0001546417-20-000119 | 10-Q | XBRL Viewer

Other restaurant operating

$ 771,260

$ 967,144

$ 2,358,056

$ 3,117,205

Costs and expenses

Food and beverage costs

230,547

300,375

730,998

965,165

Labor and other related

246,861

288,552

761,667

908,780

207,301

240,372

631,702

732,121

Depreciation and amortization

43,417

47,926

137,469

147,196

General and administrative

57,443

66,570

197,732

209,114

Provision for impaired assets and restaurant closings

(54)

1,391

66,223

6,917

Total costs and expenses

785,515

945,186

2,525,791

2,969,293

(Loss) income from operations

(14,255)

21,958

(167,735)

147,912

Loss on modification of debt

(237)

Other income (expense), net

(211)

(145)

Interest expense, net

(18,300)

(13,256)

(46,647)

(36,885)

(Loss) income before (benefit) provision for income taxes

(32,554)

8,713

(214,830)

110,882

(Benefit) provision for income taxes

(14,776)

(660)

(70,210)

6,051

Less: net (loss) income attributable to noncontrolling interests

(17,778)

9,373

(144,620)

104,831

(141)

125

(116)

2,262

Net (loss) income attributable to Bloomin’ Brands

(17,637)

9,248

(144,504)

102,569

Redemption of preferred stock in excess of carrying value

(3,496)

^[1]

Net (loss) income attributable to common stockholders

(17,637)

9,248

(148,000)

102,569

Other comprehensive (loss) income:

Foreign currency translation adjustment

(4,095)

(10,133)

(41,202)

(12,854)

Unrealized gain (loss) on derivatives, net of tax

261

(2,036)

(14,631)

(13,656)

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

2,962

812

6,943

578

Comprehensive (loss) income

(18,650)

(1,984)

(193,510)

78,899

Less: comprehensive (loss) income attributable to noncontrolling interests

(141)

297

(780)

2,450

Comprehensive (loss) income attributable to Bloomin’ Brands

$ (18,509)

$ (2,281)

$ (192,730)

$ 76,449

(Loss) earnings per share attributable to common stockholders:

Basic (loss) earnings per share

$ (0.20)

$ 0.11

$ (1.69)

$ 1.15

Diluted (loss) earnings per share

$ (0.20)

$ 0.11

$ (1.69)

$ 1.14

Weighted average common shares outstanding:

Basic (shares)

87,558

86,843

87,394

89,484

Diluted (shares)

87,558

87,305

87,394

90,306

Restaurant sales [Member]

Revenues

Franchise and other revenues [Member]

$ 766,487

$ 951,816

$ 2,338,985

$ 3,069,145

Revenues

Balance (in shares) at Dec. 30, 2018

$ 4,773

$ 15,328

$ 19,071

$ 48,060

[1]

Consideration paid in excess of carrying value for the redemption of preferred stock is considered a deemed dividend and, for purposes of calculating earnings per share, reduces net income attributable to common stockholders for the thirty-nine weeks ended September 27, 2020. See Note 14 - Stockholders’ Equity for additional details.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Cumulative-effect from a change in accounting principle, net of tax

Common stock [Member]

Additional paid-in capital [Member]

Accumulated deficit [Member]

Cumulative-effect from a change in accounting principle, net of tax

Accumulated other comprehensive loss [Member]

Non-controlling interests [Member]

91,272,000

Balance at Dec. 30, 2018

$ 54,817

$ 141,285

$ 913

$ 1,107,582

$ (920,010)

$ 141,285

$ (142,755)

$ 9,087

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

104,831

102,569

2,262

Cash dividends declared per common share (in dollars per share)

$ (25,932)

(26,154)

222

$ 0.30

Cash dividends declared, per common share

$ (27,041)

(27,041)

Repurchase and retirement of common stock (in shares)

(5,469,000)

Repurchase and retirement of common stock

(106,992)

$ (55)

(106,937)

13,743

^[1]

1,053,000

Purchase of noncontrolling interests

^[1]

1,266

$ 11

1,255

(41)

(157)

(5,228)

Balance (in shares) at Sep. 29, 2019

866

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

Cash dividends declared per common share (in dollars per share)

$ (11,357)

(11,529)

172

$ 0.10

Cash dividends declared, per common share

$ (8,674)

(8,674)

4,613

^[1]

29,000

^[1]

(154)

$ 1

(155)

(1,221)

Balance (in shares) at Sep. 29, 2019

401

86,856,000

Balance at Sep. 29, 2019

$ 151,574

$ 869

1,095,382

(783,093)

(168,875)

7,291

Balance (in shares) at Dec. 29, 2019

86,945,869

86,946,000

Balance at Dec. 29, 2019

$ 177,481

$ (4,292)

$ 869

1,094,338

(755,089)

$ (4,292)

(169,776)

7,139

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

(144,620)

(144,504)

(116)

Cash dividends declared per common share (in dollars per share)

$ (48,890)

(48,743)

(147)

$ 0.20

Cash dividends declared, per common share

$ (17,480)

(17,480)

Consideration for preferred stock in excess of carrying value, net of tax

11,072

(1,718)

(3,496)

517

1,261

^[1]

627,000

Purchase of noncontrolling interests

^[1]

(3,041)

$ 6

(3,047)

(57)

(58)

(1,083)

Adjustments to additional paid in capital, equity component of convertible debt, tax effect

366

650

Equity component value of convertible note issuance, net

64,367

Sale of common stock warrant

46,690

Purchase of convertible note hedge

$ (66,240)

(66,240)

Balance (in shares) at Sep. 27, 2020

87,572,904

87,573,000

Balance at Sep. 27, 2020

$ 12,555

$ 875

1,126,146

(903,885)

(218,002)

7,421

Balance (in shares) at Jun. 28, 2020

87,534,000

Balance at Jun. 28, 2020

29,198

$ 875

1,123,613

(886,248)

(217,130)

8,088

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

(17,778)

(17,637)

(141)

(872)

2,712

^[1]

39,000

^[1]

(179)

(745)

Balance (in shares) at Sep. 27, 2020

$ 219

219

87,572,904

87,573,000

Balance at Sep. 27, 2020

$ 12,555

$ 875

$ 1,126,146

$ (903,885)

$ (218,002)

$ 7,421

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Cash flows provided by operating activities:
Net (loss) income	$ (144,620)	$ 104,831
Adjustments to reconcile Net (loss) income to cash provided by operating activities:
Depreciation and amortization	137,469	147,196
Amortization of debt discounts and issuance costs	6,504	1,891
Amortization of deferred gift card sales commissions	15,553	18,927
Provision for impaired assets and restaurant closings	66,223	6,917
Non-cash operating lease costs	55,401	54,815
Provision for expected credit losses and contingent lease liabilities	7,420	0
Inventory obsolescence and spoilage	6,835	0
Stock-based and other non-cash compensation expense	11,072	18,752
Deferred income tax benefit	(80,201)	(1,982)
Loss on sale of a business or subsidiary	0	206
Loss on modification of debt	237	0
Loss (gain) on disposal of property, fixtures and equipment	1,055	(3,217)
Other, net	(2,460)	(6,818)
Change in assets and liabilities	(25,517)	(160,592)
Net cash provided by operating activities	54,971	180,926
Cash flows used in investing activities:
Proceeds from disposal of property, fixtures and equipment	2,088	16,418
Proceeds from sale-leaseback transactions, net	0	3,052
Capital expenditures	(66,956)	(117,478)
Other investments, net	8,706	4,298
Net cash used in investing activities	(56,162)	(93,710)
Cash flows provided by (used in) financing activities:
Repayments of long-term debt and finance lease obligations	(19,798)	(20,646)
Proceeds from borrowings on revolving credit facilities, net	505,000	533,300
Repayments of borrowings on revolving credit facilities	(549,000)	(469,000)
Financing fees	(3,096)	0
Proceeds from issuance of convertible senior notes	230,000	0
Proceeds from issuance of warrants	46,690	0
Purchase of convertible note hedge	(66,240)	0
Issuance costs related to convertible senior notes	(8,416)	0
(Payments of taxes) proceeds from share-based compensation, net	(3,041)	1,266
Distributions to noncontrolling interests	(1,083)	(5,228)
Contributions from noncontrolling interests	366	866
Purchase of limited partnership and noncontrolling interests	(57)	(41)
Payments for partner equity plan	(12,517)	(12,928)
Repurchase of common stock	0	(106,992)
Cash dividends paid on common stock	(17,480)	(27,041)
Redemption of subsidiary preferred stock	(1,475)	0
Net cash provided by (used in) financing activities	99,853	(106,444)
Effect of exchange rate changes on cash and cash equivalents	(3,293)	(1,187)
Net increase (decrease) in cash, cash equivalents and restricted cash	95,369	(20,415)
Cash, cash equivalents and restricted cash as of the beginning of the period	67,145	71,823
Cash, cash equivalents and restricted cash as of the end of the period	162,514	51,408
Supplemental disclosures of cash flow information:
Cash paid for interest	35,425	35,855
Cash paid for income taxes, net of refunds	4,198	20,025
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	12,971	43,101
Leased assets obtained in exchange for new finance lease liabilities	1,263	200
(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment	$ (7,174)	$ 2,655

Description of the Business and Basis of Presentation	9 Months Ended
Description of the Business and Basis of Presentation	Sep. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business and Basis of Presentation	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 (“SEC”). 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 29, 2019. Risks and Uncertainties - In March 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. In response to COVID-19, the Company temporarily closed all restaurant dining rooms in the U.S. as of March 20, 2020 and shifted operations to provide only take-out and delivery service, resulting in significantly reduced traffic in its restaurants. In early May 2020, the Company began to reopen its restaurant dining rooms with limited seating capacity in compliance with state and local regulations. As of September 27, 2020, the Company’s restaurant dining rooms have reopened but many are still subject to seating capacity restrictions. The temporary closure of the Company’s dining rooms and the limitations on seating capacity in its reopened dining rooms have resulted in significantly reduced traffic in the Company’s restaurants. The negative effect of COVID-19 on the Company’s business was significant during the thirteen and thirty-nine weeks ended September 27, 2020. See Note 2 - COVID-19 Charges for details regarding certain charges resulting from the COVID-19 pandemic. The duration of the COVID-19 pandemic and its long-term impact on the Company’s business are uncertain at this time. Given the daily evolution of the pandemic and the global responses to curb its spread, the Company may be unable to accurately estimate the effects of the pandemic on its results of operations, financial condition, or liquidity for the foreseeable future. Recently Adopted Financial Accounting Standards - On December 30, 2019, the Company adopted Accounting Standards Update (“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 versus incurred losses under previous guidance. The Company’s adoption of ASU No. 2016-13 and its related amendments (“the new credit loss standard”) resulted in a cumulative-effect debit adjustment to the beginning balance of Accumulated deficit of $4.3 million, including $4.8 million of contingent lease liabilities related to lease guarantees and $1.0 million of incremental reserve for credit losses, net of a $1.5 million increase in deferred tax assets. Measurement processes and related controls have been implemented by the Company to ensure compliance with the new credit loss standard. See Note 18 - Allowance for Expected Credit Losses for additional details regarding the Company’s allowance for expected credit losses. On December 30, 2019, the Company adopted ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” (“ASU No. 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. Under ASU No. 2018-15, implementation costs incurred by customers in cloud computing arrangements are deferred and recognized over the term of the arrangement similar to internal-use software guidance. The Company contracts with 3rd party information technology providers for various service arrangements including software, platform and information technology infrastructure. The capitalized implementation costs are recorded within Other assets, net on the Company’s Consolidated Balance Sheets and are amortized on a straight-line basis over the term of the hosting arrangements, including reasonably certain renewal periods, within the same financial statement line as the related hosting fees. The amortization of the Company’s current arrangements is recorded in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company’s prospective adoption of ASU No. 2018-15 did not have a material effect on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”). The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU No. 2020-04 was effective beginning March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company has elected to apply the hedge accounting expedients related to hedge effectiveness for future LIBOR-indexed cash flows, which enables the Company to continue to apply hedge accounting to hedging relationships impacted by reference rate reform. Application of these expedients allows for presentation of derivatives consistent with the Company’s historical presentation. The Company continues to evaluate the impact of the guidance and may apply other elections, as applicable. Recently Issued Financial Accounting Standards Not Yet Adopted - In August 2020, the FASB issued ASU No. 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” (“ASU No. 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Specifically, ASU No. 2020-06 removes the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, after adopting ASU No. 2020-06, the Company will no longer separately present the embedded conversion feature of its convertible debt within stockholders’ equity. ASU No. 2020-06 is effective for the Company in the first quarter of 2022, with early adoption permitted and may be adopted using either a full or modified retrospective approach. Upon adoption interest expense is expected to decrease due to the elimination of debt discount amortization. The Company is currently evaluating the full effect adopting ASU No. 2020-06 will have on its consolidated financial statements, including the timing and adoption approach.

COVID-19 Charges

9 Months Ended

Sep. 27, 2020

COVID-19 Impact [Abstract]

COVID-19 Charges

Following is a summary of the charges recorded in connection with the COVID-19 pandemic for the period indicated (dollars in thousands):

CHARGES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION

THIRTY-NINE WEEKS ENDED

SEPTEMBER 27, 2020

Inventory obsolescence and spoilage

Food and beverage costs

6,748

Compensation for idle employees (1)

Labor and other related

28,243

Other operating charges

Other restaurant operating

2,467

Lease guarantee contingent liabilities (2)

General and administrative

4,188

Allowance for expected credit losses (3)

General and administrative

3,334

Other charges

General and administrative

2,624

Right-of-use asset impairment (4)

Provision for impaired assets and restaurant closings

25,740

Fixed asset impairment (4)

Provision for impaired assets and restaurant closings

31,727

Goodwill and other impairment (5)

Provision for impaired assets and restaurant closings

3,096

108,167

________________

(1)Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $14.4 million of employee retention tax credits earned.

(2)Represents additional contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.

(3)Includes additional reserves based on the Company’s increase in expected credit losses, primarily related to franchise receivables.

(4)Includes impairments resulting from the remeasurement of assets utilizing projected future cash flows revised for current economic conditions, restructuring charges and the closure of certain restaurants. See Note 4 - Impairments, Exit Costs and Disposals for details regarding COVID-19 Restructuring costs.

