0001546417-21-000089 | 10-Q | XBRL Viewer

Other restaurant operating

$ 1,077,366

$ 578,459

$ 2,064,839

$ 1,586,796

Costs and expenses

Food and beverage costs

312,102

180,758

603,972

500,451

Labor and other related

294,999

205,537

569,637

514,806

233,450

177,846

462,743

424,401

Depreciation and amortization

40,539

45,784

81,765

94,052

General and administrative

66,462

55,487

123,710

140,289

Provision for impaired assets and restaurant closings

5,177

24,959

7,377

66,277

Total costs and expenses

952,729

690,371

1,849,204

1,740,276

Loss on extinguishment and modification of debt

124,637

(111,912)

215,635

(153,480)

(2,073)

(237)

(2,073)

(237)

Other income (expense), net

581

(212)

Interest expense, net

(14,990)

(16,639)

(29,618)

(28,347)

Income (loss) before provision (benefit) for income taxes

107,574

(128,207)

183,965

(182,276)

Provision (benefit) for income taxes

22,688

(35,779)

29,281

(55,434)

Less: net income (loss) attributable to noncontrolling interests

84,886

(92,428)

154,684

(126,842)

2,341

(172)

3,277

Net income (loss) attributable to Bloomin’ Brands

82,545

(92,256)

151,407

(126,867)

Redemption of preferred stock in excess of carrying value

(3,496)

^[1]

Net income (loss) attributable to common stockholders

82,545

(92,256)

151,407

(130,363)

Other comprehensive income (loss):

Foreign currency translation adjustment

10,015

(29,146)

3,440

(37,107)

Unrealized loss on derivatives, net of tax

(128)

(1,556)

(170)

(14,892)

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

1,514

2,585

4,517

3,981

Amortization of terminated interest rate swaps, net of tax

1,471

Comprehensive income (loss)

97,758

(120,545)

163,942

(174,860)

Less: comprehensive income (loss) attributable to noncontrolling interests

2,341

(172)

3,277

(639)

Comprehensive income (loss) attributable to Bloomin’ Brands

$ 95,417

$ (120,373)

$ 160,665

$ (174,221)

Earnings (loss) per share attributable to common stockholders:

Basic (in USD per share)

$ 0.93

$ (1.05)

$ 1.71

$ (1.49)

Diluted (in USD per share)

$ 0.75

$ (1.05)

$ 1.38

$ (1.49)

Weighted average common shares outstanding:

Basic (in shares)

89,075

87,496

88,721

87,312

Diluted (in shares)

109,805

87,496

110,223

87,312

Restaurant sales

Revenues

Franchise and other revenues

$ 1,055,227

$ 576,261

$ 2,034,678

$ 1,572,498

Revenues

Balance at beginning of period (in shares) at Dec. 29, 2019

$ 22,139

$ 2,198

$ 30,161

$ 14,298

[1]

Consideration paid in excess of carrying value for the redemption of preferred stock is considered a deemed dividend and, for purposes of calculating earnings per share, reduces net income attributable to common stockholders for the twenty-six weeks ended June 28, 2020. See Note 12 - Stockholders’ Equity for additional details.

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

Total

Cumulative-effect from a change in accounting principle

Common stock

Additional paid-in capital

Cumulative-effect from a change in accounting principle

Accumulated deficit

Cumulative-effect from a change in accounting principle

Accumulated other comprehensive loss

Non-controlling interests

86,946,000

Balance at beginning of period 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]

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

(3,500)

Balance at end of period (in shares) at Mar. 29, 2020

87,417,000

Balance at end of period at Mar. 29, 2020

100,143

$ 874

1,074,081

(793,992)

(189,013)

8,193

Balance at beginning of period (in shares) at Dec. 29, 2019

86,946,000

Balance at beginning of period 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]

Accounting Standards Update [Extensible Enumeration]

ASU No. 2016-13

$ (126,842)

(126,867)

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

$ (48,018)

(47,871)

(147)

$ 0.20

Cash dividends declared, per common share

$ (17,480)

(17,480)

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

8,360

(1,718)

(3,496)

517

1,261

^[1]

588,000

Purchase of noncontrolling interests

^[1]

(2,862)

$ 6

(2,868)

(57)

(58)

(338)

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

147

650

Equity component value of convertible note issuance, net

64,367

Sale of common stock warrant

46,690

Purchase of convertible note hedge

(66,240)

Balance at end of period (in shares) at Jun. 28, 2020

87,534,000

Balance at end of period at Jun. 28, 2020

29,198

$ 875

1,123,613

(886,248)

(217,130)

8,088

Balance at beginning of period (in shares) at Mar. 29, 2020

87,417,000

Balance at beginning of period at Mar. 29, 2020

100,143

$ 874

1,074,081

(793,992)

(189,013)

8,193

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

(92,428)

(92,256)

(172)

(28,117)

5,071

^[1]

117,000

^[1]

(355)

$ 1

(356)

(27)

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

650

Equity component value of convertible note issuance, net

64,367

Sale of common stock warrant

46,690

Purchase of convertible note hedge

(66,240)

Balance at end of period (in shares) at Jun. 28, 2020

87,534,000

Balance at end of period at Jun. 28, 2020

$ 29,198

$ 875

1,123,613

(886,248)

(217,130)

8,088

Balance at beginning of period (in shares) at Dec. 27, 2020

87,855,571

87,856,000

Balance at beginning of period at Dec. 27, 2020

$ 10,957

$ (42,953)

$ 879

1,132,808

$ (47,323)

(918,096)

$ 4,370

(211,446)

6,812

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

Accounting Standards Update [Extensible Enumeration]

Accounting standards update 2020-06

$ 154,684

151,407

3,277

9,258

14,507

^[1]

1,355,000

^[1]

9,925

$ 13

9,912

(4,141)

Balance at end of period (in shares) at Jun. 27, 2021

$ 670

670

89,210,729

89,211,000

Balance at end of period at Jun. 27, 2021

$ 152,907

$ 892

1,109,904

(762,319)

(202,188)

6,618

Balance at beginning of period (in shares) at Mar. 28, 2021

88,855,000

Balance at beginning of period at Mar. 28, 2021

45,405

$ 889

1,097,639

(844,864)

(215,060)

6,801

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

84,886

82,545

2,341

12,872

9,781

^[1]

356,000

^[1]

2,487

$ 3

2,484

(2,683)

Balance at end of period (in shares) at Jun. 27, 2021

$ 159

159

89,210,729

89,211,000

Balance at end of period at Jun. 27, 2021

$ 152,907

$ 892

$ 1,109,904

$ (762,319)

$ (202,188)

$ 6,618

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 154,684	$ (126,842)
Adjustments to reconcile Net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	81,765	94,052
Amortization of debt discounts and issuance costs	2,396	2,966
Amortization of deferred gift card sales commissions	14,436	11,592
Provision for impaired assets and restaurant closings	7,377	66,277
Amortization of unrealized loss on terminated interest rate swaps	1,981	0
Non-cash operating lease costs	38,073	36,230
Provision for expected credit losses and contingent lease liabilities	937	7,447
Inventory obsolescence and spoilage	0	6,413
Stock-based and other non-cash compensation expense	14,507	8,360
Deferred income tax expense (benefit)	10,300	(58,578)
(Gain) loss on disposal of property, fixtures and equipment	(709)	1,014
Other, net	502	(991)
Change in assets and liabilities	(43,067)	(51,253)
Net cash provided by (used in) operating activities	283,182	(3,313)
Cash flows used in investing activities:
Proceeds from disposal of property, fixtures and equipment	4,828	422
Capital expenditures	(51,398)	(53,205)
Other investments, net	3,945	4,782
Net cash used in investing activities	(42,625)	(48,001)
Cash flows (used in) provided by financing activities:
Proceeds from issuance of long-term debt	200,000	0
Repayments of long-term debt and finance lease obligations	(425,564)	(13,242)
Proceeds from borrowings on revolving credit facilities, net	286,000	505,000
Repayments of borrowings on revolving credit facilities	(599,000)	(489,000)
Financing fees	(5,868)	(3,096)
Proceeds from issuance of senior notes	300,000	0
Proceeds from issuance of convertible senior notes	0	230,000
Proceeds from issuance of warrants	0	46,690
Purchase of convertible note hedge	0	(66,240)
Issuance costs related to senior notes	(5,546)	(8,416)
Proceeds (payments of taxes) from share-based compensation, net	9,925	(2,862)
Distributions to noncontrolling interests	(4,141)	(338)
Contributions from noncontrolling interests	670	147
Purchase of limited partnership and noncontrolling interests	0	(57)
Payments for partner equity plan	(4,494)	(9,976)
Cash dividends paid on common stock	0	(17,480)
Redemption of subsidiary preferred stock	0	(1,475)
Net cash (used in) provided by financing activities	(248,018)	169,655
Effect of exchange rate changes on cash and cash equivalents	128	(2,955)
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,333)	115,386
Cash, cash equivalents and restricted cash as of the beginning of the period	110,408	67,145
Cash, cash equivalents and restricted cash as of the end of the period	103,075	182,531
Supplemental disclosures of cash flow information:
Cash paid for interest	23,748	23,595
Cash paid for income taxes, net of refunds	11,883	5,287
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	28,261	13,549
Leased assets obtained in exchange for new finance lease liabilities	48	538
Decrease in liabilities from the acquisition of property, fixtures and equipment	$ (203)	$ (9,666)

Description of the Business and Basis of Presentation

6 Months Ended

Jun. 27, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 27, 2020.

Recently Adopted Financial Accounting Standards - 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,” (“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 permitted for convertible instruments. 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
Reversal of separated equity component, net of tax	Additional paid-in capital	$	(47.3)

After adopting ASU No. 2020-06, the Company’s convertible senior notes due 2025 (the “2025 Notes”) are 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 2025 Notes.

In February 2021, the Company made an irrevocable election under the indenture to require the principal portion of its 2025 Notes to be settled in cash and any excess in shares. Following the irrevocable notice, only the amounts expected to be settled in excess of the principal will be considered in diluted earnings per share under the if-converted method.

Recently Issued Financial Accounting Standards Not Yet Adopted - Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

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

6 Months Ended

Jun. 27, 2021

COVID-19 Impact [Abstract]

COVID-19 Charges

In March 2020, the Company temporarily closed all restaurant dining rooms in the U.S. to comply with state and local regulations in response to the COVID-19 pandemic (“COVID-19”). Following is a summary of charges recorded in connection with the COVID-19 pandemic for the periods indicated (dollars in thousands):


CHARGES	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
		JUNE 28, 2020		JUNE 28, 2020
Inventory obsolescence and spoilage (1)	Food and beverage costs	$	1,163	$	7,345

Compensation for idle employees (2)	Labor and other related	11,388		27,574
Other operating charges	Other restaurant operating	2,467		2,467
Lease guarantee contingent liabilities (3)	General and administrative	—		4,188
Allowance for expected credit losses (4)	General and administrative	—		3,334
Other charges	General and administrative	1,216		1,789
Right-of-use asset impairment (5)	Provision for impaired assets and restaurant closings	5,273		25,757
Fixed asset impairment (5)	Provision for impaired assets and restaurant closings	19,611		31,339
Goodwill and other impairment (6)	Provision for impaired assets and restaurant closings	611		2,999

		$	41,729	$	106,792

________________

(1)Includes the write-off of value-added tax credits during the twenty-six weeks ended June 28, 2020 related to the purchase of inventory by the Company’s Brazil subsidiary.

(2)Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $13.7 million of employee retention tax credits earned during the thirteen and twenty-six weeks ended June 28, 2020.

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

(5)Includes impairments resulting from the remeasurement of assets utilizing projected future cash flows revised for then current economic conditions, restructuring charges and the closure of certain restaurants.

(6)Includes impairment of goodwill for the Company’s Hong Kong subsidiary during the twenty-six weeks ended June 28, 2020.

Revenue Recognition

6 Months Ended

Jun. 27, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Revenues
Restaurant sales	$	1,055,227	$	576,261	$	2,034,678	$	1,572,498
Franchise and other revenues
Franchise revenue	12,221		1,951		19,010		11,500
Other revenues (1)	9,918		247		11,151		2,798
Total Franchise and other revenues	22,139		2,198		30,161		14,298
Total revenues	$	1,077,366	$	578,459	$	2,064,839	$	1,586,796

________________

(1)During the thirteen and twenty-six weeks ended June 27, 2021, the Company recognized $6.3 million of other revenues in connection with favorable court rulings in Brazil regarding the calculation methodology and taxable base of Program of Social Integration (“PIS”) and Contribution for the Financing of Social Security (“COFINS”) taxes. The amount recognized as a result of the favorable court rulings primarily represents refundable PIS and COFINS taxes for prior years, including accrued interest, and will be recovered by offsetting future PIS and COFINS taxes due.

