0001546417-21-000023 | 10-K | XBRL Viewer

Other restaurant operating

$ 3,170,561

$ 4,139,389

$ 4,126,413

Costs and expenses

Food and beverage costs

982,702

1,277,824

1,295,588

Labor and other related

1,005,295

1,207,289

1,197,297

846,566

982,051

967,099

Depreciation and amortization

180,261

196,811

201,593

General and administrative

254,356

275,239

282,720

Provision for impaired assets and restaurant closings

76,354

9,085

36,863

Total costs and expenses

3,345,534

3,948,299

3,981,160

Loss on modification of debt

(174,973)

191,090

145,253

(237)

Other income (expense), net

131

(143)

(11)

Interest expense, net

(64,442)

(49,257)

(44,937)

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

(239,521)

141,690

100,305

(Benefit) provision for income taxes

(80,726)

7,573

(9,233)

Less: net (loss) income attributable to noncontrolling interests

(158,795)

134,117

109,538

(80)

3,544

2,440

Net (loss) income attributable to Bloomin’ Brands

(158,715)

130,573

107,098

Redemption of preferred stock in excess of carrying value

(3,496)

^[1]

Net (loss) income attributable to common stockholders

(162,211)

130,573

107,098

Other comprehensive (loss) income:

Foreign currency translation adjustment

(37,516)

(16,625)

(36,132)

Unrealized loss on derivatives, net of tax

(14,741)

(11,944)

(7,100)

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

9,923

1,805

120

Comprehensive (loss) income

(201,129)

107,353

66,426

Less: comprehensive (loss) income attributable to noncontrolling interests

(744)

3,801

2,884

Comprehensive (loss) income attributable to Bloomin’ Brands

$ (200,385)

$ 103,552

$ 63,542

(Loss) earnings per share attributable to common stockholders:

Basic (loss) earnings per share

$ (1.85)

$ 1.47

$ 1.16

Diluted (loss) earnings per share

$ (1.85)

$ 1.45

$ 1.14

Weighted average common shares outstanding:

Basic (shares)

87,468

88,839

92,042

Diluted (shares)

87,468

89,777

94,075

Cash dividends declared per common share

$ 0.20

$ 0.40

$ 0.36

Restaurant sales [Member]

Revenues

Franchise and other revenues [Member]

$ 3,144,636

$ 4,075,014

$ 4,060,871

Revenues

Balance (in shares) at Dec. 31, 2017

$ 25,925

$ 64,375

$ 65,542

[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 during 2020. See Note 16 - Stockholders’ Equity for additional details.

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

Total

Cumulative-effect from a change in accounting principle [Member]

Common stock [Member]

Additional paid-in capital [Member]

Accumulated deficit [Member]

Cumulative-effect from a change in accounting principle [Member]

Accumulated other comprehensive loss [Member]

Noncontrolling interests [Member]

91,913,000

Balance at Dec. 31, 2017

$ 81,231

$ 919

$ 1,081,813

$ (913,191)

$ (99,199)

$ 10,889

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

Net income

109,868

107,098

2,770

Other comprehensive (loss) income, net of tax

109,538

$ (43,112)

(43,556)

444

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

$ 0.36

Cash dividends declared, per common share

$ (33,312)

(33,312)

Repurchase and retirement of common stock (in shares)

(5,062,000)

Repurchase and retirement of common stock

(113,967)

$ (50)

(113,917)

Common stock issued under stock plans, shares

23,059

^[1]

4,421,000

Common stock issued under stock plans

^[1]

36,612

$ 44

36,568

Deferred tax effect of purchase of noncontrolling interests

Purchase of noncontrolling interests, net of tax

(326)

(216)

(110)

Change in the redemption value of redeemable interests

(330)

Distributions to noncontrolling interests

(6,943)

Contributions from noncontrolling interests

2,037

Balance (in shares) at Dec. 30, 2018

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]

Other comprehensive (loss) income, net of tax

134,117

130,573

3,544

$ (26,764)

(27,055)

291

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

$ 0.40

Cash dividends declared, per common share

$ (35,734)

(35,734)

Repurchase and retirement of common stock (in shares)

(5,469,000)

Repurchase and retirement of common stock

(106,992)

$ (55)

(106,937)

Common stock issued under stock plans, shares

19,951

^[1]

1,143,000

Common stock issued under stock plans

^[1]

2,707

$ 11

2,696

Purchase of noncontrolling interests, net of tax

(41)

(157)

Distributions to noncontrolling interests

(7,214)

Contributions from noncontrolling interests

$ 1,349

1,349

Balance (in shares) at Dec. 29, 2019

86,945,869

86,946,000

Balance at Dec. 29, 2019

$ 177,481

$ (4,292)

$ 869

1,094,338

(755,089)

$ (4,292)

(169,776)

7,139

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

Other comprehensive (loss) income, net of tax

(158,795)

(158,715)

(80)

$ (42,334)

(42,187)

(147)

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

$ 0.20

Cash dividends declared, per common share

$ (17,480)

(17,480)

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

14,802

(1,718)

(3,496)

517

1,261

Common stock issued under stock plans, shares

^[1]

910,000

Common stock issued under stock plans

^[1]

(7)

$ 10

(17)

Purchase of noncontrolling interests, net of tax

(60)

(156)

Distributions to noncontrolling interests

(1,908)

Contributions from noncontrolling interests

451

Equity component value of convertible note issuance, tax effect

650

Equity component value of convertible note issuance, net of tax

64,367

Sale of common stock warrant

46,690

Purchase of convertible note hedge

$ (66,240)

(66,240)

Balance (in shares) at Dec. 27, 2020

87,855,571

87,856,000

Balance at Dec. 27, 2020

$ 10,957

$ 879

$ 1,132,808

$ (918,096)

$ (211,446)

$ 6,812

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Cash flows provided by operating activities:
Net (loss) income	$ (158,795)	$ 134,117	$ 109,538
Adjustments to reconcile Net (loss) income to cash provided by operating activities:
Depreciation and amortization	180,261	196,811	201,593
Amortization of debt discounts and issuance costs	10,142	2,517	2,561
Amortization of deferred gift card sales commissions	20,927	26,094	27,227
Provision for impaired assets and restaurant closings	76,354	9,085	36,863
Non-cash operating lease costs	74,436	73,357	0
Provision for expected credit losses and contingent lease liabilities	7,225	0	0
Inventory obsolescence and spoilage	10,169	0	0
Stock-based and other non-cash compensation expense	14,802	24,651	27,433
Deferred income tax benefit	(88,256)	(25,890)	(29,490)
Loss on sale of a business or subsidiary	0	206	0
Loss on modification of debt	237	0	0
Recognition of deferred gain on sale-leaseback transactions	0	0	(12,336)
Loss (gain) on disposal of property, fixtures and equipment	1,261	(2,984)	(585)
Other, net	(5,193)	(10,471)	4,943
Change in assets and liabilities:
Decrease (increase) in inventories	19,857	(15,388)	(24,707)
Decrease (increase) in other current assets	14,392	(40,519)	(25,405)
Decrease (increase) in other assets	3,688	(890)	(3,190)
Decrease in operating right-of-use assets, net	412	391	0
Decrease in accounts payable and accrued and other current liabilities	(61,638)	(23,497)	(39,871)
Increase in deferred rent	0	0	8,737
Increase in unearned revenue	10,569	26,676	12,199
Decrease in operating lease liabilities	(50,626)	(69,886)	0
Increase (decrease) in other long-term liabilities	58,625	13,223	(7,436)
Net cash provided by operating activities	138,849	317,603	288,074
Cash flows used in investing activities:
Proceeds from disposal of property, fixtures and equipment	2,178	18,291	14,041
Proceeds from sale-leaseback transactions, net	0	7,085	16,160
Capital expenditures	(87,842)	(161,926)	(208,224)
Other investments, net	9,025	5,259	727
Net cash used in investing activities	(76,639)	(131,291)	(177,296)
Cash flows used in financing activities:
Proceeds from issuance of long-term debt, net	0	0	1,637
Repayments of long-term debt and finance lease obligations	(26,326)	(27,259)	(26,686)
Proceeds from borrowings on revolving credit facilities, net	505,000	670,800	476,829
Repayments of borrowings on revolving credit facilities	(657,000)	(671,300)	(478,500)
Financing fees	(3,096)	0	0
Proceeds from issuance of convertible senior notes	230,000	0	0
Proceeds from issuance of warrants	46,690	0	0
Purchase of convertible note hedge	(66,240)	0	0
Issuance costs related to convertible senior notes	(8,416)	0	0
(Payments of taxes) proceeds from share-based compensation, net	(7)	2,707	36,612
Distributions to noncontrolling interests	(1,908)	(7,214)	(6,943)
Contributions from noncontrolling interests	451	1,349	2,037
Purchase of limited partnership and noncontrolling interests	(60)	(41)	(2,112)
Payments for partner equity plan	(16,906)	(15,675)	(19,947)
Repurchase of common stock	0	(106,992)	(113,967)
Cash dividends paid on common stock	(17,480)	(35,734)	(33,312)
Redemption of subsidiary preferred stock	(1,475)	0	0
Net cash used in financing activities	(16,773)	(189,359)	(164,352)
Effect of exchange rate changes on cash and cash equivalents	(2,174)	(1,631)	(4,146)
Net increase (decrease) in cash, cash equivalents and restricted cash	43,263	(4,678)	(57,720)
Cash, cash equivalents and restricted cash as of the beginning of the period	67,145	71,823	129,543
Cash, cash equivalents and restricted cash as of the end of the period	110,408	67,145	71,823
Supplemental disclosures of cash flow information:
Cash paid for interest	52,630	47,893	41,681
Cash paid for income taxes, net of refunds	8,415	23,995	15,839
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	19,451	67,955	0
Leased assets obtained in exchange for new finance lease liabilities	1,367	208	0
Increase (decrease) in liabilities from the acquisition of property, fixtures and equipment	$ 1,152	$ (2,899)	$ 2,699

Description of Business	12 Months Ended
Description of Business	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Bloomin’ Brands, Inc. (“Bloomin’ Brands” or the “Company”), a holding company that conducts its operations through its subsidiaries, is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts. OSI Restaurant Partners, LLC (“OSI”) is the Company’s primary operating entity. The Company owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 27, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation - The Company’s consolidated financial statements include the accounts and operations of Bloomin’ Brands and its subsidiaries.

To ensure timely reporting, the Company consolidates the results of its Brazil operations on a one month calendar lag. There were no intervening events that would materially affect the Company’s consolidated financial position, results of operations or cash flows as of and for the year ended December 27, 2020.

COVID-19 Pandemic - 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 December 27, 2020, 85% of the Company’s restaurant dining rooms were open with many 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 2020. See Note 3 - COVID-19 Charges for details regarding certain charges resulting from the COVID-19 pandemic.

Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation.

The Company consolidates variable interest entities where it has been determined that the Company is the primary beneficiary of those entities’ operations. The Company is a franchisor of 317 restaurants as of December 27, 2020, but does not possess any ownership interests in its franchisees and does not provide material direct financial support to its franchisees. These franchise relationships are not deemed variable interest entities and are not consolidated.

Investments in entities the Company does not control, but where the Company’s interest is generally between 20% and 50% and the Company has the ability to exercise significant influence over the entity, are accounted for under the equity method.

Fiscal Year - The Company utilizes a 52-53 week year ending on the last Sunday in December. In a 52 week fiscal year, each quarterly period is comprised of 13 weeks. The additional week in a 53 week fiscal year is added to the fourth quarter. Fiscal years 2020, 2019 and 2018 consisted of 52 weeks.

financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated.

Cash and Cash Equivalents - Cash equivalents consist of investments that are readily convertible to cash with an original maturity date of three months or less. Cash and cash equivalents include $37.1 million and $44.8 million, as of December 27, 2020 and December 29, 2019, respectively, for amounts in transit from credit card companies since settlement is reasonably assured.

Concentrations of Credit and Counterparty Risk - Financial instruments that potentially subject the Company to a concentration of credit risk and credit losses are through credit card receivables and trade accounts receivable consisting primarily of amounts due for gift card, vendor, franchise and other receivables. Gift card, vendor and other receivables consist primarily of amounts due from gift card resellers and vendor rebates. The Company considers the concentration of credit risk for gift card, vendor and other receivables to be minimal due to the payment histories and general financial condition of its gift card resellers and vendors. Amounts due from franchisees consist of initial franchise fees, royalty income and advertising fees. See Note 8 - Other Current Assets, Net for disclosure of trade receivables by category as of December 27, 2020 and December 29, 2019.

Financial instruments that potentially subject the Company to concentrations of counterparty risk are cash and cash equivalents, restricted cash and derivatives. The Company attempts to limit its counterparty risk by investing in certificates of deposit, money market funds, noninterest-bearing accounts and other highly rated investments. Whenever possible, the Company selects investment grade counterparties and rated money market funds in order to mitigate its counterparty risk. At times, cash balances may be in excess of FDIC insurance limits. See Note 17 - Derivative Instruments and Hedging Activities for a discussion of the Company’s use of derivative instruments and management of credit risk inherent in derivative instruments.

Allowance for Expected Credit Losses - The Company evaluates the collectability of credit card and trade receivables based on historical loss experience by 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. Losses are charged off in the period in which they are determined to be uncollectible. See Note 20 - Allowance for Expected Credit Losses for a discussion of the Company’s allowance for expected credit losses.

The Company assigned its interest, and is contingently liable, under certain real estate leases, primarily related to divested restaurant properties. Contingent lease liabilities related to these guarantees are calculated based on management’s estimate of exposure to losses which includes historical analysis of credit losses, including known instances of default, and existing economic conditions. See Note 22 - Commitments and Contingencies for a discussion of the Company’s contingent lease liabilities.

In instances where there was no established loss history, S&P speculative-grade default rates are utilized as an estimated expected credit loss rate.

Fair Value - Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input:


Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Inventories - Inventories consist of food and beverages and are stated at the lower of cost (first-in, first-out) or net realizable value.

Restricted Cash - From time to time, the Company may have short-term restricted cash balances consisting of amounts pledged for settlement of deferred compensation plan obligations.

Property, Fixtures and Equipment - Property, fixtures and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful life of the assets. Estimated useful lives by major asset category are generally as follows:


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			3 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain.

Repair and maintenance costs that maintain the appearance and functionality of the restaurant, but do not extend the useful life of any restaurant asset are expensed as incurred. The Company suspends depreciation and amortization for assets held for sale. The cost and related accumulated depreciation of assets sold or disposed of are removed from the Company’s Consolidated Balance Sheets, and any resulting gain or loss is generally recognized in Other restaurant operating expense in its Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company capitalizes direct and indirect internal costs associated with the acquisition, development, design and construction of Company-owned restaurant locations as these costs have a future benefit to the Company. Upon restaurant opening, these costs are depreciated and charged to depreciation and amortization expense. Internal costs of $2.7 million, $6.4 million and $6.9 million were capitalized during 2020, 2019 and 2018, respectively.

For 2020 and 2019, computer equipment and software costs of $1.4 million and $7.4 million, respectively, were capitalized. As of December 27, 2020 and December 29, 2019, there was $8.8 million and $25.7 million, respectively, of unamortized computer equipment and software included in Property, fixtures and equipment, net on the Company’s Consolidated Balance Sheets.

Goodwill and Intangible Assets - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. The Company’s indefinite-lived intangible assets consist of trade names and are recorded at fair value as of the date of acquisition. Goodwill and indefinite-lived intangible assets are tested for impairment annually, as of the first day of the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the fair value of the reporting unit is calculated. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of impairment.

Definite-lived intangible assets, which consist primarily of trademarks and reacquired franchise rights, are recorded at fair value as of the date of acquisition, amortized over their estimated useful lives and tested for impairment, using the relief from royalty method, whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Derivatives - The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to

designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. If the derivative qualifies for hedge accounting treatment, any gain or loss on the derivative instrument is recognized in equity as a change to Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, foreign currency exchange rate movements, changes in energy prices and other identified risks. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreement.

Deferred Financing Fees - For its revolving credit facility, the Company records deferred financing fees related to the issuance of debt obligations in Other assets, net on its Consolidated Balance Sheets. For fees associated with all other debt obligations, the Company records deferred financing fees as a reduction of Long-term debt, net.

The Company amortizes deferred financing fees to interest expense over the term of the respective financing arrangement, primarily using the effective interest method. The Company amortized deferred financing fees of $3.9 million, $2.5 million and $2.6 million to interest expense for 2020, 2019 and 2018, respectively.

Liquor Licenses - The fees from obtaining non-transferable liquor licenses directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and included in Other assets, net on the Company’s Consolidated Balance Sheets.

Insurance Reserves - The Company carries insurance programs with specific retention levels or high per-claim deductibles for a significant portion of expected losses under its workers’ compensation, general or liquor liability, health, property and management liability insurance programs. The Company records a liability for all unresolved claims and for an estimate of incurred but not reported claims at the anticipated cost that falls below its specified retention levels or per-claim deductible amounts. In establishing reserves, the Company considers actuarial assumptions and judgments regarding economic conditions, and the frequency and severity of claims. Reserves recorded for workers’ compensation and general liability claims are discounted using the average of the one-year and five-year risk-free rate of monetary assets that have comparable maturities.

Share Repurchase - Shares repurchased are retired. The par value of the repurchased shares is deducted from common stock and the excess of the purchase price over the par value of the shares is recorded to Accumulated deficit.

Revenue Recognition - The Company records food and beverage revenues, net of discounts and taxes, upon delivery to the customer. Franchise-related revenues are included in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. Royalties, which are a percentage of net sales of the franchisee, are recognized as revenue in the period which the sales are reported to have occurred provided collectability is reasonably assured.

Proceeds from the sale of gift cards, which do not have expiration dates, are recorded as deferred revenue and recognized as revenue upon redemption by the customer. The Company applies the portfolio approach practical expedient to account for gift card contracts and performance obligations. Gift card breakage, the amount of gift

cards which will not be redeemed, is recognized using estimates based on historical redemption patterns. If actual redemptions vary from assumptions used to estimate breakage, gift card breakage income may differ from the amount recorded. The Company periodically updates its estimates used for breakage. Breakage revenue is recorded as a component of Restaurant sales in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. Approximately 84% of deferred gift card revenue is expected to be recognized within 12 months of inception. Gift card sales that are accompanied by a bonus gift card to be used by the customer at a future visit result in a separate deferral of a portion of the original gift card sale. Revenue is recorded when the bonus card is redeemed or expires at the estimated fair market value of the bonus card.

Gift card sales commissions paid to third-party providers are capitalized and subsequently amortized to Other restaurant operating expense based on historical gift card redemption patterns. See Note 4 - Revenue Recognition for rollforwards of deferred gift card sales commissions and unearned gift card revenue.

Advertising fees charged to franchisees are recognized in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income provided collectability is reasonably assured. Initial franchise and renewal fees are recognized over the term of the franchise agreement and renewal period, respectively. The weighted average remaining term of franchise agreements and renewal periods was approximately 13 years as of December 27, 2020.

The Company maintains a customer loyalty program, Dine Rewards, in the U.S., where customers have the ability to earn a reward after a number of qualified visits. The Company has developed an estimated value of the partial reward earned from each qualified visit, which is recorded as deferred revenue. Each reward has a maximum value and must be redeemed within three months of earning such reward. The revenue associated with the fair value of the qualified visit is recognized upon the earlier of redemption or expiration of the reward. The Company applies the practical expedient to exclude disclosures regarding loyalty program remaining performance obligations, which have original expected durations of less than one year.

The Company collects and remits sales, food and beverage, alcoholic beverage and hospitality taxes on transactions with customers and reports revenue net of taxes in its Consolidated Statements of Operations and Comprehensive (Loss) Income.

Leases - The Company’s determination of whether an arrangement contains a lease is based on an evaluation of whether the arrangement conveys the right to use and control specific property or equipment. The Company leases restaurant and office facilities and certain equipment under operating leases primarily having initial terms between one and 20 years. Restaurant facility leases generally have renewal periods totaling five to 30 years, exercisable at the option of the Company. Contingent rentals represent payment of variable lease obligations based on a percentage of gross revenues, as defined by the terms of the applicable lease agreement for certain restaurant facility leases. The Company also has certain leases, which reset periodically based on a specified index. Such leases are recorded using the index that existed at lease commencement. Subsequent changes in the index are recorded as variable rental payments. Variable rental payments are expensed as incurred in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income and future variable rent obligations are not included within the lease liabilities on the Consolidated Balance Sheets. The depreciable life of lease assets and leasehold improvements are limited by the expected lease term. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants.

The Company accounts for fixed lease and non-lease components of a restaurant facility lease as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to account for the lease assets and liabilities. Leases with an initial term of 12 months or less are not recorded on its Consolidated Balance Sheets, and are recognized on a straight-line basis over the lease term within Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Rent expense for the Company’s operating leases, which generally have escalating rentals over the term of the lease and may include rent holidays, is recorded on a straight-line basis over the initial lease term and those renewal periods that are reasonably certain. Rent expense is recorded in Other restaurant operating in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. Payments received from landlords as incentives for leasehold improvements are recorded as a reduction of the right-of-use asset and amortized on a straight-line basis over the term of the lease as a reduction of rent expense.

In 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.

Pre-Opening Expenses - Non-capital expenditures associated with opening new restaurants are expensed as incurred and are included in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Consideration Received from Vendors - The Company receives consideration for a variety of vendor-sponsored programs, such as volume rebates, promotions and advertising allowances. Advertising allowances are intended to offset the Company’s costs of promoting and selling menu items in its restaurants. Vendor consideration is recorded as a reduction of Food and beverage costs or Other restaurant operating expense when recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Impairment of Long-Lived Assets and Costs Associated with Exit Activities - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. For long-lived assets deployed at its restaurants, the Company reviews for impairment at the individual restaurant level. When evaluating for impairment, the total future undiscounted cash flows expected to be generated by the asset are compared to the carrying amount. If the total future undiscounted cash flows of the asset are less than its carrying amount, recoverability is measured by comparing the fair value of the assets to the carrying amount. An impairment loss is recognized in earnings when the asset’s carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model.

Restaurant closure costs, including lease termination fees, are expensed as incurred. When the Company ceases using the property rights under a non-cancelable operating lease, it records a liability for the net present value of any remaining non-rent lease-related obligations as a result of lease termination, less the estimated subtenant cost recovery that can reasonably be obtained for the property. Any subsequent adjustment to that liability as a result of lease termination or changes in estimates of cost recovery is recorded in the period incurred. The associated expense is recorded in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Restaurant sites and certain other assets to be sold are included in assets held for sale when certain criteria are met, including the requirement that the likelihood of selling the assets within one year is probable.

Advertising Costs - Advertising production costs are expensed in the period when the advertising first occurs. All other advertising costs are expensed in the period in which the costs are incurred. Advertising expense of $67.3 million, $146.1 million and $147.8 million for 2020, 2019 and 2018, respectively, was recorded in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Legal Costs - Settlement costs are accrued when they are deemed probable and reasonably estimable. Legal fees are recognized as incurred and are reported in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Research and Development Expenses (“R&D”) - R&D is expensed as incurred in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. R&D primarily consists of payroll and benefit costs. R&D was $2.4 million, $3.4 million and $3.8 million for 2020, 2019 and 2018, respectively.

Partner Compensation - In addition to base salary, Area Operating Partners, Restaurant Managing Partners and Chef Partners generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their restaurants’ monthly operating results or cash flows and/or total controllable income (“Monthly Payments”).

Certain Restaurant Managing Partners and Chef Partners in the U.S. (“U.S. Partners”) may also participate in deferred compensation programs and other performance-based compensation programs. The Company may invest in corporate-owned life insurance policies, which are held within an irrevocable grantor or “rabbi” trust account for settlement of certain of the Company’s obligations under the deferred compensation plans.

Many of the Company’s international Restaurant Managing Partners are given the option to purchase participation interests in the cash distributions of the restaurants they manage. The amount, terms and availability vary by country.

The Company estimates future bonuses and deferred compensation obligations to U.S. Partners and Area Operating Partners, using current and historical information on restaurant performance and records the long-term portion of partner obligations in Other long-term liabilities, net on its Consolidated Balance Sheets. Monthly Payments and deferred compensation expenses for U.S. Partners are included in Labor and other related expenses and Monthly Payments and bonus expense for Area Operating Partners are included in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Stock-based Compensation - Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. Stock-based compensation expense is recognized only for those awards expected to vest. The expense, net of forfeitures, is recognized using the straight-line method. Forfeitures of share-based compensation awards are recognized as they occur.

Basic and Diluted (Loss) Earnings per Share - The Company computes basic earnings per share based on the weighted average number of common shares that were outstanding during the period. Except where the result would be antidilutive, diluted earnings per share includes the dilutive effect of common stock equivalents, consisting of restricted stock units, performance-based share units and stock options, and the Company’s convertible senior notes and related warrants, using the treasury stock method. Performance-based share units are considered dilutive when the related performance criterion has been met.

