Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 29, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 29, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35625 | ||
Entity Registrant Name | Bloomin' Brands, Inc. | ||
Entity Incorporation, State | DE | ||
Entity Tax Identification Number | 20-8023465 | ||
Entity Address Line One | 2202 North West Shore Boulevard | ||
Entity Address Line Two | Suite 500 | ||
Entity Address City | Tampa | ||
Entity Address State | FL | ||
Entity Address Postal Zip Code | 33607 | ||
City Area Code | 813 | ||
Local Phone Number | 282-1225 | ||
Title of 12(b) Security | Common Stock | ||
Security Trading Currency | USD | ||
Par Value Per Share | $ 0.01 | ||
Trading Symbol | BLMN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.6 | ||
Entity Common Stock, Shares Outstanding | 87,030,130 | ||
Entity Central Index Key | 0001546417 | ||
Current Fiscal Year End Date | --12-29 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 67,145 | $ 71,823 |
Inventories | 86,861 | 72,812 |
Other current assets, net | 186,462 | 190,848 |
Total current assets | 340,468 | 335,483 |
Property, fixtures and equipment, net | 1,036,077 | 1,115,929 |
Operating lease right-of-use assets | 1,266,548 | 0 |
Goodwill | 288,439 | 295,427 |
Intangible assets, net | 470,615 | 503,972 |
Deferred income tax assets, net | 73,426 | 92,990 |
Other assets, net | 117,110 | 120,973 |
Total assets | 3,592,683 | 2,464,774 |
Current liabilities | ||
Accounts payable | 174,877 | 174,488 |
Accrued and other current liabilities | 391,451 | 246,653 |
Unearned revenue | 369,282 | 342,708 |
Current portion of long-term debt | 26,411 | 27,190 |
Total current liabilities | 962,021 | 791,039 |
Non-current operating lease liabilities | 1,279,051 | 0 |
Deferred rent | 0 | 167,027 |
Deferred income tax liabilities | 13,777 | 14,790 |
Long-term debt, net | 1,022,293 | 1,067,585 |
Long-term portion of deferred gain on sale-leaseback transactions, net | 0 | 177,983 |
Other long-term liabilities, net | 138,060 | 191,533 |
Total liabilities | 3,415,202 | 2,409,957 |
Commitments and contingencies | ||
Bloomin’ Brands stockholders’ equity | ||
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of December 29, 2019 and December 30, 2018 | 0 | 0 |
Common stock, $0.01 par value, 475,000,000 shares authorized; 86,945,869 and 91,271,825 shares issued and outstanding as of December 29, 2019 and December 30, 2018, respectively | 869 | 913 |
Additional paid-in capital | 1,094,338 | 1,107,582 |
Accumulated deficit | (755,089) | (920,010) |
Accumulated other comprehensive loss | (169,776) | (142,755) |
Total Bloomin’ Brands stockholders’ equity | 170,342 | 45,730 |
Noncontrolling interests | 7,139 | 9,087 |
Total stockholders’ equity | 177,481 | 54,817 |
Total liabilities and stockholders’ equity | $ 3,592,683 | $ 2,464,774 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 29, 2019 | Dec. 30, 2018 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value per share (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 475,000,000 | 475,000,000 |
Common stock, shares issued (in shares) | 86,945,869 | 91,271,825 |
Common stock, shares outstanding (in shares) | 86,945,869 | 91,271,825 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Revenues | |||
Restaurant sales, franchise and other revenues | $ 4,139,389 | $ 4,126,413 | $ 4,223,136 |
Costs and expenses | |||
Cost of sales | 1,277,824 | 1,295,588 | 1,317,110 |
Labor and other related | 1,207,289 | 1,197,297 | 1,219,593 |
Other restaurant operating | 982,051 | 967,099 | 996,180 |
Depreciation and amortization | 196,811 | 201,593 | 192,282 |
General and administrative | 275,239 | 282,720 | 306,956 |
Provision for impaired assets and restaurant closings | 9,085 | 36,863 | 52,329 |
Total costs and expenses | 3,948,299 | 3,981,160 | 4,084,450 |
Income from operations | 191,090 | 145,253 | 138,686 |
Loss on extinguishment and modification of debt | 0 | 0 | (1,069) |
Other (expense) income, net | (143) | (11) | 14,912 |
Interest expense, net | (49,257) | (44,937) | (41,392) |
Income before Provision (benefit) for income taxes | 141,690 | 100,305 | 111,137 |
Provision (benefit) for income taxes | 7,573 | (9,233) | 7,529 |
Net income | 134,117 | 109,538 | 103,608 |
Less: net income attributable to noncontrolling interests | 3,544 | 2,440 | 2,315 |
Net income attributable to Bloomin’ Brands | 130,573 | 107,098 | 101,293 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (16,625) | (36,132) | 8,959 |
Unrealized (loss) gain on derivatives, net of tax | (11,944) | (7,100) | 627 |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 1,805 | 120 | 2,381 |
Comprehensive income | 107,353 | 66,426 | 115,575 |
Less: comprehensive income attributable to noncontrolling interests | 3,801 | 2,884 | 2,338 |
Comprehensive income attributable to Bloomin’ Brands | $ 103,552 | $ 63,542 | $ 113,237 |
Earnings per share: | |||
Basic | $ 1.47 | $ 1.16 | $ 1.05 |
Diluted | $ 1.45 | $ 1.14 | $ 1.02 |
Weighted average common shares outstanding: | |||
Basic | 88,839 | 92,042 | 96,365 |
Diluted | 89,777 | 94,075 | 99,707 |
Cash dividends declared per common share | $ 0.40 | $ 0.36 | $ 0.32 |
Restaurant sales [Member] | |||
Revenues | |||
Restaurant sales, franchise and other revenues | $ 4,075,014 | $ 4,060,871 | $ 4,164,063 |
Franchise and other revenues [Member] | |||
Revenues | |||
Restaurant sales, franchise and other revenues | $ 64,375 | $ 65,542 | $ 59,073 |
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] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative-effect from a change in accounting principle | $ 14,364 | $ 14,364 | |||||
Balance (in shares) at Dec. 25, 2016 | 103,922,000 | ||||||
Balance at Dec. 25, 2016 | 226,063 | $ 1,039 | $ 1,079,583 | (756,070) | $ (111,143) | $ 12,654 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 104,392 | 101,293 | 3,099 | ||||
Other comprehensive (loss) income, net of tax | 11,941 | 11,944 | (3) | ||||
Cash dividends declared, per common share | (30,988) | (30,988) | |||||
Repurchase and retirement of common stock, shares | (13,807,000) | ||||||
Repurchase and retirement of common stock | (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 | [1] | 10,259 | $ 18 | 10,421 | (180) | ||
Purchase of noncontrolling interests, net of tax | (893) | (713) | (180) | ||||
Change in the redemption value of redeemable interests | (211) | (211) | |||||
Distributions to noncontrolling interests | (5,973) | (5,973) | |||||
Contributions from noncontrolling interests | 873 | 873 | |||||
Other | 419 | 419 | |||||
Balance (in shares) at Dec. 31, 2017 | 91,913,000 | ||||||
Balance at Dec. 31, 2017 | 81,231 | $ 919 | 1,081,813 | (913,191) | (99,199) | 10,889 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 109,868 | 107,098 | 2,770 | ||||
Other comprehensive (loss) income, net of tax | (43,112) | (43,556) | 444 | ||||
Cash dividends declared, per common share | $ (33,312) | (33,312) | |||||
Repurchase and retirement of common stock, shares | (5,062,000) | (5,062,000) | |||||
Repurchase and retirement of common stock | $ (113,967) | $ (50) | (113,917) | ||||
Stock-based compensation | 23,059 | 23,059 | |||||
Common stock issued under stock plans, shares | [1] | 4,421,000 | |||||
Common stock issued under stock plans | [1] | 36,612 | $ 44 | 36,568 | |||
Purchase of noncontrolling interests, net of tax | (326) | (216) | (110) | ||||
Change in the redemption value of redeemable interests | (330) | (330) | |||||
Distributions to noncontrolling interests | (6,943) | (6,943) | |||||
Contributions from noncontrolling interests | $ 2,037 | 2,037 | |||||
Balance (in shares) at Dec. 30, 2018 | 91,271,825 | 91,272,000 | |||||
Balance at Dec. 30, 2018 | $ 54,817 | $ 913 | 1,107,582 | (920,010) | (142,755) | 9,087 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 134,117 | 130,573 | 3,544 | ||||
Other comprehensive (loss) income, net of tax | (26,764) | (27,055) | 291 | ||||
Cash dividends declared, per common share | $ (35,734) | (35,734) | |||||
Repurchase and retirement of common stock, shares | (5,469,000) | (5,469,000) | |||||
Repurchase and retirement of common stock | $ (106,992) | $ (55) | (106,937) | ||||
Stock-based compensation | 19,951 | 19,951 | |||||
Common stock issued under stock plans, shares | [1] | 1,143,000 | |||||
Common stock issued under stock plans | [1] | 2,707 | $ 11 | 2,696 | |||
Purchase of noncontrolling interests, net of tax | (41) | (157) | 34 | 82 | |||
Distributions to noncontrolling interests | (7,214) | (7,214) | |||||
Contributions from noncontrolling interests | $ 1,349 | 1,349 | |||||
Balance (in shares) at Dec. 29, 2019 | 86,945,869 | 86,946,000 | |||||
Balance at Dec. 29, 2019 | $ 177,481 | $ 869 | $ 1,094,338 | $ (755,089) | $ (169,776) | $ 7,139 | |
[1] | Net of forfeitures and shares withheld for employee taxes. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Common stock, dividends, per share, declared | $ 0.40 | $ 0.36 | $ 0.32 |
Additional paid-in capital [Member] | |||
Deferred tax effect of purchase of noncontrolling interests | $ 0 | $ 75 | $ 45 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Cash flows provided by operating activities: | |||
Net income | $ 134,117 | $ 109,538 | $ 103,608 |
Adjustments to reconcile Net income to cash provided by operating activities: | |||
Depreciation and amortization | 196,811 | 201,593 | 192,282 |
Amortization of deferred discounts and issuance costs | 2,517 | 2,561 | 2,868 |
Amortization of deferred gift card sales commissions | 26,094 | 27,227 | 26,751 |
Provision for impaired assets and restaurant closings | 9,085 | 36,863 | 52,329 |
Non-cash operating lease costs | 73,357 | 0 | 0 |
Stock-based and other non-cash compensation expense | 24,651 | 27,433 | 25,938 |
Deferred income tax benefit | (25,890) | (29,490) | (28,051) |
Loss on extinguishment and modification of debt | 0 | 0 | 1,069 |
Loss (gain) on sale of a business or subsidiary | 206 | 0 | (15,632) |
Recognition of deferred gain on sale-leaseback transactions | 0 | (12,336) | (11,872) |
(Gain) loss on disposal of property, fixtures and equipment | (2,984) | (585) | 2,461 |
Other, net | (10,471) | 4,943 | 2,951 |
Change in assets and liabilities: | |||
(Increase) decrease in inventories | (15,388) | (24,707) | 11,065 |
Increase in other current assets | (40,519) | (25,405) | (12,262) |
Increase in other assets | (890) | (3,190) | (1,585) |
Decrease in operating right-of-use assets, net | 391 | 0 | 0 |
(Decrease) increase in accounts payable and accrued and other current liabilities | (23,497) | (39,871) | 53,880 |
Increase in deferred rent | 0 | 8,737 | 12,079 |
Increase (decrease) in unearned revenue | 26,676 | 12,199 | (5,855) |
Decrease in operating lease liabilities | (69,886) | 0 | 0 |
Increase (decrease) in other long-term liabilities | 13,223 | (7,436) | (3,022) |
Net cash provided by operating activities | 317,603 | 288,074 | 409,002 |
Cash flows used in investing activities: | |||
Proceeds from disposal of property, fixtures and equipment | 18,291 | 14,041 | 1,020 |
Proceeds from sale-leaseback transactions, net | 7,085 | 16,160 | 98,840 |
Proceeds from sale of a business, net of cash divested | 0 | 0 | 39,196 |
Capital expenditures | (161,926) | (208,224) | (260,589) |
Other investments, net | 5,259 | 727 | (1,582) |
Net cash used in investing activities | (131,291) | (177,296) | (123,115) |
Cash flows used in financing activities: | |||
Proceeds from issuance of long-term debt, net | 0 | 1,637 | 621,603 |
Extinguishment and modification of debt | 0 | 0 | (1,193,719) |
Repayments of long-term debt | (27,259) | (26,686) | (75,528) |
Proceeds from borrowings on revolving credit facilities, net | 670,800 | 476,829 | 1,345,761 |
Repayments of borrowings on revolving credit facilities | (671,300) | (478,500) | (676,500) |
Proceeds from failed sale-leaseback transactions, net | 0 | 0 | 5,942 |
Proceeds from share-based compensation, net | 2,707 | 36,612 | 10,439 |
Distributions to noncontrolling interests | (7,214) | (6,943) | (5,973) |
Contributions from noncontrolling interests | 1,349 | 2,037 | 873 |
Purchase of limited partnership and noncontrolling interests | (41) | (2,112) | (5,713) |
Payments for partner equity plan | (15,675) | (19,947) | (16,786) |
Repurchase of common stock | (106,992) | (113,967) | (272,916) |
Cash dividends paid on common stock | (35,734) | (33,312) | (30,988) |
Net cash used in financing activities | (189,359) | (164,352) | (293,505) |
Effect of exchange rate changes on cash and cash equivalents | (1,631) | (4,146) | 975 |
Net decrease in cash, cash equivalents and restricted cash | (4,678) | (57,720) | (6,643) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 71,823 | 129,543 | 136,186 |
Cash, cash equivalents and restricted cash as of the end of the period | 67,145 | 71,823 | 129,543 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 47,893 | 41,681 | 40,475 |
Cash paid for income taxes, net of refunds | 23,995 | 15,839 | 33,392 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Leased assets obtained in exchange for new operating lease liabilities | 67,955 | 0 | 0 |
Leased assets obtained in exchange for new finance lease liabilities | 208 | 0 | 0 |
(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment or capital leases | $ (2,899) | $ 2,699 | $ (4,747) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 29, 2019 | |
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. 29, 2019 | |
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 29, 2019 . 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 300 restaurants as of December 29, 2019 , but does not possess any ownership interests in its franchisees and does not provide material 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 2019 and 2018 consisted of 52 weeks. 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 $44.8 million and $47.1 million , as of December 29, 2019 and December 30, 2018 , 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 to 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 - From time to time, the Company may have 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. Estimated useful lives by major asset category are generally as follows: Buildings (1) 5 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Computer equipment and software 3 to 7 years ____________________ (1) Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain. Estimated useful lives are periodically reviewed and, where appropriate, changes are made prospectively. Effective September 30, 2019, the Company changed the estimated useful life of its leasehold improvements from 20 years to 30 years (or the reasonably certain lease term) for leasehold improvements associated with ground leases placed in service on or after that date. The change in useful life was adopted based on historical experience related to the use of leasehold improvements and the expectation of future usability considering the Company’s revised site selection strategy in recent years to focus on securing prime locations and ground leases for restaurant development and relocations. The change in estimated useful life did not have a material impact on the Company’s consolidated financial statements. 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 expense 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 $6.4 million , $6.9 million and $9.1 million were capitalized during 2019 , 2018 and 2017 , respectively. For 2019 and 2018 , computer equipment and software costs of $7.4 million and $13.5 million , respectively, were capitalized. As of December 29, 2019 and December 30, 2018 , there was $25.7 million and $33.2 million , respectively, of unamortized computer equipment and 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 impairment. Definite-lived intangible assets, which consist primarily of trademarks, franchise agreements and reacquired franchise rights, 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, any 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. 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 as a reduction of 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 $2.5 million , $2.6 million and $2.9 million to interest expense for 2019 , 2018 and 2017 , respectively. Liquor Licenses - The fees from 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 . 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 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. 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 and taxes, upon delivery to the customer. Franchise-related revenues are included in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive Income . Royalties, which are a percentage of net sales of the franchisee, are recognized as revenue in the period which the sales are reported to have occurred. Proceeds from the sale of gift cards, which do not have expiration dates, are recorded as deferred revenue and recognized as revenue upon redemption by the customer. The Company applies the portfolio approach practical expedient to account for gift card contracts and performance obligations. Gift card breakage, the amount of gift cards which will not be redeemed, is recognized using estimates based on historical redemption patterns. If actual redemptions vary from the estimated breakage, gift card breakage income may differ from the amount recorded. The Company periodically updates its estimates used for breakage. Breakage revenue is recorded as a component of Restaurant sales in the Company’s Consolidated Statements of Operations and Comprehensive Income . Approximately 85% of deferred gift card revenue is expected to be recognized within 12 months of inception. 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 or expires at the estimated fair market value of the bonus card. Gift card sales commissions paid to third-party providers are capitalized and subsequently amortized to Other restaurant operating expense based on historical gift card redemption patterns. See Note 3 - Revenue Recognition for rollforwards of deferred gift card sales commissions and unearned gift card revenue. Advertising fees charged to franchisees are recognized as Franchise revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income . Initial franchise and renewal fees are recognized over the term of the franchise agreement and renewal period, respectively. The weighted average remaining term of franchise agreements and renewal periods was approximately 14 years as of December 29, 2019 . 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, which 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. The Company applies the practical expedient to exclude disclosures regarding loyalty program remaining performance obligations, which have original expected durations of less than one year. 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 . Leases - Effective December 31, 2018, the Company’s lease accounting policies changed in conjunction with its adoption of Accounting Standards Update (“ASU”) No. 2016-02: Leases (Topic 842) (“ASU No. 2016-02”), ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transitioning to Topic 842,” (“ASU No. 2018-01”) and ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“ASU No. 2018-11”). See discussion of ASU No. 2016-02, ASU No. 2018-01 and ASU No. 2018-11 in Recently Adopted Financial Accounting Standards below. The Company’s determination of whether an arrangement contains a lease is based on an evaluation of whether the arrangement conveys the right to use and control specific property or equipment. The Company leases restaurant and office facilities and certain equipment under operating leases primarily having initial terms between one and 20 years . Restaurant facility leases generally have renewal periods totaling five to 30 years , exercisable at the option of the Company. Contingent rentals represent payment of variable lease obligations based on a percentage of gross revenues, as defined by the terms of the applicable lease agreement for certain restaurant facility leases. The Company also has certain leases, which reset periodically based on a specified index. Such leases are recorded using the index that existed at lease commencement. Subsequent changes in the index are recorded as variable rental payments. Variable rental payments are expensed as incurred in the Company’s Consolidated Statements of Operations and Comprehensive Income and future variable rent obligations are not included within the lease liabilities on the Consolidated Balance Sheet. The depreciable life of lease assets and leasehold improvements are limited by the expected lease term. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants. For restaurant facility leases executed subsequent to the adoption of ASU No. 2016-02, the Company accounts for fixed lease and non-lease components as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to account for the lease assets and liabilities. Leases with an initial term of 12 months or less are not recorded on its Consolidated Balance Sheet, they are recognized on a straight-line basis over the lease term within Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . 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 certain. Rent expense is recorded in Other restaurant operating in the Company’s Consolidated Statements of Operations and Comprehensive Income . Payments received from landlords as incentives for leasehold improvements are recorded as a reduction of the right-of-use asset and amortized on a straight-line basis over the term of the lease as a reduction of rent expense. Pre-Opening Expenses - Non-capital expenditures associated with opening new restaurants are expensed as incurred and are included in Other restaurant operating expense 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 expense 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. 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 non-rent lease related obligations as a result of lease termination, less the estimated subtenant cost recovery that can reasonably be obtained for the property. Any subsequent adjustment to that liability as a result of lease termination or changes in estimates of cost recovery is 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 $146.1 million , $147.8 million and $151.4 million for 2019 , 2018 and 2017 , respectively, was recorded in Other restaurant operating expense 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 $3.4 million , $3.8 million and $3.9 million for 2019 , 2018 and 2017 , respectively. Partner Compensation - In addition to base 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 ”). Certain Restaurant Managing Partners and Chef Partners in the U.S. (“ U.S. Partners ”) may also participate in deferred compensation programs and other performance-based compensation programs. 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 Company’s obligations under the deferred compensation plans. Many of the Company’s international Restaurant Managing Partners are given the option to purchase participation interests in the cash distributions of the restaurants they manage. The amount, terms and availability vary by country. The Company estimates future bonuses and deferred compensation obligations to U.S. 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 . Monthly Payments and deferred compensation expenses for U.S. Partners are included in Labor and other related expenses and Monthly Payments and bonus expense for Area Operating Partners are included in General and administrative expense 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. Foreign currency exchange transaction losses are recorded in General and administrative expense 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 - On December 31, 2018, the Company adopted ASU No. 2016-02, ASU No. 2018-01, and ASU No. 2018-11. 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. 2018-01 allows an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the Company’s adoption of ASU No. 2016-02. ASU No. 2018-11 allows for an additional transition method, which permits use of the effective date of adoption as the date of initial application of ASU No. 2016-02 without restating comparative period financial statements and provides entities with a practical expedient that allows entities to elect not to separate lease and non-lease components when certain conditions are met. The Company adopted ASU No. 2016-02 using December 31, 2018 as the date of initial application. Consequently, financial information and the disclosures required under the new standard were not provided for dates and periods before December 31, 2018. The Company also elected a transition package including practical expedients that permitted it not to reassess the classification and initial direct costs of expired or existing contracts and leases, to not separate lease and non-lease components of restaurant facility leases executed subsequent to adoption, and to not evaluate land easements that exist or expired before the adoption. In preparation for adoption, the Company implemented a new lease accounting system. Adoption resulted in the following, as of December 31, 2018: (i) recording of right-of-use assets of $1.3 billion and lease liabilities of $1.5 billion ; (ii) a credit to the beginning balance of Accumulated deficit of $190.4 million to derecognize deferred gains on sale-leaseback transactions and a debit to the beginning balance of Accumulated deficit of $49.2 million to derecognize the related deferred tax assets; and (iii) derecognition of existing debt obligations of $19.6 million and existing fixed assets of $16.1 million related to restaurant properties sold and leased back from third parties that previously did not qualify for sale accounting, with gains or losses associated with this change recognized in Accumulated deficit . Other restaurant operating expense increased during 2019 from the adoption of ASU No. 2016-02 since the Company no longer recognizes the benefit of deferred gains on sale-leaseback transactions through its statements of operations over the corresponding lease term. During 2018 and 2017, the Company recognized $12.3 million and $11.9 million , respectively, of sale-leaseback deferred gain amortization. As a result of adoption of ASU No. 2016-02, the Company recorded reclassification adjustments to certain balances that were recorded under Accounting Standards Codification Topic 840, “Leases” (“ASC 840”) on its Consolidated Balance Sheet as of December 30, 2018 . The following table summarizes accounts with material reclassification adjustments which impacted Operating lease right-of-use assets as a part of the adoption of ASU No. 2016-02: ACCOUNT CONSOLIDATED BALANCE SHEET CLASSIFICATION UNDER ASC 840 Favorable leases Intangible assets, net Deferred rent Deferred rent Unfavorable leases Other long-term liabilities, net Exit-related lease accruals Other long-term liabilities, net In addition, rent payments that were recorded within prepaid assets under ASC 840 are now recorded as a reduction of the current portion of operating lease liabilities. Recently Issued Financial Accounting Standards Not Yet Adopted - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” (“ASU No. 2016-13”), which requires measurement and recognition of losses for financial instruments under the current expected credit loss model (“ CECL model ”) versus incurred losses under current guidance. The Company’s allowance for credit losses will generally increase under the CECL model . The Company’s adoption of ASU No. 2016-13 and its related amendments (“the new credit loss standard”) on December 30, 2019 did not have a material effect on the Company’s consolidated financial statements. Measurement processes and related controls have been implemented by the Company to ensure compliance with the new credit loss standard. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” (“ASU No. 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. Under ASU No. 2018-15, implementation costs incurred by customers in cloud computing arrangements are deferred and recognized over the term of the arrangement similar to internal-use software guidance. The Company’s prospective adoption of ASU No. 2018-15 on December 30, 2019 did not have a material effect on its consolidated financial statements. The Company will defer and recognize allowable implementation costs for future cloud computing projects which may be material to future reporting periods. 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 reclassi |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 29, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Revenues Restaurant sales $ 4,075,014 $ 4,060,871 $ 4,164,063 Franchise and other revenues Franchise revenue $ 52,147 $ 52,906 $ 47,021 Other revenue 12,228 12,636 12,052 Total Franchise and other revenues $ 64,375 $ 65,542 $ 59,073 Total revenues $ 4,139,389 $ 4,126,413 $ 4,223,136 The following table includes the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated: FISCAL YEAR 2019 2018 2017 (dollars in thousands) RESTAURANT SALES FRANCHISE REVENUE RESTAURANT SALES FRANCHISE REVENUE RESTAURANT SALES FRANCHISE REVENUE U.S. Outback Steakhouse (1) $ 2,135,776 $ 38,614 $ 2,098,696 $ 40,422 $ 2,141,506 $ 34,978 Carrabba’s Italian Grill (1) 613,031 2,112 647,454 601 673,872 553 Bonefish Grill 574,004 787 578,139 833 600,717 925 Fleming’s Prime Steakhouse & Wine Bar 307,199 — 304,064 — 296,982 — Other 4,658 — 5,845 — 589 — U.S. total $ 3,634,668 $ 41,513 $ 3,634,198 $ 41,856 $ 3,713,666 $ 36,456 International Outback Steakhouse Brazil $ 355,837 $ — $ 348,394 $ — $ 377,158 $ — Other (2) 84,509 10,634 78,279 11,050 73,239 10,565 International total $ 440,346 $ 10,634 $ 426,673 $ 11,050 $ 450,397 $ 10,565 Total $ 4,075,014 $ 52,147 $ 4,060,871 $ 52,906 $ 4,164,063 $ 47,021 ____________________ (1) In 2019, the Company sold 18 Carrabba’s Italian Grill restaurants. In 2017, the Company sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant. These restaurants are now operated as franchises. (2) Includes Restaurant sales for the Company’s Abbraccio concept in Brazil. The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 Other current assets, net Deferred gift card sales commissions $ 18,554 $ 16,431 Unearned revenue Deferred gift card revenue $ 358,757 $ 333,794 Deferred loyalty revenue 10,034 8,424 Deferred franchise fees - current 491 490 Total Unearned revenue $ 369,282 $ 342,708 Other long-term liabilities, net Deferred franchise fees - non-current $ 4,599 $ 4,531 The following table is a rollforward of deferred gift card sales commissions for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Balance, beginning of period $ 16,431 $ 16,231 $ 15,584 Deferred gift card sales commissions amortization (26,094 ) (27,227 ) (26,751 ) Deferred gift card sales commissions capitalization 29,894 28,980 29,412 Other (1,677 ) (1,553 ) (2,014 ) Balance, end of period $ 18,554 $ 16,431 $ 16,231 The following table is a rollforward of unearned gift card revenue for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Balance, beginning of period $ 333,794 $ 323,628 $ 331,803 Gift card sales 420,229 419,172 440,946 Gift card redemptions (376,477 ) (388,954 ) (426,174 ) Gift card breakage (18,789 ) (20,052 ) (22,947 ) Balance, end of period $ 358,757 $ 333,794 $ 323,628 |
