative expense [Member] | Employee severance [Member] | Pre-2015 Closure Initiatives [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Restructuring charges | [3] | 0 | 0 | 1,715 | |||||
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 | (4,755) | (6,681) | (198) | ||||||
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] | (4,755) | (3,271) | 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 | [2] | 0 | (3,410) | 0 | |||||
Other restaurant operating [Member] | Contract termination [Member] | Pre-2015 Closure Initiatives [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 | $ (198) | |||||
[1] | On February 15, 2017 and August 28, 2017, the Company decided to close 43 underperforming restaurants in the U.S. and two Abbraccio restaurants outside of the core markets of São Paulo and Rio de Janeiro in Brazil (the “2017 Closure Initiative”). Most of these restaurants were closed in 2017, with the balance mostly closing as leases and certain operating covenants expire or are amended or waived. In connection with the 2017 Closure Initiative, the Company recognized impairments of $17.9 million and $45.6 million within the U.S. segment and $2.5 million and $0.9 million within the International segment for 2017 and 2016, respectively. | ||||||||
[2] | On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). The Company expects to substantially complete these restaurant closings through the first quarter of 2019. In connection with the Bonefish Restructuring, the Company reassessed the future undiscounted cash flows of the impacted restaurants, and as a result, recognized pre-tax asset impairments during 2015. Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. | ||||||||
[3] | During 2013 and 2014, the Company decided to close 22 domestic and 36 international (primarily in South Korea) underperforming locations (the “Pre-2015 Closure Initiatives”). |
Impairments and Exit Costs (Cum
Impairments and Exit Costs (Cumulative Restructuring and Restaurant Closure Initiatives - Table) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | $ 147,068 |
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 | 151,746 |
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 | 9,867 |
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 | (14,545) |
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 | 62,125 |
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 | 66,852 |
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 | 3,299 |
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 | (8,026) |
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 | 30,247 |
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 | 32,846 |
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 | 811 |
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) |
Pre-2015 Closure Initiatives [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 54,696 |
Pre-2015 Closure Initiatives [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 52,048 |
Pre-2015 Closure Initiatives [Member] | General and administrative expense [Member] | Employee severance [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, cost incurred to date | 5,757 |
Pre-2015 Closure Initiatives [Member] | Other restaurant operating [Member] | Contract termination [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, deferred rent reversal incurred to date | $ (3,109) |
Impairments and Exit Costs (Sur
Impairments and Exit Costs (Surplus Properties) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)properties | Dec. 25, 2016USD ($)properties | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Surplus properties, carrying value | $ 27,828 | $ 35,177 |
Other property [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of surplus properties | properties | 22 | 18 |
U.S. Segment [Member] | Other property [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Surplus properties, impairment losses | $ 10,700 | |
Other current assets, net [Member] | Disposal group, held-for-sale, not discontinued operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Surplus properties, carrying value | 6,217 | $ 676 |
Property, fixtures and equipment, net [Member] | Other property [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Surplus properties, carrying value | $ 21,611 | $ 34,501 |
Impairments and Exit Costs (Oth
Impairments and Exit Costs (Other Impairment - Text) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Outback China [Member] | International Segment [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Asset impairment charges | $ 6.3 | |
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 | $ 3.5 |
Impairments and Exit Costs (P73
Impairments and Exit Costs (Projected Future Expense and Cash Expenditures) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
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 | 2 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 | $ 3.3 |
Effect on future cash flows, amount | 22.3 |
2017 Closure Initiative [Member] | Minimum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 2.9 |
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 | 0.4 |
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 | 4.5 |
Effect on future cash flows, amount | 26.4 |
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 | 3.8 |
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 | $ 0.7 |
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 | $ 1.7 |
Effect on future cash flows, amount | 9.6 |
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 | 1.6 |
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 | 0.1 |
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 | 2.7 |
Effect on future cash flows, amount | 12.3 |
Bonefish Restructuring [Member] | Maximum [Member] | Facility closing [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring and related cost, expected cost | 2.3 |
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 | $ 0.4 |
Impairments and Exit Costs (Acc
Impairments and Exit Costs (Accrual activity related to facility closure and other costs - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |||
Restructuring Reserve [Roll Forward] | |||||
Charges | $ 22,746 | $ 45,279 | $ 33,507 | ||
Facility closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning of the year | 6,557 | [1] | 5,699 | ||
Charges | 29,393 | 6,845 | |||
Cash payments | (10,728) | (4,706) | |||
Adjustments | (2,513) | (1,281) | |||
End of the year | 22,709 | [1] | 6,557 | [1] | $ 5,699 |
Facility closing [Member] | Accrued and other current liabilities [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, current | 6,700 | 2,600 | |||
Facility closing [Member] | Other long-term liabilities, net [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, noncurrent | $ 16,000 | $ 4,000 | |||
[1] | The Company had exit-related accruals of $6.7 million and $2.6 million, recorded in Accrued and other current liabilities and $16.0 million and $4.0 million, recorded in Other long-term liabilities, net, as of December 31, 2017 and December 25, 2016, respectively. |
Earnings per Share (Basic and D
Earnings per Share (Basic and Diluted EPS - Table) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||
Net income attributable to Bloomin’ Brands | $ 16,367 | $ 4,336 | [1] | $ 35,630 | [1] | $ 43,910 | [1] | $ (4,283) | $ 20,733 | $ (9,177) | $ 34,475 | $ 100,243 | $ 41,748 | $ 127,327 | ||
Basic weighted average common shares outstanding | 96,365 | 111,381 | 122,352 | |||||||||||||
Effect of diluted securities: | ||||||||||||||||
Diluted weighted average common shares outstanding | 99,707 | 114,311 | 125,585 | |||||||||||||
Basic earnings per share | $ 0.18 | $ 0.05 | $ 0.36 | $ 0.43 | $ (0.04) | $ 0.19 | $ (0.08) | $ 0.29 | $ 1.04 | $ 0.37 | $ 1.04 | |||||
Diluted earnings per share | $ 0.11 | $ 0.17 | [1] | $ 0.05 | $ 0.35 | $ 0.41 | $ (0.04) | $ 0.18 | $ (0.08) | $ 0.29 | $ 1.01 | $ 0.37 | $ 1.01 | |||
Stock options [Member] | ||||||||||||||||
Effect of diluted securities: | ||||||||||||||||
Dilutive shares | 2,895 | 2,659 | 2,992 | |||||||||||||
Nonvested restricted stock and restricted stock units [Member] | ||||||||||||||||
Effect of diluted securities: | ||||||||||||||||
Dilutive shares | 421 | 260 | 216 | |||||||||||||
Nonvested performance-based share units [Member] | ||||||||||||||||
Effect of diluted securities: | ||||||||||||||||
Dilutive shares | 26 | 11 | 25 | |||||||||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. |
Earnings per Share (Antidilutiv
Earnings per Share (Antidilutive Securities - Table) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities not included in the computation of earnings per share | 5,555 | 5,151 | 2,670 |
Nonvested restricted stock and restricted stock units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities not included in the computation of earnings per share | 128 | 219 | 27 |
Nonvested performance-based share units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities not included in the computation of earnings per share | 222 | 92 | 0 |
Stock-based and Deferred Comp77
Stock-based and Deferred Compensation Plans (Equity Compensation Plan Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 22,583 | $ 22,594 | $ 20,395 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 10,423 | 11,926 | 10,041 |
Restricted stock and restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 9,933 | 9,275 | 6,758 |
Performance shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 2,227 | $ 1,393 | $ 3,596 |