As of December 27, 2020, the Company expected to settle the principal amount of its outstanding convertible senior notes in cash and any excess in shares. As a result, only the amounts in excess of the principal amount, if applicable, were considered in diluted earnings per share under the treasury stock method.

On December 28, 2020, the Company adopted Accounting Standards Update (“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”) and transitioned to the “if-converted” method for calculating diluted earnings per share required under the new standard beginning in 2021. The “if-converted” method requires inclusion in diluted earnings per share the full number of common shares issuable upon conversion, unless settlement is required to be

paid in cash upon conversion. See Recently Adopted Financial Accounting Standards below for additional details regarding the impact of adopting ASU No. 2020-06.

Foreign Currency Translation and Transactions - For non-U.S. operations, the functional currency is the local currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date with the translation adjustments recorded in Accumulated other comprehensive loss in the Company’s Consolidated Statements of Changes in Stockholders’ Equity. Results of operations are translated using the average exchange rates for the reporting period. Foreign currency exchange transaction losses are recorded in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Income Taxes - Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. A valuation allowance may reduce deferred income tax assets to the amount that is more likely than not to be realized.

The Company records a tax benefit for an uncertain tax position using the highest cumulative tax benefit that is more likely than not to be realized. The Company adjusts its liability for unrecognized tax benefits in the period in which it determines the issue is effectively settled, the statute of limitations expires or when more information becomes available. Liabilities for unrecognized tax benefits, including penalties and interest, are recorded in Accrued and other current liabilities and Other long-term liabilities, net on the Company’s Consolidated Balance Sheets.

Recently Adopted Financial Accounting Standards - On December 28, 2020, the Company adopted ASU No. 2020-06, which removes the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. ASU No. 2020-06 also requires the application of the “if-converted” method for calculating diluted earnings per share and the treasury stock method is no longer available. The Company adopted ASU No. 2020-06 using the modified retrospective approach which resulted in a cumulative-effect adjustment that increased (decreased) the following Consolidated Balance Sheet accounts during the first quarter of 2021:


ADJUSTMENT	CONSOLIDATED BALANCE SHEET CLASSIFICATION	AMOUNT (in millions)
Deferred tax impact of cumulative-effect adjustment	Deferred income tax assets, net	$	14.9
Debt discount reclassification	Long-term debt, net	$	59.9
Equity issuance costs reclassification	Long-term debt, net	$	(2.1)
Debt discount amortization reclassification, net of tax	Accumulated deficit	$	4.4
Net impact of cumulative-effect adjustment	Additional paid-in capital	$	(47.3)

After adopting ASU No. 2020-06, the Company’s convertible senior notes will be reflected entirely as a liability since the embedded conversion feature is no longer separately presented within stockholders’ equity. During 2020, the Company recognized debt discount amortization of $6.3 million within Interest expense, net related to its convertible senior notes. In February 2021, the Company made an irrevocable election under the indenture to require the principal portion of its convertible senior notes to be settled in cash and any excess in shares. Following the irrevocable notice, only the amounts settled in excess of the principal will be considered in diluted earnings per share under the “if-converted” method.

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 application of expedients allowable under ASU No. 2020-04 did not have a material effect on the Company’s financial statements. The Company continues to evaluate the impact of the guidance and may apply other elections, as applicable.

On December 30, 2019, the Company adopted 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 expected 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 20 - Allowance for Expected Credit Losses for additional details regarding the Company’s allowance for expected credit losses.

On December 31, 2018, the Company adopted ASU No. 2016-02: Leases (Topic 842) (“ASU No. 2016-02”), ASU No. 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transitioning to Topic 842,” (“ASU No. 2018-01”) and ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“ASU No. 2018-11”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU No. 2018-01 allows an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the Company’s adoption of ASU No. 2016-02. ASU No. 2018-11 allows for an additional transition method, which permits use of the effective date of adoption as the date of initial application of ASU No. 2016-02 without restating comparative period financial statements and provides entities with a practical expedient that allows entities to elect not to separate lease and non-lease components when certain conditions are met.

The Company adopted ASU No. 2016-02 using December 31, 2018 as the date of initial application. Consequently, financial information and the disclosures required under the new standard were not provided for dates and periods before December 31, 2018. The Company also elected a transition package including practical expedients that permitted it not to reassess the classification and initial direct costs of expired or existing contracts and leases, to not separate lease and non-lease components of restaurant facility leases executed subsequent to adoption, and to not evaluate land easements that exist or expired before the adoption. In preparation for adoption, the Company implemented a new lease accounting system.

Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period. These reclassifications had no effect on previously reported net income.

COVID-19 Charges

12 Months Ended

Dec. 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

FISCAL YEAR

2020

Inventory obsolescence and spoilage

Food and beverage costs

10,450

Compensation for idle employees (1)

Labor and other related

29,993

Other operating charges

Other restaurant operating

3,219

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

2,719

Right-of-use asset impairment (4)

Provision for impaired assets and restaurant closings

32,992

Fixed asset impairment (4)

Provision for impaired assets and restaurant closings

34,423

Goodwill and other impairment (5)

Provision for impaired assets and restaurant closings

3,190

124,508

________________

(1)Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $14.9 million of employee retention tax credits.

(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 to reflect an 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, the closure of certain restaurants and in connection with the Out West Resolution Agreement. See Note 5 - Impairments, Exit Costs and Disposals and Note 4 - Revenue Recognition, for details regarding COVID-19 Restructuring costs and the Out West Resolution Agreement, respectively.

(5)Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Revenue Recognition

12 Months Ended

Dec. 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:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Revenues
Restaurant sales	$	3,144,636	$	4,075,014	$	4,060,871
Franchise and other revenues
Franchise revenue	$	21,195	$	52,147	$	52,906
Other revenue	4,730		12,228		12,636
Total Franchise and other revenues	$	25,925	$	64,375	$	65,542
Total revenues	$	3,170,561	$	4,139,389	$	4,126,413

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


	FISCAL YEAR
	2020				2019				2018
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,760,071	$	9,898	$	2,135,776	$	38,614	$	2,098,696	$	40,422
Carrabba’s Italian Grill (1)	497,212		1,309		613,031		2,112		647,454		601
Bonefish Grill	396,193		346		574,004		787		578,139		833
Fleming’s Prime Steakhouse & Wine Bar	209,564		—		307,199		—		304,064		—
Other	6,507		—		4,658		—		5,845		—
U.S. total	$	2,869,547	$	11,553	$	3,634,668	$	41,513	$	3,634,198	$	41,856
International
Outback Steakhouse Brazil	$	206,280	$	—	$	355,837	$	—	$	348,394	$	—
Other (2)	68,809		9,642		84,509		10,634		78,279		11,050
International total	$	275,089	$	9,642	$	440,346	$	10,634	$	426,673	$	11,050
Total	$	3,144,636	$	21,195	$	4,075,014	$	52,147	$	4,060,871	$	52,906

____________________

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

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

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Other current assets, net
Deferred gift card sales commissions	$	19,300	$	18,554

Unearned revenue
Deferred gift card revenue	$	373,048	$	358,757
Deferred loyalty revenue	8,099		10,034
Deferred franchise fees - current	469		491

Total Unearned revenue	$	381,616	$	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:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Balance, beginning of period	$	18,554	$	16,431	$	16,231
Deferred gift card sales commissions amortization	(20,927)		(26,094)		(27,227)
Deferred gift card sales commissions capitalization	22,923		29,894		28,980
Other	(1,250)		(1,677)		(1,553)
Balance, end of period	$	19,300	$	18,554	$	16,431

The following table is a rollforward of unearned gift card revenue for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Balance, beginning of period	$	358,757	$	333,794	$	323,628
Gift card sales	306,016		420,229		419,172
Gift card redemptions	(277,675)		(376,477)		(388,954)
Gift card breakage	(14,050)		(18,789)		(20,052)
Balance, end of period	$	373,048	$	358,757	$	333,794

Franchisee Deferred Payment Agreement - On December 27, 2020, the Company entered into an agreement (the “Resolution Agreement”) with Cerca Trova Southwest Restaurant Group, LLC (d/b/a Out West Restaurant Group) and certain of its affiliates (collectively, “Out West”), a franchisee of approximately 90 Outback Steakhouse restaurants in the western United States, primarily in California. The Resolution Agreement ends on December 31, 2023 or upon the earlier occurrence of certain specified events, including the sale of all or substantially all of the assets or equity of Out West, bankruptcy or a liquidation event (“Qualifying Event”) (the “Forbearance Period”). Prior to the Resolution Agreement, Out West was in default of its franchise agreements for nonpayment of certain amounts due, and simultaneously in default of its credit agreement with its lenders primarily due to the significant impact of the COVID-19 pandemic. Under the terms of the Resolution Agreement, the Company agreed to:

•not call upon any previous default under the existing franchise agreements during the Forbearance Period;

•reduce future advertising fees to 2.25% of gross sales during the Forbearance Period;

•permanently waive unpaid royalty and advertising fees for the period of February 24, 2020 to July 26, 2020;

•allow for closure of four restaurants and certain sublease modifications (the “Property Concessions”);

•allow for closure of up to ten additional restaurants during the first 12 months of the Resolution Agreement, without imposition of any penalties or accelerated royalties;

•defer all non-waived past due royalties and advertising fees through November 22, 2020, and for certain permitted restaurant closings in connection with the Property Concessions, defer accelerated rent and royalties that otherwise would have been due under the terms and conditions of the respective franchise agreements and leases or subleases (the “Initial Deferred Balance”), and

•defer all past due rents through December 27, 2020 on subleased properties totaling $3.6 million until April 2021 when the balance will be repaid over an 18-month period.

In connection with the Property Concessions, the Company recognized $4.7 million of lease right-of-use asset impairment during the thirteen weeks ended December 27, 2020, within the U.S. segment.

No deferred or previously waived amounts have been recorded as revenue, with the exception of a $3.1 million receivable balance that had been previously fully reserved. Collections of deferred amounts, and any future amounts due under the Resolution Agreement or the Company’s franchise agreements after November 22, 2020, will be recognized when collectability is reasonably assured.

Out West also entered into a Forbearance Agreement and Second Amendment to Credit and Guaranty Agreement (“Forbearance Agreement”) with its lenders that, in conjunction with the Resolution Agreement, provides, among other things, for a pre-determined calculation of available monthly cash (“Available Cash”) that Out West may use to settle its obligations due to the Company and its lenders. Available Cash is calculated net of operating expenses, including local marketing expenditures required under the Resolution Agreement. Under the Resolution Agreement, if Out West is unable to satisfy monthly royalty or advertising fees with Available Cash, such amounts will automatically increase the Initial Deferred Balance. The entire deferred balance will become collectible upon any Qualifying Event. If the Qualifying Event is the sale of all or substantially all of the assets or equity of Out West, the sale proceeds will be applied, between the Company and Out West’s lenders, in accordance with the payment priority established in the Resolution Agreement and Forbearance Agreement; if the sales proceeds are insufficient to satisfy the deferred balance due to the Company, then the Company agreed to permanently waive any remaining deferred balance due to the Company.

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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Impairments, Exit Costs and Disposals [Abstract]

Impairment, Exit Costs and Disposals

12 Months Ended

Dec. 27, 2020

Impairment, Exit Costs and Disposals

Impairments, Exit Costs and Disposals

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Impairment losses
U.S. (1)	$	65,129	$	6,381	$	15,342
International (1) (2)	3,468		2,026		11,457
Corporate (3)	6,226		727		—
Total impairment losses	$	74,823	$	9,134	$	26,799
Restaurant closure expenses (benefits)
U.S. (1)	$	1,358	$	(105)	$	6,536
International (1)	173		56		3,528
Total restaurant closure expenses (benefits)	$	1,531	$	(49)	$	10,064
Provision for impaired assets and restaurant closings	$	76,354	$	9,085	$	36,863

____________________

(1)U.S. and international impairment and closure charges during 2020 primarily relate to the COVID-19 pandemic, including charges related to the COVID-19 Restructuring discussed below and the Out West Resolution Agreement. See Note 3 - 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 2020. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

(3)Corporate impairment charges during 2020 primarily relate to transformational initiatives.

COVID-19 Restructuring - During 2020, the Company recognized pre-tax asset impairments and closure charges in connection with the closure of 22 U.S. 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):


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION	FISCAL YEAR
DESCRIPTION		2020
Property, fixtures and equipment impairments	Provision for impaired assets and restaurant closings	$	18,766
Lease right-of-use asset impairments and closure charges	Provision for impaired assets and restaurant closings	5,003
Severance and other expenses	General and administrative	1,097
		$	24,866

International Restructuring - The Company recognized asset impairment and closure charges of $2.0 million and $13.9 million during 2019 and 2018, respectively, related to restructuring of certain international markets, including Puerto Rico and China, within the international segment.

Express Concept Restructuring - In 2018, the Company recognized asset impairment charges of $7.4 million related to the restructuring of its Express concept, within the U.S. segment. As a part of the restructuring, three Express locations closed during 2019.

Refranchising - During 2019, the Company completed the sale of 18 of its existing U.S. Company-owned Carrabba’s Italian Grill restaurants to an existing franchisee for cash proceeds of $3.6 million, net of certain purchase price adjustments. In connection with this, sale the Company recognized asset impairment charges of $5.5 million in 2018, within the U.S. segment. The Company remains contingently liable on certain real estate lease agreements assigned to the buyer.

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

Accrued Facility Closure and Other Cost Rollforward - The following table is a rollforward of the Company’s closed facility lease liabilities and other accrued costs associated with the closure and restructuring initiatives for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2020
Beginning of the year	$	14,542
Additions	2,458
Cash payments	(4,572)
Accretion	1,129
Adjustments	(678)
End of the year (1)	$	12,879

________________

(1)As of December 27, 2020, the Company had exit-related accruals of $4.3 million recorded in Accrued and other current liabilities and $8.6 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Surplus Property Disposals - During 2019, the Company completed the sale of five of its U.S. surplus properties to a franchisee for cash proceeds of $12.7 million, net of certain purchase price adjustments. The transaction resulted in a net gain of $3.6 million, recorded within Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

(Loss) Earnings Per Share

12 Months Ended

Dec. 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:


	FISCAL YEAR
(in thousands, except per share data)	2020		2019		2018
Net (loss) income attributable to Bloomin’ Brands	$	(158,715)	$	130,573	$	107,098
Redemption of preferred stock in excess of carrying value (1)	(3,496)		—		—
Net (loss) income attributable to common stockholders	$	(162,211)	$	130,573	$	107,098

Basic weighted average common shares outstanding	87,468		88,839		92,042

Effect of diluted securities:
Stock options	—		571		1,595
Nonvested restricted stock units	—		295		397
Nonvested performance-based share units	—		72		41
Diluted weighted average common shares outstanding	87,468		89,777		94,075

Basic (loss) earnings per share attributable to common stockholders	$	(1.85)	$	1.47	$	1.16
Diluted (loss) earnings per share attributable to common stockholders	$	(1.85)	$	1.45	$	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 during 2020. See Note 16 - Stockholders’ Equity for additional details.

Share-based compensation-related 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:


	FISCAL YEAR
(shares in thousands)	2020	2019	2018
Stock options	5,155	4,003	2,879
Nonvested restricted stock units	682	158	99
Nonvested performance-based share units	514	277	201

There are approximately 19.348 million shares of the Company’s common stock that underlie its convertible senior notes based on the initial conversion rate and full principal amount. The convertible senior notes will have a dilutive impact on diluted earnings per share beginning 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. For 2020, dilutive excess shares, if applicable, 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 December 27, 2020 but were also excluded from the computation of diluted earnings per share given the Company’s net loss. Had the Company been in a net income position, the dilutive effect of its convertible senior notes and related warrants on 2020 earnings per share would have been approximately 1.8 million shares, assuming settlement of the principal in cash. See Note 14 - Convertible Senior Notes for additional information regarding the Company’s convertible senior notes.

Stock-based and Deferred Compensation Plans

12 Months Ended

Dec. 27, 2020

Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract]

Stock-based and Deferred Compensation Plans

Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Stock options	$	3,743	$	5,270	$	6,378
Restricted stock units	8,559		8,949		9,143
Performance-based share units	2,414		5,471		6,911
	$	14,716	$	19,690	$	22,432

Stock Options - Stock options generally vest and become exercisable over a period of four years in an equal number of shares each year. Stock options have an exercisable life of no more than ten years from the date of grant. The Company settles stock option exercises with authorized but unissued shares of the Company’s common stock.

The following table presents a summary of the Company’s stock option activity:


(in thousands, except exercise price and contractual life)	OPTIONS	WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)	AGGREGATE INTRINSIC VALUE
Outstanding as of December 29, 2019	6,099	$	19.40	6.0	$	18,961
Granted	100	$	18.45
Exercised	(374)	$	12.38
Forfeited or expired	(403)	$	20.82
Outstanding as of December 27, 2020	5,422	$	19.76	5.1	$	6,575
Exercisable as of December 27, 2020	4,287	$	19.61	4.4	$	6,147

Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows for the periods indicated:


	FISCAL YEAR
	2020			2019			2018
Assumptions:
Weighted-average risk-free interest rate (1)	0.90		%	2.34		%	2.66		%
Dividend yield (2)	4.34		%	1.94		%	1.50		%
Expected term (3)	5.5 years			4.8 years			5.8 years
Weighted-average volatility (4)	30.43		%	31.05		%	32.76		%

Weighted-average grant date fair value per option	$	3.12		$	5.07		$	7.23

________________

(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option.

(2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The dividend yield during 2020 relates to options granted prior the Company’s Amended Credit Agreement which restricts the payment of dividends. See Note 13 - 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 stock option compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Intrinsic value of options exercised	$	2,201	$	7,929	$	52,247

Cash received from option exercises, net of tax withholding	$	4,609	$	6,501	$	40,501
Fair value of stock options vested	$	16,468	$	18,136	$	34,316
Tax benefits for stock option compensation expense (1)	$	535	$	1,932	$	13,085

Unrecognized stock option expense	$	3,014
Remaining weighted-average vesting period	1.3 years

________________

(1)Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.3 million, $0.2 million and $8.0 million during 2020, 2019 and 2018, respectively.

Restricted Stock Units - Beginning in 2019, restricted stock units granted generally vest over a period of three years and restricted stock units granted prior to 2019 generally vest over a period of four years, in an equal number of shares each year. Following is a summary of the Company’s restricted stock unit activity:


(shares in thousands)	NUMBER OF RESTRICTED STOCK UNIT AWARDS	WEIGHTED-AVERAGE GRANT DATE FAIR VALUE PER AWARD
Outstanding as of December 29, 2019	1,188	$	18.91
Granted	484	$	16.66
Vested	(492)	$	18.25
Forfeited	(146)	$	19.27
Outstanding as of December 27, 2020	1,034	$	18.12

The following represents restricted stock unit compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Fair value of restricted stock vested	$	8,973	$	8,200	$	9,705
Tax benefits for restricted stock compensation expense	$	1,614	$	1,672	$	2,938

Unrecognized restricted stock expense	$	11,437
Remaining weighted-average vesting period	1.8 years

Performance-based Share Units (“PSUs”) - The number of PSUs that vest is determined for each year based on the achievement of certain performance criteria as set forth in the award agreement and may range from zero to 200% of the annual target grant. The PSUs are settled in shares of common stock, with holders receiving one share of common stock for each performance-based share unit that vests. The fair value of PSUs is based on the closing price of the Company’s common stock on the grant date. Compensation expense for PSUs is recognized over the vesting period when it is probable the performance criteria will be achieved.

The following table presents a summary of the Company’s PSU activity:


(shares in thousands)	PERFORMANCE-BASED SHARE UNITS	WEIGHTED-AVERAGE GRANT DATE FAIR VALUE PER AWARD
Outstanding as of December 29, 2019	532	$	19.42
Granted	522	$	19.14
Vested	(291)	$	16.51
Forfeited	(90)	$	20.13
Outstanding as of December 27, 2020	673	$	20.37

The following represents PSU compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Tax benefits for PSU compensation expense	$	1,570	$	857	$	406

Unrecognized PSU expense	$	7,601
Remaining weighted-average vesting period (1)	1.6 years

________________

(1)PSUs typically vest after three years.

As of December 27, 2020, the maximum number of shares of common stock available for issuance pursuant to the 2020 Omnibus Incentive Compensation Plan was 9,464,074.

Deferred Compensation Plans

U.S. Partner Deferred Compensations Plans - Certain U.S. Partners may participate in deferred compensation programs that are subject to the rules of Section 409A of the Internal Revenue Code. The Company may invest in corporate-owned life insurance policies, which are held within an irrevocable grantor or “rabbi” trust account for settlement of certain of the obligations under the deferred compensation plans. The deferred compensation obligation due to U.S. Partners under these plans was $28.1 million and $49.0 million as of December 27, 2020 and December 29, 2019, respectively. The rabbi trust is funded through the Company’s voluntary contributions and was fully funded as of December 27, 2020.

Other Compensation Programs - Certain U.S. Partners participate in a non-qualified long-term compensation program that the Company funds as the obligation for each participant becomes due.

401(k) Plan - The Company has a qualified defined contribution plan that qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. The Company incurred contribution costs of $5.5 million, $5.4 million and $5.3 million for the 401(k) Plan for 2020, 2019 and 2018, respectively.

Highly Compensated Employee Plan - The Company provides a deferred compensation plan for its highly compensated employees who are not eligible to participate in the 401(k) Plan. The deferred compensation plan allows these employees to contribute a percentage of their base salary and cash bonus on a pre-tax basis. The deferred compensation plan is unsecured and funded through the Company’s voluntary contributions.

Other Current Assets, Net

12 Months Ended

Dec. 27, 2020

Other Current Assets, Net

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Prepaid expenses	$	12,148	$	20,218
Accounts receivable - gift cards, net (1)	76,808		104,591
Accounts receivable - vendors, net (1)	8,886		13,465
Accounts receivable - franchisees, net (1)	1,007		1,322
Accounts receivable - other, net (1)	16,782		21,734
Deferred gift card sales commissions	19,300		18,554
Assets held for sale	3,831		3,317
Other current assets, net	12,756		3,261
	$	151,518	$	186,462

________________

(1)See Note 20 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

Property, Fixtures and Equipment, Net

12 Months Ended

Dec. 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)	DECEMBER 27, 2020		DECEMBER 29, 2019
Land	$	40,498	$	42,570
Buildings	1,158,257		1,202,434
Furniture and fixtures	450,508		458,169
Equipment	623,982		665,815
Construction in progress	27,102		24,477
Less: accumulated depreciation	(1,412,660)		(1,357,388)
	$	887,687	$	1,036,077

Surplus Properties - The Company owns certain U.S. restaurant properties and assets that are no longer utilized to operate its restaurants (“surplus properties”). Surplus properties primarily consist of closed properties, which include land and a building, and liquor licenses no longer needed for operations. Surplus properties may be classified on the Consolidated Balance Sheets as assets held for sale or as assets held and used when the Company

does not expect to sell these assets within the next 12 months. Following is a summary of the carrying value and number of surplus properties as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	DECEMBER 27, 2020		DECEMBER 29, 2019
Surplus properties - assets held for sale	Other current assets, net	$	3,831	$	3,317
Surplus properties - assets held and used	Property, fixtures and equipment, net	7,955		18,188
Total surplus properties		$	11,786	$	21,505

Number of surplus properties owned		12		20

Depreciation and repair and maintenance expense are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Depreciation expense	$	173,342	$	188,190	$	192,099
Repair and maintenance expense	88,829		106,943		102,409

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 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 30, 2018	$	170,657	$	124,770	$	295,427

Translation adjustments	—		(6,988)		(6,988)


Balance as of December 29, 2019	$	170,657	$	117,782	$	288,439

Translation adjustments	—		(15,302)		(15,302)
Impairment charges	—		(1,973)		(1,973)



Balance as of December 27, 2020	$	170,657	$	100,507	$	271,164

The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated:


	DECEMBER 27, 2020				DECEMBER 29, 2019				DECEMBER 30, 2018
(dollars in thousands)	GROSS CARRYING AMOUNT		ACCUMULATED IMPAIRMENTS		GROSS CARRYING AMOUNT		ACCUMULATED IMPAIRMENTS		GROSS CARRYING AMOUNT		ACCUMULATED IMPAIRMENTS
U.S.	$	838,827	$	(668,170)	$	838,827	$	(668,170)	$	838,827	$	(668,170)
International	220,390		(119,883)		235,692		(117,910)		242,680		(117,910)
Total goodwill	$	1,059,217	$	(788,053)	$	1,074,519	$	(786,080)	$	1,081,507	$	(786,080)

The COVID-19 outbreak was considered a triggering event during the first quarter of 2020, indicating that the carrying amount of goodwill may not be recoverable. As a result, the Company performed a quantitative assessment for its four U.S. and three international 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 first quarter of 2020. Impairment was not recorded for any of the Company’s other reporting units as a result of the quantitative assessment.