Disposals
Disposals | 12 Months Ended |
Dec. 29, 2019 | |
Disposals [Abstract] | |
Disposals | Disposals Refranchising - During 2019, the Company completed the sale of 18 of its existing U.S. Company-owned Carrabba’s Italian Grill restaurants to an existing franchisee for cash proceeds of $3.6 million , net of certain purchase price adjustments. In 2017, the Company completed the sale of 54 of its existing U.S. Company-owned Outback Steakhouse and Carrabba’s Italian Grill restaurants 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 (expense) income, net , in the Consolidated Statements of Operations and 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 were recorded within Franchise and other revenues in the Consolidated Statements of Operations and Comprehensive Income . The restaurants in the transactions above are now operated as franchises and the Company remains contingently liable on certain real estate lease agreements assigned to the franchisees. See Note 20 - Commitments and Contingencies for additional details regarding lease guarantees. Surplus Property Disposals - During 2019 , the Company completed the sale of five of its U.S. surplus properties to a franchisee for cash proceeds of $12.7 million , net of certain purchase price adjustments. The transaction resulted in a net gain of $3.6 million , recorded within Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . Other Disposals - During 2017, the Company closed and completed the sale of one U.S. Company-owned Carrabba’s Italian Grill restaurant 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 (expense) income, net , in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Impairments and Exit Costs
Impairments and Exit Costs | 12 Months Ended |
Dec. 29, 2019 | |
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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Impairment losses U.S. $ 6,381 $ 15,342 $ 15,325 International 2,026 11,457 10,124 Corporate 727 — — Total impairment losses $ 9,134 $ 26,799 $ 25,449 Restaurant closure expenses U.S. $ (105 ) $ 6,536 $ 26,749 International 56 3,528 131 Total restaurant closure expenses $ (49 ) $ 10,064 $ 26,880 Provision for impaired assets and restaurant closings $ 9,085 $ 36,863 $ 52,329 Closure Initiative and Restructuring Costs - Following is a summary of expenses related to the 2017 Closure Initiative and the Bonefish Restructuring (the “Closure Initiatives”), recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Impairment, facility closure and other expenses 2017 Closure Initiative (1) $ 1,717 $ 1,662 $ 20,352 Bonefish Restructuring (2) (19 ) 1,405 3,783 Impairment, facility closure and other expenses - Provision for impaired assets and restaurant closings $ 1,698 $ 3,067 $ 24,135 Severance and other expenses 2017 Closure Initiative (1) $ 1,108 $ 434 $ 3,299 Bonefish Restructuring (2) — 136 67 Severance and other expenses - General and administrative expense $ 1,108 $ 570 $ 3,366 Reversal of deferred rent liability 2017 Closure Initiative (1) $ (96 ) $ (469 ) $ (4,755 ) Bonefish Restructuring (2) — (147 ) — Reversal of deferred rent liability - Other restaurant operating expense $ (96 ) $ (616 ) $ (4,755 ) $ 2,710 $ 3,021 $ 22,746 ________________ (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 expired or were amended or waived. In connection with the 2017 Closure Initiative, the Company recognized impairments and closure costs of $1.7 million , $0.6 million and $17.9 million within the U.S. segment for 2019 , 2018 and 2017 , respectively, and $1.1 million and $2.5 million within the international segment for 2018 and 2017 , respectively. (2) On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. Cumulative Closure Initiative and Restructuring Costs - Following is a summary of cumulative expenses related to the Closure Initiatives incurred through December 29, 2019 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLOSURE INITIATIVES AND RESTRUCTURING 2017 BONEFISH TOTAL (1) Impairments, facility closure and other expenses Provision for impaired assets and restaurant closings $ 70,231 $ 34,232 $ 104,463 Severance and other expenses General and administrative 4,841 947 5,788 Reversal of deferred rent liability Other restaurant operating (8,591 ) (3,704 ) (12,295 ) $ 66,481 $ 31,475 $ 97,956 ________________ (1) The 2017 Closure Initiative expenses included $64.2 million and $2.2 million within the U.S. and international segment, respectively. International Restructuring - The Company recognized asset impairment and closure charges of $2.0 million , $13.9 million and $6.3 million during 2019 , 2018 and 2017 , respectively, related to restructuring of certain international markets, including Puerto Rico and China, within the international segment. Express Concept Restructuring - In 2018, the Company recognized asset impairment charges of $7.4 million related to the restructuring of its Express concept, within the U.S. segment. As a part of the restructuring, three Express locations closed during 2019. Refranchising - In connection with the sale of certain existing U.S. Company-owned Carrabba’s Italian Grill restaurants , the Company recognized asset impairment charges of $5.5 million in 2018, within the U.S. segment. 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 on 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 periods indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 29, 2019 DECEMBER 30, 2018 Surplus properties - assets held for sale Other current assets, net $ 3,317 $ 4,594 Surplus properties - assets held and used Property, fixtures and equipment, net 18,188 15,254 Total surplus properties $ 21,505 $ 19,848 Number of surplus properties owned 20 16 During 2017, the Company recognized asset impairment charges of $10.7 million in connection with the remeasurement of certain surplus properties, within the U.S. segment. The remaining restaurant impairment and closing charges for the periods presented resulted primarily from locations identified for remodel, relocation or closure and certain other assets. Accrued Facility Closure and Other Cost Rollforward - The following table summarizes the Company’s rollforward of closed facility lease liabilities and other accrued costs associated with the Closure Initiatives for the period indicated: FISCAL YEAR (dollars in thousands) 2019 Beginning of the year $ 18,094 Additions (1) 1,288 Cash payments (5,538 ) Accretion 1,253 Adjustments (555 ) End of the year (2) $ 14,542 ________________ (1) Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02. (2) As of December 29, 2019 , the Company had exit-related accruals related to the Closure Initiatives of $3.3 million recorded in Accrued and other current liabilities and $11.2 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 29, 2019 | |
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 for the periods indicated: FISCAL YEAR (in thousands, except per share data) 2019 2018 2017 Net income attributable to Bloomin’ Brands $ 130,573 $ 107,098 $ 101,293 Basic weighted average common shares outstanding 88,839 92,042 96,365 Effect of diluted securities: Stock options 571 1,595 2,895 Nonvested restricted stock and restricted stock units 295 397 421 Nonvested performance-based share units 72 41 26 Diluted weighted average common shares outstanding 89,777 94,075 99,707 Basic earnings per share $ 1.47 $ 1.16 $ 1.05 Diluted earnings per share $ 1.45 $ 1.14 $ 1.02 Securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows, for the periods indicated: FISCAL YEAR (shares in thousands) 2019 2018 2017 Stock options 4,003 2,879 5,555 Nonvested restricted stock and restricted stock units 158 99 128 Nonvested performance-based share units 277 201 222 |
Stock-based and Deferred Compen
Stock-based and Deferred Compensation Plans | 12 Months Ended |
Dec. 29, 2019 | |
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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Stock options $ 5,270 $ 6,378 $ 10,423 Restricted stock and restricted stock units 8,949 9,143 9,933 Performance-based share units 5,471 6,911 2,227 $ 19,690 $ 22,432 $ 22,583 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 30, 2018 6,190 $ 18.30 5.7 $ 11,439 Granted 1,237 20.59 Exercised (721 ) 9.11 Forfeited or expired (607 ) 22.76 Outstanding as of December 29, 2019 6,099 $ 19.40 6.0 $ 18,961 Exercisable as of December 29, 2019 3,846 $ 19.06 4.7 $ 14,405 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 2019 2018 2017 Assumptions: Weighted-average risk-free interest rate (1) 2.34 % 2.66 % 1.92 % Dividend yield (2) 1.94 % 1.50 % 1.84 % Expected term (3) 4.8 years 5.8 years 6.3 years Weighted-average volatility (4) 31.05 % 32.76 % 33.72 % Weighted-average grant date fair value per option $ 5.07 $ 7.23 $ 5.09 ________________ (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 Company estimates the expected term based on 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) 2019 2018 2017 Intrinsic value of options exercised $ 7,929 $ 52,247 $ 15,139 Cash received from option exercises, net of tax withholding $ 6,501 $ 40,501 $ 13,329 Fair value of stock options vested $ 18,136 $ 34,316 $ 28,085 Tax benefits for stock option compensation expense (1) $ 1,932 $ 13,085 $ 5,889 Unrecognized stock option expense $ 7,669 Remaining weighted-average vesting period 1.9 years ________________ (1) Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.2 million , $8.0 million and $2.9 million for fiscal years 2019 , 2018 and 2017 , respectively. Restricted Stock and Restricted Stock Units - Restricted stock units granted prior to 2019 generally vest over a period of four years and restricted stock units granted after 2018 generally vest over a period of three years , in an equal number of shares each year. Following is a summary of the Company’s restricted stock unit activity: (shares in thousands) NUMBER OF RESTRICTED STOCK UNIT AWARDS WEIGHTED-AVERAGE Outstanding as of December 30, 2018 1,156 $ 18.65 Granted 610 19.15 Vested (443 ) 18.50 Forfeited (135 ) 19.17 Outstanding as of December 29, 2019 1,188 $ 18.91 The following represents restricted stock and restricted stock unit compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Fair value of restricted stock vested $ 8,200 $ 9,705 $ 10,182 Tax benefits for restricted stock compensation expense $ 1,672 $ 2,938 $ 3,664 Unrecognized restricted stock expense $ 14,800 Remaining weighted-average vesting period 2.1 years Performance-based Share Units (“PSUs”) - The number of PSUs 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 30, 2018 575 $ 18.54 Granted 237 20.00 Vested (161 ) 18.61 Forfeited (119 ) 17.42 Outstanding as of December 29, 2019 532 $ 19.42 The following represents PSU compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Tax benefits for PSU compensation expense $ 857 $ 406 $ 501 Unrecognized PSU expense $ 8,000 Remaining weighted-average vesting period (1) 1.2 years ________________ (1) PSUs typically vest after three years . As of December 29, 2019 , the maximum number of shares of common stock available for issuance pursuant to the 2016 Omnibus Incentive Plan was 3,310,887 . Deferred Compensation Plans U.S. Partner Deferred Compensations Plans - Certain U.S. Partners may participate in deferred compensation programs that are subject to the rules of Section 409A of the Internal Revenue Code. 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 U.S. Partners under these plans was $49.0 million and $69.6 million as of December 29, 2019 and December 30, 2018 , respectively. The rabbi trust is funded through the Company’s voluntary contributions. The unfunded obligation for U.S. Partners deferred compensation was $9.1 million and $26.3 million as of December 29, 2019 and December 30, 2018 , respectively. Other Compensation Programs - Certain U.S. Partners participate in a non-qualified long-term compensation program that the Company funds as the obligation for each participant becomes due. 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 $5.4 million , $5.3 million and $3.3 million for the 401(k) Plan for 2019 , 2018 and 2017 , respectively. Highly Compensated Employee 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. 29, 2019 | |
Other Assets [Abstract] | |
Other Current Assets, Net | Other Current Assets, Net Other current assets, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Prepaid expenses $ 20,218 $ 38,117 Accounts receivable - gift cards, net 104,591 91,242 Accounts receivable - vendors, net 13,465 10,029 Accounts receivable - franchisees, net 1,322 1,303 Accounts receivable - other, net 21,734 19,688 Deferred gift card sales commissions 18,554 16,431 Assets held for sale 3,317 5,143 Other current assets, net 3,261 8,895 $ 186,462 $ 190,848 |
Property, Fixtures and Equipmen
Property, Fixtures and Equipment, Net | 12 Months Ended |
Dec. 29, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Fixtures and Equipment, Net | Property, Fixtures and Equipment, Net Property, fixtures and equipment, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Land $ 42,570 $ 59,973 Buildings 1,202,434 1,188,735 Furniture and fixtures 458,169 428,676 Equipment 665,815 634,459 Construction in progress 24,477 48,949 Less: accumulated depreciation (1,357,388 ) (1,244,863 ) $ 1,036,077 $ 1,115,929 Depreciation and repair and maintenance expense are as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Depreciation expense $ 188,190 $ 192,099 $ 182,254 Repair and maintenance expense 106,943 102,409 111,926 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 29, 2019 | |
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 31, 2017 $ 170,767 $ 139,467 $ 310,234 Translation adjustments — (14,697 ) (14,697 ) Transfer to Assets held for sale (110 ) — (110 ) Balance as of December 30, 2018 $ 170,657 $ 124,770 $ 295,427 Translation adjustments — (6,988 ) (6,988 ) Balance as of December 29, 2019 $ 170,657 $ 117,782 $ 288,439 The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 DECEMBER 31, 2017 (dollars in thousands) GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS U.S. $ 838,827 $ (668,170 ) $ 838,827 $ (668,170 ) $ 838,937 $ (668,170 ) International 235,692 (117,910 ) 242,680 (117,910 ) 257,377 (117,910 ) Total goodwill $ 1,074,519 $ (786,080 ) $ 1,081,507 $ (786,080 ) $ 1,096,314 $ (786,080 ) The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets each year during the second quarter. The Company’s 2019 and 2017 assessments utilized a qualitative assessment and its 2018 assessment utilized a quantitative approach. As a result of these assessments, the Company did not record any goodwill asset impairment charges during the periods presented. Intangible Assets, net - Intangible assets, net, consisted of the following as of the periods indicated: WEIGHTED AVERAGE AMORTIZATION PERIOD DECEMBER 29, 2019 DECEMBER 30, 2018 (dollars in thousands) GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE Trade names Indefinite $ 414,616 $ 414,616 $ 414,516 $ 414,516 Trademarks 9 81,381 $ (47,882 ) 33,499 81,381 $ (44,057 ) 37,324 Favorable leases 0 — — — 64,307 (41,447 ) 22,860 Franchise agreements 1 14,881 (14,356 ) 525 14,881 (13,212 ) 1,669 Reacquired franchise rights 11 42,390 (20,415 ) 21,975 46,446 (18,843 ) 27,603 Total intangible assets 9 $ 553,268 $ (82,653 ) $ 470,615 $ 621,531 $ (117,559 ) $ 503,972 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 and reacquired franchise rights for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Amortization expense (1) $ 8,621 $ 13,377 $ 14,191 ________________ (1) Amortization expense is recorded in Depreciation and amortization for fiscal year 2019 and Depreciation and amortization and Other restaurant operating expense for fiscal years 2018 and 2017 in the Company’s Consolidated Statements of Operations and Comprehensive Income . The following table presents expected annual amortization of intangible assets as of December 29, 2019 : (dollars in thousands) 2020 $ 7,213 2021 6,374 2022 6,304 2023 6,217 2024 6,046 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 29, 2019 | |
Other Assets [Abstract] | |
Other Assets, Net | Other Assets, Net Other assets, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Company-owned life insurance $ 60,126 $ 61,233 Deferred financing fees (1) 4,893 6,563 Liquor licenses 24,289 24,153 Other assets 27,802 29,024 $ 117,110 $ 120,973 ________________ (1) Net of accumulated amortization of $6.8 million and $5.1 million as of December 29, 2019 and December 30, 2018 |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 29, 2019 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Accrued rent and current operating lease liabilities $ 174,287 $ 2,850 Accrued payroll and other compensation 101,090 101,249 Accrued insurance 20,500 22,055 Other current liabilities 95,574 120,499 $ 391,451 $ 246,653 |
Long-term Debt, Net
Long-term Debt, Net | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt, Net | Long-term Debt, Net Following is a summary of outstanding long-term debt, as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 450,000 3.40 % $ 475,000 4.14 % Revolving credit facility (1) (2) 599,000 3.44 % 599,500 4.17 % Total Senior Secured Credit Facility 1,049,000 1,074,500 Finance lease liabilities 2,308 3,297 Financing obligations — 19,562 7.58% to 7.82% Other 50 2.18 % 918 0.00% to 2.18% Less: unamortized debt discount and issuance costs (2,654 ) (3,502 ) Total debt, net 1,048,704 1,094,775 Less: current portion of long-term debt (26,411 ) (27,190 ) Long-term debt, net $ 1,022,293 $ 1,067,585 ________________ (1) Interest rate represents the weighted-average interest rate for the respective periods. (2) Subsequent to December 29, 2019 , the Company made payments of $65.0 million , net of borrowings, on its revolving credit facility. Bloomin’ Brands, Inc. is a holding company and conducts its operations through its subsidiaries, certain of which have incurred indebtedness as described below. Credit Agreement - 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 . 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 “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 29, 2019 were 1.88% and 0.30% , respectively. As of December 29, 2019 , $20.2 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. 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 29, 2019 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 29, 2019 and December 30, 2018 , the Company was in compliance with its debt covenants. Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding: (dollars in thousands) DECEMBER 29, 2020 $ 26,462 2021 38,399 2022 984,030 2023 — 2024 — Thereafter — Total payments $ 1,048,891 Less: finance lease interest (187 ) Total principal payments $ 1,048,704 The following is a summary of required amortization payments for the Term loan A (dollars in thousands): SCHEDULED QUARTERLY PAYMENT DATES TERM LOAN A March 29, 2020 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 Credit 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 Long-term Liabilities, Ne
Other Long-term Liabilities, Net | 12 Months Ended |
Dec. 29, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-term Liabilities, Net | Other Long-term Liabilities, Net Other long-term liabilities, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Accrued insurance liability $ 33,818 $ 33,771 Unfavorable leases (1) — 32,120 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 47,831 64,766 Other long-term liabilities 56,411 60,876 $ 138,060 $ 191,533 _______________ (1) Net of accumulated amortization of $36.2 million as of December 30, 2018 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 29, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Share Repurchases - Following is a summary of the Company’s share repurchase programs as of December 29, 2019 (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 $ — 2018 February 16, 2018 $ 150,000 113,967 $ 36,033 $ — 2019 February 12, 2019 $ 150,000 106,992 $ — $ 43,008 Total share repurchase programs $ 973,581 Following is a summary of the shares repurchased under the Company’s share repurchase programs for the periods presented: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT (in thousands, except per share data) 2019 2018 2019 2018 2019 2018 First fiscal quarter — 2,116 $ — $ 24.10 $ — $ 50,996 Second fiscal quarter 5,469 1,287 $ 19.56 $ 23.31 106,992 30,004 Third fiscal quarter — 968 $ — $ 18.57 — 17,968 Fourth fiscal quarter — 691 $ — $ 21.71 — 14,999 Total common stock repurchases 5,469 5,062 $ 19.56 $ 22.52 $ 106,992 $ 113,967 Dividends - The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS PER SHARE AMOUNT (in thousands, except per share data) 2019 2018 2019 2018 First fiscal quarter $ 0.10 $ 0.09 $ 9,140 $ 8,371 Second fiscal quarter 0.10 0.09 9,227 8,363 Third fiscal quarter 0.10 0.09 8,674 8,344 Fourth fiscal quarter 0.10 0.09 8,693 8,234 Total cash dividends declared and paid $ 0.40 $ 0.36 $ 35,734 $ 33,312 In February 2020 , the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on March 13, 2020 to shareholders of record at the close of business on February 28, 2020 . Accumulated Other Comprehensive Loss (“ AOCL ”) - Following are the components of AOCL as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 Foreign currency translation adjustment $ (152,031 ) $ (135,149 ) Unrealized loss on derivatives, net of tax (17,745 ) (7,606 ) Accumulated other comprehensive loss $ (169,776 ) $ (142,755 ) Following are the components of Other comprehensive (loss) income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Bloomin’ Brands: Foreign currency translation adjustment $ (16,882 ) $ (36,576 ) $ 8,936 Unrealized (loss) gain on derivatives, net of tax (1) $ (11,944 ) $ (7,100 ) $ 627 Reclassification of adjustments for loss on derivatives included in Net income, net of tax (2) 1,805 120 2,381 Total unrealized (loss) gain on derivatives, net of tax $ (10,139 ) $ (6,980 ) $ 3,008 Other comprehensive (loss) income attributable to Bloomin’ Brands $ (27,021 ) $ (43,556 ) $ 11,944 ________________ (1) Unrealized (loss) gain on derivatives is net of tax of $(4.1) million , $(2.5) million and $0.5 million for 2019 , 2018 and 2017 , respectively. (2) Reclassifications of adjustments for loss on derivatives are net of tax. See Note 16 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 29, 2019 | |