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


	THIRTEEN WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	579,096	$	8,418	$	346,553	$	136
Carrabba’s Italian Grill	171,408		665		93,738		7
Bonefish Grill	149,036		174		63,744		4
Fleming’s Prime Steakhouse & Wine Bar	88,101		—		31,156		—
Other	2,652		—		1,576		—
U.S. total	990,293		9,257		536,767		147
International
Outback Steakhouse Brazil	43,310		—		24,003		—
Other (1)	21,624		2,964		15,491		1,804
International total	64,934		2,964		39,494		1,804
Total	$	1,055,227	$	12,221	$	576,261	$	1,951

	TWENTY-SIX WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,126,291	$	11,374	$	877,238	$	6,677
Carrabba’s Italian Grill	329,094		1,282		240,613		468
Bonefish Grill	276,010		304		198,816		140
Fleming’s Prime Steakhouse & Wine Bar	154,412		—		102,116		—
Other	4,545		—		2,873		—
U.S. total	1,890,352		12,960		1,421,656		7,285
International
Outback Steakhouse Brazil	104,158		—		115,593		—
Other (1)	40,168		6,050		35,249		4,215
International total	144,326		6,050		150,842		4,215
Total	$	2,034,678	$	19,010	$	1,572,498	$	11,500

________________

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

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Other current assets, net
Deferred gift card sales commissions	$	12,548	$	19,300

Unearned revenue
Deferred gift card revenue	$	293,955	$	373,048
Deferred loyalty revenue	8,604		8,099
Deferred franchise fees - current	437		469

Total Unearned revenue	$	302,996	$	381,616

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,174	$	4,301

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Balance, beginning of period	$	13,502	$	13,049	$	19,300	$	18,554
Deferred gift card sales commissions amortization	(5,711)		(2,502)		(14,436)		(11,592)
Deferred gift card sales commissions capitalization	5,297		3,142		8,796		7,466
Other	(540)		(65)		(1,112)		(804)
Balance, end of period	$	12,548	$	13,624	$	12,548	$	13,624

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Balance, beginning of period	$	306,075	$	277,518	$	373,048	$	358,757
Gift card sales	63,921		41,649		108,090		100,088
Gift card redemptions	(71,859)		(37,404)		(176,799)		(170,585)
Gift card breakage	(4,182)		(1,790)		(10,384)		(8,287)
Balance, end of period	$	293,955	$	279,973	$	293,955	$	279,973

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.

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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Impairments, Exit Costs and Disposals [Abstract]

Impairments and Exit Costs

6 Months Ended

Jun. 27, 2021

Impairments and Exit Costs

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Impairment losses
U.S. (1)	$	5,768	$	23,741	$	7,174	$	54,713
International (1)(2)	(555)		296		152		3,468
Corporate (3)	209		(119)		238		6,161
Total impairment losses	5,422		23,918		7,564		64,342
Restaurant closure charges
U.S. (1)	(92)		1,041		(34)		1,762
International (1)	(153)		—		(153)		173
Total restaurant closure charges	(245)		1,041		(187)		1,935
Provision for impaired assets and restaurant closings	$	5,177	$	24,959	$	7,377	$	66,277

________________

(1)U.S. and international impairment and closure charges for the thirteen and twenty-six weeks ended June 28, 2020 primarily relate to the COVID-19 pandemic, including charges related to the COVID-19 Restructuring discussed below. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.

(2)Includes goodwill impairment charges of $2.0 million during the twenty-six weeks ended June 28, 2020.

(3)Corporate impairment charges for the twenty-six weeks ended June 28, 2020 primarily relate to transformational initiatives.

COVID-19 Restructuring - During the thirteen and twenty-six weeks ended June 28, 2020, the Company recognized pre-tax asset impairments and closure charges in connection with the closure of 22 restaurants and from the update of certain cash flow assumptions, including lease renewal considerations (the “COVID-19 Restructuring”). Following is a summary of the COVID-19 Restructuring charges recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated (dollars in thousands):

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION

THIRTEEN AND TWENTY-SIX WEEKS ENDED

DESCRIPTION

JUNE 28, 2020

Property, fixtures and equipment impairments

Provision for impaired assets and restaurant closings

16,932

Lease right-of-use asset impairments and closing costs

Provision for impaired assets and restaurant closings

3,920

Severance and other expenses

General and administrative

1,160

22,012

The remaining impairment and closure charges during the periods presented resulted primarily from locations identified for relocation or closure.

Annual Goodwill and Intangible Asset Impairment Assessment - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during its second fiscal quarter. The Company’s 2021 assessment was qualitative and its 2020 assessment was quantitative. In connection with these assessments, the Company did not record any impairment charges.

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:


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021
Balance, beginning of the period	$	12,879

Cash payments	(2,239)
Accretion	488
Adjustments	(790)
Balance, end of the period (1)	$	10,338

________________

(1)As of June 27, 2021, the Company had exit-related accruals related to certain closure and restructuring initiatives of $3.6 million recorded in Accrued and other current liabilities and $6.7 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Earnings (Loss) Per Share

6 Months Ended

Jun. 27, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The dilutive effect of the 2025 Notes is calculated using the if-converted method which was required upon the Company’s adoption of ASU No. 2020-06. To the extent the Company has the ability to settle its 2025 Notes in shares of its common stock, the principal and conversion spread on the 2025 Notes will have a dilutive impact on diluted earnings per share when the average market price of the Company’s common stock for a given period exceeds the conversion price of $11.89 per share of common stock. In February 2021, the Company provided the trustee of its 2025 Notes notice of the Company’s irrevocable election to settle the principal portion of the 2025 Notes in cash and any excess in shares. As a result, subsequent to the election, only the amounts in excess of the principal amount are considered in diluted earnings per share under the if-converted method.

In connection with the offering of the 2025 Notes, the Company entered into the Convertible Note Hedge Transactions and Warrant Transactions described in Note 10 - Convertible Senior Notes. However, the Convertible Note Hedge Transactions are not considered when calculating dilutive shares given their impact is anti-dilutive. The impact of the Convertible Note Hedge Transactions would offset the dilutive impact of the shares underlying the 2025 Notes. The Warrant Transactions have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the $16.64 strike price of the Warrant Transactions. See Note 10 - Convertible Senior Notes for additional information regarding the 2025 Notes, Convertible Note Hedge Transactions and Warrant Transactions.

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands, except per share data)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Net income (loss) attributable to Bloomin’ Brands	$	82,545	$	(92,256)	$	151,407	$	(126,867)
Redemption of preferred stock in excess of carrying value (1)	—		—		—		(3,496)
Net income (loss) attributable to common stockholders	82,545		(92,256)		151,407		(130,363)
Convertible senior notes if-converted method interest adjustment, net of tax (2)	—		—		691		—
Diluted net income (loss) attributable to common stockholders	$	82,545	$	(92,256)	$	152,098	$	(130,363)

Basic weighted average common shares outstanding	89,075		87,496		88,721		87,312

Effect of dilutive securities:
Stock options	1,165		—		937		—
Nonvested restricted stock units	351		—		427		—
Nonvested performance-based share units	—		—		47		—
Convertible senior notes (2)(3)	11,231		—		13,212		—
Warrants (3)	7,983		—		6,879		—
Diluted weighted average common shares outstanding	109,805		87,496		110,223		87,312

Basic earnings (loss) per share attributable to common stockholders	$	0.93	$	(1.05)	$	1.71	$	(1.49)
Diluted earnings (loss) per share attributable to common stockholders	$	0.75	$	(1.05)	$	1.38	$	(1.49)

________________

(1)Consideration paid in excess of carrying value for the redemption of preferred stock is considered a deemed dividend and, for purposes of calculating earnings per share, reduces net income attributable to common stockholders for the twenty-six weeks ended June 28, 2020. See Note 12 - Stockholders’ Equity for additional details.

(2)Adjustment for interest related to the 2025 Notes weighted for the portion of the period prior to the Company’s election under the 2025 Notes indenture to settle the principal portion of its 2025 Notes in cash. Effective with the Company’s election, there will be no further numerator adjustments for interest or denominator adjustments for shares required to settle the principal portion.

(3)Due to the Company’s net loss during the thirteen and twenty-six weeks ended June 28, 2020, dilutive excess shares, if applicable, and warrants were excluded from the computation of diluted earnings per share as their effect would be antidilutive.

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


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(shares in thousands)	JUNE 27, 2021	JUNE 28, 2020	JUNE 27, 2021	JUNE 28, 2020
Stock options	—	5,352	682	5,009
Nonvested restricted stock units	9	990	41	821
Nonvested performance-based share units	465	624	448	578

Stock-based Compensation Plans

6 Months Ended

Jun. 27, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Plans

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Stock options	$	469	$	1,038	$	1,334	$	1,870
Restricted stock units	1,964		2,340		4,330		4,023
Performance-based share units (1)	7,318		1,693		8,787		2,392

	$	9,751	$	5,071	$	14,451	$	8,285

________________

(1)The thirteen and twenty-six weeks ended June 27, 2021 includes a cumulative life-to-date adjustment for PSUs granted in fiscal years 2019, 2020 and 2021 based on revised Company performance projections of performance criteria set forth in the award agreements.

In February 2021, the Company granted 0.3 million performance-based share units (“PSUs”). These PSUs maintain a three-year cliff vesting period and the underlying adjusted diluted earnings per share performance metric can range from zero to 200% of the annual target grant. The grants additionally included a Relative Total Shareholder Return (“Relative TSR”) modifier to the final payout outcome, which can adjust the payout by 75%, 100% or 125% of the achieved performance metric, with the overall payout capped at 200% of the annual target grant. The Relative TSR is measured by comparing the Company’s Relative TSR to that of the constituents of the S&P 1500 Restaurants index. The fair value of PSUs granted was estimated using the Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that the market conditions will be achieved and was applied to the trading price of the Company’s common stock on the date of the grant. Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the period indicated:


	TWENTY-SIX WEEKS ENDED
	JUNE 27, 2021
Assumptions:
Risk-free interest rate (1)	0.20		%


Volatility (2)	48.45		%

Grant date fair value per unit (3)	$	29.73

________________

(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.

(2)Based on the historical volatility of the Company’s stock over the last seven years.

(3)Represents a 14.3% premium above the per share value of the Company’s common stock as of the grant date.

The following represents unrecognized stock-based compensation expense and the remaining weighted-average vesting period as of June 27, 2021:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options	$	1,556	0.9
Restricted stock units	$	13,678	2.1
Performance-based share units	$	24,264	1.8

Other Current Assets, Net

6 Months Ended

Jun. 27, 2021

Other Current Assets, Net [Abstract]

Other Current Assets, Net

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Prepaid expenses	$	22,668	$	12,148
Accounts receivable - gift cards, net (1)	16,177		76,808
Accounts receivable - vendors, net (1)	9,212		8,886
Accounts receivable - franchisees, net (1)	887		1,007
Accounts receivable - other, net (1)	13,378		16,782
Deferred gift card sales commissions	12,548		19,300
Assets held for sale	1,358		3,831
Other current assets, net	8,756		12,756
	$	84,984	$	151,518

________________

(1)See Note 16 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

Accrued and Other Current Liabilities

6 Months Ended

Jun. 27, 2021

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Accrued rent and current operating lease liabilities	$	184,486	$	192,369
Accrued payroll and other compensation (1)	116,951		79,291
Accrued insurance	22,414		20,648
Other current liabilities (2)	115,445		96,013
	$	439,296	$	388,321

________________

(1)During the twenty-six weeks ended June 27, 2021, the Company reclassified $27.3 million of payroll taxes deferred under the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) to current.

(2)During the twenty-six weeks ended June 27, 2021, sales tax payable and income tax payable increased by $8.7 million and $6.4 million, respectively, due to increased sales and pre-tax income during the period.