The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets each year during the second quarter. Since the Company performed a quantitative assessment on the last day of the first quarter of 2020, as described above, the Company utilized the same assumptions and analysis in

performing a quantitative annual assessment in its second quarter and concluded that no additional impairment was required. The Company’s 2019 assessment utilized a qualitative assessment and its 2018 assessment utilized a quantitative approach. As a result of these assessments, the Company did not record any goodwill asset impairment charges during 2019 or 2018.

Intangible Assets, net - Intangible assets, net, consisted of the following as of the periods indicated:


	WEIGHTED AVERAGE REMAINING AMORTIZATION PERIOD (IN YEARS)	DECEMBER 27, 2020						DECEMBER 29, 2019
(dollars in thousands)		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE
Trade names	Indefinite	$	414,716			$	414,716	$	414,616			$	414,616
Trademarks	8	81,951		$	(51,797)	30,154		81,381		$	(47,882)	33,499

Franchise agreements	0	14,881		(14,881)		—		14,881		(14,356)		525
Reacquired franchise rights	10	33,520		(18,407)		15,113		42,390		(20,415)		21,975

Total intangible assets	9	$	545,068	$	(85,085)	$	459,983	$	553,268	$	(82,653)	$	470,615

The Company did not record any indefinite-lived intangible asset impairment charges during the periods presented.

Definite-lived intangible assets are amortized on a straight-line basis. The following table presents the aggregate expense related to the amortization of the Company’s trademarks, favorable leases, franchise agreements and reacquired franchise rights for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Amortization expense (1)	$	6,919	$	8,621	$	13,377

________________

(1)Amortization expense is recorded in Depreciation and amortization for fiscal years 2020 and 2019 and Depreciation and amortization and Other restaurant operating expense for fiscal year 2018 in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

The following table presents expected annual amortization of intangible assets as of December 27, 2020:


(dollars in thousands)
2021	$	5,955
2022	$	5,900
2023	$	5,830
2024	$	5,695
2025	$	5,449

Other Assets, Net

12 Months Ended

Dec. 27, 2020

Accrued and Other Current Liabilities

Other Assets, Net

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Company-owned life insurance (1)	$	44,814	$	60,126
Deferred debt issuance costs (2)	4,694		4,893
Liquor licenses	24,250		24,289
Other assets	18,868		27,802
	$	92,626	$	117,110

________________

(1)During 2020, the Company withdrew $9.7 million from its Company-owned life insurance policies to pay deferred compensation obligations.

(2)Net of accumulated amortization of $9.0 million and $6.8 million as of December 27, 2020 and December 29, 2019, respectively.

Accrued and Other Current Liabilities

12 Months Ended

Dec. 27, 2020

Payables and Accruals [Abstract]

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Accrued rent and current operating lease liabilities (1)	$	192,369	$	174,287
Accrued payroll and other compensation	79,291		101,090
Accrued insurance	20,648		20,500
Other current liabilities	96,013		95,574
	$	388,321	$	391,451

________________

(1)Includes COVID-19-related deferred rent accruals of $12.8 million as of December 27, 2020.

Long-term Debt, Net

12 Months Ended

Dec. 27, 2020

Debt Disclosure [Abstract]

Long-term Debt, Net

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


	DECEMBER 27, 2020				DECEMBER 29, 2019
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	425,000	2.88	%	$	450,000	3.40	%
Revolving credit facility (1)(2)	447,000		2.88	%	599,000		3.44	%
Total Senior Secured Credit Facility	872,000				1,049,000
Convertible Senior Notes (3)	230,000		5.00	%	—
Finance lease liabilities	2,405				2,495

Other	—				50		2.18	%
Less: unamortized debt discount and issuance costs	(67,704)				(2,654)
Less: finance lease interest	(221)				(187)
Total debt, net	1,036,480				1,048,704
Less: current portion of long-term debt	(38,710)				(26,411)
Long-term debt, net	$	997,770			$	1,022,293

________________

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

(2)Subsequent to December 27, 2020, the Company made payments of $92.0 million on its revolving credit facility.

(3)See Note 14 - Convertible Senior Notes for details regarding the convertible senior notes.

Bloomin’ Brands, Inc. is a holding company and conducts its operations through its subsidiaries, certain of which have incurred indebtedness as described below.

Amended Credit Agreement - On November 30, 2017, the Company and OSI, as co-borrowers, entered into a credit agreement (the “Credit Agreement”) with a syndicate of institutional lenders, providing for senior secured financing of up to $1.5 billion consisting of a $500.0 million Term loan A and a $1.0 billion revolving credit facility, including a letter of credit and swing line loan sub-facilities (the “Senior Secured Credit Facility”). The Senior Secured Credit Facility matures on November 30, 2022.

Borrowings under the Company’s Senior Secured Credit Facility are subject to various covenants that limit its ability to: incur additional indebtedness; make significant payments; sell assets; pay dividends and other restricted payments; acquire certain assets; effect mergers and similar transactions; and effect certain other transactions with affiliates.

On May 4, 2020, the Company and its wholly-owned subsidiary OSI, as co-borrowers, entered into an amendment to the Credit Agreement (the “Amended Credit Agreement”), which provides relief for the Senior Secured Credit Facility 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 waived 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. The Company is also subject to a 0% Eurocurrency floor under the Amended Credit Agreement.

Once in compliance with the TNLR covenant for the test period ending September 26, 2021, the Company may elect an interest rate at each reset period based on the Alternate Base Rate or the Eurocurrency Rate. The Alternate Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association, (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the Eurocurrency rate with a one-month interest period plus 1.0% (the “Base Rate”). The Eurocurrency Rate option is the seven, 30, 60, 90 or 180-day Eurocurrency rate (the “Eurocurrency Rate”). The interest rates are as follows:


	BASE RATE ELECTION	EUROCURRENCY RATE ELECTION
Term loan A and revolving credit facility	50 to 100 basis points over the Base Rate	150 to 200 basis points over the Eurocurrency Rate

Interest rates under the Senior Secured Credit Facility are indexed to the London Inter-Bank Offered Rate (“LIBOR”). During 2017, regulatory authorities that oversee financial markets announced that after 2021 they would no longer compel banks currently reporting information used to set LIBOR. As a result, beginning in 2022, LIBOR will no longer be available as a reference rate. Under the terms of the Amended Credit Agreement, in the event of the discontinuance of LIBOR, a mutually agreed-upon alternative benchmark rate will be established to replace LIBOR, which may include the Secured Overnight Financing Rate. The Company does not anticipate the discontinuance of the LIBOR will materially impact its liquidity or financial position.

As of December 27, 2020, $19.3 million of the revolving credit facility was committed for the issuance of letters of credit and not available for borrowing.

The Senior Secured Credit Facility is guaranteed by each of the Company’s current and future domestic subsidiaries and is secured by substantially all now owned or later acquired assets of the Company and OSI, including the Company’s domestic subsidiaries.

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

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 2020.

Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of the period indicated:


(dollars in thousands)	DECEMBER 27, 2020
2021	$	38,750
2022	835,053
2023	207
2024	178
2025	230,217
Thereafter	—
Total payments	$	1,104,405
Less: unamortized debt discount and issuance costs	(67,704)
Less: finance lease interest	(221)
Total principal payments	$	1,036,480

The following is a summary of required amortization payments for the Term loan A (dollars in thousands):


SCHEDULED QUARTERLY PAYMENT DATES	TERM LOAN A

March 28, 2021 through December 26, 2021	$	9,375
March 27, 2022 through September 25, 2022	$	12,500

The Amended Credit Agreement contains mandatory prepayment requirements for Term loan A. The Company is required to prepay outstanding amounts under these loans with 50% of its annual excess cash flow, as defined in the Amended Credit Agreement. The amount of outstanding loans required to be prepaid in accordance with the debt covenants may vary based on the Company’s leverage ratio and year end results.

Convertible Senior Notes

12 Months Ended

Dec. 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 in 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.

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 following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the period indicated:


(dollars in thousands)	DECEMBER 27, 2020
Liability component
Principal	$	230,000
Less: Debt discount (1)	(59,862)
Less: Debt issuance costs (1)	(5,427)
Net carrying amount	$	164,711
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.

The effective rate of the 2025 Notes over their expected life is 13.73%. Following is a summary of interest expense for the 2025 Notes, by component, for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2020
Coupon interest	$	7,443
Deferred discount amortization	6,275
Deferred issuance cost amortization	569
Total interest expense	$	14,287

During any calendar quarter preceding November 1, 2024 in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the 2025 Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may in the immediate quarter following, convert all or a portion of their 2025 Notes. Based on the daily closing prices of the Company’s stock during the quarter ended December 27, 2020, holders of the 2025 Notes are eligible to convert their 2025 Notes during the first quarter of 2021. When a conversion notice is received, the Company has the option to pay or deliver cash, shares of the Company’s common stock, or a combination thereof. Accordingly, as of December 27, 2020 the Company could not be required to settle the 2025 Notes in cash and, therefore, the 2025 Notes are classified as long-term debt. As of December 27, 2020, the if-converted value of the 2025 Notes was approximately $366.6 million, which is $136.6 million higher than the initial principal amount.

In February 2021, the Company provided the trustee of the 2025 Notes notice of its irrevocable election under the indenture to settle the principal portion of the 2025 Notes in cash and any excess in shares.

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 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

12 Months Ended

Dec. 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)	DECEMBER 27, 2020		DECEMBER 29, 2019
Accrued insurance liability	$	32,128	$	33,818
Chef and Restaurant Managing Partner deferred compensation obligations	32,306		47,831
Deferred payroll tax liabilities (1)	55,204		—

Other long-term liabilities (2)	65,717		56,411
	$	185,355	$	138,060

_______________

(1)Deferred payroll tax liabilities as allowed for in the Coronavirus, Aid, Relief and Economic Security Act. See Note 21 - Income Taxes for details.

(2)The increase in Other long-term liabilities during 2020 primarily relates to $8.9 million of additional contingent lease liabilities subsequent to the adoption of ASU No. 2016-13. See Note 22 - Commitments and Contingencies for details regarding this increase.

Stockholders' Equity

12 Months Ended

Dec. 27, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases - Following is a summary of the shares repurchased under the Company’s share repurchase program for the period presented:


	2019
(dollars in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT

Second fiscal quarter	5,469	$	19.56	$	106,992

Dividends - The Company declared and paid dividends per share during the periods presented as follows:


	DIVIDENDS PER SHARE				AMOUNT
(dollars in thousands, except per share data)	2020		2019		2020		2019
First fiscal quarter	$	0.20	$	0.10	$	17,480	$	9,140
Second fiscal quarter	—		0.10		—		9,227
Third fiscal quarter	—		0.10		—		8,674
Fourth fiscal quarter	—		0.10		—		8,693
Total cash dividends declared and paid	$	0.20	$	0.40	$	17,480	$	35,734

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 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)	DECEMBER 27, 2020		DECEMBER 29, 2019
Foreign currency translation adjustment	$	(188,883)	$	(152,031)
Unrealized loss on derivatives, net of tax	(22,563)		(17,745)
Accumulated other comprehensive loss	$	(211,446)	$	(169,776)

Following are the components of Other comprehensive loss for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Bloomin’ Brands:
Foreign currency translation adjustment	$	(36,852)	$	(16,882)	$	(36,576)


Unrealized loss on derivatives, net of tax (1)	$	(14,741)	$	(11,944)	$	(7,100)
Reclassification of adjustments for loss on derivatives included in Net (loss) income, net of tax (2)	9,923		1,805		120
Total unrealized loss on derivatives, net of tax	$	(4,818)	$	(10,139)	$	(6,980)
Other comprehensive loss attributable to Bloomin’ Brands	$	(41,670)	$	(27,021)	$	(43,556)

________________

(1)Unrealized loss on derivatives is net of tax of $5.1 million, $4.1 million and $2.5 million for 2020, 2019 and 2018, respectively.

(2)Reclassifications of adjustments for loss on derivatives are net of tax. See Note 17 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Interest Rate Risk - The Company manages economic risks, including interest rate variability, primarily by managing the amount, sources and duration of its debt funding and through the use of derivative financial instruments. The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps.

DESIGNATED HEDGES

Cash Flow Hedges of Interest Rate Risk - On September 9, 2014, the Company entered into variable-to-fixed interest rate swap agreements with eight counterparties to hedge a portion of the cash flows of the Company’s variable rate debt (the “2014 Swap Agreements”). The 2014 Swap Agreements had an aggregate notional amount of $400.0 million and matured on May 16, 2019. Under the terms of the 2014 Swap Agreements, the Company paid a weighted-average fixed rate of 2.02% on the notional amount and received payments from the counterparties based on the 30-day LIBOR rate.

On October 24, 2018 and October 25, 2018, the Company entered into variable-to-fixed interest rate swap agreements with 12 counterparties to hedge a portion of the cash flows of the Company’s variable rate debt (the “2018 Swap Agreements”). The 2018 Swap Agreements have an aggregate notional amount of $550.0 million, a start date of May 16, 2019 (the maturity date of the 2014 Swap Agreements), and mature on November 30, 2022. Under the terms of the 2018 Swap Agreements, the Company pays a weighted-average fixed rate of 3.04% on the notional amount and receives payments from the counterparties based on the one-month LIBOR rate.

The Company’s swap agreements have been designated and qualify as cash flow hedges, are recognized on its Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The Company estimates $16.1 million will be reclassified to interest expense over the next 12 months related to the 2018 Swap Agreements.

The following table presents the fair value of the Company’s interest rate swaps as well as their classification on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019		CONSOLIDATED BALANCE SHEET CLASSIFICATION




Interest rate swaps - liability	$	14,855	$	7,174	Accrued and other current liabilities
Interest rate swaps - liability	15,640		16,835		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	30,495	$	24,009


Accrued interest	$	1,237	$	632	Accrued and other current liabilities

____________________

(1) See Note 19 - 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:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Interest rate swap expense recognized in Interest expense, net	$	(13,370)	$	(2,436)	$	(161)
Income tax benefit recognized in (Benefit) provision for income taxes	3,447		631		41
Total effects of the interest rate swaps on Net (loss) income	$	(9,923)	$	(1,805)	$	(120)

The Company records its derivatives on its Consolidated Balance Sheets on a gross balance basis. The Company’s interest rate swaps are subject to master netting arrangements. As of December 27, 2020, the Company did not have more than one derivative between the same counterparties and as such, there was no netting.

By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of December 27, 2020 and December 29, 2019, all counterparties to the interest rate swaps had performed in accordance with their contractual obligations.

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness.

As of December 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 $32.2 million and $24.8 million, respectively. As of December 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 December 27, 2020 and December 29, 2019, it could have been required to settle its obligations under the agreements at their termination value of $32.2 million and $24.8 million, respectively.

Leases

12 Months Ended

Dec. 27, 2020

Leases [Abstract]

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	DECEMBER 27, 2020		DECEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,172,910	$	1,266,548
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	1,947		2,036


Total lease assets, net		$	1,174,857	$	1,268,584

Current operating lease liabilities (2)	Accrued and other current liabilities	$	176,791	$	171,866
Current finance lease liabilities	Current portion of long-term debt	1,210		1,361
Non-current operating lease liabilities (3)	Non-current operating lease liabilities	1,216,666		1,279,051
Non-current finance lease liabilities	Long-term debt, net	974		947
Total lease liabilities		$	1,395,641	$	1,453,225

________________

(1)Net of accumulated amortization of $2.3 million and $1.3 million as December 27, 2020 and December 29, 2019, respectively.

(2)Excludes COVID-19-related current deferred rent accruals of $12.8 million as of December 27, 2020 and accrued contingent percentage rent of $2.7 million and $2.4 million, as of December 27, 2020 and December 29, 2019, respectively.

(3)Excludes COVID-19-related non-current deferred rent accruals of $1.2 million as of December 27, 2020.

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	FISCAL YEAR
(dollars in thousands)		2020		2019
Operating leases (1)	Other restaurant operating	$	178,740	$	181,397
Variable lease cost (2)	Other restaurant operating	(2,326)		3,504
Finance leases
Amortization of leased assets	Depreciation and amortization	1,248		1,400
Interest on lease liabilities	Interest expense, net	160		264
Sublease revenue (3)	Franchise and other revenues	(3,121)		(6,542)
Lease costs, net (4)		$	174,701	$	180,023

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $13.8 million and $14.6 million for 2020 and 2019, respectively, which is included in General and administrative expense and certain supply chain-related rent expenses of $1.3 million for 2020 and 2019, which is included in Food and beverage costs.

(2)Includes COVID-19-related rent abatements for 2020, which are recognized as a reduction to variable rent expense in the month they occur.

(3)Excludes rental income from Company-owned properties of $0.5 million and $2.2 million for 2020 and 2019, respectively.

(4)During 2018, the Company recorded rent expense of $185.4 million, including variable rent expense of $4.5 million, and sublease revenue of $5.6 million.

As of December 27, 2020, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES (1)		FINANCE LEASES		SUBLEASE REVENUES
2021 (2)	$	196,616	$	1,202	$	(5,832)
2022	190,072		517		(5,714)
2023	185,500		209		(5,576)
2024	180,459		184		(5,351)
2025	168,937		184		(5,055)
Thereafter	1,588,417		109		(48,724)
Total minimum lease payments (receipts) (3)	$	2,510,001	$	2,405	$	(76,252)
Less: Interest	(1,102,560)		(221)
Present value of future lease payments	$	1,407,441	$	2,184

____________________

(1)Includes COVID-19-related current and non-current deferred rent accruals of $12.8 million and $1.2 million, respectively, as of December 27, 2020

(2)Net of operating lease prepaid rent of $6.4 million.

(3)Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $74.7 million of signed operating leases that have not yet commenced.

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company’s leases as of the periods indicated:


	DECEMBER 27, 2020		DECEMBER 29, 2019
Weighted-average remaining lease term (1):
Operating leases	14.0 years		14.5 years
Finance leases	2.7 years		1.8 years
Weighted-average discount rate (2):
Operating leases	8.54	%	8.52	%
Finance leases	7.21	%	9.01	%

____________________

(1)Includes lease renewal options that are reasonably certain of exercise.

(2)Based on the Company’s incremental borrowing rate at lease commencement.

The following table is a summary of other impacts to the Company’s consolidated financial statements related to its leases for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	177,961	$	191,855

Properties Leased to Third Parties - The Company leases certain owned land and buildings to third parties, generally related to closed or refranchised restaurants. The following table is a summary of assets leased to third parties as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Land	$	9,341	$	9,885

Buildings	$	10,172	$	12,823
Less: accumulated depreciation	(6,181)		(6,400)
Buildings, net	$	3,991	$	6,423

Sale-leaseback Transactions - The following is a summary of sale-leaseback transactions with third-parties for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2019		2018
Gross proceeds from sale-leaseback transactions	$	7,337	$	17,294

Number of restaurant properties sold and leased back	2		6

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	DECEMBER 27, 2020		DECEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,172,910	$	1,266,548
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	1,947		2,036


Total lease assets, net		$	1,174,857	$	1,268,584

Current operating lease liabilities (2)	Accrued and other current liabilities	$	176,791	$	171,866
Current finance lease liabilities	Current portion of long-term debt	1,210		1,361
Non-current operating lease liabilities (3)	Non-current operating lease liabilities	1,216,666		1,279,051
Non-current finance lease liabilities	Long-term debt, net	974		947
Total lease liabilities		$	1,395,641	$	1,453,225

________________

(1)Net of accumulated amortization of $2.3 million and $1.3 million as December 27, 2020 and December 29, 2019, respectively.

(3)Excludes COVID-19-related non-current deferred rent accruals of $1.2 million as of December 27, 2020.

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	FISCAL YEAR
(dollars in thousands)		2020		2019
Operating leases (1)	Other restaurant operating	$	178,740	$	181,397
Variable lease cost (2)	Other restaurant operating	(2,326)		3,504
Finance leases
Amortization of leased assets	Depreciation and amortization	1,248		1,400
Interest on lease liabilities	Interest expense, net	160		264
Sublease revenue (3)	Franchise and other revenues	(3,121)		(6,542)
Lease costs, net (4)		$	174,701	$	180,023

________________

(2)Includes COVID-19-related rent abatements for 2020, which are recognized as a reduction to variable rent expense in the month they occur.

(3)Excludes rental income from Company-owned properties of $0.5 million and $2.2 million for 2020 and 2019, respectively.

(4)During 2018, the Company recorded rent expense of $185.4 million, including variable rent expense of $4.5 million, and sublease revenue of $5.6 million.

As of December 27, 2020, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES (1)		FINANCE LEASES		SUBLEASE REVENUES
2021 (2)	$	196,616	$	1,202	$	(5,832)
2022	190,072		517		(5,714)
2023	185,500		209		(5,576)
2024	180,459		184		(5,351)
2025	168,937		184		(5,055)
Thereafter	1,588,417		109		(48,724)
Total minimum lease payments (receipts) (3)	$	2,510,001	$	2,405	$	(76,252)
Less: Interest	(1,102,560)		(221)
Present value of future lease payments	$	1,407,441	$	2,184

____________________

(1)Includes COVID-19-related current and non-current deferred rent accruals of $12.8 million and $1.2 million, respectively, as of December 27, 2020

(2)Net of operating lease prepaid rent of $6.4 million.

(3)Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $74.7 million of signed operating leases that have not yet commenced.

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company’s leases as of the periods indicated:


	DECEMBER 27, 2020		DECEMBER 29, 2019
Weighted-average remaining lease term (1):
Operating leases	14.0 years		14.5 years
Finance leases	2.7 years		1.8 years
Weighted-average discount rate (2):
Operating leases	8.54	%	8.52	%
Finance leases	7.21	%	9.01	%

____________________

(1)Includes lease renewal options that are reasonably certain of exercise.

(2)Based on the Company’s incremental borrowing rate at lease commencement.

The following table is a summary of other impacts to the Company’s consolidated financial statements related to its leases for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	177,961	$	191,855


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Land	$	9,341	$	9,885

Buildings	$	10,172	$	12,823
Less: accumulated depreciation	(6,181)		(6,400)
Buildings, net	$	3,991	$	6,423

Sale-leaseback Transactions - The following is a summary of sale-leaseback transactions with third-parties for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2019		2018
Gross proceeds from sale-leaseback transactions	$	7,337	$	17,294

Number of restaurant properties sold and leased back	2		6

Fair Value Measurements

12 Months Ended

Dec. 27, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	DECEMBER 27, 2020						DECEMBER 29, 2019
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	15,404	$	15,404	$	—	$	1,037	$	1,037	$	—
Money market funds	16,494		16,494		—		12,752		12,752		—
Restricted cash equivalents:

Money market funds	428		428		—		—		—		—




Total asset recurring fair value measurements	$	32,326	$	32,326	$	—	$	13,789	$	13,789	$	—

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	14,855	$	—	$	14,855	$	7,174	$	—	$	7,174


Other long-term liabilities:
Derivative instruments - interest rate swaps	15,640		—		15,640		16,835		—		16,835
Total liability recurring fair value measurements	$	30,495	$	—	$	30,495	$	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 December 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:


	2020				2019				2018
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	1,934	$	123	$	2,049	$	315	$	8,590	$	5,276
Operating lease right-of-use assets (2)	72,615		30,940		6,597		4,284		—		—
Property, fixtures and equipment (3)	26,311		41,077		3,915		4,535		6,464		21,523
Goodwill and other assets (4)	748		2,683		—		—		—		—
	$	101,608	$	74,823	$	12,561	$	9,134	$	15,054	$	26,799

________________

(1)Carrying values measured using Level 3 inputs to estimate fair value totaled $1.2 million during 2020. All other assets were valued using Level 2 inputs. Third-party market appraisals or executed sales contracts (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.

(2)Carrying values measured using Level 2 inputs to estimate fair value totaled $0.2 million during 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. Refer to Note 5 - Impairments, Exit Costs and Disposals for a more detailed discussion of impairments.

(3)Carrying values measured using Level 2 inputs to estimate fair value totaled $2.2 million, $2.3 million and $4.6 million for 2020 2019 and 2018, respectively. 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 the fair value. Refer to Note 5 - Impairments, Exit Costs and Disposals for a more detailed discussion of impairments.

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

See Note 5 - Impairments, Exit Costs and Disposals for information regarding impairment charges resulting from the fair value measurement performed on a nonrecurring basis during 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 for the period indicated:


		FISCAL YEAR
UNOBSERVABLE INPUTS	2020
Weighted-average cost of capital	10.4%	to	11.3%
Long-term growth rate			1.5%	to	2.0%

Fair Value of Financial Instruments - The Company’s non-derivative financial instruments as of December 27, 2020 and December 29, 2019 consist of cash equivalents, accounts receivable, accounts payable and current and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on its Consolidated Balance Sheets due to their short duration.

Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:


	DECEMBER 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	$	425,000	$	412,250		$	450,000	$	450,563
Revolving credit facility	$	447,000	$	419,612		$	599,000	$	599,000
Convertible Senior Notes	$	230,000	$	413,818		$	—	$	—

Allowance for Credit Losses

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

+ References + Details

Allowance for Expected Credit Losses

12 Months Ended

Dec. 27, 2020

Credit Loss [Abstract]

Allowance for Expected Credit Losses

The following table is a rollforward of the Company’s trade receivables allowance for expected credit losses for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2020
Allowance for expected credit losses, beginning of period	$	199
Adjustment for adoption of ASU No. 2016-13	1,018
Provision for expected credit losses	3,472
Charge-off of accounts	(594)


Allowance for expected credit losses, end of period	$	4,095

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. During 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 3 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results and Note 4 - Revenue Recognition for details regarding the Company’s reserved franchise receivables.

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 22 - Commitments and Contingencies for details regarding these lease guarantees.

Income Taxes

12 Months Ended

Dec. 27, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents the domestic and foreign components of (Loss) income before (benefit) provision for income taxes for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Domestic	$	(206,941)	$	129,826	$	109,965
Foreign	(32,580)		11,864		(9,660)
	$	(239,521)	$	141,690	$	100,305

(Benefit) provision for income taxes consisted of the following for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Current provision:
Federal	$	2,606	$	13,265	$	11,089
State	2,301		9,696		6,763
Foreign	2,623		10,502		2,405
	$	7,530	$	33,463	$	20,257
Deferred (benefit) provision:
Federal	$	(66,498)	$	(21,407)	$	(28,772)
State	(12,527)		(1,986)		(1,335)
Foreign	(9,231)		(2,497)		617
	$	(88,256)	$	(25,890)	$	(29,490)
(Benefit) provision for income taxes	$	(80,726)	$	7,573	$	(9,233)

Effective Income Tax Rate - The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows for the periods indicated. Due to the pre-tax book loss for the year ended December 27, 2020, a positive percentage change for such year in the effective tax rate table reflects a favorable income tax benefit, whereas a negative percentage change in the effective tax rate table reflects an unfavorable income tax expense:


	FISCAL YEAR
	2020		2019		2018
Income taxes at federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	3.3		4.4		5.5

Employment-related credits, net	9.9		(24.7)		(34.6)
Foreign tax rate differential	1.1		3.2		(0.7)
Net life insurance expense (benefit)	0.3		(0.7)		0.6
Enhanced charitable contributions deduction	0.1		(0.6)		(1.3)
Nondeductible expenses	(1.4)		3.9		5.0
Net changes in deferred tax valuation allowances	(0.6)		(1.6)		3.9
Domestic manufacturing deduction	—		—		(0.3)
Cumulative effect of the Tax Cuts and Jobs Act	—		—		0.2
Noncontrolling interests	—		(0.6)		(0.9)
Excess tax benefits from stock-based compensation arrangements	—		(0.3)		(7.1)


Other, net	—		1.3		(0.5)
Total	33.7	%	5.3	%	(9.2)	%

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 fiscal year 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, modifications to interest deduction limitations and technical corrections on tax depreciation methods for qualified improvement property.

The net increase in the effective income tax rate in 2020 as compared to 2019 was primarily due to the benefit of the tax credits for FICA taxes on certain employees’ tips in 2020 and the 2020 pre-tax book loss.

The net increase in the effective income tax rate in 2019 as compared to 2018 was primarily due to employment-related credits being a lower percentage of net income in 2019, excess tax benefits from equity-based compensation arrangements recorded in 2018 and an increase in the foreign tax rate differential in 2019. These increases were partially offset by a decrease in valuation allowances recorded against deferred income tax assets in 2019.

The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for 2020 was higher than the blended federal and state statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips. The effective income tax rate for fiscal year 2019 was lower than the blended federal and state statutory rate primarily due to the benefit of tax credits for FICA taxes on certain employees’ tips.

Deferred Tax Assets and Liabilities - The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Deferred income tax assets:
Operating lease liabilities	$	360,690	$	378,518

Insurance reserves	13,695		13,722
Unearned revenue	44,039		22,230
Deferred compensation	32,779		27,222

Net operating loss carryforwards	19,285		9,876
Federal tax credit carryforwards	142,055		115,273
Partner deposits and accrued partner obligations	3,403		4,449
Other, net	24,838		13,706
Gross deferred income tax assets	640,784		584,996
Less: valuation allowance	(18,509)		(14,922)
Deferred income tax assets, net of valuation allowance	622,275		570,074
Deferred income tax liabilities:
Less: operating lease right-of-use asset basis differences	(300,387)		(326,166)
Less: property, fixtures and equipment basis differences	(54,725)		(65,404)
Less: intangible asset basis differences	(113,280)		(118,855)

Deferred income tax assets, net	$	153,883	$	59,649

The net change in deferred tax valuation allowance in 2020 was primarily attributable to net operating losses in certain foreign jurisdictions with full valuation allowances recorded and a full valuation allowance recorded against deferred tax assets recognized in the acquisition of the remaining equity interests of a foreign subsidiary during 2020 that are not more likely than not to be realized. These increases were partially offset by the expiration of net operating loss carryforwards in certain foreign jurisdictions with full valuation allowances recorded.

Undistributed Earnings - As of December 27, 2020, the Company had aggregate accumulated foreign earnings of approximately $40.2 million. This amount consisted primarily of historical earnings from 2017 and prior that were previously taxed in the U.S. under the Tax Cuts and Jobs Act and post-2017 foreign earnings, which the Company may repatriate to the U.S. without additional material U.S. federal income taxes. These amounts are no longer considered indefinitely reinvested in the Company’s foreign subsidiaries.

As of December 27, 2020, the Company maintained a deferred tax liability for state income taxes on historical earnings of $0.2 million. The Company has not recorded a deferred tax liability on the financial statement carrying amount over the tax basis of its investments in foreign subsidiaries because the Company continues to assert that it is indefinitely reinvested in its underlying investments in foreign subsidiaries. The determination of any unrecorded deferred tax liability on this amount is not practicable due to the uncertainty of how these investments would be recovered.

Tax Carryforwards - The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 27, 2020 are as follows:


(dollars in thousands)	EXPIRATION DATE			AMOUNT
Federal tax credit carryforwards	2026	-	2040	$	158,279
Foreign loss carryforwards (1)	2021	-	Indefinite	$	73,082
Foreign tax credit carryforwards	Indefinite			$	864

________________

(1)The Company has a valuation allowance against the foreign loss carryforwards for which it has determined it is more likely than not that some portion or all may not be realized.

As of December 27, 2020, the Company had $155.3 million in general business tax credit carryforwards, which have a 20-year carryforward period and are utilized on a first-in, first-out basis. The Company currently expects to utilize 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 anticipates generating additional business tax credits in the future years. The amount of business tax credits expected to be generated in 2021 is approximately $30 million to $40 million.

Unrecognized Tax Benefits - As of December 27, 2020 and December 29, 2019, the liability for unrecognized tax benefits was $25.5 million and $27.2 million, respectively. Of the total amount of unrecognized tax benefits, including accrued interest and penalties, $25.5 million and $27.0 million, respectively, if recognized, would impact the Company’s effective tax rate.

The following table summarizes the activity related to the Company’s unrecognized tax benefits for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Balance as of beginning of year	$	27,201	$	25,190	$	23,663
Additions for tax positions taken during a prior period	1,061		869		2,461
Reductions for tax positions taken during a prior period	(324)		(255)		(826)
Additions for tax positions taken during the current period	762		2,237		2,017

Settlements with taxing authorities	(1,290)		(44)		(682)
Lapses in the applicable statutes of limitations	(1,857)		(749)		(1,390)
Translation adjustments	(29)		(47)		(53)
Balance as of end of year	$	25,524	$	27,201	$	25,190

The Company had approximately $1.9 million accrued for the payment of interest and penalties as of December 27, 2020 and December 29, 2019. The Company recognized immaterial interest and penalties related to uncertain tax positions in the (Benefit) provision for income taxes, for all periods presented.

In many cases, the Company’s uncertain tax positions are related to tax years that remain subject to examination by relevant taxable authorities. Based on the outcome of these examinations, or a result of the expiration of the statute of limitations for specific jurisdictions, it is reasonably possible that the related recorded unrecognized tax benefits for tax positions taken on previously filed tax returns will change by approximately $1.0 million to $2.0 million within the next twelve months.

Open Tax Years - Following is a summary of the open audit years by jurisdiction as of December 27, 2020:


	OPEN AUDIT YEARS
United States - federal	2007	-	2019
United States - state	2001	-	2019
Foreign	2013	-	2019

Commitments and Contingencies Disclosure [Abstract]

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.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 27, 2020

Commitments and Contingencies

Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases. These leases have varying terms, the latest of which expires in 2032. As of December 27, 2020, the undiscounted payments the Company could be required to make in the event of non-payment by the primary lessees was approximately $26.7 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of December 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.

During 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 December 27, 2020, the Company’s recorded contingent lease liability was $9.6 million. See Note 3 - 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 active discussions with the respective landlords and believes its recorded reserve is reasonable.

Purchase Obligations - Purchase obligations were $230.6 million and $312.0 million as of December 27, 2020 and December 29, 2019, respectively. These purchase obligations are primarily due within five years, however, commitments with various vendors extend through January 2028. Outstanding commitments consist primarily of food and beverage products related to normal business operations, technology, advertising and restaurant-level service contracts. In 2020, the Company purchased approximately 97% of its U.S. beef raw materials from four beef suppliers that represent more than 80% of the total beef marketplace in the U.S.

Litigation and Other Matters - In relation to various legal matters, the Company had $4.6 million and $3.0 million of liability recorded as of December 27, 2020 and December 29, 2019, respectively. During 2020, 2019 and 2018, the Company recognized $2.3 million, $1.3 million and $1.6 million, respectively, in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for certain legal settlements.

The Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage-and-hour and other employment-related litigation, which arise in the ordinary course of business and are generally covered by insurance if they exceed specified retention or deductible amounts. In the opinion of management, the amount of ultimate liability with respect to those actions will not have a material adverse impact on the Company’s financial position or results of operations and cash flows.

Insurance - As of December 27, 2020, the future undiscounted payments the Company expects for workers’ compensation, general liability and health insurance claims are:


(dollars in thousands)
2021	$	20,669
2022	10,537
2023	6,354
2024	3,440
2025	1,962
Thereafter	10,255
	$	53,217

The following is a reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Undiscounted reserves	$	53,217	$	56,953
Discount (1)	(441)		(2,635)
Discounted reserves	$	52,776	$	54,318

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:
Accrued and other current liabilities	$	20,648	$	20,500
Other long-term liabilities, net	32,128		33,818
	$	52,776	$	54,318

____________________

(1) Discount rates of 0.26% and 1.61% were used for December 27, 2020 and December 29, 2019, respectively.

Segment Reporting

12 Months Ended

Dec. 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, 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 as of December 27, 2020:

REPORTABLE SEGMENT (1)

CONCEPT

GEOGRAPHIC LOCATION

U.S.

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International

Outback Steakhouse

Brazil, Hong Kong/China

Carrabba’s Italian Grill (Abbraccio)

Brazil

_________________

(1)Includes franchise locations.

Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from (Loss) income from operations for U.S. and international are certain legal and corporate costs not

directly related to the performance of the segments, most stock-based compensation expenses and certain bonus expenses.

During 2020, the Company recorded $32.4 million 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 revenues by segment, for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Total revenues
U.S.	$	2,885,542	$	3,687,918	$	3,687,239
International	285,019		451,471		439,174
Total revenues	$	3,170,561	$	4,139,389	$	4,126,413

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


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Segment (loss) income from operations
U.S.	$	(1,630)	$	311,666	$	288,959
International	(13,479)		44,428		22,001
Total segment (loss) income from operations	(15,109)		356,094		310,960
Unallocated corporate operating expense	(159,864)		(165,004)		(165,707)
Total (loss) income from operations	(174,973)		191,090		145,253
Loss on modification of debt	(237)		—		—
Other income (expense), net	131		(143)		(11)
Interest expense, net	(64,442)		(49,257)		(44,937)
(Loss) income before (benefit) provision for income taxes	$	(239,521)	$	141,690	$	100,305

The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Depreciation and amortization
U.S.	$	144,298	$	152,881	$	158,307
International	23,723		27,491		26,304
Corporate	12,240		16,439		16,982
Total depreciation and amortization	$	180,261	$	196,811	$	201,593

The following table is a summary of capital expenditures by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Capital expenditures
U.S.	$	64,516	$	121,646	$	162,207
International	18,542		28,496		36,962
Corporate	5,936		8,885		11,754
Total capital expenditures	$	88,994	$	159,027	$	210,923

The following table sets forth Total assets by segment as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Assets
U.S.	$	2,672,778	$	2,941,831
International	410,322		462,308
Corporate	279,007		188,544
Total assets	$	3,362,107	$	3,592,683

Geographic areas — International assets are defined as assets residing in a country other than the U.S. The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
U.S.	$	879,392	$	1,023,146
International
Brazil	83,041		113,795
Other	17,880		16,246
Total assets	$	980,313	$	1,153,187

International revenues are defined as revenues generated from restaurant sales originating in a country other than the U.S. The following table details Total revenues by major geographic area for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
U.S.	$	2,885,542	$	3,687,918	$	3,687,239
International
Brazil	222,283		393,700		376,317
Other	62,736		57,771		62,857
Total revenues	$	3,170,561	$	4,139,389	$	4,126,413

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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 27, 2020

Selected Quarterly Financial Data (Unaudited)


2020 FISCAL QUARTERS (dollars in thousands, except per share data)	FIRST (1)		SECOND (1)		THIRD (1)		FOURTH (1)
Total revenues	$	1,008,337	$	578,459	$	771,260	$	812,505
Loss from operations	(41,568)		(111,912)		(14,255)		(7,238)
Net loss	(34,414)		(92,428)		(17,778)		(14,175)
Net loss attributable to common stockholders	(38,107)		(92,256)		(17,637)		(14,211)
Loss per share attributable to common stockholders:
Basic	$	(0.44)	$	(1.05)	$	(0.20)	$	(0.16)
Diluted	$	(0.44)	$	(1.05)	$	(0.20)	$	(0.16)


2019 FISCAL QUARTERS (dollars in thousands, except per share data)	FIRST (2)		SECOND (2)		THIRD (2)		FOURTH (2)
Total revenues	$	1,128,131	$	1,021,930	$	967,144	$	1,022,184
Income from operations	82,494		43,460		21,958		43,178
Net income	65,649		29,809		9,373		29,286
Net income attributable to Bloomin’ Brands	64,300		29,021		9,248		28,004
Earnings per share:
Basic	$	0.70	$	0.32	$	0.11	$	0.32
Diluted	$	0.69	$	0.32	$	0.11	$	0.32

____________________

(1)Loss from operations in the first, second, third and fourth quarters include expense of $69.1 million, $32.8 million, $4.2 million and $18.2 million, respectively, for impairments and closure charges, primarily in connection with the COVID-19 pandemic, and severance and other costs related to transformational and restructuring activities. Net loss in the second, third and fourth quarters include expense of $1.4 million, $2.4 million and $2.5 million, respectively, for amortization of the debt discount related to the issuance of the 2025 Notes.

(2)Income from operations in the first, second, third and fourth quarters include expense of $6.0 million, $3.7 million, $3.9 million and $4.0 million, respectively, for impairments, closure charges and severance related to certain restructuring activities and the relocation of certain restaurants. Income from operations in the third and fourth quarters also include $3.8 million of gains related to the sale of certain surplus properties and $6.0 million of benefit from the recognition of certain value-added tax credits in Brazil, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 27, 2020

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation - The Company’s consolidated financial statements include the accounts and operations of Bloomin’ Brands and its subsidiaries.

Principles of consolidation

Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation.

Fiscal year

Use of estimates

Use of Estimates - The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated.

Cash and cash equivalents

Concentration of credit risk

Concentration of counterparty risk

Allowance for expected credit losses

In instances where there was no established loss history, S&P speculative-grade default rates are utilized as an estimated expected credit loss rate.

Fair value


Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Inventories

Inventories - Inventories consist of food and beverages and are stated at the lower of cost (first-in, first-out) or net realizable value.

Restricted cash

Restricted Cash - From time to time, the Company may have short-term restricted cash balances consisting of amounts pledged for settlement of deferred compensation plan obligations.

Property, fixtures and equipment


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			3 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain.

Goodwill and intangible assets

Derivatives

designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

Deferred financing fees

Consideration received from vendors

Impairment of long-lived assets and costs associated with exit activities

Advertising costs

Legal costs

Research and development expenses

Partner compensation

Basic and diluted (loss) earnings per share

paid in cash upon conversion. See Recently Adopted Financial Accounting Standards below for additional details regarding the impact of adopting ASU No. 2020-06.

Foreign currency translation and transactions

Income taxes

Recently adopted financial accounting standards


ADJUSTMENT	CONSOLIDATED BALANCE SHEET CLASSIFICATION	AMOUNT (in millions)
Deferred tax impact of cumulative-effect adjustment	Deferred income tax assets, net	$	14.9
Debt discount reclassification	Long-term debt, net	$	59.9
Equity issuance costs reclassification	Long-term debt, net	$	(2.1)
Debt discount amortization reclassification, net of tax	Accumulated deficit	$	4.4
Net impact of cumulative-effect adjustment	Additional paid-in capital	$	(47.3)

Reclassifications

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 27, 2020

Accounting Policies [Abstract]

Fair value measurements, recurring and nonrecurring, valuation techniques

Fair value is categorized into one of the following three levels based on the lowest level of significant input:


Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Property, fixtures and equipment, useful lives

Estimated useful lives by major asset category are generally as follows:


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			3 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain.

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Land	$	40,498	$	42,570
Buildings	1,158,257		1,202,434
Furniture and fixtures	450,508		458,169
Equipment	623,982		665,815
Construction in progress	27,102		24,477
Less: accumulated depreciation	(1,412,660)		(1,357,388)
	$	887,687	$	1,036,077

Schedule of material reclassification adjustments from the adoption of ASU 2020-06

The Company adopted ASU No. 2020-06 using the modified retrospective approach which resulted in a cumulative-effect adjustment that increased (decreased) the following Consolidated Balance Sheet accounts during the first quarter of 2021:


ADJUSTMENT	CONSOLIDATED BALANCE SHEET CLASSIFICATION	AMOUNT (in millions)
Deferred tax impact of cumulative-effect adjustment	Deferred income tax assets, net	$	14.9
Debt discount reclassification	Long-term debt, net	$	59.9
Equity issuance costs reclassification	Long-term debt, net	$	(2.1)
Debt discount amortization reclassification, net of tax	Accumulated deficit	$	4.4
Net impact of cumulative-effect adjustment	Additional paid-in capital	$	(47.3)

COVID-19 Charges (Tables)

12 Months Ended

Dec. 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

FISCAL YEAR

2020

Inventory obsolescence and spoilage

Food and beverage costs

10,450

Compensation for idle employees (1)

Labor and other related

29,993

Other operating charges

Other restaurant operating

3,219

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

2,719

Right-of-use asset impairment (4)

Provision for impaired assets and restaurant closings

32,992

Fixed asset impairment (4)

Provision for impaired assets and restaurant closings

34,423

Goodwill and other impairment (5)

Provision for impaired assets and restaurant closings

3,190

124,508

________________

(1)Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $14.9 million of employee retention tax credits.

(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 to reflect an increase in expected credit losses, primarily related to franchise receivables.

(5)Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Revenue Recognition (Tables)

12 Months Ended

Dec. 27, 2020

Revenue Recognition [Line Items]

Schedule of principal transactions, revenue

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Revenues
Restaurant sales	$	3,144,636	$	4,075,014	$	4,060,871
Franchise and other revenues
Franchise revenue	$	21,195	$	52,147	$	52,906
Other revenue	4,730		12,228		12,636
Total Franchise and other revenues	$	25,925	$	64,375	$	65,542
Total revenues	$	3,170,561	$	4,139,389	$	4,126,413

Disaggregation of revenue

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


	FISCAL YEAR
	2020				2019				2018
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,760,071	$	9,898	$	2,135,776	$	38,614	$	2,098,696	$	40,422
Carrabba’s Italian Grill (1)	497,212		1,309		613,031		2,112		647,454		601
Bonefish Grill	396,193		346		574,004		787		578,139		833
Fleming’s Prime Steakhouse & Wine Bar	209,564		—		307,199		—		304,064		—
Other	6,507		—		4,658		—		5,845		—
U.S. total	$	2,869,547	$	11,553	$	3,634,668	$	41,513	$	3,634,198	$	41,856
International
Outback Steakhouse Brazil	$	206,280	$	—	$	355,837	$	—	$	348,394	$	—
Other (2)	68,809		9,642		84,509		10,634		78,279		11,050
International total	$	275,089	$	9,642	$	440,346	$	10,634	$	426,673	$	11,050
Total	$	3,144,636	$	21,195	$	4,075,014	$	52,147	$	4,060,871	$	52,906

____________________

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

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

Contract with customer, asset and liability

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Other current assets, net
Deferred gift card sales commissions	$	19,300	$	18,554

Unearned revenue
Deferred gift card revenue	$	373,048	$	358,757
Deferred loyalty revenue	8,099		10,034
Deferred franchise fees - current	469		491

Total Unearned revenue	$	381,616	$	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 customer, asset and liability

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Balance, beginning of period	$	18,554	$	16,431	$	16,231
Deferred gift card sales commissions amortization	(20,927)		(26,094)		(27,227)
Deferred gift card sales commissions capitalization	22,923		29,894		28,980
Other	(1,250)		(1,677)		(1,553)
Balance, end of period	$	19,300	$	18,554	$	16,431

Unearned revenue [Member]

Revenue Recognition [Line Items]

Contract with customer, asset and liability

The following table is a rollforward of unearned gift card revenue for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Balance, beginning of period	$	358,757	$	333,794	$	323,628
Gift card sales	306,016		420,229		419,172
Gift card redemptions	(277,675)		(376,477)		(388,954)
Gift card breakage	(14,050)		(18,789)		(20,052)
Balance, end of period	$	373,048	$	358,757	$	333,794

Impairments, Exit Costs and Disposals (Tables)

12 Months Ended

Dec. 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:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Impairment losses
U.S. (1)	$	65,129	$	6,381	$	15,342
International (1) (2)	3,468		2,026		11,457
Corporate (3)	6,226		727		—
Total impairment losses	$	74,823	$	9,134	$	26,799
Restaurant closure expenses (benefits)
U.S. (1)	$	1,358	$	(105)	$	6,536
International (1)	173		56		3,528
Total restaurant closure expenses (benefits)	$	1,531	$	(49)	$	10,064
Provision for impaired assets and restaurant closings	$	76,354	$	9,085	$	36,863

____________________

(2)Includes goodwill impairment charges of $2.0 million during 2020. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

(3)Corporate impairment charges during 2020 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):


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION	FISCAL YEAR
DESCRIPTION		2020
Property, fixtures and equipment impairments	Provision for impaired assets and restaurant closings	$	18,766
Lease right-of-use asset impairments and closure charges	Provision for impaired assets and restaurant closings	5,003
Severance and other expenses	General and administrative	1,097
		$	24,866

Accrued facility closure and other costs rollforward

The following table is a rollforward of the Company’s closed facility lease liabilities and other accrued costs associated with the closure and restructuring initiatives for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2020
Beginning of the year	$	14,542
Additions	2,458
Cash payments	(4,572)
Accretion	1,129
Adjustments	(678)
End of the year (1)	$	12,879

________________

(Loss) Earnings Per Share (Tables)

12 Months Ended

Dec. 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:


	FISCAL YEAR
(in thousands, except per share data)	2020		2019		2018
Net (loss) income attributable to Bloomin’ Brands	$	(158,715)	$	130,573	$	107,098
Redemption of preferred stock in excess of carrying value (1)	(3,496)		—		—
Net (loss) income attributable to common stockholders	$	(162,211)	$	130,573	$	107,098

Basic weighted average common shares outstanding	87,468		88,839		92,042

Effect of diluted securities:
Stock options	—		571		1,595
Nonvested restricted stock units	—		295		397
Nonvested performance-based share units	—		72		41
Diluted weighted average common shares outstanding	87,468		89,777		94,075

Basic (loss) earnings per share attributable to common stockholders	$	(1.85)	$	1.47	$	1.16
Diluted (loss) earnings per share attributable to common stockholders	$	(1.85)	$	1.45	$	1.14

________________

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


	FISCAL YEAR
(shares in thousands)	2020	2019	2018
Stock options	5,155	4,003	2,879
Nonvested restricted stock units	682	158	99
Nonvested performance-based share units	514	277	201

Stock-based and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 27, 2020

Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract]

Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by award type

The Company recognized stock-based compensation expense as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Stock options	$	3,743	$	5,270	$	6,378
Restricted stock units	8,559		8,949		9,143
Performance-based share units	2,414		5,471		6,911
	$	14,716	$	19,690	$	22,432

Schedule of share-based compensation, stock options, activity

The following table presents a summary of the Company’s stock option activity:


(in thousands, except exercise price and contractual life)	OPTIONS	WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)	AGGREGATE INTRINSIC VALUE
Outstanding as of December 29, 2019	6,099	$	19.40	6.0	$	18,961
Granted	100	$	18.45
Exercised	(374)	$	12.38
Forfeited or expired	(403)	$	20.82
Outstanding as of December 27, 2020	5,422	$	19.76	5.1	$	6,575
Exercisable as of December 27, 2020	4,287	$	19.61	4.4	$	6,147

Schedule of assumptions used to calculate fair value of options

Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows for the periods indicated:


	FISCAL YEAR
	2020			2019			2018
Assumptions:
Weighted-average risk-free interest rate (1)	0.90		%	2.34		%	2.66		%
Dividend yield (2)	4.34		%	1.94		%	1.50		%
Expected term (3)	5.5 years			4.8 years			5.8 years
Weighted-average volatility (4)	30.43		%	31.05		%	32.76		%

Weighted-average grant date fair value per option	$	3.12		$	5.07		$	7.23

________________

(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option.