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 “2014 Swap Agreements”). The 2014 Swap Agreements had an aggregate notional amount of $400.0 million and matured on May 16, 2019 . Under the terms of the 2014 Swap Agreements, the Company paid a weighted-average fixed rate of 2.02% on the notional amount and received payments from the counterparties based on the 30-day LIBOR rate. On October 24, 2018 and October 25, 2018 , the Company entered into variable-to-fixed interest rate swap agreements with 12 counterparties to hedge a portion of the cash flows of the Company’s variable rate debt (the “2018 Swap Agreements”). The 2018 Swap Agreements have an aggregate notional amount of $550.0 million , a start date of May 16, 2019 (the maturity date of the 2014 Swap Agreements), and mature on November 30, 2022 . Under the terms of the 2018 Swap Agreements, the Company pays a weighted-average fixed rate of 3.04% on the notional amount and receives payments from the counterparties based on the one-month LIBOR rate. The Company’s swap agreements have been designated and qualify as cash flow hedges, are recognized on its Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The Company estimates $7.9 million will be reclassified to interest expense over the next 12 months related to the 2018 Swap Agreements. 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 as of the periods indicated : (dollars in thousands) DECEMBER 29, DECEMBER 30, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - asset (1) $ — $ 765 Other current assets, net Interest rate swaps - liability $ 7,174 $ 1,393 Accrued and other current liabilities Interest rate swaps - liability 16,835 9,723 Other long-term liabilities, net Total fair value of derivative instruments - liabilities (1) $ 24,009 $ 11,116 Interest receivable $ — $ 112 Other current assets, net Accrued interest $ 632 $ — Accrued and other current liabilities ____________________ (1) See Note 18 - Fair Value Measurements for fair value discussion of the interest rate swaps. The following table summarizes the effects of the swap agreements on Net income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Interest rate swap expense recognized in Interest expense, net $ (2,436 ) $ (161 ) $ (3,908 ) Income tax benefit recognized in Provision (benefit) for income taxes 631 41 1,527 Total effects of the interest rate swaps on Net income $ (1,805 ) $ (120 ) $ (2,381 ) 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 29, 2019 , the Company did not have more than one derivative between the same counterparties and as such, there was no netting. By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of December 29, 2019 and December 30, 2018 , 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 29, 2019 and December 30, 2018 , the fair value of the Company’s interest rate swaps was in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk, of $24.8 million and $10.5 million , respectively. As of December 29, 2019 and December 30, 2018 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 29, 2019 and December 30, 2018 , it could have been required to settle its obligations under the agreements at their termination value of $24.8 million and $10.5 million , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Leases | Leases The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheet as of the period indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 29, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $ 1,266,548 Finance lease right-of-use assets (1) Property, fixtures and equipment, net 2,036 Total lease assets, net $ 1,268,584 Current operating lease liabilities (2) Accrued and other current liabilities $ 171,866 Current finance lease liabilities Current portion of long-term debt 1,361 Non-current operating lease liabilities Non-current operating lease liabilities 1,279,051 Non-current finance lease liabilities Long-term debt, net 947 Total lease liabilities $ 1,453,225 ________________ (1) Net of accumulated amortization of $1.3 million . (2) Excludes accrued contingent percentage rent. Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statement of Operations and Comprehensive Income for the period indicated: CONSOLIDATED INCOME STATEMENT CLASSIFICATION FISCAL YEAR (dollars in thousands) 2019 Operating leases (1) Other restaurant operating $ 181,397 Variable lease cost Other restaurant operating 3,504 Finance leases Amortization of leased assets Depreciation and amortization 1,400 Interest on lease liabilities Interest expense, net 264 Sublease revenue (2) Franchise and other revenues (6,542 ) Lease costs, net (3) $ 180,023 ________________ (1) Excludes rent expense for office facilities and Company-owned closed or subleased properties for 2019 of $14.6 million , which is included in General and administrative expense and certain supply chain related rent expenses of $1.3 million , which is included in Cost of sales . (2) Excludes rental income from Company-owned properties for the fiscal year ended December 29, 2019 of $2.2 million . (3) During 2018 and 2017, the Company recorded rent expense of $185.4 million and $188.2 million , including variable rent expense of $4.5 million and $4.3 million , and sublease revenue of $5.6 million and $4.5 million , respectively. As of December 29, 2019 , future minimum lease payments and sublease revenues under non-cancelable leases are as follows: (dollars in thousands) OPERATING LEASES FINANCE LEASES SUBLEASE REVENUES 2020 (1) $ 179,168 $ 1,412 $ (6,191 ) 2021 193,102 898 (6,232 ) 2022 188,752 185 (6,131 ) 2023 185,238 — (6,012 ) 2024 179,673 — (5,856 ) Thereafter 1,717,709 — (63,512 ) Total minimum lease payments (receipts) (2) $ 2,643,642 $ 2,495 $ (93,934 ) Less: Interest (1,192,725 ) (187 ) Present value of future lease payments $ 1,450,917 $ 2,308 ____________________ (1) Net of operating lease prepaid rent of $14.7 million . (2) Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $111.9 million of signed operating leases that have not yet commenced. The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company’s leases as of the period indicated: DECEMBER 29, 2019 Weighted-average remaining lease term (1): Operating leases 14.5 years Finance leases 1.8 years Weighted-average discount rate (2): Operating leases 8.52 % Finance leases 9.01 % ____________________ (1) Includes lease renewal options that are reasonably certain of exercise. (2) Based on the Company’s incremental borrowing rate at lease commencement. The following table is a summary of other impacts to the Company’s consolidated financial statements related to its leases for the period indicated: FISCAL YEAR (dollars in thousands) 2019 Cash flows from operating activities: Cash paid for amounts included in the measurement of operating lease liabilities $ 191,855 Properties Leased to Third Parties - The Company leases certain owned land and buildings to third parties, generally related to closed or refranchised restaurants. The following table is a summary of assets leased to third parties as of the period indicated: (dollars in thousands) DECEMBER 29, 2019 Land $ 9,885 Buildings $ 12,823 Less: accumulated depreciation (6,400 ) Buildings, net $ 6,423 Sale-leaseback Transactions - The following is a summary of sale-leaseback transactions with third-parties for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Gross proceeds from sale-leaseback transactions $ 7,337 $ 17,294 $ 108,010 Number of restaurant properties sold and leased back 2 6 31 |
Leases | Leases The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheet as of the period indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 29, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $ 1,266,548 Finance lease right-of-use assets (1) Property, fixtures and equipment, net 2,036 Total lease assets, net $ 1,268,584 Current operating lease liabilities (2) Accrued and other current liabilities $ 171,866 Current finance lease liabilities Current portion of long-term debt 1,361 Non-current operating lease liabilities Non-current operating lease liabilities 1,279,051 Non-current finance lease liabilities Long-term debt, net 947 Total lease liabilities $ 1,453,225 ________________ (1) Net of accumulated amortization of $1.3 million . (2) Excludes accrued contingent percentage rent. Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statement of Operations and Comprehensive Income for the period indicated: CONSOLIDATED INCOME STATEMENT CLASSIFICATION FISCAL YEAR (dollars in thousands) 2019 Operating leases (1) Other restaurant operating $ 181,397 Variable lease cost Other restaurant operating 3,504 Finance leases Amortization of leased assets Depreciation and amortization 1,400 Interest on lease liabilities Interest expense, net 264 Sublease revenue (2) Franchise and other revenues (6,542 ) Lease costs, net (3) $ 180,023 ________________ (1) Excludes rent expense for office facilities and Company-owned closed or subleased properties for 2019 of $14.6 million , which is included in General and administrative expense and certain supply chain related rent expenses of $1.3 million , which is included in Cost of sales . (2) Excludes rental income from Company-owned properties for the fiscal year ended December 29, 2019 of $2.2 million . (3) During 2018 and 2017, the Company recorded rent expense of $185.4 million and $188.2 million , including variable rent expense of $4.5 million and $4.3 million , and sublease revenue of $5.6 million and $4.5 million , respectively. As of December 29, 2019 , future minimum lease payments and sublease revenues under non-cancelable leases are as follows: (dollars in thousands) OPERATING LEASES FINANCE LEASES SUBLEASE REVENUES 2020 (1) $ 179,168 $ 1,412 $ (6,191 ) 2021 193,102 898 (6,232 ) 2022 188,752 185 (6,131 ) 2023 185,238 — (6,012 ) 2024 179,673 — (5,856 ) Thereafter 1,717,709 — (63,512 ) Total minimum lease payments (receipts) (2) $ 2,643,642 $ 2,495 $ (93,934 ) Less: Interest (1,192,725 ) (187 ) Present value of future lease payments $ 1,450,917 $ 2,308 ____________________ (1) Net of operating lease prepaid rent of $14.7 million . (2) Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $111.9 million of signed operating leases that have not yet commenced. The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company’s leases as of the period indicated: DECEMBER 29, 2019 Weighted-average remaining lease term (1): Operating leases 14.5 years Finance leases 1.8 years Weighted-average discount rate (2): Operating leases 8.52 % Finance leases 9.01 % ____________________ (1) Includes lease renewal options that are reasonably certain of exercise. (2) Based on the Company’s incremental borrowing rate at lease commencement. The following table is a summary of other impacts to the Company’s consolidated financial statements related to its leases for the period indicated: FISCAL YEAR (dollars in thousands) 2019 Cash flows from operating activities: Cash paid for amounts included in the measurement of operating lease liabilities $ 191,855 Properties Leased to Third Parties - The Company leases certain owned land and buildings to third parties, generally related to closed or refranchised restaurants. The following table is a summary of assets leased to third parties as of the period indicated: (dollars in thousands) DECEMBER 29, 2019 Land $ 9,885 Buildings $ 12,823 Less: accumulated depreciation (6,400 ) Buildings, net $ 6,423 Sale-leaseback Transactions - The following is a summary of sale-leaseback transactions with third-parties for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Gross proceeds from sale-leaseback transactions $ 7,337 $ 17,294 $ 108,010 Number of restaurant properties sold and leased back 2 6 31 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 1,037 $ 1,037 $ — $ 627 $ 627 $ — Money market funds 12,752 12,752 — 17,827 17,827 — Other current assets, net: Derivative instruments - interest rate swaps — — — 765 — 765 Total asset recurring fair value measurements $ 13,789 $ 13,789 $ — $ 19,219 $ 18,454 $ 765 Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 7,174 $ — $ 7,174 $ 1,393 $ — $ 1,393 Other long-term liabilities: Derivative instruments - interest rate swaps 16,835 — 16,835 9,723 — 9,723 Total liability recurring fair value measurements $ 24,009 $ — $ 24,009 $ 11,116 $ — $ 11,116 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. 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 29, 2019 and December 30, 2018, 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, operating lease right-of-use assets, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated: 2019 2018 2017 (dollars in thousands) CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT Assets held for sale (1) $ 2,049 $ 315 $ 8,590 $ 5,276 $ 870 $ 467 Operating lease right-of-use assets (2) 6,597 4,284 — — — — Property, fixtures and equipment (3) 3,915 4,535 6,464 21,523 19,222 23,539 Other (4) — — — — — 1,444 $ 12,561 $ 9,134 $ 15,054 $ 26,799 $ 20,092 $ 25,450 ________________ (1) All assets are measured using third-party market appraisals or executed sales contracts (Level 2). Refer to Note 4 - Disposals for discussion of impairments related to Carrabba’s Italian Grill in 2018. (2) Carrying values for Operating lease right-of-use assets measured using Level 3 inputs to estimate fair value totaled $6.4 million for 2019 . Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. (3) Carrying values for Property, fixtures and equipment measured using Level 3 inputs to estimate fair value totaled $1.6 million and $1.9 million for 2019 and 2018 , respectively. Carrying values for Property, fixtures and equipment measured using level 2 inputs to estimate fair value totaled $2.3 million , $4.6 million and $19.2 million for 2019 , 2018 and 2017 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 5 - Impairments and Exit Costs for a more detailed discussion of impairments. (4) Other primarily includes goodwill related to the Company’s China subsidiary within the international segment in 2017. 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 29, 2019 and December 30, 2018 consist of cash equivalents, accounts receivable, accounts payable and current and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on 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 by hierarchy level as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE (dollars in thousands) LEVEL 2 LEVEL 2 Senior Secured Credit Facility: Term loan A $ 450,000 $ 450,563 $ 475,000 $ 464,906 Revolving credit facility $ 599,000 $ 599,000 $ 599,500 $ 590,508 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the domestic and foreign components of Income before provision (benefit) for income taxes for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Domestic $ 129,826 $ 109,965 $ 112,226 Foreign 11,864 (9,660 ) (1,089 ) $ 141,690 $ 100,305 $ 111,137 Provision (benefit) for income taxes consisted of the following for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Current provision: Federal $ 13,265 $ 11,089 $ 18,384 State 9,696 6,763 8,155 Foreign 10,502 2,405 9,041 33,463 20,257 35,580 Deferred (benefit) provision: Federal (21,407 ) (28,772 ) (24,248 ) State (1,986 ) (1,335 ) (3,850 ) Foreign (2,497 ) 617 47 (25,890 ) (29,490 ) (28,051 ) Provision (benefit) for income taxes $ 7,573 $ (9,233 ) $ 7,529 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 for the periods indicated: FISCAL YEAR 2019 2018 2017 Income taxes at federal statutory rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal benefit 4.4 5.5 2.2 Employment-related credits, net (24.7 ) (34.6 ) (27.2 ) Net changes in deferred tax valuation allowances (1.6 ) 3.9 3.3 Net life insurance (benefit) expense (0.7 ) 0.6 (0.7 ) Enhanced charitable contributions deduction (0.6 ) (1.3 ) (1.7 ) Noncontrolling interests (0.6 ) (0.9 ) (1.4 ) Excess tax benefits from stock-based compensation arrangements (0.3 ) (7.1 ) (2.2 ) Nondeductible expenses 3.9 5.0 3.6 Foreign tax rate differential 3.2 (0.7 ) 1.7 Domestic manufacturing deduction — (0.3 ) (4.6 ) Cumulative effect of the Tax Act — 0.2 (3.3 ) Other, net 1.3 (0.5 ) 2.1 Total 5.3 % (9.2 )% 6.8 % The net increase in the effective income tax rate in 2019 as compared to 2018 was primarily due to employment-related credits being a lower percentage of net income in 2019 , excess tax benefits from equity-based compensation arrangements recorded in 2018 and an increase in the foreign tax rate differential in 2019 . These increases were partially offset by a decrease in valuation allowances recorded against deferred income tax assets in 2019 . The net decrease in the effective income tax rate in 2018 as compared to 2017 was primarily due to the reduction in the U.S. federal corporate tax rate from 35% to 21% as part of the Tax Cuts and Jobs Act (the “Tax Act”). The remaining decrease was primarily due to employment-related credits being a higher percentage of net income in 2018 and excess tax benefits from equity-based compensation arrangements recorded in 2018. These decreases were partially offset by the domestic manufacturing deduction and the cumulative effect of the Tax Act recorded in 2017. 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 as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Deferred income tax assets: Operating lease liabilities $ 378,518 $ — Deferred rent — 42,550 Insurance reserves 13,722 14,232 Unearned revenue 22,230 12,590 Deferred compensation 27,222 30,864 Net operating loss carryforwards 9,876 10,279 Federal tax credit carryforwards 115,273 99,591 Partner deposits and accrued partner obligations 4,449 4,389 Other, net 13,706 17,885 Gross deferred income tax assets 584,996 232,380 Less: valuation allowance (14,922 ) (17,535 ) Net deferred income tax assets 570,074 214,845 Deferred income tax liabilities: Less: operating lease right-of-use asset basis differences (326,166 ) — Less: property, fixtures and equipment basis differences (65,404 ) (19,445 ) Less: intangible asset basis differences (118,855 ) (117,200 ) Net deferred income tax assets $ 59,649 $ 78,200 The net change in deferred tax valuation allowance in 2019 was primarily attributable to changes in tax rates and the expiration of net operating loss carryforwards in certain foreign jurisdictions with full valuation allowances recorded. These decreases were partially offset by an increase in the valuation allowances in certain foreign jurisdictions where the realization of deferred tax assets does not meet the more likely than not to be realized threshold. Undistributed Earnings - As of December 29, 2019 , the Company had aggregate accumulated foreign earnings of approximately $84.4 million . This amount consisted primarily of historical earnings from 2017 and prior that were previously taxed in the U.S. under the Tax Act and post-2017 foreign earnings, which the Company may repatriate to the U.S. without additional material U.S. federal income taxes. These amounts are no longer considered indefinitely reinvested in the Company’s foreign subsidiaries. As of December 29, 2019 , the Company maintained a deferred tax liability for state income taxes on historical earnings of $0.2 million . The Company has not recorded a deferred tax liability on the financial statement carrying amount over the tax basis of its investments in foreign subsidiaries because the Company continues to assert that it is indefinitely reinvested in its underlying investments in foreign subsidiaries. The determination of any unrecorded deferred tax liability on this amount in 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 29, 2019 are as follows: (dollars in thousands) EXPIRATION DATE AMOUNT Federal tax credit carryforwards 2026 - 2039 $ 131,201 Foreign loss carryforwards 2020 - Indefinite $ 41,406 Foreign tax credit carryforwards Indefinite $ 809 As of December 29, 2019 , the Company had $128.6 million in general business tax credit carryforwards, which have a 20-year carryforward period and are utilized on a first-in, first-out basis. The Company currently expects to utilize all of these tax credit carryforwards within a four to six year period. However, the Company’s ability to utilize these tax credits could be adversely impacted by, among other items, a future “ownership change” as defined under Section 382 of the Internal Revenue Code. The Company anticipates generating additional business tax credits in future years. The amount of business tax credits expected to be generated in 2020 is approximately $40 million to $45 million . Unrecognized Tax Benefits - As of December 29, 2019 and December 30, 2018 , the liability for unrecognized tax benefits was $27.2 million and $25.2 million , respectively. Of the total amount of unrecognized tax benefits, including accrued interest and penalties, $27.0 million and $25.0 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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Balance as of beginning of year $ 25,190 $ 23,663 $ 19,583 Additions for tax positions taken during a prior period 869 2,461 4,149 Reductions for tax positions taken during a prior period (255 ) (826 ) (1,009 ) Additions for tax positions taken during the current period 2,237 2,017 1,822 Settlements with taxing authorities (44 ) (682 ) — Lapses in the applicable statutes of limitations (749 ) (1,390 ) (945 ) Translation adjustments (47 ) (53 ) 63 Balance as of end of year $ 27,201 $ 25,190 $ 23,663 The Company had approximately $1.9 million and $1.5 million accrued for the payment of interest and penalties as of December 29, 2019 and December 30, 2018 , respectively. The Company recognized immaterial interest and penalties related to uncertain tax positions in the Provision (benefit) 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 $2.0 million to $3.0 million within the next twelve months. Open Tax Years - Following is a summary of the open audit years by jurisdiction as of December 29, 2019 : OPEN AUDIT YEARS United States - federal 2007 - 2018 United States - state 2001 - 2018 Foreign 2013 - 2018 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 29, 2019 , the undiscounted payments the Company could be required to make in the event of non-payment by the primary lessees was approximately $31.2 million . The present value of these potential payments discounted at the Company’s incremental borrowing rate as of December 29, 2019 was approximately $24.7 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. As of December 29, 2019 , the Company recorded a contingent lease liability of $0.8 million . Purchase Obligations - Purchase obligations were $312.0 million and $364.3 million as of December 29, 2019 and December 30, 2018 , respectively. These purchase obligations are primarily due within five years , however, commitments with various vendors extend through January 2028. Outstanding commitments consist primarily of food and beverage products related to normal business operations, advertising, restaurant-level service contracts and technology. In 2019 , the Company purchased approximately 95% 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, the Company had $3.0 million and $2.8 million of liability recorded as of December 29, 2019 and December 30, 2018 , respectively. During 2019 , 2018 and 2017 , the Company recognized $1.3 million , $1.6 million and $1.2 million , respectively, in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income for certain legal settlements. 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. 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 29, 2019 , the future undiscounted payments the Company expects for workers’ compensation, general liability and health insurance claims are: (dollars in thousands) 2020 $ 20,468 2021 11,316 2022 7,341 2023 4,216 2024 2,392 Thereafter 11,220 $ 56,953 The following is a reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized on the Company’s Consolidated Balance Sheets as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Undiscounted reserves $ 56,953 $ 60,473 Discount (1) (2,635 ) (4,647 ) Discounted reserves $ 54,318 $ 55,826 Discounted reserves recognized in the Company’s Consolidated Balance Sheets: Accrued and other current liabilities $ 20,500 $ 22,055 Other long-term liabilities, net 33,818 33,771 $ 54,318 $ 55,826 ____________________ (1) Discount rates of 1.61% and 2.77% were used for December 29, 2019 and December 30, 2018 , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 29, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company considers its restaurant concepts and international markets as operating segments, which reflects how the Company manages its business, reviews operating performance and allocates resources. 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. The Company aggregates its operating segments into two reportable segments, U.S. and international. The U.S. segment includes all restaurants operating in the U.S. while restaurants operating outside the U.S. are included in the international segment. The following is a summary of reporting segments as of December 29, 2019 : REPORTABLE 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, most stock-based compensation expenses and certain bonus expenses. The following table is a summary of Total revenues by segment, for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Total revenues U.S. $ 3,687,918 $ 3,687,239 $ 3,760,867 International 451,471 439,174 462,269 Total revenues $ 4,139,389 $ 4,126,413 $ 4,223,136 The following table is a reconciliation of segment income from operations to Income before provision (benefit) for income taxes , for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Segment income from operations U.S. $ 311,666 $ 288,959 $ 289,971 International 44,428 22,001 28,798 Total segment income from operations 356,094 310,960 318,769 Unallocated corporate operating expense (165,004 ) (165,707 ) (180,083 ) Total income from operations 191,090 145,253 138,686 Loss on extinguishment and modification of debt — — (1,069 ) Other (expense) income, net (143 ) (11 ) 14,912 Interest expense, net (49,257 ) (44,937 ) (41,392 ) Income before provision (benefit) for income taxes $ 141,690 $ 100,305 $ 111,137 The following table is a summary of Depreciation and amortization expense by segment for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Depreciation and amortization U.S. $ 152,881 $ 158,307 $ 149,976 International 27,491 26,304 27,796 Corporate 16,439 16,982 14,510 Total depreciation and amortization $ 196,811 $ 201,593 $ 192,282 The following table is a summary of capital expenditures by segment for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Capital expenditures U.S. $ 121,646 $ 162,207 $ 209,260 International 28,496 36,962 33,302 Corporate 8,885 11,754 13,280 Total capital expenditures $ 159,027 $ 210,923 $ 255,842 The following table sets forth Total assets by segment as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 Assets U.S. $ 2,941,831 $ 1,841,482 International 462,308 401,557 Corporate 188,544 221,735 Total assets $ 3,592,683 $ 2,464,774 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, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 U.S. $ 1,023,146 $ 1,107,679 International Brazil 113,795 115,560 Other 16,246 13,663 Total assets $ 1,153,187 $ 1,236,902 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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 U.S. $ 3,687,918 $ 3,687,239 $ 3,760,867 International Brazil 393,700 376,317 410,249 Other 57,771 62,857 52,020 Total revenues $ 4,139,389 $ 4,126,413 $ 4,223,136 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) 2019 FISCAL QUARTERS FIRST (1) SECOND (1) THIRD (1) FOURTH (1) Total revenues $ 1,128,131 $ 1,021,930 $ 967,144 $ 1,022,184 Income from operations 82,494 43,460 21,958 43,178 Net income 65,649 29,809 9,373 29,286 Net income attributable to Bloomin’ Brands 64,300 29,021 9,248 28,004 Earnings per share: Basic $ 0.70 $ 0.32 $ 0.11 $ 0.32 Diluted $ 0.69 $ 0.32 $ 0.11 $ 0.32 2018 FISCAL QUARTERS FIRST (2) SECOND (2) THIRD (2) FOURTH (2) Total revenues $ 1,116,465 $ 1,031,814 $ 965,021 $ 1,013,113 Income from operations 78,371 32,924 12,537 21,421 Net income 66,137 26,723 4,253 12,425 Net income attributable to Bloomin’ Brands 65,398 26,721 4,072 10,907 Earnings per share: Basic $ 0.71 $ 0.29 $ 0.04 $ 0.12 Diluted $ 0.68 $ 0.28 $ 0.04 $ 0.12 ____________________ (1) Income from operations in the first, second, third and fourth quarters include expense of $6.0 million , $3.7 million , $3.9 million and $4.0 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. Income from operations in the third and fourth quarters also include $3.8 million of gains related to the sale of certain surplus properties and $6.0 million of benefit from the recognition of certain value-added tax credits in Brazil, respectively. (2) Income from operations in the first, second, third and fourth quarters include expense of $4.5 million , $9.5 million , $6.9 million and $21.8 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2019 | |
