0001546417-19-000094 | 10-Q | XBRL Viewer

97,442

96,191

1,251

(43,495)

(44,077)

582

Repurchase and retirement of common stock (in shares)

(25,078)

(4,371,000)

Repurchase and retirement of common stock

(98,968)

$ (43)

(98,925)

16,478

^[1]

4,312,000

Change in redemption value of redeemable interests

^[1]

35,795

$ 43

35,752

(329)

(4,505)

Balance (in shares) at Sep. 30, 2018

1,571

91,854,000

Balance at Sep. 30, 2018

60,142

$ 919

1,108,636

(915,925)

(143,276)

9,788

Balance (in shares) at Jul. 01, 2018

92,437,000

Balance at Jul. 01, 2018

91,470

$ 924

1,109,015

(902,038)

(126,672)

10,241

Increase (Decrease) in Stockholders' Equity [Roll Forward]

4,260

4,072

188

(16,363)

(16,604)

241

Repurchase and retirement of common stock (in shares)

(8,344)

(967,000)

Repurchase and retirement of common stock

(17,968)

$ (9)

(17,959)

5,300

^[1]

384,000

Change in redemption value of redeemable interests

^[1]

2,676

$ 4

2,672

(7)

(1,133)

Balance (in shares) at Sep. 30, 2018

251

91,854,000

Balance at Sep. 30, 2018

$ 60,142

$ 919

1,108,636

(915,925)

(143,276)

9,788

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]

104,831

102,569

2,262

(25,932)

(26,154)

222

Repurchase and retirement of common stock (in shares)

(27,041)

(5,469,000)

Repurchase and retirement of common stock

(106,992)

$ (55)

(106,937)

13,743

^[1]

1,053,000

Purchase of noncontrolling interest

^[1]

1,266

$ 11

1,255

(41)

(157)

(5,228)

Balance (in shares) at Sep. 29, 2019

$ 866

866

86,856,165

86,856,000

Balance at Sep. 29, 2019

$ 151,574

$ 869

1,095,382

(783,093)

(168,875)

7,291

Balance (in shares) at Jun. 30, 2019

86,827,000

Balance at Jun. 30, 2019

158,593

$ 868

1,099,598

(792,341)

(157,346)

7,814

Increase (Decrease) in Stockholders' Equity [Roll Forward]

9,373

9,248

125

(11,357)

(11,529)

172

(8,674)

4,613

^[1]

29,000

^[1]

(154)

$ 1

(155)

(1,221)

Balance (in shares) at Sep. 29, 2019

$ 401

401

86,856,165

86,856,000

Balance at Sep. 29, 2019

$ 151,574

$ 869

$ 1,095,382

$ (783,093)

$ (168,875)

$ 7,291

[1]	Net of forfeitures and shares withheld for employee taxes.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.1	$ 0.09	$ 0.3	$ 0.27

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2019	Sep. 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	0
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	0
Recognition of deferred gain on sale-leaseback transactions	0	(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)
Cash flows used in financing activities:
Proceeds from issuance of long-term debt, net	0	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	0
Leased assets obtained in exchange for new finance lease liabilities	200	0
Increase in liabilities from the acquisition of property, fixtures and equipment or capital leases	$ 2,655	$ 5,075

Description of the Business and Basis of Presentation

9 Months Ended

Sep. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

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.

Revenue Recognition

9 Months Ended

Sep. 29, 2019

Revenue Recognition [Abstract]

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	$	3,063,887
Franchise and other revenues
Franchise revenue	$	12,426	$	12,534	$	38,980	$	39,883
Other revenue	2,902		3,087		9,080		9,530
Total Franchise and other revenues	$	15,328	$	15,621	$	48,060	$	49,413
Total revenues	$	967,144	$	965,021	$	3,117,205	$	3,113,300

The following tables include the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated:



	THIRTEEN WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	499,903	$	9,143	$	498,390	$	9,583
Carrabba’s Italian Grill (1)	137,912		592		148,513		154
Bonefish Grill	132,267		186		135,691		218
Fleming’s Prime Steakhouse & Wine Bar	64,542		—		64,652		—
Other	1,129		—		1,591		—
U.S. Total	$	835,753	$	9,921	$	848,837	$	9,955
International
Outback Steakhouse Brazil	$	94,430	$	—	$	81,193	$	—
Other	21,633		2,505		19,370		2,579
International Total	$	116,063	$	2,505	$	100,563	$	2,579
Total	$	951,816	$	12,426	$	949,400	$	12,534

________________

(1)In March 2019, the Company sold 18 Carrabba’s Italian Grill locations, which are now operated as franchises.



	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,613,723	$	29,330	$	1,591,588	$	30,814
Carrabba’s Italian Grill (1)	461,387		1,389		485,894		458
Bonefish Grill	436,766		596		441,594		691
Fleming’s Prime Steakhouse & Wine Bar	221,965		—		218,954		—
Other	3,341		—		4,088		—
U.S. Total	$	2,737,182	$	31,315	$	2,742,118	$	31,963
International
Outback Steakhouse Brazil	$	267,980	$	—	$	264,125	$	—
Other	63,983		7,665		57,644		7,920
International Total	$	331,963	$	7,665	$	321,769	$	7,920
Total	$	3,069,145	$	38,980	$	3,063,887	$	39,883

________________

(1)In March 2019, the Company sold 18 Carrabba’s Italian Grill locations, which are now operated as franchises.

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)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Other current assets, net
Deferred gift card sales commissions	$	9,111	$	16,431

Unearned revenue
Deferred gift card revenue	$	207,059	$	333,794
Deferred loyalty revenue	9,670		8,424
Deferred franchise fees - current	482		490
Total Unearned revenue	$	217,211	$	342,708

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,657	$	4,531

The following table is a rollforward of deferred gift card sales commissions 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
Balance, beginning of period	$	10,488		$	9,175		$	16,431		$	16,231
Deferred gift card sales commissions amortization	(4,838		)	(4,932		)	(18,927		)	(20,151		)
Deferred gift card sales commissions capitalization	3,886			4,029			13,118			13,287
Other	(425		)	(362		)	(1,511		)	(1,457		)
Balance, end of period	$	9,111		$	7,910		$	9,111		$	7,910

The following table is a rollforward of unearned gift card revenue 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
Balance, beginning of period	$	227,372		$	213,286		$	333,794		$	323,628
Gift card sales	52,059			54,477			183,189			189,599
Gift card redemptions	(68,880		)	(71,146		)	(295,281		)	(304,198		)
Gift card breakage	(3,492		)	(3,334		)	(14,643		)	(15,746		)
Balance, end of period	$	207,059		$	193,283		$	207,059		$	193,283

Disposals	9 Months Ended
Disposals	Sep. 29, 2019
Disposals [Abstract]
Disposals	Disposals Refranchising - During the thirteen weeks ended March 31, 2019, the Company completed the sale of 18 of its existing U.S. Company-owned Carrabba’s Italian Grill locations to an existing franchisee (the “Buyer”) for cash proceeds of $3.6 million, net of certain purchase price adjustments. The Company remains contingently liable on certain real estate lease agreements assigned to the Buyer. See Note 16 - Commitments and Contingencies for additional details regarding lease guarantees. Surplus Property Disposals - During the thirteen weeks ended September 29, 2019, the Company completed the sale of five of its U.S. surplus properties 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 (Loss) Income.

Impairment and Exit Costs

9 Months Ended

Sep. 29, 2019

Impairments and Disposals [Abstract]

Impairments and Exit Costs

The components of Provision for impaired assets and restaurant closings are as follows 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
Impairment losses
U.S.	$	1,548		$	1,330		$	5,177		$	1,725
International	—			—			1,785			6,597
Total impairment losses	$	1,548		$	1,330		$	6,962		$	8,322
Restaurant closure expenses
U.S.	$	(196	)	$	2,650		$	(101	)	$	3,672
International	39			(18		)	56			3,596
Total restaurant closure expenses	$	(157	)	$	2,632		$	(45	)	$	7,268
Provision for impaired assets and restaurant closings	$	1,391		$	3,962		$	6,917		$	15,590

International Restructuring - During the thirty-nine weeks ended September 29, 2019 and September 30, 2018, the Company recognized asset impairment and closure charges of $1.8 million and $9.1 million, respectively, related to the restructuring of certain international markets, including Puerto Rico and China.

The remaining impairment and closing charges for the periods presented resulted primarily from approved store closure initiatives, locations identified for remodel, relocation or closure and certain other assets.

Accrued Facility Closure and Other Costs Rollforward - The following table summarizes the Company’s accrual activity related to facility closure and other costs, associated with certain closure initiatives, for the period indicated:



	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019
Balance, beginning of the period	$	18,094
Additions (1)	1,288
Cash payments	(4,577		)
Accretion	965
Adjustments	(556		)
Balance, end of the period (2)	$	15,214

________________


(1)	Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02.


(2)	As of September 29, 2019, the Company had exit-related accruals related to certain closure initiatives of $3.1 million recorded in Accrued and other current liabilities and $12.1 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Annual Goodwill and Intangible Asset Impairment Assessment - The Company performed its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during the second fiscal quarters of 2019 and 2018. The Company’s 2019 assessment utilized a qualitative assessment and its 2018 assessment utilized a quantitative approach. In connection with these assessments, the Company did not record any impairment charges.