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

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

Schedule of stock-based compensation information, stock options

The following represents stock option compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Intrinsic value of options exercised	$	2,201	$	7,929	$	52,247

Cash received from option exercises, net of tax withholding	$	4,609	$	6,501	$	40,501
Fair value of stock options vested	$	16,468	$	18,136	$	34,316
Tax benefits for stock option compensation expense (1)	$	535	$	1,932	$	13,085

Unrecognized stock option expense	$	3,014
Remaining weighted-average vesting period	1.3 years

________________

(1)Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.3 million, $0.2 million and $8.0 million during 2020, 2019 and 2018, respectively.

Schedule of stock-based compensation, restricted stock units, activity

Following is a summary of the Company’s restricted stock unit activity:


(shares in thousands)	NUMBER OF RESTRICTED STOCK UNIT AWARDS	WEIGHTED-AVERAGE GRANT DATE FAIR VALUE PER AWARD
Outstanding as of December 29, 2019	1,188	$	18.91
Granted	484	$	16.66
Vested	(492)	$	18.25
Forfeited	(146)	$	19.27
Outstanding as of December 27, 2020	1,034	$	18.12

Schedule of stock-based compensation information, restricted stock units

The following represents restricted stock unit compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Fair value of restricted stock vested	$	8,973	$	8,200	$	9,705
Tax benefits for restricted stock compensation expense	$	1,614	$	1,672	$	2,938

Unrecognized restricted stock expense	$	11,437
Remaining weighted-average vesting period	1.8 years

Schedule of nonvested performance-based units, activity

The following table presents a summary of the Company’s PSU activity:


(shares in thousands)	PERFORMANCE-BASED SHARE UNITS	WEIGHTED-AVERAGE GRANT DATE FAIR VALUE PER AWARD
Outstanding as of December 29, 2019	532	$	19.42
Granted	522	$	19.14
Vested	(291)	$	16.51
Forfeited	(90)	$	20.13
Outstanding as of December 27, 2020	673	$	20.37

Schedule of employee service share-based compensation, allocation of recognized period costs

The following represents PSU compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Tax benefits for PSU compensation expense	$	1,570	$	857	$	406

Unrecognized PSU expense	$	7,601
Remaining weighted-average vesting period (1)	1.6 years

________________

(1)PSUs typically vest after three years.

Other Current Assets, Net (Tables)

12 Months Ended

Dec. 27, 2020

Schedule of other current assets, net

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Prepaid expenses	$	12,148	$	20,218
Accounts receivable - gift cards, net (1)	76,808		104,591
Accounts receivable - vendors, net (1)	8,886		13,465
Accounts receivable - franchisees, net (1)	1,007		1,322
Accounts receivable - other, net (1)	16,782		21,734
Deferred gift card sales commissions	19,300		18,554
Assets held for sale	3,831		3,317
Other current assets, net	12,756		3,261
	$	151,518	$	186,462

________________

(1)See Note 20 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

Property, Fixtures and Equipment, Net (Tables)

12 Months Ended

Dec. 27, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, fixtures and equipment, net

Estimated useful lives by major asset category are generally as follows:


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			3 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain.

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Land	$	40,498	$	42,570
Buildings	1,158,257		1,202,434
Furniture and fixtures	450,508		458,169
Equipment	623,982		665,815
Construction in progress	27,102		24,477
Less: accumulated depreciation	(1,412,660)		(1,357,388)
	$	887,687	$	1,036,077

Schedule of surplus properties

Following is a summary of the carrying value and number of surplus properties as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	DECEMBER 27, 2020		DECEMBER 29, 2019
Surplus properties - assets held for sale	Other current assets, net	$	3,831	$	3,317
Surplus properties - assets held and used	Property, fixtures and equipment, net	7,955		18,188
Total surplus properties		$	11,786	$	21,505

Number of surplus properties owned		12		20

Schedule of other operating cost and expense, depreciation and repairs and maintenance expense

Depreciation and repair and maintenance expense are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Depreciation expense	$	173,342	$	188,190	$	192,099
Repair and maintenance expense	88,829		106,943		102,409

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
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Finite-lived intangible assets amortization expense

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 27, 2020

Goodwill [Line Items]

Goodwill rollforward

The following table is a rollforward of goodwill:


(dollars in thousands)	U.S.		INTERNATIONAL		CONSOLIDATED
Balance as of December 30, 2018	$	170,657	$	124,770	$	295,427

Translation adjustments	—		(6,988)		(6,988)


Balance as of December 29, 2019	$	170,657	$	117,782	$	288,439

Translation adjustments	—		(15,302)		(15,302)
Impairment charges	—		(1,973)		(1,973)



Balance as of December 27, 2020	$	170,657	$	100,507	$	271,164

The following table presents the aggregate expense related to the amortization of the Company’s trademarks, favorable leases, franchise agreements and reacquired franchise rights for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Amortization expense (1)	$	6,919	$	8,621	$	13,377

________________

Schedule of finite-lived intangible assets, future amortization expense

The following table presents expected annual amortization of intangible assets as of December 27, 2020:


(dollars in thousands)
2021	$	5,955
2022	$	5,900
2023	$	5,830
2024	$	5,695
2025	$	5,449

Goodwill [Member]

Goodwill [Line Items]

Schedule of goodwill and intangible assets

The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated:


	DECEMBER 27, 2020				DECEMBER 29, 2019				DECEMBER 30, 2018
(dollars in thousands)	GROSS CARRYING AMOUNT		ACCUMULATED IMPAIRMENTS		GROSS CARRYING AMOUNT		ACCUMULATED IMPAIRMENTS		GROSS CARRYING AMOUNT		ACCUMULATED IMPAIRMENTS
U.S.	$	838,827	$	(668,170)	$	838,827	$	(668,170)	$	838,827	$	(668,170)
International	220,390		(119,883)		235,692		(117,910)		242,680		(117,910)
Total goodwill	$	1,059,217	$	(788,053)	$	1,074,519	$	(786,080)	$	1,081,507	$	(786,080)

Intangible assets, net [Member]

Goodwill [Line Items]

Schedule of goodwill and intangible assets

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


	WEIGHTED AVERAGE REMAINING AMORTIZATION PERIOD (IN YEARS)	DECEMBER 27, 2020						DECEMBER 29, 2019
(dollars in thousands)		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE
Trade names	Indefinite	$	414,716			$	414,716	$	414,616			$	414,616
Trademarks	8	81,951		$	(51,797)	30,154		81,381		$	(47,882)	33,499

Franchise agreements	0	14,881		(14,881)		—		14,881		(14,356)		525
Reacquired franchise rights	10	33,520		(18,407)		15,113		42,390		(20,415)		21,975

Total intangible assets	9	$	545,068	$	(85,085)	$	459,983	$	553,268	$	(82,653)	$	470,615

Other Assets, Net (Tables)

12 Months Ended

Dec. 27, 2020

Schedule of other assets, noncurrent

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Company-owned life insurance (1)	$	44,814	$	60,126
Deferred debt issuance costs (2)	4,694		4,893
Liquor licenses	24,250		24,289
Other assets	18,868		27,802
	$	92,626	$	117,110

________________

(1)During 2020, the Company withdrew $9.7 million from its Company-owned life insurance policies to pay deferred compensation obligations.

(2)Net of accumulated amortization of $9.0 million and $6.8 million as of December 27, 2020 and December 29, 2019, respectively.

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 27, 2020

Payables and Accruals [Abstract]

Schedule of accrued and other current liabilities

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Accrued rent and current operating lease liabilities (1)	$	192,369	$	174,287
Accrued payroll and other compensation	79,291		101,090
Accrued insurance	20,648		20,500
Other current liabilities	96,013		95,574
	$	388,321	$	391,451

________________

(1)Includes COVID-19-related deferred rent accruals of $12.8 million as of December 27, 2020.

Long-term Debt, Net (Tables)

12 Months Ended

Dec. 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:


	DECEMBER 27, 2020				DECEMBER 29, 2019
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	425,000	2.88	%	$	450,000	3.40	%
Revolving credit facility (1)(2)	447,000		2.88	%	599,000		3.44	%
Total Senior Secured Credit Facility	872,000				1,049,000
Convertible Senior Notes (3)	230,000		5.00	%	—
Finance lease liabilities	2,405				2,495

Other	—				50		2.18	%
Less: unamortized debt discount and issuance costs	(67,704)				(2,654)
Less: finance lease interest	(221)				(187)
Total debt, net	1,036,480				1,048,704
Less: current portion of long-term debt	(38,710)				(26,411)
Long-term debt, net	$	997,770			$	1,022,293

________________

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

(2)Subsequent to December 27, 2020, the Company made payments of $92.0 million on its revolving credit facility.

(3)See Note 14 - Convertible Senior Notes for details regarding the convertible senior notes.

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%.

Schedule of interest rate options, senior secured credit facility

The interest rates are as follows:


	BASE RATE ELECTION	EUROCURRENCY RATE ELECTION
Term loan A and revolving credit facility	50 to 100 basis points over the Base Rate	150 to 200 basis points over the Eurocurrency Rate

Schedule of maturities of long-term debt

Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of the period indicated:


(dollars in thousands)	DECEMBER 27, 2020
2021	$	38,750
2022	835,053
2023	207
2024	178
2025	230,217
Thereafter	—
Total payments	$	1,104,405
Less: unamortized debt discount and issuance costs	(67,704)
Less: finance lease interest	(221)
Total principal payments	$	1,036,480

Schedule of required amortization payments for term loan A

The following is a summary of required amortization payments for the Term loan A (dollars in thousands):


SCHEDULED QUARTERLY PAYMENT DATES	TERM LOAN A

March 28, 2021 through December 26, 2021	$	9,375
March 27, 2022 through September 25, 2022	$	12,500

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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Convertible notes interest expense

Convertible Senior Notes (Tables)

12 Months Ended

Dec. 27, 2020

Convertible Notes [Abstract]

Convertible debt costs

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the period indicated:


(dollars in thousands)	DECEMBER 27, 2020
Liability component
Principal	$	230,000
Less: Debt discount (1)	(59,862)
Less: Debt issuance costs (1)	(5,427)
Net carrying amount	$	164,711
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.

Following is a summary of interest expense for the 2025 Notes, by component, for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2020
Coupon interest	$	7,443
Deferred discount amortization	6,275
Deferred issuance cost amortization	569
Total interest expense	$	14,287

Other Long-term Liabilities, Net (Tables)

12 Months Ended

Dec. 27, 2020

Other Liabilities Disclosure [Abstract]

Other long-term liabilities

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Accrued insurance liability	$	32,128	$	33,818
Chef and Restaurant Managing Partner deferred compensation obligations	32,306		47,831
Deferred payroll tax liabilities (1)	55,204		—

Other long-term liabilities (2)	65,717		56,411
	$	185,355	$	138,060

_______________

(1)Deferred payroll tax liabilities as allowed for in the Coronavirus, Aid, Relief and Economic Security Act. See Note 21 - Income Taxes for details.

Stockholders' Equity (Tables)

12 Months Ended

Dec. 27, 2020

Stockholders' Equity Note [Abstract]

Schedule of repurchases of common stock

Following is a summary of the shares repurchased under the Company’s share repurchase program for the period presented:


	2019
(dollars in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT

Second fiscal quarter	5,469	$	19.56	$	106,992

Dividends declared and paid

The Company declared and paid dividends per share during the periods presented as follows:


	DIVIDENDS PER SHARE				AMOUNT
(dollars in thousands, except per share data)	2020		2019		2020		2019
First fiscal quarter	$	0.20	$	0.10	$	17,480	$	9,140
Second fiscal quarter	—		0.10		—		9,227
Third fiscal quarter	—		0.10		—		8,674
Fourth fiscal quarter	—		0.10		—		8,693
Total cash dividends declared and paid	$	0.20	$	0.40	$	17,480	$	35,734

Schedule of accumulated other comprehensive loss

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Foreign currency translation adjustment	$	(188,883)	$	(152,031)
Unrealized loss on derivatives, net of tax	(22,563)		(17,745)
Accumulated other comprehensive loss	$	(211,446)	$	(169,776)

Comprehensive loss

Following are the components of Other comprehensive loss for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Bloomin’ Brands:
Foreign currency translation adjustment	$	(36,852)	$	(16,882)	$	(36,576)


Unrealized loss on derivatives, net of tax (1)	$	(14,741)	$	(11,944)	$	(7,100)
Reclassification of adjustments for loss on derivatives included in Net (loss) income, net of tax (2)	9,923		1,805		120
Total unrealized loss on derivatives, net of tax	$	(4,818)	$	(10,139)	$	(6,980)
Other comprehensive loss attributable to Bloomin’ Brands	$	(41,670)	$	(27,021)	$	(43,556)

________________

(1)Unrealized loss on derivatives is net of tax of $5.1 million, $4.1 million and $2.5 million for 2020, 2019 and 2018, respectively.

(2)Reclassifications of adjustments for loss on derivatives are net of tax. See Note 17 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 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 of the Company’s interest rate swaps as well as their classification on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019		CONSOLIDATED BALANCE SHEET CLASSIFICATION




Interest rate swaps - liability	$	14,855	$	7,174	Accrued and other current liabilities
Interest rate swaps - liability	15,640		16,835		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	30,495	$	24,009


Accrued interest	$	1,237	$	632	Accrued and other current liabilities

____________________

(1) See Note 19 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Schedule of derivatives instruments statements of financial performance and financial position, location

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


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Interest rate swap expense recognized in Interest expense, net	$	(13,370)	$	(2,436)	$	(161)
Income tax benefit recognized in (Benefit) provision for income taxes	3,447		631		41
Total effects of the interest rate swaps on Net (loss) income	$	(9,923)	$	(1,805)	$	(120)

Leases (Tables)

12 Months Ended

Dec. 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	DECEMBER 27, 2020		DECEMBER 29, 2019
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,172,910	$	1,266,548
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	1,947		2,036


Total lease assets, net		$	1,174,857	$	1,268,584

Current operating lease liabilities (2)	Accrued and other current liabilities	$	176,791	$	171,866
Current finance lease liabilities	Current portion of long-term debt	1,210		1,361
Non-current operating lease liabilities (3)	Non-current operating lease liabilities	1,216,666		1,279,051
Non-current finance lease liabilities	Long-term debt, net	974		947
Total lease liabilities		$	1,395,641	$	1,453,225

________________

(1)Net of accumulated amortization of $2.3 million and $1.3 million as December 27, 2020 and December 29, 2019, respectively.

(3)Excludes COVID-19-related non-current deferred rent accruals of $1.2 million as of December 27, 2020.

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	FISCAL YEAR
(dollars in thousands)		2020		2019
Operating leases (1)	Other restaurant operating	$	178,740	$	181,397
Variable lease cost (2)	Other restaurant operating	(2,326)		3,504
Finance leases
Amortization of leased assets	Depreciation and amortization	1,248		1,400
Interest on lease liabilities	Interest expense, net	160		264
Sublease revenue (3)	Franchise and other revenues	(3,121)		(6,542)
Lease costs, net (4)		$	174,701	$	180,023

________________

(2)Includes COVID-19-related rent abatements for 2020, which are recognized as a reduction to variable rent expense in the month they occur.

(3)Excludes rental income from Company-owned properties of $0.5 million and $2.2 million for 2020 and 2019, respectively.

(4)During 2018, the Company recorded rent expense of $185.4 million, including variable rent expense of $4.5 million, and sublease revenue of $5.6 million.

Lessee, operating lease, liability, maturity

As of December 27, 2020, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES (1)		FINANCE LEASES		SUBLEASE REVENUES
2021 (2)	$	196,616	$	1,202	$	(5,832)
2022	190,072		517		(5,714)
2023	185,500		209		(5,576)
2024	180,459		184		(5,351)
2025	168,937		184		(5,055)
Thereafter	1,588,417		109		(48,724)
Total minimum lease payments (receipts) (3)	$	2,510,001	$	2,405	$	(76,252)
Less: Interest	(1,102,560)		(221)
Present value of future lease payments	$	1,407,441	$	2,184

____________________

(1)Includes COVID-19-related current and non-current deferred rent accruals of $12.8 million and $1.2 million, respectively, as of December 27, 2020

(2)Net of operating lease prepaid rent of $6.4 million.

(3)Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $74.7 million of signed operating leases that have not yet commenced.

Finance lease, liability, maturity

As of December 27, 2020, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES (1)		FINANCE LEASES		SUBLEASE REVENUES
2021 (2)	$	196,616	$	1,202	$	(5,832)
2022	190,072		517		(5,714)
2023	185,500		209		(5,576)
2024	180,459		184		(5,351)
2025	168,937		184		(5,055)
Thereafter	1,588,417		109		(48,724)
Total minimum lease payments (receipts) (3)	$	2,510,001	$	2,405	$	(76,252)
Less: Interest	(1,102,560)		(221)
Present value of future lease payments	$	1,407,441	$	2,184

____________________

(1)Includes COVID-19-related current and non-current deferred rent accruals of $12.8 million and $1.2 million, respectively, as of December 27, 2020

(2)Net of operating lease prepaid rent of $6.4 million.

(3)Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $74.7 million of signed operating leases that have not yet commenced.

Lessee, weighted average remaining lease term and weighted average discount rate

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company’s leases as of the periods indicated:


	DECEMBER 27, 2020		DECEMBER 29, 2019
Weighted-average remaining lease term (1):
Operating leases	14.0 years		14.5 years
Finance leases	2.7 years		1.8 years
Weighted-average discount rate (2):
Operating leases	8.54	%	8.52	%
Finance leases	7.21	%	9.01	%

____________________

(1)Includes lease renewal options that are reasonably certain of exercise.

(2)Based on the Company’s incremental borrowing rate at lease commencement.

Cash flow, operating activities, lessee

The following table is a summary of other impacts to the Company’s consolidated financial statements related to its leases for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	177,961	$	191,855

Schedule of property subject to or available for operating leases

The following table is a summary of assets leased to third parties as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Land	$	9,341	$	9,885

Buildings	$	10,172	$	12,823
Less: accumulated depreciation	(6,181)		(6,400)
Buildings, net	$	3,991	$	6,423

Sale-leaseback transactions

The following is a summary of sale-leaseback transactions with third-parties for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2019		2018
Gross proceeds from sale-leaseback transactions	$	7,337	$	17,294

Number of restaurant properties sold and leased back	2		6

Fair Value Measurements (Tables)

12 Months Ended

Dec. 27, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	DECEMBER 27, 2020						DECEMBER 29, 2019
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	15,404	$	15,404	$	—	$	1,037	$	1,037	$	—
Money market funds	16,494		16,494		—		12,752		12,752		—
Restricted cash equivalents:

Money market funds	428		428		—		—		—		—




Total asset recurring fair value measurements	$	32,326	$	32,326	$	—	$	13,789	$	13,789	$	—

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	14,855	$	—	$	14,855	$	7,174	$	—	$	7,174


Other long-term liabilities:
Derivative instruments - interest rate swaps	15,640		—		15,640		16,835		—		16,835
Total liability recurring fair value measurements	$	30,495	$	—	$	30,495	$	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 December 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:


	2020				2019				2018
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	1,934	$	123	$	2,049	$	315	$	8,590	$	5,276
Operating lease right-of-use assets (2)	72,615		30,940		6,597		4,284		—		—
Property, fixtures and equipment (3)	26,311		41,077		3,915		4,535		6,464		21,523
Goodwill and other assets (4)	748		2,683		—		—		—		—
	$	101,608	$	74,823	$	12,561	$	9,134	$	15,054	$	26,799

________________

(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


		FISCAL YEAR
UNOBSERVABLE INPUTS	2020
Weighted-average cost of capital	10.4%	to	11.3%
Long-term growth rate			1.5%	to	2.0%

Schedule of carrying value and fair value of senior secured credit facilities

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


	DECEMBER 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	$	425,000	$	412,250		$	450,000	$	450,563
Revolving credit facility	$	447,000	$	419,612		$	599,000	$	599,000
Convertible Senior Notes	$	230,000	$	413,818		$	—	$	—

Allowance for Expected Credit Losses (Tables)

12 Months Ended

Dec. 27, 2020

Credit Loss [Abstract]

Allowance for credit losses rollforward

The following table is a rollforward of the Company’s trade receivables allowance for expected credit losses for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2020
Allowance for expected credit losses, beginning of period	$	199
Adjustment for adoption of ASU No. 2016-13	1,018
Provision for expected credit losses	3,472
Charge-off of accounts	(594)


Allowance for expected credit losses, end of period	$	4,095

Income Taxes (Tables)

12 Months Ended

Dec. 27, 2020

Income Tax Disclosure [Abstract]

Schedule of (loss) income before income tax, domestic and foreign

The following table presents the domestic and foreign components of (Loss) income before (benefit) provision for income taxes for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Domestic	$	(206,941)	$	129,826	$	109,965
Foreign	(32,580)		11,864		(9,660)
	$	(239,521)	$	141,690	$	100,305

Schedule of components of income tax (benefit) expense

(Benefit) provision for income taxes consisted of the following for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Current provision:
Federal	$	2,606	$	13,265	$	11,089
State	2,301		9,696		6,763
Foreign	2,623		10,502		2,405
	$	7,530	$	33,463	$	20,257
Deferred (benefit) provision:
Federal	$	(66,498)	$	(21,407)	$	(28,772)
State	(12,527)		(1,986)		(1,335)
Foreign	(9,231)		(2,497)		617
	$	(88,256)	$	(25,890)	$	(29,490)
(Benefit) provision for income taxes	$	(80,726)	$	7,573	$	(9,233)

Schedule of effective income tax rate reconciliation

The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows for the periods indicated. Due to the pre-tax book loss for the year ended December 27, 2020, a positive percentage change for such year in the effective tax rate table reflects a favorable income tax benefit, whereas a negative percentage change in the effective tax rate table reflects an unfavorable income tax expense:


	FISCAL YEAR
	2020		2019		2018
Income taxes at federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	3.3		4.4		5.5

Employment-related credits, net	9.9		(24.7)		(34.6)
Foreign tax rate differential	1.1		3.2		(0.7)
Net life insurance expense (benefit)	0.3		(0.7)		0.6
Enhanced charitable contributions deduction	0.1		(0.6)		(1.3)
Nondeductible expenses	(1.4)		3.9		5.0
Net changes in deferred tax valuation allowances	(0.6)		(1.6)		3.9
Domestic manufacturing deduction	—		—		(0.3)
Cumulative effect of the Tax Cuts and Jobs Act	—		—		0.2
Noncontrolling interests	—		(0.6)		(0.9)
Excess tax benefits from stock-based compensation arrangements	—		(0.3)		(7.1)


Other, net	—		1.3		(0.5)
Total	33.7	%	5.3	%	(9.2)	%

Schedule of deferred tax assets and liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Deferred income tax assets:
Operating lease liabilities	$	360,690	$	378,518

Insurance reserves	13,695		13,722
Unearned revenue	44,039		22,230
Deferred compensation	32,779		27,222

Net operating loss carryforwards	19,285		9,876
Federal tax credit carryforwards	142,055		115,273
Partner deposits and accrued partner obligations	3,403		4,449
Other, net	24,838		13,706
Gross deferred income tax assets	640,784		584,996
Less: valuation allowance	(18,509)		(14,922)
Deferred income tax assets, net of valuation allowance	622,275		570,074
Deferred income tax liabilities:
Less: operating lease right-of-use asset basis differences	(300,387)		(326,166)
Less: property, fixtures and equipment basis differences	(54,725)		(65,404)
Less: intangible asset basis differences	(113,280)		(118,855)

Deferred income tax assets, net	$	153,883	$	59,649

Summary of operating loss carryforwards

The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 27, 2020 are as follows:


(dollars in thousands)	EXPIRATION DATE			AMOUNT
Federal tax credit carryforwards	2026	-	2040	$	158,279
Foreign loss carryforwards (1)	2021	-	Indefinite	$	73,082
Foreign tax credit carryforwards	Indefinite			$	864

________________

(1)The Company has a valuation allowance against the foreign loss carryforwards for which it has determined it is more likely than not that some portion or all may not be realized.