Long-term Debt, Net

6 Months Ended

Jun. 27, 2021

Debt Disclosure [Abstract]

Long-term Debt, Net

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


	JUNE 27, 2021				DECEMBER 27, 2020
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	200,000	2.59	%	$	—
Revolving credit facility (1)	134,000		2.59	%	—
Total Senior Secured Credit Facility	334,000				—
Former Credit Facility:
Term loan A (1)	—				425,000		2.88	%
Revolving credit facility (1)	—				447,000		2.88	%
Total Former Credit Facility	—				872,000
2025 Notes (2)	230,000		5.00	%	230,000		5.00	%
2029 Notes	300,000		5.13	%	—
Finance lease liabilities	1,794				2,405

Less: unamortized debt discount and issuance costs (3)	(15,576)				(67,704)
Less: finance lease interest	(155)				(221)
Total debt, net	850,063				1,036,480
Less: current portion of long-term debt	(11,022)				(38,710)
Long-term debt, net	$	839,041			$	997,770

________________

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

(2)See Note 10 - Convertible Senior Notes for details regarding the 2025 Notes and related hedge and warrant transactions.

(3)In connection with the adoption of ASU No. 2020-06, debt discount of $59.9 million related to the 2025 Notes was de-recognized and $2.1 million of equity issuance costs were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.

2029 Notes - On April 16, 2021, the Company and its wholly-owned subsidiary OSI Restaurant Partners, LLC (“OSI”), as co-issuers, issued $300.0 million aggregate principal amount of senior unsecured notes due 2029 (the “2029 Notes”).

The 2029 Notes were issued pursuant to an Indenture, dated April 16, 2021 (the “Indenture”), by and among the Company, the guarantors named therein, and Wells Fargo Bank, National Association, as trustee. The 2029 Notes are guaranteed by each of the Company’s existing and future domestic restricted subsidiaries (other than OSI) that are guarantors or borrowers under its Senior Secured Credit Facility (as defined below) or certain other indebtedness. The 2029 Notes will mature on April 15, 2029, unless earlier redeemed or purchased by the Company. The 2029 Notes bear cash interest at an annual rate of 5.125% payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021.

The Company may redeem some or all of the 2029 Notes at any time on or after April 15, 2024, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest. The Company may also redeem up to 40% of the 2029 Notes in an amount not greater than the proceeds of certain equity offerings completed before April 15, 2024, at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest. In addition, at any time prior to April 15, 2024, the Company may redeem some or all of the 2029 Notes at a price equal to 100% of the principal amount, plus a make-whole premium, plus accrued and unpaid interest.

The Indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness or issue certain preferred stock; pay dividends, redeem stock or make other distributions; make certain investments; create restrictions on the ability of the Company’s restricted

subsidiaries to pay dividends or make other payments to the Company; create certain liens; transfer or sell certain assets; merge or consolidate; enter into certain transactions with the Company’s affiliates; and designate subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications as set forth in the Indenture.

The Indenture contains customary events of default, including, without limitation, failure to make required payments, failure to comply with certain agreements or covenants, cross-acceleration to certain other indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency, and failure to pay certain judgments.

The net proceeds from the 2029 Notes offering were approximately $294.5 million, after deducting the initial purchaser’s discount and the Company’s offering expenses. The net proceeds were used to repay a portion of the Company’s outstanding Term loan A and revolving credit facility in conjunction with the refinancing of its Former Credit Facility.

Second Amended and Restated Credit Agreement - On April 16, 2021, the Company and OSI, as co-borrowers, entered into the Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”), which provides for senior secured financing of up to $1.0 billion consisting of a $200.0 million Term loan A and an $800.0 million revolving credit facility (the “Senior Secured Credit Facility”). The Senior Secured Credit Facility matures on April 16, 2026 and replaced the Company’s prior senior secured financing of up to $1.5 billion (the “Former Credit Facility”).

The commitments under the Senior Secured Credit Facility may be increased in an aggregate principal amount of up to: (i) $425.0 million or (ii) at the Company’s option, up to an unlimited amount of incremental facilities, so long as the Consolidated Senior Secured Net Leverage Ratio (“CSSNLR”), as defined in the Second Amended and Restated Credit Agreement, is no more than 3.00 to 1.00 as of the last day of the most recent period of four consecutive fiscal quarters ended.

The Company may elect an interest rate at each reset period based on the Base Rate or the Eurocurrency Rate, plus an applicable spread. The 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, subject to a 0% floor (the “Eurocurrency Rate”). The interest rates are as follows:


	BASE RATE ELECTION	EUROCURRENCY RATE ELECTION
Term loan A and revolving credit facility	50 to 150 basis points over the Base Rate	150 to 250 basis points over the Eurocurrency Rate

Fees on letters of credit and daily unused availability under the revolving credit facility will be 150 to 250 basis points and 25 to 40 basis points, respectively.

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


SCHEDULED QUARTERLY PAYMENT DATES	TERM LOAN A
September 26, 2021 through June 30, 2024	$	2,500
September 29, 2024 through June 29, 2025	$	3,750
September 28, 2025 and December 28, 2025	$	5,000

The Senior Secured Credit Facility contains mandatory prepayment requirements for the Term loan A, including the requirement that the Company prepay outstanding amounts under these loans with 50% of its annual excess cash flow, as defined in the Second Amended and Restated Credit Agreement, commencing with the fiscal year ending

December 25, 2022. The amount of outstanding loans required to be prepaid in accordance with the debt covenants may vary based on the Company’s CSSNLR and year end results.

Total Net Leverage Ratio (“TNLR”) is the ratio of Consolidated Total Debt (Current portion of long-term debt and Long-term debt, net of cash, excluding the 2025 Notes) to Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization and certain other adjustments as defined in the Second Amended and Restated Credit Agreement). The Second Amended and Restated Credit Agreement requires a TNLR not to exceed the following thresholds for the periods indicated:


QUARTERLY PERIOD ENDED	MAXIMUM RATIO

June 27, 2021 (1)	5.00	to	1.00
September 26, 2021 (2) and thereafter	4.50	to	1.00

________________

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

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

The Second Amended and Restated Credit Agreement limits, subject to certain exceptions, the Company’s ability and the ability of its subsidiaries to: incur additional indebtedness; make significant payments; sell assets; pay dividends and other restricted payments; make certain investments; acquire certain assets; effect mergers and similar transactions; and effect certain other transactions with affiliates. The Company is also limited to $200.0 million of aggregate capital expenditures during the year ended December 26, 2021. The Second Amended and Restated Credit Agreement also prohibits the Company from paying certain dividends and making certain restricted payments and acquisitions until the Company is in compliance with its TNLR covenant for the period ended September 26, 2021.

As of June 27, 2021 and December 27, 2020, the Company was in compliance with its debt covenants.

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


(dollars in thousands)	JUNE 27, 2021
Year 1	$	11,051
Year 2	10,250
Year 3	10,188
Year 4	245,175
Year 5	289,130
Thereafter	300,000
Total payments	865,794
Less: unamortized debt discount and issuance costs	(15,576)
Less: finance lease interest	(155)
Total principal payments	$	850,063

Deferred Financing Fees - During the thirteen weeks ended June 27, 2021, the Company deferred $5.5 million and $5.9 million of financing costs incurred in connection with the 2029 Notes and Second Amended Credit Agreement, respectively. Deferred financing fees of $3.7 million associated with the revolving credit facility portion of the Second Amended Credit Agreement were recorded in Other assets, net and all other deferred financing fees were recorded in Long-term debt, net.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Other Liabilities Disclosure [Abstract]

Convertible Senior Notes

6 Months Ended

Jun. 27, 2021

Convertible Notes [Abstract]

Convertible Senior Notes

2025 Notes - In May 2020, the Company completed a $230.0 million principal amount private offering of 5.00% convertible senior notes due in 2025. 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. 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.

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.

Prior to the close of business on the business day immediately preceding November 1, 2024, holders may convert all or a portion of their 2025 Notes under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on June 30, 2020, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (ii) during the five consecutive business days immediately after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock and the conversion rate on each such trading day; (iii) upon the occurrence of specified corporate events or distributions on the Company’s common stock; (iv) if the Company calls the 2025 Notes for redemption, and (v) at any time from, and including November 1, 2024 until the close of business on the second scheduled trading day immediately before the maturity date.

The 2025 Notes will be redeemable by the Company, in whole or in part, at the Company’s option at any time, and from time to time, on or after May 1, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. In addition, calling any of the 2025 Notes for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of the 2025 Notes will be increased in certain circumstances if it is converted after it is called for redemption.

If a fundamental change occurs prior to the maturity date, holders may require the Company to repurchase all or a portion of their 2025 Notes for cash at a price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest. Holders of 2025 Notes who convert their 2025 Notes in connection with a notice of a redemption or a make-whole fundamental change may be entitled to a premium in the form of an increase in the conversion rate of the 2025 Notes.

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Long-term debt, net
Principal	$	230,000	$	230,000
Less: Debt discount (1)	—		(59,862)
Less: Debt issuance costs (1)(2)	(6,688)		(5,427)
Net carrying amount	223,312		164,711
Equity component (1)	$	—	$	64,367

________________

(1)In connection with the adoption of ASU No. 2020-06, debt discount and the equity component of the 2025 Notes were de-recognized and $2.1 million of issuance costs that were previously allocated to the equity component were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.

(2)Debt issuance costs are amortized to Interest expense, net using the effective interest method over the expected life of the 2025 Notes.

The effective rate of the 2025 Notes over their expected life is 5.85%. Following is a summary of interest expense for the 2025 Notes, by component, for the periods indicated:


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 27, 2021
Coupon interest	$	2,875	$	5,750
Deferred issuance cost amortization	386		767
Total interest expense	$	3,261	$	6,517

Based on the daily closing prices of the Company’s stock during the quarter ended June 27, 2021, holders of the 2025 Notes are eligible to convert their 2025 Notes during the third quarter of 2021. In February 2021, the Company provided the trustee of the 2025 Notes notice of its irrevocable election under the 2025 Notes indenture to settle the principal portion of the 2025 Notes upon conversion 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 in excess of the principal amount due upon conversion of the 2025 Notes. The Warrant Transactions 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 is initially $16.64 per share and is subject to certain adjustments under the terms of the Warrant Transactions.

The Convertible Note Hedge Transactions are exercisable upon conversion of the 2025 Notes. The Convertible Note Hedge Transactions expire upon maturity of the 2025 Notes. The Warrant Transactions are exercisable on the expiration dates included in the related forms of confirmation.

Other Long-term Liabilities, Net

6 Months Ended

Jun. 27, 2021

Other Long-term Liabilities, Net

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Accrued insurance liability	$	32,704	$	32,128
Chef and Restaurant Managing Partner deferred compensation obligations	20,687		32,306
Deferred payroll tax liabilities (1)	27,302		55,204
Other long-term liabilities (2)	53,601		65,717
	$	134,294	$	185,355

_______________

(1)During the twenty-six weeks ended June 27, 2021, the Company reclassified $27.3 million of payroll taxes deferred under the CARES Act to current.

(2)The Company’s hedge liability decreased by $11.8 million during the twenty-six weeks ended June 27, 2021 primarily from the termination of certain interest rate swaps. See Note 13 - Derivative Instruments and Hedging Activities for additional details.

Stockholders' Equity

6 Months Ended

Jun. 27, 2021

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

Redeemable Preferred Stock - In connection with the development of its Abbraccio Cucina Italiana (“Abbraccio”) concept in 2015, the Company sold preferred shares of its Abbraccio subsidiary (“Abbraccio Shares”) to certain investors.

During the thirteen weeks ended March 29, 2020, the Company exercised a 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)	JUNE 27, 2021		DECEMBER 27, 2020
Foreign currency translation adjustment	$	(185,443)	$	(188,883)
Unrealized loss on derivatives, net of tax	(16,745)		(22,563)
Accumulated other comprehensive loss	$	(202,188)	$	(211,446)

Following are the components of Other comprehensive income (loss) attributable to Bloomin’ Brands for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Foreign currency translation adjustment	$	10,015	$	(29,146)	$	3,440	$	(36,443)

Unrealized loss on derivatives, net of tax (1)	(128)		(1,556)		(170)		(14,892)
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax (2)	1,514		2,585		4,517		3,981
Amortization of terminated interest rate swaps, net of tax	1,471		—		1,471		—
Total unrealized gain (loss) on derivatives, net of tax	2,857		1,029		5,818		(10,911)

Other comprehensive income (loss) attributable to Bloomin’ Brands	$	12,872	$	(28,117)	$	9,258	$	(47,354)

________________

(1)Unrealized loss on derivatives is net of tax of $0.5 million and $5.2 million for the thirteen and twenty-six weeks ended June 28, 2020, respectively.

