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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
| | | |
(Mark One) | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the quarterly period ended | September 29, 2019 | |
| or |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from ______ to ______ |
Commission File Number: 001-35625
BLOOMIN’ BRANDS, INC.
(Exact name of registrant as specified in its charter)
|
| | |
Delaware | | 20-8023465 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
2202 North West Shore Boulevard, Suite 500, Tampa, Florida 33607
(Address of principal executive offices) (Zip Code)
(813) 282-1225
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock | $0.01 par value | | BLMN | | The Nasdaq Stock Market LLC (Nasdaq Global Select Market) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 4, 2019, 86,865,175 shares of common stock of the registrant were outstanding.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended September 29, 2019
(Unaudited)
TABLE OF CONTENTS
|
| | |
| | Page No. |
| | |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
| | |
Item 3. | | |
| | |
Item 4. | | |
| | |
| | |
Item 1. | | |
| | |
Item 1A. | | |
| | |
Item 2. | | |
| | |
Item 6. | | |
| | |
| | |
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED)
|
| | | | | | | |
| SEPTEMBER 29, 2019 | | DECEMBER 30, 2018 |
ASSETS | | | |
Current assets | | | |
Cash and cash equivalents | $ | 51,408 |
| | $ | 71,823 |
|
Inventories | 73,378 |
| | 72,812 |
|
Other current assets, net | 86,797 |
| | 190,848 |
|
Total current assets | 211,583 |
| | 335,483 |
|
Property, fixtures and equipment, net | 1,050,002 |
| | 1,115,929 |
|
Operating lease right-of-use assets | 1,262,449 |
| | — |
|
Goodwill | 290,042 |
| | 295,427 |
|
Intangible assets, net | 473,043 |
| | 503,972 |
|
Deferred income tax assets, net | 66,626 |
| | 92,990 |
|
Other assets, net | 115,202 |
| | 120,973 |
|
Total assets | $ | 3,468,947 |
| | $ | 2,464,774 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | |
|
Current liabilities | |
| | |
|
Accounts payable | $ | 160,029 |
| | $ | 174,488 |
|
Accrued and other current liabilities | 387,017 |
| | 246,653 |
|
Unearned revenue | 217,211 |
|
| 342,708 |
|
Current portion of long-term debt | 26,548 |
| | 27,190 |
|
Total current liabilities | 790,805 |
| | 791,039 |
|
Non-current operating lease liabilities | 1,273,904 |
| | — |
|
Deferred rent | — |
| | 167,027 |
|
Deferred income tax liabilities | 14,835 |
| | 14,790 |
|
Long-term debt, net | 1,093,391 |
| | 1,067,585 |
|
Long-term portion of deferred gain on sale-leaseback transactions, net | — |
| | 177,983 |
|
Other long-term liabilities, net | 144,438 |
| | 191,533 |
|
Total liabilities | 3,317,373 |
| | 2,409,957 |
|
Commitments and contingencies (Note 16) |
|
| |
|
|
Stockholders’ equity | | | |
Bloomin’ Brands stockholders’ equity | | | |
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of September 29, 2019 and December 30, 2018 | — |
| | — |
|
Common stock, $0.01 par value, 475,000,000 shares authorized; 86,856,165 and 91,271,825 shares issued and outstanding as of September 29, 2019 and December 30, 2018, respectively | 869 |
| | 913 |
|
Additional paid-in capital | 1,095,382 |
| | 1,107,582 |
|
Accumulated deficit | (783,093 | ) | | (920,010 | ) |
Accumulated other comprehensive loss | (168,875 | ) | | (142,755 | ) |
Total Bloomin’ Brands stockholders’ equity | 144,283 |