Stock-based and Deferred Comp78
Stock-based and Deferred Compensation Plans (Stock Options - Text) (Details) - Stock options [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 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 Comp79
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. 31, 2017 | Dec. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at December 25, 2016 (shares) | 10,984 | |
Granted (shares) | 1,279 | |
Exercised (shares) | (1,411) | |
Forfeited or expired (shares) | (801) | |
Outstanding at December 31, 2017 (shares) | 10,051 | 10,984 |
Exercisable at December 31, 2017 (shares) | 6,727 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at December 25, 2016 (per share) | $ 14.24 | |
Granted (per share) | 17.39 | |
Exercised (per share) | 9.54 | |
Forfeited or expired (per share) | 19.31 | |
Outstanding at December 31, 2017 (per share) | 14.89 | $ 14.24 |
Exercisable at December 31, 2017 (per share) | $ 12.96 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 5 years 2 months 3 days | 5 years 9 months 16 days |
Outstanding intrinsic value | $ 71,373 | $ 58,231 |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 3 years 7 months 26 days | |
Exercisable intrinsic value | $ 60,814 |
Stock-based and Deferred Comp80
Stock-based and Deferred Compensation Plans (Black-Scholes - Table) (Details) - Stock options [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average risk-free interest rate | [1] | 1.92% | 1.32% | 1.64% |
Dividend yield | [2] | 1.84% | 1.59% | 1.00% |
Expected term | [3] | 6 years 3 months 1 day | 6 years 1 month 6 days | 6 years 3 months 19 days |
Weighted-average volatility | [4] | 33.70% | 35.20% | 43.40% |
Weighted-average grant date fair value per option | $ 5.09 | $ 5.28 | $ 10.11 | |
[1] | Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option. | |||
[2] | Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. | |||
[3] | Expected term represents the period of time that the options are expected to be outstanding. The simplified method of estimating the expected term is used since the Company does not have significant historical exercise experience for its stock options. | |||
[4] | Based on the historical volatility of the Company’s stock. |
Stock-based and Deferred Comp81
Stock-based and Deferred Compensation Plans (Stock Option Compensation - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
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 | |
Cash received from option exercises, net of tax withholding | $ 10,439 | 6,843 | 6,024 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | 15,139 | 10,792 | 11,843 |
Excess tax benefits for tax deductions related to the exercise of stock options | 2,928 | 2,146 | 702 |
Cash received from option exercises, net of tax withholding | 13,329 | 8,998 | 7,440 |
Fair value of stock options vested | 28,085 | 19,431 | 26,643 |
Tax benefits for stock option compensation expense | 5,889 | $ 4,177 | $ 4,594 |
Unrecognized stock option expense | $ 12,347 | ||
Remaining weighted-average vesting period | 2 years 3 months 28 days |
Stock-based and Deferred Comp82
Stock-based and Deferred Compensation Plans (Restricted Stock Activity) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted stock and restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at December 25, 2016 (shares) | shares | 1,594 |
Vested (shares) | shares | (533) |
Forfeited (shares) | shares | (288) |
Outstanding at December 31, 2017 (shares) | shares | 1,392 |
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 25, 2016 (per share) | $ / shares | $ 18.55 |
Vested (per share) | $ / shares | 19.10 |
Forfeited (per share) | $ / shares | 17.91 |
Outstanding at December 31, 2017 (per share) | $ / shares | $ 17.54 |
Restricted stock units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Granted (shares) | shares | 619 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value [Roll Forward] | |
Granted (per share) | $ / shares | $ 16.49 |
Stock-based and Deferred Comp83
Stock-based and Deferred Compensation Plans (Restricted Stock Compensation) (Details) - Restricted stock and restricted stock units [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock vested | $ 10,182 | $ 7,752 | $ 5,339 |
Tax benefits for stock option compensation expense | 3,664 | $ 2,513 | $ 2,303 |
Unrecognized restricted stock expense | $ 17,365 | ||
Remaining weighted-average vesting period | 2 years 5 months 20 days |
Stock-based and Deferred Comp84
Stock-based and Deferred Compensation Plans (PSU - Text) (Details) | 12 Months Ended |
Dec. 31, 2017shares | |
Common stock [Member] | 2016 Omnubus Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 5,063,157 |
Performance shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares that would be issued on vesting of stock units | 1 |
Performance shares [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0.00% |
Performance shares [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% |
Stock-based and Deferred Comp85
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. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Outstanding at December 25, 2016 (shares) | 312 | |||
Granted (shares) | 403 | |||
Vested (shares) | (70) | |||
Forfeited (shares) | (146) | |||
Outstanding at December 31, 2017 (shares) | 499 | 312 | ||
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 25, 2016 (per share) | $ 16.26 | |||
Granted (per share) | 17.44 | |||
Vested (per share) | 16.29 | |||
Forfeited (per share) | 17.98 | |||
Outstanding at December 31, 2017 (per share) | $ 16.72 | $ 16.26 | ||
Tax benefits for stock option compensation expense | $ 501 | $ 910 | $ 636 | |
Unrecognized restricted stock expense | $ 2,820 | |||
Remaining weighted-average vesting period | [1] | 1 year | ||
Pre-2016 awards [Member] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value [Roll Forward] | ||||
Vesting period | 4 years | |||
Post-2015 awards [Member] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value [Roll Forward] | ||||
Vesting period | 3 years | |||
[1] | For PSUs granted prior to 2016, units typically vest in an equal number of shares over four years. PSUs granted after 2015 vest after three years. |
Stock-based and Deferred Comp86
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. 31, 2017 | Dec. 25, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation liability, current and noncurrent | $ 96.3 | $ 113 |
Deferred compensations plans, unfunded obligations | $ 36.6 | $ 50.6 |
Stock-based and Deferred Comp87
Stock-based and Deferred Compensation Plans (Other Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
401(k) plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined contribution plan, employer contribution amount | $ 3.3 | $ 3.2 | $ 3.7 |
Other Current Assets, Net (Deta
Other Current Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Prepaid expenses | $ 40,688 | $ 35,298 |
Assets held for sale | 6,217 | 1,331 |
Other current assets, net | 21,828 | 18,652 |
Total other current assets, net | 179,402 | 190,226 |
Accounts receivable - gift cards, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 66,361 | 102,664 |
Accounts receivable - vendors, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 19,483 | 10,107 |
Accounts receivable - franchisees, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 2,017 | 1,677 |
Accounts receivable - other, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 22,808 | $ 20,497 |
Property, Fixtures and Equipm89
Property, Fixtures and Equipment, Net (PFE - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (1,141,444) | $ (1,077,798) |
Property, fixtures and equipment, net | 1,173,414 | 1,237,148 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 74,228 | 114,375 |
Buildings and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 653,246 | 726,418 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 410,792 | 383,758 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 600,977 | 550,598 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 534,875 | 492,465 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | $ 40,740 | $ 47,332 |
Property, Fixtures and Equipm90
Property, Fixtures and Equipment, Net Property, Fixtures and Equipment, Net (PFE - Sale-leasebacks) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)locations | Dec. 25, 2016USD ($)locations | |
Property, Plant and Equipment [Line Items] | ||
Number of restaurant properties sold and leased back | locations | 31 | 153 |
Sale-leaseback transactions, gross proceeds, investing activities | $ 108 | $ 541.9 |
Sale-leaseback transactions, deferred gain, gross | $ 22.3 | $ 163.4 |
Sale-leaseback transactions, lease periods | 20 years | |
Do not qualify for sale-leaseback accounting [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of restaurant properties sold and leased back | locations | 6 | |
Sale-leaseback transactions, gross proceeds, financing activities | $ 18.5 | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Sale-leaseback transactions, lease periods | 10 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Sale-leaseback transactions, lease periods | 20 years |
Property, Fixtures and Equipm91
Property, Fixtures and Equipment, Net (PFE - Leased Assets) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Property leased to third parties under operating leases | $ 20.9 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property leased to third parties under operating leases | 27.6 |