Schedule of unrecognized tax benefits roll forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Balance as of beginning of year	$	27,201	$	25,190	$	23,663
Additions for tax positions taken during a prior period	1,061		869		2,461
Reductions for tax positions taken during a prior period	(324)		(255)		(826)
Additions for tax positions taken during the current period	762		2,237		2,017

Settlements with taxing authorities	(1,290)		(44)		(682)
Lapses in the applicable statutes of limitations	(1,857)		(749)		(1,390)
Translation adjustments	(29)		(47)		(53)
Balance as of end of year	$	25,524	$	27,201	$	25,190

Summary of open audit years by jurisdiction

Following is a summary of the open audit years by jurisdiction as of December 27, 2020:


	OPEN AUDIT YEARS
United States - federal	2007	-	2019
United States - state	2001	-	2019
Foreign	2013	-	2019

Commitments and Contingencies (Table)

12 Months Ended

Dec. 27, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum expected insurance payments

As of December 27, 2020, the future undiscounted payments the Company expects for workers’ compensation, general liability and health insurance claims are:


(dollars in thousands)
2021	$	20,669
2022	10,537
2023	6,354
2024	3,440
2025	1,962
Thereafter	10,255
	$	53,217

Schedule of liability for unpaid claims and claims adjustment expense


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Undiscounted reserves	$	53,217	$	56,953
Discount (1)	(441)		(2,635)
Discounted reserves	$	52,776	$	54,318

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:
Accrued and other current liabilities	$	20,648	$	20,500
Other long-term liabilities, net	32,128		33,818
	$	52,776	$	54,318

____________________

(1) Discount rates of 0.26% and 1.61% were used for December 27, 2020 and December 29, 2019, respectively.

Segment Reporting (Tables)

12 Months Ended

Dec. 27, 2020

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following is a summary of reporting segments as of December 27, 2020:

REPORTABLE SEGMENT (1)

CONCEPT

GEOGRAPHIC LOCATION

U.S.

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International

Outback Steakhouse

Brazil, Hong Kong/China

Carrabba’s Italian Grill (Abbraccio)

Brazil

_________________

(1)Includes franchise locations.

Reconciliation of revenue from segments to consolidated

The following table is a summary of Total revenues by segment, for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Total revenues
U.S.	$	2,885,542	$	3,687,918	$	3,687,239
International	285,019		451,471		439,174
Total revenues	$	3,170,561	$	4,139,389	$	4,126,413

Reconciliation of operating (loss) profit from segments to consolidated

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


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Segment (loss) income from operations
U.S.	$	(1,630)	$	311,666	$	288,959
International	(13,479)		44,428		22,001
Total segment (loss) income from operations	(15,109)		356,094		310,960
Unallocated corporate operating expense	(159,864)		(165,004)		(165,707)
Total (loss) income from operations	(174,973)		191,090		145,253
Loss on modification of debt	(237)		—		—
Other income (expense), net	131		(143)		(11)
Interest expense, net	(64,442)		(49,257)		(44,937)
(Loss) income before (benefit) provision for income taxes	$	(239,521)	$	141,690	$	100,305

Reconciliation of segment depreciation and amortization and capital expenditures

The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Depreciation and amortization
U.S.	$	144,298	$	152,881	$	158,307
International	23,723		27,491		26,304
Corporate	12,240		16,439		16,982
Total depreciation and amortization	$	180,261	$	196,811	$	201,593

The following table is a summary of capital expenditures by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
Capital expenditures
U.S.	$	64,516	$	121,646	$	162,207
International	18,542		28,496		36,962
Corporate	5,936		8,885		11,754
Total capital expenditures	$	88,994	$	159,027	$	210,923

Schedule of segment total assets

The following table sets forth Total assets by segment as of the periods indicated:


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
Assets
U.S.	$	2,672,778	$	2,941,831
International	410,322		462,308
Corporate	279,007		188,544
Total assets	$	3,362,107	$	3,592,683

Schedule of long-lived assets, by geographic area

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


(dollars in thousands)	DECEMBER 27, 2020		DECEMBER 29, 2019
U.S.	$	879,392	$	1,023,146
International
Brazil	83,041		113,795
Other	17,880		16,246
Total assets	$	980,313	$	1,153,187

Schedule of revenues, by geographic area


	FISCAL YEAR
(dollars in thousands)	2020		2019		2018
U.S.	$	2,885,542	$	3,687,918	$	3,687,239
International
Brazil	222,283		393,700		376,317
Other	62,736		57,771		62,857
Total revenues	$	3,170,561	$	4,139,389	$	4,126,413

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 27, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information


2020 FISCAL QUARTERS (dollars in thousands, except per share data)	FIRST (1)		SECOND (1)		THIRD (1)		FOURTH (1)
Total revenues	$	1,008,337	$	578,459	$	771,260	$	812,505
Loss from operations	(41,568)		(111,912)		(14,255)		(7,238)
Net loss	(34,414)		(92,428)		(17,778)		(14,175)
Net loss attributable to common stockholders	(38,107)		(92,256)		(17,637)		(14,211)
Loss per share attributable to common stockholders:
Basic	$	(0.44)	$	(1.05)	$	(0.20)	$	(0.16)
Diluted	$	(0.44)	$	(1.05)	$	(0.20)	$	(0.16)


2019 FISCAL QUARTERS (dollars in thousands, except per share data)	FIRST (2)		SECOND (2)		THIRD (2)		FOURTH (2)
Total revenues	$	1,128,131	$	1,021,930	$	967,144	$	1,022,184
Income from operations	82,494		43,460		21,958		43,178
Net income	65,649		29,809		9,373		29,286
Net income attributable to Bloomin’ Brands	64,300		29,021		9,248		28,004
Earnings per share:
Basic	$	0.70	$	0.32	$	0.11	$	0.32
Diluted	$	0.69	$	0.32	$	0.11	$	0.32

____________________

Description of Business (Details)	Dec. 27, 2020 restraurant_concept
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of restaurant concepts in portfolio	4

Summary of Significant Accounting Policies (Basis of Presentation) (Details)	12 Months Ended
	Dec. 27, 2020
Accounting Policies [Abstract]
Reporting lag for Brazil operations in financial statements	1 month

Summary of Significant Accounting Policies (COVID-19 Pandemic) (Details)	Dec. 27, 2020
COVID-19 pandemic [Member]
Unusual or Infrequent Item, or Both [Line Items]
Percent of restaurant dining rooms open	85.00%

Summary of Significant Accounting Policies (Principles of Consolidation) (Details)	Dec. 27, 2020 restaurant
Minimum [Member]
Principles of Consolidation [Line Items]
Equity method investment, ownership percentage	20.00%
Maximum [Member]
Principles of Consolidation [Line Items]
Equity method investment, ownership percentage	50.00%
Franchised units [Member]
Principles of Consolidation [Line Items]
Number of restaurants	317

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Dec. 27, 2020	Dec. 29, 2019
Cash and cash equivalents [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amounts in transit from credit card companies	$ 37.1	$ 44.8

Summary of Significant Accounting Policies (Property, Fixtures and Equipment) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Capitalized internal costs for construction in progress

$ 2.7

$ 6.4

$ 6.9

Capitalized computer equipment and software, additions

1.4

7.4

Property, fixtures and equipment, net [Member]

Capitalized computer equipment and software, net

$ 8.8

$ 25.7

Buildings [Member] | Minimum [Member]

Buildings [Member] | Maximum [Member]

^[1]

5 years

Furniture and fixtures [Member] | Minimum [Member]

^[1]

30 years

Furniture and fixtures [Member] | Maximum [Member]

5 years

Equipment [Member] | Minimum [Member]

7 years

Equipment [Member] | Maximum [Member]

2 years

Computer equipment and software [Member] | Minimum [Member]

7 years

Computer equipment and software [Member] | Maximum [Member]

3 years

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

7 years

[1]	Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain.

Summary of Significant Accounting Policies (Deferred Financing Fees) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Interest expense [Member]
Deferred Financing Fees [Line Items]
Deferred issuance cost amortization	$ 3.9	$ 2.5	$ 2.6

Summary of Significant Accounting Policies (Insurance Reserves) (Details) - Workers' compensation and general liability [Member]	12 Months Ended
	Dec. 27, 2020
Minimum [Member]
Insurance [Line Items]
Insurance, annual risk free rate, period	1 year
Maximum [Member]
Insurance [Line Items]
Insurance, annual risk free rate, period	5 years

Summary of Significant Accounting Policies (Revenue Recognition) (Details)	Dec. 27, 2020
Revenue Recognition [Line Items]
Revenue, remaining performance obligation, expected satisfaction within 12 months of inception, percentage	84.00%
Deferred franchise fees [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-17
Revenue Recognition [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	13 years

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Leases) (Details)	Dec. 27, 2020
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Lessee, operating lease, renewal term	5 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	20 years
Lessee, operating lease, renewal term	30 years

Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Other restaurant operating [Member]
Schedule of Advertising Costs [Line Items]
Advertising expense	$ 67.3	$ 146.1	$ 147.8

Summary of Significant Accounting Policies (Research and Development Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
General and administrative expense [Member]
Schedule of research and development expense [Line Items]
Research and development expense	$ 2.4	$ 3.4	$ 3.8

Summary of Significant Accounting Policies (Recently Issued Financial Accounting Standards) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 28, 2020

Dec. 30, 2019

Dec. 27, 2020

Sep. 27, 2020

Jun. 28, 2020

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Dec. 31, 2017

Deferred tax impact of cumulative-effect adjustment

$ 622,275

$ 570,074

Cumulative-effect adjustment

(10,957)

(177,481)

$ (54,817)

$ (81,231)

(918,096)

(755,089)

Cumulative-effect from a change in accounting principle [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2025 Notes [Member] | Convertible debt [Member]

4,292

(141,285)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Debt discount

^[1]

(59,862)

Debt discount amortization

(2,500)

$ (2,400)

$ (1,400)

(6,275)

2025 Notes [Member] | Convertible debt [Member] | Interest expense [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Debt discount amortization

6,300

2025 Notes [Member] | Convertible debt [Member] | Additional paid-in capital [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Equity issuance cost reclassification

2,400

ASU No. 2016-13 [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Deferred tax impact of cumulative-effect adjustment

$ 1,500

Reserve for expected credit losses

1,000

1,018

ASU No. 2020-06 [Member] | Subsequent event [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Deferred tax impact of cumulative-effect adjustment

$ 14,900

ASU No. 2020-06 [Member] | Additional paid-in capital [Member] | Cumulative-effect from a change in accounting principle [Member] | Subsequent event [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

ASU No. 2020-06 [Member] | 2025 Notes [Member] | Convertible debt [Member] | Long-term debt, net [Member] | Subsequent event [Member]

(47,300)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Debt discount

59,900

ASU No. 2020-06 [Member] | 2025 Notes [Member] | Convertible debt [Member] | Additional paid-in capital [Member] | Subsequent event [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Equity issuance cost reclassification

(2,100)

ASU No. 2020-06 [Member] | 2025 Notes [Member] | Convertible debt [Member] | Accumulated deficit [Member] | Subsequent event [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Debt discount amortization

$ 4,400

Property lease guarantee [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Lease guarantees, current carrying value

9,600

Property lease guarantee [Member] | ASU No. 2016-13 [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Lease guarantees, current carrying value

4,800

Accumulated deficit [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accumulated deficit [Member] | Cumulative-effect from a change in accounting principle [Member]

$ 918,096

755,089

920,010

$ 913,191

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Accumulated deficit [Member] | ASU No. 2016-13 [Member] | Revision of prior period, accounting standards update, adjustment [Member]

$ 4,292

$ (141,285)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative-effect adjustment

$ 4,300

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

COVID-19 Charges (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Unusual or Infrequent Item, or Both [Line Items]

Inventory obsolescence and spoilage

$ 10,169

$ 0

Allowance for expected credit losses

3,472

Total costs and expenses

3,345,534

3,948,299

3,981,160

Provision for impaired assets and restaurant closings [Member]

Unusual or Infrequent Item, or Both [Line Items]

Goodwill and other impairment

74,823

$ 9,134

$ 26,799

Unusual or Infrequent Item, or Both [Line Items]

Total costs and expenses

124,508

Employee retention tax credit

14,900

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

Unusual or Infrequent Item, or Both [Line Items]

Inventory obsolescence and spoilage

10,450

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

Unusual or Infrequent Item, or Both [Line Items]

Compensation for idle employees

^[1]

29,993

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

Unusual or Infrequent Item, or Both [Line Items]

Other operating charges

3,219

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

Unusual or Infrequent Item, or Both [Line Items]

Other operating charges

2,719

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

$ 4,200

4,188

^[3]

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]

32,992

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]

34,423

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]

$ 3,190

[1]	Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $14.9 million of employee retention tax credits.
[2]	Includes additional reserves to reflect an 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, the closure of certain restaurants and in connection with the Out West Resolution Agreement. See Note 5 - Impairments, Exit Costs and Disposals and Note 4 - Revenue Recognition, for details regarding COVID-19 Restructuring costs and the Out West Resolution Agreement, respectively.
[5]	Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Revenue Recognition (Principal Revenue Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 812,505	$ 771,260	$ 578,459	$ 1,008,337	$ 1,022,184	$ 967,144	$ 1,021,930	$ 1,128,131	$ 3,170,561	$ 4,139,389	$ 4,126,413
Restaurant sales [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues									3,144,636	4,075,014	4,060,871
Franchise and other revenues [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues									25,925	64,375	65,542
Franchise revenue [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues									21,195	52,147	52,906
Other revenue [Member]
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues									$ 4,730	$ 12,228	$ 12,636

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
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Revenue Recognition (Disaggregated Revenue) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 27, 2020

USD ($)

Sep. 27, 2020

USD ($)

Jun. 28, 2020

USD ($)

Mar. 29, 2020

USD ($)

Dec. 29, 2019

USD ($)

Restaurants

Sep. 29, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Dec. 27, 2020

USD ($)

Dec. 29, 2019

USD ($)

Restaurants

Dec. 30, 2018

USD ($)

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

$ 812,505

$ 771,260

$ 578,459

$ 1,008,337

$ 1,022,184

$ 967,144

$ 1,021,930

$ 1,128,131

$ 3,170,561

$ 4,139,389

$ 4,126,413

U.S. segment [Member]

International segment [Member]

2,885,542

$ 3,687,918

3,687,239

Restaurant sales [Member]

285,019

451,471

439,174

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

3,144,636

4,075,014

4,060,871

Restaurant sales [Member] | International segment [Member]

2,869,547

3,634,668

3,634,198

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

275,089

440,346

426,673

Restaurant sales [Member] | Carrabba's Italian Grill [Member] | U.S. segment [Member]

1,760,071

2,135,776

2,098,696

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

497,212

^[1]

613,031

^[1]

647,454

Restaurant sales [Member] | Fleming's Prime Steakhouse & Wine Bar [Member] | U.S. segment [Member]

396,193

574,004

578,139

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

209,564

307,199

304,064

Restaurant sales [Member] | Outback Brazil [Member] | International segment [Member]

6,507

4,658

5,845

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

206,280

355,837

348,394

Franchise revenue [Member]

^[2]

68,809

84,509

78,279

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

21,195

52,147

52,906

Franchise revenue [Member] | International segment [Member]

11,553

41,513

41,856

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

9,642

10,634

11,050

Franchise revenue [Member] | Carrabba's Italian Grill [Member] | U.S. segment [Member]

9,898

38,614

40,422

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

1,309

^[1]

2,112

^[1]

601

Franchise revenue [Member] | Fleming's Prime Steakhouse & Wine Bar [Member] | U.S. segment [Member]

346

787

833

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

Franchise revenue [Member] | Outback Brazil [Member] | International segment [Member]

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

^[2]

$ 9,642

$ 10,634

$ 11,050

[1]	In 2019, the Company sold 18 Carrabba’s Italian Grill restaurants. These restaurants are now operated as franchises.
[2]	Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018	Dec. 31, 2017
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 19,300	$ 18,554	$ 16,431	$ 16,231
Unearned revenue	381,616	369,282
Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	373,048	358,757	$ 333,794	$ 323,628
Other current assets, net [Member]
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	19,300	18,554
Unearned revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	381,616	369,282
Unearned revenue [Member] \| Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	373,048	358,757
Unearned revenue [Member] \| Deferred loyalty revenue [Member]
Revenue Recognition [Line Items]
Unearned revenue	8,099	10,034
Unearned revenue [Member] \| Deferred franchise fees [Member]
Revenue Recognition [Line Items]
Unearned revenue	469	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	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Revenue Recognition [Abstract]
Balance, beginning of period	$ 18,554	$ 16,431	$ 16,231
Deferred gift card sales commissions amortization	(20,927)	(26,094)	(27,227)
Deferred gift card sales commissions capitalization	22,923	29,894	28,980
Other	(1,250)	(1,677)	(1,553)
Balance, end of period	$ 19,300	$ 18,554	$ 16,431

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Revenue Recognition [Line Items]
Balance, beginning of the period	$ 369,282
Balance, end of the period	381,616	$ 369,282
Deferred gift card revenue [Member]
Revenue Recognition [Line Items]
Balance, beginning of the period	358,757	333,794	$ 323,628
Gift card sales	306,016	420,229	419,172
Gift card redemptions	(277,675)	(376,477)	(388,954)
Gift card breakage	(14,050)	(18,789)	(20,052)
Balance, end of the period	$ 373,048	$ 358,757	$ 333,794

Revenue Recognition (Franchisee Deferred Payment Agreement) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 27, 2020

USD ($)

restaurant

Restaurants

Dec. 27, 2020

USD ($)

restaurant

Restaurants

Dec. 29, 2019

USD ($)

Dec. 30, 2018

USD ($)

Increase in deferred rent

$ 0

$ 8,737

Accounts receivable - franchisees, net [Member]

Franchisee Resolution Agreement [Member] | Out West [Member]

^[1]

$ 1,007

$ 1,322

Franchise advertising fee gross sales percentage

2.25%

Increase in deferred rent

$ 3,600

Franchisee Resolution Agreement [Member] | Out West [Member] | Accounts receivable - franchisees, net [Member]

U.S. segment [Member] | Franchisee Resolution Agreement [Member] | Outback Steakhouse Property Concessions [Member] | Operating lease, right-of-use-asset [Member] | Out West [Member]

$ 3,100

Franchised units [Member]

$ 4,700

Number of restaurants | restaurant

317

Franchised units [Member] | Franchisee Resolution Agreement [Member] | Outback Steakhouse Property Concessions [Member] | Out West [Member]

Franchised units [Member] | Franchisee Resolution Agreement [Member] | Outback Steakhouse Property Concessions [Member] | Maximum [Member] | Out West [Member]

Franchised units [Member] | Outback Steakhouse [Member] | U.S. segment [Member] | Out West [Member]

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

[1]	See Note 20 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

Impairments, Exit Costs and Disposals (Provision for Impaired Assets and Restaurant Closings) (Details) - USD ($)

3 Months Ended

12 Months Ended

Jun. 28, 2020

Jun. 30, 2019

Jul. 01, 2018

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Provision for impaired assets and restaurant closings

$ 76,354,000

$ 9,085,000

$ 36,863,000

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

$ 0

1,973,000

U.S. segment [Member]

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]

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 (benefits)

74,823,000

9,134,000

26,799,000

1,531,000

(49,000)

10,064,000

Provision for impaired assets and restaurant closings [Member] | Corporate [Member]

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

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

6,226,000

^[1]

727,000

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

Restaurant closure expenses (benefits)

65,129,000

^[2]

6,381,000

15,342,000

1,358,000

^[2]

(105,000)

6,536,000

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

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

Restaurant closure expenses (benefits)

3,468,000

^[2],[3]

2,026,000

11,457,000

$ 173,000

^[2]

$ 56,000

$ 3,528,000

[1]	Corporate impairment charges during 2020 primarily relate to transformational initiatives.
[2]	U.S. and international impairment and closure charges during 2020 primarily relate to the COVID-19 pandemic, including charges related to the COVID-19 Restructuring discussed below and the Out West Resolution Agreement. See Note 3 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.
[3]	Includes goodwill impairment charges of $2.0 million during 2020. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

Impairments, Exit Costs and Disposals (Restructuring and Related Costs) (Details)
$ in Thousands

12 Months Ended

Dec. 27, 2020

USD ($)

Restaurants

Dec. 29, 2019

USD ($)

Restaurants

location

Dec. 30, 2018

USD ($)

Outback Puerto Rico and China [Member] | International segment [Member]

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

Outback China [Member] | International segment [Member]

$ 2,000

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

Express [Member] | U.S. segment [Member]

$ 13,900

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

Number of restaurants | location

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

7,400

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

Disposal group, including discontinued operation, consideration

$ 3,600

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

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

Impairment charges, disposal group

5,500

Facility closing [Member]

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

Provision for impaired assets and restaurant closings [Member]

$ 2,458

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

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

74,823

9,134

26,799

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

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

3,468

^[1],[2]

2,026

11,457

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

COVID-19 Restructuring [Member]

$ 65,129

^[2]

$ 6,381

$ 15,342

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

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

$ 24,866

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

COVID-19 Restructuring [Member] | Provision for impaired assets and restaurant closings [Member] | Facility closing [Member] | Operating lease, right-of-use-asset [Member]

18,766

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

COVID-19 Restructuring [Member] | General and administrative expense [Member] | Employee severance [Member]

5,003

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

Severance and other expenses

$ 1,097

[1]	Includes goodwill impairment charges of $2.0 million during 2020. See Note 10 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.
[2]	U.S. and international impairment and closure charges during 2020 primarily relate to the COVID-19 pandemic, including charges related to the COVID-19 Restructuring discussed below and the Out West Resolution Agreement. See Note 3 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.

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

12 Months Ended

Dec. 27, 2020

USD ($)

Restructuring Reserve [Roll Forward]

Beginning of the year

$ 14,542

2,458

(4,572)

1,129

(678)

12,879

^[1]

Restructuring Reserve [Roll Forward]

Restructuring reserve, current

4,300

Non-current operating lease liabilities [Member]

Restructuring Reserve [Roll Forward]

Restructuring reserve, noncurrent

$ 8,600

[1]	As of December 27, 2020, the Company had exit-related accruals of $4.3 million recorded in Accrued and other current liabilities and $8.6 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Impairment, Exit Cost and Disposals (Surplus Property Disposals) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 29, 2019 USD ($) Restaurants	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($) Restaurants	Dec. 30, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain on disposal		$ 0	$ (206)	$ 0
Disposal group, disposed of by sale, not discontinued operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain on disposal	$ 3,800
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
Disposal group, including discontinued operation, consideration	$ 12,700		$ 12,700

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

3 Months Ended

12 Months Ended

Dec. 27, 2020

Sep. 27, 2020

Jun. 28, 2020

Mar. 29, 2020

Dec. 29, 2019

Sep. 29, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Schedule of Earnings Per Share, Basic and Diluted [Line Items]

Net (loss) income attributable to Bloomin’ Brands

$ (158,715)

$ 130,573

$ 107,098

Redemption of preferred stock in excess of carrying value

(3,496)

^[1]

Net (loss) income attributable to common stockholders

$ (14,211)

$ (17,637)

$ (92,256)

$ (38,107)

$ 28,004

$ 9,248

$ 29,021

$ 64,300

$ (162,211)

$ 130,573

$ 107,098

Basic weighted average common shares outstanding

87,468

88,839

92,042

Diluted weighted average common shares outstanding

87,468

89,777

94,075

Basic (loss) earnings per share

$ (1.85)

$ 1.47

$ 1.16

Diluted (loss) earnings per share

$ (1.85)

$ 1.45

$ 1.14

Stock options [Member]

Nonvested restricted stock units [Member]

Dilutive shares

571

1,595

Nonvested performance-based share units [Member]

Dilutive shares

295

397

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Dilutive shares

[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 during 2020. See Note 16 - Stockholders’ Equity for additional details.