(5)Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 9 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Revenue Recognition

9 Months Ended

Sep. 27, 2020

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Revenues
Restaurant sales	$	766,487	$	951,816	$	2,338,985	$	3,069,145
Franchise and other revenues
Franchise revenue	$	4,216	$	12,426	$	15,716	$	38,980
Other revenue	557		2,902		3,355		9,080
Total Franchise and other revenues	$	4,773	$	15,328	$	19,071	$	48,060
Total revenues	$	771,260	$	967,144	$	2,358,056	$	3,117,205

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 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	443,286	$	1,422	$	499,903	$	9,143
Carrabba’s Italian Grill	124,019		359		137,912		592
Bonefish Grill	100,410		44		132,267		186
Fleming’s Prime Steakhouse & Wine Bar	49,846		—		64,542		—
Other	1,845		—		1,129		—
U.S. total	$	719,406	$	1,825	$	835,753	$	9,921
International
Outback Steakhouse Brazil	$	32,485	$	—	$	94,430	$	—
Other (1)	14,596		2,391		21,633		2,505
International total	$	47,081	$	2,391	$	116,063	$	2,505
Total	$	766,487	$	4,216	$	951,816	$	12,426

________________

(1)Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.


















	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,320,524	$	8,099	$	1,613,723	$	29,330
Carrabba’s Italian Grill	364,632		827		461,387		1,389
Bonefish Grill	299,226		184		436,766		596
Fleming’s Prime Steakhouse & Wine Bar	151,962		—		221,965		—
Other	4,718		—		3,341		—
U.S. total	$	2,141,062	$	9,110	$	2,737,182	$	31,315
International
Outback Steakhouse Brazil	$	148,078	$	—	$	267,980	$	—
Other (1)	49,845		6,606		63,983		7,665
International total	$	197,923	$	6,606	$	331,963	$	7,665
Total	$	2,338,985	$	15,716	$	3,069,145	$	38,980

________________

(1)Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Other current assets, net
Deferred gift card sales commissions	$	12,585	$	18,554

Unearned revenue
Deferred gift card revenue	$	269,941	$	358,757
Deferred loyalty revenue	9,711		10,034
Deferred franchise fees - current	472		491

Total Unearned revenue	$	280,124	$	369,282

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,301	$	4,599

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Balance, beginning of period	$	13,624	$	10,488	$	18,554	$	16,431
Deferred gift card sales commissions amortization	(3,961)		(4,838)		(15,553)		(18,927)
Deferred gift card sales commissions capitalization	3,068		3,886		10,534		13,118
Other	(146)		(425)		(950)		(1,511)
Balance, end of period	$	12,585	$	9,111	$	12,585	$	9,111

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Balance, beginning of period	$	279,973	$	227,372	$	358,757	$	333,794
Gift card sales	42,531		52,059		142,619		183,189
Gift card redemptions	(49,964)		(68,880)		(220,549)		(295,281)
Gift card breakage	(2,599)		(3,492)		(10,886)		(14,643)
Balance, end of period	$	269,941	$	207,059	$	269,941	$	207,059

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Impairments, Exit Costs and Disposals [Abstract]

Impairments, Exit Costs and Disposals

9 Months Ended

Sep. 27, 2020

Impairments, Exit Costs and Disposals

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Impairment losses
U.S. (1)	$	332	$	1,548	$	55,045	$	5,177
International (1) (2)	—		—		3,468		1,785
Corporate (3)	32		—		6,193		—
Total impairment losses	$	364	$	1,548	$	64,706	$	6,962
Restaurant closure (benefits) expenses
U.S. (1)	$	(418)	$	(196)	$	1,344	$	(101)
International (1)	—		39		173		56
Total restaurant closure (benefits) expenses	$	(418)	$	(157)	$	1,517	$	(45)
Provision for impaired assets and restaurant closings	$	(54)	$	1,391	$	66,223	$	6,917

________________

(1)U.S. and international impairment and closure charges for the thirteen and thirty-nine weeks ended September 27, 2020 primarily relate to the COVID-19 pandemic (including charges related to the COVID-19 Restructuring discussed below). See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.

(2)Includes goodwill impairment charges of $2.0 million during the thirty-nine weeks ended September 27, 2020. See Note 9 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

(3)Corporate impairment charges primarily relate to transformational initiatives.

COVID-19 Restructuring - During the thirty-nine weeks ended September 27, 2020, the Company recognized pre-tax asset impairments and closure costs in connection with the closure of 22 restaurants and from the update of certain cash flow assumptions, including lease renewal considerations (the “COVID-19 Restructuring”). Following is a summary of the COVID-19 Restructuring charges recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the period indicated (dollars in thousands):

LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

THIRTY-NINE WEEKS ENDED

DESCRIPTION

SEPTEMBER 27, 2020

Property, fixtures and equipment impairments

Provision for impaired assets and restaurant closings

16,932

Lease right-of-use asset impairments and closing costs

Provision for impaired assets and restaurant closings

4,008

Severance and other expenses

General and administrative

1,021

21,961

Impairment and closure charges during the thirteen and thirty-nine weeks ended September 29, 2019 resulted primarily from 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 certain closure and restructuring initiatives, for the period indicated:


	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020
Balance, beginning of the period	$	14,542
Additions	2,103
Cash payments	(3,327)
Accretion	862
Adjustments	346
Balance, end of the period (1)	$	14,526

________________

(1)As of September 27, 2020, the Company had exit-related accruals related to certain closure and restructuring initiatives of $4.4 million recorded in Accrued and other current liabilities and $10.1 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

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 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 20 - 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 Consolidated Statements of Operations and Comprehensive (Loss) Income.

(Loss) Earnings Per Share

9 Months Ended

Sep. 27, 2020

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

The following table presents the computation of basic and diluted (loss) earnings per share attributable to common stockholders for the periods indicated:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except per share data)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Net (loss) income attributable to Bloomin’ Brands	$	(17,637)	$	9,248	$	(144,504)	$	102,569
Redemption of preferred stock in excess of carrying value (1)	—		—		(3,496)		—
Net (loss) income attributable to common stockholders	$	(17,637)	$	9,248	$	(148,000)	$	102,569

Basic weighted average common shares outstanding	87,558		86,843		87,394		89,484

Effect of diluted securities:
Stock options	—		272		—		541
Nonvested restricted stock units	—		190		—		249
Nonvested performance-based share units	—		—		—		32
Diluted weighted average common shares outstanding	87,558		87,305		87,394		90,306

Basic (loss) earnings per share attributable to common stockholders	$	(0.20)	$	0.11	$	(1.69)	$	1.15
Diluted (loss) earnings per share attributable to common stockholders	$	(0.20)	$	0.11	$	(1.69)	$	1.14

________________

(1)Consideration paid in excess of carrying value for the redemption of preferred stock is considered a deemed dividend and, for purposes of calculating earnings per share, reduces net income attributable to common stockholders for the thirty-nine weeks ended September 27, 2020. See Note 14 - Stockholders’ Equity for additional details.

Weighted-average securities outstanding not included in the computation of net (loss) earnings per share attributable to common stockholders because their effect was antidilutive were as follows, for the periods indicated:


	THIRTEEN WEEKS ENDED		THIRTY-NINE WEEKS ENDED
(shares in thousands)	SEPTEMBER 27, 2020	SEPTEMBER 29, 2019	SEPTEMBER 27, 2020	SEPTEMBER 29, 2019
Stock options	5,381	5,408	5,133	4,336
Nonvested restricted stock units	797	209	813	210
Nonvested performance-based share units	628	337	595	309
Convertible senior notes and warrants	38,696	—	20,695	—

There are approximately 19.348 million shares of the Company’s common stock that underlie its senior convertible notes based on the initial conversion rate and full principal amount. The conversion spread on the Company’s convertible senior notes will have a dilutive impact on diluted earnings per share when the average market price of the Company’s common stock for a given period exceeds the conversion price of $11.89 per share of common stock. The Company expects to settle the principal amount of its outstanding convertible senior notes in cash and any excess in shares. As a result, upon conversion of the convertible senior notes, only the amounts in excess of the principal amount are considered in diluted earnings per share under the treasury stock method, if applicable. For the thirteen and thirty-nine weeks ended September 27, 2020, the convertible senior notes have been excluded from the computation of diluted earnings per share as the effect would be antidilutive given the Company’s net loss. Warrants to purchase approximately 19.348 million shares of the Company’s common shares at $16.64 per share were outstanding as of September 27, 2020 but were excluded from the computation of diluted earnings per share since the warrants’ strike price was greater than the average market price of the Company’s common stock during the period. See Note 12 - Convertible Senior Notes for additional information regarding the Company’s convertible senior notes.

Stock-based Compensation Plans

9 Months Ended

Sep. 27, 2020

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Stock options	$	992	$	1,316	$	2,862	$	3,888
Restricted stock units	2,303		2,389		6,326		6,548
Performance-based share units	(588)		848		1,804		3,105

	$	2,707	$	4,553	$	10,992	$	13,541

During the thirty-nine weeks ended September 27, 2020, the Company made grants of 0.1 million stock options, 0.5 million time-based restricted stock units and 0.5 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 27, 2020			SEPTEMBER 29, 2019
Assumptions:
Weighted-average risk-free interest rate (1)	0.90		%	2.34		%
Dividend yield (2)	4.34		%	1.94		%
Expected term (3)	5.5 years			4.8 years
Weighted-average volatility (4)	30.43		%	31.05		%

Weighted-average grant date fair value per option	$	3.12		$	5.07

________________

(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. The dividend yield for the thirty-nine weeks ended September 27, 2020 relates to options granted prior the Company’s Amended Credit Agreement which restricts the payment of dividends. See Note 11 - Long-term Debt, Net for dividend restriction details.

(3)Expected term represents the period of time that the options are expected to be outstanding. The Company estimates the expected term based on historical exercise experience for its stock options.

(4)Based on the historical volatility of the Company’s stock.

The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of September 27, 2020:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options	$	4,078	1.4
Restricted stock units	$	13,618	1.9
Performance-based share units	$	9,233	1.8

Other Current Assets, Net

9 Months Ended

Sep. 27, 2020

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 27, 2020		DECEMBER 29, 2019
Prepaid expenses	$	18,837	$	20,218
Accounts receivable - gift cards, net	14,013		104,591
Accounts receivable - vendors, net	6,631		13,465
Accounts receivable - franchisees, net	624		1,322
Accounts receivable - other, net	16,090		21,734
Deferred gift card sales commissions	12,585		18,554
Assets held for sale	3,786		3,317
Other current assets, net	4,271		3,261
	$	76,837	$	186,462

Property, Fixtures and Equipment, Net

9 Months Ended

Sep. 27, 2020

Property, Plant and Equipment [Abstract]

Property, Fixtures and Equipment, Net

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Land	$	40,728	$	42,570
Buildings	1,152,012		1,202,434
Furniture and fixtures	445,536		458,169
Equipment	616,780		665,815
Construction in progress	28,286		24,477
Less: accumulated depreciation	(1,382,459)		(1,357,388)
	$	900,883	$	1,036,077

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill - The following table is a rollforward of goodwill:


(dollars in thousands)	U.S.		INTERNATIONAL		CONSOLIDATED
Balance as of December 29, 2019	$	170,657	$	117,782	$	288,439

Translation adjustments	—		(16,728)		(16,728)
Impairment charges	—		(1,973)		(1,973)


Balance as of September 27, 2020	$	170,657	$	99,081	$	269,738

The COVID-19 outbreak was considered a triggering event during the thirteen weeks ended March 29, 2020, indicating that the carrying amount of goodwill may not be recoverable. As a result, the Company performed a quantitative assessment for all reporting units to determine whether a reporting unit was impaired. Based on this assessment, which utilized a discounted cash flow analysis, the Company recorded full impairment of goodwill related to its Hong Kong reporting unit of $2.0 million, within the international segment, during the thirteen weeks ended March 29, 2020. Impairment was not recorded for any of the Company’s other reporting units as a result of the quantitative assessment.

Annual Goodwill and Intangible Asset Impairment Assessment - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets as of the first day of its second fiscal quarter. Since the Company performed a quantitative assessment on the last day of the first fiscal quarter of 2020, as described above, the Company utilized the same assumptions and analysis in performing a quantitative annual

assessment in its second fiscal quarter and concluded that no additional impairment was required. In 2019, the Company performed a qualitative assessment and did not record any impairment charges.

Other Assets, Net

9 Months Ended

Sep. 27, 2020

Other Assets [Abstract]

Other Assets, Net

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


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Company-owned life insurance (1)	$	50,887	$	60,126
Deferred debt issuance costs (2)	5,301		4,893
Liquor licenses	24,250		24,289
Other assets	18,561		27,802
	$	98,999	$	117,110

________________

(1)During the thirty-nine weeks ended September 27, 2020, the Company utilized $9.3 million of Company-owned life insurance policies to pay deferred compensation obligations.

(2)Net of accumulated amortization of $8.4 million and $6.8 million as of September 27, 2020 and December 29, 2019, respectively.

Long-term Debt, Net

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Long-term Debt, Net

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


	SEPTEMBER 27, 2020				DECEMBER 29, 2019
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	431,250	2.89	%	$	450,000	3.40	%
Revolving credit facility (1) (2)	555,000		2.88	%	599,000		3.44	%
Total Senior Secured Credit Facility	$	986,250			$	1,049,000
Convertible Senior Notes (3)	230,000		5.00	%	—
Finance lease liabilities	2,375				2,308
Other	—				50		2.18	%
Less: unamortized debt discount and issuance costs	(70,735)				(2,654)
Total debt, net	$	1,147,890			$	1,048,704
Less: current portion of long-term debt	(35,600)				(26,411)
Long-term debt, net	$	1,112,290			$	1,022,293

________________

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

(2)Subsequent to September 27, 2020, the Company made a payment of $23.0 million on its revolving credit facility.

(3)See Note 12 - Convertible Senior Notes for details regarding the convertible senior notes and related hedge and warrant transactions.

Amended Credit Agreement - On May 4, 2020, the Company and its wholly-owned subsidiary OSI Restaurant Partners, LLC (“OSI”), as co-borrowers, entered into an amendment to the existing credit agreement, dated November 30, 2017 (the “Amended Credit Agreement”), which provides relief for the financial covenant to maintain a specified quarterly Total Net Leverage Ratio (“TNLR”). Without such amendment, violation of financial covenants under the original credit agreement could have resulted in default. TNLR is the ratio of Consolidated Total Debt (Current portion of long-term debt and Long-term debt, net of cash, excluding the convertible senior notes) to Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization and certain other adjustments as defined in the Amended Credit Agreement).