Earnings Per Share

9 Months Ended

Sep. 29, 2019

Earnings Per Share [Abstract]

Earnings Per Share

The following table presents the computation of basic and diluted earnings per share for the periods indicated:



	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except per share data)	SEPTEMBER 29, 2019		SEPTEMBER 30, 2018		SEPTEMBER 29, 2019		SEPTEMBER 30, 2018
Net income attributable to Bloomin’ Brands	$	9,248	$	4,072	$	102,569	$	96,191

Basic weighted average common shares outstanding	86,843		92,202		89,484		92,197

Effect of diluted securities:
Stock options	272		799		541		1,870
Nonvested restricted stock units	190		323		249		409
Nonvested performance-based share units	—		—		32		13
Diluted weighted average common shares outstanding	87,305		93,324		90,306		94,489

Basic earnings per share	$	0.11	$	0.04	$	1.15	$	1.04
Diluted earnings per share	$	0.11	$	0.04	$	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:



	THIRTEEN WEEKS ENDED		THIRTY-NINE WEEKS ENDED
(shares in thousands)	SEPTEMBER 29, 2019	SEPTEMBER 30, 2018	SEPTEMBER 29, 2019	SEPTEMBER 30, 2018
Stock options	5,408	3,802	4,336	2,628
Nonvested restricted stock units	209	259	210	129
Nonvested performance-based share units	337	214	309	191

Stock-based Compensation Plans

9 Months Ended

Sep. 29, 2019

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows 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
Stock options	$	1,316	$	1,533	$	3,888	$	5,059
Restricted stock units	2,389		2,323		6,548		7,110
Performance-based share units	848		1,309		3,105		3,779
	$	4,553	$	5,165	$	13,541	$	15,948

During the thirty-nine weeks ended September 29, 2019, the Company made grants of 1.2 million stock options, 0.6 million time-based restricted stock units and 0.2 million performance-based share units.

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:



	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2019			SEPTEMBER 30, 2018
Assumptions:
Weighted-average risk-free interest rate (1)	2.34		%	2.66		%
Dividend yield (2)	1.94		%	1.50		%
Expected term (3)	4.8 years			5.8 years
Weighted-average volatility (4)	31.05		%	32.76		%

Weighted-average grant date fair value per option	$	5.07		$	7.23

________________


(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.

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.

The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 29, 2019:



	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options	$	9,115	2.1
Restricted stock units	$	16,848	2.2
Performance-based share units	$	7,003	1.4

Other Current Assets, Net

9 Months Ended

Sep. 29, 2019

Other Current Assets, Net [Abstract]

Other Current Assets, Net

Other current assets, net, consisted of the following as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Prepaid expenses	$	23,446	$	38,117
Accounts receivable - gift cards, net	9,577		91,242
Accounts receivable - vendors, net	12,891		10,029
Accounts receivable - franchisees, net	2,327		1,303
Accounts receivable - other, net	20,063		19,688
Deferred gift card sales commissions	9,111		16,431
Assets held for sale	6,400		5,143
Other current assets, net	2,982		8,895
	$	86,797	$	190,848

Accrued and Other Current Liabilities

9 Months Ended

Sep. 29, 2019

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Accrued rent and current operating lease liabilities	$	173,146	$	2,850
Accrued payroll and other compensation	95,366		101,249
Accrued insurance	22,189		22,055
Other current liabilities	96,316		120,499
	$	387,017	$	246,653

Long-term Debt, Net

9 Months Ended

Sep. 29, 2019

Debt Disclosure [Abstract]

Long-term Debt, Net

Following is a summary of outstanding long-term debt, as of the periods indicated:



	SEPTEMBER 29, 2019					DECEMBER 30, 2018
(dollars in thousands)	OUTSTANDING BALANCE			INTEREST RATE		OUTSTANDING BALANCE			INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	456,250		3.80	%	$	475,000		4.14	%
Revolving credit facility (1)	663,800			3.79	%	599,500			4.17	%
Total Senior Secured Credit Facility	$	1,120,050				$	1,074,500
Finance lease liabilities	2,702					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	(2,863		)			(3,502		)
Total debt, net	$	1,119,939				$	1,094,775
Less: current portion of long-term debt	(26,548		)			(27,190		)
Long-term debt, net	$	1,093,391				$	1,067,585

________________


(1)	Interest rate represents the weighted-average interest rate for the respective periods.

Debt Covenants - As of September 29, 2019 and December 30, 2018, the Company was in compliance with its debt covenants.

Other Long-term Liabilities, Net

9 Months Ended

Sep. 29, 2019

Other Liabilities Disclosure [Abstract]

Other Long-term Liabilities, Net

Other long-term liabilities, net, consisted of the following, as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Accrued insurance liability	$	34,028	$	33,771
Unfavorable leases (1)	—		32,120
Chef and Restaurant Managing Partner deferred compensation obligations and deposits	51,604		64,766
Other long-term liabilities	58,806		60,876
	$	144,438	$	191,533

_______________

(1)

Net of accumulated amortization of $36.2 million as of December 30, 2018.

Stockholders' Equity

9 Months Ended

Sep. 29, 2019

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases - On February 12, 2019, the Company’s Board of Directors (the “Board”) canceled the remaining $36.0 million of authorization under the 2018 Share Repurchase Program and approved a new $150.0 million authorization (the “2019 Share Repurchase Program”). The 2019 Share Repurchase Program will expire on August 12, 2020. As of September 29, 2019, $43.0 million remained available for repurchase under the 2019 Share Repurchase Program. Following is a summary of the shares repurchased under the Company’s share repurchase program during fiscal year 2019:



(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT
Second fiscal quarter	5,469	$	19.56	$	106,992

Dividends - The Company declared and paid dividends per share during fiscal year 2019 as follows:



(in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.10	$	9,140
Second fiscal quarter	0.10		9,227
Third fiscal quarter	0.10		8,674
Total cash dividends declared and paid	$	0.30	$	27,041

In October 2019, the Board declared a quarterly cash dividend of $0.10 per share, payable on November 27, 2019, to shareholders of record at the close of business on November 18, 2019.

Accumulated Other Comprehensive Loss (“AOCL”) - Following are the components of AOCL as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019			DECEMBER 30, 2018
Foreign currency translation adjustment	$	(148,191	)	$	(135,149	)
Unrealized loss on derivatives, net of tax	(20,684		)	(7,606		)
Accumulated other comprehensive loss	$	(168,875	)	$	(142,755	)

Following are the components of Other comprehensive loss attributable to Bloomin’ Brands 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
Foreign currency translation adjustment	$	(10,305	)	$	(16,591	)	$	(13,042	)	$	(45,626	)

Unrealized (loss) gain on derivatives, net of tax (1)	$	(2,036	)	$	38		$	(13,656	)	$	1,221
Reclassification of adjustments for loss (gain) on derivatives included in Net income, net of tax (2)	812			(51		)	578			328
Total unrealized (loss) gain on derivatives, net of tax	$	(1,224	)	$	(13	)	$	(13,078	)	$	1,549
Other comprehensive loss attributable to Bloomin’ Brands	$	(11,529	)	$	(16,604	)	$	(26,120	)	$	(44,077	)

________________


(1)	Unrealized (loss) gain on derivatives is net of tax of $(0.7) million for the thirteen weeks ended September 29, 2019 and $(4.7) million and $0.4 million for the thirty-nine weeks ended September 29, 2019 and September 30, 2018, respectively.

(2)

Reclassifications of adjustments for loss (gain) on derivatives are net of tax. See Note 12 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk - 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 swap agreements have an aggregate notional amount of $550.0 million and mature on November 30, 2022. Under the terms of the swap agreements, the Company pays a weighted-average fixed rate of 3.04% on the notional amount and receives payments from the counterparty 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 $7.7 million will be reclassified to interest expense over the next 12 months. The following table presents the fair value and classification of the Company’s swap agreements, as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)	$	—	$	765	Other current assets, net

Interest rate swaps - liability	$	6,860	$	1,393	Accrued and other current liabilities
Interest rate swaps - liability	21,116		9,723		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	27,976	$	11,116

____________________


(1)	See Note 14 - 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:



	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019			SEPTEMBER 30, 2018			SEPTEMBER 29, 2019			SEPTEMBER 30, 2018
Interest rate swap (expense) benefit recognized in Interest expense, net	$	(1,095	)	$	68		$	(779	)	$	(442	)
Income tax benefit (expense) recognized in (Benefit) provision for income taxes	283			(17		)	201			114
Total effects of the interest rate swaps on Net income	$	(812	)	$	51		$	(578	)	$	(328	)

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 September 29, 2019, 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 September 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 $28.6 million and $10.5 million, respectively. As of September 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 September 29, 2019 and December 30, 2018, it could have been required to settle its obligations under the agreements at their termination value of $28.6 million and $10.5 million, respectively.

Leases

9 Months Ended

Sep. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Leases

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 expiring between one and 20 years. Restaurant facility leases generally have renewal periods totaling five to 20 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 (Loss) Income and future variable rent obligations are not included within the lease liabilities on its 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 (Loss) Income.

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	SEPTEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,262,449
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	2,419
Total lease assets, net		$	1,264,868

Current operating lease liabilities (2)	Accrued and other current liabilities	$	170,849
Current finance lease liabilities	Current portion of long-term debt	1,498
Non-current operating lease liabilities	Non-current operating lease liabilities	1,273,904
Non-current finance lease liabilities	Long-term debt, net	1,204
Total lease liabilities		$	1,447,455

________________


(1)	Net of accumulated amortization of $1.0 million.


(2)	Excludes accrued contingent percentage rent.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:



	CONSOLIDATED INCOME STATEMENT CLASSIFICATION	THIRTEEN WEEKS ENDED			THIRTY-NINE WEEKS ENDED
(dollars in thousands)	CONSOLIDATED INCOME STATEMENT CLASSIFICATION	SEPTEMBER 29, 2019			SEPTEMBER 29, 2019
Operating leases (1)	Other restaurant operating	$	45,948		$	136,260
Variable lease cost	Other restaurant operating	933			2,498
Finance leases
Amortization of leased assets	Depreciation and amortization	365			1,049
Interest on lease liabilities	Interest expense, net	64			209
Sublease revenue (2)	Franchise and other revenues	(1,747		)	(4,853		)
Lease costs, net (3)		$	45,563		$	135,163

________________


(1)	Excludes rent expense for office facilities and Company-owned closed or subleased properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $3.8 million and $11.0 million, respectively, which is included in General and administrative expense and certain supply chain related rent expense of $0.3 million and $0.9 million, respectively, which is included in Cost of sales.


(2)	Excludes rental income from Company-owned properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $0.4 million and $1.8 million, respectively.


(3)	During the thirteen and thirty-nine weeks ended September 30, 2018, the Company recorded rent expense of $45.8 million and $138.8 million, respectively, including variable rent expense of $1.1 million and $3.4 million, respectively, and sublease revenue of $1.6 million and $4.7 million, respectively.