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 29, 2019 . |
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 300 restaurants as of December 29, 2019 , but does not possess any ownership interests in its franchisees and does not provide material 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 $44.8 million and $47.1 million , as of December 29, 2019 and December 30, 2018 , 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 to 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 - From time to time, the Company may have 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. Estimated useful lives by major asset category are generally as follows: Buildings (1) 5 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Computer equipment and software 3 to 7 years ____________________ (1) Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain. Estimated useful lives are periodically reviewed and, where appropriate, changes are made prospectively. Effective September 30, 2019, the Company changed the estimated useful life of its leasehold improvements from 20 years to 30 years (or the reasonably certain lease term) for leasehold improvements associated with ground leases placed in service on or after that date. The change in useful life was adopted based on historical experience related to the use of leasehold improvements and the expectation of future usability considering the Company’s revised site selection strategy in recent years to focus on securing prime locations and ground leases for restaurant development and relocations. The change in estimated useful life did not have a material impact on the Company’s consolidated financial statements. 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 expense 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 $6.4 million , $6.9 million and $9.1 million were capitalized during 2019 , 2018 and 2017 , respectively. For 2019 and 2018 , computer equipment and software costs of $7.4 million and $13.5 million , respectively, were capitalized. As of December 29, 2019 and December 30, 2018 , there was $25.7 million and $33.2 million , respectively, of unamortized computer equipment and 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 impairment. Definite-lived intangible assets, which consist primarily of trademarks, franchise agreements and reacquired franchise rights, 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, any 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. 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 as a reduction of 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 $2.5 million , $2.6 million and $2.9 million to interest expense for 2019 , 2018 and 2017 , respectively. |
Liquor licenses | Liquor Licenses - The fees from 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 . |
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 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. |
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 and taxes, upon delivery to the customer. Franchise-related revenues are included in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive Income . Royalties, which are a percentage of net sales of the franchisee, are recognized as revenue in the period which the sales are reported to have occurred. Proceeds from the sale of gift cards, which do not have expiration dates, are recorded as deferred revenue and recognized as revenue upon redemption by the customer. The Company applies the portfolio approach practical expedient to account for gift card contracts and performance obligations. Gift card breakage, the amount of gift cards which will not be redeemed, is recognized using estimates based on historical redemption patterns. If actual redemptions vary from the estimated breakage, gift card breakage income may differ from the amount recorded. The Company periodically updates its estimates used for breakage. Breakage revenue is recorded as a component of Restaurant sales in the Company’s Consolidated Statements of Operations and Comprehensive Income . Approximately 85% of deferred gift card revenue is expected to be recognized within 12 months of inception. 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 or expires at the estimated fair market value of the bonus card. Gift card sales commissions paid to third-party providers are capitalized and subsequently amortized to Other restaurant operating expense based on historical gift card redemption patterns. See Note 3 - Revenue Recognition for rollforwards of deferred gift card sales commissions and unearned gift card revenue. Advertising fees charged to franchisees are recognized as Franchise revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income . Initial franchise and renewal fees are recognized over the term of the franchise agreement and renewal period, respectively. The weighted average remaining term of franchise agreements and renewal periods was approximately 14 years as of December 29, 2019 . 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, which 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. The Company applies the practical expedient to exclude disclosures regarding loyalty program remaining performance obligations, which have original expected durations of less than one year. 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 . |
Leases | Leases - Effective December 31, 2018, the Company’s lease accounting policies changed in conjunction with its adoption of Accounting Standards Update (“ASU”) No. 2016-02: Leases (Topic 842) (“ASU No. 2016-02”), ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transitioning to Topic 842,” (“ASU No. 2018-01”) and ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“ASU No. 2018-11”). See discussion of ASU No. 2016-02, ASU No. 2018-01 and ASU No. 2018-11 in Recently Adopted Financial Accounting Standards below. The Company’s determination of whether an arrangement contains a lease is based on an evaluation of whether the arrangement conveys the right to use and control specific property or equipment. The Company leases restaurant and office facilities and certain equipment under operating leases primarily having initial terms between one and 20 years . Restaurant facility leases generally have renewal periods totaling five to 30 years , exercisable at the option of the Company. Contingent rentals represent payment of variable lease obligations based on a percentage of gross revenues, as defined by the terms of the applicable lease agreement for certain restaurant facility leases. The Company also has certain leases, which reset periodically based on a specified index. Such leases are recorded using the index that existed at lease commencement. Subsequent changes in the index are recorded as variable rental payments. Variable rental payments are expensed as incurred in the Company’s Consolidated Statements of Operations and Comprehensive Income and future variable rent obligations are not included within the lease liabilities on the Consolidated Balance Sheet. The depreciable life of lease assets and leasehold improvements are limited by the expected lease term. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants. For restaurant facility leases executed subsequent to the adoption of ASU No. 2016-02, the Company accounts for fixed lease and non-lease components as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to account for the lease assets and liabilities. Leases with an initial term of 12 months or less are not recorded on its Consolidated Balance Sheet, they are recognized on a straight-line basis over the lease term within Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income . 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 certain. Rent expense is recorded in Other restaurant operating in the Company’s Consolidated Statements of Operations and Comprehensive Income . Payments received from landlords as incentives for leasehold improvements are recorded as a reduction of the right-of-use asset and amortized on a straight-line basis over the term of the lease as a reduction of rent expense. |
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 expense 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 expense 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. 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 non-rent lease related obligations as a result of lease termination, less the estimated subtenant cost recovery that can reasonably be obtained for the property. Any subsequent adjustment to that liability as a result of lease termination or changes in estimates of cost recovery is 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 $146.1 million , $147.8 million and $151.4 million for 2019 , 2018 and 2017 , respectively, was recorded in Other restaurant operating expense 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 $3.4 million , $3.8 million and $3.9 million for 2019 , 2018 and 2017 , respectively. |
Partner compensation | Partner Compensation - In addition to base 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 ”). Certain Restaurant Managing Partners and Chef Partners in the U.S. (“ U.S. Partners ”) may also participate in deferred compensation programs and other performance-based compensation programs. 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 Company’s obligations under the deferred compensation plans. Many of the Company’s international Restaurant Managing Partners are given the option to purchase participation interests in the cash distributions of the restaurants they manage. The amount, terms and availability vary by country. The Company estimates future bonuses and deferred compensation obligations to U.S. 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 . Monthly Payments and deferred compensation expenses for U.S. Partners are included in Labor and other related expenses and Monthly Payments and bonus expense for Area Operating Partners are included in General and administrative expense 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. Foreign currency exchange transaction losses are recorded in General and administrative expense 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 - On December 31, 2018, the Company adopted ASU No. 2016-02, ASU No. 2018-01, and ASU No. 2018-11. 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. 2018-01 allows an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the Company’s adoption of ASU No. 2016-02. ASU No. 2018-11 allows for an additional transition method, which permits use of the effective date of adoption as the date of initial application of ASU No. 2016-02 without restating comparative period financial statements and provides entities with a practical expedient that allows entities to elect not to separate lease and non-lease components when certain conditions are met. The Company adopted ASU No. 2016-02 using December 31, 2018 as the date of initial application. Consequently, financial information and the disclosures required under the new standard were not provided for dates and periods before December 31, 2018. The Company also elected a transition package including practical expedients that permitted it not to reassess the classification and initial direct costs of expired or existing contracts and leases, to not separate lease and non-lease components of restaurant facility leases executed subsequent to adoption, and to not evaluate land easements that exist or expired before the adoption. In preparation for adoption, the Company implemented a new lease accounting system. Adoption resulted in the following, as of December 31, 2018: (i) recording of right-of-use assets of $1.3 billion and lease liabilities of $1.5 billion ; (ii) a credit to the beginning balance of Accumulated deficit of $190.4 million to derecognize deferred gains on sale-leaseback transactions and a debit to the beginning balance of Accumulated deficit of $49.2 million to derecognize the related deferred tax assets; and (iii) derecognition of existing debt obligations of $19.6 million and existing fixed assets of $16.1 million related to restaurant properties sold and leased back from third parties that previously did not qualify for sale accounting, with gains or losses associated with this change recognized in Accumulated deficit . Other restaurant operating expense increased during 2019 from the adoption of ASU No. 2016-02 since the Company no longer recognizes the benefit of deferred gains on sale-leaseback transactions through its statements of operations over the corresponding lease term. During 2018 and 2017, the Company recognized $12.3 million and $11.9 million , respectively, of sale-leaseback deferred gain amortization. As a result of adoption of ASU No. 2016-02, the Company recorded reclassification adjustments to certain balances that were recorded under Accounting Standards Codification Topic 840, “Leases” (“ASC 840”) on its Consolidated Balance Sheet as of December 30, 2018 . The following table summarizes accounts with material reclassification adjustments which impacted Operating lease right-of-use assets as a part of the adoption of ASU No. 2016-02: ACCOUNT CONSOLIDATED BALANCE SHEET CLASSIFICATION UNDER ASC 840 Favorable leases Intangible assets, net Deferred rent Deferred rent Unfavorable leases Other long-term liabilities, net Exit-related lease accruals Other long-term liabilities, net In addition, rent payments that were recorded within prepaid assets under ASC 840 are now recorded as a reduction of the current portion of operating lease liabilities. Recently Issued Financial Accounting Standards Not Yet Adopted - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” (“ASU No. 2016-13”), which requires measurement and recognition of losses for financial instruments under the current expected credit loss model (“ CECL model ”) versus incurred losses under current guidance. The Company’s allowance for credit losses will generally increase under the CECL model . The Company’s adoption of ASU No. 2016-13 and its related amendments (“the new credit loss standard”) on December 30, 2019 did not have a material effect on the Company’s consolidated financial statements. Measurement processes and related controls have been implemented by the Company to ensure compliance with the new credit loss standard. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” (“ASU No. 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. Under ASU No. 2018-15, implementation costs incurred by customers in cloud computing arrangements are deferred and recognized over the term of the arrangement similar to internal-use software guidance. The Company’s prospective adoption of ASU No. 2018-15 on December 30, 2019 did not have a material effect on its consolidated financial statements. The Company will defer and recognize allowable implementation costs for future cloud computing projects which may be material to future reporting periods. |
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 Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
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 (1) 5 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Computer equipment and software 3 to 7 years ____________________ (1) Property, fixtures and equipment, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Land $ 42,570 $ 59,973 Buildings 1,202,434 1,188,735 Furniture and fixtures 458,169 428,676 Equipment 665,815 634,459 Construction in progress 24,477 48,949 Less: accumulated depreciation (1,357,388 ) (1,244,863 ) $ 1,036,077 $ 1,115,929 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of material reclassification adjustments which impacted Operating lease right-of-use assets | The following table summarizes accounts with material reclassification adjustments which impacted Operating lease right-of-use assets as a part of the adoption of ASU No. 2016-02: ACCOUNT CONSOLIDATED BALANCE SHEET CLASSIFICATION UNDER ASC 840 Favorable leases Intangible assets, net Deferred rent Deferred rent Unfavorable leases Other long-term liabilities, net Exit-related lease accruals Other long-term liabilities, net |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Revenue Recognition [Line Items] | |
Schedule of principal transactions, revenue | The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Revenues Restaurant sales $ 4,075,014 $ 4,060,871 $ 4,164,063 Franchise and other revenues Franchise revenue $ 52,147 $ 52,906 $ 47,021 Other revenue 12,228 12,636 12,052 Total Franchise and other revenues $ 64,375 $ 65,542 $ 59,073 Total revenues $ 4,139,389 $ 4,126,413 $ 4,223,136 |
Disaggregation of revenue | The following table includes the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated: FISCAL YEAR 2019 2018 2017 (dollars in thousands) RESTAURANT SALES FRANCHISE REVENUE RESTAURANT SALES FRANCHISE REVENUE RESTAURANT SALES FRANCHISE REVENUE U.S. Outback Steakhouse (1) $ 2,135,776 $ 38,614 $ 2,098,696 $ 40,422 $ 2,141,506 $ 34,978 Carrabba’s Italian Grill (1) 613,031 2,112 647,454 601 673,872 553 Bonefish Grill 574,004 787 578,139 833 600,717 925 Fleming’s Prime Steakhouse & Wine Bar 307,199 — 304,064 — 296,982 — Other 4,658 — 5,845 — 589 — U.S. total $ 3,634,668 $ 41,513 $ 3,634,198 $ 41,856 $ 3,713,666 $ 36,456 International Outback Steakhouse Brazil $ 355,837 $ — $ 348,394 $ — $ 377,158 $ — Other (2) 84,509 10,634 78,279 11,050 73,239 10,565 International total $ 440,346 $ 10,634 $ 426,673 $ 11,050 $ 450,397 $ 10,565 Total $ 4,075,014 $ 52,147 $ 4,060,871 $ 52,906 $ 4,164,063 $ 47,021 ____________________ (1) In 2019, the Company sold 18 Carrabba’s Italian Grill restaurants. In 2017, the Company sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant. These restaurants are now operated as franchises. (2) Includes Restaurant sales for the Company’s Abbraccio concept in Brazil. |
Contract with customer, asset and liability | The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 Other current assets, net Deferred gift card sales commissions $ 18,554 $ 16,431 Unearned revenue Deferred gift card revenue $ 358,757 $ 333,794 Deferred loyalty revenue 10,034 8,424 Deferred franchise fees - current 491 490 Total Unearned revenue $ 369,282 $ 342,708 Other long-term liabilities, net Deferred franchise fees - non-current $ 4,599 $ 4,531 |
Other current assets, net [Member] | |
Revenue Recognition [Line Items] | |
Contract with customer, asset and liability | The following table is a rollforward of deferred gift card sales commissions for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Balance, beginning of period $ 16,431 $ 16,231 $ 15,584 Deferred gift card sales commissions amortization (26,094 ) (27,227 ) (26,751 ) Deferred gift card sales commissions capitalization 29,894 28,980 29,412 Other (1,677 ) (1,553 ) (2,014 ) Balance, end of period $ 18,554 $ 16,431 $ 16,231 |
Unearned revenue [Member] | |
Revenue Recognition [Line Items] | |
Contract with customer, asset and liability | The following table is a rollforward of unearned gift card revenue for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Balance, beginning of period $ 333,794 $ 323,628 $ 331,803 Gift card sales 420,229 419,172 440,946 Gift card redemptions (376,477 ) (388,954 ) (426,174 ) Gift card breakage (18,789 ) (20,052 ) (22,947 ) Balance, end of period $ 358,757 $ 333,794 $ 323,628 |
Impairments and Exit Costs (Tab
Impairments and Exit Costs (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Impairment losses U.S. $ 6,381 $ 15,342 $ 15,325 International 2,026 11,457 10,124 Corporate 727 — — Total impairment losses $ 9,134 $ 26,799 $ 25,449 Restaurant closure expenses U.S. $ (105 ) $ 6,536 $ 26,749 International 56 3,528 131 Total restaurant closure expenses $ (49 ) $ 10,064 $ 26,880 Provision for impaired assets and restaurant closings $ 9,085 $ 36,863 $ 52,329 |
Schedule of restructuring reserve by type of cost, facility closure and other costs | The following table summarizes the Company’s rollforward of closed facility lease liabilities and other accrued costs associated with the Closure Initiatives for the period indicated: FISCAL YEAR (dollars in thousands) 2019 Beginning of the year $ 18,094 Additions (1) 1,288 Cash payments (5,538 ) Accretion 1,253 Adjustments (555 ) End of the year (2) $ 14,542 ________________ (1) Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02. (2) As of December 29, 2019 , the Company had exit-related accruals related to the Closure Initiatives of $3.3 million recorded in Accrued and other current liabilities and $11.2 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet. |
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 periods indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 29, 2019 DECEMBER 30, 2018 Surplus properties - assets held for sale Other current assets, net $ 3,317 $ 4,594 Surplus properties - assets held and used Property, fixtures and equipment, net 18,188 15,254 Total surplus properties $ 21,505 $ 19,848 Number of surplus properties owned 20 16 |
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 and the Bonefish Restructuring (the “Closure Initiatives”), recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Impairment, facility closure and other expenses 2017 Closure Initiative (1) $ 1,717 $ 1,662 $ 20,352 Bonefish Restructuring (2) (19 ) 1,405 3,783 Impairment, facility closure and other expenses - Provision for impaired assets and restaurant closings $ 1,698 $ 3,067 $ 24,135 Severance and other expenses 2017 Closure Initiative (1) $ 1,108 $ 434 $ 3,299 Bonefish Restructuring (2) — 136 67 Severance and other expenses - General and administrative expense $ 1,108 $ 570 $ 3,366 Reversal of deferred rent liability 2017 Closure Initiative (1) $ (96 ) $ (469 ) $ (4,755 ) Bonefish Restructuring (2) — (147 ) — Reversal of deferred rent liability - Other restaurant operating expense $ (96 ) $ (616 ) $ (4,755 ) $ 2,710 $ 3,021 $ 22,746 ________________ (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 expired or were amended or waived. In connection with the 2017 Closure Initiative, the Company recognized impairments and closure costs of $1.7 million , $0.6 million and $17.9 million within the U.S. segment for 2019 , 2018 and 2017 , respectively, and $1.1 million and $2.5 million within the international segment for 2018 and 2017 , respectively. (2) On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. |
Restructuring and related costs | Following is a summary of cumulative expenses related to the Closure Initiatives incurred through December 29, 2019 (dollars in thousands): DESCRIPTION LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLOSURE INITIATIVES AND RESTRUCTURING 2017 BONEFISH TOTAL (1) Impairments, facility closure and other expenses Provision for impaired assets and restaurant closings $ 70,231 $ 34,232 $ 104,463 Severance and other expenses General and administrative 4,841 947 5,788 Reversal of deferred rent liability Other restaurant operating (8,591 ) (3,704 ) (12,295 ) $ 66,481 $ 31,475 $ 97,956 ________________ (1) The 2017 Closure Initiative expenses included $64.2 million and $2.2 million |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
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 for the periods indicated: FISCAL YEAR (in thousands, except per share data) 2019 2018 2017 Net income attributable to Bloomin’ Brands $ 130,573 $ 107,098 $ 101,293 Basic weighted average common shares outstanding 88,839 92,042 96,365 Effect of diluted securities: Stock options 571 1,595 2,895 Nonvested restricted stock and restricted stock units 295 397 421 Nonvested performance-based share units 72 41 26 Diluted weighted average common shares outstanding 89,777 94,075 99,707 Basic earnings per share $ 1.47 $ 1.16 $ 1.05 Diluted earnings per share $ 1.45 $ 1.14 $ 1.02 |
Schedule of antidilutive securities excluded from computation of earnings per share | Securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows, for the periods indicated: FISCAL YEAR (shares in thousands) 2019 2018 2017 Stock options 4,003 2,879 5,555 Nonvested restricted stock and restricted stock units 158 99 128 Nonvested performance-based share units 277 201 222 |
Stock-based and Deferred Comp_2
Stock-based and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Stock options $ 5,270 $ 6,378 $ 10,423 Restricted stock and restricted stock units 8,949 9,143 9,933 Performance-based share units 5,471 6,911 2,227 $ 19,690 $ 22,432 $ 22,583 |
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 30, 2018 6,190 $ 18.30 5.7 $ 11,439 Granted 1,237 20.59 Exercised (721 ) 9.11 Forfeited or expired (607 ) 22.76 Outstanding as of December 29, 2019 6,099 $ 19.40 6.0 $ 18,961 Exercisable as of December 29, 2019 3,846 $ 19.06 4.7 $ 14,405 |
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 2019 2018 2017 Assumptions: Weighted-average risk-free interest rate (1) 2.34 % 2.66 % 1.92 % Dividend yield (2) 1.94 % 1.50 % 1.84 % Expected term (3) 4.8 years 5.8 years 6.3 years Weighted-average volatility (4) 31.05 % 32.76 % 33.72 % Weighted-average grant date fair value per option $ 5.07 $ 7.23 $ 5.09 ________________ (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 Company estimates the expected term based on 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) 2019 2018 2017 Intrinsic value of options exercised $ 7,929 $ 52,247 $ 15,139 Cash received from option exercises, net of tax withholding $ 6,501 $ 40,501 $ 13,329 Fair value of stock options vested $ 18,136 $ 34,316 $ 28,085 Tax benefits for stock option compensation expense (1) $ 1,932 $ 13,085 $ 5,889 Unrecognized stock option expense $ 7,669 Remaining weighted-average vesting period 1.9 years ________________ (1) Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.2 million , $8.0 million and $2.9 million for fiscal years 2019 , 2018 and 2017 , respectively. |
Schedule of stock-based compensation, restricted stock units, activity | Following is a summary of the Company’s restricted stock unit activity: (shares in thousands) NUMBER OF RESTRICTED STOCK UNIT AWARDS WEIGHTED-AVERAGE Outstanding as of December 30, 2018 1,156 $ 18.65 Granted 610 19.15 Vested (443 ) 18.50 Forfeited (135 ) 19.17 Outstanding as of December 29, 2019 1,188 $ 18.91 |
Schedule of stock-based compensation information, restricted stock and restricted stock units | The following represents restricted stock and restricted stock unit compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Fair value of restricted stock vested $ 8,200 $ 9,705 $ 10,182 Tax benefits for restricted stock compensation expense $ 1,672 $ 2,938 $ 3,664 Unrecognized restricted stock expense $ 14,800 Remaining weighted-average vesting period 2.1 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 30, 2018 575 $ 18.54 Granted 237 20.00 Vested (161 ) 18.61 Forfeited (119 ) 17.42 Outstanding as of December 29, 2019 532 $ 19.42 |
Schedule of employee service share-based compensation, allocation of recognized period costs | The following represents PSU compensation information for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Tax benefits for PSU compensation expense $ 857 $ 406 $ 501 Unrecognized PSU expense $ 8,000 Remaining weighted-average vesting period (1) 1.2 years ________________ (1) PSUs typically vest after three years . |