Accumulated depreciation, buildings leased to third parties | $ 9.5 |
Property, Fixtures and Equipm92
Property, Fixtures and Equipment, Net (Depreciation and Repairs - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 182,254 | $ 183,049 | $ 178,855 |
Repair and maintenance expense | $ 111,926 | $ 108,940 | $ 107,960 |
Goodwill and Intangible Asset93
Goodwill and Intangible Assets, Net (Goodwill Rollforward - Table) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 25, 2017USD ($)Restaurants | Jun. 26, 2016USD ($) | Jun. 28, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | |||
Goodwill [Roll Forward] | |||||||
Balance at beginning of the year | $ 310,055 | $ 300,861 | |||||
Goodwill, translation adjustments | 3,280 | 11,382 | |||||
Divestitures | (1,657) | [1] | (1,901) | ||||
Goodwill, transfers | (287) | ||||||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 | (1,444) | [2] | ||
Balance at end of the year | 310,234 | 310,055 | |||||
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Number of stores | Restaurants | 54 | ||||||
U.S. Segment [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Balance at beginning of the year | 172,424 | 172,711 | |||||
Goodwill, translation adjustments | 0 | 0 | |||||
Divestitures | (1,657) | [1] | 0 | ||||
Goodwill, transfers | (287) | ||||||
Goodwill, impairment loss | 0 | ||||||
Balance at end of the year | 170,767 | 172,424 | |||||
International Segment [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Balance at beginning of the year | 137,631 | 128,150 | |||||
Goodwill, translation adjustments | 3,280 | 11,382 | |||||
Divestitures | 0 | (1,901) | |||||
Goodwill, transfers | 0 | ||||||
Balance at end of the year | 139,467 | $ 137,631 | |||||
International Segment [Member] | Outback China [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill, impairment loss | [2] | $ (1,444) | |||||
[1] | During the second quarter 2017, the Company disposed of Goodwill in connection with the sale of 54 of its U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill locations to existing franchisees. | ||||||
[2] | During the fourth quarter of 2017, the Company recognized $1.4 million goodwill impairment related to its China subsidiary in Provision for impaired assets and restaurant closings within its Consolidated Statements of Operations and Comprehensive Income. |
Goodwill and Intangible Asset94
Goodwill and Intangible Assets, Net (Gross Goodwill and Impairment - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 |
Goodwill [Line Items] | |||
Goodwill, gross | $ 1,096,314 | $ 1,094,691 | $ 1,085,497 |
Accumulated impairment losses | (786,080) | (784,636) | (784,636) |
U.S. Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, gross | 838,937 | 840,594 | 840,881 |
Accumulated impairment losses | (668,170) | (668,170) | (668,170) |
International Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, gross | 257,377 | 254,097 | 244,616 |
Accumulated impairment losses | $ (117,910) | $ (116,466) | $ (116,466) |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets, Net (Intangible Assets - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 25, 2017 | Jun. 26, 2016 | Jun. 28, 2015 | Dec. 31, 2017 | Dec. 25, 2016 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, accumulated amortization | $ (118,511) | $ (110,589) | |||
Intangible assets, gross (excluding goodwill) | 640,801 | 646,112 | |||
Intangible assets, net (excluding goodwill) | $ 522,290 | 535,523 | |||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 | $ 0 | $ 0 | ||
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 | 81,381 | |||
Finite-lived intangible assets, accumulated amortization | (40,233) | (36,400) | |||
Finite-lived intangible assets, net | $ 41,148 | 44,981 | |||
Trademarks [Member] | Weighted average [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 11 years | ||||
Favorable leases [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 66,338 | 73,665 | |||
Finite-lived intangible assets, accumulated amortization | (39,259) | (41,258) | |||
Finite-lived intangible assets, net | $ 27,079 | 32,407 | |||
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 | (12,067) | (10,922) | |||
Finite-lived intangible assets, net | $ 2,814 | 3,959 | |||
Franchise agreements [Member] | Weighted average [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 3 years | ||||
Reacquired franchise rights [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 54,961 | 53,045 | |||
Finite-lived intangible assets, accumulated amortization | (17,963) | (13,091) | |||
Finite-lived intangible assets, net | $ 36,998 | 39,954 | |||
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 | 13 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 | (8,989) | (8,918) | |||
Finite-lived intangible assets, net | $ 110 | 181 | |||
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 | 2 years | ||||
Trade names [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets (excluding goodwill) | $ 414,141 | $ 414,041 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets, Net (Amortization Expense - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | [1] | $ 14,191 | $ 15,666 | $ 16,852 |
[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 Asset97
Goodwill and Intangible Assets, Net (Annual Amortization Expense - Table) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense 2018 | $ 13,397 |
Amortization expense 2019 | 12,990 |
Amortization expense 2020 | 11,333 |
Amortization expense 2021 | 10,079 |
Amortization expense 2022 | $ 9,649 |
Other Assets, Net (Details)
Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 | |
Other Assets [Abstract] | |||
Company-owned life insurance | $ 73,818 | $ 74,629 | |
Deferred financing fees | [1] | 8,232 | 2,632 |
Liquor licenses | 24,659 | 27,515 | |
Other assets | 28,552 | 24,370 | |
Other assets, net | 135,261 | 129,146 | |
Accumulated amortization, deferred financing fees | $ 4,100 | $ 3,300 | |
[1] | Net of accumulated amortization of $4.1 million and $3.3 million as of December 31, 2017 and December 25, 2016, respectively. |
Accrued and Other Current Lia99
Accrued and Other Current Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Payables and Accruals [Abstract] | ||
Accrued payroll and other compensation | $ 113,636 | $ 81,981 |
Accrued insurance | 23,482 | 23,533 |
Other current liabilities | 133,722 | 98,901 |
Accrued and other liabilities, current | $ 270,840 | $ 204,415 |
Long-term Debt, Net (Summary of
Long-term Debt, Net (Summary of Outstanding Debt - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | ||
Debt instrument [Line Items] | |||
Sale-leaseback obligations | $ 19,579 | $ 19,595 | |
Capital lease obligations | 2,015 | 2,364 | |
Less: unamortized debt discount and issuance costs | (4,394) | (2,827) | |
Total debt and capital lease obligations | 1,118,104 | 1,089,485 | |
Current portion of long-term debt | (26,335) | (35,079) | |
Total long-term debt and capital lease obligations | $ 1,091,769 | $ 1,054,406 | |
Minimum [Member] | |||
Debt instrument [Line Items] | |||
Sale-leaseback transactions, imputed interest rate | 7.52% | 7.45% | |
Maximum [Member] | |||
Debt instrument [Line Items] | |||
Sale-leaseback transactions, imputed interest rate | 7.82% | 7.60% | |
Secured debt [Member] | Senior Secured Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Long-term debt, gross | $ 1,100,000 | $ 0 | |
Secured debt [Member] | Former Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Long-term debt, gross | 0 | 1,021,375 | |
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Long-term debt, gross | $ 500,000 | $ 0 | |
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | Weighted average [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, interest rate at period end | [1] | 3.27% | 0.00% |
Secured debt [Member] | Term loan A facility [Member] | Former Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Long-term debt, gross | $ 0 | $ 258,750 | |
Secured debt [Member] | Term loan A facility [Member] | Former Credit Facility [Member] | Weighted average [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, interest rate at period end | [1] | 0.00% | 2.63% |
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility | $ 600,000 | $ 0 | |
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | Weighted average [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, interest rate at period end | [1] | 3.26% | 0.00% |
Secured debt [Member] | Revolving credit facility [Member] | Former Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility | $ 0 | $ 622,000 | |
Secured debt [Member] | Revolving credit facility [Member] | Former Credit Facility [Member] | Weighted average [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, interest rate at period end | [1] | 0.00% | 2.67% |
Secured debt [Member] | Term loan A-1 facility [Member] | Former Credit Facility [Member] | |||
Debt instrument [Line Items] | |||
Long-term debt, gross | $ 0 | $ 140,625 | |
Debt instrument, interest rate at period end | 0.00% | 2.70% | |
Mortgages [Member] | PRP mortgage loan [Member] | |||
Debt instrument [Line Items] | |||
Long-term debt, gross | $ 0 | $ 47,202 | |
Debt instrument, interest rate at period end | 0.00% | 3.21% | |
Unsecured debt [Member] | Notes payable, other payables [Member] | |||
Debt instrument [Line Items] | |||
Other long-term debt, noncurrent | $ 904 | $ 1,776 | |
Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 0.00% | 0.00% | |
Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member] | |||
Debt instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 2.18% | 7.00% | |
[1] | Represents the weighted-average interest rate for the respective period. |
Long-term Debt, Net (Credit Agr
Long-term Debt, Net (Credit Agreement - Text) (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | May 31, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Oct. 26, 2012 |
Debt instrument [Line Items] | ||||||
Proceeds from borrowings on revolving credit facilities, net | $ 1,345,761 | $ 729,500 | $ 564,040 | |||
Secured debt [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,500,000 | |||||
Secured debt [Member] | Former Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,400,000 | |||||
Secured debt [Member] | Term loan A facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Secured debt [Member] | Term loan A facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Secured debt [Member] | Term loan A facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Secured debt [Member] | Term loan A facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, face amount | $ 500,000 | |||||
Secured debt [Member] | Term loan A facility [Member] | Former Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, face amount | 300,000 | |||||
Secured debt [Member] | Term loan A-1 facility [Member] | Former Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, face amount | 150,000 | |||||
Secured debt [Member] | Revolving credit facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.30% | |||||
Letters of credit outstanding, amount | $ 22,700 | |||||
Secured debt [Member] | Revolving credit facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Secured debt [Member] | Revolving credit facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Secured debt [Member] | Revolving credit facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Secured debt [Member] | Revolving credit facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,000,000 | |||||
Proceeds from borrowings on revolving credit facilities, net | $ 697,000 | |||||
Secured debt [Member] | Revolving credit facility [Member] | Former Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 825,000 | |||||
Secured debt [Member] | Term Loan A-2 Facility [Member] | Former Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 125,000 | |||||
Secured debt [Member] | Credit Agreement [Member] | Base Rate option 1 [Member] | ||||||
Debt instrument [Line Items] | ||||||
Variable rate description | prime rate of Wells Fargo, National Association | |||||
Secured debt [Member] | 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% | |||||
Secured debt [Member] | 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% | |||||
Secured debt [Member] | Credit Agreement [Member] | Eurocurrency Rate option 1 [Member] | ||||||
Debt instrument [Line Items] | ||||||
Variable rate description | seven day Eurocurrency rate | |||||
Secured debt [Member] | Credit Agreement [Member] | Eurocurrency Rate option 2 [Member] | ||||||
Debt instrument [Line Items] | ||||||
Variable rate description | 30-day Eurocurrency rate | |||||
Secured debt [Member] | Credit Agreement [Member] | Eurocurrency Rate option 3 [Member] | ||||||
Debt instrument [Line Items] | ||||||
Variable rate description | 60-day Eurocurrency rate | |||||
Secured debt [Member] | Credit Agreement [Member] | Eurocurrency Rate option 4 [Member] | ||||||
Debt instrument [Line Items] | ||||||
Variable rate description | 90-day Eurocurrency rate | |||||
Secured debt [Member] | Credit Agreement [Member] | Eurocurrency Rate option 5 [Member] | ||||||
Debt instrument [Line Items] | ||||||
Variable rate description | 180-day Eurocurrency rate | |||||
Secured debt [Member] | Letter of credit [Member] | ||||||
Debt instrument [Line Items] | ||||||
Letters of credit fee, percentage | 1.88% |
Long-term Debt, Net (PRP Mortga
Long-term Debt, Net (PRP Mortgage Loan) (Details) $ in Millions | Dec. 25, 2016USD ($) |
Mortgages [Member] | PRP mortgage loan [Member] | |
Debt instrument [Line Items] | |
Debt instrument, face amount | $ 369.5 |
Long-term Debt, Net (Financing
Long-term Debt, Net (Financing Obligation - Text) (Details) $ in Millions | 12 Months Ended | |
Dec. 25, 2016USD ($)locations | Dec. 31, 2017locations | |
Sale Leaseback Transaction [Line Items] | ||
Number of restaurant properties sold and leased back | 153 | 31 |
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 | |
Sale-leaseback transactions, gross proceeds, financing activities | $ | $ 18.5 |
Long-term Debt, Net (Debt Coven
Long-term Debt, Net (Debt Covenants - Text) (Details) | Nov. 30, 2017 |
Credit Agreement [Member] | Secured debt [Member] | |
Debt instrument [Line Items] | |
Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level | 4.50 |
Long-term Debt, Net (Loss on Ex
Long-term Debt, Net (Loss on Extinguishment and Modification of Debt - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Debt instrument [Line Items] | ||||
Loss on defeasance, extinguishment and modification of debt | $ 1,069 | $ 26,998 | $ 2,956 | |
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 | 809 | 0 | 2,956 | |
Former 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 | 260 | 0 | 0 | |
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 | [1] | 0 | 26,580 | 0 |
Payments of debt extinguishment costs, prepayment premium | 23,200 | |||
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 | $ 0 | $ 418 | $ 0 | |
[1] | The loss was comprised primarily of a penalty of $23.2 million. |
Long-term Debt, Net (Deferred F
Long-term Debt, Net (Deferred Financing Fees) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 25, 2016 |
Secured debt [Member] | Senior Secured Credit Facility [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | $ 9.7 | |
Secured debt [Member] | Senior Secured Credit Facility [Member] | Long term debt, net [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | 2.8 | |
Secured debt [Member] | Senior Secured Credit Facility [Member] | Other assets [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | $ 6.9 | |
Mortgages [Member] | PRP mortgage loan [Member] | Long term debt, net [Member] | ||
Deferred Financing Fees [Line Items] | ||
Deferred finance costs, gross | $ 5.8 |
Long-term Debt, Net (Maturities
Long-term Debt, Net (Maturities - Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Debt Disclosure [Abstract] | ||
Year 1 | $ 26,335 | |
Year 2 | 25,543 | |
Year 3 | 25,487 | |
Year 4 | 37,969 | |
Year 5 | 983,307 | |
Thereafter | 19,463 | |
Total debt and capital lease obligations | $ 1,118,104 | $ 1,089,485 |
Long-term Debt, Net (Summary108
Long-term Debt, Net (Summary of Required Amortization Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Nov. 30, 2017 |
Debt instrument [Line Items] | ||
Minimum amortization payments | $ 26,335 | |
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 | $ 6,250 | |
Quarterly required amortization payments, period two | 9,375 | |
Quarterly required amortization payments, period three | $ 12,500 | |
Minimum amortization payments | $ 25,000 |
Other Long-term Liabilities,109
Other Long-term Liabilities, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued insurance liability | $ 35,945 | $ 39,260 | |
Unfavorable leases | [1] | 36,661 | 41,778 |
Chef and Restaurant Managing Partner deferred compensation obligations and deposits | 81,083 | 102,768 | |
Other long-term liabilities | 52,056 | 35,224 | |
Other long-term liabilities, net | 205,745 | 219,030 | |
Unfavorable leases, accumulated amortization | $ 34,000 | $ 32,600 | |
[1] | Net of accumulated amortization of $34.0 million and $32.6 million as of December 31, 2017 and December 25, 2016, respectively. |
Redeemable Noncontrolling In110
Redeemable Noncontrolling Interests (Acquisition of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest, decrease from purchase of interests | $ 893 | $ 306 | |
Additional paid-in capital [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest, decrease from purchase of interests | $ 713 | 306 | |
Brazilian Joint Venture [Member] | |||
Noncontrolling Interest [Line Items] | |||
Payments for purchase of redeemable noncontrolling interests | $ 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] | Bloomin' Brands, Inc. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100.00% | ||
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 |
Redeemable Noncontrolling In111
Redeemable Noncontrolling Interests (Redeemable Noncontrolling Interests Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | $ 547 | $ 23,526 | |
Change in redemption value of Redeemable noncontrolling interests | (211) | (2,024) | $ (11,548) |
Noncontrolling interest, decrease from purchase of interests | (893) | (306) | |
Balance, end of period | 0 | 547 | $ 23,526 |
Redeemable noncontrolling interests [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Change in redemption value of Redeemable noncontrolling interests | 211 | 2,024 | |
Net (loss) income attributable to Redeemable noncontrolling interests | (784) | 977 | |
Foreign currency translation attributable to Redeemable noncontrolling interests | 26 | 3,451 | |
Noncontrolling interest, decrease from purchase of interests | $ 0 | $ (29,431) |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 16, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Apr. 21, 2017 | Jul. 26, 2016 | Feb. 12, 2016 | Aug. 03, 2015 | Dec. 12, 2014 |