As of September 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
Year 1 (1)	$	178,221		$	1,558		$	(6,126	)
Year 2	191,533			1,051			(6,239		)
Year 3	186,926			331			(6,039		)
Year 4	183,602			4			(5,980		)
Year 5	177,890			4			(5,871		)
Thereafter	1,729,022			2			(64,988		)
Total minimum lease payments (receipts) (2)	$	2,647,194		$	2,950		$	(95,243	)
Less: Interest	(1,202,441		)	(248		)
Present value of future lease payments	$	1,444,753		$	2,702

____________________


(1)	Net of operating lease prepaid rent of $14.7 million.


(2)	Includes $1.0 billion related to options to extend operating lease terms and excludes $116.3 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:



	SEPTEMBER 29, 2019
Weighted-average remaining lease term (1):
Operating leases	14.6 years
Finance leases	2.1 years
Weighted-average discount rate (2):
Operating leases	8.56	%
Finance leases	9.07	%

____________________


(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:



	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	143,630

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)	SEPTEMBER 29, 2019
Land	$	10,585

Buildings and building improvements	$	12,823
Less: accumulated depreciation	(6,239		)
Buildings and building improvements, net	$	6,584

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	SEPTEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,262,449
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	2,419
Total lease assets, net		$	1,264,868

Current operating lease liabilities (2)	Accrued and other current liabilities	$	170,849
Current finance lease liabilities	Current portion of long-term debt	1,498
Non-current operating lease liabilities	Non-current operating lease liabilities	1,273,904
Non-current finance lease liabilities	Long-term debt, net	1,204
Total lease liabilities		$	1,447,455

________________


(1)	Net of accumulated amortization of $1.0 million.


(2)	Excludes accrued contingent percentage rent.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:



	CONSOLIDATED INCOME STATEMENT CLASSIFICATION	THIRTEEN WEEKS ENDED			THIRTY-NINE WEEKS ENDED
(dollars in thousands)	CONSOLIDATED INCOME STATEMENT CLASSIFICATION	SEPTEMBER 29, 2019			SEPTEMBER 29, 2019
Operating leases (1)	Other restaurant operating	$	45,948		$	136,260
Variable lease cost	Other restaurant operating	933			2,498
Finance leases
Amortization of leased assets	Depreciation and amortization	365			1,049
Interest on lease liabilities	Interest expense, net	64			209
Sublease revenue (2)	Franchise and other revenues	(1,747		)	(4,853		)
Lease costs, net (3)		$	45,563		$	135,163

________________


(1)	Excludes rent expense for office facilities and Company-owned closed or subleased properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $3.8 million and $11.0 million, respectively, which is included in General and administrative expense and certain supply chain related rent expense of $0.3 million and $0.9 million, respectively, which is included in Cost of sales.


(2)	Excludes rental income from Company-owned properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $0.4 million and $1.8 million, respectively.


(3)	During the thirteen and thirty-nine weeks ended September 30, 2018, the Company recorded rent expense of $45.8 million and $138.8 million, respectively, including variable rent expense of $1.1 million and $3.4 million, respectively, and sublease revenue of $1.6 million and $4.7 million, respectively.

As of September 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
Year 1 (1)	$	178,221		$	1,558		$	(6,126	)
Year 2	191,533			1,051			(6,239		)
Year 3	186,926			331			(6,039		)
Year 4	183,602			4			(5,980		)
Year 5	177,890			4			(5,871		)
Thereafter	1,729,022			2			(64,988		)
Total minimum lease payments (receipts) (2)	$	2,647,194		$	2,950		$	(95,243	)
Less: Interest	(1,202,441		)	(248		)
Present value of future lease payments	$	1,444,753		$	2,702

____________________


(1)	Net of operating lease prepaid rent of $14.7 million.


(2)	Includes $1.0 billion related to options to extend operating lease terms and excludes $116.3 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:



	SEPTEMBER 29, 2019
Weighted-average remaining lease term (1):
Operating leases	14.6 years
Finance leases	2.1 years
Weighted-average discount rate (2):
Operating leases	8.56	%
Finance leases	9.07	%

____________________


(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:



	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	143,630



(dollars in thousands)	SEPTEMBER 29, 2019
Land	$	10,585

Buildings and building improvements	$	12,823
Less: accumulated depreciation	(6,239		)
Buildings and building improvements, net	$	6,584

Fair Value Measurements

9 Months Ended

Sep. 29, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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:



	SEPTEMBER 29, 2019						DECEMBER 30, 2018
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	1,521	$	1,521	$	—	$	627	$	627	$	—
Money market funds	8,617		8,617		—		17,827		17,827		—
Other current assets, net:
Derivative instruments - interest rate swaps	—		—		—		765		—		765
Total asset recurring fair value measurements	$	10,138	$	10,138	$	—	$	19,219	$	18,454	$	765

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	6,860	$	—	$	6,860	$	1,393	$	—	$	1,393
Other long-term liabilities:
Derivative instruments - interest rate swaps	21,116		—		21,116		9,723		—		9,723
Total liability recurring fair value measurements	$	27,976	$	—	$	27,976	$	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 September 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. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated:



	THIRTEEN WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	CARRYING VALUE		TOTAL IMPAIRMENT		CARRYING VALUE (1)		TOTAL IMPAIRMENT
Assets held for sale (1)	$	900	$	100	$	2,030	$	61
Operating lease right-of-use assets (2)	293		622		—		—
Property, fixtures and equipment (2)	395		826		1,995		1,269
	$	1,588	$	1,548	$	4,025	$	1,330

	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	CARRYING VALUE		TOTAL IMPAIRMENT		CARRYING VALUE (1)		TOTAL IMPAIRMENT
Assets held for sale (1)	$	2,049	$	315	$	2,080	$	111
Operating lease right-of-use assets (2)	2,649		2,988		—		—
Property, fixtures and equipment (2)	1,351		3,659		3,375		8,211
	$	6,049	$	6,962	$	5,455	$	8,322

____________________


(1)	Carrying value after impairment approximates fair value with all assets measured using third-party market appraisals or executed sales contracts (Level 2).

(2)

Carrying value after impairment approximates fair value. Carrying values for Operating lease right-of-use assets and Property, fixtures and equipment measured using Level 3 inputs to estimate fair value totaled $0.3 million and $0.4 million, respectively, during the thirteen weeks ended September 29, 2019 and $2.4 million and $1.3 million, respectively, during the thirty-nine weeks ended September 29, 2019. Level 2 inputs were used to estimate the fair value for all other assets measured in the periods presented. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.

Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments 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:



	SEPTEMBER 29, 2019				DECEMBER 30, 2018
	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE		FAIR VALUE LEVEL 2
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE		FAIR VALUE LEVEL 2
Senior Secured Credit Facility:
Term loan A	$	456,250	$	456,250	$	475,000	$	464,906
Revolving credit facility	$	663,800	$	663,800	$	599,500	$	590,508

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

9 Months Ended

Sep. 29, 2019

Income Tax Disclosure [Abstract]

Income Taxes



	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019			SEPTEMBER 30, 2018			SEPTEMBER 29, 2019			SEPTEMBER 30, 2018
(Benefit) provision for income taxes	$	(660	)	$	(3,317	)	$	6,051		$	(6,516	)
Effective income tax rate	(7.6		)%	(NM)			5.5		%	(7.2		)%

________________

NM Not meaningful.

The decrease in the benefit for income taxes for the thirteen weeks ended September 29, 2019 as compared to the thirteen weeks ended September 30, 2018 was primarily due to favorable discrete items recorded in the thirteen weeks ended September 30, 2018 and an increase in pre-tax book income in 2019 relative to 2018.

The effective income tax rate for the thirty-nine weeks ended September 29, 2019 increased by 12.7 percentage points as compared to the thirty-nine weeks ended September 30, 2018. The increase was primarily due to favorable discrete items recorded in the thirty-nine weeks ended September 30, 2018, which included excess tax benefits from equity-based compensation arrangements.

The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for the thirteen weeks ended September 29, 2019 was lower than the statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips and changes to the estimate of the forecasted full-year 2019 effective tax rate relative to prior quarters. The effective income tax rate for the thirty-nine weeks ended September 29, 2019 was lower than the statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 29, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - The Company had $2.7 million and $2.8 million of liabilities recorded for various legal matters as of September 29, 2019 and December 30, 2018, respectively. 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. 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 September 29, 2019, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $32.8 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 29, 2019 was approximately $24.6 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements govern its ability to pursue and recover damages incurred. The Company believes the financial strength and operating history of the lessees’ significantly reduces the risk that it will be required to make payments under these leases. Accordingly, no liability has been recorded.

Segment Reporting

9 Months Ended

Sep. 29, 2019

Segment Reporting [Abstract]

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 (“CEO”), whom the Company has determined to be its Chief Operating Decision Maker (“CODM”). 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:



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
International	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 in the Company’s Annual Report on Form 10-K for the year ended December 30, 2018. 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 revenue by segment, 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
Total revenues
U.S.	$	848,444	$	861,493	$	2,777,170	$	2,782,555
International	118,700		103,528		340,035		330,745
Total revenues	$	967,144	$	965,021	$	3,117,205	$	3,113,300

The following table is a reconciliation of Segment income from operations to Income before (benefit) provision for income taxes, 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
Segment income from operations
U.S.	$	50,318		$	44,598		$	242,167		$	230,645
International	10,550			7,776			31,179			14,052
Total segment income from operations	60,868			52,374			273,346			244,697
Unallocated corporate operating expense	(38,910		)	(39,837		)	(125,434		)	(120,865		)
Total 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

The following table is a summary of Depreciation and amortization expense by segment 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
Depreciation and amortization
U.S.	$	36,670	$	39,796	$	114,372	$	119,063
International	7,201		6,420		20,406		19,866
Corporate	4,055		4,355		12,418		12,544
Total depreciation and amortization	$	47,926	$	50,571	$	147,196	$	151,473

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 operating lease right-of-use assets, goodwill, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
U.S.	$	1,032,857	$	1,107,679
International
Brazil	117,311		115,560
Other	15,036		13,663
Total assets	$	1,165,204	$	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:



	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019		SEPTEMBER 30, 2018		SEPTEMBER 29, 2019		SEPTEMBER 30, 2018
U.S.	$	848,444	$	861,493	$	2,777,170	$	2,782,555
International
Brazil	106,151		88,178		298,935		284,376
Other	12,549		15,350		41,100		46,369
Total revenue	$	967,144	$	965,021	$	3,117,205	$	3,113,300

Description of the Business and Basis of Presentation (Policies)

9 Months Ended

Sep. 29, 2019

Basis of Presentation

Recently Issued Financial Accounting Standards

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.