Other Current Assets, Net (Tabl
Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Other Assets [Abstract] | |
Schedule of other current assets, net | Other current assets, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Prepaid expenses $ 20,218 $ 38,117 Accounts receivable - gift cards, net 104,591 91,242 Accounts receivable - vendors, net 13,465 10,029 Accounts receivable - franchisees, net 1,322 1,303 Accounts receivable - other, net 21,734 19,688 Deferred gift card sales commissions 18,554 16,431 Assets held for sale 3,317 5,143 Other current assets, net 3,261 8,895 $ 186,462 $ 190,848 |
Property, Fixtures and Equipm_2
Property, Fixtures and Equipment, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, fixtures and equipment, net | Estimated useful lives by major asset category are generally as follows: Buildings (1) 5 to 30 years Furniture and fixtures 5 to 7 years Equipment 2 to 7 years Computer equipment and software 3 to 7 years ____________________ (1) Property, fixtures and equipment, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Land $ 42,570 $ 59,973 Buildings 1,202,434 1,188,735 Furniture and fixtures 458,169 428,676 Equipment 665,815 634,459 Construction in progress 24,477 48,949 Less: accumulated depreciation (1,357,388 ) (1,244,863 ) $ 1,036,077 $ 1,115,929 |
Schedule of other operating cost and expense, depreciation and repairs and maintenance expense | Depreciation and repair and maintenance expense are as follows for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Depreciation expense $ 188,190 $ 192,099 $ 182,254 Repair and maintenance expense 106,943 102,409 111,926 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Goodwill [Line Items] | |
Goodwill rollforward | The following table is a rollforward of goodwill: (dollars in thousands) U.S. INTERNATIONAL CONSOLIDATED Balance as of December 31, 2017 $ 170,767 $ 139,467 $ 310,234 Translation adjustments — (14,697 ) (14,697 ) Transfer to Assets held for sale (110 ) — (110 ) Balance as of December 30, 2018 $ 170,657 $ 124,770 $ 295,427 Translation adjustments — (6,988 ) (6,988 ) Balance as of December 29, 2019 $ 170,657 $ 117,782 $ 288,439 |
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 and reacquired franchise rights for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Amortization expense (1) $ 8,621 $ 13,377 $ 14,191 ________________ (1) Amortization expense is recorded in Depreciation and amortization for fiscal year 2019 and Depreciation and amortization and Other restaurant operating expense for fiscal years 2018 and 2017 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 29, 2019 : (dollars in thousands) 2020 $ 7,213 2021 6,374 2022 6,304 2023 6,217 2024 6,046 |
Goodwill [Member] | |
Goodwill [Line Items] | |
Schedule of goodwill and intangible assets | The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 DECEMBER 31, 2017 (dollars in thousands) GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS GROSS CARRYING AMOUNT ACCUMULATED IMPAIRMENTS U.S. $ 838,827 $ (668,170 ) $ 838,827 $ (668,170 ) $ 838,937 $ (668,170 ) International 235,692 (117,910 ) 242,680 (117,910 ) 257,377 (117,910 ) Total goodwill $ 1,074,519 $ (786,080 ) $ 1,081,507 $ (786,080 ) $ 1,096,314 $ (786,080 ) |
Intangible assets, net [Member] | |
Goodwill [Line Items] | |
Schedule of goodwill and intangible assets | Intangible assets, net, consisted of the following as of the periods indicated: WEIGHTED AVERAGE AMORTIZATION PERIOD DECEMBER 29, 2019 DECEMBER 30, 2018 (dollars in thousands) GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE GROSS CARRYING VALUE ACCUMULATED AMORTIZATION NET CARRYING VALUE Trade names Indefinite $ 414,616 $ 414,616 $ 414,516 $ 414,516 Trademarks 9 81,381 $ (47,882 ) 33,499 81,381 $ (44,057 ) 37,324 Favorable leases 0 — — — 64,307 (41,447 ) 22,860 Franchise agreements 1 14,881 (14,356 ) 525 14,881 (13,212 ) 1,669 Reacquired franchise rights 11 42,390 (20,415 ) 21,975 46,446 (18,843 ) 27,603 Total intangible assets 9 $ 553,268 $ (82,653 ) $ 470,615 $ 621,531 $ (117,559 ) $ 503,972 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Other Assets [Abstract] | |
Schedule of other assets, noncurrent | Other assets, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Company-owned life insurance $ 60,126 $ 61,233 Deferred financing fees (1) 4,893 6,563 Liquor licenses 24,289 24,153 Other assets 27,802 29,024 $ 117,110 $ 120,973 ________________ (1) Net of accumulated amortization of $6.8 million and $5.1 million as of December 29, 2019 and December 30, 2018 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Accrued rent and current operating lease liabilities $ 174,287 $ 2,850 Accrued payroll and other compensation 101,090 101,249 Accrued insurance 20,500 22,055 Other current liabilities 95,574 120,499 $ 391,451 $ 246,653 |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, net | Following is a summary of outstanding long-term debt, as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 (dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE Senior Secured Credit Facility: Term loan A (1) $ 450,000 3.40 % $ 475,000 4.14 % Revolving credit facility (1) (2) 599,000 3.44 % 599,500 4.17 % Total Senior Secured Credit Facility 1,049,000 1,074,500 Finance lease liabilities 2,308 3,297 Financing obligations — 19,562 7.58% to 7.82% Other 50 2.18 % 918 0.00% to 2.18% Less: unamortized debt discount and issuance costs (2,654 ) (3,502 ) Total debt, net 1,048,704 1,094,775 Less: current portion of long-term debt (26,411 ) (27,190 ) Long-term debt, net $ 1,022,293 $ 1,067,585 ________________ (1) Interest rate represents the weighted-average interest rate for the respective periods. (2) Subsequent to December 29, 2019 , the Company made payments of $65.0 million , net of borrowings, on its revolving credit facility. |
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 maturities of long-term debt | Following is a summary of principal payments of the Company’s total consolidated debt outstanding: (dollars in thousands) DECEMBER 29, 2020 $ 26,462 2021 38,399 2022 984,030 2023 — 2024 — Thereafter — Total payments $ 1,048,891 Less: finance lease interest (187 ) Total principal payments $ 1,048,704 |
Schedule of required amortization payments for term loan A | The following is a summary of required amortization payments for the Term loan A (dollars in thousands): SCHEDULED QUARTERLY PAYMENT DATES TERM LOAN A March 29, 2020 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, _2
Other Long-term Liabilities, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long-term liabilities, net | Other long-term liabilities, net, consisted of the following as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Accrued insurance liability $ 33,818 $ 33,771 Unfavorable leases (1) — 32,120 Chef and Restaurant Managing Partner deferred compensation obligations and deposits 47,831 64,766 Other long-term liabilities 56,411 60,876 $ 138,060 $ 191,533 _______________ (1) Net of accumulated amortization of $36.2 million as of December 30, 2018 . |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of repurchases of common stock | Following is a summary of the Company’s share repurchase programs as of December 29, 2019 (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 $ — 2018 February 16, 2018 $ 150,000 113,967 $ 36,033 $ — 2019 February 12, 2019 $ 150,000 106,992 $ — $ 43,008 Total share repurchase programs $ 973,581 Following is a summary of the shares repurchased under the Company’s share repurchase programs for the periods presented: NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHARE AMOUNT (in thousands, except per share data) 2019 2018 2019 2018 2019 2018 First fiscal quarter — 2,116 $ — $ 24.10 $ — $ 50,996 Second fiscal quarter 5,469 1,287 $ 19.56 $ 23.31 106,992 30,004 Third fiscal quarter — 968 $ — $ 18.57 — 17,968 Fourth fiscal quarter — 691 $ — $ 21.71 — 14,999 Total common stock repurchases 5,469 5,062 $ 19.56 $ 22.52 $ 106,992 $ 113,967 |
Dividends declared and paid | The Company declared and paid dividends per share during the periods presented as follows: DIVIDENDS PER SHARE AMOUNT (in thousands, except per share data) 2019 2018 2019 2018 First fiscal quarter $ 0.10 $ 0.09 $ 9,140 $ 8,371 Second fiscal quarter 0.10 0.09 9,227 8,363 Third fiscal quarter 0.10 0.09 8,674 8,344 Fourth fiscal quarter 0.10 0.09 8,693 8,234 Total cash dividends declared and paid $ 0.40 $ 0.36 $ 35,734 $ 33,312 |
Schedule of accumulated other comprehensive loss | Following are the components of AOCL as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 Foreign currency translation adjustment $ (152,031 ) $ (135,149 ) Unrealized loss on derivatives, net of tax (17,745 ) (7,606 ) Accumulated other comprehensive loss $ (169,776 ) $ (142,755 ) |
Comprehensive (loss) income | Following are the components of Other comprehensive (loss) income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Bloomin’ Brands: Foreign currency translation adjustment $ (16,882 ) $ (36,576 ) $ 8,936 Unrealized (loss) gain on derivatives, net of tax (1) $ (11,944 ) $ (7,100 ) $ 627 Reclassification of adjustments for loss on derivatives included in Net income, net of tax (2) 1,805 120 2,381 Total unrealized (loss) gain on derivatives, net of tax $ (10,139 ) $ (6,980 ) $ 3,008 Other comprehensive (loss) income attributable to Bloomin’ Brands $ (27,021 ) $ (43,556 ) $ 11,944 ________________ (1) Unrealized (loss) gain on derivatives is net of tax of $(4.1) million , $(2.5) million and $0.5 million for 2019 , 2018 and 2017 , respectively. (2) Reclassifications of adjustments for loss on derivatives are net of tax. See Note 16 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
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 as of the periods indicated : (dollars in thousands) DECEMBER 29, DECEMBER 30, CONSOLIDATED BALANCE SHEET CLASSIFICATION Interest rate swaps - asset (1) $ — $ 765 Other current assets, net Interest rate swaps - liability $ 7,174 $ 1,393 Accrued and other current liabilities Interest rate swaps - liability 16,835 9,723 Other long-term liabilities, net Total fair value of derivative instruments - liabilities (1) $ 24,009 $ 11,116 Interest receivable $ — $ 112 Other current assets, net Accrued interest $ 632 $ — Accrued and other current liabilities ____________________ (1) See Note 18 - 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 swap agreements on Net income for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Interest rate swap expense recognized in Interest expense, net $ (2,436 ) $ (161 ) $ (3,908 ) Income tax benefit recognized in Provision (benefit) for income taxes 631 41 1,527 Total effects of the interest rate swaps on Net income $ (1,805 ) $ (120 ) $ (2,381 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Assets and liabilities, lessee | The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheet as of the period indicated: (dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION DECEMBER 29, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $ 1,266,548 Finance lease right-of-use assets (1) Property, fixtures and equipment, net 2,036 Total lease assets, net $ 1,268,584 Current operating lease liabilities (2) Accrued and other current liabilities $ 171,866 Current finance lease liabilities Current portion of long-term debt 1,361 Non-current operating lease liabilities Non-current operating lease liabilities 1,279,051 Non-current finance lease liabilities Long-term debt, net 947 Total lease liabilities $ 1,453,225 ________________ (1) Net of accumulated amortization of $1.3 million . (2) Excludes accrued contingent percentage rent. |
Lease, cost | Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statement of Operations and Comprehensive Income for the period indicated: CONSOLIDATED INCOME STATEMENT CLASSIFICATION FISCAL YEAR (dollars in thousands) 2019 Operating leases (1) Other restaurant operating $ 181,397 Variable lease cost Other restaurant operating 3,504 Finance leases Amortization of leased assets Depreciation and amortization 1,400 Interest on lease liabilities Interest expense, net 264 Sublease revenue (2) Franchise and other revenues (6,542 ) Lease costs, net (3) $ 180,023 ________________ (1) Excludes rent expense for office facilities and Company-owned closed or subleased properties for 2019 of $14.6 million , which is included in General and administrative expense and certain supply chain related rent expenses of $1.3 million , which is included in Cost of sales . (2) Excludes rental income from Company-owned properties for the fiscal year ended December 29, 2019 of $2.2 million . (3) During 2018 and 2017, the Company recorded rent expense of $185.4 million and $188.2 million , including variable rent expense of $4.5 million and $4.3 million , and sublease revenue of $5.6 million and $4.5 million , respectively. |
Lessee, operating lease, liability, maturity | As of December 29, 2019 , future minimum lease payments and sublease revenues under non-cancelable leases are as follows: (dollars in thousands) OPERATING LEASES FINANCE LEASES SUBLEASE REVENUES 2020 (1) $ 179,168 $ 1,412 $ (6,191 ) 2021 193,102 898 (6,232 ) 2022 188,752 185 (6,131 ) 2023 185,238 — (6,012 ) 2024 179,673 — (5,856 ) Thereafter 1,717,709 — (63,512 ) Total minimum lease payments (receipts) (2) $ 2,643,642 $ 2,495 $ (93,934 ) Less: Interest (1,192,725 ) (187 ) Present value of future lease payments $ 1,450,917 $ 2,308 ____________________ (1) Net of operating lease prepaid rent of $14.7 million . (2) Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $111.9 million of signed operating leases that have not yet commenced. |
Finance lease, liability, maturity | As of December 29, 2019 , future minimum lease payments and sublease revenues under non-cancelable leases are as follows: (dollars in thousands) OPERATING LEASES FINANCE LEASES SUBLEASE REVENUES 2020 (1) $ 179,168 $ 1,412 $ (6,191 ) 2021 193,102 898 (6,232 ) 2022 188,752 185 (6,131 ) 2023 185,238 — (6,012 ) 2024 179,673 — (5,856 ) Thereafter 1,717,709 — (63,512 ) Total minimum lease payments (receipts) (2) $ 2,643,642 $ 2,495 $ (93,934 ) Less: Interest (1,192,725 ) (187 ) Present value of future lease payments $ 1,450,917 $ 2,308 ____________________ (1) Net of operating lease prepaid rent of $14.7 million . (2) Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $111.9 million of signed operating leases that have not yet commenced. |
Lessee, weighted average remaining lease term and weighted average discount rate | The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company’s leases as of the period indicated: DECEMBER 29, 2019 Weighted-average remaining lease term (1): Operating leases 14.5 years Finance leases 1.8 years Weighted-average discount rate (2): Operating leases 8.52 % Finance leases 9.01 % ____________________ (1) Includes lease renewal options that are reasonably certain of exercise. (2) Based on the Company’s incremental borrowing rate at lease commencement. |
Cash flow, operating activities, lessee | The following table is a summary of other impacts to the Company’s consolidated financial statements related to its leases for the period indicated: FISCAL YEAR (dollars in thousands) 2019 Cash flows from operating activities: Cash paid for amounts included in the measurement of operating lease liabilities $ 191,855 |
Schedule of property subject to or available for operating leases | The following table is a summary of assets leased to third parties as of the period indicated: (dollars in thousands) DECEMBER 29, 2019 Land $ 9,885 Buildings $ 12,823 Less: accumulated depreciation (6,400 ) Buildings, net $ 6,423 |
Sale-leaseback transactions | The following is a summary of sale-leaseback transactions with third-parties for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Gross proceeds from sale-leaseback transactions $ 7,337 $ 17,294 $ 108,010 Number of restaurant properties sold and leased back 2 6 31 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 (dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2 Assets: Cash equivalents: Fixed income funds $ 1,037 $ 1,037 $ — $ 627 $ 627 $ — Money market funds 12,752 12,752 — 17,827 17,827 — Other current assets, net: Derivative instruments - interest rate swaps — — — 765 — 765 Total asset recurring fair value measurements $ 13,789 $ 13,789 $ — $ 19,219 $ 18,454 $ 765 Liabilities: Accrued and other current liabilities: Derivative instruments - interest rate swaps $ 7,174 $ — $ 7,174 $ 1,393 $ — $ 1,393 Other long-term liabilities: Derivative instruments - interest rate swaps 16,835 — 16,835 9,723 — 9,723 Total liability recurring fair value measurements $ 24,009 $ — $ 24,009 $ 11,116 $ — $ 11,116 |
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. 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 29, 2019 and December 30, 2018, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. |
Fair value, assets and liabilities measured on a nonrecurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated: 2019 2018 2017 (dollars in thousands) CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT CARRYING VALUE TOTAL IMPAIRMENT Assets held for sale (1) $ 2,049 $ 315 $ 8,590 $ 5,276 $ 870 $ 467 Operating lease right-of-use assets (2) 6,597 4,284 — — — — Property, fixtures and equipment (3) 3,915 4,535 6,464 21,523 19,222 23,539 Other (4) — — — — — 1,444 $ 12,561 $ 9,134 $ 15,054 $ 26,799 $ 20,092 $ 25,450 ________________ (1) All assets are measured using third-party market appraisals or executed sales contracts (Level 2). Refer to Note 4 - Disposals for discussion of impairments related to Carrabba’s Italian Grill in 2018. (2) Carrying values for Operating lease right-of-use assets measured using Level 3 inputs to estimate fair value totaled $6.4 million for 2019 . Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. (3) Carrying values for Property, fixtures and equipment measured using Level 3 inputs to estimate fair value totaled $1.6 million and $1.9 million for 2019 and 2018 , respectively. Carrying values for Property, fixtures and equipment measured using level 2 inputs to estimate fair value totaled $2.3 million , $4.6 million and $19.2 million for 2019 , 2018 and 2017 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 5 - Impairments and Exit Costs for a more detailed discussion of impairments. (4) Other primarily includes goodwill related to the Company’s China subsidiary within the international segment in 2017. 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 | The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated: DECEMBER 29, 2019 DECEMBER 30, 2018 CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE (dollars in thousands) LEVEL 2 LEVEL 2 Senior Secured Credit Facility: Term loan A $ 450,000 $ 450,563 $ 475,000 $ 464,906 Revolving credit facility $ 599,000 $ 599,000 $ 599,500 $ 590,508 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign | The following table presents the domestic and foreign components of Income before provision (benefit) for income taxes for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Domestic $ 129,826 $ 109,965 $ 112,226 Foreign 11,864 (9,660 ) (1,089 ) $ 141,690 $ 100,305 $ 111,137 |
Schedule of components of income tax expense (benefit) | Provision (benefit) for income taxes consisted of the following for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Current provision: Federal $ 13,265 $ 11,089 $ 18,384 State 9,696 6,763 8,155 Foreign 10,502 2,405 9,041 33,463 20,257 35,580 Deferred (benefit) provision: Federal (21,407 ) (28,772 ) (24,248 ) State (1,986 ) (1,335 ) (3,850 ) Foreign (2,497 ) 617 47 (25,890 ) (29,490 ) (28,051 ) Provision (benefit) for income taxes $ 7,573 $ (9,233 ) $ 7,529 |
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 for the periods indicated: FISCAL YEAR 2019 2018 2017 Income taxes at federal statutory rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal benefit 4.4 5.5 2.2 Employment-related credits, net (24.7 ) (34.6 ) (27.2 ) Net changes in deferred tax valuation allowances (1.6 ) 3.9 3.3 Net life insurance (benefit) expense (0.7 ) 0.6 (0.7 ) Enhanced charitable contributions deduction (0.6 ) (1.3 ) (1.7 ) Noncontrolling interests (0.6 ) (0.9 ) (1.4 ) Excess tax benefits from stock-based compensation arrangements (0.3 ) (7.1 ) (2.2 ) Nondeductible expenses 3.9 5.0 3.6 Foreign tax rate differential 3.2 (0.7 ) 1.7 Domestic manufacturing deduction — (0.3 ) (4.6 ) Cumulative effect of the Tax Act — 0.2 (3.3 ) Other, net 1.3 (0.5 ) 2.1 Total 5.3 % (9.2 )% 6.8 % |
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 as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Deferred income tax assets: Operating lease liabilities $ 378,518 $ — Deferred rent — 42,550 Insurance reserves 13,722 14,232 Unearned revenue 22,230 12,590 Deferred compensation 27,222 30,864 Net operating loss carryforwards 9,876 10,279 Federal tax credit carryforwards 115,273 99,591 Partner deposits and accrued partner obligations 4,449 4,389 Other, net 13,706 17,885 Gross deferred income tax assets 584,996 232,380 Less: valuation allowance (14,922 ) (17,535 ) Net deferred income tax assets 570,074 214,845 Deferred income tax liabilities: Less: operating lease right-of-use asset basis differences (326,166 ) — Less: property, fixtures and equipment basis differences (65,404 ) (19,445 ) Less: intangible asset basis differences (118,855 ) (117,200 ) Net deferred income tax assets $ 59,649 $ 78,200 |
Summary of operating loss carryforwards | The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 29, 2019 are as follows: (dollars in thousands) EXPIRATION DATE AMOUNT Federal tax credit carryforwards 2026 - 2039 $ 131,201 Foreign loss carryforwards 2020 - Indefinite $ 41,406 Foreign tax credit carryforwards Indefinite $ 809 |
Schedule of unrecognized tax benefits roll forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Balance as of beginning of year $ 25,190 $ 23,663 $ 19,583 Additions for tax positions taken during a prior period 869 2,461 4,149 Reductions for tax positions taken during a prior period (255 ) (826 ) (1,009 ) Additions for tax positions taken during the current period 2,237 2,017 1,822 Settlements with taxing authorities (44 ) (682 ) — Lapses in the applicable statutes of limitations (749 ) (1,390 ) (945 ) Translation adjustments (47 ) (53 ) 63 Balance as of end of year $ 27,201 $ 25,190 $ 23,663 |
Summary of open audit years by jurisdiction | Following is a summary of the open audit years by jurisdiction as of December 29, 2019 : OPEN AUDIT YEARS United States - federal 2007 - 2018 United States - state 2001 - 2018 Foreign 2013 - 2018 |
Commitments and Contingencies (
Commitments and Contingencies (Table) | 12 Months Ended |
Dec. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum expected insurance payments | As of December 29, 2019 , the future undiscounted payments the Company expects for workers’ compensation, general liability and health insurance claims are: (dollars in thousands) 2020 $ 20,468 2021 11,316 2022 7,341 2023 4,216 2024 2,392 Thereafter 11,220 $ 56,953 |
Schedule of liability for unpaid claims and claims adjustment expense | The following is a reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized on the Company’s Consolidated Balance Sheets as of the periods indicated: (dollars in thousands) DECEMBER 29, DECEMBER 30, Undiscounted reserves $ 56,953 $ 60,473 Discount (1) (2,635 ) (4,647 ) Discounted reserves $ 54,318 $ 55,826 Discounted reserves recognized in the Company’s Consolidated Balance Sheets: Accrued and other current liabilities $ 20,500 $ 22,055 Other long-term liabilities, net 33,818 33,771 $ 54,318 $ 55,826 ____________________ (1) Discount rates of 1.61% and 2.77% were used for December 29, 2019 and December 30, 2018 , respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | The following is a summary of reporting segments as of December 29, 2019 : REPORTABLE 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 revenues by segment, for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Total revenues U.S. $ 3,687,918 $ 3,687,239 $ 3,760,867 International 451,471 439,174 462,269 Total revenues $ 4,139,389 $ 4,126,413 $ 4,223,136 |
Reconciliation of operating profit from segments to consolidated | The following table is a reconciliation of segment income from operations to Income before provision (benefit) for income taxes , for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Segment income from operations U.S. $ 311,666 $ 288,959 $ 289,971 International 44,428 22,001 28,798 Total segment income from operations 356,094 310,960 318,769 Unallocated corporate operating expense (165,004 ) (165,707 ) (180,083 ) Total income from operations 191,090 145,253 138,686 Loss on extinguishment and modification of debt — — (1,069 ) Other (expense) income, net (143 ) (11 ) 14,912 Interest expense, net (49,257 ) (44,937 ) (41,392 ) Income before provision (benefit) for income taxes $ 141,690 $ 100,305 $ 111,137 |
Reconciliation of segment depreciation and amortization and capital expenditures | The following table is a summary of Depreciation and amortization expense by segment for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Depreciation and amortization U.S. $ 152,881 $ 158,307 $ 149,976 International 27,491 26,304 27,796 Corporate 16,439 16,982 14,510 Total depreciation and amortization $ 196,811 $ 201,593 $ 192,282 The following table is a summary of capital expenditures by segment for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 Capital expenditures U.S. $ 121,646 $ 162,207 $ 209,260 International 28,496 36,962 33,302 Corporate 8,885 11,754 13,280 Total capital expenditures $ 159,027 $ 210,923 $ 255,842 |
Schedule of segment total assets | The following table sets forth Total assets by segment as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 Assets U.S. $ 2,941,831 $ 1,841,482 International 462,308 401,557 Corporate 188,544 221,735 Total assets $ 3,592,683 $ 2,464,774 |
Schedule of long-lived assets, by geographic area | The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated: (dollars in thousands) DECEMBER 29, 2019 DECEMBER 30, 2018 U.S. $ 1,023,146 $ 1,107,679 International Brazil 113,795 115,560 Other 16,246 13,663 Total assets $ 1,153,187 $ 1,236,902 |
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 for the periods indicated: FISCAL YEAR (dollars in thousands) 2019 2018 2017 U.S. $ 3,687,918 $ 3,687,239 $ 3,760,867 International Brazil 393,700 376,317 410,249 Other 57,771 62,857 52,020 Total revenues $ 4,139,389 $ 4,126,413 $ 4,223,136 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2019 FISCAL QUARTERS FIRST (1) SECOND (1) THIRD (1) FOURTH (1) Total revenues $ 1,128,131 $ 1,021,930 $ 967,144 $ 1,022,184 Income from operations 82,494 43,460 21,958 43,178 Net income 65,649 29,809 9,373 29,286 Net income attributable to Bloomin’ Brands 64,300 29,021 9,248 28,004 Earnings per share: Basic $ 0.70 $ 0.32 $ 0.11 $ 0.32 Diluted $ 0.69 $ 0.32 $ 0.11 $ 0.32 2018 FISCAL QUARTERS FIRST (2) SECOND (2) THIRD (2) FOURTH (2) Total revenues $ 1,116,465 $ 1,031,814 $ 965,021 $ 1,013,113 Income from operations 78,371 32,924 12,537 21,421 Net income 66,137 26,723 4,253 12,425 Net income attributable to Bloomin’ Brands 65,398 26,721 4,072 10,907 Earnings per share: Basic $ 0.71 $ 0.29 $ 0.04 $ 0.12 Diluted $ 0.68 $ 0.28 $ 0.04 $ 0.12 ____________________ (1) Income from operations in the first, second, third and fourth quarters include expense of $6.0 million , $3.7 million , $3.9 million and $4.0 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. Income from operations in the third and fourth quarters also include $3.8 million of gains related to the sale of certain surplus properties and $6.0 million of benefit from the recognition of certain value-added tax credits in Brazil, respectively. (2) Income from operations in the first, second, third and fourth quarters include expense of $4.5 million , $9.5 million , $6.9 million and $21.8 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. |