Share Repurchase Program [Line Items] | |||||||||||||||||
Stock repurchased and retired during period, value | $ 0 | $ 74,008 | $ 145,675 | $ 53,053 | $ 34,995 | $ 135,000 | $ 64,892 | $ 75,000 | $ 272,736 | $ 309,887 | $ 169,999 | ||||||
Stock repurchased and retired during period, shares | 0 | 3,890 | 7,030 | 2,887 | 1,816 | 7,056 | 3,376 | 4,399 | 13,807 | 16,647 | |||||||
Stock repurchase program, average price paid, per share | $ 0 | $ 19.03 | $ 20.72 | $ 18.37 | $ 19.27 | $ 19.13 | $ 19.22 | $ 17.05 | $ 19.75 | $ 18.62 | |||||||
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 | $ 247,731 | ||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 52,269 | ||||||||||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 0 | 0 | |||||||||||||||
2017 Share Repurchase Program [Member] | |||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||
Stock repurchase program, authorized amount | $ 250,000 | ||||||||||||||||
Stock repurchased and retired during period, value | $ 195,000 | ||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 0 | ||||||||||||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 55,000 | 55,000 | |||||||||||||||
2017 Share Repurchase Program [Member] | Subsequent event [Member] | |||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 55,000 | ||||||||||||||||
2018 Share Repurchase Program [Member] | Subsequent event [Member] | |||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||
Stock repurchase program, authorized amount | $ 150,000 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends per share | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.32 | $ 0.28 | ||
Dividends, common stock, cash | $ 7,311 | $ 7,369 | $ 8,054 | $ 8,254 | $ 7,398 | $ 7,765 | $ 7,978 | $ 8,238 | $ 30,988 | $ 31,379 | $ 29,332 | |
Common stock, dividends, per share, declared | $ 0.32 | $ 0.28 | $ 0.24 | |||||||||
Subsequent event [Member] | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends, per share, declared | $ 0.09 | |||||||||||
Dividends payable, date to be paid | Mar. 14, 2018 | |||||||||||
Dividends payable, date of record | Mar. 5, 2018 |
Stockholders' Equity (Acquisiti
Stockholders' Equity (Acquisition of Limiter Partnership Interests - Text) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($)restaurant | |
Limited partnerships [Member] | ||
Business Acquisition [Line Items] | ||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ (713) | $ (2,475) |
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 | |
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 |
Stockholders' Equity (Acquis115
Stockholders' Equity (Acquisition of Limiter Partnership Interests - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 24, 2017 | [1] | Jun. 25, 2017 | [1] | Mar. 26, 2017 | [1] | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Business Acquisition [Line Items] | ||||||||||||||
Net income attributable to Bloomin’ Brands | $ 16,367 | $ 4,336 | $ 35,630 | $ 43,910 | $ (4,283) | $ 20,733 | $ (9,177) | $ 34,475 | $ 100,243 | $ 41,748 | $ 127,327 | |||
Change from net income attributable to Bloomin’ Brands and transfers to noncontrolling interests | 99,530 | 39,273 | ||||||||||||
Limited partnerships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Decrease in Bloomin’ Brands additional paid-in capital for purchase of limited partnership interests | $ (713) | $ (2,475) | ||||||||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. |
Stockholders' Equity (AOCL - Ta
Stockholders' Equity (AOCL - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (99,199) | $ (111,143) |
Accumulated translation adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | (98,573) | (107,509) |
Accumulated net loss from designated or qualifying cash flow hedges [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (626) | $ (3,634) |
Stockholders' Equity (OCL - Tab
Stockholders' Equity (OCL - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | $ 8,959 | $ 37,075 | $ (96,194) | |
Unrealized gain (loss) on derivatives, net of tax | 627 | (1,250) | (6,033) | |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 2,381 | 3,807 | 2,235 | |
Other comprehensive income (loss), net of tax | 11,941 | 36,181 | (86,816) | |
Parent [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Foreign currency translation adjustment, attributable to parent | 8,936 | 33,667 | (92,259) | |
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | 8,936 | 33,667 | (83,027) | |
Unrealized gain (loss) on derivatives, net of tax | [1] | 627 | (1,250) | (6,033) |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | [2] | 2,381 | 3,807 | 2,235 |
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 3,008 | 2,557 | (3,798) | |
Other comprehensive income (loss), net of tax | 11,944 | 36,224 | (86,825) | |
Other comprehensive (loss) income, unrealized (loss) gains on derivatives arising during period, tax benefit | 500 | (800) | (3,900) | |
Reclassification of adjustment for loss on derivatives included in net income, tax benefit | 1,500 | 2,400 | 1,400 | |
Parent [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Restatement adjustment [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Foreign currency translation adjustment, attributable to parent | [3] | 0 | 0 | 9,232 |
Noncontrolling interests [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Other comprehensive income (loss), net of tax | (3) | (43) | 9 | |
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | (3) | (43) | 9 | |
Redeemable noncontrolling interests [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | 26 | 3,451 | (13,176) | |
Other comprehensive income (loss), net of tax | 26 | 3,451 | (13,176) | |
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | 26 | 3,451 | (3,944) | |
Redeemable noncontrolling interests [Member] | Allocation of foreign currency translation adjustments to Redeemable noncontrolling interests [Member] | Restatement adjustment [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Foreign currency translation adjustment, attributable to noncontrolling interest | [3] | $ 0 | $ 0 | $ (9,232) |
[1] | Unrealized gain (loss) on derivatives is net of tax of $0.5 million, ($0.8) million and ($3.9) million for 2017, 2016 and 2015, respectively. | |||
[2] | Reclassifications of adjustments for losses on derivatives are net of tax benefits of $1.5 million, $2.4 million and $1.4 million for 2017, 2016 and 2015 respectively. | |||
[3] | In 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. The errors resulted in a reclassification of $9.2 million from Comprehensive income attributable to Bloomin’ Brands to Comprehensive income (loss) attributable to Redeemable noncontrolling interests. |
Stockholders' Equity (Noncontro
Stockholders' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Noncontrolling Interest [Line Items] | |||
Contributions from noncontrolling interests | $ 873 | $ 738 | $ 3,635 |
Noncontrolling interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Contributions from noncontrolling interests | $ 3,200 |
Derivative Instruments and H119
Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] $ in Millions | Sep. 09, 2014USD ($)counterparties | Dec. 30, 2018USD ($) |
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, weighted-average fixed interest rate | 2.02% | |
Scenario, forecast [Member] | Interest expense [Member] | ||
Derivative [Line Items] | ||
Derivative instruments, gain (loss) reclassification from accumulated OCI to expense, estimated net amount to be transferred | $ 1 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Derivative, description of terms | 30-day LIBOR |
Derivative Instruments and H120
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. 31, 2017 | Dec. 25, 2016 | |
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | [1] | $ 1,010 | $ 5,967 |
Other current assets, net [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative assets, at fair value | [1] | 67 | 0 |
Accrued and other current liabilities [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | 1,010 | 3,968 | |
Interest payable | 15 | 408 | |
Other long-term liabilities, net [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | $ 0 | $ 1,999 | |
[1] | See Note 17 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Derivative Instruments and H121
Derivative Instruments and Hedging Activities (Effects of Interest Rate Swap) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)counterparties | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | ||
Derivative [Line Items] | ||||
Total effects of the interest rate swaps on Net income | $ (2,381) | $ (3,807) | $ (2,235) | |
Designated as hedging instrument [Member] | Interest rate swap [Member] | ||||
Derivative [Line Items] | ||||
Total effects of the interest rate swaps on Net income | (2,381) | (3,807) | (2,235) | |
Derivative, net hedge ineffectiveness gain (loss) | $ 0 | 0 | 0 | |
Number of derivatives with each counterparty | counterparties | 1 | |||
Derivative, net liability position, aggregate fair value | $ 1,000 | 6,400 | ||
Derivative, termination value | 1,000 | 6,400 | ||
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] | (3,908) | (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 | $ 1,527 | $ 2,434 | $ 1,429 | |
