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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

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13188544&doc=11
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.
 
 
 
 
 


Table of Contents
BLOOMIN’ BRANDS, INC.



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.
 
 
 
 

2

Table of Contents
BLOOMIN’ BRANDS, INC.


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.

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Table of Contents
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.

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Table of Contents
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...)
 

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Table of Contents
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

________________
(1)
Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents
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...)
 

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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.


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Table of Contents
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.



9

Table of Contents
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
 
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. ASU No. 2016-13 and its related amendments (“the new credit loss standard”) is effective for the Company in the first quarter of 2020, with early adoption permitted. The Company is developing measurement processes and related controls to ensure compliance with the new credit loss standard. The allowance for credit losses is expected to increase under the CECL model, however, evaluation of the impact of adopting the new credit loss standard on the Company’s Consolidated Financial Statements is still ongoing.

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. ASU No. 2018-15 is effective for the Company in the first quarter of 2020, and early adoption is permitted. The Company expects its evaluation of ASU No. 2018-15 to be completed during the fourth quarter of 2019. At this time, the adoption of ASU No. 2018-15 is not expected to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.

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.


10

Table of Contents
BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

2.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
 
THIRTEEN WEEKS ENDED
 
THIRTY-NINE WEEKS ENDED
(dollars in thousands)
SEPTEMBER 29, 2019
 
SEPTEMBER 30, 2018
 
SEPTEMBER 29, 2019
 
SEPTEMBER 30, 2018
Revenues
 
 
 
 
 
 
 
Restaurant sales
$
951,816

 
$
949,400

 
$
3,069,145

 
$