| | 45,730 |
|
Noncontrolling interests | 7,291 |
| | 9,087 |
|
Total stockholders’ equity | 151,574 |
| | 54,817 |
|
Total liabilities and stockholders’ equity | $ | 3,468,947 |
| | $ | 2,464,774 |
|
|
The accompanying notes are an integral part of these consolidated financial statements. |
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
|
| | | | | | | | | | | | | | | |
| THIRTEEN WEEKS ENDED | | THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 29, 2019 |
| SEPTEMBER 30, 2018 |
| SEPTEMBER 29, 2019 |
| SEPTEMBER 30, 2018 |
Revenues | | | | | | | |
Restaurant sales | $ | 951,816 |
| | $ | 949,400 |
| | $ | 3,069,145 |
| | $ | 3,063,887 |
|
Franchise and other revenues | 15,328 |
| | 15,621 |
| | 48,060 |
| | 49,413 |
|
Total revenues | 967,144 |
| | 965,021 |
| | 3,117,205 |
| | 3,113,300 |
|
Costs and expenses | |
| | |
| | |
| | |
|
Cost of sales | 300,375 |
| | 307,493 |
| | 965,165 |
| | 982,415 |
|
Labor and other related | 288,552 |
| | 289,023 |
| | 908,780 |
| | 902,006 |
|
Other restaurant operating | 240,372 |
| | 233,744 |
| | 732,121 |
| | 725,468 |
|
Depreciation and amortization | 47,926 |
| | 50,571 |
| | 147,196 |
| | 151,473 |
|
General and administrative | 66,570 |
| | 67,691 |
| | 209,114 |
| | 212,516 |
|
Provision for impaired assets and restaurant closings | 1,391 |
| | 3,962 |
| | 6,917 |
| | 15,590 |
|
Total costs and expenses | 945,186 |
| | 952,484 |
| | 2,969,293 |
| | 2,989,468 |
|
Income from operations | 21,958 |
| | 12,537 |
| | 147,912 |
| | 123,832 |
|
Other income (expense), net | 11 |
| | (1 | ) | | (145 | ) | | (6 | ) |
Interest expense, net | (13,256 | ) | | (11,600 | ) | | (36,885 | ) | | (33,229 | ) |
Income before (benefit) provision for income taxes | 8,713 |
| | 936 |
| | 110,882 |
| | 90,597 |
|
(Benefit) provision for income taxes | (660 | ) | | (3,317 | ) | | 6,051 |
| | (6,516 | ) |
Net income | 9,373 |
| | 4,253 |
| | 104,831 |
| | 97,113 |
|
Less: net income attributable to noncontrolling interests | 125 |
| | 181 |
| | 2,262 |
| | 922 |
|
Net income attributable to Bloomin’ Brands | $ | 9,248 |
| | $ | 4,072 |
| | $ | 102,569 |
| | $ | 96,191 |
|
| | | | | | | |
Net income | $ | 9,373 |
| | $ | 4,253 |
| | $ | 104,831 |
| | $ | 97,113 |
|
Other comprehensive (loss) income: | | | | | | | |
Foreign currency translation adjustment | (10,133 | ) | | (16,349 | ) | | (12,854 | ) | | (45,044 | ) |
Unrealized (loss) gain on derivatives, net of tax | (2,036 | ) | | 37 |
| | (13,656 | ) | | 1,221 |
|
Reclassification of adjustment for loss (gain) on derivatives included in Net income, net of tax | 812 |
| | (51 | ) | | 578 |
| | 328 |
|
Comprehensive (loss) income | (1,984 | ) | | (12,110 | ) | | 78,899 |
| | 53,618 |
|
Less: comprehensive income attributable to noncontrolling interests | 297 |
| | 423 |
| | 2,450 |
| | 1,504 |
|
Comprehensive (loss) income attributable to Bloomin’ Brands | $ | (2,281 | ) | | $ | (12,533 | ) | | $ | 76,449 |
| | $ | 52,114 |
|
| | | | | | | |
Earnings per share: | | | | | | | |
Basic | $ | 0.11 |
| | $ | 0.04 |
| | $ | 1.15 |
| | $ | 1.04 |
|
Diluted | $ | 0.11 |
| | $ | 0.04 |
| | $ | 1.14 |
| | $ | 1.02 |
|
Weighted average common shares outstanding: | | | | | | | |
Basic | 86,843 |
| | 92,202 |
| | 89,484 |
| | 92,197 |
|
Diluted | 87,305 |
| | 93,324 |
| | 90,306 |
| | 94,489 |
|
The accompanying notes are an integral part of these consolidated financial statements.