[1] | During the periods presented, the Company did not recognize any gain or loss as a result of hedge ineffectiveness. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Fair value, inputs, level 1 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure, recurring | $ 27,766 | $ 21,767 |
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 | 67 | 0 |
Liabilities, fair value disclosure, recurring | 1,010 | 6,124 |
Reported value measurement [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure, recurring | 27,833 | 21,767 |
Liabilities, fair value disclosure, recurring | 1,010 | 6,124 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Interest rate swap [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] | 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 | 1,830 | 90 |
Restricted cash | 0 | 552 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Money market funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | 24,656 | 18,607 |
Restricted cash | 1,280 | 2,518 |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Interest rate swap [Member] | Other current assets, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative asset, current | 67 | 0 |
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 | 1,010 | 3,968 |
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 | 0 | 1,999 |
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 | 0 | 157 |
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] | Interest rate swap [Member] | Other current assets, net [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Derivative asset, current | 67 | 0 |
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 | 1,010 | 3,968 |
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 | 0 | 1,999 |
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 | 0 | 157 |
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 | 1,830 | 90 |
Restricted cash | 0 | 552 |
Fair value, measurements, recurring [Member] | Reported value measurement [Member] | Money market funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | 24,656 | 18,607 |
Restricted cash | $ 1,280 | $ 2,518 |
Fair Value Measurements (Fai123
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Fair value, measurements, nonrecurring [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Asset impairment charges | $ 25,450 | $ 99,063 | $ 28,154 | |
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 | 467 | 44,729 | 1,028 | |
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 | 19,200 | 20,300 | 2,500 | |
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 | ||
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 | 23,539 | 53,136 | 27,126 | |
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 | 1,444 | 1,198 | 0 | |
Assets measured with impairment, year-to-date [Member] | Reported value measurement [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 | 20,092 | 67,390 | 7,770 | |
Assets measured with impairment, year-to-date [Member] | Disposal group, held-for-sale, not discontinued operations [Member] | Reported value measurement [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 | [1] | 870 | 45,901 | 4,136 |
Assets measured with impairment, year-to-date [Member] | 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 | |
Assets measured with impairment, year-to-date [Member] | Property, plant and equipment [Member] | Reported value measurement [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 | [2] | 19,222 | ||
Assets measured with impairment, year-to-date [Member] | Other assets [Member] | Reported value measurement [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 | [3] | $ 0 | $ 39 | $ 0 |
[1] | Carrying value approximates fair value with all assets measured using Level 2 inputs (purchase contracts and market appraisals) to estimate the fair value. Refer to Note 4 - Impairments and Exit Costs for discussion of impairments related to Outback Steakhouse South Korea and Roy’s. | |||
[2] | Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $19.2 million, $20.3 million and $2.5 million for 2017, 2016 and 2015, respectively. Assets measured using Level 3 inputs, had carrying values of $1.2 million and $1.1 million for 2016 and 2015, respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 4 - Impairments and Exit Costs for discussion of impairments related to closure and restructuring initiatives. | |||
[3] | Other primarily includes: (i) goodwill in 2017 and (ii) investment in unconsolidated affiliates and intangible assets in 2016. Carrying value approximates fair value with all assets measured using market appraisals (Level 2) to estimate the fair value. |
Fair Value Measurements (Fai124
Fair Value Measurements (Fair Value of Financial Instruments - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | $ 502,500 | $ 0 |
Secured debt [Member] | Term loan A facility [Member] | Senior Secured 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 |
Secured debt [Member] | Term loan A facility [Member] | Former Credit Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | 0 | 257,780 |
Secured debt [Member] | Term loan A facility [Member] | Former 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 |
Secured debt [Member] | Term loan A-1 facility [Member] | Former Credit Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | 0 | 140,098 |
Secured debt [Member] | Term loan A-1 facility [Member] | Former 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 |
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | 598,500 | 0 |
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured 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 |
Secured debt [Member] | Revolving credit facility [Member] | Former Credit Facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | 0 | 617,335 |
Secured debt [Member] | Revolving credit facility [Member] | Former 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, 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 | 0 | 47,202 |
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 | 891 | 1,659 |
Reported value measurement [Member] | Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 500,000 | 0 |
Reported value measurement [Member] | Secured debt [Member] | Term loan A facility [Member] | Former Credit Facility [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 0 | 258,750 |
Reported value measurement [Member] | Secured debt [Member] | Term loan A-1 facility [Member] | Former Credit Facility [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 0 | 140,625 |
Reported value measurement [Member] | Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 600,000 | 0 |
Reported value measurement [Member] | Secured debt [Member] | Revolving credit facility [Member] | Former Credit Facility [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 0 | 622,000 |
Reported value measurement [Member] | Mortgages [Member] | PRP mortgage loan [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 0 | 47,202 |
Reported value measurement [Member] | Unsecured debt [Member] | Notes payable, other payables [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | $ 904 | $ 1,776 |
Income Taxes (Tax Act) (Details
Income Taxes (Tax Act) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Income Taxes [Line Items] | ||||
Provision for income taxes | $ 15,985 | $ 10,144 | $ 39,294 | |
Deferred income tax expense | (19,595) | $ (75,349) | $ 3,996 | |
Tax Act [Member] | Provisional [Member] | ||||
Income Taxes [Line Items] | ||||
Provision for income taxes | 1,900 | |||
Effective of change in enacted tax rate | 100 | |||
Repatriation of foreign earnings, amount | 200 | |||
Tax Act [Member] | Provisional [Member] | Deferred tax liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Effective of change in enacted tax rate | 3,900 | |||
Tax Act [Member] | Provisional [Member] | Deferred tax assets [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred income tax expense | 800 | |||
Tax Act [Member] | Provisional [Member] | U.S. [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred income tax expense | [1] | 1,600 | ||
Change in deferred tax assets valuation allowance | $ 4,700 | |||
[1] | Includes $4.7 million of expense for a valuation allowance recorded against foreign tax credit carryforwards, $3.9 million of benefit from the impact of the corporate rate reduction on net deferred tax liability balances, and an expense of $0.8 million for the write-off of certain deferred tax assets that will no longer be realized. |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Provision - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 119,632 | $ 70,481 | $ 146,331 |
Foreign | (1,089) | (13,990) | 24,523 |
Income before provision for income taxes | $ 118,543 | $ 56,491 | $ 170,854 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Current provision: | |||
Federal | $ 18,384 | $ 43,071 | $ 17,952 |
State | 8,155 | 28,033 | 5,962 |
Foreign | 9,041 | 14,389 | 11,384 |
Current provision | 35,580 | 85,493 | 35,298 |
Deferred (benefit) provision: | |||
Federal | (15,792) | (53,647) | 2,514 |
State | (3,850) | (21,316) | 626 |
Foreign | 47 | (386) | 856 |
Deferred (benefit) provision | (19,595) | (75,349) | 3,996 |
Provision for income taxes | $ 15,985 | $ 10,144 | $ 39,294 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate - Table) (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
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 | 2.20% | 8.20% | 2.30% | |
Employment-related credits, net | (25.50%) | (53.50%) | (15.80%) | |
Domestic manufacturing deduction | (4.30%) | (0.00%) | (0.00%) | |