(Loss) Earnings Per Share (Antidilutive Securities) (Details) - $ / shares shares in Thousands		12 Months Ended
	May 08, 2020	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
2025 Notes [Member] \| Convertible debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt conversion, converted instrument, shares to be issued	19,348
Debt instrument, convertible, conversion price	$ 11.89
Class of warrant or right, number of securities called by warrants or rights		19,348
Class of warrant or right, exercise price of warrants or rights	$ 16.64	$ 16.64
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of earnings per share		5,155	4,003	2,879
Nonvested restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of earnings per share		682	158	99
Nonvested performance-based share units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of earnings per share		514	277	201
Convertible senior notes and warrants \| 2025 Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of earnings per share		1,800

Stock-based and Deferred Compensation Plans (Equity Compensation Plan Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 14,716	$ 19,690	$ 22,432
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	3,743	5,270	6,378
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	8,559	8,949	9,143
Performance-based share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,414	$ 5,471	$ 6,911

Stock-based and Deferred Compensation Plans (Stock Options - Text) (Details) - Stock options [Member]	12 Months Ended
	Dec. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period	10 years

Stock-based and Deferred Compensation Plans (Stock Option Activity - Table) (Details) - Stock options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of December 29, 2019 (shares)	6,099
Granted (shares)	100
Exercised (shares)	(374)
Forfeited or expired (shares)	(403)
Outstanding as of December 27, 2020 (shares)	5,422	6,099
Exercisable as of December 27, 2020 (shares)	4,287
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding as of December 29, 2019 (per share)	$ 19.40
Granted (per share)	18.45
Exercised (per share)	12.38
Forfeited or expired (per share)	20.82
Outstanding as of December 27, 2020 (per share)	19.76	$ 19.40
Exercisable as of December 27, 2020 (per share)	$ 19.61
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term	5 years 1 month 6 days	6 years
Outstanding intrinsic value	$ 6,575	$ 18,961
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term	4 years 4 months 24 days
Exercisable intrinsic value	$ 6,147

Stock-based and Deferred Compensation Plans (Black-Scholes - Table) (Details) - Stock options [Member] - $ / shares

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Weighted-average risk-free interest rate

^[1]

0.90%

2.34%

2.66%

Dividend yield

^[2]

4.34%

1.94%

1.50%

Expected term

^[3]

5 years 6 months

4 years 9 months 18 days

5 years 9 months 18 days

Weighted-average volatility

^[4]

30.43%

31.05%

32.76%

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

$ 3.12

$ 5.07

$ 7.23

[1]	Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option.
[2]	Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The dividend yield during 2020 relates to options granted prior the Company’s Amended Credit Agreement which restricts the payment of dividends. See Note 13 - 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 and Deferred Compensation Plans (Stock Option Compensation - Table) (Details) - Stock options [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Intrinsic value of options exercised

$ 2,201

$ 7,929

$ 52,247

Cash received from option exercises, net of tax withholding

4,609

6,501

40,501

Fair value of stock options vested

16,468

18,136

34,316

Tax benefits for stock option compensation expense

^[1]

535

1,932

13,085

Unrecognized stock option expense

$ 3,014

Remaining weighted-average vesting period

1 year 3 months 18 days

Excess tax benefits for tax deductions related to the exercise of stock options

$ 300

$ 200

$ 8,000

[1]	Includes excess tax benefits for tax deductions related to the exercise of stock options of $0.3 million, $0.2 million and $8.0 million during 2020, 2019 and 2018, respectively.

Stock-based and Deferred Compensation Plans (Restricted Stock Activity) (Details) - Restricted stock units [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding as of December 29, 2019 (shares)	1,188
Granted (shares)	484
Vested (shares)	(492)
Forfeited (shares)	(146)
Outstanding as of December 27, 2020 (shares)	1,034	1,188
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding as of December 29, 2019 (per share)	$ 18.91
Granted (per share)	16.66
Vested (per share)	18.25
Forfeited (per share)	19.27
Outstanding as of December 27, 2020 (per share)	$ 18.12	$ 18.91

Stock-based and Deferred Compensation Plans (Restricted Stock Compensation) (Details) - Restricted stock units [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock vested	$ 8,973	$ 8,200	$ 9,705
Tax benefits for stock-based compensation expense	1,614	$ 1,672	$ 2,938
Unrecognized restricted stock expense	$ 11,437
Remaining weighted-average vesting period	1 year 9 months 18 days

Stock-based and Deferred Compensation Plans (PSU - Text) (Details)	12 Months Ended
	Dec. 27, 2020 shares
Common stock [Member] \| 2020 Omnubus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	9,464,074
Performance-based share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares that would be issued on vesting of stock units	1
Performance-based share units [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	0.00%
Performance-based share units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	200.00%

Stock-based and Deferred Compensation Plans (PSU Activity - Table) (Details) - Performance-based share units [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]

Outstanding as of December 29, 2019 (shares)

532

Granted (shares)

522

Vested (shares)

(291)

Forfeited (shares)

(90)

Outstanding as of December 27, 2020 (shares)

673

532

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Outstanding as of December 29, 2019 (per share)

$ 19.42

Granted (per share)

19.14

Vested (per share)

16.51

Forfeited (per share)

20.13

Outstanding as of December 27, 2020 (per share)

$ 20.37

$ 19.42

Tax benefits for stock-based compensation expense

$ 1,570

$ 857

$ 406

Unrecognized PSU expense

$ 7,601

Remaining weighted-average vesting period

^[1]

1 year 7 months 6 days

Vesting period

3 years

[1]	PSUs typically vest after three years.

Stock-based and Deferred Compensation Plans (Area Operations Directors, Managing, Operating and Chef Partner Programs) (Details) - USD ($) $ in Millions	Dec. 27, 2020	Dec. 29, 2019
Restaurant Managing and Chef Partners [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation liability, current and noncurrent	$ 28.1	$ 49.0

Stock-based and Deferred Compensation Plans (Other Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
401(k) plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, employer contribution costs	$ 5.5	$ 5.4	$ 5.3

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

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Dec. 31, 2017

Accounts, Notes, Loans and Financing Receivable [Line Items]

Prepaid expenses

$ 12,148

$ 20,218

Deferred gift card sales commissions

19,300

18,554

$ 16,431

$ 16,231

Assets held for sale

3,831

3,317

Other current assets, net

12,756

3,261

Total other current assets, net

151,518

186,462

Accounts receivable - gift cards, net [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts receivable - vendors, net [Member]

^[1]

76,808

104,591

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts receivable - franchisees, net [Member]

^[1]

8,886

13,465

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts receivable - other, net [Member]

^[1]

1,007

1,322

Accounts, Notes, Loans and Financing Receivable [Line Items]

Depreciation and amortization [Member]

^[1]

$ 16,782

$ 21,734

[1]	See Note 20 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

Property, Fixtures and Equipment, Net (PFE - Table) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (1,412,660)	$ (1,357,388)
Property, fixtures and equipment, net	887,687	1,036,077
Land [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	40,498	42,570
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	1,158,257	1,202,434
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	450,508	458,169
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	623,982	665,815
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	$ 27,102	$ 24,477

Property, Plant, and Equipment (Surplus Properties) (Details) $ in Thousands	Dec. 27, 2020 USD ($) property	Dec. 29, 2019 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Surplus properties, carrying value	$ 11,786	$ 21,505
Other Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of surplus properties owned \| property	12	20
Other current assets, net [Member] \| Assets held for sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Surplus properties, carrying value	$ 3,831	$ 3,317
Property, fixtures and equipment, net [Member] \| Other Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Surplus properties, carrying value	$ 7,955	$ 18,188

Property, Fixtures and Equipment, Net (Depreciation and Repairs - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 173,342	$ 188,190	$ 192,099
Repair and maintenance expense	$ 88,829	$ 106,943	$ 102,409

Goodwill and Intangible Assets, Net (Goodwill Rollforward - Table) (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jul. 01, 2018	Dec. 27, 2020	Dec. 29, 2019
Goodwill [Roll Forward]
Balance as of beginning of the year				$ 288,439,000	$ 295,427,000
Goodwill, translation adjustments				(15,302,000)	(6,988,000)
Impairment charges	$ 0	$ 0	$ 0	(1,973,000)
Balance as of end of the year				271,164,000	288,439,000
U.S. segment [Member]
Goodwill [Roll Forward]
Balance as of beginning of the year				170,657,000	170,657,000
Goodwill, translation adjustments				0	0
Impairment charges				0
Balance as of end of the year				170,657,000	170,657,000
International segment [Member]
Goodwill [Roll Forward]
Balance as of beginning of the year				117,782,000	124,770,000
Goodwill, translation adjustments				(15,302,000)	(6,988,000)
Impairment charges				(1,973,000)
Balance as of end of the year				$ 100,507,000	$ 117,782,000

Goodwill and Intangible Assets, Net (Gross Goodwill and Impairment - Table) (Details)	3 Months Ended			12 Months Ended
	Jun. 28, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jul. 01, 2018 USD ($)	Dec. 27, 2020 USD ($) restraurant_concept	Dec. 29, 2019 USD ($)	Dec. 30, 2018 USD ($)
Goodwill [Line Items]
Goodwill, gross				$ 1,059,217,000	$ 1,074,519,000	$ 1,081,507,000
Accumulated impairment losses				(788,053,000)	(786,080,000)	(786,080,000)
Goodwill, impairment loss	$ 0	$ 0	$ 0	1,973,000
U.S. segment [Member]
Goodwill [Line Items]
Goodwill, gross				838,827,000	838,827,000	838,827,000
Accumulated impairment losses				$ (668,170,000)	(668,170,000)	(668,170,000)
Number of reporting units \| restraurant_concept				4
Goodwill, impairment loss				$ 0
International segment [Member]
Goodwill [Line Items]
Goodwill, gross				220,390,000	235,692,000	242,680,000
Accumulated impairment losses				$ (119,883,000)	$ (117,910,000)	$ (117,910,000)
Number of reporting units \| restraurant_concept				3
Goodwill, impairment loss				$ 1,973,000
International segment [Member] \| Outback Hong Kong [Member]
Goodwill [Line Items]
Goodwill, impairment loss				$ 2,000,000.0

Goodwill and Intangible Assets, Net (Intangible Assets - Table) (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jul. 01, 2018	Dec. 27, 2020	Dec. 29, 2019
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization				$ (85,085,000)	$ (82,653,000)
Intangible assets, gross (excluding goodwill)				545,068,000	553,268,000
Intangible assets, net (excluding goodwill)				$ 459,983,000	470,615,000
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 0	$ 0	$ 0
Weighted average [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period				9 years
Trademarks [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross				$ 81,951,000	81,381,000
Finite-lived intangible assets, accumulated amortization				(51,797,000)	(47,882,000)
Finite-lived intangible assets, net				$ 30,154,000	33,499,000
Trademarks [Member] \| Weighted average [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period				8 years
Franchise agreements [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross				$ 14,881,000	14,881,000
Finite-lived intangible assets, accumulated amortization				(14,881,000)	(14,356,000)
Finite-lived intangible assets, net				$ 0	525,000
Franchise agreements [Member] \| Weighted average [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period				0 years
Reacquired franchise rights [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross				$ 33,520,000	42,390,000
Finite-lived intangible assets, accumulated amortization				(18,407,000)	(20,415,000)
Finite-lived intangible assets, net				$ 15,113,000	21,975,000
Reacquired franchise rights [Member] \| Weighted average [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period				10 years
Trade names [Member]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)				$ 414,716,000	$ 414,616,000

Goodwill and Intangible Assets, Net (Amortization Expense - Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Finite-lived Intangible Assets Amortization Expense [Line Items]

Amortization expense

^[1]

$ 6,919

$ 8,621

Depreciation and amortization & Other restaurant operating [Member]

Finite-lived Intangible Assets Amortization Expense [Line Items]

Amortization expense

^[1]

$ 13,377

[1]	Amortization expense is recorded in Depreciation and amortization for fiscal years 2020 and 2019 and Depreciation and amortization and Other restaurant operating expense for fiscal year 2018 in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

Goodwill and Intangible Assets, Net (Annual Amortization Expense - Table) (Details) $ in Thousands	Dec. 27, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense 2021	$ 5,955
Amortization expense 2022	5,900
Amortization expense 2023	5,830
Amortization expense 2024	5,695
Amortization expense 2025	$ 5,449

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

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Company-owned life insurance

^[1]

$ 44,814

$ 60,126

Deferred debt issuance costs

^[2]

4,694

4,893

Liquor licenses

24,250

24,289

Other assets

18,868

27,802

Other assets, net

92,626

117,110

Life insurance, corporate or bank owned, change in value

9,700

Accumulated amortization, deferred financing fees

$ 9,000

$ 6,800

[1]	During 2020, the Company withdrew $9.7 million from its Company-owned life insurance policies to pay deferred compensation obligations.
[2]	Net of accumulated amortization of $9.0 million and $6.8 million as of December 27, 2020 and December 29, 2019, respectively.

Accrued and Other Current Liabilities (Table) (Details) - USD ($)
$ in Thousands

Dec. 27, 2020

Dec. 29, 2019

Other Long-term Liabilities, Net [Line Items]

Accrued rent and current operating lease liability

$ 192,369

^[1]

$ 174,287

Accrued payroll and other compensation

79,291

101,090

Accrued insurance

20,648

20,500

Other current liabilities

96,013

95,574

Accrued and other liabilities, current

388,321

$ 391,451

Other Long-term Liabilities, Net [Line Items]

Accrued deferred rent

$ 12,800

[1]	Includes COVID-19-related deferred rent accruals of $12.8 million as of December 27, 2020.

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

2 Months Ended

12 Months Ended

Feb. 24, 2021

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

May 08, 2020

Finance lease liabilities

$ 2,405

$ 2,495

Less: unamortized debt discount and issuance costs

(67,704)

(2,654)

Less: finance lease interest

(221)

(187)

Total debt, net

1,036,480

1,048,704

Less: current portion of long-term debt

(38,710)

(26,411)

Long-term debt, net

997,770

1,022,293

Repayments of borrowings on revolving credit facility

657,000

671,300

$ 478,500

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

Repayments of borrowings on revolving credit facility

$ 92,000

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

872,000

1,049,000

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

Long-term debt, gross

$ 425,000

$ 450,000

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

^[1]

2.88%

3.40%

Revolving credit facility

$ 447,000

^[2]

$ 599,000

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

Convertible debt [Member] | 2025 Notes [Member]

^[1]

2.88%

3.44%

Long-term debt, gross

^[3]

$ 230,000

$ 0

Debt instrument, interest rate, stated percentage

13.73%

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 as of respective periods.
[2]	Subsequent to December 27, 2020, the Company made payments of $92.0 million on its revolving credit facility.
[3]	See Note 14 - Convertible Senior Notes for details regarding the convertible senior notes.

Long-term Debt, Net (Amended Credit Agreement - Text) (Details) - Secured debt [Member] - USD ($)	May 04, 2020	Nov. 30, 2017	Dec. 27, 2020
Senior Secured Credit Facility [Member]
Debt instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 1,500,000,000
Term loan A facility [Member] \| Base rate [Member] \| Maximum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Term loan A facility [Member] \| Base rate [Member] \| Minimum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Term loan A facility [Member] \| Eurocurrency rate [Member] \| Maximum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Term loan A facility [Member] \| Eurocurrency rate [Member] \| Minimum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Term loan A facility [Member] \| Senior Secured Credit Facility [Member]
Debt instrument [Line Items]
Debt instrument, face amount		$ 500,000,000.0
Revolving credit facility [Member]
Debt instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.40%
Letters of credit outstanding, amount			$ 19,300,000
Revolving credit facility [Member] \| Base rate [Member] \| Maximum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Revolving credit facility [Member] \| Base rate [Member] \| Minimum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Revolving credit facility [Member] \| Eurocurrency rate [Member] \| Maximum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Revolving credit facility [Member] \| Eurocurrency rate [Member] \| Minimum [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Revolving credit facility [Member] \| Senior Secured Credit Facility [Member]
Debt instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 1,000,000,000.0
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
Debt issuance costs			2,900,000
Amended Credit Agreement [Member] \| Long-term debt, net [Member]
Debt instrument [Line Items]
Debt issuance costs			$ 900,000
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] \| Base rate [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Amended Credit Agreement [Member] \| Eurocurrency rate [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Amended Credit Agreement [Member] \| Eurocurrency rate [Member] \| Minimum [Member]
Debt instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.00%
Letter of credit [Member]
Debt instrument [Line Items]
Letters of credit fee, percentage	2.75%
Credit Agreement [Member] \| Base Rate option 1 [Member]
Debt instrument [Line Items]
Variable rate description		prime rate of Wells Fargo, National Association
Credit Agreement [Member] \| Base Rate option 2 [Member]
Debt instrument [Line Items]
Variable rate description		federal funds effective rate
Credit Agreement [Member] \| Base rate option 3 [Member]
Debt instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Variable rate description		the Eurocurrency Rate with a one-month interest period
Credit Agreement [Member] \| Eurocurrency Rate option 1 [Member]
Debt instrument [Line Items]
Variable rate description		seven day Eurocurrency rate
Credit Agreement [Member] \| Eurocurrency Rate option 2 [Member]
Debt instrument [Line Items]
Variable rate description		30-day Eurocurrency rate
Credit Agreement [Member] \| Eurocurrency Rate option 3 [Member]
Debt instrument [Line Items]
Variable rate description		60-day Eurocurrency rate
Credit Agreement [Member] \| Eurocurrency Rate option 4 [Member]
Debt instrument [Line Items]
Variable rate description		90-day Eurocurrency rate
Credit Agreement [Member] \| Eurocurrency Rate option 5 [Member]
Debt instrument [Line Items]
Variable rate description		180-day Eurocurrency rate

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

12 Months Ended

Dec. 27, 2020

Debt covenants compliance, quarterly total net leverage ratio, initial 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 (Deferred Financing Fees) (Details) - Secured debt [Member] - Amended Credit Agreement [Member] $ in Millions	Dec. 27, 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

Long-term Debt, Net (Maturities - Tables) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Debt Disclosure [Abstract]
2021	$ 38,750
2022	835,053
2023	207
2024	178
2025	230,217
Thereafter	0
Total payments	1,104,405
Less: unamortized debt discount and issuance costs	(67,704)	$ (2,654)
Less: finance lease interest	(221)	(187)
Total debt, net	$ 1,036,480	$ 1,048,704

Long-term Debt, Net (Summary of Required Amortization Payments) (Details) $ in Thousands	Nov. 30, 2017 USD ($)
Term loan A facility [Member]
Debt instrument [Line Items]
Quarterly required amortization payments, period two	$ 9,375
Quarterly required amortization payments, period three	$ 12,500
Credit Agreement [Member] \| Secured debt [Member]
Debt instrument [Line Items]
Debt instrument, covenant, prepayment requirement, percentage of benchmark	50.00%

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

12 Months Ended

May 08, 2020

USD ($)

$ / shares

Dec. 27, 2020

USD ($)

day

May 12, 2020

USD ($)

Debt instrument, convertible, threshold percentage of stock price trigger

130.00%

Debt instrument, convertible, threshold trading days | day

Debt instrument, convertible, threshold consecutive trading days | day

Debt instrument, convertible, if-converted value

$ 366,600,000

Debt instrument, convertible, if-converted value in excess of principal

136,600,000

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%

^[1]

Long-term debt, maturity date

May 01, 2025

Debt instrument, convertible, conversion ratio

84.122

Debt instrument, convertible principal amount

$ 1,000

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

19,348

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

13.73%

[1]	See Note 14 - Convertible Senior Notes for details regarding the convertible senior notes.

Convertible Senior Notes (Schedule of Convertible Notes) (Details) - USD ($)

12 Months Ended

Dec. 27, 2020

May 12, 2020

May 08, 2020

Dec. 29, 2019

Convertible debt [Member] | 2025 Notes [Member]

Deferred tax assets, net

$ 153,883,000

$ 59,649,000

Convertible debt [Member] | 2025 Notes [Member] | Additional paid-in capital [Member]

Principal

230,000,000

$ 30,000,000.0

$ 200,000,000.0

Debt discount

^[1]

(59,862,000)

Debt issuance cost

^[1]

(5,427,000)

Net carrying amount

164,711,000

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 (Schedule of Interest) (Details) - Convertible debt [Member] - 2025 Notes [Member] - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Dec. 27, 2020
Debt instrument [Line Items]
Coupon interest				$ 7,443
Deferred discount amortization	$ 2,500	$ 2,400	$ 1,400	6,275
Deferred issuance cost amortization				569
Total interest expense				$ 14,287

Convertible Senior Notes (Convertible Notes Hedge Transactions) (Details) - Convertible debt [Member] - 2025 Notes [Member] - USD ($) $ / shares in Units, $ in Millions	May 08, 2020	Dec. 27, 2020
Debt instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights	$ 16.64	$ 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

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Accrued insurance liability

$ 32,128

$ 33,818

Chef and Restaurant Managing Partner deferred compensation obligations

32,306

47,831

Deferred payroll tax liabilities

55,204

^[1]

Other long-term liabilities

^[2]

65,717

56,411

Other long-term liabilities, net

185,355

$ 138,060

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

$ 8,900

[1]	Deferred payroll tax liabilities as allowed for in the Coronavirus, Aid, Relief and Economic Security Act. See Note 21 - Income Taxes for details.
[2]	The increase in Other long-term liabilities during 2020 primarily relates to $8.9 million of additional contingent lease liabilities subsequent to the adoption of ASU No. 2016-13. See Note 22 - Commitments and Contingencies for details regarding this increase.

Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 29, 2019	Dec. 30, 2018
Stockholders' Equity Note [Abstract]
Stock repurchased and retired during period, shares	5,469
Treasury stock acquired, average cost per share	$ 19.56
Stock repurchased and retired during period, value	$ 106,992	$ 106,992	$ 113,967

Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Stockholders' Equity Note [Abstract]
Common stock, dividends per share	$ 0	$ 0	$ 0	$ 0.20	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.20	$ 0.40
Dividends, common stock, cash	$ 0	$ 0	$ 0	$ 17,480	$ 8,693	$ 8,674	$ 9,227	$ 9,140	$ 17,480	$ 35,734	$ 33,312

Stockholders' Equity (Redeemable Preferred Stock-Text) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Accumulated other comprehensive loss [Line Items]
Payments for repurchase of redeemable preferred stock	$ 1,475	$ 0	$ 0
Redemption of preferred stock in excess of carrying value	1,718
Abbraccio [Member]
Accumulated other comprehensive loss [Line Items]
Payments for repurchase of redeemable preferred stock	1,000
Additional paid-in capital [Member]
Accumulated other comprehensive loss [Line Items]
Redemption of preferred stock in excess of carrying value	3,496
Additional paid-in capital [Member] \| Abbraccio [Member]
Accumulated other comprehensive loss [Line Items]
Redemption of preferred stock in excess of carrying value	$ 3,500

Stockholders' Equity (AOCL - Table) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (211,446)	$ (169,776)
Foreign currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	(188,883)	(152,031)
Unrealized loss on derivatives, net of tax [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (22,563)	$ (17,745)

Accumulated other comprehensive loss [Line Items]

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.

+ References + Details

Stockholders' Equity (OCL - Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Unrealized loss on derivatives, net of tax

$ (14,741)

$ (11,944)

$ (7,100)

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

9,923

1,805

120

Other comprehensive loss attributable to Bloomin' Brands

(42,334)

(26,764)

(43,112)

Parent [Member]

Accumulated other comprehensive loss [Line Items]

Foreign currency translation adjustment

(36,852)

(16,882)

(36,576)

Unrealized loss on derivatives, net of tax

^[1]

(14,741)

(11,944)

(7,100)

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

^[2]

9,923

1,805

120

Total unrealized loss on derivatives, net of tax

(4,818)

(10,139)

(6,980)

Other comprehensive loss attributable to Bloomin' Brands

(41,670)

(27,021)

(43,556)

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

$ (5,100)

$ (4,100)

$ (2,500)

[1]	Unrealized loss on derivatives is net of tax of $5.1 million, $4.1 million and $2.5 million for 2020, 2019 and 2018, respectively.
[2]	Reclassifications of adjustments for loss on derivatives are net of tax. See Note 17 - Derivative Instruments and Hedging Activities for discussion of the tax impact of reclassifications.