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.

Reclassifications

Description of the Business and Basis of Presentation (Tables)

9 Months Ended

Sep. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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)

9 Months Ended

Sep. 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 (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	$	3,063,887
Franchise and other revenues
Franchise revenue	$	12,426	$	12,534	$	38,980	$	39,883
Other revenue	2,902		3,087		9,080		9,530
Total Franchise and other revenues	$	15,328	$	15,621	$	48,060	$	49,413
Total revenues	$	967,144	$	965,021	$	3,117,205	$	3,113,300

Disaggregation of revenue

The following tables include the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated:



	THIRTEEN WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	499,903	$	9,143	$	498,390	$	9,583
Carrabba’s Italian Grill (1)	137,912		592		148,513		154
Bonefish Grill	132,267		186		135,691		218
Fleming’s Prime Steakhouse & Wine Bar	64,542		—		64,652		—
Other	1,129		—		1,591		—
U.S. Total	$	835,753	$	9,921	$	848,837	$	9,955
International
Outback Steakhouse Brazil	$	94,430	$	—	$	81,193	$	—
Other	21,633		2,505		19,370		2,579
International Total	$	116,063	$	2,505	$	100,563	$	2,579
Total	$	951,816	$	12,426	$	949,400	$	12,534

________________

(1)In March 2019, the Company sold 18 Carrabba’s Italian Grill locations, which are now operated as franchises.



	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,613,723	$	29,330	$	1,591,588	$	30,814
Carrabba’s Italian Grill (1)	461,387		1,389		485,894		458
Bonefish Grill	436,766		596		441,594		691
Fleming’s Prime Steakhouse & Wine Bar	221,965		—		218,954		—
Other	3,341		—		4,088		—
U.S. Total	$	2,737,182	$	31,315	$	2,742,118	$	31,963
International
Outback Steakhouse Brazil	$	267,980	$	—	$	264,125	$	—
Other	63,983		7,665		57,644		7,920
International Total	$	331,963	$	7,665	$	321,769	$	7,920
Total	$	3,069,145	$	38,980	$	3,063,887	$	39,883

________________

(1)In March 2019, the Company sold 18 Carrabba’s Italian Grill locations, which are now operated as franchises.

Contract with customers, 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)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Other current assets, net
Deferred gift card sales commissions	$	9,111	$	16,431

Unearned revenue
Deferred gift card revenue	$	207,059	$	333,794
Deferred loyalty revenue	9,670		8,424
Deferred franchise fees - current	482		490
Total Unearned revenue	$	217,211	$	342,708

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,657	$	4,531

Other current assets, net [Member]

Revenue Recognition [Line Items]

Contract with customers, asset and liability

The following table is a rollforward of deferred gift card sales commissions 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
Balance, beginning of period	$	10,488		$	9,175		$	16,431		$	16,231
Deferred gift card sales commissions amortization	(4,838		)	(4,932		)	(18,927		)	(20,151		)
Deferred gift card sales commissions capitalization	3,886			4,029			13,118			13,287
Other	(425		)	(362		)	(1,511		)	(1,457		)
Balance, end of period	$	9,111		$	7,910		$	9,111		$	7,910

Unearned revenue [Member]

Revenue Recognition [Line Items]

Contract with customers, asset and liability

The following table is a rollforward of unearned gift card revenue 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
Balance, beginning of period	$	227,372		$	213,286		$	333,794		$	323,628
Gift card sales	52,059			54,477			183,189			189,599
Gift card redemptions	(68,880		)	(71,146		)	(295,281		)	(304,198		)
Gift card breakage	(3,492		)	(3,334		)	(14,643		)	(15,746		)
Balance, end of period	$	207,059		$	193,283		$	207,059		$	193,283

Impairments and Exit Costs (Tables)

9 Months Ended

Sep. 29, 2019

Impairments and Disposals [Abstract]

Provision for impaired assets and restaurant closings

The components of Provision for impaired assets and restaurant closings are as follows 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
Impairment losses
U.S.	$	1,548		$	1,330		$	5,177		$	1,725
International	—			—			1,785			6,597
Total impairment losses	$	1,548		$	1,330		$	6,962		$	8,322
Restaurant closure expenses
U.S.	$	(196	)	$	2,650		$	(101	)	$	3,672
International	39			(18		)	56			3,596
Total restaurant closure expenses	$	(157	)	$	2,632		$	(45	)	$	7,268
Provision for impaired assets and restaurant closings	$	1,391		$	3,962		$	6,917		$	15,590

Accrued facility closure and other costs rollforward

The following table summarizes the Company’s accrual activity related to facility closure and other costs, associated with certain closure initiatives, for the period indicated:



	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019
Balance, beginning of the period	$	18,094
Additions (1)	1,288
Cash payments	(4,577		)
Accretion	965
Adjustments	(556		)
Balance, end of the period (2)	$	15,214

________________


(1)	Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02.

(2)

As of September 29, 2019, the Company had exit-related accruals related to certain closure initiatives of $3.1 million recorded in Accrued and other current liabilities and $12.1 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Earnings Per Share (Tables)

9 Months Ended

Sep. 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:



	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except per share data)	SEPTEMBER 29, 2019		SEPTEMBER 30, 2018		SEPTEMBER 29, 2019		SEPTEMBER 30, 2018
Net income attributable to Bloomin’ Brands	$	9,248	$	4,072	$	102,569	$	96,191

Basic weighted average common shares outstanding	86,843		92,202		89,484		92,197

Effect of diluted securities:
Stock options	272		799		541		1,870
Nonvested restricted stock units	190		323		249		409
Nonvested performance-based share units	—		—		32		13
Diluted weighted average common shares outstanding	87,305		93,324		90,306		94,489

Basic earnings per share	$	0.11	$	0.04	$	1.15	$	1.04
Diluted earnings per share	$	0.11	$	0.04	$	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:



	THIRTEEN WEEKS ENDED		THIRTY-NINE WEEKS ENDED
(shares in thousands)	SEPTEMBER 29, 2019	SEPTEMBER 30, 2018	SEPTEMBER 29, 2019	SEPTEMBER 30, 2018
Stock options	5,408	3,802	4,336	2,628
Nonvested restricted stock units	209	259	210	129
Nonvested performance-based share units	337	214	309	191

Stock-based Compensation Plans (Tables)

9 Months Ended

Sep. 29, 2019

Share-based Payment Arrangement [Abstract]

Schedule of compensation cost for stock-based payment arrangements, allocation of share-based compensation costs by plan

The Company recognized stock-based compensation expense as follows 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
Stock options	$	1,316	$	1,533	$	3,888	$	5,059
Restricted stock units	2,389		2,323		6,548		7,110
Performance-based share units	848		1,309		3,105		3,779
	$	4,553	$	5,165	$	13,541	$	15,948

Schedule of stock-based payment award, stock options, valuation assumptions

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:



	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2019			SEPTEMBER 30, 2018
Assumptions:
Weighted-average risk-free interest rate (1)	2.34		%	2.66		%
Dividend yield (2)	1.94		%	1.50		%
Expected term (3)	4.8 years			5.8 years
Weighted-average volatility (4)	31.05		%	32.76		%

Weighted-average grant date fair value per option	$	5.07		$	7.23

________________


(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 unrecognized compensation cost, nonvested awards

The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 29, 2019:



	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options	$	9,115	2.1
Restricted stock units	$	16,848	2.2
Performance-based share units	$	7,003	1.4

Other Current Assets, Net (Tables)

9 Months Ended

Sep. 29, 2019

Other Current Assets, Net [Abstract]

Schedule of other current assets

Other current assets, net, consisted of the following as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Prepaid expenses	$	23,446	$	38,117
Accounts receivable - gift cards, net	9,577		91,242
Accounts receivable - vendors, net	12,891		10,029
Accounts receivable - franchisees, net	2,327		1,303
Accounts receivable - other, net	20,063		19,688
Deferred gift card sales commissions	9,111		16,431
Assets held for sale	6,400		5,143
Other current assets, net	2,982		8,895
	$	86,797	$	190,848

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 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)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Accrued rent and current operating lease liabilities	$	173,146	$	2,850
Accrued payroll and other compensation	95,366		101,249
Accrued insurance	22,189		22,055
Other current liabilities	96,316		120,499
	$	387,017	$	246,653

Long-term Debt, Net (Tables)

9 Months Ended

Sep. 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:



	SEPTEMBER 29, 2019					DECEMBER 30, 2018
(dollars in thousands)	OUTSTANDING BALANCE			INTEREST RATE		OUTSTANDING BALANCE			INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	456,250		3.80	%	$	475,000		4.14	%
Revolving credit facility (1)	663,800			3.79	%	599,500			4.17	%
Total Senior Secured Credit Facility	$	1,120,050				$	1,074,500
Finance lease liabilities	2,702					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	(2,863		)			(3,502		)
Total debt, net	$	1,119,939				$	1,094,775
Less: current portion of long-term debt	(26,548		)			(27,190		)
Long-term debt, net	$	1,093,391				$	1,067,585

________________

(1)

Interest rate represents the weighted-average interest rate for the respective periods.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Other Long-term Liabilities, Net (Tables)

9 Months Ended

Sep. 29, 2019

Other Liabilities Disclosure [Abstract]

Other long-term liabilities

Other long-term liabilities, net, consisted of the following, as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
Accrued insurance liability	$	34,028	$	33,771
Unfavorable leases (1)	—		32,120
Chef and Restaurant Managing Partner deferred compensation obligations and deposits	51,604		64,766
Other long-term liabilities	58,806		60,876
	$	144,438	$	191,533