The Amended Credit Agreement waives the TNLR requirement for the remainder of fiscal year 2020 and requires a TNLR based on a seasonally annualized calculation of Consolidated EBITDA not to exceed the following thresholds for the periods indicated:


QUARTERLY PERIOD ENDED	MAXIMUM RATIO
March 28, 2021 (1)	5.50	to	1.00
June 27, 2021 (2)	5.00	to	1.00
September 26, 2021 and thereafter (3)	4.50	to	1.00

________________

(1)Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the fiscal quarter ending March 28, 2021 divided by 34.1%.

(2)Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the two consecutive quarters ending June 27, 2021 divided by 58.5%.

(3)Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the three consecutive quarters ending September 26, 2021 divided by 77.0%.

The Company is also required to meet a minimum monthly liquidity threshold of $125.0 million through March 28, 2021, calculated as the sum of available capacity under the Company’s revolving credit facility, unrestricted domestic cash on hand and up to $25.0 million of unrestricted cash held by foreign subsidiaries.

Under the Amended Credit Agreement, the Company is limited to $100.0 million of aggregate capital expenditures for the four fiscal quarters through March 28, 2021. The Company is also prohibited from making certain restricted payments, investments or acquisitions until after September 26, 2021, with an exception for investments in the Company’s foreign subsidiaries which are capped at $27.5 million. Repurchasing shares of the Company’s outstanding common stock and paying dividends are also restricted until after September 26, 2021 and the Company is compliant with its financial covenants under the terms of the Amended Credit Agreement.

Interest rates under the Amended Credit Agreement are 275 and 175 basis points above the Eurocurrency Rate and Base Rate, respectively, and letter of credit fees and fees for the daily unused availability under the revolving credit facility are 2.75% and 0.40%, respectively, subject to reversion to rates under the original credit agreement when the Company is in compliance with the TNLR covenant for the test period ending September 26, 2021. The Company is also subject to a 0% Eurocurrency floor under the Amended Credit Agreement.

Deferred Debt Issuance Costs - The Company deferred $2.9 million of debt issuance costs incurred in connection with the Amended Credit Agreement. Deferred debt issuance costs of $2.0 million associated with the revolving credit facility portion of the Amended Credit Agreement were recorded in Other assets, net and all other deferred debt issuance costs were recorded in Long-term debt, net during the thirteen weeks ended June 28, 2020.

As of September 27, 2020 and December 29, 2019, the Company was in compliance with its debt covenants.

Convertible Senior Notes

9 Months Ended

Sep. 27, 2020

Convertible Notes [Abstract]

Convertible Senior Notes

Convertible Senior Notes - On May 8, 2020, the Company completed a $200.0 million principal amount private offering of 5.00% convertible senior notes due 2025 and on May 12, 2020, issued an additional $30.0 million principal amount in connection with the option granted to the initial purchasers as part of the offering (collectively, the “2025 Notes”). The 2025 Notes are governed by the terms of an indenture between the Company and Wells Fargo Bank, National Association, as the Trustee. The 2025 Notes will mature on May 1, 2025, unless earlier converted, redeemed or purchased by the Company. The 2025 Notes bear cash interest at an annual rate of 5.00%, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2020.

The 2025 Notes are unsecured obligations and do not contain any financial covenants or restrictions on incurring additional indebtedness, paying dividends or issuing or repurchasing any securities. Events of default under the

indenture for the 2025 Notes include, among other things, a default in the payment when due of the principal of, or the redemption price for, any note and a default for 30 days in the payment when due of interest on any note. If an event of default, the principal amount of, and all accrued and unpaid interest on, all of the notes then outstanding will immediately become due and payable.

The initial conversion rate applicable to the 2025 Notes is 84.122 shares of common stock per $1,000 principal amount of 2025 Notes, or a total of approximately 19.348 million shares for the total $230.0 million principal amount. This initial conversion rate is equivalent to an initial conversion price of approximately $11.89 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events. Noteholders may convert their notes at their option only in the circumstances described in the indenture.

The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, based on the applicable conversion rate.

Net proceeds from the 2025 Notes offering were approximately $221.6 million, after deducting the initial purchaser’s discounts and commissions and the Company’s offering expenses. Upon issuance, the principal amount was separated into a liability and an equity component, such that interest expense reflects the Company’s nonconvertible debt interest rate.

The initial carrying value of the 2025 Notes, excluding the discounts upon original issuance and third-party offering costs allocated to the liability, and recorded during the thirteen weeks ended June 28, 2020, is as follows (dollars in thousands):


Liability component
Principal	$	230,000
Less: Debt discount (1)	(66,137)
Less: Debt issuance costs (1)	(5,996)
Net carrying amount	$	157,867
Equity component (2)	$	64,367

________________

(1)Debt discount and issuance costs are amortized to interest expense using the effective interest method over the expected life of the 2025 Notes.

(2)Recorded in Additional paid-in capital on the Consolidated Balance Sheet. Includes $2.4 million of equity issuance costs and net deferred tax assets of $0.6 million.

Convertible Note Hedge and Warrant Transactions - In connection with the offering of the 2025 Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedge Transactions”) with certain of the initial purchasers of the 2025 Notes and/or their respective affiliates and other financial institutions (in this capacity, the “Hedge Counterparties”). Concurrently with the Company’s entry into the Convertible Note Hedge Transactions, the Company also entered into separate, warrant transactions with the Hedge Counterparties collectively relating to the same number of shares of the Company’s common stock, subject to customary anti-dilution adjustments, and for which the Company received proceeds that partially offset the cost of entering into the Convertible Note Hedge Transactions (the “Warrant Transactions”).

The Convertible Note Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially underlie the 2025 Notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the 2025 Notes. The Warrant Transactions could have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the Warrant Transactions.

The strike price will initially be $16.64 per share and is subject to certain adjustments under the terms of the Warrant Transactions.

The portion of the net proceeds to the Company from the offering of the 2025 Notes that was used to pay the premium on the Convertible Note Hedge Transactions, net of the proceeds to the Company from the Warrant Transactions, was approximately $19.6 million. The net costs incurred in connection with the Convertible Note Hedge Transactions and Warrant Transactions were recorded as a reduction to Additional paid-in capital on the Company’s Consolidated Balance Sheet during the thirteen weeks ended June 28, 2020.

As these transactions meet certain accounting criteria, the Convertible Note Hedge Transactions and Warrant Transactions were recorded in stockholders’ equity, not accounted for as derivatives and are not remeasured each reporting period.

Other Long-term Liabilities, Net

9 Months Ended

Sep. 27, 2020

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 27, 2020		DECEMBER 29, 2019
Accrued insurance liability	$	32,592	$	33,818
Chef and Restaurant Managing Partner deferred compensation obligations	35,273		47,831
Deferred payroll tax liabilities (1)	36,092		—
Other long-term liabilities (2)	69,815		56,411
	$	173,772	$	138,060

________________

(1)Deferred payroll tax liabilities as allowed for in the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”). See Note 19 - Income Taxes for details regarding the CARES Act.

(2)The increase in Other long-term liabilities during the thirty-nine weeks ended September 27, 2020, primarily relates to $8.7 million of additional contingent lease liabilities subsequent to the adoption of ASU No. 2016-13 and $2.8 million of additional interest rate swap liabilities. See Note 20 - Commitments and Contingencies and Note 15 - Derivative Instruments and Hedging Activities, respectively, for details regarding these increases.

Stockholders' Equity

9 Months Ended

Sep. 27, 2020

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends - The Company declared and paid dividends per share during fiscal year 2020 as follows:


(in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.20	$	17,480

Redeemable Preferred Stock - In connection with the development of its Abbraccio Cucina Italiana (“Abbraccio”) concept in 2015, the Company entered into an investment agreement (the “Abbraccio Investment Agreement”) to sell preferred shares of its Abbraccio subsidiary (“Abbraccio Shares”) to certain investors. The Abbraccio Investment Agreement included a call option for the purchase of the Abbraccio Shares (the “Abbraccio Call Option”).

During the thirteen weeks ended March 29, 2020, the Company exercised the Abbraccio Call Option to purchase all outstanding Abbraccio Shares for $1.0 million and recorded a reduction to Accumulated deficit and an increase in Net loss applicable to common stockholders of $3.5 million for the consideration paid in excess of the Abbraccio Shares’ carrying value.

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


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Foreign currency translation adjustment	$	(192,569)	$	(152,031)
Unrealized loss on derivatives, net of tax	(25,433)		(17,745)
Accumulated other comprehensive loss	$	(218,002)	$	(169,776)

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Foreign currency translation adjustment	$	(4,095)	$	(10,305)	$	(40,538)	$	(13,042)

Unrealized gain (loss) on derivatives, net of tax (1)	$	261	$	(2,036)	$	(14,631)	$	(13,656)
Reclassification of adjustments for loss on derivatives included in Net (loss) income, net of tax (2)	2,962		812		6,943		578
Total unrealized gain (loss) on derivatives, net of tax	$	3,223	$	(1,224)	$	(7,688)	$	(13,078)

Other comprehensive loss attributable to Bloomin’ Brands	$	(872)	$	(11,529)	$	(48,226)	$	(26,120)

________________

(1)Unrealized gain (loss) on derivatives is net of tax of $0.1 million and $(0.7) million for the thirteen weeks ended September 27, 2020 and September 29, 2019 and $(5.1) million and $(4.7) million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively.

(2)Reclassifications of adjustments for loss on derivatives are net of tax. See Note 15 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 27, 2020

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 $16.0 million will be reclassified to interest expense over the next 12 fiscal 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 27, 2020		DECEMBER 29, 2019		CONSOLIDATED BALANCE SHEET CLASSIFICATION




Interest rate swaps - liability	$	14,749	$	7,174	Accrued and other current liabilities
Interest rate swaps - liability	19,615		16,835		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	34,364	$	24,009

Accrued interest	$	1,364	$	632	Accrued and other current liabilities

____________________

(1)See Note 17 - Fair Value Measurements for fair value discussion of the interest rate swaps.

On May 4, 2020, concurrent with entering into the Amended Credit Agreement, the Company de-designated its interest rate swap hedge relationship and modified its hedge documentation to more closely align with certain terms of the Amended Credit Agreement. On May 6, 2020, the Company re-designated the cash flow hedge relationship for the original $550.0 million notional amount, resulting in no impact to the Company’s consolidated financial statements as a result of the hedge activity.

The following table summarizes the effects of the swap agreements on Net (loss) income for the periods indicated:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Interest rate swap expense recognized in Interest expense, net	$	(3,991)	$	(1,095)	$	(9,353)	$	(779)
Income tax benefit recognized in (Benefit) provision for income taxes	1,029		283		2,410		201
Total effects of the interest rate swaps on Net (loss) income	$	(2,962)	$	(812)	$	(6,943)	$	(578)

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 27, 2020, 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 27, 2020 and December 29, 2019, 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 $36.5 million and $24.8 million, respectively. As of September 27, 2020 and December 29, 2019, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of September 27, 2020 and December 29, 2019, it could have been required to settle its obligations under the agreements at their termination value of $36.5 million and $24.8 million, respectively.

Leases

9 Months Ended

Sep. 27, 2020

Leases [Abstract]

Leases

LeasesIn April 2020, the FASB issued a question and answer document focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19 (the “Lease Modification Q&A”). The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease when the total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. The Company elected this practical expedient for COVID-19-related rent concessions, primarily rent deferrals or rent abatements, and has elected not to remeasure the related lease liability and right-of-use asset for those leases. Rent deferrals are accrued with no impact to straight-line rent expense. Rent abatements are recognized as a reduction of variable rent expense in the month they occur. This election will continue while these concessions are in effect.

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,192,035	$	1,266,548
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	2,123		2,036
Total lease assets, net		$	1,194,158	$	1,268,584

Current operating lease liabilities (2)	Accrued and other current liabilities	$	177,713	$	171,866
Current finance lease liabilities	Current portion of long-term debt	1,225		1,361
Non-current operating lease liabilities	Non-current operating lease liabilities	1,230,008		1,279,051
Non-current finance lease liabilities	Long-term debt, net	1,150		947
Total lease liabilities		$	1,410,096	$	1,453,225

________________

(1)Net of accumulated amortization of $2.1 million and $1.3 million as of September 27, 2020 and December 29, 2019, respectively.

(2)Excludes COVID-19-related deferred rent accruals of $14.4 million as of September 27, 2020 and accrued contingent percentage rent of $2.6 million and $2.4 million, as of September 27, 2020 and December 29, 2019, respectively.

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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Operating leases (1)	Other restaurant operating	$	45,341	$	45,948	$	133,999	$	136,260
Variable lease cost	Other restaurant operating	(1,677)		933		(1,603)		2,498
Finance leases
Amortization of leased assets	Depreciation and amortization	328		365		985		1,049
Interest on lease liabilities	Interest expense, net	37		64		120		209
Sublease revenue (2)	Franchise and other revenues	(409)		(1,747)		(2,195)		(4,853)
Lease costs, net		$	43,620	$	45,563	$	131,306	$	135,163

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.6 million and $3.8 million for the thirteen weeks ended September 27, 2020 and September 29, 2019, respectively, and $10.4 million and $11.0 million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively, which is included in General and administrative expense. Also excludes certain supply chain related rent expense of $0.3 million for the thirteen weeks ended September 27, 2020 and September 29, 2019 and $1.0 million and $0.9 million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively, which is included in Food and beverage costs.

(2)Excludes rental income from Company-owned properties of $0.4 million for the thirteen weeks ended September 29, 2019 and $0.3 million and $1.8 million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively.

The following table is a summary of other impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	127,642	$	143,630

Leases

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,192,035	$	1,266,548
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	2,123		2,036
Total lease assets, net		$	1,194,158	$	1,268,584

Current operating lease liabilities (2)	Accrued and other current liabilities	$	177,713	$	171,866
Current finance lease liabilities	Current portion of long-term debt	1,225		1,361
Non-current operating lease liabilities	Non-current operating lease liabilities	1,230,008		1,279,051
Non-current finance lease liabilities	Long-term debt, net	1,150		947
Total lease liabilities		$	1,410,096	$	1,453,225

________________

(1)Net of accumulated amortization of $2.1 million and $1.3 million as of September 27, 2020 and December 29, 2019, respectively.