(2)Reclassifications of adjustments for loss on derivatives are net of tax. See Note 13 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 27, 2021

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk - In October 2018, the Company entered into variable-to-fixed interest rate swap agreements with 12 counterparties to hedge a portion of the cash flows of the Company’s variable rate debt. The swap agreements have an aggregate notional amount of $550.0 million and mature on November 30, 2022. Under the terms of the swap agreements, the Company pays a weighted-average fixed rate of 3.04% on the notional amount and receives payments from the counterparty based on the one-month LIBOR rate.

In connection with the refinancing of its Former Credit Facility, on April 16, 2021 the Company terminated its variable-to-fixed interest rate swap agreements with seven counterparties having an aggregate notional amount of $275.0 million for a payment of approximately $13.3 million, including accrued interest. Following these terminations, $13.4 million of unrealized losses related to the terminated swap agreements included in AOCL will be amortized on a straight-line basis to Interest expense, net over the remaining original term of the terminated swaps.

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. As of June 27, 2021, the Company estimated $16.0 million will be reclassified to Interest expense, net over the next 12 fiscal months, including interest expense related to the terminated swap agreements discussed above.

The following table presents the fair value and classification of the Company’s swap agreements, as of the periods indicated:


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020		CONSOLIDATED BALANCE SHEET CLASSIFICATION




Interest rate swaps - liability	$	7,437	$	14,855	Accrued and other current liabilities
Interest rate swaps - liability	3,821		15,640		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	11,258	$	30,495

Accrued interest	$	697	$	1,237	Accrued and other current liabilities

____________________

(1)See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Interest rate swap expense recognized in Interest expense, net	$	(2,038)	$	(3,482)	$	(6,082)	$	(5,362)
Income tax benefit recognized in Provision (benefit) for income taxes	524		897		1,565		1,381
Total effects on Net income (loss)	$	(1,514)	$	(2,585)	$	(4,517)	$	(3,981)

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 June 27, 2021, 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 June 27, 2021 and December 27, 2020, 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 $12.0 million and $32.2 million, respectively. As of June 27, 2021 and December 27, 2020, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of June 27, 2021 and December 27, 2020, it could have been required to settle its obligations under the agreements at their termination value of $12.0 million and $32.2 million, respectively.

Leases

6 Months Ended

Jun. 27, 2021

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	JUNE 27, 2021		DECEMBER 27, 2020
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,161,650	$	1,172,910
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	1,447		1,947
Total lease assets, net		$	1,163,097	$	1,174,857

Current operating lease liabilities (2)	Accrued and other current liabilities	$	177,807	$	176,791
Current finance lease liabilities	Current portion of long-term debt	1,022		1,210
Non-current operating lease liabilities (3)	Non-current operating lease liabilities	1,206,269		1,216,666
Non-current finance lease liabilities	Long-term debt, net	617		974
Total lease liabilities		$	1,385,715	$	1,395,641

________________

(1)Net of accumulated amortization of $2.8 million and $2.3 million as of June 27, 2021 and December 27, 2020, respectively.

(2)Excludes COVID-19-related deferred rent accruals of $3.4 million and $12.8 million as of June 27, 2021 and December 27, 2020, respectively, and accrued contingent percentage rent of $3.3 million and $2.7 million, as of June 27, 2021 and December 27, 2020, respectively.

(3)Excludes COVID-19-related non-current deferred rent accruals of $0.8 million and $1.2 million as of June 27, 2021 and December 27, 2020, respectively.

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


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Operating leases (1)	Other restaurant operating	$	43,763	$	42,776	$	88,555	$	88,658
Variable lease cost (2)	Other restaurant operating	731		(1,046)		1,508		74
Finance leases
Amortization of leased assets	Depreciation and amortization	258		315		520		657
Interest on lease liabilities	Interest expense, net	31		37		67		83
Sublease revenue (3)	Franchise and other revenues	(2,825)		(109)		(3,660)		(1,786)
Lease costs, net		$	41,958	$	41,973	$	86,990	$	87,686

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.2 million and $3.3 million for the thirteen weeks ended June 27, 2021 and June 28, 2020, respectively, and $6.7 million and $6.9 million for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively, which is included in General and administrative expense. Also excludes certain supply chain related rent expense of $0.3 million for the thirteen weeks ended June 27, 2021 and June 28, 2020 and $0.6 million for the twenty-six weeks ended June 27, 2021 and June 28, 2020, which is included in Food and beverage costs.

(2)Includes COVID-19-related rent abatement for all periods presented.

(3)Excludes immaterial rental income from Company-owned properties.

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	105,323	$	75,688

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	JUNE 27, 2021		DECEMBER 27, 2020
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,161,650	$	1,172,910
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	1,447		1,947
Total lease assets, net		$	1,163,097	$	1,174,857

Current operating lease liabilities (2)	Accrued and other current liabilities	$	177,807	$	176,791
Current finance lease liabilities	Current portion of long-term debt	1,022		1,210
Non-current operating lease liabilities (3)	Non-current operating lease liabilities	1,206,269		1,216,666
Non-current finance lease liabilities	Long-term debt, net	617		974
Total lease liabilities		$	1,385,715	$	1,395,641

________________

(1)Net of accumulated amortization of $2.8 million and $2.3 million as of June 27, 2021 and December 27, 2020, respectively.

(3)Excludes COVID-19-related non-current deferred rent accruals of $0.8 million and $1.2 million as of June 27, 2021 and December 27, 2020, respectively.

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


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Operating leases (1)	Other restaurant operating	$	43,763	$	42,776	$	88,555	$	88,658
Variable lease cost (2)	Other restaurant operating	731		(1,046)		1,508		74
Finance leases
Amortization of leased assets	Depreciation and amortization	258		315		520		657
Interest on lease liabilities	Interest expense, net	31		37		67		83
Sublease revenue (3)	Franchise and other revenues	(2,825)		(109)		(3,660)		(1,786)
Lease costs, net		$	41,958	$	41,973	$	86,990	$	87,686

________________

(2)Includes COVID-19-related rent abatement for all periods presented.

(3)Excludes immaterial rental income from Company-owned properties.

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	105,323	$	75,688

Fair Value Measurements

6 Months Ended

Jun. 27, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


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

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


	JUNE 27, 2021						DECEMBER 27, 2020
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	8,664	$	8,664	$	—	$	15,404	$	15,404	$	—
Money market funds	14,054		14,054		—		16,494		16,494		—
Restricted cash equivalents:

Money market funds	1,790		1,790		—		428		428		—




Total asset recurring fair value measurements	$	24,508	$	24,508	$	—	$	32,326	$	32,326	$	—

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	7,437	$	—	$	7,437	$	14,855	$	—	$	14,855

Other long-term liabilities:
Derivative instruments - interest rate swaps	3,821		—		3,821		15,640		—		15,640
Total liability recurring fair value measurements	$	11,258	$	—	$	11,258	$	30,495	$	—	$	30,495

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 June 27, 2021 and December 27, 2020, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

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


	THIRTEEN WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT

Operating lease right-of-use assets (1)	$	5,687	$	962	$	32,404	$	4,028
Property, fixtures and equipment (2)	8,192		4,460		9,992		19,595
Goodwill and other assets (3)	—		—		748		295
	$	13,879	$	5,422	$	43,144	$	23,918

	TWENTY-SIX WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	—	$	—	$	1,182	$	75
Operating lease right-of-use assets (1)	7,651		1,512		85,537		23,591
Property, fixtures and equipment (2)	8,928		6,052		28,390		37,993
Goodwill and other assets (3)	—		—		748		2,683
	$	16,579	$	7,564	$	115,857	$	64,342

____________________

(1)Asset carrying values measured using discounted cash flow models (Level 3).

(2)Carrying values measured using Level 2 inputs to estimate fair value totaled $0.5 million and $2.2 million for the thirteen and twenty-six weeks ended June 28, 2020, 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 fair value.

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

See Note 4 - Impairments and Exit Costs for information regarding impairment charges resulting from the fair value measurement performed on a nonrecurring basis during the thirteen and twenty-six weeks ended June 28, 2020. Projected future cash flows, including discount rate and growth rate assumptions, are derived from then 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 periods indicated:


	THIRTEEN WEEKS ENDED			TWENTY-SIX WEEKS ENDED
UNOBSERVABLE INPUTS	JUNE 28, 2020			JUNE 28, 2020
Weighted-average cost of capital	10.9%			10.4%	to	10.9%
Long-term growth rate	1.5%	to	2.0%	1.5%	to	2.0%

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

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


	JUNE 27, 2021				DECEMBER 27, 2020
	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE	FAIR VALUE LEVEL 2
(dollars in thousands)
Senior Secured Credit Facility:
Term loan A	$	200,000	$	196,250		$	—	$	—
Revolving credit facility	$	134,000	$	128,850		$	—	$	—
Former Credit Facility:
Term loan A	$	—	$	—		$	425,000	$	412,250
Revolving credit facility	$	—	$	—		$	447,000	$	419,612
2025 Notes	$	230,000	$	559,450		$	230,000	$	413,818
2029 Notes	$	300,000	$	307,503		$	—	$	—

Allowance for Expected 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

6 Months Ended

Jun. 27, 2021

Credit Loss [Abstract]

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Allowance for expected credit losses, beginning of period	$	3,997	$	4,551	$	4,095	$	199
Adjustment for adoption of ASU No. 2016-13	—		—		—		1,018
Provision for expected credit losses (1)	—		15		—		3,349
Charge-off of accounts	(8)		—		(106)		—


Allowance for expected credit losses, end of period	$	3,989	$	4,566	$	3,989	$	4,566

________________

(1)In March 2020, the Company fully reserved substantially all of its outstanding franchise receivables in response to the economic impact of the COVID-19 pandemic. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.

The Company is also exposed to credit losses from off-balance sheet lease guarantees primarily related to the divestiture of certain formerly Company-owned restaurant sites. See Note 18 - Commitments and Contingencies for details regarding these lease guarantees.

Income Taxes

6 Months Ended

Jun. 27, 2021

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021			JUNE 28, 2020			JUNE 27, 2021			JUNE 28, 2020
Income (loss) before provision (benefit) for income taxes	$	107,574		$	(128,207)		$	183,965		$	(182,276)
Provision (benefit) for income taxes	$	22,688		$	(35,779)		$	29,281		$	(55,434)
Effective income tax rate	21.1		%	27.9		%	15.9		%	30.4		%

The effective income tax rate for the thirteen and twenty-six weeks ended June 27, 2021 decreased by 6.8 and 14.5 percentage points, respectively, as compared to the thirteen and twenty-six weeks ended June 28, 2020. These decreases were primarily due to the benefit of FICA tax credits on certain employees’ tips reducing the effective tax rate in 2021 as a result of forecasted pre-tax book income as compared to increasing the effective tax rate in 2020 as a result of forecasted pre-tax book loss.

As of December 27, 2020, the Company had $155.3 million in general business tax credits carryforwards, which have a 20-year carryforward period and are utilized on a first-in, first-out basis. The Company does not expect to increase its general business credit carryforwards in 2021 and currently expects to utilize these tax credit carryforwards within a 10-year period. However, the Company’s ability to utilize these tax credits could be adversely impacted by, among other items, a future ownership change as defined under Section 382 of the Internal Revenue Code.

The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for the thirteen and twenty-six weeks ended June 27, 2021 was lower than the statutory rate primarily due to the benefit of FICA tax credits on certain employees’ tips.

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

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Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - 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. A reserve is recorded when it is both: (i) probable that a loss has occurred and (ii) the amount of loss can be reasonably estimated. There may be instances in which an exposure to loss exceeds the recorded reserve. The Company evaluates, on a quarterly basis, developments in legal proceedings that could cause an increase or decrease in the amount of the reserve that has been previously recorded, or a revision to the disclosed estimated range of possible losses, as applicable. The Company’s legal proceedings range from cases brought by a single plaintiff to threatened class actions with many putative class members. While some matters pending against the Company specify the damages claimed by the plaintiff or class, many seek an unspecified amount of damages or are at very early stages of the legal process. Even when the amount of damages claimed against the Company are stated, the claimed amount may be exaggerated, unsupported or unrelated to possible outcomes, and as such, are not meaningful indicators of the Company’s potential liability or financial exposure. As a result, some matters have not yet progressed sufficiently through discovery or development of important factual information and legal issues to enable the Company to estimate an amount of loss or a range of possible loss. The Company recorded reserves of $5.9 million and $4.6 million for certain of its outstanding legal proceedings as of June 27, 2021 and December 27, 2020, respectively, within Accrued and other current liabilities and Other long-term liabilities on its Consolidated Balance Sheets. While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals. The Company intends to defend itself in legal matters. Some of these matters may be covered, at least in part, by insurance if they exceed specified retention or deductible amounts. However, it is possible that claims may be denied by the Company’s insurance carriers, the Company may be required by its insurance carriers to contribute to the payment of claims, and the Company’s insurance coverage may not continue to be available on acceptable terms or in sufficient amounts. The Company records receivables from third party insurers when recovery has been determined to be probable. The Company believes that the ultimate determination of liability in connection with legal claims pending against the Company, if any, in excess of amounts already provided for such matters in the consolidated financial statements, will not have a material adverse effect on its business, annual results of operations, liquidity or financial position. However, it is possible that the Company’s business, results of operations, liquidity, or financial condition could be materially affected in a particular future reporting period by the unfavorable resolution of one or more matters or contingencies during such period.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 June 27, 2021, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $27.9 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of June 27, 2021 was approximately $22.9 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. As of June 27, 2021, the Company’s recorded contingent lease liability was $10.3 million.