_______________

(1)

Net of accumulated amortization of $36.2 million as of December 30, 2018.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 29, 2019

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of repurchases of common stock

Following is a summary of the shares repurchased under the Company’s share repurchase program during fiscal year 2019:



(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT
Second fiscal quarter	5,469	$	19.56	$	106,992

Dividends declared and paid

The Company declared and paid dividends per share during fiscal year 2019 as follows:



(in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.10	$	9,140
Second fiscal quarter	0.10		9,227
Third fiscal quarter	0.10		8,674
Total cash dividends declared and paid	$	0.30	$	27,041

Schedule of accumulated other comprehensive loss

Following are the components of AOCL as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019			DECEMBER 30, 2018
Foreign currency translation adjustment	$	(148,191	)	$	(135,149	)
Unrealized loss on derivatives, net of tax	(20,684		)	(7,606		)
Accumulated other comprehensive loss	$	(168,875	)	$	(142,755	)

Comprehensive income (loss)

Following are the components of Other comprehensive loss attributable to Bloomin’ Brands 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
Foreign currency translation adjustment	$	(10,305	)	$	(16,591	)	$	(13,042	)	$	(45,626	)

Unrealized (loss) gain on derivatives, net of tax (1)	$	(2,036	)	$	38		$	(13,656	)	$	1,221
Reclassification of adjustments for loss (gain) on derivatives included in Net income, net of tax (2)	812			(51		)	578			328
Total unrealized (loss) gain on derivatives, net of tax	$	(1,224	)	$	(13	)	$	(13,078	)	$	1,549
Other comprehensive loss attributable to Bloomin’ Brands	$	(11,529	)	$	(16,604	)	$	(26,120	)	$	(44,077	)

________________


(1)	Unrealized (loss) gain on derivatives is net of tax of $(0.7) million for the thirteen weeks ended September 29, 2019 and $(4.7) million and $0.4 million for the thirty-nine weeks ended September 29, 2019 and September 30, 2018, respectively.

(2)

Reclassifications of adjustments for loss (gain) on derivatives are net of tax. See Note 12 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 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 and classification of the Company’s swap agreements, as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)	$	—	$	765	Other current assets, net

Interest rate swaps - liability	$	6,860	$	1,393	Accrued and other current liabilities
Interest rate swaps - liability	21,116		9,723		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	27,976	$	11,116

____________________

(1)

See Note 14 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Schedule of derivatives instruments statements of financial performance, location

The following table summarizes the effects of the swap agreements on Net 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
Interest rate swap (expense) benefit recognized in Interest expense, net	$	(1,095	)	$	68		$	(779	)	$	(442	)
Income tax benefit (expense) recognized in (Benefit) provision for income taxes	283			(17		)	201			114
Total effects of the interest rate swaps on Net income	$	(812	)	$	51		$	(578	)	$	(328	)

Leases (Tables)

9 Months Ended

Sep. 29, 2019

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	SEPTEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,262,449
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	2,419
Total lease assets, net		$	1,264,868

Current operating lease liabilities (2)	Accrued and other current liabilities	$	170,849
Current finance lease liabilities	Current portion of long-term debt	1,498
Non-current operating lease liabilities	Non-current operating lease liabilities	1,273,904
Non-current finance lease liabilities	Long-term debt, net	1,204
Total lease liabilities		$	1,447,455

________________


(1)	Net of accumulated amortization of $1.0 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 Statements of Operations and Comprehensive (Loss) Income for the periods indicated:



	CONSOLIDATED INCOME STATEMENT CLASSIFICATION	THIRTEEN WEEKS ENDED			THIRTY-NINE WEEKS ENDED
(dollars in thousands)	CONSOLIDATED INCOME STATEMENT CLASSIFICATION	SEPTEMBER 29, 2019			SEPTEMBER 29, 2019
Operating leases (1)	Other restaurant operating	$	45,948		$	136,260
Variable lease cost	Other restaurant operating	933			2,498
Finance leases
Amortization of leased assets	Depreciation and amortization	365			1,049
Interest on lease liabilities	Interest expense, net	64			209
Sublease revenue (2)	Franchise and other revenues	(1,747		)	(4,853		)
Lease costs, net (3)		$	45,563		$	135,163

________________


(1)	Excludes rent expense for office facilities and Company-owned closed or subleased properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $3.8 million and $11.0 million, respectively, which is included in General and administrative expense and certain supply chain related rent expense of $0.3 million and $0.9 million, respectively, which is included in Cost of sales.


(2)	Excludes rental income from Company-owned properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $0.4 million and $1.8 million, respectively.

(3)

During the thirteen and thirty-nine weeks ended September 30, 2018, the Company recorded rent expense of $45.8 million and $138.8 million, respectively, including variable rent expense of $1.1 million and $3.4 million, respectively, and sublease revenue of $1.6 million and $4.7 million, respectively.

Lessee, operating lease, liability, maturity

As of September 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
Year 1 (1)	$	178,221		$	1,558		$	(6,126	)
Year 2	191,533			1,051			(6,239		)
Year 3	186,926			331			(6,039		)
Year 4	183,602			4			(5,980		)
Year 5	177,890			4			(5,871		)
Thereafter	1,729,022			2			(64,988		)
Total minimum lease payments (receipts) (2)	$	2,647,194		$	2,950		$	(95,243	)
Less: Interest	(1,202,441		)	(248		)
Present value of future lease payments	$	1,444,753		$	2,702

____________________


(1)	Net of operating lease prepaid rent of $14.7 million.

(2)

Includes $1.0 billion related to options to extend operating lease terms and excludes $116.3 million of signed operating leases that have not yet commenced.

Finance lease, liability, maturity

As of September 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
Year 1 (1)	$	178,221		$	1,558		$	(6,126	)
Year 2	191,533			1,051			(6,239		)
Year 3	186,926			331			(6,039		)
Year 4	183,602			4			(5,980		)
Year 5	177,890			4			(5,871		)
Thereafter	1,729,022			2			(64,988		)
Total minimum lease payments (receipts) (2)	$	2,647,194		$	2,950		$	(95,243	)
Less: Interest	(1,202,441		)	(248		)
Present value of future lease payments	$	1,444,753		$	2,702

____________________


(1)	Net of operating lease prepaid rent of $14.7 million.

(2)

Includes $1.0 billion related to options to extend operating lease terms and excludes $116.3 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:



	SEPTEMBER 29, 2019
Weighted-average remaining lease term (1):
Operating leases	14.6 years
Finance leases	2.1 years
Weighted-average discount rate (2):
Operating leases	8.56	%
Finance leases	9.07	%

____________________


(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:



	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	143,630

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)	SEPTEMBER 29, 2019
Land	$	10,585

Buildings and building improvements	$	12,823
Less: accumulated depreciation	(6,239		)
Buildings and building improvements, net	$	6,584

Fair Value Measurements (Tables)

9 Months Ended

Sep. 29, 2019

Fair Value Disclosures [Abstract]

Fair value, financial instruments measured on nonrecurring basis, 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

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:



	SEPTEMBER 29, 2019						DECEMBER 30, 2018
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	1,521	$	1,521	$	—	$	627	$	627	$	—
Money market funds	8,617		8,617		—		17,827		17,827		—
Other current assets, net:
Derivative instruments - interest rate swaps	—		—		—		765		—		765
Total asset recurring fair value measurements	$	10,138	$	10,138	$	—	$	19,219	$	18,454	$	765

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	6,860	$	—	$	6,860	$	1,393	$	—	$	1,393
Other long-term liabilities:
Derivative instruments - interest rate swaps	21,116		—		21,116		9,723		—		9,723
Total liability recurring fair value measurements	$	27,976	$	—	$	27,976	$	11,116	$	—	$	11,116

Fair value, assets measured on recurring basis, methods and assumptions

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 September 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:



	THIRTEEN WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	CARRYING VALUE		TOTAL IMPAIRMENT		CARRYING VALUE (1)		TOTAL IMPAIRMENT
Assets held for sale (1)	$	900	$	100	$	2,030	$	61
Operating lease right-of-use assets (2)	293		622		—		—
Property, fixtures and equipment (2)	395		826		1,995		1,269
	$	1,588	$	1,548	$	4,025	$	1,330

	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2019				SEPTEMBER 30, 2018
(dollars in thousands)	CARRYING VALUE		TOTAL IMPAIRMENT		CARRYING VALUE (1)		TOTAL IMPAIRMENT
Assets held for sale (1)	$	2,049	$	315	$	2,080	$	111
Operating lease right-of-use assets (2)	2,649		2,988		—		—
Property, fixtures and equipment (2)	1,351		3,659		3,375		8,211
	$	6,049	$	6,962	$	5,455	$	8,322

____________________


(1)	Carrying value after impairment approximates fair value with all assets measured using third-party market appraisals or executed sales contracts (Level 2).

(2)

Schedule of carrying value and fair value of senior secured credit facilities and other unsecured debt

The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:



	SEPTEMBER 29, 2019				DECEMBER 30, 2018
	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE		FAIR VALUE LEVEL 2
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE		FAIR VALUE LEVEL 2
Senior Secured Credit Facility:
Term loan A	$	456,250	$	456,250	$	475,000	$	464,906
Revolving credit facility	$	663,800	$	663,800	$	599,500	$	590,508

Income Taxes (Tables)

9 Months Ended

Sep. 29, 2019

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation



	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 29, 2019			SEPTEMBER 30, 2018			SEPTEMBER 29, 2019			SEPTEMBER 30, 2018
(Benefit) provision for income taxes	$	(660	)	$	(3,317	)	$	6,051		$	(6,516	)
Effective income tax rate	(7.6		)%	(NM)			5.5		%	(7.2		)%

________________

NM Not meaningful.

Segment Reporting (Tables)

9 Months Ended

Sep. 29, 2019

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following is a summary of reporting segments:



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
International	Carrabba’s Italian Grill (Abbraccio)	Brazil

_________________

(1)

Includes franchise locations.