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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Operating leases (1)	Other restaurant operating	$	45,341	$	45,948	$	133,999	$	136,260
Variable lease cost	Other restaurant operating	(1,677)		933		(1,603)		2,498
Finance leases
Amortization of leased assets	Depreciation and amortization	328		365		985		1,049
Interest on lease liabilities	Interest expense, net	37		64		120		209
Sublease revenue (2)	Franchise and other revenues	(409)		(1,747)		(2,195)		(4,853)
Lease costs, net		$	43,620	$	45,563	$	131,306	$	135,163

________________

The following table is a summary of other impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	127,642	$	143,630

Fair Value Measurements

9 Months Ended

Sep. 27, 2020

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 27, 2020						DECEMBER 29, 2019
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	8,607	$	8,607	$	—	$	1,037	$	1,037	$	—
Money market funds	10,884		10,884		—		12,752		12,752		—
Restricted cash equivalents:

Money market funds	2,481		2,481		—		—		—		—




Total asset recurring fair value measurements	$	21,972	$	21,972	$	—	$	13,789	$	13,789	$	—

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	14,749	$	—	$	14,749	$	7,174	$	—	$	7,174

Other long-term liabilities:
Derivative instruments - interest rate swaps	19,615		—		19,615		16,835		—		16,835
Total liability recurring fair value measurements	$	34,364	$	—	$	34,364	$	24,009	$	—	$	24,009

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 27, 2020 and December 29, 2019, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, operating lease right-of-use assets, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated:


	THIRTEEN WEEKS ENDED
	SEPTEMBER 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	—	$	—	$	900	$	100
Operating lease right-of-use assets (2)	—		(24)		293		622
Property, fixtures and equipment (3)	207		388		395		826

	$	207	$	364	$	1,588	$	1,548

	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	1,182	$	75	$	2,049	$	315
Operating lease right-of-use assets (2)	70,841		23,567		2,649		2,988
Property, fixtures and equipment (3)	27,978		38,381		1,351		3,659
Goodwill and other assets (4)	748		2,683		—		—
	$	100,749	$	64,706	$	6,049	$	6,962

____________________

(1)Assets generally measured using third-party market appraisals or executed sales contracts (Level 2).

(2)Carrying values measured using Level 2 inputs to estimate fair value totaled $0.2 million during the thirty-nine weeks ended September 29, 2019. All other assets were valued using Level 3 inputs. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.

(3)Carrying values measured using Level 2 inputs to estimate fair value totaled $2.2 million during the thirty-nine weeks ended September 27, 2020. All other assets were valued using Level 3 inputs. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.

(4)Other assets generally measured using the quoted market value of comparable assets (Level 2).

See Note 4 - Impairments, Exit Costs and Disposals for information regarding impairment charges resulting from the fair value measurement performed on a nonrecurring basis during the thirteen and thirty-nine weeks ended September 27, 2020. Projected future cash flows, including discount rate and growth rate assumptions, are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

In assessment of impairment for operating locations, the Company determined the fair values of individual operating locations using an income approach, which required discounting projected future cash flows. When determining the stream of projected future cash flows associated with an individual operating location, management made assumptions, including highest and best use and inputs from restaurant operations, where necessary, and about key variables including the following unobservable inputs: revenue growth rates, controllable and uncontrollable expenses, and asset residual values. In order to calculate the present value of those future cash flows, the Company discounted cash flow estimates at its weighted-average cost of capital applicable to the country in which the measured assets reside.

The following table presents quantitative information related to certain unobservable inputs used in the Company’s Level 3 fair value measurements of Operating lease right-of-use assets and Property, fixtures and equipment for the impairment losses incurred during the periods indicated:


	THIRTEEN WEEKS ENDED			THIRTY-NINE WEEKS ENDED
UNOBSERVABLE INPUTS	SEPTEMBER 27, 2020			SEPTEMBER 27, 2020
Weighted-average cost of capital	11.3%			10.4%	to	11.3%
Long-term growth rate	1.5%	to	2.0%	1.5%	to	2.0%

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 27, 2020				DECEMBER 29, 2019
	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE	FAIR VALUE LEVEL 2
(dollars in thousands)
Senior Secured Credit Facility:
Term loan A	$	431,250	$	418,313		$	450,000	$	450,563
Revolving credit facility	$	555,000	$	520,995		$	599,000	$	599,000
Convertible Senior Notes	$	230,000	$	349,455		$	—	$	—

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.

Allowance for Expected Credit Losses

Allowance for Expected Credit Losses

9 Months Ended

Sep. 27, 2020

Credit Loss [Abstract]

The following is a rollforward of the allowance for trade receivable expected credit losses for the periods indicated:


	THIRTEEN WEEKS ENDED		THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 27, 2020
Allowance for credit losses, beginning of period	$	4,566	$	199
Adjustment for adoption of ASU No. 2016-13	—		1,018
Provision for expected credit losses	2		3,351
Charge-off of accounts	(29)		(29)


Allowance for credit losses, end of period	$	4,539	$	4,539

The Company is exposed to credit losses through its trade accounts receivable consisting primarily of amounts due for gift card, credit card, vendor, franchise and other receivables. Gift card, vendor and other receivables consist primarily of amounts due from gift card resellers and vendor rebates. Amounts due from franchisees consist of initial franchise fees, royalty income, and advertising fees. See Note 7 - Other Current Assets, Net for disclosure of trades receivables by category as of September 27, 2020 and December 29, 2019. Domestic credit card receivables are recorded within Cash and cash equivalents based on their short duration and reasonably assured settlement.

The Company evaluates the collectability of trade receivables based on historical loss experience and risk pool and records periodic adjustments for factors such as deterioration of economic conditions, specific customer circumstances and changes in the aging of accounts receivable balances. For risk pools where there was no

established loss history, S&P speculative-grade default rates are utilized to calculate an estimated loss rate. Losses are charged off in the period in which they are determined to be uncollectable.

The financial condition of the Company’s franchisees is largely dependent on the underlying business trends of its brands and market conditions within the casual dining restaurant industry. In March 2020, the Company fully reserved substantially all of its outstanding franchise receivables in response to the economic impact of the COVID-19 pandemic. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.

The Company is also exposed to credit losses from off-balance sheet lease guarantees primarily related to the divestiture of certain formerly Company-owned restaurant sites. See Note 20 - Commitments and Contingencies for details regarding these lease guarantees.

Income Taxes

9 Months Ended

Sep. 27, 2020

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020			SEPTEMBER 29, 2019			SEPTEMBER 27, 2020			SEPTEMBER 29, 2019
(Loss) income before (benefit) provision for income taxes	$	(32,554)		$	8,713		$	(214,830)		$	110,882
(Benefit) provision for income taxes	$	(14,776)		$	(660)		$	(70,210)		$	6,051
Effective income tax rate	45.4		%	(7.6)		%	32.7		%	5.5		%

On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). Accordingly, the applicable provisions of the CARES Act have been reflected in the Company’s tax provision for the thirteen and thirty-nine weeks ended September 27, 2020. The CARES Act, among other items, includes U.S. corporate tax provisions related to the deferment of employer social security payments, employee retention credits, net operating loss (“NOL”) carryback periods, alternative minimum tax credits, modifications to interest deduction limitations and technical corrections on tax depreciation methods for qualified improvement property (“QIP”).

The effective income tax rate for the thirteen and thirty-nine weeks ended September 27, 2020 increased by 53.0 and 27.2 percentage points as compared to the thirteen and thirty-nine weeks ended September 29, 2019. These increases were primarily due to the benefit of the tax credits for FICA taxes on certain employees’ tips, the forecasted 2020 pre-tax book loss and changes to the estimate of the forecasted full-year effective tax rate relative to prior quarters in 2020.

As of December 29, 2019, the Company had $128.6 million in general business tax credits carryforwards, which have a 20-year carryforward period and are utilized on a first-in, first-out basis. The Company expects to increase its general business credit carryforwards in 2020 by approximately $20 million to $30 million as a result of additional credits generated in 2020 and the application of the QIP technical correction enacted as part of the CARES Act. The Company currently expects to utilize these tax credit carryforwards within a 10 year period. However, the Company’s ability to utilize these tax credits could be adversely impacted by, among other items, a future “ownership change” as defined under Section 382 of the Internal Revenue Code.

The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for the thirteen and thirty-nine weeks ended September 27, 2020 was higher than the statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips.

Deferred Taxes - During the thirty-nine weeks ended September 27, 2020, Deferred income tax assets, net increased by $73.3 million primarily as a result of losses incurred during the period and tax credits for FICA taxes on certain employees’ tips.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - The Company had $5.2 million and $3.0 million of liabilities recorded for various legal matters as of September 27, 2020 and December 29, 2019, 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 27, 2020, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $29.0 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 27, 2020 was approximately $20.7 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements govern its ability to pursue and recover damages incurred. In March 2020, the Company recorded $4.2 million of additional contingent lease liability in response to the economic impact of the COVID-19 pandemic. As of September 27, 2020, the Company’s recorded contingent lease liability was $9.7 million. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results. During the third quarter of 2020, the Company received notices of default pertaining to three leases of divested restaurant properties in circumstances where the Company is contingently liable for the unpaid rent of the current operators. The Company is in communication with these operators and has encouraged the operators to negotiate with their landlords to defer or resolve payments. The Company believes losses above its recorded reserve are not probable at this time but will continue to closely monitor and assess this situation.

Segment Reporting

9 Months Ended

Sep. 27, 2020

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

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 29, 2019. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from Income (loss) 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.

During the thirteen and thirty-nine weeks ended September 27, 2020, the Company recorded $4.2 million and $28.8 million, respectively, of pre-tax charges as a part of transformational initiatives implemented in connection with its previously announced review of strategic alternatives. These costs were primarily recorded within General and administrative expense and Provision for impaired assets and restaurant closings and were not allocated to the Company’s segments since the Company’s CODM does not consider the impact of transformational initiatives when assessing segment performance.

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Total revenues
U.S.	$	721,738	$	848,444	$	2,153,315	$	2,777,170
International	49,522		118,700		204,741		340,035
Total revenues	$	771,260	$	967,144	$	2,358,056	$	3,117,205

The following table is a reconciliation of Segment income (loss) from operations to (Loss) income before (benefit) provision for income taxes, for the periods indicated:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Segment income (loss) from operations
U.S.	$	29,574	$	50,318	$	(21,968)	$	242,167
International	(7,926)		10,550		(18,209)		31,179
Total segment income (loss) from operations	21,648		60,868		(40,177)		273,346
Unallocated corporate operating expense	(35,903)		(38,910)		(127,558)		(125,434)
Total (loss) income from operations	(14,255)		21,958		(167,735)		147,912
Loss on modification of debt	—		—		(237)		—

Other income (expense), net	1		11		(211)		(145)
Interest expense, net	(18,300)		(13,256)		(46,647)		(36,885)
(Loss) income before (benefit) provision for income taxes	$	(32,554)	$	8,713	$	(214,830)	$	110,882

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Depreciation and amortization
U.S.	$	35,056	$	36,670	$	110,004	$	114,372
International	5,672		7,201		18,314		20,406
Corporate	2,689		4,055		9,151		12,418
Total depreciation and amortization	$	43,417	$	47,926	$	137,469	$	147,196

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of principal transactions, revenue

Description of the Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 (“SEC”). 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 29, 2019.
Recently Adopted Financial Accounting Standards	Recently Adopted Financial Accounting Standards - On December 30, 2019, the Company adopted Accounting Standards Update (“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 versus incurred losses under previous guidance. The Company’s adoption of ASU No. 2016-13 and its related amendments (“the new credit loss standard”) resulted in a cumulative-effect debit adjustment to the beginning balance of Accumulated deficit of $4.3 million, including $4.8 million of contingent lease liabilities related to lease guarantees and $1.0 million of incremental reserve for credit losses, net of a $1.5 million increase in deferred tax assets. Measurement processes and related controls have been implemented by the Company to ensure compliance with the new credit loss standard. See Note 18 - Allowance for Expected Credit Losses for additional details regarding the Company’s allowance for expected credit losses. On December 30, 2019, the Company adopted ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” (“ASU No. 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. Under ASU No. 2018-15, implementation costs incurred by customers in cloud computing arrangements are deferred and recognized over the term of the arrangement similar to internal-use software guidance. The Company contracts with 3rd party information technology providers for various service arrangements including software, platform and information technology infrastructure. The capitalized implementation costs are recorded within Other assets, net on the Company’s Consolidated Balance Sheets and are amortized on a straight-line basis over the term of the hosting arrangements, including reasonably certain renewal periods, within the same financial statement line as the related hosting fees. The amortization of the Company’s current arrangements is recorded in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company’s prospective adoption of ASU No. 2018-15 did not have a material effect on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”). The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU No. 2020-04 was effective beginning March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company has elected to apply the hedge accounting expedients related to hedge effectiveness for future LIBOR-indexed cash flows, which enables the Company to continue to apply hedge accounting to hedging relationships impacted by reference rate reform. Application of these expedients allows for presentation of derivatives consistent with the Company’s historical presentation. The Company continues to evaluate the impact of the guidance and may apply other elections, as applicable. Recently Issued Financial Accounting Standards Not Yet Adopted - In August 2020, the FASB issued ASU No. 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” (“ASU No. 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Specifically, ASU No. 2020-06 removes the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, after adopting ASU No. 2020-06, the Company will no longer separately present the embedded conversion feature of its convertible debt within stockholders’ equity. ASU No. 2020-06 is effective for the Company in the first quarter of 2022, with early adoption permitted and may be adopted using either a full or modified retrospective approach. Upon adoption interest expense is expected to decrease due to the elimination of debt discount amortization. The Company is currently evaluating the full effect adopting ASU No. 2020-06 will have on its consolidated financial statements, including the timing and adoption approach.

COVID-19 Charges (Tables)

9 Months Ended

Sep. 27, 2020

COVID-19 Impact [Abstract]

Impact from COVID-19

Following is a summary of the charges recorded in connection with the COVID-19 pandemic for the period indicated (dollars in thousands):

CHARGES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION

THIRTY-NINE WEEKS ENDED

SEPTEMBER 27, 2020

Inventory obsolescence and spoilage

Food and beverage costs

6,748

Compensation for idle employees (1)

Labor and other related

28,243

Other operating charges

Other restaurant operating

2,467

Lease guarantee contingent liabilities (2)

General and administrative

4,188

Allowance for expected credit losses (3)

General and administrative

3,334

Other charges

General and administrative

2,624

Right-of-use asset impairment (4)

Provision for impaired assets and restaurant closings

25,740

Fixed asset impairment (4)

Provision for impaired assets and restaurant closings

31,727

Goodwill and other impairment (5)

Provision for impaired assets and restaurant closings

3,096

108,167

________________

(1)Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $14.4 million of employee retention tax credits earned.

(2)Represents additional contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.

(3)Includes additional reserves based on the Company’s increase in expected credit losses, primarily related to franchise receivables.