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| BLOOMIN’ BRANDS, INC. | | | | |
| COMMON STOCK |
| ADDITIONAL PAID-IN CAPITAL | | ACCUM- ULATED DEFICIT |
| ACCUMULATED OTHER COMPREHENSIVE LOSS |
| NON-CONTROLLING INTERESTS |
| TOTAL |
| SHARES | | AMOUNT | | | | | |
Balance, June 30, 2019 | 86,827 |
| | $ | 868 |
| | $ | 1,099,598 |
| | $ | (792,341 | ) | | $ | (157,346 | ) | | $ | 7,814 |
| | $ | 158,593 |
|
Net income | — |
| | — |
| | — |
| | 9,248 |
| | — |
| | 125 |
| | 9,373 |
|
Other comprehensive (loss) income, net of tax | — |
| | — |
| | — |
| | — |
| | (11,529 | ) | | 172 |
| | (11,357 | ) |
Cash dividends declared, $0.10 per common share | — |
| | — |
| | (8,674 | ) | | — |
| | — |
| | — |
| | (8,674 | ) |
Stock-based compensation | — |
| | — |
| | 4,613 |
| | — |
| | — |
| | — |
| | 4,613 |
|
Common stock issued under stock plans (1) | 29 |
| | 1 |
| | (155 | ) | | — |
| | — |
| | — |
| | (154 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (1,221 | ) | | (1,221 | ) |
Contributions from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | 401 |
| | 401 |
|
Balance, September 29, 2019 | 86,856 |
| | $ | 869 |
| | $ | 1,095,382 |
| | $ | (783,093 | ) | | $ | (168,875 | ) | | $ | 7,291 |
| | $ | 151,574 |
|
| | | | | | | | | | | | | |
Balance, December 30, 2018 | 91,272 |
| | $ | 913 |
| | $ | 1,107,582 |
| | $ | (920,010 | ) | | $ | (142,755 | ) | | $ | 9,087 |
| | $ | 54,817 |
|
Cumulative-effect from a change in accounting principle, net of tax | — |
| | — |
| | — |
| | 141,285 |
| | — |
| | — |
| | 141,285 |
|
Net income | — |
| | — |
| | — |
| | 102,569 |
| | — |
| | 2,262 |
| | 104,831 |
|
Other comprehensive (loss) income, net of tax | — |
| | — |
| | — |
| | — |
| | (26,154 | ) | | 222 |
| | (25,932 | ) |
Cash dividends declared, $0.30 per common share | — |
| | — |
| | (27,041 | ) | | — |
| | — |
| | — |
| | (27,041 | ) |
Repurchase and retirement of common stock | (5,469 | ) | | (55 | ) | | — |
| | (106,937 | ) | | — |
| | — |
| | (106,992 | ) |
Stock-based compensation | — |
| | — |
| | 13,743 |
| | — |
| | — |
| | — |
| | 13,743 |
|
Common stock issued under stock plans (1) | 1,053 |
| | 11 |
| | 1,255 |
| | — |
| | — |
| | — |
| | 1,266 |
|
Purchase of noncontrolling interests | — |
| | — |
| | (157 | ) | | — |
| | 34 |
| | 82 |
| | (41 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (5,228 | ) | | (5,228 | ) |
Contributions from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | 866 |
| | 866 |
|
Balance, September 29, 2019 | 86,856 |
| | $ | 869 |
| | $ | 1,095,382 |
| | $ | (783,093 | ) | | $ | (168,875 | ) | | $ | 7,291 |
| | $ | 151,574 |
|
| | | | | | | | | | | | | |
| | | | | | | | | | | (CONTINUED...) | |
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| BLOOMIN’ BRANDS, INC. | | | | |