Reconciliation of revenue from segments to consolidated

The following table is a summary of Total revenue by segment, 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
Total revenues
U.S.	$	848,444	$	861,493	$	2,777,170	$	2,782,555
International	118,700		103,528		340,035		330,745
Total revenues	$	967,144	$	965,021	$	3,117,205	$	3,113,300

Reconciliation of operating profit from segments to consolidated

The following table is a reconciliation of Segment income from operations to Income before (benefit) provision for income taxes, 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
Segment income from operations
U.S.	$	50,318		$	44,598		$	242,167		$	230,645
International	10,550			7,776			31,179			14,052
Total segment income from operations	60,868			52,374			273,346			244,697
Unallocated corporate operating expense	(38,910		)	(39,837		)	(125,434		)	(120,865		)
Total 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

Reconciliation of segment depreciation and amortization

The following table is a summary of Depreciation and amortization expense by segment 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
Depreciation and amortization
U.S.	$	36,670	$	39,796	$	114,372	$	119,063
International	7,201		6,420		20,406		19,866
Corporate	4,055		4,355		12,418		12,544
Total depreciation and amortization	$	47,926	$	50,571	$	147,196	$	151,473

Schedule of long-lived assets, by geographical areas

The following table details long-lived assets, excluding operating lease right-of-use assets, goodwill, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:



(dollars in thousands)	SEPTEMBER 29, 2019		DECEMBER 30, 2018
U.S.	$	1,032,857	$	1,107,679
International
Brazil	117,311		115,560
Other	15,036		13,663
Total assets	$	1,165,204	$	1,236,902

Revenue from external customers by geographic areas

The following table details Total revenues by major geographic area, 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
U.S.	$	848,444	$	861,493	$	2,777,170	$	2,782,555
International
Brazil	106,151		88,178		298,935		284,376
Other	12,549		15,350		41,100		46,369
Total revenue	$	967,144	$	965,021	$	3,117,205	$	3,113,300

Description of the Business and Basis of Presentation Description of Business (Details)	Sep. 29, 2019 restraurant_concept
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of restaurant concepts in portfolio	4

Description of the Business and Basis of Presentation Adoption of New Accounting Procurements 2016-02 (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 1,262,449			$ 0
Operating leases, liabilities		1,444,753
Sale-leaseback financing obligations		0			19,562
Property, fixtures and equipment, net		1,050,002			$ 1,115,929
Recognition of deferred gain on sale-leaseback transactions	$ 3,100	$ 0	$ 9,237
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 leases, 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 - Principal Revenue Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 967,144	$ 965,021	$ 3,117,205	$ 3,113,300
Restaurant sales [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	951,816	949,400	3,069,145	3,063,887
Franchise and other revenues [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	15,328	15,621	48,060	49,413
Franchise revenue [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	12,426	12,534	38,980	39,883
Other revenue [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 2,902	$ 3,087	$ 9,080	$ 9,530

Revenue Recognition - Disaggregated Revenue (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 29, 2019

USD ($)

Sep. 30, 2018

USD ($)

Sep. 29, 2019

USD ($)

Sep. 30, 2018

USD ($)

Mar. 31, 2019

Restaurants

Disposal group, disposed of by sale, not discontinued operations [Member] | Carrabba's Italian Grill [Member]

$ 967,144

$ 965,021

$ 3,117,205

$ 3,113,300

Number of restaurants | Restaurants

U.S. segment [Member]

International segment [Member]

848,444

861,493

2,777,170

2,782,555

Restaurant sales [Member]

118,700

103,528

340,035

330,745

Restaurant sales [Member] | U.S. segment [Member]

951,816

949,400

3,069,145

3,063,887

Restaurant sales [Member] | International segment [Member]

835,753

848,837

2,737,182

2,742,118

Restaurant sales [Member] | Outback Steakhouse [Member]

116,063

100,563

331,963

321,769

Restaurant sales [Member] | Carrabba's Italian Grill [Member]

499,903

498,390

1,613,723

1,591,588

Restaurant sales [Member] | Bonefish Grill [Member]

137,912

^[1]

148,513

^[1]

461,387

^[2]

485,894

^[2]

Restaurant sales [Member] | Fleming's Prime Steakhouse & Wine Bar [Member]

132,267

135,691

436,766

441,594

Restaurant sales [Member] | Other - U.S. [Member]

64,542

64,652

221,965

218,954

Restaurant sales [Member] | Outback Brazil [Member]

1,129

1,591

3,341

4,088

Restaurant sales [Member] | Other - International [Member]

94,430

81,193

267,980

264,125

Franchise revenue [Member]

21,633

19,370

63,983

57,644

Franchise revenue [Member] | U.S. segment [Member]

12,426

12,534

38,980

39,883

Franchise revenue [Member] | International segment [Member]

9,921

9,955

31,315

31,963

Franchise revenue [Member] | Outback Steakhouse [Member]

2,505

2,579

7,665

7,920

Franchise revenue [Member] | Carrabba's Italian Grill [Member]

9,143

9,583

29,330

30,814

Franchise revenue [Member] | Bonefish Grill [Member]

592

^[1]

154

^[1]

1,389

^[2]

458

^[2]

Franchise revenue [Member] | Fleming's Prime Steakhouse & Wine Bar [Member]

186

218

596

691

Franchise revenue [Member] | Other - U.S. [Member]

Franchise revenue [Member] | Outback Brazil [Member]

Franchise revenue [Member] | Other - International [Member]

Restructuring Reserve [Roll Forward]

$ 2,505

$ 2,579

$ 7,665

$ 7,920

[1]	In March 2019, the Company sold 18 Carrabba’s Italian Grill locations, which are now operated as franchises.
[2]	In March 2019, the Company sold 18 Carrabba’s Italian Grill locations, which are now operated as franchises.

Revenue Recognition - Contract Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Jun. 30, 2019	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Dec. 31, 2017
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 9,111	$ 10,488	$ 16,431	$ 7,910	$ 9,175	$ 16,231
Unearned revenue	217,211		342,708
Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	207,059	$ 227,372	333,794	$ 193,283	$ 213,286	$ 323,628
Other current assets, net [Member]
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	9,111		16,431
Unearned revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	217,211		342,708
Unearned revenue [Member] \| Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	207,059		333,794
Unearned revenue [Member] \| Deferred loyalty revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	9,670		8,424
Unearned revenue [Member] \| Deferred franchise fees [Member]
Revenue Recognition [Line Items]
Unearned revenue	482		490
Other long-term liabilities, net [Member] \| Deferred franchise fees [Member]
Revenue Recognition [Line Items]
Deferred franchise fees, noncurrent	$ 4,657		$ 4,531

Revenue Recognition - Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Revenue Recognition [Abstract]
Balance, beginning of period	$ 10,488	$ 9,175	$ 16,431	$ 16,231
Deferred gift card sales commissions amortization	(4,838)	(4,932)	(18,927)	(20,151)
Deferred gift card sales commissions capitalization	3,886	4,029	13,118	13,287
Other	(425)	(362)	(1,511)	(1,457)
Balance, end of period	$ 9,111	$ 7,910	$ 9,111	$ 7,910

Revenue Recognition - Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Revenue Recognition [Line Items]
Balance, beginning of the period			$ 342,708
Balance, end of the period	$ 217,211		217,211
Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Balance, beginning of the period	227,372	$ 213,286	333,794	$ 323,628
Gift card sales	52,059	54,477	183,189	189,599
Gift card redemptions	(68,880)	(71,146)	(295,281)	(304,198)
Gift card breakage	(3,492)	(3,334)	(14,643)	(15,746)
Balance, end of the period	$ 207,059	$ 193,283	$ 207,059	$ 193,283

Disposals Refranchising (Details) - Carrabba's Italian Grill [Member] - Disposal group, disposed of by sale, not discontinued operations [Member] $ in Millions	Mar. 31, 2019 USD ($) Restaurants
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants	18
Proceeds from sale of a business, net of cash divested \| $	$ 3.6

Disposals Surplus Property Disposals (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2019 USD ($) Restaurants	Sep. 29, 2019 USD ($) Restaurants	Sep. 30, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain on disposal		$ (206)	$ 0
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]
Disposal group, not discontinued operation, gain on disposal	$ 3,600
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	5
Consideration to be received from the sale of assets	$ 12,700	$ 12,700

Impairments and Exit Costs (Provision for impaired assets and restaurant closings) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impaired assets and restaurant closings	$ 1,391	$ 3,962	$ 6,917	$ 15,590
Provision for impaired assets and restaurant closings [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	1,548	1,330	6,962	8,322
Restaurant closure expenses	(157)	2,632	(45)	7,268
Provision for impaired assets and restaurant closings [Member] \| U.S. segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	1,548	1,330	5,177	1,725
Restaurant closure expenses	(196)	2,650	(101)	3,672
Provision for impaired assets and restaurant closings [Member] \| International segment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	0	0	1,785	6,597
Restaurant closure expenses	$ 39	$ (18)	$ 56	$ 3,596

Impairment and Exit Costs Impairments and Exit Costs (International Restructuring - Text) (Details) - International segment [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Outback Puerto Rico [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 1.8
Outback China [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges		$ 9.1

Impairments and Exit Costs (Lease liability rollforward) (Details) - Facility closing [Member]
$ in Thousands

9 Months Ended

Sep. 29, 2019

USD ($)

Balance, beginning of the period

$ 18,094

Additions

1,288

^[1]

Cash payments

(4,577)

Accretion

965

Adjustments

(556)

Balance, end of the period

15,214

^[2]

Accrued and other current liabilities [Member]

Restructuring Reserve [Roll Forward]

Restructuring reserve, current

3,100

Non-current operating lease liabilities [Member]

Restructuring Reserve [Roll Forward]

Restructuring reserve, noncurrent

$ 12,100

[1]	Includes closure initiative related lease liabilities recognized as a result of the adoption of ASU No. 2016-02.
[2]	As of September 29, 2019, the Company had exit-related accruals related to certain closure initiatives of $3.1 million recorded in Accrued and other current liabilities and $12.1 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Impairment and Exit Costs Impairments and Exit Costs (Annual goodwill and intangible asset impairment assessments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Impairments and Disposals [Abstract]
Goodwill, impairment loss	$ 0	$ 0	$ 0	$ 0
Impairment of intangible assets, indefinite-lived	$ 0	$ 0	$ 0	$ 0

Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Schedule of earnings per share, basic and diluted [Line Items]
Net income attributable to Bloomin’ Brands	$ 9,248	$ 4,072	$ 102,569	$ 96,191
Basic weighted average common shares outstanding	86,843	92,202	89,484	92,197
Effect of diluted securities:
Diluted weighted average common shares outstanding	87,305	93,324	90,306	94,489
Basic earnings per share	$ 0.11	$ 0.04	$ 1.15	$ 1.04
Diluted earnings per share	$ 0.11	$ 0.04	$ 1.14	$ 1.02
Stock options [Member]
Effect of diluted securities:
Dilutive shares	272	799	541	1,870
Nonvested restricted stock units [Member]
Effect of diluted securities:
Dilutive shares	190	323	249	409
Nonvested performance-based share units [Member]
Effect of diluted securities:
Dilutive shares	0	0	32	13

Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Stock options [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of earnings per share	5,408	3,802	4,336	2,628
Nonvested 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	209	259	210	129
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	337	214	309	191

Stock-based Compensation Plans (Stock-based compensation expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 4,553	$ 5,165	$ 13,541	$ 15,948
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,316	1,533	3,888	5,059
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,389	2,323	6,548	7,110
Performance-based share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 848	$ 1,309	$ 3,105	$ 3,779

Stock-based Compensation Plans (Grants During Period) (Details) shares in Millions	9 Months Ended
	Sep. 29, 2019 shares
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	1.2
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	0.6
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, equity instruments other than options, grants in period	0.2

Stock-based Compensation Plans (Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted) (Details) - Stock options [Member] - $ / shares

9 Months Ended

Sep. 29, 2019

Sep. 30, 2018

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]

Weighted-average risk-free interest rate

^[1]

2.34%

2.66%

Dividend yield

^[2]

1.94%

1.50%

Expected term

^[3]

4 years 9 months 18 days

5 years 9 months 18 days

Weighted-average volatility

^[4]

31.05%

32.76%

Weighted-average grant date fair value per option (in dollars per share)

$ 5.07

$ 7.23

[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 Compensation Plans (Restricted Stock - Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	4 years

Stock-based Compensation Plans (Unrecognized stock compensation expense and the remaining weighted-average vesting period) (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2019 USD ($)
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock options	$ 9,115
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 1 month 6 days
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 16,848
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 2 months 12 days
Performance-based share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 7,003
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 4 months 24 days

Other Current Assets, Net (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Jun. 30, 2019	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepaid expenses	$ 23,446		$ 38,117
Deferred gift card sales commissions	9,111	$ 10,488	16,431	$ 7,910	$ 9,175	$ 16,231
Assets held for sale	6,400		5,143
Other current assets, net	2,982		8,895
Total other current assets, net	86,797		190,848
Accounts receivable - gift cards [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	9,577		91,242
Accounts receivable - vendors, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	12,891		10,029
Accounts receivable - franchisees, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	2,327		1,303
Accounts receivable - other, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 20,063		$ 19,688

Accrued and Other Current Liabilities (Table) (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Payables and Accruals [Abstract]
Accrued rent and current operating lease liabilities	$ 173,146	$ 2,850
Accrued payroll and other compensation	95,366	101,249
Accrued insurance	22,189	22,055
Other current liabilities	96,316	120,499
Accrued and other current liabilities	$ 387,017	$ 246,653

Long-term Debt, net (Schedule of Long-term Debt, Net) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2018

Sep. 29, 2019

Finance lease liabilities

$ 3,297

$ 2,702

Financing obligations

19,562

Less: unamortized debt discount and issuance costs

(3,502)

(2,863)

Total debt, net

1,094,775

1,119,939

Less: current portion of long-term debt

(27,190)

(26,548)

Long-term debt, net

$ 1,067,585

1,093,391

Minimum [Member]

Sale-leaseback transaction, imputed interest rate

7.58%

Maximum [Member]

Sale-leaseback transaction, imputed interest rate

7.82%

Secured debt [Member] | Senior Secured Credit Facility [Member]

Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member]

Long-term debt, gross

$ 1,074,500

1,120,050

Secured debt [Member] | Term loan A facility [Member] | Senior Secured Credit Facility [Member] | Weighted average [Member]

Long-term debt, gross

$ 475,000

$ 456,250

Debt instrument, interest rate at period end

^[1]

4.14%

3.80%

Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member]

Line of credit facility, amount outstanding

$ 599,500

$ 663,800

Secured debt [Member] | Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | Weighted average [Member]

Debt instrument, interest rate at period end

^[1]

4.17%

3.79%

Unsecured debt [Member] | Notes payable, other payables [Member]

Debt instrument, interest rate, stated percentage

Other

$ 918

$ 50

2.18%

Unsecured debt [Member] | Notes payable, other payables [Member] | Minimum [Member]

Debt instrument, interest rate, stated percentage

0.00%

Unsecured debt [Member] | Notes payable, other payables [Member] | Maximum [Member]

Debt instrument, interest rate, stated percentage

2.18%

[1]	Interest rate represents the weighted-average interest rate for the respective periods.

Other Long-term Liabilities, Net (Details) - USD ($)
$ in Thousands

Sep. 29, 2019

Dec. 30, 2018

Other Liabilities Disclosure [Abstract]

Accrued insurance liability

$ 34,028

$ 33,771

Unfavorable leases

32,120

^[1]

Chef and Restaurant Managing Partner deferred compensation obligations and deposits

51,604

64,766

Other long-term liabilities

58,806

60,876

Other long-term liabilities, net

$ 144,438

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 Repurchase) (Details) - USD ($) $ / shares in Units, shares in Thousands		3 Months Ended		9 Months Ended
	Feb. 12, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Share Repurchase Program [Line Items]
Stock repurchased and retired during period, shares		5,469
Stock repurchase program, average price paid, per share		$ 19.56
Stock repurchased and retired during period, value		$ 106,992,000	$ 17,968,000	$ 106,992,000	$ 98,968,000
2018 Share repurchase program [Member]
Share Repurchase Program [Line Items]
Stock repurchase program, authorized repurchase amount canceled	$ 36,000,000.0
2019 Share repurchase program [Member]
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount	$ 150,000,000.0
Stock repurchase program, remaining authorized repurchase amount				$ 43,000,000.0

Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Dividends Payable [Line Items]
Common stock, dividends, per share, cash paid		$ 0.10	$ 0.10	$ 0.10		$ 0.30
Dividends, common stock, cash		$ 8,674	$ 9,227	$ 9,140	$ 8,344	$ 27,041	$ 25,078
Common stock, dividends per share		$ 0.1			$ 0.09	$ 0.3	$ 0.27
Subsequent event [Member]
Dividends Payable [Line Items]
Common stock, dividends per share	$ 0.10
Dividends payable, date to be paid	Nov. 27, 2019
Dividends payable, date of record	Nov. 18, 2019

Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (168,875)	$ (142,755)
Accumulated foreign currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	(148,191)	(135,149)
Accumulated net loss on derivatives [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (20,684)	$ (7,606)

Stockholders' Equity (Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 29, 2019

Sep. 30, 2018

Sep. 29, 2019

Sep. 30, 2018

Accumulated other comprehensive loss [Line Items]

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

Other comprehensive loss attributable to Bloomin’ Brands

(11,357)

(16,363)

(25,932)

(43,495)

Bloomin' Brands [Member]

Accumulated other comprehensive loss [Line Items]

Foreign currency translation adjustment, net of tax

(10,305)

(16,591)

(13,042)

(45,626)

Unrealized (loss) gain on derivatives, net of tax

^[1]

(2,036)

(13,656)

1,221

Reclassification of adjustment for loss (gain) on derivatives included in Net income, net of tax

^[2]

812

(51)

578

328

Total unrealized (loss) gain on derivatives, net of tax

(1,224)

(13)

(13,078)

1,549

Other comprehensive loss attributable to Bloomin’ Brands

(11,529)

$ (16,604)

(26,120)

(44,077)

Other comprehensive income, unrealized (loss) gain on derivatives arising during period, tax

$ (700)

$ (4,700)

$ 400

[1]	Unrealized (loss) gain on derivatives is net of tax of $(0.7) million for the thirteen weeks ended September 29, 2019 and $(4.7) million and $0.4 million for the thirty-nine weeks ended September 29, 2019 and September 30, 2018, respectively.
[2]	Reclassifications of adjustments for loss (gain) on derivatives are net of tax. See Note 12 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Derivative Instruments and Hedging Activities (Cash flow hedges of interest rate risk) (Details) - Designated as hedging instrument [Member] - Interest rate swap [Member] $ in Millions		9 Months Ended
	Oct. 25, 2018 USD ($) counterparties	Sep. 29, 2019 USD ($)
Derivative [Line Items]
Derivative agreements, number of counterparties \| counterparties	12
Derivative, notional amount	$ 550.0
Derivative, maturity date	Nov. 30, 2022
Derivative, average fixed interest rate	3.04%
Interest expense [Member]
Derivative [Line Items]
Cash flow hedge loss to be reclassified within twelve months		$ 7.7
London Interbank Offered Rate (LIBOR) swap rate [Member]
Derivative [Line Items]
Derivative, variable interest rate	one-month LIBOR
Minimum [Member]
Derivative [Line Items]
Derivative, inception date	Oct. 24, 2018
Maximum [Member]
Derivative [Line Items]
Derivative, inception date	Oct. 25, 2018

Derivative Instruments and Hedging Activities (Fair value and classification of interest rate swaps) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] - USD ($)
$ in Thousands

Sep. 29, 2019

Dec. 30, 2018

Derivative, interest rate swaps, liabilities, fair value

^[1]

$ 27,976

$ 11,116

Other current assets, net [Member]

Derivative, interest rate swaps, assets, fair value

^[1]

765

Accrued and other current liabilities [Member]

Derivative, interest rate swaps, liabilities, fair value

6,860

1,393

Other long-term liabilities, net [Member]