(5)Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 9 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Revenue Recognition (Tables)

9 Months Ended

Sep. 27, 2020

Revenue Recognition [Line Items]

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Revenues
Restaurant sales	$	766,487	$	951,816	$	2,338,985	$	3,069,145
Franchise and other revenues
Franchise revenue	$	4,216	$	12,426	$	15,716	$	38,980
Other revenue	557		2,902		3,355		9,080
Total Franchise and other revenues	$	4,773	$	15,328	$	19,071	$	48,060
Total revenues	$	771,260	$	967,144	$	2,358,056	$	3,117,205

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 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	443,286	$	1,422	$	499,903	$	9,143
Carrabba’s Italian Grill	124,019		359		137,912		592
Bonefish Grill	100,410		44		132,267		186
Fleming’s Prime Steakhouse & Wine Bar	49,846		—		64,542		—
Other	1,845		—		1,129		—
U.S. total	$	719,406	$	1,825	$	835,753	$	9,921
International
Outback Steakhouse Brazil	$	32,485	$	—	$	94,430	$	—
Other (1)	14,596		2,391		21,633		2,505
International total	$	47,081	$	2,391	$	116,063	$	2,505
Total	$	766,487	$	4,216	$	951,816	$	12,426

________________

(1)Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.


















	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,320,524	$	8,099	$	1,613,723	$	29,330
Carrabba’s Italian Grill	364,632		827		461,387		1,389
Bonefish Grill	299,226		184		436,766		596
Fleming’s Prime Steakhouse & Wine Bar	151,962		—		221,965		—
Other	4,718		—		3,341		—
U.S. total	$	2,141,062	$	9,110	$	2,737,182	$	31,315
International
Outback Steakhouse Brazil	$	148,078	$	—	$	267,980	$	—
Other (1)	49,845		6,606		63,983		7,665
International total	$	197,923	$	6,606	$	331,963	$	7,665
Total	$	2,338,985	$	15,716	$	3,069,145	$	38,980

________________

(1)Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.

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 27, 2020		DECEMBER 29, 2019
Other current assets, net
Deferred gift card sales commissions	$	12,585	$	18,554

Unearned revenue
Deferred gift card revenue	$	269,941	$	358,757
Deferred loyalty revenue	9,711		10,034
Deferred franchise fees - current	472		491

Total Unearned revenue	$	280,124	$	369,282

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,301	$	4,599

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Balance, beginning of period	$	13,624	$	10,488	$	18,554	$	16,431
Deferred gift card sales commissions amortization	(3,961)		(4,838)		(15,553)		(18,927)
Deferred gift card sales commissions capitalization	3,068		3,886		10,534		13,118
Other	(146)		(425)		(950)		(1,511)
Balance, end of period	$	12,585	$	9,111	$	12,585	$	9,111

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Balance, beginning of period	$	279,973	$	227,372	$	358,757	$	333,794
Gift card sales	42,531		52,059		142,619		183,189
Gift card redemptions	(49,964)		(68,880)		(220,549)		(295,281)
Gift card breakage	(2,599)		(3,492)		(10,886)		(14,643)
Balance, end of period	$	269,941	$	207,059	$	269,941	$	207,059

Impairments, Exit Costs and Disposals (Tables)

9 Months Ended

Sep. 27, 2020

Impairments, Exit Costs 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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Impairment losses
U.S. (1)	$	332	$	1,548	$	55,045	$	5,177
International (1) (2)	—		—		3,468		1,785
Corporate (3)	32		—		6,193		—
Total impairment losses	$	364	$	1,548	$	64,706	$	6,962
Restaurant closure (benefits) expenses
U.S. (1)	$	(418)	$	(196)	$	1,344	$	(101)
International (1)	—		39		173		56
Total restaurant closure (benefits) expenses	$	(418)	$	(157)	$	1,517	$	(45)
Provision for impaired assets and restaurant closings	$	(54)	$	1,391	$	66,223	$	6,917

________________

(3)Corporate impairment charges primarily relate to transformational initiatives.

Restructuring and related costs

Following is a summary of the COVID-19 Restructuring charges recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the period indicated (dollars in thousands):

LOCATION OF CHARGE IN THE CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

THIRTY-NINE WEEKS ENDED

DESCRIPTION

SEPTEMBER 27, 2020

Property, fixtures and equipment impairments

Provision for impaired assets and restaurant closings

16,932

Lease right-of-use asset impairments and closing costs

Provision for impaired assets and restaurant closings

4,008

Severance and other expenses

General and administrative

1,021

21,961

Accrued facility closure and other costs rollforward

The following table summarizes the Company’s accrual activity related to certain closure and restructuring initiatives, for the period indicated:


	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020
Balance, beginning of the period	$	14,542
Additions	2,103
Cash payments	(3,327)
Accretion	862
Adjustments	346
Balance, end of the period (1)	$	14,526

________________

(Loss) Earnings Per Share (Tables)

9 Months Ended

Sep. 27, 2020

Earnings Per Share [Abstract]

Schedule of (loss) earnings per share, basic and diluted

The following table presents the computation of basic and diluted (loss) earnings per share attributable to common stockholders for the periods indicated:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except per share data)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Net (loss) income attributable to Bloomin’ Brands	$	(17,637)	$	9,248	$	(144,504)	$	102,569
Redemption of preferred stock in excess of carrying value (1)	—		—		(3,496)		—
Net (loss) income attributable to common stockholders	$	(17,637)	$	9,248	$	(148,000)	$	102,569

Basic weighted average common shares outstanding	87,558		86,843		87,394		89,484

Effect of diluted securities:
Stock options	—		272		—		541
Nonvested restricted stock units	—		190		—		249
Nonvested performance-based share units	—		—		—		32
Diluted weighted average common shares outstanding	87,558		87,305		87,394		90,306

Basic (loss) earnings per share attributable to common stockholders	$	(0.20)	$	0.11	$	(1.69)	$	1.15
Diluted (loss) earnings per share attributable to common stockholders	$	(0.20)	$	0.11	$	(1.69)	$	1.14

________________

Schedule of antidilutive securities excluded from computation of (loss) earnings per share


	THIRTEEN WEEKS ENDED		THIRTY-NINE WEEKS ENDED
(shares in thousands)	SEPTEMBER 27, 2020	SEPTEMBER 29, 2019	SEPTEMBER 27, 2020	SEPTEMBER 29, 2019
Stock options	5,381	5,408	5,133	4,336
Nonvested restricted stock units	797	209	813	210
Nonvested performance-based share units	628	337	595	309
Convertible senior notes and warrants	38,696	—	20,695	—

Stock-based Compensation Plans (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Stock options	$	992	$	1,316	$	2,862	$	3,888
Restricted stock units	2,303		2,389		6,326		6,548
Performance-based share units	(588)		848		1,804		3,105

	$	2,707	$	4,553	$	10,992	$	13,541

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 27, 2020			SEPTEMBER 29, 2019
Assumptions:
Weighted-average risk-free interest rate (1)	0.90		%	2.34		%
Dividend yield (2)	4.34		%	1.94		%
Expected term (3)	5.5 years			4.8 years
Weighted-average volatility (4)	30.43		%	31.05		%

Weighted-average grant date fair value per option	$	3.12		$	5.07

________________

(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.

(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 27, 2020:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options	$	4,078	1.4
Restricted stock units	$	13,618	1.9
Performance-based share units	$	9,233	1.8

Other Current Assets, Net (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		DECEMBER 29, 2019
Prepaid expenses	$	18,837	$	20,218
Accounts receivable - gift cards, net	14,013		104,591
Accounts receivable - vendors, net	6,631		13,465
Accounts receivable - franchisees, net	624		1,322
Accounts receivable - other, net	16,090		21,734
Deferred gift card sales commissions	12,585		18,554
Assets held for sale	3,786		3,317
Other current assets, net	4,271		3,261
	$	76,837	$	186,462

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 27, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, fixtures and equipment

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Land	$	40,728	$	42,570
Buildings	1,152,012		1,202,434
Furniture and fixtures	445,536		458,169
Equipment	616,780		665,815
Construction in progress	28,286		24,477
Less: accumulated depreciation	(1,382,459)		(1,357,388)
	$	900,883	$	1,036,077

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill rollforward

The following table is a rollforward of goodwill:


(dollars in thousands)	U.S.		INTERNATIONAL		CONSOLIDATED
Balance as of December 29, 2019	$	170,657	$	117,782	$	288,439

Translation adjustments	—		(16,728)		(16,728)
Impairment charges	—		(1,973)		(1,973)


Balance as of September 27, 2020	$	170,657	$	99,081	$	269,738

Other Assets, Net (Tables)

9 Months Ended

Sep. 27, 2020

Other Assets [Abstract]

Schedule of other assets

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


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Company-owned life insurance (1)	$	50,887	$	60,126
Deferred debt issuance costs (2)	5,301		4,893
Liquor licenses	24,250		24,289
Other assets	18,561		27,802
	$	98,999	$	117,110

________________

(1)During the thirty-nine weeks ended September 27, 2020, the Company utilized $9.3 million of Company-owned life insurance policies to pay deferred compensation obligations.

(2)Net of accumulated amortization of $8.4 million and $6.8 million as of September 27, 2020 and December 29, 2019, respectively.

Long-term Debt, Net (Tables)

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt, net

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


	SEPTEMBER 27, 2020				DECEMBER 29, 2019
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	431,250	2.89	%	$	450,000	3.40	%
Revolving credit facility (1) (2)	555,000		2.88	%	599,000		3.44	%
Total Senior Secured Credit Facility	$	986,250			$	1,049,000
Convertible Senior Notes (3)	230,000		5.00	%	—
Finance lease liabilities	2,375				2,308
Other	—				50		2.18	%
Less: unamortized debt discount and issuance costs	(70,735)				(2,654)
Total debt, net	$	1,147,890			$	1,048,704
Less: current portion of long-term debt	(35,600)				(26,411)
Long-term debt, net	$	1,112,290			$	1,022,293

________________

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

(2)Subsequent to September 27, 2020, the Company made a payment of $23.0 million on its revolving credit facility.

(3)See Note 12 - Convertible Senior Notes for details regarding the convertible senior notes and related hedge and warrant transactions.

Schedule of maximum total net leverage ratio


QUARTERLY PERIOD ENDED	MAXIMUM RATIO
March 28, 2021 (1)	5.50	to	1.00
June 27, 2021 (2)	5.00	to	1.00
September 26, 2021 and thereafter (3)	4.50	to	1.00

________________

(1)Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the fiscal quarter ending March 28, 2021 divided by 34.1%.

(2)Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the two consecutive quarters ending June 27, 2021 divided by 58.5%.

(3)Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the three consecutive quarters ending September 26, 2021 divided by 77.0%.

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.

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Other Liabilities Disclosure [Abstract]

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 27, 2020

Convertible Notes [Abstract]

Convertible debt costs


Liability component
Principal	$	230,000
Less: Debt discount (1)	(66,137)
Less: Debt issuance costs (1)	(5,996)
Net carrying amount	$	157,867
Equity component (2)	$	64,367

________________

(1)Debt discount and issuance costs are amortized to interest expense using the effective interest method over the expected life of the 2025 Notes.

(2)Recorded in Additional paid-in capital on the Consolidated Balance Sheet. Includes $2.4 million of equity issuance costs and net deferred tax assets of $0.6 million.

Other Long-term Liabilities, Net (Tables)

9 Months Ended

Sep. 27, 2020

Other long-term liabilities

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


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Accrued insurance liability	$	32,592	$	33,818
Chef and Restaurant Managing Partner deferred compensation obligations	35,273		47,831
Deferred payroll tax liabilities (1)	36,092		—
Other long-term liabilities (2)	69,815		56,411
	$	173,772	$	138,060

________________

(1)Deferred payroll tax liabilities as allowed for in the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”). See Note 19 - Income Taxes for details regarding the CARES Act.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 27, 2020

Stockholders' Equity Attributable to Parent [Abstract]

Dividends declared and paid

The Company declared and paid dividends per share during fiscal year 2020 as follows:


(in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.20	$	17,480

Schedule of accumulated other comprehensive loss

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


(dollars in thousands)	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Foreign currency translation adjustment	$	(192,569)	$	(152,031)
Unrealized loss on derivatives, net of tax	(25,433)		(17,745)
Accumulated other comprehensive loss	$	(218,002)	$	(169,776)

Comprehensive (loss) income

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Foreign currency translation adjustment	$	(4,095)	$	(10,305)	$	(40,538)	$	(13,042)

Unrealized gain (loss) on derivatives, net of tax (1)	$	261	$	(2,036)	$	(14,631)	$	(13,656)
Reclassification of adjustments for loss on derivatives included in Net (loss) income, net of tax (2)	2,962		812		6,943		578
Total unrealized gain (loss) on derivatives, net of tax	$	3,223	$	(1,224)	$	(7,688)	$	(13,078)

Other comprehensive loss attributable to Bloomin’ Brands	$	(872)	$	(11,529)	$	(48,226)	$	(26,120)

________________

(2)Reclassifications of adjustments for loss on derivatives are net of tax. See Note 15 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		DECEMBER 29, 2019		CONSOLIDATED BALANCE SHEET CLASSIFICATION




Interest rate swaps - liability	$	14,749	$	7,174	Accrued and other current liabilities
Interest rate swaps - liability	19,615		16,835		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	34,364	$	24,009

Accrued interest	$	1,364	$	632	Accrued and other current liabilities

____________________

(1)See Note 17 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Schedule of derivatives instruments statements of financial performance, location

The following table summarizes the effects of the swap agreements on Net (loss) income for the periods indicated:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Interest rate swap expense recognized in Interest expense, net	$	(3,991)	$	(1,095)	$	(9,353)	$	(779)
Income tax benefit recognized in (Benefit) provision for income taxes	1,029		283		2,410		201
Total effects of the interest rate swaps on Net (loss) income	$	(2,962)	$	(812)	$	(6,943)	$	(578)

Leases (Tables)

9 Months Ended

Sep. 27, 2020

Leases [Abstract]

Assets and liabilities, lessee

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	SEPTEMBER 27, 2020		DECEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,192,035	$	1,266,548
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	2,123		2,036
Total lease assets, net		$	1,194,158	$	1,268,584

Current operating lease liabilities (2)	Accrued and other current liabilities	$	177,713	$	171,866
Current finance lease liabilities	Current portion of long-term debt	1,225		1,361
Non-current operating lease liabilities	Non-current operating lease liabilities	1,230,008		1,279,051
Non-current finance lease liabilities	Long-term debt, net	1,150		947
Total lease liabilities		$	1,410,096	$	1,453,225

________________

(1)Net of accumulated amortization of $2.1 million and $1.3 million as of September 27, 2020 and December 29, 2019, respectively.