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

Interest rate derivative liabilities, at fair value

Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] $ in Millions			12 Months Ended
	Oct. 25, 2018 USD ($) counterparty	Sep. 09, 2014 USD ($) counterparty	Dec. 27, 2020 USD ($)
Derivative [Line Items]
Derivative, inception date		Sep. 09, 2014
Derivative agreements, number of counterparties \| counterparty	12	8
Derivative, notional amount	$ 550.0	$ 400.0
Derivative, maturity date	Nov. 30, 2022	May 16, 2019
Derivative, weighted-average fixed interest rate	3.04%	2.02%
Derivative, effective date	May 16, 2019
Interest expense [Member]
Derivative [Line Items]
Cash flow hedge loss to be reclassified within twelve months			$ 16.1
Minimum [Member]
Derivative [Line Items]
Derivative, inception date	Oct. 24, 2018
Maximum [Member]
Derivative [Line Items]
Derivative, inception date	Oct. 25, 2018
London Interbank Offered Rate (LIBOR) swap rate [Member]
Derivative [Line Items]
Derivative, description of terms	one-month LIBOR	30-day LIBOR

Derivative Instruments and Hedging Activities (Fair Value of Interest Rate Swaps - Table) (Details) - Interest rate swap [Member] - Designated as hedging instrument [Member] - USD ($)
$ in Thousands

Dec. 27, 2020

Dec. 29, 2019

Derivative [Line Items]

^[1]

$ 30,495

$ 24,009

Interest rate derivative liabilities, at fair value

Derivative [Line Items]

14,855

7,174

Accrued interest

1,237

632

Other long-term liabilities, net [Member]

Derivative [Line Items]

Interest rate derivative liabilities, at fair value

$ 15,640

$ 16,835

[1]	See Note 19 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Derivative Instruments and Hedging Activities (Effects of Interest Rate Swap) (Details) $ in Thousands	12 Months Ended
	Dec. 27, 2020 USD ($) counterparty	Dec. 29, 2019 USD ($)	Dec. 30, 2018 USD ($)
Derivative [Line Items]
Total effects of the interest rate swaps on Net (loss) income	$ (9,923)	$ (1,805)	$ (120)
Designated as hedging instrument [Member] \| Interest rate swap [Member]
Derivative [Line Items]
Total effects of the interest rate swaps on Net (loss) income	$ (9,923)	(1,805)	(120)
Number of derivatives with each counterparty \| counterparty	1
Derivative, net liability position, aggregate fair value	$ 32,200	24,800
Derivative, termination value	32,200	24,800
Designated as hedging instrument [Member] \| Interest rate swap [Member] \| Interest expense [Member]
Derivative [Line Items]
Interest rate swap expense recognized in Interest expense, net	(13,370)	(2,436)	(161)
Designated as hedging instrument [Member] \| Interest rate swap [Member] \| Income tax expense (benefit) [Member]
Derivative [Line Items]
Income tax benefit recognized in (Benefit) provision for income taxes	$ 3,447	$ 631	$ 41

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

Dec. 27, 2020

Dec. 29, 2019

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

Operating lease right-of-use assets

$ 1,172,910

$ 1,266,548

Total lease assets, net

1,174,857

1,268,584

Non-current operating lease liabilities

1,217,921

1,279,051

Total lease liability

1,395,641

1,453,225

Accumulated amortization

(2,300)

(1,300)

Accrued contingent percentage rent

2,700

2,400

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

Accrued deferred rent

12,800

Accrued rent, noncurrent

1,200

Operating lease, right-of-use-asset [Member]

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

Operating lease right-of-use assets

1,172,910

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]

1,947

2,036

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

Current operating lease liabilities

^[2]

176,791

171,866

Current portion of long-term debt [Member]

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

Current finance lease liabilities

1,210

1,361

Non-current operating lease liabilities [Member]

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

Non-current operating lease liabilities

1,216,666

^[3]

1,279,051

Long-term debt, net [Member]

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

Non-current finance lease liabilities

$ 974

$ 947

[1]	Net of accumulated amortization of $2.3 million and $1.3 million as December 27, 2020 and December 29, 2019, respectively.
[2]	Excludes COVID-19-related current deferred rent accruals of $12.8 million as of December 27, 2020 and accrued contingent percentage rent of $2.7 million and $2.4 million, as of December 27, 2020 and December 29, 2019, respectively.
[3]	Excludes COVID-19-related non-current deferred rent accruals of $1.2 million as of December 27, 2020.

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

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Schedule of Lease Costs [Line Items]

Operating leases

^[1]

$ 178,740

$ 181,397

Variable lease cost

(2,326)

^[2]

3,504

Amortization of leased assets

1,248

1,400

Interest on lease liabilities

160

264

Sublease revenue

^[3]

(3,121)

(6,542)

Lease costs, net

174,701

^[4]

180,023

Operating lease, lease income

500

2,200

Operating leases, rent expense

$ 185,400

Operating leases, rent expense, contingent rentals

4,500

Operating leases, income statement, sublease revenue

$ 5,600

General and administrative expense [Member]

Schedule of Lease Costs [Line Items]

Operating leases

13,800

14,600

Food and beverage costs [Member]

Schedule of Lease Costs [Line Items]

Operating leases

$ 1,300

[1]	Excludes rent expense for office facilities and Company-owned closed or subleased properties of $13.8 million and $14.6 million for 2020 and 2019, respectively, which is included in General and administrative expense and certain supply chain-related rent expenses of $1.3 million for 2020 and 2019, which is included in Food and beverage costs.
[2]	Includes COVID-19-related rent abatements for 2020, which are recognized as a reduction to variable rent expense in the month they occur.
[3]	Excludes rental income from Company-owned properties of $0.5 million and $2.2 million for 2020 and 2019, respectively.
[4]	During 2018, the Company recorded rent expense of $185.4 million, including variable rent expense of $4.5 million, and sublease revenue of $5.6 million.

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

Dec. 27, 2020

Dec. 29, 2019

Schedule of Future Minimum Lease Payments and Sublease Revenues [Line Items]

Operating lease, 2021

^[1],[2]

$ 196,616

Operating lease, 2022

^[1]

190,072

Operating lease, 2023

^[1]

185,500

Operating lease, 2024

^[1]

180,459

Operating lease, 2025

^[1]

168,937

Operating lease, thereafter

^[1]

1,588,417

Operating lease, total minimum lease payments

^[1],[3]

2,510,001

Operating lease, interest

^[1]

(1,102,560)

Operating lease liabilities

^[1]

1,407,441

1,202

517

209

184

184

Finance lease, thereafter

109

Finance lease, total minimum lease payments

2,405

$ 2,495

Less: finance lease interest

(221)

$ (187)

Finance lease liabilities

2,184

Sublease revenues, 2021

(5,832)

Sublease revenues, 2022

(5,714)

Sublease revenues, 2023

(5,576)

Sublease revenues, 2024

(5,351)

Sublease revenues, 2025

(5,055)

Sublease revenues, thereafter

(48,724)

Sublease revenues, total

(76,252)

Prepaid rent

6,400

Lessee, operating lease, option to extend amount

1,000,000

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

74,700

Schedule of Future Minimum Lease Payments and Sublease Revenues [Line Items]

Accrued deferred rent

12,800

Accrued rent, noncurrent

$ 1,200

[1]	Includes COVID-19-related current and non-current deferred rent accruals of $12.8 million and $1.2 million, respectively, as of December 27, 2020
[2]	Net of operating lease prepaid rent of $6.4 million.
[3]	Includes $1.0 billion related to lease renewal options that are reasonably certain of exercise and excludes $74.7 million of signed operating leases that have not yet commenced.

Leases (Lease Term and Discount Rate) (Details)

Dec. 27, 2020

Dec. 29, 2019

Leases [Abstract]

Operating lease, weighted average remaining lease term

^[1]

14 years

14 years 6 months

Finance lease, weighted average remaining lease term

^[1]

2 years 8 months 12 days

1 year 9 months 18 days

Operating lease, weighted average discount rate, percent

^[2]

8.54%

8.52%

Finance lease, weighted average discount rate, percent

^[2]

7.21%

9.01%

[1]	Includes lease renewal options that are reasonably certain of exercise.
[2]	Based on the Company’s incremental borrowing rate at lease commencement.

Leases (Other Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 177,961	$ 191,855

Leases (Schedule of Assets Lease to Third Parties) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Land [Member]
Schedule of Assets Leased to Third Parties [Line Items]
Property subject to or available for operating leases, gross	$ 9,341	$ 9,885
Buildings [Member]
Schedule of Assets Leased to Third Parties [Line Items]
Property subject to or available for operating leases, gross	10,172	12,823
Accumulated depreciation	(6,181)	(6,400)
Property subject to or available for operating leases, net	$ 3,991	$ 6,423

Leases (Sale-Leaseback Transactions) (Details) $ in Thousands	12 Months Ended
	Dec. 29, 2019 USD ($) location	Dec. 30, 2018 USD ($) location
Leases [Abstract]
Gross proceeds from sale-leaseback transactions \| $	$ 7,337	$ 17,294
Number of restaurant properties sold and leased back \| location	2	6

Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Thousands	Dec. 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	$ 32,326	$ 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	15,404	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	16,494	12,752
Restricted Cash and Cash Equivalents, Fair Value Disclosure	428	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	30,495	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	14,855	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	15,640	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	32,326	13,789
Liabilities, fair value disclosure	30,495	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	14,855	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	15,640	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	15,404	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	16,494	12,752
Restricted Cash and Cash Equivalents, Fair Value Disclosure	$ 428	$ 0

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

12 Months Ended

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

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

Assets held for sale [Member]

$ 74,823

$ 9,134

$ 26,799

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

Assets held for sale, impairment

123

315

5,276

Operating lease, right-of-use-asset [Member]

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

Operating lease assets, impairment

30,940

4,284

Property, fixtures and equipment, net [Member]

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

Fixed asset impairment

41,077

4,535

21,523

Goodwill and other assets [Member]

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]

2,683

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

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

101,608

12,561

15,054

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]

1,934

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

752

2,049

^[1]

8,590

^[1]

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

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

1,200

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

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

^[2]

6,597

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

Carrying value measurement [Member] | Operating lease, right-of-use-asset [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]

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

72,615

^[2]

6,357

^[2]

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

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

^[3]

26,311

3,915

6,464

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]

2,200

2,300

4,600

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]

24,085

1,587

1,889

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

^[4]

$ 748

$ 0

[1]	Carrying values measured using Level 3 inputs to estimate fair value totaled $1.2 million during 2020. All other assets were valued using Level 2 inputs. Third-party market appraisals or executed sales contracts (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.
[2]	Carrying values measured using Level 2 inputs to estimate fair value totaled $0.2 million during 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. Refer to Note 5 - Impairments, Exit Costs and Disposals for a more detailed discussion of impairments.
[3]	Carrying values measured using Level 2 inputs to estimate fair value totaled $2.2 million, $2.3 million and $4.6 million for 2020 2019 and 2018, respectively. 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 the fair value. Refer to Note 5 - Impairments, Exit Costs and Disposals for a more detailed discussion of impairments.
[4]	Other assets generally measured using the quoted market value of comparable assets (Level 2).

Fair Value Measures (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]	12 Months Ended
	Dec. 27, 2020
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%
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%

Fair Value Measurements (Fair Value of Financial Instruments - Table) (Details) - USD ($) $ in Thousands	Dec. 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	$ 412,250	$ 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	419,612	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	425,000	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	447,000	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	413,818	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		12 Months Ended
	Dec. 30, 2019	Dec. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning of period	$ 199	$ 199
Provision for expected credit losses		3,472
Charge-off of accounts		(594)
Allowance for expected credit losses, end of period		4,095
ASU No. 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Adjustment for adoption of ASU No. 2016-13	$ 1,000	$ 1,018

Income Taxes (Components of Income Before Provision - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Income Tax Disclosure [Abstract]
Domestic	$ (206,941)	$ 129,826	$ 109,965
Foreign	(32,580)	11,864	(9,660)
(Loss) income before (benefit) provision for income taxes	$ (239,521)	$ 141,690	$ 100,305

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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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Income Taxes (Provision (Benefit) for Income Taxes - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Current provision:
Federal	$ 2,606	$ 13,265	$ 11,089
State	2,301	9,696	6,763
Foreign	2,623	10,502	2,405
Current provision	7,530	33,463	20,257
Deferred (benefit) provision:
Federal	(66,498)	(21,407)	(28,772)
State	(12,527)	(1,986)	(1,335)
Foreign	(9,231)	(2,497)	617
Deferred (benefit) provision	(88,256)	(25,890)	(29,490)
(Benefit) provision for income taxes	$ (80,726)	$ 7,573	$ (9,233)

Income Taxes (Effective Income Tax Rate - Table) (Details)	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Income Tax Disclosure [Abstract]
Income taxes at federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	3.30%	4.40%	5.50%
Employment-related credits, net	9.90%	(24.70%)	(34.60%)
Foreign tax rate differential	1.10%	3.20%	(0.70%)
Net life insurance expense (benefit)	0.30%	(0.70%)	0.60%
Enhanced charitable contributions deduction	0.10%	(0.60%)	(1.30%)
Nondeductible expenses	(1.40%)	3.90%	5.00%
Net changes in deferred tax valuation allowances	(0.60%)	(1.60%)	3.90%
Domestic manufacturing deduction	0.00%	0.00%	(0.30%)
Cumulative effect of the Tax Cuts and Jobs Act	0	0	0.002
Noncontrolling interests	0.00%	(0.60%)	(0.90%)
Excess tax benefits from stock-based compensation arrangements	0.00%	(0.30%)	(7.10%)
Other, net	0.00%	1.30%	(0.50%)
Total	33.70%	5.30%	(9.20%)

Income Taxes (Blended Rate - Narrative) (Details)	12 Months Ended
Income Taxes (Blended Rate - Narrative) (Details)	Dec. 27, 2020
Income Tax Disclosure [Abstract]
Blended federal and state statutory income tax rate	26.00%

Income Taxes (Deferred Tax Assets and Liabilities - Table) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Deferred income tax assets:
Operating lease liabilities	$ 360,690	$ 378,518
Insurance reserves	13,695	13,722
Unearned revenue	44,039	22,230
Deferred compensation	32,779	27,222
Net operating loss carryforwards	19,285	9,876
Federal tax credit carryforwards	142,055	115,273
Partner deposits and accrued partner obligations	3,403	4,449
Other, net	24,838	13,706
Gross deferred income tax assets	640,784	584,996
Less: valuation allowance	(18,509)	(14,922)
Deferred income tax assets, net of valuation allowance	622,275	570,074
Deferred income tax liabilities:
Less: operating lease right-of-use asset basis differences	(300,387)	(326,166)
Less: property, fixtures and equipment basis differences	(54,725)	(65,404)
Less: intangible asset basis differences	(113,280)	(118,855)
Deferred income tax assets, net	$ 153,883	$ 59,649

Income Taxes (Undistributed Earnings - Text) (Details) $ in Millions	Dec. 27, 2020 USD ($)
Income Taxes [Line Items]
Undistributed earnings of foreign subsidiaries	$ 40.2
Tax Act [Member]
Income Taxes [Line Items]
Deferred tax liabilities, undistributed foreign earnings	$ 0.2

Income Taxes (Tax Carryforwards - Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 26, 2021

Dec. 27, 2020

Dec. 29, 2019

Federal tax credit carryforwards

$ 142,055

$ 115,273

Foreign loss carryforwards

^[1]

73,082

Foreign tax credit carryforwards

864

Internal Revenue Service (IRS) [Member]

Federal tax credit carryforwards

158,279

General business tax credit carryforwards

$ 155,300

Internal Revenue Service (IRS) [Member] | Minimum [Member] | Scenario, forecast [Member]

General business tax credits, estimated future tax credits

$ 30,000

Internal Revenue Service (IRS) [Member] | Maximum [Member]

General business tax credits, estimated period of use

10 years

Internal Revenue Service (IRS) [Member] | Maximum [Member] | Scenario, forecast [Member]

General business tax credits, estimated future tax credits

$ 40,000

[1]	The Company has a valuation allowance against the foreign loss carryforwards for which it has determined it is more likely than not that some portion or all may not be realized.

Income Taxes (Unrecognized Tax Benefits - Text) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 25,524	$ 27,201	$ 25,190	$ 23,663
Portion of unrecognized tax benefits, including accrued interest and penalties, that if recognized, would impact the effective tax rate	25,500	27,000
Unrecognized tax benefits, income tax penalties and interest accrued	1,900	1,900
Unrecognized tax benefits, increase resulting from prior period tax positions	1,061	$ 869	$ 2,461
Minimum [Member]
Income Tax Contingency [Line Items]
Unrecognized tax benefits, increase resulting from prior period tax positions	1,000
Maximum [Member]
Income Tax Contingency [Line Items]
Unrecognized tax benefits, increase resulting from prior period tax positions	$ 2,000

Income Taxes (Unrecognized Tax Benefits - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance as of beginning of year	$ 27,201	$ 25,190	$ 23,663
Additions for tax positions taken during a prior period	1,061	869	2,461
Reductions for tax positions taken during a prior period	(324)	(255)	(826)
Additions for tax positions taken during the current period	762	2,237	2,017
Settlements with taxing authorities	(1,290)	(44)	(682)
Lapses in the applicable statutes of limitations	(1,857)	(749)	(1,390)
Translation adjustments	(29)	(47)	(53)
Balance as of end of year	$ 25,524	$ 27,201	$ 25,190

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

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2020

USD ($)

Sep. 27, 2020

location

Dec. 27, 2020

USD ($)

Guarantor Obligations [Line Items]

Number of contingent leases with notice of default | location

Property lease guarantee [Member]

Guarantor Obligations [Line Items]

Lease guarantees, maximum exposure, undiscounted

$ 26,700

Lease guarantees, maximum exposure at present value

20,700

Lease guarantees, current carrying value

9,600

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

Guarantor Obligations [Line Items]

Increase in lease guarantee contingent liabilities

$ 4,200

$ 4,188

^[1]

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

Commitments and Contingencies (Purchase Obligations - Text) (Details) $ in Millions	12 Months Ended
	Dec. 27, 2020 USD ($) supplier	Dec. 29, 2019 USD ($)
Concentration Risk [Line Items]
Purchase obligations \| $	$ 230.6	$ 312.0
Long-term purchase commitment, period	5 years
Number of primary beef suppliers \| supplier	4
Beef [Member] \| Supplier concentration risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	97.00%
Minimum [Member]
Concentration Risk [Line Items]
Percentage of marketplace	80.00%

Commitments and Contingencies (Litigation and Other Matters - Text) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Litigation liability	$ 4.6	$ 3.0
Litigation settlement expense	$ 2.3	$ 1.3	$ 1.6

Commitments and Contingencies (Insurance, Future Payments) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Commitments and Contingencies Disclosure [Abstract]
2021	$ 20,669
2022	10,537
2023	6,354
2024	3,440
2025	1,962
Thereafter	10,255
Total	$ 53,217	$ 56,953

Commitments and Contingencies (Undiscounted Reserves to the Discounted Reserves) (Details) - USD ($)
$ in Thousands

Dec. 27, 2020

Dec. 29, 2019

Insurance [Line Items]

Undiscounted reserves

$ 53,217

$ 56,953

Discount

^[1]

(441)

(2,635)

Discounted reserves

$ 52,776

$ 54,318

Discount rate

0.26%

1.61%

Self insurance reserve, current

Insurance [Line Items]

$ 20,648

$ 20,500

Other long-term liabilities, net [Member]

Insurance [Line Items]

Self insurance reserve, noncurrent

$ 32,128

$ 33,818

[1]	Discount rates of 0.26% and 1.61% were used for December 27, 2020 and December 29, 2019, respectively.

Segment Reporting (Text) (Details) $ in Millions	12 Months Ended
Segment Reporting (Text) (Details) $ in Millions	Dec. 27, 2020 USD ($) reportable_segment
Restructuring Cost and Reserve [Line Items]
Number of reportable segments \| reportable_segment	2
Corporate [Member] \| General and administrative expense [Member] \| Employee severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges \| $	$ 32.4

Segment Reporting (Revenue by Segment - Table) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Restaurant sales, franchise and other revenues	$ 812,505	$ 771,260	$ 578,459	$ 1,008,337	$ 1,022,184	$ 967,144	$ 1,021,930	$ 1,128,131	$ 3,170,561	$ 4,139,389	$ 4,126,413
U.S. segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Restaurant sales, franchise and other revenues									2,885,542	3,687,918	3,687,239
International segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Restaurant sales, franchise and other revenues									$ 285,019	$ 451,471	$ 439,174

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Segment Reporting (Income from Operations Reconciliation - Table) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 27, 2020

^[1]

Sep. 27, 2020

^[1]

Jun. 28, 2020

^[1]

Mar. 29, 2020

^[1]

Dec. 29, 2019

^[2]

Sep. 29, 2019

^[2]

Jun. 30, 2019

^[2]

Mar. 31, 2019

^[2]

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

Loss on modification of debt

$ (7,238)

$ (14,255)

$ (111,912)

$ (41,568)

$ 43,178

$ 21,958

$ 43,460

$ 82,494

$ (174,973)

$ 191,090

$ 145,253

(237)

Other income (expense), net

131

(143)

(11)

Interest expense, net

(64,442)

(49,257)

(44,937)

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

(239,521)

141,690

100,305

Operating segments [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating segments [Member] | U.S. segment [Member]

(15,109)

356,094

310,960

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating segments [Member] | International segment [Member]

(1,630)

311,666

288,959

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(13,479)

44,428

22,001

Corporate [Member]

$ (159,864)

$ (165,004)

$ (165,707)

[1]

Loss from operations in the first, second, third and fourth quarters include expense of $69.1 million, $32.8 million, $4.2 million and $18.2 million, respectively, for impairments and closure charges, primarily in connection with the COVID-19 pandemic, and severance and other costs related to transformational and restructuring activities. Net loss in the second, third and fourth quarters include expense of $1.4 million, $2.4 million and $2.5 million, respectively, for amortization of the debt discount related to the issuance of the 2025 Notes.

[2]

Income from operations in the first, second, third and fourth quarters include expense of $6.0 million, $3.7 million, $3.9 million and $4.0 million, respectively, for impairments, closure charges and severance related to certain restructuring activities and the relocation of certain restaurants. Income from operations in the third and fourth quarters also include $3.8 million of gains related to the sale of certain surplus properties and $6.0 million of benefit from the recognition of certain value-added tax credits in Brazil, respectively.

Segment Reporting (Depreciation and Amortization by Segment - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	$ 180,261	$ 196,811	$ 201,593
Corporate [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	12,240	16,439	16,982
U.S. segment [Member] \| Operating segments [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	144,298	152,881	158,307
International segment [Member] \| Operating segments [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	$ 23,723	$ 27,491	$ 26,304

Segment Reporting (Capital Expenditures by Segment - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures	$ 87,842	$ 161,926	$ 208,224
Corporate [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures	5,936	8,885	11,754
Operating segments [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures	88,994	159,027	210,923
U.S. segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures	64,516	121,646	162,207
International segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures	$ 18,542	$ 28,496	$ 36,962

Segment Reporting (Total Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,362,107	$ 3,592,683
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	279,007	188,544
U.S. segment [Member] \| Operating segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,672,778	2,941,831
International segment [Member] \| Operating segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 410,322	$ 462,308

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Segment Reporting (Long-lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Segment reporting information [Line Items]
Long-lived assets	$ 980,313	$ 1,153,187
U.S. segment [Member]
Segment reporting information [Line Items]
Long-lived assets	879,392	1,023,146
Brazil [Member]
Segment reporting information [Line Items]
Long-lived assets	83,041	113,795
International - Other [Member]
Segment reporting information [Line Items]
Long-lived assets	$ 17,880	$ 16,246

Segment Reporting (Revenues by Geographic Area) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Segment reporting information [Line Items]
Restaurant sales, franchise and other revenues	$ 812,505	$ 771,260	$ 578,459	$ 1,008,337	$ 1,022,184	$ 967,144	$ 1,021,930	$ 1,128,131	$ 3,170,561	$ 4,139,389	$ 4,126,413
U.S. segment [Member]
Segment reporting information [Line Items]
Restaurant sales, franchise and other revenues									2,885,542	3,687,918	3,687,239
Brazil [Member]
Segment reporting information [Line Items]
Restaurant sales, franchise and other revenues									222,283	393,700	376,317
International - Other [Member]
Segment reporting information [Line Items]
Restaurant sales, franchise and other revenues									$ 62,736	$ 57,771	$ 62,857

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 27, 2020

Sep. 27, 2020

Jun. 28, 2020

Mar. 29, 2020

Dec. 29, 2019

Sep. 29, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 27, 2020

Dec. 29, 2019

Dec. 30, 2018

$ 812,505

$ 771,260

$ 578,459

$ 1,008,337

$ 1,022,184

$ 967,144

$ 1,021,930

$ 1,128,131

$ 3,170,561

$ 4,139,389

$ 4,126,413

(7,238)

^[1]

(14,255)

^[1]

(111,912)

^[1]

(41,568)

^[1]

43,178

^[2]

21,958

^[2]

43,460

^[2]

82,494

^[2]

(174,973)

191,090

145,253

Net (loss) income attributable to common stockholders (Bloomin' Brands)

$ (14,175)

^[1]

$ (17,778)

^[1]

$ (92,428)

^[1]

$ (34,414)

$ 29,286

$ 9,373

$ 29,809

$ 65,649

(158,795)

134,117

109,538

$ (158,715)

$ 130,573

$ 107,098

Earnings (loss) per share:

Basic (in dollars per share)

$ (0.16)

$ (0.20)

$ (1.05)

$ (0.44)

$ 0.32

$ 0.11

$ 0.32

$ 0.70

Diluted (in dollars per share)

$ (0.16)

$ (0.20)

$ (1.05)

$ (0.44)

$ 0.32

$ 0.11

$ 0.32

$ 0.69

[1]

[2]

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.