Segment Reporting

6 Months Ended

Jun. 27, 2021

Segment Reporting [Abstract]

Segment Reporting

The Company considers its restaurant concepts and international markets as operating segments, which reflects how the Company manages its business, reviews operating performance and allocates resources. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer (“CEO”), whom the Company has determined to be its Chief Operating Decision Maker (“CODM”). The Company aggregates its operating segments into two reportable segments, U.S. and international. The U.S. segment includes all restaurants operating in the U.S. while restaurants operating outside the U.S. are included in the international segment. The following is a summary of reporting segments:

REPORTABLE SEGMENT (1)

CONCEPT

GEOGRAPHIC LOCATION

U.S.

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International

Outback Steakhouse

Brazil, Hong Kong/China

Carrabba’s Italian Grill (Abbraccio)

Brazil

_________________

(1)Includes franchise locations.

Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 27, 2020. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from Income (loss) from operations for U.S. and international are certain legal and corporate costs not directly related to the performance of the segments, most stock-based compensation expenses and certain bonus expenses.

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Total revenues
U.S.	$	1,003,058	$	537,080	$	1,907,976	$	1,431,577
International	74,308		41,379		156,863		155,219
Total revenues	$	1,077,366	$	578,459	$	2,064,839	$	1,586,796

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Segment income (loss) from operations
U.S.	$	165,297	$	(62,921)	$	287,032	$	(51,542)
International	2,470		(17,070)		6,007		(10,283)
Total segment income (loss) from operations	167,767		(79,991)		293,039		(61,825)
Unallocated corporate operating expense (1)	(43,130)		(31,921)		(77,404)		(91,655)
Total income (loss) from operations	124,637		(111,912)		215,635		(153,480)
Loss on extinguishment and modification of debt	(2,073)		(237)		(2,073)		(237)

Other income (expense), net	—		581		21		(212)
Interest expense, net	(14,990)		(16,639)		(29,618)		(28,347)
Income (loss) before provision (benefit) for income taxes	$	107,574	$	(128,207)	$	183,965	$	(182,276)

____________________

(1)The thirteen and twenty-six weeks ended June 28, 2020 include $2.4 million and $24.6 million, respectively, of charges that were not allocated to the Company’s segments related to its transformational initiatives, primarily recorded within General and administrative expense and Provision for impaired assets and restaurant closings.

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Depreciation and amortization
U.S.	$	33,578	$	37,308	$	67,223	$	74,948
International	5,566		5,884		11,286		12,642
Corporate	1,395		2,592		3,256		6,462
Total depreciation and amortization	$	40,539	$	45,784	$	81,765	$	94,052

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020
Capital expenditures
U.S.	$	42,574	$	30,692
International	5,531		10,914
Corporate	3,138		2,471
Total capital expenditures	$	51,243	$	44,077

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.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 27, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn August 2, 2021, wholly-owned subsidiaries of the Company entered into the Purchase and Sale of Royalty Payment Stream and Termination of Royalty Agreement (the “Royalty Termination Agreement”) with the Carrabba’s Italian Grill founders (the “Carrabba’s Founders”), pursuant to which the Company’s obligation to pay future royalties on U.S. Carrabba’s Italian Grill restaurant sales and lump sum royalty fees on Carrabba’s Italian Grill restaurants opened outside the U.S. was terminated. Upon execution of the Royalty Termination Agreement, the Company made a cash payment of $61.9 million to the Carrabba’s Founders, which was recorded in Other restaurant operating expense in its Consolidated Statements of Operations and Comprehensive Income (Loss) during the thirteen weeks ended September 26, 2021.

Description of the Business and Basis of Presentation (Policies)

6 Months Ended

Jun. 27, 2021

Basis of presentation

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
Reversal of separated equity component, net of tax	Additional paid-in capital	$	(47.3)

Reclassifications

Description of the Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 27, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting standards update and change in accounting principle

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
Reversal of separated equity component, net of tax	Additional paid-in capital	$	(47.3)

COVID-19 Charges (Tables)

6 Months Ended

Jun. 27, 2021

COVID-19 Impact [Abstract]

Charges from COVID-19

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


CHARGES	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
		JUNE 28, 2020		JUNE 28, 2020
Inventory obsolescence and spoilage (1)	Food and beverage costs	$	1,163	$	7,345

Compensation for idle employees (2)	Labor and other related	11,388		27,574
Other operating charges	Other restaurant operating	2,467		2,467
Lease guarantee contingent liabilities (3)	General and administrative	—		4,188
Allowance for expected credit losses (4)	General and administrative	—		3,334
Other charges	General and administrative	1,216		1,789
Right-of-use asset impairment (5)	Provision for impaired assets and restaurant closings	5,273		25,757
Fixed asset impairment (5)	Provision for impaired assets and restaurant closings	19,611		31,339
Goodwill and other impairment (6)	Provision for impaired assets and restaurant closings	611		2,999

		$	41,729	$	106,792

________________

(1)Includes the write-off of value-added tax credits during the twenty-six weeks ended June 28, 2020 related to the purchase of inventory by the Company’s Brazil subsidiary.

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

(6)Includes impairment of goodwill for the Company’s Hong Kong subsidiary during the twenty-six weeks ended June 28, 2020.

Revenue Recognition (Tables)

6 Months Ended

Jun. 27, 2021

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 Income (Loss) for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Revenues
Restaurant sales	$	1,055,227	$	576,261	$	2,034,678	$	1,572,498
Franchise and other revenues
Franchise revenue	12,221		1,951		19,010		11,500
Other revenues (1)	9,918		247		11,151		2,798
Total Franchise and other revenues	22,139		2,198		30,161		14,298
Total revenues	$	1,077,366	$	578,459	$	2,064,839	$	1,586,796

________________

Disaggregation of revenue

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


	THIRTEEN WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	579,096	$	8,418	$	346,553	$	136
Carrabba’s Italian Grill	171,408		665		93,738		7
Bonefish Grill	149,036		174		63,744		4
Fleming’s Prime Steakhouse & Wine Bar	88,101		—		31,156		—
Other	2,652		—		1,576		—
U.S. total	990,293		9,257		536,767		147
International
Outback Steakhouse Brazil	43,310		—		24,003		—
Other (1)	21,624		2,964		15,491		1,804
International total	64,934		2,964		39,494		1,804
Total	$	1,055,227	$	12,221	$	576,261	$	1,951

	TWENTY-SIX WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUE		RESTAURANT SALES		FRANCHISE REVENUE
U.S.
Outback Steakhouse	$	1,126,291	$	11,374	$	877,238	$	6,677
Carrabba’s Italian Grill	329,094		1,282		240,613		468
Bonefish Grill	276,010		304		198,816		140
Fleming’s Prime Steakhouse & Wine Bar	154,412		—		102,116		—
Other	4,545		—		2,873		—
U.S. total	1,890,352		12,960		1,421,656		7,285
International
Outback Steakhouse Brazil	104,158		—		115,593		—
Other (1)	40,168		6,050		35,249		4,215
International total	144,326		6,050		150,842		4,215
Total	$	2,034,678	$	19,010	$	1,572,498	$	11,500

________________

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

Contract with customers, asset and liability

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Other current assets, net
Deferred gift card sales commissions	$	12,548	$	19,300

Unearned revenue
Deferred gift card revenue	$	293,955	$	373,048
Deferred loyalty revenue	8,604		8,099
Deferred franchise fees - current	437		469

Total Unearned revenue	$	302,996	$	381,616

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,174	$	4,301

Other current assets, net

Revenue Recognition [Line Items]

Contract with customers, asset and liability

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Balance, beginning of period	$	13,502	$	13,049	$	19,300	$	18,554
Deferred gift card sales commissions amortization	(5,711)		(2,502)		(14,436)		(11,592)
Deferred gift card sales commissions capitalization	5,297		3,142		8,796		7,466
Other	(540)		(65)		(1,112)		(804)
Balance, end of period	$	12,548	$	13,624	$	12,548	$	13,624

Unearned revenue

Revenue Recognition [Line Items]

Contract with customers, asset and liability

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Balance, beginning of period	$	306,075	$	277,518	$	373,048	$	358,757
Gift card sales	63,921		41,649		108,090		100,088
Gift card redemptions	(71,859)		(37,404)		(176,799)		(170,585)
Gift card breakage	(4,182)		(1,790)		(10,384)		(8,287)
Balance, end of period	$	293,955	$	279,973	$	293,955	$	279,973

Impairments and Exit Costs (Tables)

6 Months Ended

Jun. 27, 2021

Impairments, Exit Costs and Disposals [Abstract]

Provision for impaired assets and restaurant closings

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Impairment losses
U.S. (1)	$	5,768	$	23,741	$	7,174	$	54,713
International (1)(2)	(555)		296		152		3,468
Corporate (3)	209		(119)		238		6,161
Total impairment losses	5,422		23,918		7,564		64,342
Restaurant closure charges
U.S. (1)	(92)		1,041		(34)		1,762
International (1)	(153)		—		(153)		173
Total restaurant closure charges	(245)		1,041		(187)		1,935
Provision for impaired assets and restaurant closings	$	5,177	$	24,959	$	7,377	$	66,277

________________

(2)Includes goodwill impairment charges of $2.0 million during the twenty-six weeks ended June 28, 2020.

(3)Corporate impairment charges for the twenty-six weeks ended June 28, 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 Income (Loss) for the periods indicated (dollars in thousands):

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION

THIRTEEN AND TWENTY-SIX WEEKS ENDED

DESCRIPTION

JUNE 28, 2020

Property, fixtures and equipment impairments

Provision for impaired assets and restaurant closings

16,932

Lease right-of-use asset impairments and closing costs

Provision for impaired assets and restaurant closings

3,920

Severance and other expenses

General and administrative

1,160

22,012

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:


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021
Balance, beginning of the period	$	12,879

Cash payments	(2,239)
Accretion	488
Adjustments	(790)
Balance, end of the period (1)	$	10,338

________________

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 27, 2021

Earnings Per Share [Abstract]

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

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands, except per share data)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Net income (loss) attributable to Bloomin’ Brands	$	82,545	$	(92,256)	$	151,407	$	(126,867)
Redemption of preferred stock in excess of carrying value (1)	—		—		—		(3,496)
Net income (loss) attributable to common stockholders	82,545		(92,256)		151,407		(130,363)
Convertible senior notes if-converted method interest adjustment, net of tax (2)	—		—		691		—
Diluted net income (loss) attributable to common stockholders	$	82,545	$	(92,256)	$	152,098	$	(130,363)

Basic weighted average common shares outstanding	89,075		87,496		88,721		87,312

Effect of dilutive securities:
Stock options	1,165		—		937		—
Nonvested restricted stock units	351		—		427		—
Nonvested performance-based share units	—		—		47		—
Convertible senior notes (2)(3)	11,231		—		13,212		—
Warrants (3)	7,983		—		6,879		—
Diluted weighted average common shares outstanding	109,805		87,496		110,223		87,312

Basic earnings (loss) per share attributable to common stockholders	$	0.93	$	(1.05)	$	1.71	$	(1.49)
Diluted earnings (loss) per share attributable to common stockholders	$	0.75	$	(1.05)	$	1.38	$	(1.49)

________________

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


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(shares in thousands)	JUNE 27, 2021	JUNE 28, 2020	JUNE 27, 2021	JUNE 28, 2020
Stock options	—	5,352	682	5,009
Nonvested restricted stock units	9	990	41	821
Nonvested performance-based share units	465	624	448	578

Stock-based Compensation Plans (Tables)

6 Months Ended

Jun. 27, 2021

Share-based Payment Arrangement [Abstract]

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

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Stock options	$	469	$	1,038	$	1,334	$	1,870
Restricted stock units	1,964		2,340		4,330		4,023
Performance-based share units (1)	7,318		1,693		8,787		2,392

	$	9,751	$	5,071	$	14,451	$	8,285

________________

Schedule of stock-based payment award, performance-based shares, valuation assumptions

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the period indicated:


	TWENTY-SIX WEEKS ENDED
	JUNE 27, 2021
Assumptions:
Risk-free interest rate (1)	0.20		%


Volatility (2)	48.45		%

Grant date fair value per unit (3)	$	29.73

________________

(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.