Description of Business (Detail
Description of Business (Details) | Dec. 29, 2019restraurant_concept |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of restaurant concepts in portfolio | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Basis of Presentation) (Details) | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Reporting lag for Brazil operations in financial statements | 1 month |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Principles of Consolidation) (Details) | Dec. 29, 2019restaurant |
Minimum [Member] | |
Principles of Consolidation [Line Items] | |
Equity method investment, ownership percentage | 20.00% |
Maximum [Member] | |
Principles of Consolidation [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Franchised units [Member] | |
Principles of Consolidation [Line Items] | |
Number of restaurants | 300 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 29, 2019 | Dec. 30, 2018 |
Cash and cash equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents, amounts in transit from credit card companies | $ 44.8 | $ 47.1 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Property, Fixtures and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Property, Plant and Equipment [Line Items] | ||||
Capitalized internal costs for construction in progress | $ 6.4 | $ 6.9 | $ 9.1 | |
Capitalized computer equipment and software, additions | 7.4 | 13.5 | ||
Property, fixtures and equipment, net [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capitalized computer equipment and software, net | $ 25.7 | $ 33.2 | ||
Buildings [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | [1] | 5 years | ||
Buildings [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | [1] | 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 | |||
Computer equipment and software [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Computer equipment and software [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 7 years | |||
[1] | Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Deferred Financing Fees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Interest expense [Member] | |||
Deferred Financing Fees [Line Items] | |||
Amortization of deferred issuance costs | $ 2.5 | $ 2.6 | $ 2.9 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Insurance Reserves) (Details) - Workers' compensation and general liability [Member] | 12 Months Ended |
Dec. 29, 2019 | |
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 Accou_10
Summary of Significant Accounting Policies (Revenue Recognition) (Details) | Dec. 29, 2019 |
Revenue Recognition [Line Items] | |
Revenue, remaining performance obligation, expected satisfaction within 12 months of inception, percentage | 85.00% |
Deferred franchise fees [Member] | |
Revenue Recognition [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 14 years |
Summary of Significant Accou_11
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Leases) (Details) | Dec. 29, 2019 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Lessee, operating lease, renewal term | 5 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 20 years |
Lessee, operating lease, renewal term | 30 years |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Other restaurant operating [Member] | |||
Schedule of Advertising Costs [Line Items] | |||
Advertising expense | $ 146.1 | $ 147.8 | $ 151.4 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Research and Development Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
General and administrative expense [Member] | |||
Schedule of research and development expense [Line Items] | |||
Research and development expense | $ 3.4 | $ 3.8 | $ 3.9 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (Recently Issued Financial Accounting Standards) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 1,266,548 | $ 0 | ||
Operating lease liabilities | 1,450,917 | |||
Sale-leaseback financing obligations | 0 | 19,562 | ||
Property, fixtures and equipment, net | 1,036,077 | 1,115,929 | ||
Recognition of deferred gain on sale-leaseback transactions | $ 0 | $ 12,336 | $ 11,872 | |
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 1,300,000 | |||
Operating lease liabilities | 1,500,000 | |||
Deferred gain on sale-leaseback transactions, net | 190,400 | |||
Deferred tax assets, net of valuation allowance, noncurrent | 49,200 | |||
Sale-leaseback financing obligations | 19,600 | |||
Property, fixtures and equipment, net | $ 16,100 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Principal Revenue Transactions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | $ 1,022,184 | $ 967,144 | $ 1,021,930 | $ 1,128,131 | $ 1,013,113 | $ 965,021 | $ 1,031,814 | $ 1,116,465 | $ 4,139,389 | $ 4,126,413 | $ 4,223,136 |
Restaurant sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | 4,075,014 | 4,060,871 | 4,164,063 | ||||||||
Franchise and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | 64,375 | 65,542 | 59,073 | ||||||||
Franchise revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | 52,147 | 52,906 | 47,021 | ||||||||
Other revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | $ 12,228 | $ 12,636 | $ 12,052 |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Disaggregated Revenue) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 29, 2019USD ($)Restaurants | Sep. 29, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 29, 2019USD ($)Restaurants | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($)Restaurants | ||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | $ 1,022,184 | $ 967,144 | $ 1,021,930 | $ 1,128,131 | $ 1,013,113 | $ 965,021 | $ 1,031,814 | $ 1,116,465 | $ 4,139,389 | $ 4,126,413 | $ 4,223,136 | |||
Carrabba's Italian Grill [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Number of restaurants | Restaurants | 18 | 18 | 1 | |||||||||||
Outback Steakhouse [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Number of restaurants | Restaurants | 53 | |||||||||||||
U.S. segment [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | $ 3,687,918 | 3,687,239 | $ 3,760,867 | |||||||||||
International segment [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 451,471 | 439,174 | 462,269 | |||||||||||
Restaurant sales [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 4,075,014 | 4,060,871 | 4,164,063 | |||||||||||
Restaurant sales [Member] | U.S. segment [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 3,634,668 | 3,634,198 | 3,713,666 | |||||||||||
Restaurant sales [Member] | International segment [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 440,346 | 426,673 | 450,397 | |||||||||||
Restaurant sales [Member] | Outback Steakhouse [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 2,135,776 | 2,098,696 | 2,141,506 | [1] | ||||||||||
Restaurant sales [Member] | Carrabba's Italian Grill [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 613,031 | [1] | 647,454 | 673,872 | [1] | |||||||||
Restaurant sales [Member] | Bonefish Grill [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 574,004 | 578,139 | 600,717 | |||||||||||
Restaurant sales [Member] | Fleming's Prime Steakhouse & Wine Bar [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 307,199 | 304,064 | 296,982 | |||||||||||
Restaurant sales [Member] | Other - U.S. [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 4,658 | 5,845 | 589 | |||||||||||
Restaurant sales [Member] | Outback Brazil [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 355,837 | 348,394 | 377,158 | |||||||||||
Restaurant sales [Member] | Other - International [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | [2] | 84,509 | 78,279 | 73,239 | ||||||||||
Franchise revenue [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 52,147 | 52,906 | 47,021 | |||||||||||
Franchise revenue [Member] | U.S. segment [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 41,513 | 41,856 | 36,456 | |||||||||||
Franchise revenue [Member] | International segment [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 10,634 | 11,050 | 10,565 | |||||||||||
Franchise revenue [Member] | Outback Steakhouse [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 38,614 | 40,422 | 34,978 | [1] | ||||||||||
Franchise revenue [Member] | Carrabba's Italian Grill [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 2,112 | [1] | 601 | 553 | [1] | |||||||||
Franchise revenue [Member] | Bonefish Grill [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 787 | 833 | 925 | |||||||||||
Franchise revenue [Member] | Fleming's Prime Steakhouse & Wine Bar [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | 0 | |||||||||||
Franchise revenue [Member] | Other - U.S. [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | 0 | |||||||||||
Franchise revenue [Member] | Outback Brazil [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | 0 | |||||||||||
Franchise revenue [Member] | Other - International [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Restaurant sales, franchise and other revenues | [2] | $ 10,634 | $ 11,050 | $ 10,565 | ||||||||||
[1] | In 2019, the Company sold 18 Carrabba’s Italian Grill restaurants. In 2017, the Company sold 53 Outback Steakhouse restaurants and one Carrabba’s Italian Grill restaurant. These restaurants are now operated as franchises. | |||||||||||||
[2] | Includes Restaurant sales for the Company’s Abbraccio concept in Brazil. |
Revenue Recognition Revenue R_3
Revenue Recognition Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Revenue Recognition [Line Items] | ||||
Deferred gift card sales commissions, current | $ 18,554 | $ 16,431 | $ 16,231 | $ 15,584 |
Unearned revenue | 369,282 | 342,708 | ||
Deferred gift card revenue [Member] | ||||
Revenue Recognition [Line Items] | ||||
Unearned revenue | 358,757 | 333,794 | $ 323,628 | $ 331,803 |
Other current assets, net [Member] | ||||
Revenue Recognition [Line Items] | ||||
Deferred gift card sales commissions, current | 18,554 | 16,431 | ||
Unearned revenue [Member] | ||||
Revenue Recognition [Line Items] | ||||
Unearned revenue | 369,282 | 342,708 | ||
Unearned revenue [Member] | Deferred gift card revenue [Member] | ||||
Revenue Recognition [Line Items] | ||||
Unearned revenue | 358,757 | 333,794 | ||
Unearned revenue [Member] | Deferred loyalty revenue [Member] | ||||
Revenue Recognition [Line Items] | ||||
Unearned revenue | 10,034 | 8,424 | ||
Unearned revenue [Member] | Deferred franchise fees [Member] | ||||
Revenue Recognition [Line Items] | ||||
Unearned revenue | 491 | 490 | ||
Other long-term liabilities, net [Member] | Deferred franchise fees [Member] | ||||
Revenue Recognition [Line Items] | ||||
Deferred franchise fees, noncurrent | $ 4,599 | $ 4,531 |
Revenue Recognition Revenue R_4
Revenue Recognition Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Abstract] | |||
Balance, beginning of period | $ 16,431 | $ 16,231 | $ 15,584 |
Deferred gift card sales commissions amortization | (26,094) | (27,227) | (26,751) |
Deferred gift card sales commissions capitalization | 29,894 | 28,980 | 29,412 |
Other | (1,677) | (1,553) | (2,014) |
Balance, end of period | $ 18,554 | $ 16,431 | $ 16,231 |
Revenue Recognition Revenue R_5
Revenue Recognition Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Line Items] | |||
Balance, beginning of the period | $ 342,708 | ||
Balance, end of the period | 369,282 | $ 342,708 | |
Deferred gift card revenue [Member] | |||
Revenue Recognition [Line Items] | |||
Balance, beginning of the period | 333,794 | 323,628 | $ 331,803 |
Gift card sales | 420,229 | 419,172 | 440,946 |
Gift card redemptions | (376,477) | (388,954) | (426,174) |
Gift card breakage | (18,789) | (20,052) | (22,947) |
Balance, end of the period | $ 358,757 | $ 333,794 | $ 323,628 |
Disposals Disposals (Refranchis
Disposals Disposals (Refranchising) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 29, 2019USD ($) | Dec. 29, 2019USD ($)Restaurants | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($)Restaurantsfranchisee | |
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 | $ 0 | $ 0 | $ 39,196 | |
Gain on sale of business | $ (206) | $ 0 | $ 15,632 | |
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] | ||||
Gain on sale of business | $ 3,800 | |||
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 restaurants | Restaurants | 18 | 1 | ||
Disposal group, consideration | $ 3,600 | $ 9,900 | ||
Carrabba's Italian Grill [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other (expense) income, net [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of business | $ 8,400 | |||
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of restaurants | Restaurants | 54 | |||
Number of acquirees, existing franchisees | franchisee | 2 | |||
Proceeds from sale of a business, net of cash divested | $ 36,200 | |||
Impairment charges, disposal group | 1,700 | |||
Outback Steakhouse and Carrabba's Italian Grill Restaurants [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other (expense) income, net [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
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 Disposals (Surplus Pr
Disposals Disposals (Surplus Property Disposals) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 29, 2019USD ($) | Dec. 29, 2019USD ($)Restaurants | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($)Restaurants | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of business | $ (206) | $ 0 | $ 15,632 | |
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] | ||||
Gain on sale of business | $ 3,800 | |||
Outback Steakhouse [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of restaurants | Restaurants | 53 | |||
Property, fixtures and equipment, net [Member] | Outback Steakhouse [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of restaurants | Restaurants | 5 | |||
Disposal group, consideration | $ 12,700 | |||
Property, fixtures and equipment, net [Member] | Outback Steakhouse [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other restaurant operating [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of business | $ 3,600 |
Disposals Disposals (Other Disp
Disposals Disposals (Other Disposals) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 29, 2019USD ($) | Dec. 29, 2019USD ($)Restaurants | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($)Restaurants | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of business | $ (206) | $ 0 | $ 15,632 | |
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] | ||||
Gain on sale of business | $ 3,800 | |||
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 restaurants | Restaurants | 18 | 1 | ||
Disposal group, consideration | $ 3,600 | $ 9,900 | ||
Carrabba's Italian Grill [Member] | Disposal group, disposed of by sale, not discontinued operations [Member] | Other (expense) income, net [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of business | $ 8,400 |
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. 29, 2019 | Dec. 30, 2018 | 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 | $ 9,085 | $ 36,863 | $ 52,329 |
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 | 9,134 | 26,799 | 25,449 |
Restaurant closure expenses | (49) | 10,064 | 26,880 |
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 | 6,381 | 15,342 | 15,325 |
Restaurant closure expenses | (105) | 6,536 | 26,749 |
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 | 2,026 | 11,457 | 10,124 |
Restaurant closure expenses | 56 | 3,528 | 131 |
Corporate [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 | $ 727 | $ 0 | $ 0 |
Impairments and Exit Costs (Clo
Impairments and Exit Costs (Closure Initiatives and Restructuring Costs - Text and Table) (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 28, 2017locations | Feb. 15, 2017locations | Feb. 12, 2016locations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | $ 2,710 | $ 3,021 | $ 22,746 | ||||
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 | 1,700 | 600 | 17,900 | ||||
Number of restaurants | locations | 43 | ||||||
2017 Closure Initiative [Member] | International segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | 1,100 | 2,500 | |||||
Number of restaurants | locations | 2 | ||||||
Bonefish Restructuring [Member] | U.S. segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of restaurants | locations | 14 | ||||||
Facility closing [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | [1] | 1,288 | |||||
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 | [2] | 1,717 | 1,662 | 20,352 | |||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | Bonefish Restructuring [Member] | U.S. segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | [3] | (19) | 1,405 | 3,783 | |||
Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | Closure Initiatives [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | 1,698 | 3,067 | 24,135 | ||||
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] | 1,108 | 434 | 3,299 | |||
General and administrative expense [Member] | Employee severance [Member] | Bonefish Restructuring [Member] | U.S. segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | [3] | 0 | 136 | 67 | |||
General and administrative expense [Member] | Employee severance [Member] | Closure Initiatives [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring charges | 1,108 | 570 | 3,366 | ||||
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 | [2] | (96) | (469) | (4,755) | |||
Other restaurant operating [Member] | Contract termination [Member] | Bonefish Restructuring [Member] | U.S. segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring, reversal of deferred rent liabilities | [3] | 0 | (147) | 0 | |||
Other restaurant operating [Member] | Contract termination [Member] | Closure Initiatives [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring, reversal of deferred rent liabilities | $ (96) | $ (616) | $ (4,755) | ||||
[1] | Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02. | ||||||
[2] | 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 expired or were amended or waived. In connection with the 2017 Closure Initiative, the Company recognized impairments and closure costs of $1.7 million , $0.6 million and $17.9 million within the U.S. segment for 2019 , 2018 and 2017 , respectively, and $1.1 million and $2.5 million within the international segment for 2018 and 2017 | ||||||
[3] | On February 12, 2016, the Company decided to close 14 Bonefish Grill restaurants (the “Bonefish Restructuring”). Expenses related to the Bonefish Restructuring are recognized within the U.S. segment. |
Impairments and Exit Costs (Cum
Impairments and Exit Costs (Cumulative Restructuring and Restaurant Closure Initiatives - Table) (Details) $ in Thousands | Dec. 29, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Restructuring and related cost, cost incurred to date | $ 97,956 | [1] |
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 | 104,463 | [1] |
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 | 5,788 | [1] |
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 | (12,295) | [1] |
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 | 66,481 | |
2017 Closure Initiative [Member] | U.S. segment [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Restructuring and related cost, cost incurred to date | 64,200 | [1] |
2017 Closure Initiative [Member] | International segment [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Restructuring and related cost, cost incurred to date | 2,200 | [1] |
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 | 70,231 | |
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 | 4,841 | |
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 | (8,591) | |
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 | 31,475 | |
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 | 34,232 | |
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 | 947 | |
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 | $ (3,704) | |
[1] | The 2017 Closure Initiative expenses included $64.2 million and $2.2 million within the U.S. and international segment, respectively. |
Impairments and Exit Costs (Oth
Impairments and Exit Costs (Other Restructuring and Impairments - Text) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019USD ($)Restaurantslocations | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($)Restaurants | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | $ 2,710 | $ 3,021 | $ 22,746 |
Outback Puerto Rico [Member] | International segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | $ 2,000 | ||
Outback Puerto Rico and China [Member] | International segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | 13,900 | ||
Outback China [Member] | International segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | $ 6,300 | ||
Express [Member] | U.S. segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | 7,400 | ||
Number of restaurants | locations | 3 | ||
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 restaurants | Restaurants | 18 | 1 | |
Carrabba's Italian Grill [Member] | U.S. segment [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] | |||
Impairment charges, disposal group | $ 5,500 |
Impairments and Exit Costs (Sur
Impairments and Exit Costs (Surplus Properties) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 29, 2019USD ($)properties | Dec. 30, 2018USD ($)properties | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Surplus properties, carrying value | $ 21,505 | $ 19,848 | |
Other property [Member] | U.S. segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Surplus properties, impairment losses | $ 10,700 | ||
Other property [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of surplus properties owned | properties | 20 | 16 | |
Other current assets, net [Member] | Assets held for sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Surplus properties, carrying value | $ 3,317 | $ 4,594 | |
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 | $ 18,188 | $ 15,254 |
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. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |||
Restructuring Reserve [Roll Forward] | |||||
Additions | $ 2,710 | $ 3,021 | $ 22,746 | ||
Facility closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning of the year | 18,094 | ||||
Additions | [1] | 1,288 | |||
Cash payments | (5,538) | ||||
Accretion | 1,253 | ||||
Adjustments | (555) | ||||
End of the year | 14,542 | [2] | $ 18,094 | ||
Facility closing [Member] | Accrued and other current liabilities [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, current | 3,300 | ||||
Facility closing [Member] | Non-current operating lease liabilities [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, noncurrent | $ 11,200 | ||||
[1] | Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02. | ||||
[2] | As of December 29, 2019 , the Company had exit-related accruals related to the Closure Initiatives of $3.3 million recorded in Accrued and other current liabilities and $11.2 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet. |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted EPS - Table) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
Net income attributable to Bloomin’ Brands | $ 28,004 | $ 9,248 | $ 29,021 | $ 64,300 | $ 10,907 | $ 4,072 | $ 26,721 | $ 65,398 | $ 130,573 | $ 107,098 | $ 101,293 |
Basic weighted average common shares outstanding | 88,839 | 92,042 | 96,365 | ||||||||
Effect of diluted securities: | |||||||||||
Diluted weighted average common shares outstanding | 89,777 | 94,075 | 99,707 | ||||||||
Basic earnings per share | $ 0.32 | $ 0.11 | $ 0.32 | $ 0.70 | $ 0.12 | $ 0.04 | $ 0.29 | $ 0.71 | $ 1.47 | $ 1.16 | $ 1.05 |
Diluted earnings per share | $ 0.32 | $ 0.11 | $ 0.32 | $ 0.69 | $ 0.12 | $ 0.04 | $ 0.28 | $ 0.68 | $ 1.45 | $ 1.14 | $ 1.02 |
Stock options [Member] | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 571 | 1,595 | 2,895 | ||||||||
Nonvested restricted stock and restricted stock units [Member] | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 295 | 397 | 421 | ||||||||
Nonvested performance-based share units [Member] | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 72 | 41 | 26 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities - Table) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
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 | 4,003 | 2,879 | 5,555 |
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 | 158 | 99 | 128 |
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 | 277 | 201 | 222 |
Stock-based and Deferred Comp_3
Stock-based and Deferred Compensation Plans (Equity Compensation Plan Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 19,690 | $ 22,432 | $ 22,583 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 5,270 | 6,378 | 10,423 |
Restricted stock and restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 8,949 | 9,143 | 9,933 |
Performance-based share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 5,471 | $ 6,911 | $ 2,227 |
Stock-based and Deferred Comp_4
Stock-based and Deferred Compensation Plans (Stock Options - Text) (Details) - Stock options [Member] | 12 Months Ended |
Dec. 29, 2019 | |
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 Comp_5
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. 29, 2019 | Dec. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at December 30, 2018 (shares) | 6,190 | |
Granted (shares) | 1,237 | |
Exercised (shares) | (721) | |
Forfeited or expired (shares) | (607) | |
Outstanding at December 29, 2019 (shares) | 6,099 | 6,190 |
Exercisable at December 29, 2019 (shares) | 3,846 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at December 30, 2018 (per share) | $ 18.30 | |
Granted (per share) | 20.59 | |
Exercised (per share) | 9.11 | |
Forfeited or expired (per share) | 22.76 | |
Outstanding at December 29, 2019 (per share) | 19.40 | $ 18.30 |
Exercisable at December 29, 2019 (per share) | $ 19.06 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 6 years | 5 years 8 months 12 days |
Outstanding intrinsic value | $ 18,961 | $ 11,439 |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 4 years 8 months 12 days | |
Exercisable intrinsic value | $ 14,405 |
Stock-based and Deferred Comp_6
Stock-based and Deferred Compensation Plans (Black-Scholes - Table) (Details) - Stock options [Member] - $ / shares | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average risk-free interest rate | [1] | 2.34% | 2.66% | 1.92% |
Dividend yield | [2] | 1.94% | 1.50% | 1.84% |
Expected term | [3] | 4 years 9 months 18 days | 5 years 9 months 18 days | 6 years 3 months 18 days |
Weighted-average volatility | [4] | 31.05% | 32.76% | 33.72% |
Weighted-average grant date fair value per option (in USD per share) | $ 5.07 | $ 7.23 | $ 5.09 | |