Excess tax benefits from stock-based compensation arrangements | [1] | (2.10%) | (0.00%) | (0.00%) |
Noncontrolling interests | (1.30%) | (2.80%) | (0.80%) | |
Net life insurance expense | (0.60%) | (2.70%) | (0.30%) | |
Refranchising of Outback Steakhouse South Korea | 0.00% | 27.40% | 0.00% | |
Valuation allowance on deferred income tax assets | 3.10% | 6.10% | 1.70% | |
Nondeductible compensation | 3.10% | 2.50% | 0.80% | |
Cumulative effect of the Tax Act | 1.60% | 0.00% | 0.00% | |
Foreign rate differential | 1.60% | 0.80% | 0.60% | |
Tax settlements and related adjustments | 0.20% | (0.20%) | (0.10%) | |
Other, net | 0.50% | (2.80%) | (0.40%) | |
Total | 13.50% | 18.00% | 23.00% | |
[1] | During 2017, excess tax benefits from share-based award activity are reflected as a reduction to the provision for income taxes as a result of the adoption of ASU No. 2016-09. |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Deferred income tax assets: | ||
Deferred rent | $ 40,504 | $ 57,783 |
Insurance reserves | 15,788 | 23,906 |
Unearned revenue | 15,020 | 19,566 |
Deferred compensation | 38,273 | 62,389 |
Net operating loss carryforwards | 8,003 | 6,036 |
Federal tax credit carryforwards | 75,661 | 58,963 |
Partner deposits and accrued partner obligations | 4,326 | 8,245 |
Other, net | 15,342 | 8,309 |
Gross deferred income tax assets | 212,917 | 245,197 |
Less: valuation allowance | (15,925) | (7,220) |
Net deferred income tax assets | 196,992 | 237,977 |
Deferred income tax liabilities: | ||
Less: property, fixtures and equipment basis differences | (18,814) | (37,847) |
Less: intangible asset basis differences | (116,425) | (155,053) |
Less: deferred gain on extinguishment of debt | (7,180) | (23,022) |
Net deferred income tax assets | $ 54,573 | $ 22,055 |
Income Taxes (Undistributed Ear
Income Taxes (Undistributed Earnings - Text) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Taxes [Line Items] | |
Undistributed earnings of foreign subsidiaries | $ 136,000 |
Provisional [Member] | Tax Act [Member] | |
Income Taxes [Line Items] | |
Effective of change in enacted tax rate | 100 |
Deferred tax liabilities, undistributed foreign earnings | $ 200 |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards - Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Contingency [Line Items] | |
Foreign loss carryforwards | $ 29,581 |
Internal Revenue Service (IRS) [Member] | |
Income Tax Contingency [Line Items] | |
United States federal tax credit carryforwards | $ 90,092 |
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, 2018 |
Latest tax year [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Contingency [Line Items] | |
Tax credit carryforward, expiration date | Dec. 31, 2037 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits - Text) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | $ 23,663 | $ 19,583 | $ 19,430 | $ 17,563 |
Portion of unrecognized tax benefits, including accrued interest and penalties, that if recognized, would impact the effective tax rate | 24,000 | 18,900 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 1,800 | 1,200 | ||
Unrecognized tax benefits, increase resulting from prior period tax positions | 4,149 | $ 476 | $ 3,022 | |
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, increase resulting from prior period tax positions | 3,000 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, increase resulting from prior period tax positions | $ 4,000 |
Income Taxes (Unrecognized T133
Income Taxes (Unrecognized Tax Benefits - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits beginning balance | $ 19,583 | $ 19,430 | $ 17,563 |
Additions for tax positions taken during a prior period | 4,149 | 476 | 3,022 |
Reductions for tax positions taken during a prior period | (1,009) | (430) | (848) |
Additions for tax positions taken during the current period | 1,822 | 2,472 | 2,305 |
Settlements with taxing authorities | 0 | (391) | (1,078) |
Lapses in the applicable statutes of limitations | (945) | (2,230) | (540) |
Increase due to translation adjustments | 63 | 256 | |
Decrease due to translation adjustments | (994) | ||
Unrecognized tax benefits ending balance | $ 23,663 | $ 19,583 | $ 19,430 |
Income Taxes (Open Tax Years) (
Income Taxes (Open Tax Years) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 9,041 | $ 14,389 | $ 11,384 |
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 | 2,016 | ||
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 | 2,016 | ||
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 | 2,016 | ||
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 Contingencie135
Commitments and Contingencies (Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Operating Leased Assets [Line Items] | ||||
Rental expense | [1] | $ 188,205 | $ 173,507 | $ 164,754 |
Sublease revenues | 4,472 | 853 | 906 | |
Contingent rent expense | $ 4,300 | $ 5,900 | $ 7,400 | |
Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, renewal option, term | 5 years | |||
Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, renewal option, term | 30 years | |||
[1] | Includes contingent rent expense of $4.3 million, $5.9 million and $7.4 million, respectively, for the periods presented. |
Commitments and Contingencie136
Commitments and Contingencies (Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2,018 | $ 185,183 | [1] |
2,019 | 174,060 | [1] |
2,020 | 161,567 | [1] |
2,021 | 145,528 | [1] |
2,022 | 128,573 | [1] |
Thereafter | 902,757 | [1] |
Total minimum lease payments | 1,697,668 | [1] |
2,018 | 5,068 | |
2,019 | 5,127 | |
2,020 | 5,091 | |
2,021 | 5,093 | |
2,022 | 4,784 | |
Thereafter | 58,633 | |
Total minimum sublease rentals | $ 83,796 | |
[1] | Minimum lease payments have not been reduced by minimum sublease rentals. |
Commitments and Contingencie137
Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee [Member] $ in Millions | Dec. 31, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Lease guarantees, maximum exposure, undiscounted | $ 30.3 |
Lease guarantees, maximum exposure at present value | 21.2 |
Lease guarantees, current carrying value | $ 0 |
Commitments and Contingencie138
Commitments and Contingencies (Financing Obligations) (Details) $ in Thousands | Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Year 1 | $ 1,323 | |
Year 2 | 1,345 | |
Year 3 | 1,366 | |
Year 4 | 1,398 | |
Year 5 | 1,423 | |
Thereafter | 22,219 | |
Total | $ 29,074 | [1] |
[1] | Refer to Note 12 - Long-term Debt, Net for additional details regarding the Company’s financing obligation |
Commitments and Contingencie139
Commitments and Contingencies (Purchase Obligations - Text) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)supplier | Dec. 25, 2016USD ($) | |
Concentration Risk [Line Items] | ||
Purchase obligations | $ | $ 446 | $ 439.4 |
Number of primary beef suppliers | supplier | 4 | |
Percentage of marketplace | 80.00% | |
Minimum [Member] | Beef [Member] | Supplier concentration risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 85.00% |
Commitments and Contingencie140
Commitments and Contingencies (Litigation and Other Matters - Text) (Details) $ in Millions | Oct. 04, 2013employee | Nov. 30, 2015USD ($)employee | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) |
Loss Contingencies [Line Items] | |||||
Litigation liability | $ 4.3 | $ 3.5 | |||
Litigation settlement expense | 1.2 | 4 | $ 4.6 | ||
Settled litigation [Member] | Employee [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of employees party to lawsuit | employee | 2 | ||||
Sears [Member] | Settled litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement amount | 2.3 | ||||
Payments for legal settlements | $ 2.3 | ||||
Sears [Member] | Settled 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 Contingencie141
Commitments and Contingencies (Insurance, Future Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,018 | $ 24,231 | |
2,019 | 12,883 | |
2,020 | 8,336 | |
2,021 | 4,622 | |
2,022 | 2,512 | |
Thereafter | 10,842 | |
Total | $ 63,426 | $ 65,471 |
Commitments and Contingencie142
Commitments and Contingencies (Undiscounted Reserves to the Discounted Reserves) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Insurance [Line Items] | ||
Undiscounted reserves | $ 63,426 | $ 65,471 |
Discount | (3,999) | (2,678) |
Self insurance reserve | $ 59,427 | $ 62,793 |
Discount rate | 1.88% | 1.32% |
Accrued and other current liabilities [Member] | ||
Insurance [Line Items] | ||
Self Insurance Reserve, Current | $ 23,482 | $ 23,533 |
Other long-term liabilities, net [Member] | ||
Insurance [Line Items] | ||
Self Insurance Reserve, Noncurrent | $ 35,945 | $ 39,260 |
Segment Reporting (Text) (Detai
Segment Reporting (Text) (Details) | 12 Months Ended |
Dec. 31, 2017reportable_segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Revenue by S
Segment Reporting (Revenue by Segment - Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | [1] | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | [1] | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Total revenues | $ 80,400 | $ 1,087,642 | $ 948,899 | $ 1,032,982 | $ 1,143,823 | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 4,213,346 | $ 4,252,312 | $ 4,377,676 | ||
U.S. Segment [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Total revenues | 3,750,959 | 3,797,309 | 3,879,743 | |||||||||||