(2)Based on the historical volatility of the Company’s stock over the last seven years.

(3)Represents a 14.3% premium above the per share value of the Company’s common stock as of the grant date.

Schedule of unrecognized compensation cost, nonvested awards

The following represents unrecognized stock-based compensation expense and the remaining weighted-average vesting period as of June 27, 2021:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options	$	1,556	0.9
Restricted stock units	$	13,678	2.1
Performance-based share units	$	24,264	1.8

Other Current Assets, Net (Tables)

6 Months Ended

Jun. 27, 2021

Other Current Assets, Net [Abstract]

Schedule of other current assets

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Prepaid expenses	$	22,668	$	12,148
Accounts receivable - gift cards, net (1)	16,177		76,808
Accounts receivable - vendors, net (1)	9,212		8,886
Accounts receivable - franchisees, net (1)	887		1,007
Accounts receivable - other, net (1)	13,378		16,782
Deferred gift card sales commissions	12,548		19,300
Assets held for sale	1,358		3,831
Other current assets, net	8,756		12,756
	$	84,984	$	151,518

________________

(1)See Note 16 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 27, 2021

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)	JUNE 27, 2021		DECEMBER 27, 2020
Accrued rent and current operating lease liabilities	$	184,486	$	192,369
Accrued payroll and other compensation (1)	116,951		79,291
Accrued insurance	22,414		20,648
Other current liabilities (2)	115,445		96,013
	$	439,296	$	388,321

________________

Long-term Debt, Net (Tables)

6 Months Ended

Jun. 27, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt, net

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


	JUNE 27, 2021				DECEMBER 27, 2020
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	200,000	2.59	%	$	—
Revolving credit facility (1)	134,000		2.59	%	—
Total Senior Secured Credit Facility	334,000				—
Former Credit Facility:
Term loan A (1)	—				425,000		2.88	%
Revolving credit facility (1)	—				447,000		2.88	%
Total Former Credit Facility	—				872,000
2025 Notes (2)	230,000		5.00	%	230,000		5.00	%
2029 Notes	300,000		5.13	%	—
Finance lease liabilities	1,794				2,405

Less: unamortized debt discount and issuance costs (3)	(15,576)				(67,704)
Less: finance lease interest	(155)				(221)
Total debt, net	850,063				1,036,480
Less: current portion of long-term debt	(11,022)				(38,710)
Long-term debt, net	$	839,041			$	997,770

________________

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

(2)See Note 10 - Convertible Senior Notes for details regarding the 2025 Notes and related hedge and warrant transactions.

Schedule of interest rate options

The interest rates are as follows:


	BASE RATE ELECTION	EUROCURRENCY RATE ELECTION
Term loan A and revolving credit facility	50 to 150 basis points over the Base Rate	150 to 250 basis points over the Eurocurrency Rate

Schedule of required amortization payments

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


SCHEDULED QUARTERLY PAYMENT DATES	TERM LOAN A
September 26, 2021 through June 30, 2024	$	2,500
September 29, 2024 through June 29, 2025	$	3,750
September 28, 2025 and December 28, 2025	$	5,000

Schedule of maximum total net leverage ratio

The Second Amended and Restated Credit Agreement requires a TNLR not to exceed the following thresholds for the periods indicated:


QUARTERLY PERIOD ENDED	MAXIMUM RATIO

June 27, 2021 (1)	5.00	to	1.00
September 26, 2021 (2) and thereafter	4.50	to	1.00

________________

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

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

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)	JUNE 27, 2021
Year 1	$	11,051
Year 2	10,250
Year 3	10,188
Year 4	245,175
Year 5	289,130
Thereafter	300,000
Total payments	865,794
Less: unamortized debt discount and issuance costs	(15,576)
Less: finance lease interest	(155)
Total principal payments	$	850,063

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 senior notes balances

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 27, 2021

Convertible Notes [Abstract]

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Long-term debt, net
Principal	$	230,000	$	230,000
Less: Debt discount (1)	—		(59,862)
Less: Debt issuance costs (1)(2)	(6,688)		(5,427)
Net carrying amount	223,312		164,711
Equity component (1)	$	—	$	64,367

________________

(2)Debt issuance costs are amortized to Interest expense, net using the effective interest method over the expected life of the 2025 Notes.

Convertible senior notes interest expense

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


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 27, 2021
Coupon interest	$	2,875	$	5,750
Deferred issuance cost amortization	386		767
Total interest expense	$	3,261	$	6,517

Other Long-term Liabilities, Net (Tables)

6 Months Ended

Jun. 27, 2021

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)	JUNE 27, 2021		DECEMBER 27, 2020
Accrued insurance liability	$	32,704	$	32,128
Chef and Restaurant Managing Partner deferred compensation obligations	20,687		32,306
Deferred payroll tax liabilities (1)	27,302		55,204
Other long-term liabilities (2)	53,601		65,717
	$	134,294	$	185,355

_______________

(1)During the twenty-six weeks ended June 27, 2021, the Company reclassified $27.3 million of payroll taxes deferred under the CARES Act to current.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 27, 2021

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of accumulated other comprehensive loss

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


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020
Foreign currency translation adjustment	$	(185,443)	$	(188,883)
Unrealized loss on derivatives, net of tax	(16,745)		(22,563)
Accumulated other comprehensive loss	$	(202,188)	$	(211,446)

Other comprehensive loss

Following are the components of Other comprehensive income (loss) attributable to Bloomin’ Brands for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Foreign currency translation adjustment	$	10,015	$	(29,146)	$	3,440	$	(36,443)

Unrealized loss on derivatives, net of tax (1)	(128)		(1,556)		(170)		(14,892)
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax (2)	1,514		2,585		4,517		3,981
Amortization of terminated interest rate swaps, net of tax	1,471		—		1,471		—
Total unrealized gain (loss) on derivatives, net of tax	2,857		1,029		5,818		(10,911)

Other comprehensive income (loss) attributable to Bloomin’ Brands	$	12,872	$	(28,117)	$	9,258	$	(47,354)

________________

(1)Unrealized loss on derivatives is net of tax of $0.5 million and $5.2 million for the thirteen and twenty-six weeks ended June 28, 2020, respectively.

(2)Reclassifications of adjustments for loss on derivatives are net of tax. See Note 13 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 27, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair value and classification of the Company’s swap agreements, as of the periods indicated:


(dollars in thousands)	JUNE 27, 2021		DECEMBER 27, 2020		CONSOLIDATED BALANCE SHEET CLASSIFICATION




Interest rate swaps - liability	$	7,437	$	14,855	Accrued and other current liabilities
Interest rate swaps - liability	3,821		15,640		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	11,258	$	30,495

Accrued interest	$	697	$	1,237	Accrued and other current liabilities

____________________

(1)See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Schedule of derivatives instruments statements of financial performance, location

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Interest rate swap expense recognized in Interest expense, net	$	(2,038)	$	(3,482)	$	(6,082)	$	(5,362)
Income tax benefit recognized in Provision (benefit) for income taxes	524		897		1,565		1,381
Total effects on Net income (loss)	$	(1,514)	$	(2,585)	$	(4,517)	$	(3,981)

Leases (Tables)

6 Months Ended

Jun. 27, 2021

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	JUNE 27, 2021		DECEMBER 27, 2020
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,161,650	$	1,172,910
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	1,447		1,947
Total lease assets, net		$	1,163,097	$	1,174,857

Current operating lease liabilities (2)	Accrued and other current liabilities	$	177,807	$	176,791
Current finance lease liabilities	Current portion of long-term debt	1,022		1,210
Non-current operating lease liabilities (3)	Non-current operating lease liabilities	1,206,269		1,216,666
Non-current finance lease liabilities	Long-term debt, net	617		974
Total lease liabilities		$	1,385,715	$	1,395,641

________________

(1)Net of accumulated amortization of $2.8 million and $2.3 million as of June 27, 2021 and December 27, 2020, respectively.

(3)Excludes COVID-19-related non-current deferred rent accruals of $0.8 million and $1.2 million as of June 27, 2021 and December 27, 2020, respectively.

Lease, cost

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


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Operating leases (1)	Other restaurant operating	$	43,763	$	42,776	$	88,555	$	88,658
Variable lease cost (2)	Other restaurant operating	731		(1,046)		1,508		74
Finance leases
Amortization of leased assets	Depreciation and amortization	258		315		520		657
Interest on lease liabilities	Interest expense, net	31		37		67		83
Sublease revenue (3)	Franchise and other revenues	(2,825)		(109)		(3,660)		(1,786)
Lease costs, net		$	41,958	$	41,973	$	86,990	$	87,686

________________

(2)Includes COVID-19-related rent abatement for all periods presented.

(3)Excludes immaterial rental income from Company-owned properties.

Cash flow, operating activities

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	105,323	$	75,688

Fair Value Measurements (Tables)

6 Months Ended

Jun. 27, 2021

Fair Value Disclosures [Abstract]

Fair value, financial instruments measured on nonrecurring basis, valuation techniques

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


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

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

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


	JUNE 27, 2021						DECEMBER 27, 2020
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	8,664	$	8,664	$	—	$	15,404	$	15,404	$	—
Money market funds	14,054		14,054		—		16,494		16,494		—
Restricted cash equivalents:

Money market funds	1,790		1,790		—		428		428		—




Total asset recurring fair value measurements	$	24,508	$	24,508	$	—	$	32,326	$	32,326	$	—

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	7,437	$	—	$	7,437	$	14,855	$	—	$	14,855

Other long-term liabilities:
Derivative instruments - interest rate swaps	3,821		—		3,821		15,640		—		15,640
Total liability recurring fair value measurements	$	11,258	$	—	$	11,258	$	30,495	$	—	$	30,495

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 June 27, 2021 and December 27, 2020, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

Fair value, assets and liabilities measured on a nonrecurring basis

The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated:


	THIRTEEN WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT

Operating lease right-of-use assets (1)	$	5,687	$	962	$	32,404	$	4,028
Property, fixtures and equipment (2)	8,192		4,460		9,992		19,595
Goodwill and other assets (3)	—		—		748		295
	$	13,879	$	5,422	$	43,144	$	23,918

	TWENTY-SIX WEEKS ENDED
	JUNE 27, 2021				JUNE 28, 2020
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT
Assets held for sale (1)	$	—	$	—	$	1,182	$	75
Operating lease right-of-use assets (1)	7,651		1,512		85,537		23,591
Property, fixtures and equipment (2)	8,928		6,052		28,390		37,993
Goodwill and other assets (3)	—		—		748		2,683
	$	16,579	$	7,564	$	115,857	$	64,342

____________________

(1)Asset carrying values measured using discounted cash flow models (Level 3).

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

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


	THIRTEEN WEEKS ENDED			TWENTY-SIX WEEKS ENDED
UNOBSERVABLE INPUTS	JUNE 28, 2020			JUNE 28, 2020
Weighted-average cost of capital	10.9%			10.4%	to	10.9%
Long-term growth rate	1.5%	to	2.0%	1.5%	to	2.0%

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

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


	JUNE 27, 2021				DECEMBER 27, 2020
	CARRYING VALUE		FAIR VALUE LEVEL 2		CARRYING VALUE	FAIR VALUE LEVEL 2
(dollars in thousands)
Senior Secured Credit Facility:
Term loan A	$	200,000	$	196,250		$	—	$	—
Revolving credit facility	$	134,000	$	128,850		$	—	$	—
Former Credit Facility:
Term loan A	$	—	$	—		$	425,000	$	412,250
Revolving credit facility	$	—	$	—		$	447,000	$	419,612
2025 Notes	$	230,000	$	559,450		$	230,000	$	413,818
2029 Notes	$	300,000	$	307,503		$	—	$	—

Allowance for Expected Credit Losses (Tables)

6 Months Ended

Jun. 27, 2021

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 periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Allowance for expected credit losses, beginning of period	$	3,997	$	4,551	$	4,095	$	199
Adjustment for adoption of ASU No. 2016-13	—		—		—		1,018
Provision for expected credit losses (1)	—		15		—		3,349
Charge-off of accounts	(8)		—		(106)		—


Allowance for expected credit losses, end of period	$	3,989	$	4,566	$	3,989	$	4,566

________________

Income Taxes (Tables)

6 Months Ended

Jun. 27, 2021

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021			JUNE 28, 2020			JUNE 27, 2021			JUNE 28, 2020
Income (loss) before provision (benefit) for income taxes	$	107,574		$	(128,207)		$	183,965		$	(182,276)
Provision (benefit) for income taxes	$	22,688		$	(35,779)		$	29,281		$	(55,434)
Effective income tax rate	21.1		%	27.9		%	15.9		%	30.4		%

Segment Reporting (Tables)

6 Months Ended

Jun. 27, 2021

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following is a summary of reporting segments:

REPORTABLE SEGMENT (1)

CONCEPT

GEOGRAPHIC LOCATION

U.S.