| COMMON STOCK | | ADDITIONAL PAID-IN CAPITAL | | ACCUM- ULATED DEFICIT | | ACCUMULATED OTHER COMPREHENSIVE LOSS | | NON-CONTROLLING INTERESTS | | TOTAL |
| SHARES | | AMOUNT | | | | | |
Balance, July 1, 2018 | 92,437 |
| | $ | 924 |
| | $ | 1,109,015 |
| | $ | (902,038 | ) | | $ | (126,672 | ) | | $ | 10,241 |
| | $ | 91,470 |
|
Net income | — |
| | — |
| | — |
| | 4,072 |
| | — |
| | 188 |
| | 4,260 |
|
Other comprehensive (loss) income, net of tax | — |
| | — |
| | — |
| | — |
| | (16,604 | ) | | 241 |
| | (16,363 | ) |
Cash dividends declared, $0.09 per common share | — |
| | — |
| | (8,344 | ) | | — |
| | — |
| | — |
| | (8,344 | ) |
Repurchase and retirement of common stock | (967 | ) | | (9 | ) | | — |
| | (17,959 | ) | | — |
| | — |
| | (17,968 | ) |
Stock-based compensation | — |
| | — |
| | 5,300 |
| | — |
| | — |
| | — |
| | 5,300 |
|
Common stock issued under stock plans (1) | 384 |
| | 4 |
| | 2,672 |
| | — |
| | — |
| | — |
| | 2,676 |
|
Change in the redemption value of redeemable interests | — |
| | — |
| | (7 | ) | | — |
| | — |
| | — |
| | (7 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (1,133 | ) | | (1,133 | ) |
Contributions from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | 251 |
| | 251 |
|
Balance, September 30, 2018 | 91,854 |
| | $ | 919 |
| | $ | 1,108,636 |
| | $ | (915,925 | ) | | $ | (143,276 | ) | | $ | 9,788 |
| | $ | 60,142 |
|
| | | | | | | | | | | | | |
Balance, December 31, 2017 | 91,913 |
| | $ | 919 |
| | $ | 1,081,813 |
| | $ | (913,191 | ) | | $ | (99,199 | ) | | $ | 10,889 |
| | $ | 81,231 |
|
Net income | — |
| | — |
| | — |
| | 96,191 |
| | — |
| | 1,251 |
| | 97,442 |
|
Other comprehensive (loss) income, net of tax | — |
| | — |
| | — |
| | — |
| | (44,077 | ) | | 582 |
| | (43,495 | ) |
Cash dividends declared, $0.27 per common share | — |
| | — |
| | (25,078 | ) | | — |
| | — |
| | — |
| | (25,078 | ) |
Repurchase and retirement of common stock | (4,371 | ) | | (43 | ) | | — |
| | (98,925 | ) | | — |
| | — |
| | (98,968 | ) |
Stock-based compensation | — |
| | | | 16,478 |
| | — |
| | — |
| | — |
| | 16,478 |
|
Common stock issued under stock plans (1) | 4,312 |
| | 43 |
| | 35,752 |
| | — |
| | — |
| | — |
| | 35,795 |
|
Change in the redemption value of redeemable interests | — |
| | — |
| | (329 | ) | | — |
| | — |
| | — |
| | (329 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | (4,505 | ) | | (4,505 | ) |
Contributions from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | 1,571 |
| | 1,571 |
|
Balance, September 30, 2018 | 91,854 |
| | $ | 919 |
| | $ | 1,108,636 |
| | $ | (915,925 | ) | | $ | (143,276 | ) | | $ | 9,788 |
| | $ | 60,142 |
|
________________
The accompanying notes are an integral part of these consolidated financial statements.