International Segment [Member] | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Total revenues | $ 462,387 | $ 455,003 | $ 497,933 | |||||||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. |
Segment Reporting (Income from
Segment Reporting (Income from Operations Reconciliation - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 24, 2017 | [1] | Jun. 25, 2017 | [1] | Mar. 26, 2017 | [1] | Dec. 25, 2016 | [2] | Sep. 25, 2016 | [2] | Jun. 26, 2016 | [2] | Mar. 27, 2016 | [2] | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income (loss) from operations | $ 31,626 | $ 3,182 | $ 42,154 | $ 69,130 | $ (4,145) | $ 31,734 | $ 13,333 | $ 86,684 | $ 146,092 | $ 127,606 | $ 230,925 | ||||||||
Loss on defeasance, extinguishment and modification of debt | (1,069) | (26,998) | (2,956) | ||||||||||||||||
Other income (expense), net | 14,912 | 1,609 | (939) | ||||||||||||||||
Interest expense, net | (41,392) | (45,726) | (56,176) | ||||||||||||||||
Income before Provision for income taxes | 118,543 | 56,491 | 170,854 | ||||||||||||||||
Operating segments [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income (loss) from operations | 326,176 | 280,729 | 383,328 | ||||||||||||||||
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 | 297,260 | 286,683 | 348,731 | ||||||||||||||||
Operating segments [Member] | International Segment [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income (loss) from operations | 28,916 | (5,954) | 34,597 | ||||||||||||||||
Corporate, non-segment [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income (loss) from operations | $ (180,084) | $ (153,123) | $ (152,403) | ||||||||||||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. | ||||||||||||||||||
[2] | Income from operations in the first, second, third and fourth quarters include expense of $3.6 million, $39.6 million, $3.2 million and $56.5 million, respectively. for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the Company’s decision to sell Outback Steakhouse South Korea, (iii) its Puerto Rico subsidiary, (iv) the relocation of certain restaurants and (v) a restructuring event, partially offset by the fourth quarter reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative. Net income for the first quarter includes $26.6 million related to the defeasance of the 2012 CMBS loan. |
Segment Reporting (Depreciation
Segment Reporting (Depreciation and Amortization by Segment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | $ 192,282 | $ 193,838 | $ 190,399 |
Corporate, non-segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | 14,510 | 12,391 | 11,795 |
U.S. Segment [Member] | Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | 149,976 | 155,434 | 151,868 |
International Segment [Member] | Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | $ 27,796 | $ 26,013 | $ 26,736 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures by Segment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 260,589 | $ 260,578 | $ 210,263 |
Corporate, non-segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 13,280 | 17,671 | 10,015 |
Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 255,842 | 270,188 | 210,263 |
U.S. Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 209,260 | 211,855 | 153,445 |
International Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 33,302 | $ 40,662 | $ 46,803 |
Segment Reporting (Total Assets
Segment Reporting (Total Assets by Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,572,907 | $ 2,642,279 |
Operating segments [Member] | U.S. Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,856,406 | 1,995,227 |
Operating segments [Member] | International Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 450,974 | 436,024 |
Corporate, non-segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 265,527 | $ 211,028 |
Segment Reporting (Long-lived A
Segment Reporting (Long-lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Segment reporting information [Line Items] | ||
Long-lived assets | $ 1,308,675 | $ 1,367,418 |
U.S. [Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | 1,164,322 | 1,231,154 |
International [Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | $ 144,353 | $ 136,264 |
Segment Reporting (Revenues by
Segment Reporting (Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | [1] | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | [1] | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 |
Segment reporting information [Line Items] | ||||||||||||||
Total revenues | $ 80,400 | $ 1,087,642 | $ 948,899 | $ 1,032,982 | $ 1,143,823 | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 4,213,346 | $ 4,252,312 | $ 4,377,676 | ||
U.S. [Member] | ||||||||||||||
Segment reporting information [Line Items] | ||||||||||||||
Total revenues | 3,750,959 | 3,797,309 | 3,879,743 | |||||||||||
BRAZIL | ||||||||||||||
Segment reporting information [Line Items] | ||||||||||||||
Total revenues | 410,249 | 318,881 | 287,698 | |||||||||||
International [Member] | ||||||||||||||
Segment reporting information [Line Items] | ||||||||||||||
Total revenues | $ 52,138 | $ 136,122 | $ 210,235 | |||||||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. |
Selected Quarterly Financial151
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Total revenues | $ 80,400 | $ 1,087,642 | [1] | $ 948,899 | $ 1,032,982 | $ 1,143,823 | [1] | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 4,213,346 | $ 4,252,312 | $ 4,377,676 | ||||||
Income from operations | 31,626 | [1] | 3,182 | [1] | 42,154 | [1] | 69,130 | [1] | (4,145) | [2] | 31,734 | [2] | 13,333 | [2] | 86,684 | [2] | 146,092 | 127,606 | 230,925 | |
Net income | 17,260 | 4,046 | [1] | 36,329 | [1] | 44,923 | [1] | (2,699) | 21,228 | (8,065) | 35,883 | [2] | 102,558 | 46,347 | 131,560 | |||||
Net income attributable to Bloomin’ Brands | $ 16,367 | $ 4,336 | [1] | $ 35,630 | [1] | $ 43,910 | [1] | $ (4,283) | $ 20,733 | $ (9,177) | $ 34,475 | $ 100,243 | $ 41,748 | $ 127,327 | ||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ 0.18 | $ 0.05 | $ 0.36 | $ 0.43 | $ (0.04) | $ 0.19 | $ (0.08) | $ 0.29 | $ 1.04 | $ 0.37 | $ 1.04 | |||||||||
Diluted | $ 0.11 | $ 0.17 | [1] | $ 0.05 | $ 0.35 | $ 0.41 | $ (0.04) | $ 0.18 | $ (0.08) | $ 0.29 | $ 1.01 | $ 0.37 | $ 1.01 | |||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. | |||||||||||||||||||
[2] | Income from operations in the first, second, third and fourth quarters include expense of $3.6 million, $39.6 million, $3.2 million and $56.5 million, respectively. for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the Company’s decision to sell Outback Steakhouse South Korea, (iii) its Puerto Rico subsidiary, (iv) the relocation of certain restaurants and (v) a restructuring event, partially offset by the fourth quarter reversal of $3.3 million of deferred rent liabilities in connection with the 2017 Closure Initiative. Net income for the first quarter includes $26.6 million related to the defeasance of the 2012 CMBS loan. |
Selected Quarterly Financial152
Selected Quarterly Financial Data (Footnotes) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | ||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||
Total revenues | $ 80,400 | $ 1,087,642 | [1] | $ 948,899 | $ 1,032,982 | $ 1,143,823 | [1] | $ 1,004,149 | $ 1,005,387 | $ 1,078,588 | $ 1,164,188 | $ 4,213,346 | $ 4,252,312 | $ 4,377,676 |
Costs and expenses | 4,067,254 | 4,124,706 | 4,146,751 | |||||||||||
Gain on sale of business | $ 8,400 | $ 7,400 | $ 15,632 | $ 1,633 | $ (1,182) | |||||||||
Diluted earnings per share | $ 0.11 | $ 0.17 | [1] | $ 0.05 | $ 0.35 | $ 0.41 | $ (0.04) | $ 0.18 | $ (0.08) | $ 0.29 | $ 1.01 | $ 0.37 | $ 1.01 | |
Loss on extinguishment and modification of debt | $ (1,069) | $ (26,998) | $ (2,956) | |||||||||||
2012 CMBS loan [Member] | Net income (loss) attributable to Bloomin' Brands [Member] | ||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||
Loss on extinguishment and modification of debt | $ 26,600 | |||||||||||||
2017 Closure Initiative [Member] | ||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||
Restructuring and related cost, deferred rent reversal incurred to date | $ 3,300 | |||||||||||||
Restaurant relocation [Member] | Other property [Member] | Closure Initiatives [Member] | Employee severance [Member] | ||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||
Costs and expenses | $ 25,700 | $ 20,000 | $ 3,000 | $ 17,600 | ||||||||||
Restaurant relocation [Member] | Puerto Rico subsidiary [Member] | Closure Initiatives [Member] | Employee severance [Member] | Outback Steakhouse South Korea [Member] | ||||||||||||||
Selected Quarterly Financial Information [Line Items] | ||||||||||||||
Costs and expenses | $ 56,500 | $ 3,200 | $ 39,600 | $ 3,600 | ||||||||||
[1] | Total revenues for the fourth quarter include an increase of $80.4 million for the 53rd week. Income from operations in the first, second, third and fourth quarters include expense of $17.6 million, $3.0 million, $20.0 million and $25.7 million, respectively, for impairments, closing costs and severance related to: (i) approved closure and restructuring initiatives, (ii) the relocation of certain restaurants, (iii) the remeasurement of certain surplus properties, (iv) a restructuring event and (v) our China subsidiary. Net income for the second and third quarters include gains on the sale of certain restaurants of $7.4 million and $8.4 million, respectively. Includes $0.11 of additional earnings per share from a 53rd operating week in 2017. |