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International

Outback Steakhouse

Brazil, Hong Kong/China

Carrabba’s Italian Grill (Abbraccio)

Brazil

_________________

(1)Includes franchise locations.

Reconciliation of revenue from segments to consolidated

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Total revenues
U.S.	$	1,003,058	$	537,080	$	1,907,976	$	1,431,577
International	74,308		41,379		156,863		155,219
Total revenues	$	1,077,366	$	578,459	$	2,064,839	$	1,586,796

Reconciliation of operating profit from segments to consolidated

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Segment income (loss) from operations
U.S.	$	165,297	$	(62,921)	$	287,032	$	(51,542)
International	2,470		(17,070)		6,007		(10,283)
Total segment income (loss) from operations	167,767		(79,991)		293,039		(61,825)
Unallocated corporate operating expense (1)	(43,130)		(31,921)		(77,404)		(91,655)
Total income (loss) from operations	124,637		(111,912)		215,635		(153,480)
Loss on extinguishment and modification of debt	(2,073)		(237)		(2,073)		(237)

Other income (expense), net	—		581		21		(212)
Interest expense, net	(14,990)		(16,639)		(29,618)		(28,347)
Income (loss) before provision (benefit) for income taxes	$	107,574	$	(128,207)	$	183,965	$	(182,276)

____________________

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:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020		JUNE 27, 2021		JUNE 28, 2020
Depreciation and amortization
U.S.	$	33,578	$	37,308	$	67,223	$	74,948
International	5,566		5,884		11,286		12,642
Corporate	1,395		2,592		3,256		6,462
Total depreciation and amortization	$	40,539	$	45,784	$	81,765	$	94,052

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 27, 2021		JUNE 28, 2020
Capital expenditures
U.S.	$	42,574	$	30,692
International	5,531		10,914
Corporate	3,138		2,471
Total capital expenditures	$	51,243	$	44,077

Description of the Business and Basis of Presentation - Description of the Business (Details)	Jun. 27, 2021 restraurant_concept
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant concepts in portfolio	4

Description of the Business and Basis of Presentation (Recently Issued Financial Accounting Standards) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2020

Dec. 27, 2020

Jun. 27, 2021

Mar. 28, 2021

Jun. 28, 2020

Mar. 29, 2020

Dec. 29, 2019

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

Cumulative-effect from a change in accounting principle

$ (10,957)

$ (152,907)

$ (45,405)

$ (29,198)

$ (100,143)

$ (177,481)

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

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

42,953

4,292

Accumulated deficit

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

918,096

762,319

$ 844,864

$ 886,248

$ 793,992

755,089

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

2025 Notes | Convertible debt

(4,370)

$ 4,292

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

Debt discount reclassification

59,862

$ 0

^[1]

2025 Notes | Convertible debt | Interest expense

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

Debt discount amortization

$ 6,300

2025 Notes | Additional paid-in capital | Convertible debt

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

Equity issuance cost reclassification

$ 2,100

Accounting standards update 2020-06

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

Deferred tax impact of cumulative-effect adjustment

14,900

Accounting standards update 2020-06 | Additional paid-in capital | Cumulative-effect from a change in accounting principle

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

Accounting standards update 2020-06 | 2025 Notes | Long term debt, net | Convertible debt

(47,300)

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

Debt discount reclassification

59,900

Equity issuance cost reclassification

(2,100)

Accounting standards update 2020-06 | 2025 Notes | Accumulated deficit | Convertible debt

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

Debt discount amortization

$ 4,400

[1]

In connection with the adoption of ASU No. 2020-06, debt discount and the equity component of the 2025 Notes were de-recognized and $2.1 million of issuance costs that were previously allocated to the equity component were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.

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

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

Unusual or Infrequent Item, or Both [Line Items]

Inventory obsolescence and spoilage

$ 0

$ 6,413

Allowance for expected credit losses

$ 0

$ 15

^[1]

3,349

^[1]

Total costs and expenses

952,729

690,371

1,849,204

1,740,276

Provision for impaired assets and restaurant closings

Unusual or Infrequent Item, or Both [Line Items]

Goodwill and other impairment

$ 5,422

23,918

$ 7,564

64,342

Unusual or Infrequent Item, or Both [Line Items]

Total costs and expenses

41,729

106,792

COVID-19 pandemic | Food and beverage costs

Unusual or Infrequent Item, or Both [Line Items]

Inventory obsolescence and spoilage

1,163

7,345

^[2]

COVID-19 pandemic | Labor and other related

Unusual or Infrequent Item, or Both [Line Items]

Compensation for idle employees

^[3]

11,388

27,574

Employee retention tax credit

13,700

COVID-19 pandemic | Other restaurant operating

Unusual or Infrequent Item, or Both [Line Items]

Other operating charges

2,467

COVID-19 pandemic | General and administrative expense

Unusual or Infrequent Item, or Both [Line Items]

Other operating charges

1,216

1,789

Allowance for expected credit losses

^[4]

3,334

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

Unusual or Infrequent Item, or Both [Line Items]

Lease guarantee contingent liabilities

^[5]

4,188

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

Unusual or Infrequent Item, or Both [Line Items]

Right-of-use asset impairment

^[6]

5,273

25,757

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

Unusual or Infrequent Item, or Both [Line Items]

Fixed asset impairment

^[6]

19,611

31,339

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

Unusual or Infrequent Item, or Both [Line Items]

Goodwill and other impairment

$ 611

$ 2,999

^[7]

[1]	In March 2020, the Company fully reserved substantially all of its outstanding franchise receivables in response to the economic impact of the COVID-19 pandemic. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.
[2]	Includes the write-off of value-added tax credits during the twenty-six weeks ended June 28, 2020 related to the purchase of inventory by the Company’s Brazil subsidiary.
[3]	Represents relief pay for hourly employees impacted by the closure of dining rooms, net of $13.7 million of employee retention tax credits earned during the thirteen and twenty-six weeks ended June 28, 2020.
[4]	Includes additional reserves to reflect an increase in expected credit losses, primarily related to franchise receivables.
[5]	Represents additional contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.
[6]	Includes impairments resulting from the remeasurement of assets utilizing projected future cash flows revised for then current economic conditions, restructuring charges and the closure of certain restaurants.
[7]	Includes impairment of goodwill for the Company’s Hong Kong subsidiary during the twenty-six weeks ended June 28, 2020.

Revenue Recognition (Principal Revenue Transactions) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

$ 1,077,366

$ 578,459

$ 2,064,839

$ 1,586,796

Restaurant sales

Franchise and other revenues

1,055,227

576,261

2,034,678

1,572,498

22,139

2,198

30,161

14,298

Franchise revenue

12,221

1,951

19,010

11,500

Other revenue

Recognized benefit related to Brazilian tax ruling

9,918

^[1]

$ 247

11,151

^[1]

$ 2,798

$ 6,300

[1]

During the thirteen and twenty-six weeks ended June 27, 2021, the Company recognized $6.3 million of other revenues in connection with favorable court rulings in Brazil regarding the calculation methodology and taxable base of Program of Social Integration (“PIS”) and Contribution for the Financing of Social Security (“COFINS”) taxes. The amount recognized as a result of the favorable court rulings primarily represents refundable PIS and COFINS taxes for prior years, including accrued interest, and will be recovered by offsetting future PIS and COFINS taxes due.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

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

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

$ 1,077,366

$ 578,459

$ 2,064,839

$ 1,586,796

U.S. segment

1,003,058

537,080

1,907,976

1,431,577

International segment

74,308

41,379

156,863

155,219

Restaurant sales

Restaurant sales | U.S. segment

1,055,227

576,261

2,034,678

1,572,498

Restaurant sales | International segment

990,293

536,767

1,890,352

1,421,656

Restaurant sales | Outback Steakhouse

64,934

39,494

144,326

150,842

Restaurant sales | Carrabba's Italian Grill

579,096

346,553

1,126,291

877,238

Restaurant sales | Bonefish Grill

171,408

93,738

329,094

240,613

Restaurant sales | Fleming's Prime Steakhouse & Wine Bar

149,036

63,744

276,010

198,816

Restaurant sales | Other - U.S.

88,101

31,156

154,412

102,116

Restaurant sales | Outback Brazil

2,652

1,576

4,545

2,873

Restaurant sales | Other - International

43,310

24,003

104,158

115,593

^[1]

21,624

15,491

40,168

35,249

Franchise revenue

Franchise revenue | U.S. segment

12,221

1,951

19,010

11,500

Franchise revenue | International segment

9,257

147

12,960

7,285

Franchise revenue | Outback Steakhouse

2,964

1,804

6,050

4,215

Franchise revenue | Carrabba's Italian Grill

8,418

136

11,374

6,677

Franchise revenue | Bonefish Grill

665

1,282

468

Franchise revenue | Fleming's Prime Steakhouse & Wine Bar

174

304

140

Franchise revenue | Other - U.S.

Franchise revenue | Outback Brazil

Franchise revenue | Other - International

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

^[1]

$ 2,964

$ 1,804

$ 6,050

$ 4,215

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

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021	Dec. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 12,548	$ 13,502	$ 19,300	$ 13,624	$ 13,049	$ 18,554
Unearned revenue	302,996		381,616
Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	293,955	$ 306,075	373,048	$ 279,973	$ 277,518	$ 358,757
Other current assets, net
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	12,548		19,300
Unearned revenue
Revenue Recognition [Line Items]
Unearned revenue	302,996		381,616
Unearned revenue \| Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	293,955		373,048
Unearned revenue \| Deferred loyalty revenue
Revenue Recognition [Line Items]
Unearned revenue	8,604		8,099
Unearned revenue \| Deferred franchise fees
Revenue Recognition [Line Items]
Unearned revenue	437		469
Other long-term liabilities, net \| Deferred franchise fees
Revenue Recognition [Line Items]
Deferred franchise fees, noncurrent	$ 4,174		$ 4,301

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Balance, beginning of period	$ 13,502	$ 13,049	$ 19,300	$ 18,554
Deferred gift card sales commissions amortization	(5,711)	(2,502)	(14,436)	(11,592)
Deferred gift card sales commissions capitalization	5,297	3,142	8,796	7,466
Other	(540)	(65)	(1,112)	(804)
Balance, end of period	$ 12,548	$ 13,624	$ 12,548	$ 13,624

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Revenue Recognition [Line Items]
Balance, beginning of the period			$ 381,616
Balance, end of the period	$ 302,996		302,996
Deferred gift card revenue
Revenue Recognition [Line Items]
Balance, beginning of the period	306,075	$ 277,518	373,048	$ 358,757
Gift card sales	63,921	41,649	108,090	100,088
Gift card redemptions	(71,859)	(37,404)	(176,799)	(170,585)
Gift card breakage	(4,182)	(1,790)	(10,384)	(8,287)
Balance, end of the period	$ 293,955	$ 279,973	$ 293,955	$ 279,973

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

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

Provision for impaired assets and restaurant closings

$ 5,177,000

$ 24,959,000

$ 7,377,000

$ 66,277,000

Impairment charges

Outback Hong Kong

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

Impairment charges

2,000,000.0

Provision for impaired assets and restaurant closings

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

Restaurant closure expenses

5,422,000

23,918,000

7,564,000

64,342,000

(245,000)

1,041,000

(187,000)

1,935,000

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

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

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

209,000

(119,000)

238,000

6,161,000

^[1]

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

Restaurant closure expenses

5,768,000

23,741,000

^[2]

7,174,000

54,713,000

^[2]

(92,000)

1,041,000

^[2]

(34,000)

1,762,000

^[2]

International segment | Provision for impaired assets and restaurant closings

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

Restaurant closure expenses

(555,000)

296,000

^[2]

152,000

3,468,000

^[2],[3]

$ (153,000)

$ 0

^[2]

$ (153,000)

$ 173,000

^[2]

[1]	Corporate impairment charges for the twenty-six weeks ended June 28, 2020 primarily relate to transformational initiatives.
[2]	U.S. and international impairment and closure charges for the thirteen and twenty-six weeks ended June 28, 2020 primarily relate to the COVID-19 pandemic, including charges related to the COVID-19 Restructuring discussed below. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.
[3]	Includes goodwill impairment charges of $2.0 million during the twenty-six weeks ended June 28, 2020.