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
|
| | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 29, 2019 | | SEPTEMBER 30, 2018 |
Cash flows provided by operating activities: | | | |
Net income | $ | 104,831 |
| | $ | 97,113 |
|
Adjustments to reconcile Net income to cash provided by operating activities: | |
| | |
|
Depreciation and amortization | 147,196 |
| | 151,473 |
|
Amortization of deferred discounts and issuance costs | 1,891 |
| | 1,930 |
|
Amortization of deferred gift card sales commissions | 18,927 |
| | 20,151 |
|
Provision for impaired assets and restaurant closings | 6,917 |
| | 15,590 |
|
Non-cash operating lease costs | 54,815 |
| | — |
|
Stock-based and other non-cash compensation expense | 18,752 |
| | 19,692 |
|
Deferred income tax benefit | (1,982 | ) | | (1,318 | ) |
Loss on sale of a business or subsidiary | 206 |
| | — |
|
Recognition of deferred gain on sale-leaseback transactions | — |
| | (9,237 | ) |
Gain on disposal of property, fixtures and equipment | (3,217 | ) | | (814 | ) |
Other, net | (6,818 | ) | | 2,991 |
|
Change in assets and liabilities | (160,592 | ) | | (142,375 | ) |
Net cash provided by operating activities | 180,926 |
| | 155,196 |
|
Cash flows used in investing activities: | |
| | |
|
Proceeds from disposal of property, fixtures and equipment | 16,418 |
| | 10,453 |
|
Proceeds from sale-leaseback transactions, net | 3,052 |
| | 11,332 |
|
Capital expenditures | (117,478 | ) | | (146,288 | ) |
Other investments, net | 4,298 |
| | 200 |
|
Net cash used in investing activities | $ | (93,710 | ) | | $ | (124,303 | ) |
| | | |
| (CONTINUED...) | |
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
|
| | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 29, 2019 | | SEPTEMBER 30, 2018 |
Cash flows used in financing activities: | | | |
Proceeds from issuance of long-term debt, net | $ | — |
| | $ | 1,637 |
|
Repayments of long-term debt | (20,646 | ) | | (20,164 | ) |
Proceeds from borrowings on revolving credit facilities, net | 533,300 |
| | 378,529 |
|
Repayments of borrowings on revolving credit facilities | (469,000 | ) | | (329,700 | ) |
Proceeds from the exercise of share-based compensation, net | 1,266 |
| | 35,795 |
|
Distributions to noncontrolling interests | (5,228 | ) | | (4,505 | ) |
Contributions from noncontrolling interests | 866 |
| | 1,571 |
|
Purchase of limited partnership and noncontrolling interests | (41 | ) | | (1,619 | ) |
Repayments of partner deposits and accrued partner obligations | (12,928 | ) | | (14,458 | ) |
Repurchase of common stock | (106,992 | ) | | (98,968 | ) |
Cash dividends paid on common stock | (27,041 | ) | | (25,078 | ) |
Net cash used in financing activities | (106,444 | ) | | (76,960 | ) |
Effect of exchange rate changes on cash and cash equivalents | (1,187 | ) | | (4,861 | ) |
Net decrease in cash, cash equivalents and restricted cash | (20,415 | ) | | (50,928 | ) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 71,823 |
| | 129,543 |
|
Cash, cash equivalents and restricted cash as of the end of the period | $ | 51,408 |
| | $ | 78,615 |
|
Supplemental disclosures of cash flow information: | |
| | |
|
Cash paid for interest | $ | 35,855 |
| | $ | 31,376 |
|
Cash paid for income taxes, net of refunds | 20,025 |
| | 9,696 |
|
Supplemental disclosures of non-cash investing and financing activities: | |
| | |
|
Leased assets obtained in exchange for new operating lease liabilities | $ | 43,101 |
| | $ | — |
|
Leased assets obtained in exchange for new finance lease liabilities | 200 |
| | — |
|
Increase in liabilities from the acquisition of property, fixtures and equipment or capital leases | 2,655 |
| | 5,075 |
|
The accompanying notes are an integral part of these consolidated financial statements.
BLOOMIN’ BRANDS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Description of the Business and Basis of Presentation
Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.
Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 30, 2018.
Recently Adopted Financial Accounting Standards - On December 31, 2018, the Company adopted 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 Transition to Topic 842 (“ASU No. 2018-01”), and ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“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. |
BLOOMIN’ BRANDS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
Other restaurant operating expense increased during the thirteen and thirty-nine weeks ended September 29, 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 the thirteen and thirty-nine weeks ended September 30, 2018, the Company recognized $3.1 million and $9.2 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 |
|