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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Operating leases (1)	Other restaurant operating	$	45,341	$	45,948	$	133,999	$	136,260
Variable lease cost	Other restaurant operating	(1,677)		933		(1,603)		2,498
Finance leases
Amortization of leased assets	Depreciation and amortization	328		365		985		1,049
Interest on lease liabilities	Interest expense, net	37		64		120		209
Sublease revenue (2)	Franchise and other revenues	(409)		(1,747)		(2,195)		(4,853)
Lease costs, net		$	43,620	$	45,563	$	131,306	$	135,163

________________

Cash flow, operating activities

The following table is a summary of other impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	127,642	$	143,630

Fair Value Measurements (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020						DECEMBER 29, 2019
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	8,607	$	8,607	$	—	$	1,037	$	1,037	$	—
Money market funds	10,884		10,884		—		12,752		12,752		—
Restricted cash equivalents:

Money market funds	2,481		2,481		—		—		—		—




Total asset recurring fair value measurements	$	21,972	$	21,972	$	—	$	13,789	$	13,789	$	—

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	14,749	$	—	$	14,749	$	7,174	$	—	$	7,174

Other long-term liabilities:
Derivative instruments - interest rate swaps	19,615		—		19,615		16,835		—		16,835
Total liability recurring fair value measurements	$	34,364	$	—	$	34,364	$	24,009	$	—	$	24,009

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 27, 2020 and December 29, 2019, 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 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	—	$	—	$	900	$	100
Operating lease right-of-use assets (2)	—		(24)		293		622
Property, fixtures and equipment (3)	207		388		395		826

	$	207	$	364	$	1,588	$	1,548

	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 27, 2020				SEPTEMBER 29, 2019
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	1,182	$	75	$	2,049	$	315
Operating lease right-of-use assets (2)	70,841		23,567		2,649		2,988
Property, fixtures and equipment (3)	27,978		38,381		1,351		3,659
Goodwill and other assets (4)	748		2,683		—		—
	$	100,749	$	64,706	$	6,049	$	6,962

____________________

(1)Assets generally measured using third-party market appraisals or executed sales contracts (Level 2).

(4)Other assets generally measured using the quoted market value of comparable assets (Level 2).

Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques


	THIRTEEN WEEKS ENDED			THIRTY-NINE WEEKS ENDED
UNOBSERVABLE INPUTS	SEPTEMBER 27, 2020			SEPTEMBER 27, 2020
Weighted-average cost of capital	11.3%			10.4%	to	11.3%
Long-term growth rate	1.5%	to	2.0%	1.5%	to	2.0%

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 27, 2020				DECEMBER 29, 2019
	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE	FAIR VALUE LEVEL 2
(dollars in thousands)
Senior Secured Credit Facility:
Term loan A	$	431,250	$	418,313		$	450,000	$	450,563
Revolving credit facility	$	555,000	$	520,995		$	599,000	$	599,000
Convertible Senior Notes	$	230,000	$	349,455		$	—	$	—

Allowance for Expected Credit Losses (Tables)

9 Months Ended

Sep. 27, 2020

Credit Loss [Abstract]

Allowance for credit losses rollforward

The following is a rollforward of the allowance for trade receivable expected credit losses for the periods indicated:


	THIRTEEN WEEKS ENDED		THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 27, 2020
Allowance for credit losses, beginning of period	$	4,566	$	199
Adjustment for adoption of ASU No. 2016-13	—		1,018
Provision for expected credit losses	2		3,351
Charge-off of accounts	(29)		(29)


Allowance for credit losses, end of period	$	4,539	$	4,539

Income Taxes (Tables)

9 Months Ended

Sep. 27, 2020

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation


	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020			SEPTEMBER 29, 2019			SEPTEMBER 27, 2020			SEPTEMBER 29, 2019
(Loss) income before (benefit) provision for income taxes	$	(32,554)		$	8,713		$	(214,830)		$	110,882
(Benefit) provision for income taxes	$	(14,776)		$	(660)		$	(70,210)		$	6,051
Effective income tax rate	45.4		%	(7.6)		%	32.7		%	5.5		%

Segment Reporting (Tables)

9 Months Ended

Sep. 27, 2020

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

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Total revenues
U.S.	$	721,738	$	848,444	$	2,153,315	$	2,777,170
International	49,522		118,700		204,741		340,035
Total revenues	$	771,260	$	967,144	$	2,358,056	$	3,117,205

Reconciliation of operating profit from segments to consolidated

The following table is a reconciliation of Segment income (loss) from operations to (Loss) income before (benefit) provision for income taxes, for the periods indicated:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(dollars in thousands)	SEPTEMBER 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Segment income (loss) from operations
U.S.	$	29,574	$	50,318	$	(21,968)	$	242,167
International	(7,926)		10,550		(18,209)		31,179
Total segment income (loss) from operations	21,648		60,868		(40,177)		273,346
Unallocated corporate operating expense	(35,903)		(38,910)		(127,558)		(125,434)
Total (loss) income from operations	(14,255)		21,958		(167,735)		147,912
Loss on modification of debt	—		—		(237)		—

Other income (expense), net	1		11		(211)		(145)
Interest expense, net	(18,300)		(13,256)		(46,647)		(36,885)
(Loss) income before (benefit) provision for income taxes	$	(32,554)	$	8,713	$	(214,830)	$	110,882

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 27, 2020		SEPTEMBER 29, 2019		SEPTEMBER 27, 2020		SEPTEMBER 29, 2019
Depreciation and amortization
U.S.	$	35,056	$	36,670	$	110,004	$	114,372
International	5,672		7,201		18,314		20,406
Corporate	2,689		4,055		9,151		12,418
Total depreciation and amortization	$	43,417	$	47,926	$	137,469	$	147,196

Description of the Business and Basis of Presentation Description of Business (Details)	Sep. 27, 2020 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 2016-13 (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Dec. 30, 2019	Sep. 27, 2020	Sep. 27, 2020	Dec. 29, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit		$ (903,885)	$ (903,885)	$ (755,089)
ASU No. 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable, change in method, credit loss expense	$ 1,000	0	1,018
Deferred tax assets, net of valuation allowance	1,500
Property lease guarantee [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease guarantee contingent liabilities		$ 9,700	$ 9,700
Property lease guarantee [Member] \| ASU No. 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease guarantee contingent liabilities	4,800
Accumulated deficit [Member] \| ASU No. 2016-13 [Member] \| Revision of prior period, accounting standards update, adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ 4,300

COVID-19 Charges - Summary of charges (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Mar. 31, 2020

Sep. 27, 2020

Sep. 29, 2019

Sep. 27, 2020

Sep. 29, 2019

Unusual or Infrequent Item, or Both [Line Items]

Inventory obsolescence and spoilage

$ 6,835

$ 0

Total costs and expenses

$ 785,515

$ 945,186

2,525,791

2,969,293

Provision for impaired assets and restaurant closings [Member]

Unusual or Infrequent Item, or Both [Line Items]

Goodwill and other impairment

$ 364

$ 1,548

64,706

$ 6,962

COVID-19 pandemic [Member]

Unusual or Infrequent Item, or Both [Line Items]

Total costs and expenses

108,167

Employee retention tax credit

14,400

COVID-19 pandemic [Member] | Food and beverage costs [Member]

Unusual or Infrequent Item, or Both [Line Items]

Inventory obsolescence and spoilage

6,748

COVID-19 pandemic [Member] | Labor and other related [Member]

Unusual or Infrequent Item, or Both [Line Items]

Compensation for idle employees

^[1]

28,243

COVID-19 pandemic [Member] | Other restaurant operating [Member]

Unusual or Infrequent Item, or Both [Line Items]

Other operating charges

2,467

COVID-19 pandemic [Member] | General and administrative expense [Member]

Unusual or Infrequent Item, or Both [Line Items]

Other operating charges

2,624

Allowance for expected credit losses

^[2]

3,334

COVID-19 pandemic [Member] | General and administrative expense [Member] | Property lease guarantee [Member]

Unusual or Infrequent Item, or Both [Line Items]

Lease guarantee contingent liabilities

^[3]

$ 4,200

4,188

COVID-19 pandemic [Member] | Provision for impaired assets and restaurant closings [Member]

Unusual or Infrequent Item, or Both [Line Items]

Right-of-use asset impairment

^[4]

25,740

COVID-19 pandemic [Member] | Provision for impaired assets and restaurant closings [Member] | Property, fixtures and equipment, net [Member]

Unusual or Infrequent Item, or Both [Line Items]

Fixed asset impairment

^[4]

31,727

COVID-19 pandemic [Member] | Provision for impaired assets and restaurant closings [Member] | Goodwill and other assets [Member]

Unusual or Infrequent Item, or Both [Line Items]

Goodwill and other impairment

^[5]

$ 3,096

[1]	Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $14.4 million of employee retention tax credits earned.
[2]	Includes additional reserves based on the Company’s increase in expected credit losses, primarily related to franchise receivables.
[3]	Represents additional contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.
[4]	Includes impairments resulting from the remeasurement of assets utilizing projected future cash flows revised for current economic conditions, restructuring charges and the closure of certain restaurants. See Note 4 - Impairments, Exit Costs and Disposals for details regarding COVID-19 Restructuring costs.
[5]	Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 9 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Revenue Recognition - Principal Revenue Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 771,260	$ 967,144	$ 2,358,056	$ 3,117,205
Restaurant sales [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	766,487	951,816	2,338,985	3,069,145
Franchise and other revenues [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	4,773	15,328	19,071	48,060
Franchise revenue [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	4,216	12,426	15,716	38,980
Other revenue [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 557	$ 2,902	$ 3,355	$ 9,080

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 27, 2020

Sep. 29, 2019

Sep. 27, 2020

Sep. 29, 2019

$ 771,260

$ 967,144

$ 2,358,056

$ 3,117,205

U.S. segment [Member]

International segment [Member]

721,738

848,444

2,153,315

2,777,170

Restaurant sales [Member]

49,522

118,700

204,741

340,035

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

766,487

951,816

2,338,985

3,069,145

Restaurant sales [Member] | International segment [Member]

719,406

835,753

2,141,062

2,737,182

Restaurant sales [Member] | Outback Steakhouse [Member]

47,081

116,063

197,923

331,963

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

443,286

499,903

1,320,524

1,613,723

Restaurant sales [Member] | Bonefish Grill [Member]

124,019

137,912

364,632

461,387

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

100,410

132,267

299,226

436,766

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

49,846

64,542

151,962

221,965

Restaurant sales [Member] | Outback Brazil [Member]

1,845

1,129

4,718

3,341

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

32,485

94,430

148,078

267,980

Franchise revenue [Member]

14,596

^[1]

21,633

^[1]

49,845

^[2]

63,983

^[2]

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

4,216

12,426

15,716

38,980

Franchise revenue [Member] | International segment [Member]

1,825

9,921

9,110

31,315

Franchise revenue [Member] | Outback Steakhouse [Member]

2,391

2,505

6,606

7,665

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

1,422

9,143

8,099

29,330

Franchise revenue [Member] | Bonefish Grill [Member]

359

592

827

1,389

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

186

184

596

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

Franchise revenue [Member] | Outback Brazil [Member]

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 2,391

$ 2,505

$ 6,606

$ 7,665

[1]	Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.
[2]	Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.

Revenue Recognition - Contract Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Jun. 28, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Dec. 30, 2018
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 12,585	$ 13,624	$ 18,554	$ 9,111	$ 10,488	$ 16,431
Unearned revenue	280,124		369,282
Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	269,941	$ 279,973	358,757	$ 207,059	$ 227,372	$ 333,794
Other current assets, net [Member]
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	12,585		18,554
Unearned revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	280,124		369,282
Unearned revenue [Member] \| Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	269,941		358,757
Unearned revenue [Member] \| Deferred loyalty revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	9,711		10,034
Unearned revenue [Member] \| Deferred franchise fees [Member]
Revenue Recognition [Line Items]
Unearned revenue	472		491
Other long-term liabilities, net [Member] \| Deferred franchise fees [Member]
Revenue Recognition [Line Items]
Deferred franchise fees, noncurrent	$ 4,301		$ 4,599

Revenue Recognition - Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Revenue Recognition [Abstract]
Balance, beginning of period	$ 13,624	$ 10,488	$ 18,554	$ 16,431
Deferred gift card sales commissions amortization	(3,961)	(4,838)	(15,553)	(18,927)
Deferred gift card sales commissions capitalization	3,068	3,886	10,534	13,118
Other	(146)	(425)	(950)	(1,511)
Balance, end of period	$ 12,585	$ 9,111	$ 12,585	$ 9,111

Revenue Recognition - Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Revenue Recognition [Line Items]
Balance, beginning of the period			$ 369,282
Balance, end of the period	$ 280,124		280,124
Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Balance, beginning of the period	279,973	$ 227,372	358,757	$ 333,794
Gift card sales	42,531	52,059	142,619	183,189
Gift card redemptions	(49,964)	(68,880)	(220,549)	(295,281)
Gift card breakage	(2,599)	(3,492)	(10,886)	(14,643)
Balance, end of the period	$ 269,941	$ 207,059	$ 269,941	$ 207,059

Impairments, Exit Costs and Disposals (Provision for impaired assets and restaurant closings) (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 27, 2020

Jun. 28, 2020

Sep. 29, 2019

Jun. 30, 2019

Sep. 27, 2020

Sep. 29, 2019

Provision for impaired assets and restaurant closings

$ (54,000)

$ 1,391,000

$ 66,223,000

$ 6,917,000

Provision for impaired assets and restaurant closings [Member]

$ 0

(1,973,000)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Restaurant closure expenses

364,000

1,548,000

64,706,000

6,962,000

(418,000)

(157,000)

1,517,000

(45,000)

U.S. segment [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

U.S. segment [Member] | Provision for impaired assets and restaurant closings [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Restaurant closure expenses

332,000

^[1]

1,548,000

55,045,000

^[1]

5,177,000

(418,000)

^[1]

(196,000)

1,344,000

^[1]

(101,000)

International segment [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

International segment [Member] | Outback Hong Kong [Member]

(1,973,000)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

International segment [Member] | Provision for impaired assets and restaurant closings [Member]

(2,000,000.0)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Restaurant closure expenses

3,468,000

^[1],[2]

1,785,000

39,000

173,000

^[1]

56,000

Corporate, non-segment [Member] | Provision for impaired assets and restaurant closings [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Restructuring Reserve [Roll Forward]

$ 32,000

^[3]

$ 0

$ 6,193,000

^[3]

$ 0

[1]	U.S. and international impairment and closure charges for the thirteen and thirty-nine weeks ended September 27, 2020 primarily relate to the COVID-19 pandemic (including charges related to the COVID-19 Restructuring discussed below). See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.
[2]	Includes goodwill impairment charges of $2.0 million during the thirty-nine weeks ended September 27, 2020. See Note 9 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.
[3]	Corporate impairment charges primarily relate to transformational initiatives.