[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 Company estimates the expected term based on historical exercise experience for its stock options. | |||
[4] | Based on the historical volatility of the Company’s stock. |
Stock-based and Deferred Comp_7
Stock-based and Deferred Compensation Plans (Stock Option Compensation - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received from option exercises, net of tax withholding | $ 2,707 | $ 36,612 | $ 10,439 | |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | 7,929 | 52,247 | 15,139 | |
Cash received from option exercises, net of tax withholding | 6,501 | 40,501 | 13,329 | |
Fair value of stock options vested | 18,136 | 34,316 | 28,085 | |
Tax benefits for stock option compensation expense | [1] | 1,932 | 13,085 | 5,889 |
Unrecognized stock option expense | $ 7,669 | |||
Remaining weighted-average vesting period | 1 year 10 months 24 days | |||
Excess tax benefits for tax deductions related to the exercise of stock options | $ 200 | $ 8,000 | $ 2,900 | |
[1] | Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.2 million , $8.0 million and $2.9 million for fiscal years 2019 , 2018 and 2017 , respectively. |
Stock-based and Deferred Comp_8
Stock-based and Deferred Compensation Plans (Restricted Stock Activity) (Details) - Restricted stock units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Outstanding as of December 30, 2018 (shares) | 1,156 | |
Granted (shares) | 610 | |
Vested (shares) | (443) | |
Forfeited (shares) | (135) | |
Outstanding as of December 29, 2019 (shares) | 1,188 | 1,156 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Outstanding as of December 30, 2018 (per share) | $ 18.65 | |
Granted (per share) | 19.15 | |
Vested (per share) | 18.50 | |
Forfeited (per share) | 19.17 | |
Outstanding as of December 29, 2019 (per share) | $ 18.91 | $ 18.65 |
Stock-based and Deferred Comp_9
Stock-based and Deferred Compensation Plans (Restricted Stock Compensation) (Details) - Restricted stock and restricted stock units [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock vested | $ 8,200 | $ 9,705 | $ 10,182 |
Tax benefits for stock-based compensation expense | 1,672 | $ 2,938 | $ 3,664 |
Unrecognized restricted stock expense | $ 14,800 | ||
Remaining weighted-average vesting period | 2 years 1 month 6 days |
Stock-based and Deferred Com_10
Stock-based and Deferred Compensation Plans (PSU - Text) (Details) | 12 Months Ended |
Dec. 29, 2019shares | |
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 | 3,310,887 |
Performance-based share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares that would be issued on vesting of stock units | 1 |
Performance-based share units [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0.00% |
Performance-based share units [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% |
Stock-based and Deferred Com_11
Stock-based and Deferred Compensation Plans (PSU Activity - Table) (Details) - Performance-based share units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Outstanding as of December 30, 2018 (shares) | 575 | |||
Granted (shares) | 237 | |||
Vested (shares) | (161) | |||
Forfeited (shares) | (119) | |||
Outstanding as of December 29, 2019 (shares) | 532 | 575 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Outstanding as of December 30, 2018 (per share) | $ 18.54 | |||
Granted (per share) | 20 | |||
Vested (per share) | 18.61 | |||
Forfeited (per share) | 17.42 | |||
Outstanding as of December 29, 2019 (per share) | $ 19.42 | $ 18.54 | ||
Tax benefits for stock-based compensation expense | $ 857 | $ 406 | $ 501 | |
Unrecognized PSU expense | $ 8,000 | |||
Remaining weighted-average vesting period | [1] | 1 year 2 months 12 days | ||
Vesting period | 3 years | |||
[1] | PSUs typically vest after three years . |
Stock-based and Deferred Com_12
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. 29, 2019 | Dec. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation liability, current and noncurrent | $ 49 | $ 69.6 |
Deferred compensations plans, unfunded obligations | $ 9.1 | $ 26.3 |
Stock-based and Deferred Com_13
Stock-based and Deferred Compensation Plans (Other Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
401(k) plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined contribution plan, employer contribution costs | $ 5.4 | $ 5.3 | $ 3.3 |
Other Current Assets, Net (Deta
Other Current Assets, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Prepaid expenses | $ 20,218 | $ 38,117 | ||
Deferred gift card sales commissions | 18,554 | 16,431 | $ 16,231 | $ 15,584 |
Assets held for sale | 3,317 | 5,143 | ||
Other current assets, net | 3,261 | 8,895 | ||
Total other current assets, net | 186,462 | 190,848 | ||
Accounts receivable - gift cards, net [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, net | 104,591 | 91,242 | ||
Accounts receivable - vendors, net [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, net | 13,465 | 10,029 | ||
Accounts receivable - franchisees, net [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, net | 1,322 | 1,303 | ||
Accounts receivable - other, net [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, net | $ 21,734 | $ 19,688 |
Property, Fixtures and Equipm_3
Property, Fixtures and Equipment, Net (PFE - Table) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (1,357,388) | $ (1,244,863) |
Property, fixtures and equipment, net | 1,036,077 | 1,115,929 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 42,570 | 59,973 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 1,202,434 | 1,188,735 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 458,169 | 428,676 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 665,815 | 634,459 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | $ 24,477 | $ 48,949 |
Property, Fixtures and Equipm_4
Property, Fixtures and Equipment, Net (Depreciation and Repairs - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 188,190 | $ 192,099 | $ 182,254 |
Repair and maintenance expense | $ 106,943 | $ 102,409 | $ 111,926 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Goodwill Rollforward - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Goodwill [Roll Forward] | ||
Balance at beginning of the year | $ 295,427 | $ 310,234 |
Goodwill, translation adjustments | (6,988) | (14,697) |
Goodwill, transfers to Assets held for sale | (110) | |
Balance at end of the year | 288,439 | 295,427 |
U.S. segment [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of the year | 170,657 | 170,767 |
Goodwill, translation adjustments | 0 | 0 |
Goodwill, transfers to Assets held for sale | (110) | |
Balance at end of the year | 170,657 | 170,657 |
International segment [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of the year | 124,770 | 139,467 |
Goodwill, translation adjustments | (6,988) | (14,697) |
Goodwill, transfers to Assets held for sale | 0 | |
Balance at end of the year | $ 117,782 | $ 124,770 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net (Gross Goodwill and Impairment - Table) (Details) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 25, 2017 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||||
Goodwill, gross | $ 1,074,519,000 | $ 1,081,507,000 | $ 1,096,314,000 | |||
Accumulated impairment losses | (786,080,000) | (786,080,000) | (786,080,000) | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 | |||
U.S. segment [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, gross | 838,827,000 | 838,827,000 | 838,937,000 | |||
Accumulated impairment losses | (668,170,000) | (668,170,000) | (668,170,000) | |||
International segment [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, gross | 235,692,000 | 242,680,000 | 257,377,000 | |||
Accumulated impairment losses | $ (117,910,000) | $ (117,910,000) | $ (117,910,000) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net (Intangible Assets - Table) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 25, 2017 | Dec. 29, 2019 | Dec. 30, 2018 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, accumulated amortization | $ (82,653,000) | $ (117,559,000) | |||
Intangible assets, gross (excluding goodwill) | 553,268,000 | 621,531,000 | |||
Intangible assets, net (excluding goodwill) | $ 470,615,000 | 503,972,000 | |||
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 | 9 years | ||||
Trademarks [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 81,381,000 | 81,381,000 | |||
Finite-lived intangible assets, accumulated amortization | (47,882,000) | (44,057,000) | |||
Finite-lived intangible assets, net | $ 33,499,000 | 37,324,000 | |||
Trademarks [Member] | Weighted average [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 9 years | ||||
Favorable leases [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 0 | 64,307,000 | |||
Finite-lived intangible assets, accumulated amortization | 0 | (41,447,000) | |||
Finite-lived intangible assets, net | $ 0 | 22,860,000 | |||
Favorable leases [Member] | Weighted average [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 0 years | ||||
Franchise agreements [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 14,881,000 | 14,881,000 | |||
Finite-lived intangible assets, accumulated amortization | (14,356,000) | (13,212,000) | |||
Finite-lived intangible assets, net | $ 525,000 | 1,669,000 | |||
Franchise agreements [Member] | Weighted average [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 1 year | ||||
Reacquired franchise rights [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 42,390,000 | 46,446,000 | |||
Finite-lived intangible assets, accumulated amortization | (20,415,000) | (18,843,000) | |||
Finite-lived intangible assets, net | $ 21,975,000 | 27,603,000 | |||
Reacquired franchise rights [Member] | Weighted average [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 11 years | ||||
Trade names [Member] | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets (excluding goodwill) | $ 414,616,000 | $ 414,516,000 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net (Amortization Expense - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Depreciation and amortization | ||||
Finite-lived Intangible Assets Amortization Expense [Line Items] | ||||
Amortization expense | [1] | $ 8,621 | ||
Depreciation and amortization & Other restaurant operating | ||||
Finite-lived Intangible Assets Amortization Expense [Line Items] | ||||
Amortization expense | [1] | $ 13,377 | $ 14,191 | |
[1] | Amortization expense is recorded in Depreciation and amortization for fiscal year 2019 and Depreciation and amortization and Other restaurant operating expense for fiscal years 2018 and 2017 in the Company’s Consolidated Statements of Operations and Comprehensive Income . |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, Net (Annual Amortization Expense - Table) (Details) $ in Thousands | Dec. 29, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense 2020 | $ 7,213 |
Amortization expense 2021 | 6,374 |
Amortization expense 2022 | 6,304 |
Amortization expense 2023 | 6,217 |
Amortization expense 2024 | $ 6,046 |
Other Assets, Net (Details)
Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | |
Other Assets [Abstract] | |||
Company-owned life insurance | $ 60,126 | $ 61,233 | |
Deferred financing fees | [1] | 4,893 | 6,563 |
Liquor licenses | 24,289 | 24,153 | |
Other assets | 27,802 | 29,024 | |
Other assets, net | 117,110 | 120,973 | |
Accumulated amortization, deferred financing fees | $ 6,800 | $ 5,100 | |
[1] | Net of accumulated amortization of $6.8 million and $5.1 million as of December 29, 2019 and December 30, 2018 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Payables and Accruals [Abstract] | ||
Accrued rent and current operating lease liabilities | $ 174,287 | $ 2,850 |
Accrued payroll and other compensation | 101,090 | 101,249 |
Accrued insurance | 20,500 | 22,055 |
Other current liabilities | 95,574 | 120,499 |
Accrued and other liabilities, current | $ 391,451 | $ 246,653 |
Long-term Debt, Net (Summary of
Long-term Debt, Net (Summary of Outstanding Debt - Table) (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||||
Feb. 26, 2020 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |||
Debt instrument [Line Items] | ||||||
Finance lease liabilities | $ 2,308 | $ 3,297 | ||||
Sale-leaseback financing obligations | 0 | 19,562 | ||||
Less: unamortized debt discount and issuance costs | (2,654) | (3,502) | ||||
Total debt, net | 1,048,704 | 1,094,775 | ||||
Less: current portion of long-term debt | (26,411) | (27,190) | ||||
Long-term debt, net | 1,022,293 | 1,067,585 | ||||
Repayments of borrowings on revolving credit facility | 671,300 | $ 478,500 | $ 676,500 | |||
Minimum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Sale-leaseback transactions, imputed interest rate | 7.58% | |||||
Maximum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Sale-leaseback transactions, imputed interest rate | 7.82% | |||||
Secured debt [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Long-term debt, gross | 1,049,000 | $ 1,074,500 | ||||
Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Long-term debt, gross | $ 450,000 | $ 475,000 | ||||
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] | 3.40% | 4.14% | |||
Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Revolving credit facility | $ 599,000 | [2] | $ 599,500 | |||
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] | 3.44% | 4.17% | |||
Unsecured debt [Member] | Notes payable, other payables [Member] | ||||||
Debt instrument [Line Items] | ||||||
Other | $ 50 | $ 918 | ||||
Debt instrument, interest rate, stated percentage | 2.18% | |||||
Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 0.00% | |||||
Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member] | ||||||
Debt instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.18% | |||||
Subsequent event [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt instrument [Line Items] | ||||||
Repayments of borrowings on revolving credit facility | $ 65,000 | |||||
[1] | Interest rate represents the weighted-average interest rate for the respective periods. | |||||
[2] | Subsequent to December 29, 2019 , the Company made payments of $65.0 million , net of borrowings, on its revolving credit facility. |
Long-term Debt, Net (Credit Agr
Long-term Debt, Net (Credit Agreement - Text) (Details) - Secured debt [Member] - USD ($) | Nov. 30, 2017 | Dec. 29, 2019 |
Senior Secured Credit Facility [Member] | ||
Debt instrument [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Term loan A facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
Term loan A facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Term loan A facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
Term loan A facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | |
Term loan A facility [Member] | Senior Secured Credit Facility [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, face amount | $ 500,000,000 | |
Revolving credit facility [Member] | ||
Debt instrument [Line Items] | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.30% | |
Letters of credit outstanding, amount | $ 20,200,000 | |
Revolving credit facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
Revolving credit facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Revolving credit facility [Member] | Eurocurrency Rate [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
Revolving credit facility [Member] | Eurocurrency Rate [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | |
Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | ||
Debt instrument [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | |
Credit Agreement [Member] | Base Rate option 1 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | prime rate of Wells Fargo, National Association | |
Credit Agreement [Member] | Base Rate option 2 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | federal funds effective rate | |
Credit Agreement [Member] | Base Rate option 3 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | the Eurocurrency Rate with a one-month interest period | |
Debt instrument, basis spread on variable rate | 1.00% | |
Credit Agreement [Member] | Eurocurrency Rate option 1 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | seven day Eurocurrency rate | |
Credit Agreement [Member] | Eurocurrency Rate option 2 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | 30-day Eurocurrency rate | |
Credit Agreement [Member] | Eurocurrency Rate option 3 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | 60-day Eurocurrency rate | |
Credit Agreement [Member] | Eurocurrency Rate option 4 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | 90-day Eurocurrency rate | |
Credit Agreement [Member] | Eurocurrency Rate option 5 [Member] | ||
Debt instrument [Line Items] | ||
Variable rate description | 180-day Eurocurrency rate | |
Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Letters of credit fee, percentage | 1.88% |
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 (Maturities
Long-term Debt, Net (Maturities - Tables) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 26,462 | |
2021 | 38,399 | |
2022 | 984,030 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total payments | 1,048,891 | |
Less: financing lease interest | (187) | |
Total debt, net | $ 1,048,704 | $ 1,094,775 |
Long-term Debt, Net (Summary _2
Long-term Debt, Net (Summary of Required Amortization Payments) (Details) $ in Thousands | Nov. 30, 2017USD ($) |
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 |
Credit Agreement [Member] | Secured debt [Member] | |
Debt instrument [Line Items] | |
Debt instrument, covenant, prepayment requirement, percentage of benchmark | 50.00% |
Other Long-term Liabilities, _3
Other Long-term Liabilities, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued insurance liability | $ 33,818 | $ 33,771 | |
Unfavorable leases | 0 | 32,120 | [1] |
Chef and Restaurant Managing Partner deferred compensation obligations and deposits | 47,831 | 64,766 | |
Other long-term liabilities | 56,411 | 60,876 | |
Other long-term liabilities, net | $ 138,060 | 191,533 | |
Unfavorable leases, accumulated amortization | $ 36,200 | ||
[1] | Net of accumulated amortization of $36.2 million as of December 30, 2018 . |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | 60 Months Ended | ||||||||||||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 29, 2019 | Feb. 12, 2019 | Feb. 16, 2018 | 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 | $ 0 | $ 106,992,000 | $ 0 | $ 14,999,000 | $ 17,968,000 | $ 30,004,000 | $ 50,996,000 | $ 106,992,000 | $ 113,967,000 | $ 272,736,000 | $ 973,581,000 | |||||||||
Stock repurchased and retired during period, shares | 0 | 0 | 5,469 | 0 | 691 | 968 | 1,287 | 2,116 | 5,469 | 5,062 | |||||||||||
Treasury stock acquired, average cost per share | $ 0 | $ 0 | $ 19.56 | $ 0 | $ 21.71 | $ 18.57 | $ 23.31 | $ 24.10 | $ 19.56 | $ 22.52 | |||||||||||
2014 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 100,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | $ 100,000,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | 0 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | $ 0 | $ 0 | 0 | ||||||||||||||||||
2015 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 100,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | 69,999,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 30,001,000 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | 0 | 0 | 0 | ||||||||||||||||||
2016 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | $ 139,892,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 110,108,000 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | 0 | 0 | 0 | ||||||||||||||||||
July 2016 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 300,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | 247,731,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | 52,269,000 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | 0 | 0 | 0 | ||||||||||||||||||
2017 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | 195,000,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 55,000,000 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | 0 | 0 | 0 | ||||||||||||||||||
2018 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 150,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | $ 113,967,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | $ 36,033,000 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | 0 | 0 | 0 | ||||||||||||||||||
2019 Share Repurchase Program [Member] | |||||||||||||||||||||
Share Repurchase Program [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 150,000,000 | ||||||||||||||||||||
Stock repurchased and retired during period, value | 106,992,000 | ||||||||||||||||||||
Stock repurchase program, canceled remaining authorized repurchase amount | 0 | ||||||||||||||||||||
Stock repurchase program, dollar value of remaining number of shares authorized to be repurchased | $ 43,008,000 | $ 43,008,000 | $ 43,008,000 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 29, 2020 | Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends per share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.40 | $ 0.36 | ||
Dividends, common stock, cash | $ 8,693 | $ 8,674 | $ 9,227 | $ 9,140 | $ 8,234 | $ 8,344 | $ 8,363 | $ 8,371 | $ 35,734 | $ 33,312 | $ 30,988 | |
Common stock, dividends, per share, declared | $ 0.40 | $ 0.36 | $ 0.32 | |||||||||
Subsequent event [Member] | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends, per share, declared | $ 0.20 | |||||||||||
Dividends payable, date to be paid | Mar. 13, 2020 | |||||||||||
Dividends payable, date of record | Feb. 28, 2020 |
Stockholders' Equity (AOCL - Ta
Stockholders' Equity (AOCL - Table) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (169,776) | $ (142,755) |
Foreign currency translation adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | (152,031) | (135,149) |
Unrealized loss on derivatives, net of tax [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (17,745) | $ (7,606) |
Stockholders' Equity (OCL - Tab
Stockholders' Equity (OCL - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Unrealized (loss) gain on derivatives, net of tax | $ (11,944) | $ (7,100) | $ 627 | |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | 1,805 | 120 | 2,381 | |
Other comprehensive (loss) income, net of tax | (26,764) | (43,112) | 11,941 | |
Parent [Member] | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Foreign currency translation adjustment, attributable to parent | (16,882) | (36,576) | 8,936 | |
Unrealized (loss) gain on derivatives, net of tax | [1] | (11,944) | (7,100) | 627 |
Reclassification of adjustment for loss on derivatives included in Net income, net of tax | [2] | 1,805 | 120 | 2,381 |
Other comprehensive (loss) income, derivatives qualifying as hedges, net of tax | (10,139) | (6,980) | 3,008 | |
Other comprehensive (loss) income, net of tax | (27,021) | (43,556) | 11,944 | |
Other comprehensive (loss) income, unrealized (loss) gains on derivatives arising during period, tax benefit | $ (4,100) | $ (2,500) | $ 500 | |
[1] | Unrealized (loss) gain on derivatives is net of tax of $(4.1) million , $(2.5) million and $0.5 million for 2019 , 2018 and 2017 , respectively. | |||
[2] | Reclassifications of adjustments for loss on derivatives are net of tax. See Note 16 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] $ in Millions | Oct. 25, 2018USD ($)counterparties | Sep. 09, 2014USD ($)counterparties | Dec. 29, 2019USD ($) |
Derivative [Line Items] | |||
Derivative, inception date | Sep. 9, 2014 | ||
Derivative agreements, number of counterparties | counterparties | 12 | 8 | |
Derivative, notional amount | $ 550 | $ 400 | |
Derivative, maturity date | Nov. 30, 2022 | May 16, 2019 | |
Derivative, weighted-average fixed interest rate | 3.04% | 2.02% | |
Derivative, effective date | May 16, 2019 | ||
Interest expense [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge loss to be reclassified within twelve months | $ 7.9 | ||
Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, inception date | Oct. 24, 2018 | ||
Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, inception date | Oct. 25, 2018 | ||
London Interbank Offered Rate (LIBOR) swap rate [Member] | |||
Derivative [Line Items] | |||
Derivative, description of terms | one-month LIBOR | 30-day LIBOR |
Derivative Instruments and He_4
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. 29, 2019 | Dec. 30, 2018 | |
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | [1] | $ 24,009 | $ 11,116 |
Other current assets, net [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative assets, at fair value | [1] | 0 | 765 |
Interest receivable | 0 | 112 | |
Accrued and other current liabilities [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | 7,174 | 1,393 | |
Accrued interest | 632 | 0 | |
Other long-term liabilities, net [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative liabilities, at fair value | $ 16,835 | $ 9,723 | |
[1] | See Note 18 - Fair Value Measurements for fair value discussion of the interest rate swaps. |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Effects of Interest Rate Swap) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019USD ($)counterparties | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Total effects of the interest rate swaps on Net income | $ (1,805) | $ (120) | $ (2,381) |
Designated as hedging instrument [Member] | Interest rate swap [Member] | |||
Derivative [Line Items] | |||
Total effects of the interest rate swaps on Net income | $ (1,805) | (120) | (2,381) |
Number of derivatives with each counterparty | counterparties | 1 | ||
Derivative, net liability position, aggregate fair value | $ 24,800 | 10,500 | |
Derivative, termination value | 24,800 | 10,500 | |
Designated as hedging instrument [Member] | Interest rate swap [Member] | Interest expense [Member] | |||
Derivative [Line Items] | |||
Interest rate swap expense recognized in Interest expense, net | (2,436) | (161) | (3,908) |
Designated as hedging instrument [Member] | Interest rate swap [Member] | Income tax expense (benefit) [Member] | |||
Derivative [Line Items] | |||
Income tax benefit recognized in Provision (benefit) for income taxes | $ 631 | $ 41 | $ 1,527 |
Leases (Lease Assets and Liabil
Leases (Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | |
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Operating lease right-of-use assets | $ 1,266,548 | $ 0 | |
Total lease assets, net | 1,268,584 | ||
Non-current operating lease liabilities | 1,279,051 | 0 | |
Total lease liability | 1,453,225 | ||
Accumulated amortization, finance lease right-of-use assets | 1,357,388 | $ 1,244,863 | |
Finance lease assets [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Accumulated amortization, finance lease right-of-use assets | 1,300 | ||
Operating lease right-of-use-asset [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Operating lease right-of-use assets | 1,266,548 | ||
Property, fixtures and equipment, net [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Finance lease right-of-use assets | [1] | 2,036 | |
Accrued and other current liabilities [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Current operating lease liabilities | [2] | 171,866 | |
Current portion of long-term debt [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Current finance lease liabilities | 1,361 | ||