Derivative, interest rate swaps, liabilities, fair value

$ 21,116

$ 9,723

[1]	See Note 14 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Derivative Instruments and Hedging Activities (Effects of the interest rate swaps) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Derivative [Line Items]
Total effects of the interest rate swaps on Net income	$ (812)	$ 51	$ (578)	$ (328)
Interest rate swap [Member] \| Designated as hedging instrument [Member]
Derivative [Line Items]
Total effects of the interest rate swaps on Net income	(812)	51	(578)	(328)
Derivative, net liability position, aggregate fair value	28,600		28,600		$ 10,500
Derivative, termination value	28,600		28,600		$ 10,500
Interest rate swap [Member] \| Designated as hedging instrument [Member] \| Interest expense [Member]
Derivative [Line Items]
Interest rate swap (expense) benefit recognized in Interest expense, net	(1,095)	68	(779)	(442)
Interest rate swap [Member] \| Designated as hedging instrument [Member] \| Income tax expense [Member]
Derivative [Line Items]
Income tax benefit (expense) recognized in (Benefit) provision for income taxes	$ 283	$ (17)	$ 201	$ 114

Leases Lessee Operating and Finance Leases Narrative (Details)	Sep. 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	20 years

Leases Lessee, Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands

Sep. 29, 2019

Dec. 30, 2018

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Operating lease right-of-use assets

$ 1,262,449

$ 0

Total lease assets, net

1,264,868

Non-current operating lease liabilities

1,273,904

$ 0

Total lease liability

1,447,455

Finance lease assets [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Accumulated amortization, finance lease right-of-use assets

1,000

Operating lease right-of-use assets [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Operating lease right-of-use assets

1,262,449

Property, fixtures and equipment, net [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Finance lease right-of-use assets

^[1]

2,419

Accrued and other current liabilities [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Current operating lease liabilities

^[2]

170,849

Current portion of long-term debt [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Current finance lease liabilities

1,498

Non-current operating lease liabilities [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Non-current operating lease liabilities

1,273,904

Long term debt, net [Member]

Schedule of Leased Assets and Liabilities - Lessee [Line Items]

Non-current finance lease liabilities

$ 1,204

[1]	Net of accumulated amortization of $1.0 million.
[2]	Excludes accrued contingent percentage rent.

Leases Lessee, Lease Costs (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 29, 2019

Sep. 30, 2018

Sep. 29, 2019

Sep. 30, 2018

Operating lease, lease income

Lease costs, net

^[1]

$ 45,563

$ 135,163

400

1,800

Rent expense

$ 45,800

$ 138,800

Variable rent expense

1,100

3,400

Sublease revenue

$ 1,600

$ 4,700

Other restaurant operating [Member]

Depreciation and amortization [Member]

Operating leases

^[2]

45,948

136,260

Variable lease cost

933

2,498

Amortization of leased assets

365

1,049

Interest expense [Member]

Interest on lease liabilities

209

Franchise and other revenues [Member]

General and administrative expense [Member]

Sublease revenue

^[3]

(1,747)

(4,853)

Operating leases

3,800

11,000

Cost of sales [Member]

Operating leases

$ 300

$ 900

[1]	During the thirteen and thirty-nine weeks ended September 30, 2018, the Company recorded rent expense of $45.8 million and $138.8 million, respectively, including variable rent expense of $1.1 million and $3.4 million, respectively, and sublease revenue of $1.6 million and $4.7 million, respectively.
[2]	Excludes rent expense for office facilities and Company-owned closed or subleased properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $3.8 million and $11.0 million, respectively, which is included in General and administrative expense and certain supply chain related rent expense of $0.3 million and $0.9 million, respectively, which is included in Cost of sales.
[3]	Excludes rental income from Company-owned properties for the thirteen and thirty-nine weeks ended September 29, 2019 of $0.4 million and $1.8 million, respectively.

Leases Lessee, Future Minimum Lease Payments and Sublease Revenues (Details) - USD ($)
$ in Thousands

Sep. 29, 2019

Dec. 30, 2018

Operating lease, thereafter

Operating lease, year 1

^[1]

$ 178,221

Operating lease, year 2

191,533

Operating lease, year 3

186,926

Operating lease, year 4

183,602

Operating lease, year 5

177,890

1,729,022

Operating lease, total minimum lease payments

^[2]

2,647,194

Operating lease, interest

(1,202,441)

Operating leases, liabilities

1,444,753

Finance lease, year 1

1,558

Finance lease, year 2

1,051

Finance lease, year 3

331

Finance lease, year 4

Finance lease, year 5

Finance lease, thereafter

Finance lease, total minimum lease payments

2,950

Finance lease, interest

(248)

Finance lease liabilities

2,702

$ 3,297

Sublease revenues, year 1

(6,126)

Sublease revenues, year 2

(6,239)

Sublease revenues, year 3

(6,039)

Sublease revenues, year 4

(5,980)

Sublease revenues, year 5

(5,871)

Sublease revenues, thereafter

(64,988)

Sublease revenues, total

(95,243)

Prepaid rent

14,700

Lessee, operating lease, option to extend amount

1,000,000

Lessee, operating lease, lease not yet commenced, unrecorded liability

$ 116,300

[1]	Net of operating lease prepaid rent of $14.7 million.
[2]	Includes $1.0 billion related to options to extend operating lease terms and excludes $116.3 million of signed operating leases that have not yet commenced.

Leases Lessee, Lease Term and Discount Rate (Details)

Sep. 29, 2019

Operating lease, weighted average remaining lease term

14 years 7 months 6 days

^[1]

Finance lease, weighted average remaining lease term

2 years 1 month 6 days

^[1]

Operating lease, weighted average discount rate, percent

8.56%

^[2]

Finance lease, weighted average discount rate, percent

9.07%

^[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 Lessee, Other Information (Details) $ in Thousands	9 Months Ended
Leases Lessee, Other Information (Details) $ in Thousands	Sep. 29, 2019 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 143,630

Leases Properties Leased to Third Parties (Details) $ in Thousands	Sep. 29, 2019 USD ($)
Land [Member]
Schedule of Assets Leased to Third Parties [Line Items]
Property subject to or available for operating leases, gross	$ 10,585
Building [Member]
Schedule of Assets Leased to Third Parties [Line Items]
Property subject to or available for operating leases, gross	12,823
Accumulated depreciation	(6,239)
Property subject to or available for operating leases, net	$ 6,584

Fair Value Measurements (Fair value measurements on a recurring basis) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Thousands	Sep. 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	$ 10,138	$ 18,454
Liabilities, fair value disclosure	0	0
Fair value, inputs, level 1 [Member] \| Other current assets, net [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current assets	0	0
Fair value, inputs, level 1 [Member] \| Accrued and other current liabilities [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current liabilities	0	0
Fair value, inputs, level 1 [Member] \| Other long-term liabilities, net [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, other long-term liabilities	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 and cash equivalents, fair value disclosure	1,521	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 and cash equivalents, fair value disclosure	8,617	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	27,976	11,116
Fair value, inputs, level 2 [Member] \| Other current assets, net [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current assets	0	765
Fair value, inputs, level 2 [Member] \| Accrued and other current liabilities [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current liabilities	6,860	1,393
Fair value, inputs, level 2 [Member] \| Other long-term liabilities, net [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, other long-term liabilities	21,116	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 and cash equivalents, fair value disclosure	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 and cash equivalents, fair value disclosure	0	0
Carrying value measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	10,138	19,219
Liabilities, fair value disclosure	27,976	11,116
Carrying value measurement [Member] \| Other current assets, net [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current assets	0	765
Carrying value measurement [Member] \| Accrued and other current liabilities [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current liabilities	6,860	1,393
Carrying value measurement [Member] \| Other long-term liabilities, net [Member] \| Interest rate swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, other long-term liabilities	21,116	9,723
Carrying value measurement [Member] \| Fixed income funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	1,521	627
Carrying value measurement [Member] \| Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	$ 8,617	$ 17,827

Fair Value Measurements (Fair value measurements on a nonrecurring basis) (Details) - Fair value, measurements, nonrecurring [Member] - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 29, 2019

Sep. 30, 2018

Sep. 29, 2019

Sep. 30, 2018

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total impairment losses

$ 1,548

$ 1,330

$ 6,962

$ 8,322

Assets held for sale [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets held for sale, impairment

100

315

111

Operating lease right-of-use assets [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Operating lease assets, impairment

622

2,988

Operating lease right-of-use assets [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Operating lease right-of-use assets [Member] | Fair value, inputs, level 3 [Member] | Assets measured with impairment, quarter-to-date [Member]

200

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Operating lease right-of-use assets [Member] | Fair value, inputs, level 3 [Member] | Assets measured with impairment, year-to-date [Member]

300

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Property, fixtures and equipment, net [Member]

2,400

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Property, fixtures and equipment, impairment

826

1,269

3,659

8,211

Property, fixtures and equipment, net [Member] | Fair value, inputs, level 3 [Member] | Assets measured with impairment, quarter-to-date [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Property, fixtures and equipment, net [Member] | Fair value, inputs, level 3 [Member] | Assets measured with impairment, year-to-date [Member]

400

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Assets measured with impairment, quarter-to-date [Member]

1,300

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Assets measured with impairment, year-to-date [Member]

1,588

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member]

6,049

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member]

4,025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Assets held for sale [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member]

5,455

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Assets held for sale [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member]

^[1]

900

2,030

900

2,030

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Operating lease right-of-use assets [Member] | Assets measured with impairment, quarter-to-date [Member]

^[1]

2,049

2,080

2,049

2,080

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Operating lease right-of-use assets [Member] | Assets measured with impairment, year-to-date [Member]

^[2]

293

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Operating lease right-of-use assets [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member]

^[2]

2,649

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Operating lease right-of-use assets [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Property, fixtures and equipment, net [Member] | Assets measured with impairment, quarter-to-date [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Property, fixtures and equipment, net [Member] | Assets measured with impairment, year-to-date [Member]

^[2]

395

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Property, fixtures and equipment, net [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, quarter-to-date [Member]

^[2]

$ 1,351

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Carrying value measurement [Member] | Property, fixtures and equipment, net [Member] | Fair value, inputs, level 2 [Member] | Assets measured with impairment, year-to-date [Member]

^[1]

1,995

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]