Impairments, Exit Costs and Disposals (Restructuring and Related Cost) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020 USD ($) Restaurants	Sep. 29, 2019 USD ($)	Sep. 27, 2020 USD ($) Restaurants	Sep. 29, 2019 USD ($)
Facility closing [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges			$ 2,103
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	$ 364	$ 1,548	$ 64,706	$ 6,962
COVID-19 Restructuring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants	22		22
Restructuring charges			$ 21,961
COVID-19 Restructuring \| Provision for impaired assets and restaurant closings [Member] \| Facility closing [Member] \| Property, fixtures and equipment, net [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses			16,932
COVID-19 Restructuring \| Provision for impaired assets and restaurant closings [Member] \| Facility closing [Member] \| Operating lease right-of-use assets [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses			4,008
COVID-19 Restructuring \| General and administrative expense [Member] \| Employee severance [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance and other expenses			$ 1,021

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

9 Months Ended

Sep. 27, 2020

Balance, beginning of the period

$ 14,542

2,103

(3,327)

862

346

Balance, end of the period

^[1]

14,526

Accrued and other current liabilities [Member]

Restructuring Reserve [Roll Forward]

Restructuring reserve, current

4,400

Non-current operating lease liabilities [Member]

Restructuring Reserve [Roll Forward]

Restructuring reserve, noncurrent

$ 10,100

[1]	As of September 27, 2020, the Company had exit-related accruals related to certain closure and restructuring initiatives of $4.4 million recorded in Accrued and other current liabilities and $10.1 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Impairments, Exit Costs and 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

Impairments, Exit Costs and Disposals (Surplus Property Disposals) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2019 USD ($) Restaurants	Sep. 27, 2020 USD ($)	Sep. 29, 2019 USD ($) Restaurants
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain on disposal		$ 0	$ (206)
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
Outback Steakhouse [Member] \| Disposal group, disposed of by sale, not discontinued operations [Member] \| Property, fixtures and equipment, net [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants	5		5
Proceeds from sale of a business, net of cash divested	$ 12,700		$ 12,700

(Loss) Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 27, 2020

Sep. 29, 2019

Sep. 27, 2020

Sep. 29, 2019

Schedule of earnings per share, basic and diluted [Line Items]

Net (loss) income attributable to Bloomin’ Brands

$ (17,637)

$ 9,248

$ (144,504)

$ 102,569

Redemption of preferred stock in excess of carrying value

(3,496)

^[1]

Net (loss) income attributable to common stockholders

$ (17,637)

$ 9,248

$ (148,000)

$ 102,569

Basic weighted average common shares outstanding

87,558

86,843

87,394

89,484

Diluted weighted average common shares outstanding

87,558

87,305

87,394

90,306

Basic (loss) earnings per share attributable to common stockholders

$ (0.20)

$ 0.11

$ (1.69)

$ 1.15

Diluted (loss) earnings per share attributable to common stockholders

$ (0.20)

$ 0.11

$ (1.69)

$ 1.14

Stock options [Member]

Nonvested restricted stock units [Member]

Dilutive shares

272

541

Nonvested performance-based share units [Member]

Dilutive shares

190

249

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

Dilutive shares

[1]

(Loss) Earnings Per Share (Antidilutive Securities) (Details) - $ / shares shares in Thousands		3 Months Ended		9 Months Ended
	May 08, 2020	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
2025 Notes [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Debt conversion, converted instrument, shares to be issued	19,348
2025 Notes [Member] \| Convertible debt [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Debt instrument, convertible, conversion price	$ 11.89
Class of warrant or right, exercise price of warrants or rights	$ 16.64
Stock options [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of (loss) earnings per share		5,381	5,408	5,133	4,336
Nonvested restricted stock units [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of (loss) earnings per share		797	209	813	210
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 (loss) earnings per share		628	337	595	309
Convertible Debt Securities \| 2025 Notes [Member]
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of (loss) earnings per share		38,696	0	20,695	0

Stock-based Compensation Plans (Stock-based compensation expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,707	$ 4,553	$ 10,992	$ 13,541
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	992	1,316	2,862	3,888
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,303	2,389	6,326	6,548
Performance-based share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ (588)	$ 848	$ 1,804	$ 3,105

Stock-based Compensation Plans (Grants During Period) (Details) shares in Millions	9 Months Ended
	Sep. 27, 2020 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	0.1
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	0.5
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	0.5

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. 27, 2020

Sep. 29, 2019

Weighted-average risk-free interest rate

^[1]

0.90%

2.34%

Dividend yield

^[2]

4.34%

1.94%

Expected term

^[3]

5 years 6 months

4 years 9 months 18 days

Weighted-average volatility

^[4]

30.43%

31.05%

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

$ 3.12

$ 5.07

[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. The dividend yield for the thirty-nine weeks ended September 27, 2020 relates to options granted prior the Company’s Amended Credit Agreement which restricts the payment of dividends. See Note 11 - Long-term Debt, Net for dividend restriction details.
[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 (Unrecognized stock compensation expense and the remaining weighted-average vesting period) (Details) $ in Thousands	9 Months Ended
	Sep. 27, 2020 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	$ 4,078
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 4 months 24 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	$ 13,618
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 10 months 24 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	$ 9,233
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 9 months 18 days

Other Current Assets, Net (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Jun. 28, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Dec. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepaid expenses	$ 18,837		$ 20,218
Deferred gift card sales commissions	12,585	$ 13,624	18,554	$ 9,111	$ 10,488	$ 16,431
Assets held for sale	3,786		3,317
Other current assets, net	4,271		3,261
Total other current assets, net	76,837		186,462
Accounts receivable - gift cards, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	14,013		104,591
Accounts receivable - vendors, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	6,631		13,465
Accounts receivable - franchisees, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	624		1,322
Accounts receivable - other, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 16,090		$ 21,734

Property, Fixtures and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (1,382,459)	$ (1,357,388)
Property, fixtures and equipment, net	900,883	1,036,077
Land [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	40,728	42,570
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	1,152,012	1,202,434
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	445,536	458,169
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	616,780	665,815
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	$ 28,286	$ 24,477

Goodwill and Intangible Assets, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
Goodwill and Intangible Assets, Net (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019	Sep. 27, 2020
Goodwill [Roll Forward]
Balance as of December 29, 2019			$ 288,439,000
Translation adjustments			(16,728,000)
Impairment charges	$ 0	$ 0	(1,973,000)
Balance as of September 27, 2020			269,738,000
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 0	$ 0
U.S. segment [Member]
Goodwill [Roll Forward]
Balance as of December 29, 2019			170,657,000
Translation adjustments			0
Impairment charges			0
Balance as of September 27, 2020			170,657,000
International segment [Member]
Goodwill [Roll Forward]
Balance as of December 29, 2019			117,782,000
Translation adjustments			(16,728,000)
Impairment charges			(1,973,000)
Balance as of September 27, 2020			99,081,000
International segment [Member] \| Outback Hong Kong [Member]
Goodwill [Roll Forward]
Impairment charges			$ (2,000,000.0)

Other Assets, Net (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 27, 2020

Dec. 29, 2019

Schedule of Other Assets, Net [Line Items]

Company-owned life insurance

$ 50,887

^[1]

$ 60,126

Deferred debt issuance costs

^[2]

5,301

4,893

Liquor licenses

24,250

24,289

Other assets

18,561

27,802

Other assets, net

98,999

117,110

Accumulated amortization, deferred financing fees

8,400

$ 6,800

Current Assets [Member]

Schedule of Other Assets, Net [Line Items]

Life insurance, corporate or bank owned, change in value

$ 9,300

[1]	During the thirty-nine weeks ended September 27, 2020, the Company utilized $9.3 million of Company-owned life insurance policies to pay deferred compensation obligations.
[2]	Net of accumulated amortization of $8.4 million and $6.8 million as of September 27, 2020 and December 29, 2019, respectively.

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

1 Months Ended

9 Months Ended

Oct. 30, 2020

Sep. 27, 2020

Sep. 29, 2019

May 08, 2020

Dec. 29, 2019

Finance lease liabilities

$ 2,375

$ 2,308

Less: unamortized debt discount and issuance costs

(70,735)

(2,654)

Total debt, net

1,147,890

1,048,704

Less: current portion of long-term debt

(35,600)

(26,411)

Long-term debt, net

1,112,290

1,022,293

Repayments of borrowings on revolving credit facilities

549,000

$ 469,000

Revolving credit facility [Member] | Senior Secured Credit Facility [Member] | Subsequent event [Member]

Repayments of borrowings on revolving credit facilities

$ 23,000

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

986,250

1,049,000

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

Long-term debt, gross

$ 431,250

$ 450,000

Debt instrument, interest rate at period end

^[1]

2.89%

3.40%

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

Line of credit facility, amount outstanding

$ 555,000

^[2]

$ 599,000

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

Debt instrument, interest rate at period end

^[1]

2.88%

3.44%

Convertible debt [Member] | 2025 Notes [Member]

Debt instrument, interest rate, stated percentage

Long-term debt, gross

^[3]

$ 230,000

$ 0

5.00%

^[3]

5.00%

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

Debt instrument, interest rate, stated percentage

Other

$ 0

$ 50

2.18%

[1]	Interest rate represents the weighted-average interest rate for the respective periods.
[2]	Subsequent to September 27, 2020, the Company made a payment of $23.0 million on its revolving credit facility.
[3]	See Note 12 - Convertible Senior Notes for details regarding the convertible senior notes and related hedge and warrant transactions

Long-term Debt, Net Long-term Debt, Net (Schedule of Maximum TNLR) (Details) - Amended Credit Agreement [Member] - Secured debt [Member]

9 Months Ended

Sep. 27, 2020

Debt covenants compliance, quarterly total net leverage ratio, maximum ratio level, period one

5.50

^[1]

Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level, period two

5.00

^[2]

Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level, period three

4.50

^[3]

Annualization factor, period one

34.10%

Annualization factor, period two

58.50%

Annualization factor, period three

77.00%

[1]	Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the fiscal quarter ending March 28, 2021 divided by 34.1%.
[2]	Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the two consecutive quarters ending June 27, 2021 divided by 58.5%.
[3]	Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the three consecutive quarters ending September 26, 2021 divided by 77.0%.

Long-term Debt, Net Long-term Debt, Net (Amended Credit Agreement Narrative) (Details) - Secured debt [Member]	May 04, 2020 USD ($)
Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, covenant, monthly minimum liquidity	$ 125,000,000.0
Debt Instrument, covenant, monthly minimum liquidity, unrestricted cash in foreign subsidiaries	$ 25,000,000.0
Amended Credit Agreement [Member] \| Eurocurrency Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Amended Credit Agreement [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Amended Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, covenant, aggregate capital expenditures	$ 100,000,000.0
Debt instrument, covenant, investment in foreign subsidiaries	$ 27,500,000
Amended Credit Agreement [Member] \| Minimum [Member] \| Eurocurrency Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, floor	0.00%
Letter of credit [Member]
Debt Instrument [Line Items]
Letters of credit fee, percentage	2.75%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.40%

Long-term Debt, Net (Deferred Financing Fees) (Details) - Secured debt [Member] - Amended Credit Agreement [Member] $ in Millions	Jun. 28, 2020 USD ($)
Debt Instrument [Line Items]
Debt issuance costs	$ 2.9
Other assets, net [Member]
Debt Instrument [Line Items]
Debt issuance costs	2.0
Long-term debt, net [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 0.9

Convertible Senior Notes (Convertible Notes Text) (Details) - 2025 Notes [Member]
$ / shares in Units, shares in Thousands

May 08, 2020

USD ($)

$ / shares

Sep. 27, 2020

^[1]

Jun. 28, 2020

USD ($)

May 12, 2020

USD ($)

Debt conversion, converted instrument, shares to be issued | shares

19,348

Convertible debt [Member]

Debt instrument, face amount

$ 200,000,000.0

$ 230,000,000

$ 30,000,000.0

Debt instrument, interest rate, stated percentage

5.00%

Long-term debt, maturity date

May 01, 2025

Debt instrument, convertible, conversion ratio

84.122

Debt instrument, convertible principal amount

$ 1,000

Debt instrument, face amount, total

$ 230,000,000.0

Debt instrument, convertible, conversion price | $ / shares

$ 11.89

Proceeds from issuance of private placement

$ 221,600,000

[1]	See Note 12 - Convertible Senior Notes for details regarding the convertible senior notes and related hedge and warrant transactions

Convertible Senior Notes (Schedule of Convertible Notes) (Details) - Convertible debt [Member] - 2025 Notes [Member] - USD ($)

3 Months Ended

Jun. 28, 2020

May 12, 2020

May 08, 2020

Additional paid-in capital [Member]

Principal

$ 230,000,000

$ 30,000,000.0

$ 200,000,000.0

Debt discount

^[1]

(66,137,000)

Debt issuance costs

^[1]

(5,996,000)

Net carrying amount

157,867,000

Equity component

^[2]

64,367,000

Schedule of Other Long-term Liabilities, Net [Line Items]

Equity issuance costs

2,400,000

Deferred tax assets, net

$ 600,000

[1]	Debt discount and issuance costs are amortized to interest expense using the effective interest method over the expected life of the 2025 Notes.
[2]	Recorded in Additional paid-in capital on the Consolidated Balance Sheet. Includes $2.4 million of equity issuance costs and net deferred tax assets of $0.6 million.

Convertible Senior Notes (Convertible Notes Hedge Transactions) (Details) - Convertible debt [Member] - 2025 Notes [Member] $ / shares in Units, $ in Millions	May 08, 2020 USD ($) $ / shares
Debt Instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights \| $ / shares	$ 16.64
Convertible debt proceeds used for payments for hedge activities, net of warrant proceeds \| $	$ 19.6

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

9 Months Ended

Sep. 27, 2020

Dec. 29, 2019

Accrued insurance liability

$ 32,592

$ 33,818

Chef and Restaurant Managing Partner deferred compensation obligations

35,273

47,831

Deferred payroll tax liabilities

36,092

^[1]

Other long-term liabilities

69,815

^[2]

56,411

Other long-term liabilities, net

173,772

$ 138,060

Other long-term liabilities, net [Member] | Designated as hedging instrument [Member] | Interest rate swap [Member]

Schedule of Other Long-term Liabilities, Net [Line Items]

Other comprehensive loss, unrealized loss on derivatives arising during period, before tax

2,800

Other long-term liabilities, net [Member] | Property lease guarantee [Member]

Schedule of Other Long-term Liabilities, Net [Line Items]

Increase in lease guarantee contingent liabilities

$ 8,700

[1]

Deferred payroll tax liabilities as allowed for in the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”). See Note 19 - Income Taxes for details regarding the CARES Act.