Non-current operating lease liabilities [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Non-current operating lease liabilities | 1,279,051 | ||
Long-term debt, net [Member] | |||
Schedule of Leased Assets and Liabilities - Lessee [Line Items] | |||
Non-current finance lease liabilities | $ 947 | ||
[1] | Net of accumulated amortization of $1.3 million | ||
[2] | Excludes accrued contingent percentage rent. |
Leases (Lease Costs) (Details)
Leases (Lease Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Schedule of Lease Costs [Line Items] | ||||
Lease costs, net | [1] | $ 180,023 | ||
Operating lease, lease income | 2,200 | |||
Operating leases, rent expense | $ 185,400 | $ 188,200 | ||
Operating leases, rent expense, contingent rentals | 4,500 | 4,300 | ||
Operating leases, income statement, sublease revenue | $ 5,600 | $ 4,500 | ||
Other restaurant operating [Member] | ||||
Schedule of Lease Costs [Line Items] | ||||
Operating leases | [2] | 181,397 | ||
Variable lease cost | 3,504 | |||
Depreciation and amortization | ||||
Schedule of Lease Costs [Line Items] | ||||
Amortization of leased assets | 1,400 | |||
Interest expense [Member] | ||||
Schedule of Lease Costs [Line Items] | ||||
Interest on lease liabilities | 264 | |||
Franchise and other revenues [Member] | ||||
Schedule of Lease Costs [Line Items] | ||||
Sublease revenue | [3] | (6,542) | ||
General and administrative expense [Member] | ||||
Schedule of Lease Costs [Line Items] | ||||
Operating leases | 14,600 | |||
Cost of sales [Member] | ||||
Schedule of Lease Costs [Line Items] | ||||
Operating leases | $ 1,300 | |||
[1] | During 2018 and 2017, the Company recorded rent expense of $185.4 million and $188.2 million , including variable rent expense of $4.5 million and $4.3 million , and sublease revenue of $5.6 million and $4.5 million | |||
[2] | Excludes rent expense for office facilities and Company-owned closed or subleased properties for 2019 of $14.6 million , which is included in General and administrative expense and certain supply chain related rent expenses of $1.3 million , which is included in Cost of sales | |||
[3] | Excludes rental income from Company-owned properties for the fiscal year ended December 29, 2019 of $2.2 million . |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments and Sublease Revenues) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | |
Leases [Abstract] | |||
Operating lease, 2020 | [1] | $ 179,168 | |
Operating lease, 2021 | 193,102 | ||
Operating lease, 2022 | 188,752 | ||
Operating lease, 2023 | 185,238 | ||
Operating lease, 2024 | 179,673 | ||
Operating lease, thereafter | 1,717,709 | ||
Operating lease, total minimum lease payments | [2] | 2,643,642 | |
Operating lease, interest | (1,192,725) | ||
Operating lease liabilities | 1,450,917 | ||
Finance lease, 2020 | 1,412 | ||
Finance lease, 2021 | 898 | ||
Finance lease, 2022 | 185 | ||
Finance lease, 2023 | 0 | ||
Finance lease, 2024 | 0 | ||
Finance lease, thereafter | 0 | ||
Finance lease, total minimum lease payments | 2,495 | ||
Finance lease, interest | (187) | ||
Finance lease liabilities | 2,308 | $ 3,297 | |
Sublease revenues, 2020 | (6,191) | ||
Sublease revenues, 2021 | (6,232) | ||
Sublease revenues, 2022 | (6,131) | ||
Sublease revenues, 2023 | (6,012) | ||
Sublease revenues, 2024 | (5,856) | ||
Sublease revenues, thereafter | (63,512) | ||
Sublease revenues, total | (93,934) | ||
Prepaid rent | 14,700 | ||
Lessee, operating lease, option to extend amount | 1,000,000 | ||
Lessee, operating lease, lease not yet commenced, unrecorded liability | $ 111,900 | ||
[1] | Net of operating lease prepaid rent of $14.7 million . | ||
[2] | Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $111.9 million of signed operating leases that have not yet commenced. |
Leases (Lease Term and Discount
Leases (Lease Term and Discount Rate) (Details) | Dec. 29, 2019 | |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 14 years 6 months | [1] |
Finance lease, weighted average remaining lease term | 1 year 9 months 18 days | [1] |
Operating lease, weighted average discount rate, percent | 8.52% | [2] |
Finance lease, weighted average discount rate, percent | 9.01% | [2] |
[1] | Includes lease renewal options that are reasonably certain of exercise. | |
[2] | Based on the Company’s incremental borrowing rate at lease commencement. |
Leases (Other Information) (Det
Leases (Other Information) (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 191,855 |
Leases (Schedule of Assets Leas
Leases (Schedule of Assets Lease to Third Parties) (Details) $ in Thousands | Dec. 29, 2019USD ($) |
Land [Member] | |
Schedule of Assets Leased to Third Parties [Line Items] | |
Property subject to or available for operating leases, gross | $ 9,885 |
Buildings [Member] | |
Schedule of Assets Leased to Third Parties [Line Items] | |
Property subject to or available for operating leases, gross | 12,823 |
Accumulated depreciation | (6,400) |
Property subject to or available for operating leases, net | $ 6,423 |
Leases (Sale-Leaseback Transact
Leases (Sale-Leaseback Transactions) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019USD ($)locations | Dec. 30, 2018USD ($)locations | Dec. 31, 2017USD ($)locations | |
Leases [Abstract] | |||
Gross proceeds from sale-leaseback transactions | $ | $ 7,337 | $ 17,294 | $ 108,010 |
Number of restaurant properties sold and leased back | locations | 2 | 6 | 31 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Fair value, inputs, level 1 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure | $ 13,789 | $ 18,454 |
Liabilities, fair value disclosure | 0 | 0 |
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, 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, 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] | ||
Derivative liability, non-current | 0 | 0 |
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 | 1,037 | 627 |
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 | 12,752 | 17,827 |
Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure | 0 | 765 |
Liabilities, fair value disclosure | 24,009 | 11,116 |
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 | 0 | 765 |
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 | 7,174 | 1,393 |
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] | ||
Derivative liability, non-current | 16,835 | 9,723 |
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 |
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 |
Reported value measurement [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Assets, fair value disclosure | 13,789 | 19,219 |
Liabilities, fair value disclosure | 24,009 | 11,116 |
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 | 0 | 765 |
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 | 7,174 | 1,393 |
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] | ||
Derivative liability, non-current | 16,835 | 9,723 |
Reported value measurement [Member] | Fixed income funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | 1,037 | 627 |
Reported value measurement [Member] | Money market funds [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Cash equivalents | $ 12,752 | $ 17,827 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis - Table) (Details) - Fair value, measurements, nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Asset impairment charges | $ 9,134 | $ 26,799 | $ 25,450 | |
Assets held for sale [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Impairment of long-lived assets to be disposed of | 315 | 5,276 | 467 | |
Operating lease right-of-use-asset [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Impairment of operating lease right-of-use assets | 4,284 | 0 | 0 | |
Property, fixtures and equipment, net [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Long-lived assets held and used, impairment losses | 4,535 | 21,523 | 23,539 | |
Other [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Other asset impairment charges | 0 | 0 | 1,444 | |
Assets measured with impairment, year-to-date [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | 12,561 | 15,054 | 20,092 | |
Assets measured with impairment, year-to-date [Member] | Assets held for sale [Member] | Reported value measurement [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | [1] | 2,049 | 8,590 | 870 |
Assets measured with impairment, year-to-date [Member] | Operating lease right-of-use-asset [Member] | Fair value, inputs, level 3 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | 6,400 | |||
Assets measured with impairment, year-to-date [Member] | Operating lease right-of-use-asset [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | [2] | 6,597 | 0 | 0 |
Assets measured with impairment, year-to-date [Member] | Property, fixtures and equipment, net [Member] | Fair value, inputs, level 2 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | 2,300 | 4,600 | 19,200 | |
Assets measured with impairment, year-to-date [Member] | Property, fixtures and equipment, net [Member] | Fair value, inputs, level 3 [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | 1,600 | 1,900 | ||
Assets measured with impairment, year-to-date [Member] | Property, fixtures and equipment, net [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | [3] | 3,915 | 6,464 | 19,222 |
Assets measured with impairment, year-to-date [Member] | Other [Member] | Reported value measurement [Member] | ||||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||||
Assets, fair value disclosure | [4] | $ 0 | $ 0 | $ 0 |
[1] | All assets are measured using third-party market appraisals or executed sales contracts (Level 2). Refer to Note 4 - Disposals for discussion of impairments related to Carrabba’s Italian Grill in 2018. | |||
[2] | Carrying values for Operating lease right-of-use assets measured using Level 3 inputs to estimate fair value totaled $6.4 million for 2019 | |||
[3] | Carrying values for Property, fixtures and equipment measured using Level 3 inputs to estimate fair value totaled $1.6 million and $1.9 million for 2019 and 2018 , respectively. Carrying values for Property, fixtures and equipment measured using level 2 inputs to estimate fair value totaled $2.3 million , $4.6 million and $19.2 million for 2019 , 2018 and 2017 , respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 5 - Impairments and Exit Costs for a more detailed discussion of impairments. | |||
[4] | Other primarily includes goodwill related to the Company’s China subsidiary within the international segment in 2017. All assets measured using market appraisals (Level 2) to estimate the fair value. |
Fair Value Measurements (Fair_3
Fair Value Measurements (Fair Value of Financial Instruments - Table) (Details) - Secured debt [Member] - Senior Secured Credit Facility [Member] - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Term loan A facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | $ 450,563 | $ 464,906 |
Term loan A facility [Member] | Reported value measurement [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | 450,000 | 475,000 |
Revolving credit facility [Member] | Fair value, inputs, level 2 [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Loans payable | 599,000 | 590,508 |
Revolving credit facility [Member] | Reported value measurement [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Long-term debt, fair value | $ 599,000 | $ 599,500 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Provision - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 129,826 | $ 109,965 | $ 112,226 |
Foreign | 11,864 | (9,660) | (1,089) |
Income before Provision (benefit) for income taxes | $ 141,690 | $ 100,305 | $ 111,137 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Current provision: | |||
Federal | $ 13,265 | $ 11,089 | $ 18,384 |
State | 9,696 | 6,763 | 8,155 |
Foreign | 10,502 | 2,405 | 9,041 |
Current provision | 33,463 | 20,257 | 35,580 |
Deferred (benefit) provision: | |||
Federal | (21,407) | (28,772) | (24,248) |
State | (1,986) | (1,335) | (3,850) |
Foreign | (2,497) | 617 | 47 |
Deferred (benefit) provision | (25,890) | (29,490) | (28,051) |
Provision (benefit) for income taxes | $ 7,573 | $ (9,233) | $ 7,529 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate - Table) (Details) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at federal statutory rate | 21.00% | 21.00% | 35.00% |
State and local income taxes, net of federal benefit | 4.40% | 5.50% | 2.20% |
Employment-related credits, net | (24.70%) | (34.60%) | (27.20%) |
Net changes in deferred tax valuation allowances | (1.60%) | 3.90% | 3.30% |
Net life insurance (benefit) expense | (0.70%) | 0.60% | (0.70%) |
Enhanced charitable contributions deduction | (0.60%) | (1.30%) | (1.70%) |
Noncontrolling interests | (0.60%) | (0.90%) | (1.40%) |
Excess tax benefits from stock-based compensation arrangements | (0.30%) | (7.10%) | (2.20%) |
Nondeductible expenses | 3.90% | 5.00% | 3.60% |
Foreign tax rate differential | 3.20% | (0.70%) | 1.70% |
Domestic manufacturing deduction | 0.00% | (0.30%) | (4.60%) |
Cumulative effect of the Tax Act | 0 | 0.002 | (0.033) |
Other, net | 1.30% | (0.50%) | 2.10% |
Total | 5.30% | (9.20%) | 6.80% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities - Table) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Deferred income tax assets: | ||
Operating lease liabilities | $ 378,518 | $ 0 |
Deferred rent | 0 | 42,550 |
Insurance reserves | 13,722 | 14,232 |
Unearned revenue | 22,230 | 12,590 |
Deferred compensation | 27,222 | 30,864 |
Net operating loss carryforwards | 9,876 | 10,279 |
Federal tax credit carryforwards | 115,273 | 99,591 |
Partner deposits and accrued partner obligations | 4,449 | 4,389 |
Other, net | 13,706 | 17,885 |
Gross deferred income tax assets | 584,996 | 232,380 |
Less: valuation allowance | (14,922) | (17,535) |
Net deferred income tax assets | 570,074 | 214,845 |
Deferred income tax liabilities: | ||
Less: operating lease right-of-use assets basis differences | (326,166) | 0 |
Less: property, fixtures and equipment basis differences | (65,404) | (19,445) |
Less: intangible asset basis differences | (118,855) | (117,200) |
Net deferred income tax assets | $ 59,649 | $ 78,200 |
Income Taxes (Undistributed Ear
Income Taxes (Undistributed Earnings - Text) (Details) $ in Millions | Dec. 29, 2019USD ($) |
Income Taxes [Line Items] | |
Undistributed earnings of foreign subsidiaries | $ 84.4 |
Tax Act [Member] | |
Income Taxes [Line Items] | |
Deferred tax liabilities, undistributed foreign earnings | $ 0.2 |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 30, 2018 | |
Income Tax Contingency [Line Items] | |||
Federal tax credit carryforwards | $ 115,273 | $ 99,591 | |
Foreign loss carryforwards | 41,406 | ||
Foreign tax credit carryforwards | 809 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal tax credit carryforwards | 131,201 | ||
General business tax credit carryforwards | $ 128,600 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
General business tax credits, estimated period of use | 4 years | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | Scenario, forecast [Member] | |||
Income Tax Contingency [Line Items] | |||
General business tax credits, estimated future tax credits | $ 40,000 | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
General business tax credits, estimated period of use | 6 years | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | Scenario, forecast [Member] | |||
Income Tax Contingency [Line Items] | |||
General business tax credits, estimated future tax credits | $ 45,000 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits - Text) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | $ 27,201 | $ 25,190 | $ 23,663 | $ 19,583 |
Portion of unrecognized tax benefits, including accrued interest and penalties, that if recognized, would impact the effective tax rate | 27,000 | 25,000 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 1,900 | 1,500 | ||
Unrecognized tax benefits, increase resulting from prior period tax positions | 869 | $ 2,461 | $ 4,149 | |
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, increase resulting from prior period tax positions | 2,000 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, increase resulting from prior period tax positions | $ 3,000 |
Income Taxes (Unrecognized Ta_2
Income Taxes (Unrecognized Tax Benefits - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of beginning of year | $ 25,190 | $ 23,663 | $ 19,583 |
Additions for tax positions taken during a prior period | 869 | 2,461 | 4,149 |
Reductions for tax positions taken during a prior period | (255) | (826) | (1,009) |
Additions for tax positions taken during the current period | 2,237 | 2,017 | 1,822 |
Settlements with taxing authorities | (44) | (682) | 0 |
Lapses in the applicable statutes of limitations | (749) | (1,390) | (945) |
Decrease due to translation adjustments | (47) | (53) | |
Increase due to translation adjustments | 63 | ||
Balance as of end of year | $ 27,201 | $ 25,190 | $ 23,663 |
Commitments and Contingencies_2
Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee [Member] $ in Millions | Dec. 29, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Lease guarantees, maximum exposure, undiscounted | $ 31.2 |
Lease guarantees, maximum exposure at present value | 24.7 |
Lease guarantees, current carrying value | $ 0.8 |
Commitments and Contingencies_3
Commitments and Contingencies (Purchase Obligations - Text) (Details) $ in Millions | 12 Months Ended | |
Dec. 29, 2019USD ($)supplier | Dec. 30, 2018USD ($) | |
Concentration Risk [Line Items] | ||
Purchase obligations | $ | $ 312 | $ 364.3 |
Long-term purchase commitment, period | 5 years | |
Number of primary beef suppliers | supplier | 4 | |
Beef [Member] | Supplier concentration risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 95.00% | |
Minimum [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of marketplace | 80.00% |
Commitments and Contingencies_4
Commitments and Contingencies (Litigation and Other Matters - Text) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Litigation liability | $ 3 | $ 2.8 | |
Litigation settlement expense | $ 1.3 | $ 1.6 | $ 1.2 |
Commitments and Contingencies_5
Commitments and Contingencies (Insurance, Future Payments) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 20,468 | |
2021 | 11,316 | |
2022 | 7,341 | |
2023 | 4,216 | |
2024 | 2,392 | |
Thereafter | 11,220 | |
Total | $ 56,953 | $ 60,473 |
Commitments and Contingencies_6
Commitments and Contingencies (Undiscounted Reserves to the Discounted Reserves) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | |
Insurance [Line Items] | |||
Undiscounted reserves | $ 56,953 | $ 60,473 | |
Discount | [1] | (2,635) | (4,647) |
Discounted reserves | $ 54,318 | $ 55,826 | |
Discount rate | 1.61% | 2.77% | |
Accrued and other current liabilities [Member] | |||
Insurance [Line Items] | |||
Self insurance reserve, current | $ 20,500 | $ 22,055 | |
Other long-term liabilities, net [Member] | |||
Insurance [Line Items] | |||
Self insurance reserve, noncurrent | $ 33,818 | $ 33,771 | |
[1] | Discount rates of 1.61% and 2.77% were used for December 29, 2019 and December 30, 2018 , respectively. |
Segment Reporting (Text) (Detai
Segment Reporting (Text) (Details) | 12 Months Ended |
Dec. 29, 2019reportable_segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Revenue by S
Segment Reporting (Revenue by Segment - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | $ 1,022,184 | $ 967,144 | $ 1,021,930 | $ 1,128,131 | $ 1,013,113 | $ 965,021 | $ 1,031,814 | $ 1,116,465 | $ 4,139,389 | $ 4,126,413 | $ 4,223,136 |
U.S. segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | 3,687,918 | 3,687,239 | 3,760,867 | ||||||||
International segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | $ 451,471 | $ 439,174 | $ 462,269 |
Segment Reporting (Income from
Segment Reporting (Income from Operations Reconciliation - Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 29, 2019 | [1] | Sep. 29, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 30, 2018 | [2] | Sep. 30, 2018 | [2] | Jul. 01, 2018 | [2] | Apr. 01, 2018 | [2] | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income from operations | $ 43,178 | $ 21,958 | $ 43,460 | $ 82,494 | $ 21,421 | $ 12,537 | $ 32,924 | $ 78,371 | $ 191,090 | $ 145,253 | $ 138,686 | ||||||||
Loss on extinguishment and modification of debt | 0 | 0 | (1,069) | ||||||||||||||||
Other (expense) income, net | (143) | (11) | 14,912 | ||||||||||||||||
Interest expense, net | (49,257) | (44,937) | (41,392) | ||||||||||||||||
Income before provision (benefit) for income taxes | 141,690 | 100,305 | 111,137 | ||||||||||||||||
Operating segments [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income from operations | 356,094 | 310,960 | 318,769 | ||||||||||||||||
Operating segments [Member] | U.S. segment [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income from operations | 311,666 | 288,959 | 289,971 | ||||||||||||||||
Operating segments [Member] | International segment [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income from operations | 44,428 | 22,001 | 28,798 | ||||||||||||||||
Corporate [Member] | |||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||
Income from operations | $ (165,004) | $ (165,707) | $ (180,083) | ||||||||||||||||
[1] | Income from operations in the first, second, third and fourth quarters include expense of $6.0 million , $3.7 million , $3.9 million and $4.0 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. Income from operations in the third and fourth quarters also include $3.8 million of gains related to the sale of certain surplus properties and $6.0 million | ||||||||||||||||||
[2] | Income from operations in the first, second, third and fourth quarters include expense of $4.5 million , $9.5 million , $6.9 million and $21.8 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. |
Segment Reporting (Depreciation
Segment Reporting (Depreciation and Amortization by Segment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | $ 196,811 | $ 201,593 | $ 192,282 |
Corporate [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | 16,439 | 16,982 | 14,510 |
U.S. segment [Member] | Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | 152,881 | 158,307 | 149,976 |
International segment [Member] | Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization | $ 27,491 | $ 26,304 | $ 27,796 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures by Segment - Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 161,926 | $ 208,224 | $ 260,589 |
Corporate [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 8,885 | 11,754 | 13,280 |
Operating segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 159,027 | 210,923 | 255,842 |
U.S. segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 121,646 | 162,207 | 209,260 |
International segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 28,496 | $ 36,962 | $ 33,302 |
Segment Reporting (Total Assets
Segment Reporting (Total Assets by Segment) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,592,683 | $ 2,464,774 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 188,544 | 221,735 |
U.S. segment [Member] | Operating segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,941,831 | 1,841,482 |
International segment [Member] | Operating segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 462,308 | $ 401,557 |
Segment Reporting (Long-lived A
Segment Reporting (Long-lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Segment reporting information [Line Items] | ||
Long-lived assets | $ 1,153,187 | $ 1,236,902 |
U.S. [Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | 1,023,146 | 1,107,679 |
Brazil [Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | 113,795 | 115,560 |
International - Other [Member] | ||
Segment reporting information [Line Items] | ||
Long-lived assets | $ 16,246 | $ 13,663 |
Segment Reporting (Revenues by
Segment Reporting (Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Segment reporting information [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | $ 1,022,184 | $ 967,144 | $ 1,021,930 | $ 1,128,131 | $ 1,013,113 | $ 965,021 | $ 1,031,814 | $ 1,116,465 | $ 4,139,389 | $ 4,126,413 | $ 4,223,136 |
U.S. [Member] | |||||||||||
Segment reporting information [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | 3,687,918 | 3,687,239 | 3,760,867 | ||||||||
Brazil [Member] | |||||||||||
Segment reporting information [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | 393,700 | 376,317 | 410,249 | ||||||||
International - Other [Member] | |||||||||||
Segment reporting information [Line Items] | |||||||||||
Restaurant sales, franchise and other revenues | $ 57,771 | $ 62,857 | $ 52,020 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Restaurant sales, franchise and other revenues | $ 1,022,184 | $ 967,144 | $ 1,021,930 | $ 1,128,131 | $ 1,013,113 | $ 965,021 | $ 1,031,814 | $ 1,116,465 | $ 4,139,389 | $ 4,126,413 | $ 4,223,136 | ||||||||
Income from operations | 43,178 | [1] | 21,958 | [1] | 43,460 | [1] | 82,494 | [1] | 21,421 | [2] | 12,537 | [2] | 32,924 | [2] | 78,371 | [2] | 191,090 | 145,253 | 138,686 |
Net income | 29,286 | 9,373 | 29,809 | 65,649 | 12,425 | 4,253 | 26,723 | 66,137 | 134,117 | 109,538 | 103,608 | ||||||||
Net income attributable to Bloomin’ Brands | $ 28,004 | $ 9,248 | $ 29,021 | $ 64,300 | $ 10,907 | $ 4,072 | $ 26,721 | $ 65,398 | $ 130,573 | $ 107,098 | $ 101,293 | ||||||||
Earnings (loss) per share: | |||||||||||||||||||
Basic | $ 0.32 | $ 0.11 | $ 0.32 | $ 0.70 | $ 0.12 | $ 0.04 | $ 0.29 | $ 0.71 | $ 1.47 | $ 1.16 | $ 1.05 | ||||||||
Diluted | $ 0.32 | $ 0.11 | $ 0.32 | $ 0.69 | $ 0.12 | $ 0.04 | $ 0.28 | $ 0.68 | $ 1.45 | $ 1.14 | $ 1.02 | ||||||||
[1] | Income from operations in the first, second, third and fourth quarters include expense of $6.0 million , $3.7 million , $3.9 million and $4.0 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. Income from operations in the third and fourth quarters also include $3.8 million of gains related to the sale of certain surplus properties and $6.0 million | ||||||||||||||||||
[2] | Income from operations in the first, second, third and fourth quarters include expense of $4.5 million , $9.5 million , $6.9 million and $21.8 million , respectively, for impairments, closing costs and severance related to certain restructuring activities and the relocation of certain restaurants. |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (Footnotes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Line Items] | |||||||||||
Costs and expenses | $ 3,948,299 | $ 3,981,160 | $ 4,084,450 | ||||||||
Gain on sale of business | $ (206) | $ 0 | $ 15,632 | ||||||||
Benefit from value added tax credit | $ 6,000 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Gain on sale of business | $ 3,800 | ||||||||||
Restaurant relocation [Member] | Closure Initiatives [Member] | Employee severance [Member] | Puerto Rico subsidiary [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Costs and expenses | $ 21,800 | $ 6,900 | $ 9,500 | $ 4,500 | |||||||
Restaurant relocation [Member] | Closure Initiatives [Member] | Employee severance [Member] | Outback Puerto Rico and China [Member] | |||||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||
Costs and expenses | $ 4,000 | $ 3,900 | $ 3,700 | $ 6,000 |
Uncategorized Items - blmn-1229
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 141,285,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 141,285,000 |