[2]

The increase in Other long-term liabilities during the thirty-nine weeks ended September 27, 2020, primarily relates to $8.7 million of additional contingent lease liabilities subsequent to the adoption of ASU No. 2016-13 and $2.8 million of additional interest rate swap liabilities. See Note 20 - Commitments and Contingencies and Note 15 - Derivative Instruments and Hedging Activities, respectively, for details regarding these increases.

Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, dividends, per share, cash paid	$ 0.20
Dividends, common stock, cash	$ 17,480	$ 8,674	$ 17,480	$ 27,041

Stockholders' Equity (Redeemable Preferred Stock) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 29, 2020	Sep. 27, 2020	Sep. 29, 2019
Accumulated other comprehensive loss [Line Items]
Payments for repurchase of redeemable preferred stock	$ 1,000	$ 1,475	$ 0
Redemption of preferred stock in excess of carrying value		1,718
Additional paid-in capital [Member]
Accumulated other comprehensive loss [Line Items]
Redemption of preferred stock in excess of carrying value	$ 3,500	$ 3,496

Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (218,002)	$ (169,776)
Foreign currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	(192,569)	(152,031)
Unrealized loss on derivatives, net of tax [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (25,433)	$ (17,745)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Accumulated other comprehensive loss [Line Items]

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

3 Months Ended

9 Months Ended

Sep. 27, 2020

Sep. 29, 2019

Sep. 27, 2020

Sep. 29, 2019

Unrealized gain (loss) on derivatives, net of tax

$ 261

$ (2,036)

$ (14,631)

$ (13,656)

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

2,962

812

6,943

578

Other comprehensive loss attributable to Bloomin’ Brands

(872)

(11,357)

(48,890)

(25,932)

Bloomin' Brands [Member]

Accumulated other comprehensive loss [Line Items]

Foreign currency translation adjustment

(4,095)

(10,305)

(40,538)

(13,042)

Unrealized gain (loss) on derivatives, net of tax

^[1]

261

(2,036)

(14,631)

(13,656)

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

^[2]

2,962

812

6,943

578

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

3,223

(1,224)

(7,688)

(13,078)

Other comprehensive loss attributable to Bloomin’ Brands

(872)

(11,529)

(48,226)

(26,120)

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

$ 100

$ (700)

$ (5,100)

$ (4,700)

[1]	Unrealized gain (loss) on derivatives is net of tax of $0.1 million and $(0.7) million for the thirteen weeks ended September 27, 2020 and September 29, 2019 and $(5.1) million and $(4.7) million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively.
[2]	Reclassifications of adjustments for loss on derivatives are net of tax. See Note 15 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121640130&loc=d3e1436-108581

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Derivative, interest rate swaps, liabilities, fair value

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 ($) counterparties	Sep. 27, 2020 USD ($)
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 fiscal months		$ 16.0
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. 27, 2020

Dec. 29, 2019

Derivative [Line Items]

^[1]

$ 34,364

$ 24,009

Accrued and other current liabilities [Member]

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

14,749

7,174

Interest payable

1,364

632

Other long-term liabilities, net [Member]

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

$ 19,615

$ 16,835

[1]	See Note 17 - 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. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019	Dec. 29, 2019
Derivative [Line Items]
Total effects of the interest rate swaps on Net (loss) income	$ (2,962)	$ (812)	$ (6,943)	$ (578)
Interest rate swap [Member] \| Designated as hedging instrument [Member]
Derivative [Line Items]
Total effects of the interest rate swaps on Net (loss) income	(2,962)	(812)	(6,943)	(578)
Derivative, net liability position, aggregate fair value	36,500		36,500		$ 24,800
Derivative, termination value	36,500		36,500		$ 24,800
Interest rate swap [Member] \| Designated as hedging instrument [Member] \| Interest expense [Member]
Derivative [Line Items]
Interest rate swap expense recognized in Interest expense, net	(3,991)	(1,095)	(9,353)	(779)
Interest rate swap [Member] \| Designated as hedging instrument [Member] \| Income tax expense [Member]
Derivative [Line Items]
Income tax benefit recognized in (Benefit) provision for income taxes	$ 1,029	$ 283	$ 2,410	$ 201

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

Sep. 27, 2020

Dec. 29, 2019

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

Operating lease right-of-use assets

$ 1,192,035

$ 1,266,548

Total lease assets, net

1,194,158

1,268,584

Non-current operating lease liabilities

1,230,008

1,279,051

Total lease liability

1,410,096

1,453,225

Accumulated amortization

(2,100)

(1,300)

Accrued contingent percentage rent

2,600

2,400

COVID-19 pandemic [Member]

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

Accrued deferred rent

14,400

Operating lease right-of-use assets [Member]

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

Operating lease right-of-use assets

1,192,035

1,266,548

Property, fixtures and equipment, net [Member]

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

Finance lease right-of-use assets

^[1]

2,123

2,036

Accrued and other current liabilities [Member]

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

Current operating lease liabilities

^[2]

177,713

171,866

Current portion of long-term debt [Member]

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

Current finance lease liabilities

1,225

1,361

Non-current operating lease liabilities [Member]

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

Non-current operating lease liabilities

1,230,008

1,279,051

Long term debt, net [Member]

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

Non-current finance lease liabilities

$ 1,150

$ 947

[1]	Net of accumulated amortization of $2.1 million and $1.3 million as of September 27, 2020 and December 29, 2019, respectively.
[2]	Excludes COVID-19-related deferred rent accruals of $14.4 million as of September 27, 2020 and accrued contingent percentage rent of $2.6 million and $2.4 million, as of September 27, 2020 and December 29, 2019, respectively.

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

3 Months Ended

9 Months Ended

Sep. 27, 2020

Sep. 29, 2019

Sep. 27, 2020

Sep. 29, 2019

Schedule of Lease Costs [Line Items]

Operating leases

^[1]

$ 45,341

$ 45,948

$ 133,999

$ 136,260

Variable lease cost

(1,677)

933

(1,603)

2,498

Amortization of leased assets

328

365

985

1,049

Interest on lease liabilities

120

209

Sublease revenue

^[2]

(409)

(1,747)

(2,195)

(4,853)

Lease costs, net

43,620

45,563

131,306

135,163

Operating lease, lease income

400

300

1,800

General and administrative expense [Member]

Schedule of Lease Costs [Line Items]

Operating leases

3,600

3,800

10,400

11,000

Food and beverage costs [Member]

Schedule of Lease Costs [Line Items]

Operating leases

$ 300

$ 1,000

$ 900

[1]

Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.6 million and $3.8 million for the thirteen weeks ended September 27, 2020 and September 29, 2019, respectively, and $10.4 million and $11.0 million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively, which is included in General and administrative expense. Also excludes certain supply chain related rent expense of $0.3 million for the thirteen weeks ended September 27, 2020 and September 29, 2019 and $1.0 million and $0.9 million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively, which is included in Food and beverage costs.

[2]

Excludes rental income from Company-owned properties of $0.4 million for the thirteen weeks ended September 29, 2019 and $0.3 million and $1.8 million for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively.

Leases Lessee, Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 127,642	$ 143,630

Fair Value Measurements (Fair value measurements on a recurring basis) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 21,972	$ 13,789
Liabilities, fair value disclosure	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	8,607	1,037
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	10,884	12,752
Restricted cash and cash equivalents, fair value disclosure	2,481	0
Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Liabilities, fair value disclosure	34,364	24,009
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	14,749	7,174
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	19,615	16,835
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
Restricted 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	21,972	13,789
Liabilities, fair value disclosure	34,364	24,009
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	14,749	7,174
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	19,615	16,835
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	8,607	1,037
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	10,884	12,752
Restricted cash and cash equivalents, fair value disclosure	$ 2,481	$ 0

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. 27, 2020

Sep. 29, 2019

Sep. 27, 2020

Sep. 29, 2019

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

Assets held for sale [Member]

$ 364

$ 1,548

$ 64,706

$ 6,962

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

Assets held for sale, impairment

100

315

Operating lease right-of-use assets [Member]

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

Operating lease assets, impairment

(24)

622

23,567

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, year-to-date [Member]

200

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

388

826

38,381

3,659

Property, fixtures and equipment, net [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]

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

2,200

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

Goodwill and other assets [Member]

25,800

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]

2,683

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]

207

1,588

207

1,588

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]

100,749

6,049

100,749

6,049

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

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]

^[1]

1,182

2,049

1,182

2,049

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

^[2]

70,841

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 3 [Member] | Assets measured with impairment, quarter-to-date [Member]

^[3]

27,978

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 3 [Member] | Assets measured with impairment, year-to-date [Member]

^[3]

207

395

207

395

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

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

^[3]

1,351

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

^[4]

$ 748

$ 0

$ 748

$ 0

[1]	Assets generally measured using third-party market appraisals or executed sales contracts (Level 2).
[2]	Carrying values measured using Level 2 inputs to estimate fair value totaled $0.2 million during the thirty-nine weeks ended September 29, 2019. All other assets were valued using Level 3 inputs. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.
[3]	Carrying values measured using Level 2 inputs to estimate fair value totaled $2.2 million during the thirty-nine weeks ended September 27, 2020. All other assets were valued using Level 3 inputs. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.
[4]	Other assets generally measured using the quoted market value of comparable assets (Level 2).

Fair Value Measurements (Fair value inputs on a nonrecurring basis) (Details) - Operating lease right-of-use-asset and property, fixtures and equipment [Member] - Fair value, measurements, nonrecurring [Member] - Fair value, inputs, level 3 [Member]	3 Months Ended	9 Months Ended
	Sep. 27, 2020	Sep. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, weighted-average cost of capital	11.30%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, weighted-average cost of capital		10.40%
Fair value inputs, long-term growth rate	1.50%	1.50%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, weighted-average cost of capital		11.30%
Fair value inputs, long-term growth rate	2.00%	2.00%

Fair Value Measurements (Carrying value and fair value of debt by hierarchy level) (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Secured debt [Member] \| Senior Secured Credit Facility [Member] \| Fair value, inputs, level 2 [Member] \| Term loan A facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value disclosure	$ 418,313	$ 450,563
Secured debt [Member] \| Senior Secured Credit Facility [Member] \| Fair value, inputs, level 2 [Member] \| Revolving credit facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value disclosure	520,995	599,000
Secured debt [Member] \| Senior Secured Credit Facility [Member] \| Carrying value measurement [Member] \| Term loan A facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	431,250	450,000
Secured debt [Member] \| Senior Secured Credit Facility [Member] \| Carrying value measurement [Member] \| Revolving credit facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	555,000	599,000
Convertible debt [Member] \| 2025 Notes [Member] \| Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value disclosures	349,455	0
Convertible debt [Member] \| 2025 Notes [Member] \| Carrying value measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 230,000	$ 0

Allowance for Expected Credit Losses Allowance for Expected Credit Losses Rollforward (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Dec. 30, 2019	Sep. 27, 2020	Sep. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 199	$ 4,566	$ 199
Provision for expected credit losses		2	3,351
Charge-off of accounts		(29)	(29)
Allowance for credit losses, end of period		4,539	4,539
ASU No. 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Adjustment for adoption of ASU No. 2016-13	$ 1,000	$ 0	$ 1,018

Income Taxes - Change in Effective Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Income Tax Disclosure [Abstract]
(Loss) income before (benefit) provision for income taxes	$ (32,554)	$ 8,713	$ (214,830)	$ 110,882
(Benefit) provision for income taxes	$ (14,776)	$ (660)	$ (70,210)	$ 6,051
Effective income tax rate	45.40%	(7.60%)	32.70%	5.50%
Change in effective income tax rate, percent	53.00%		27.20%
Blended federal and state statutory income tax rate	26.00%		26.00%

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Number of contingent leases with notice of default | locations

Income Taxes - Tax Carryforwards (Details) - Internal Revenue Service (IRS) [Member] - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 27, 2020	Dec. 27, 2021	Dec. 29, 2019
Income Tax Contingency [Line Items]
General business tax credit carryforwards			$ 128.6
Minimum [Member] \| Forecast [Member]
Income Tax Contingency [Line Items]
General business tax credits, estimated future tax credits		$ 20.0
Maximum [Member]
Income Tax Contingency [Line Items]
General business tax credits, estimated period of use	10 years
Maximum [Member] \| Forecast [Member]
Income Tax Contingency [Line Items]
General business tax credits, estimated future tax credits		$ 30.0

Income Taxes - Deferred Taxes (Details) $ in Millions	9 Months Ended
Income Taxes - Deferred Taxes (Details) $ in Millions	Sep. 27, 2020 USD ($)
Text Block [Abstract]
Deferred income tax assets, gross, increase (decrease), amount	$ 73.3

Commitments and Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions	Sep. 27, 2020	Dec. 29, 2019
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 5.2	$ 3.0

Commitments and Contingencies – Lease Guarantees (Details)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Mar. 31, 2020

USD ($)

Sep. 27, 2020

USD ($)

locations

Sep. 27, 2020

USD ($)

Loss Contingencies [Line Items]

Property lease guarantee [Member]

Loss Contingencies [Line Items]

Guarantor obligations, maximum exposure, undiscounted

$ 29,000

Guarantee obligations, maximum exposure at present value

20,700

Lease guarantee contingent liabilities

$ 9,700

9,700

Property lease guarantee [Member] | General and administrative expense [Member] | COVID-19 pandemic [Member]

Loss Contingencies [Line Items]

Increase in lease guarantee contingent liabilities

^[1]

$ 4,200

$ 4,188

[1]	Represents additional contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.

Segment Reporting (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
Segment Reporting (Narrative) (Details) $ in Millions	Sep. 27, 2020 USD ($)	Sep. 27, 2020 USD ($) reportable_segment
Restructuring Cost and Reserve [Line Items]
Number of reportable segments \| reportable_segment		2
Corporate, non-segment [Member] \| General and administrative expense [Member] \| Employee severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges \| $	$ 4.2	$ 28.8

Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 771,260	$ 967,144	$ 2,358,056	$ 3,117,205
U.S. segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	721,738	848,444	2,153,315	2,777,170
International segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 49,522	$ 118,700	$ 204,741	$ 340,035