Impairments and Exit Costs (Restructuring and Related Cost) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021 USD ($)	Jun. 28, 2020 USD ($) Restaurants	Jun. 27, 2021 USD ($)	Jun. 28, 2020 USD ($) Restaurants
Provision for impaired assets and restaurant closings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	$ 5,422	$ 23,918	$ 7,564	$ 64,342
COVID-19 Restructuring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants		22		22
Restructuring charges		$ 22,012		$ 22,012
COVID-19 Restructuring \| Provision for impaired assets and restaurant closings \| Facility closing \| Property, fixtures and equipment, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses		16,932		16,932
COVID-19 Restructuring \| Provision for impaired assets and restaurant closings \| Facility closing \| Operating lease right-of-use assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses		3,920		3,920
COVID-19 Restructuring \| General and administrative expense \| Employee severance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance and other expenses		$ 1,160		$ 1,160

Impairments and Exit Costs (Annual Goodwill and Intangible Asset Impairment Assessment - Text) (Details) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Discontinued Operations and Disposal Groups [Abstract]
Impairment charges	$ 0	$ 0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 0	$ 0

Impairments and Exit Costs (Lease Liability Rollforward) (Details) - Facility closing
$ in Thousands

6 Months Ended

Jun. 27, 2021

USD ($)

Restructuring Reserve [Roll Forward]

Balance, beginning of the period

$ 12,879

Cash payments

(2,239)

Accretion

488

Adjustments

(790)

Balance, end of the period

10,338

^[1]

Accrued and other current liabilities

Restructuring Reserve [Roll Forward]

Restructuring reserve, current

3,600

Non-current operating lease liabilities

Restructuring Reserve [Roll Forward]

Restructuring reserve, noncurrent

$ 6,700

[1]	As of June 27, 2021, the Company had exit-related accruals related to certain closure and restructuring initiatives of $3.6 million recorded in Accrued and other current liabilities and $6.7 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Earnings (Loss) Per Share (2025 Notes Impact) (Details) - 2025 Notes - Convertible debt	May 08, 2020 $ / shares
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price	$ 11.89
Class of warrant or right, exercise price of warrants or rights	$ 16.64

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

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

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

Net income (loss) attributable to Bloomin’ Brands

$ 82,545

$ (92,256)

$ 151,407

$ (126,867)

Redemption of preferred stock in excess of carrying value

(3,496)

^[1]

Net income (loss) attributable to common stockholders

82,545

(92,256)

151,407

(130,363)

Convertible senior notes if-converted method interest adjustment, net of tax

691

^[2]

Diluted net income (loss) attributable to common stockholders

$ 82,545

$ (92,256)

$ 152,098

$ (130,363)

Basic weighted average common shares outstanding

89,075

87,496

88,721

87,312

Diluted weighted average common shares outstanding

Convertible senior notes

11,231

^[3]

13,212

^[2]

^[3]

Warrants

7,983

^[3]

6,879

^[3]

109,805

87,496

110,223

87,312

Basic earnings (loss) per share attributable to common stockholders

$ 0.93

$ (1.05)

$ 1.71

$ (1.49)

Diluted earnings (loss) per share attributable to common stockholders

$ 0.75

$ (1.05)

$ 1.38

$ (1.49)

Stock options

Nonvested restricted stock units

Dilutive shares

1,165

937

Performance-based share units

Dilutive shares

351

427

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 for the twenty-six weeks ended June 28, 2020. See Note 12 - Stockholders’ Equity for additional details.
[2]	Adjustment for interest related to the 2025 Notes weighted for the portion of the period prior to the Company’s election under the 2025 Notes indenture to settle the principal portion of its 2025 Notes in cash. Effective with the Company’s election, there will be no further numerator adjustments for interest or denominator adjustments for shares required to settle the principal portion.
[3]	Due to the Company’s net loss during the thirteen and twenty-six weeks ended June 28, 2020, dilutive excess shares, if applicable, and warrants were excluded from the computation of diluted earnings per share as their effect would be antidilutive.

Earnings (Loss) Per Share (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Stock options
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share	0	5,352	682	5,009
Nonvested restricted stock units
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share	9	990	41	821
Performance-based share units
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share	465	624	448	578

Stock-based Compensation Plans (Stock-based Compensation Expense) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

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

$ 9,751

$ 5,071

$ 14,451

$ 8,285

Stock options

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

469

1,038

1,334

1,870

Restricted stock units

Performance-based share units

1,964

2,340

4,330

4,023

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

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

$ 7,318

^[1]

$ 1,693

$ 8,787

^[1]

$ 2,392

[1]	The thirteen and twenty-six weeks ended June 27, 2021 includes a cumulative life-to-date adjustment for PSUs granted in fiscal years 2019, 2020 and 2021 based on revised Company performance projections of performance criteria set forth in the award agreements.

Stock-based Compensation Plans (Assumptions Used in the Monte Carlo Simulation Model and the Grant Date Fair Value of PSUs Granted) (Details) - Performance-based share units - $ / shares
shares in Millions

1 Months Ended

6 Months Ended

Feb. 28, 2021

Jun. 27, 2021

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period

0.3

Share-based compensation arrangement by share-based payment award, award vesting period

3 years

Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 1

75.00%

Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 2

100.00%

Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 3

125.00%

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

Risk-free interest rate

^[1]

0.20%

Volatility

^[2]

48.45%

Grant date fair value per unit (in dollars per share)

^[3]

$ 29.73

Share-based compensation arrangement by share-based payment award, stock price premium, percentage

14.30%

Minimum

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%

Maximum

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%

[1]	Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.
[2]	Based on the historical volatility of the Company’s stock over the last seven years.
[3]	Represents a 14.3% premium above the per share value of the Company’s common stock as of the grant date.

Stock-based Compensation Plans (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands	6 Months Ended
	Jun. 27, 2021 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock options	$ 1,556
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	10 months 24 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 13,678
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 1 month 6 days
Performance-based share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 24,264
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 9 months 18 days

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

Jun. 27, 2021

Mar. 28, 2021

Dec. 27, 2020

Jun. 28, 2020

Mar. 29, 2020

Dec. 29, 2019

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

Prepaid expenses

$ 22,668

$ 12,148

Deferred gift card sales commissions

12,548

$ 13,502

19,300

$ 13,624

$ 13,049

$ 18,554

Assets held for sale

1,358

3,831

Other current assets, net

8,756

12,756

Total other current assets, net

84,984

151,518

Accounts receivable - gift cards, net

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

Accounts receivable - vendors, net

^[1]

16,177

76,808

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

Accounts receivable - franchisees, net

^[1]

9,212

8,886

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

Accounts receivable - other, net

^[1]

887

1,007

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

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

^[1]

$ 13,378

$ 16,782

[1]	See Note 16 - Allowance for Expected Credit Losses for a rollforward of the related allowance for expected credit losses.

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

6 Months Ended

Jun. 27, 2021

Dec. 27, 2020

Accrued rent and current operating lease liabilities

$ 184,486

$ 192,369

Accrued payroll and other compensation

116,951

^[1]

79,291

Accrued insurance

22,414

20,648

Other current liabilities

115,445

^[2]

96,013

Accrued and other current liabilities

439,296

$ 388,321

Increase in accrued taxes payable

8,700

Increase in income tax payable

6,400

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

Deferred payroll tax, employer portion, CARES Act, amount

$ 27,300

[1]	During the twenty-six weeks ended June 27, 2021, the Company reclassified $27.3 million of payroll taxes deferred under the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) to current.
[2]	During the twenty-six weeks ended June 27, 2021, sales tax payable and income tax payable increased by $8.7 million and $6.4 million, respectively, due to increased sales and pre-tax income during the period.

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

Dec. 28, 2020

Jun. 27, 2021

Apr. 16, 2021

Mar. 28, 2021

Dec. 27, 2020

May 08, 2020

Finance lease liabilities

$ 1,794

$ 2,405

Less: unamortized debt discount and issuance costs

(15,576)

^[1]

(67,704)

Less: finance lease interest

(155)

(221)

Total debt, net

850,063

1,036,480

Less: current portion of long-term debt

(11,022)

(38,710)

Long-term debt, net

839,041

997,770

Secured debt | Senior Secured Credit Facility

Secured debt | Former Credit Facility

334,000

Secured debt | Term loan A facility | Senior Secured Credit Facility

872,000

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

$ 200,000

Secured debt | Term loan A facility | Former Credit Facility

^[2]

2.59%

Secured debt | Term loan A facility | Former Credit Facility | Weighted average

$ 0

$ 425,000

Secured debt | Revolving credit facility | Senior Secured Credit Facility

^[2]

2.88%

Line of credit facility, amount outstanding

$ 134,000

$ 0

Secured debt | Revolving credit facility | Senior Secured Credit Facility | Weighted average

Secured debt | Revolving credit facility | Former Credit Facility

^[2]

2.59%

Line of credit facility, amount outstanding

$ 0

$ 447,000

Secured debt | Revolving credit facility | Former Credit Facility | Weighted average

Secured debt | Second Amended and Restated Credit Agreement

^[2]

2.88%

Secured debt | Second Amended and Restated Credit Agreement | Long term debt, net

5,900

Secured debt | Second Amended and Restated Credit Agreement | Other assets, net

$ 2,200

Convertible debt | 2025 Notes

3,700

^[3]

$ 230,000

Debt instrument, interest rate, stated percentage

5.85%

5.00%

^[3]

5.00%

^[3]

5.00%

Debt discount derecognized upon adoption of new accounting standard

$ 0

^[4]

$ 59,862

Convertible debt | 2025 Notes | Accounting standards update 2020-06 | Long term debt, net

Debt discount derecognized upon adoption of new accounting standard

$ 59,900

Equity issuance costs reclassified upon adoption of new accounting standard

$ (2,100)

Unsecured debt | 2029 Notes

Debt instrument, interest rate, stated percentage

$ 300,000

$ 0

5.13%

5.125%

[1]	In connection with the adoption of ASU No. 2020-06, debt discount of $59.9 million related to the 2025 Notes was de-recognized and $2.1 million of equity issuance costs were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.
[2]	Interest rate represents the weighted-average interest rate as of the respective periods.
[3]	See Note 10 - Convertible Senior Notes for details regarding the 2025 Notes and related hedge and warrant transactions
[4]	In connection with the adoption of ASU No. 2020-06, debt discount and the equity component of the 2025 Notes were de-recognized and $2.1 million of issuance costs that were previously allocated to the equity component were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.

Long-term Debt, Net (2029 Notes Narrative) (Details) - 2029 Notes - Unsecured debt - USD ($)	Apr. 16, 2021	Jun. 27, 2021
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000.0
Long-term debt, maturity date	Apr. 15, 2029
Debt instrument, interest rate, stated percentage	5.125%	5.13%
Proceeds from issuance of private placement	$ 294,500,000
Debt instrument, redemption, equity offering redemption option
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	105.125%
Debt instrument, redemption, early redemption option
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Maximum \| Debt instrument, redemption, equity offering redemption option
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed	40.00%

Long-term Debt, Net Long-term Debt, Net (Second Amended and Restated Credit Agreement Narrative) (Details)	Apr. 16, 2021 USD ($)	Nov. 30, 2017 USD ($)
Term loan A facility
Debt Instrument [Line Items]
Quarterly required amortization payments, period one	$ 2,500,000
Quarterly required amortization payments, period two	3,750,000
Quarterly required amortization payments, period three	5,000,000
Secured debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000.0
Long-term debt, maturity date	Apr. 16, 2026
Line of credit facility, maximum increase	$ 425,000,000.0
Secured debt \| Former Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000
Secured debt \| Term loan A facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000.0
Secured debt \| Term loan A facility \| Minimum \| Eurocurrency Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Secured debt \| Term loan A facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Secured debt \| Term loan A facility \| Maximum \| Eurocurrency Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Secured debt \| Term loan A facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Secured debt \| Revolving credit facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 800,000,000.0
Secured debt \| Revolving credit facility \| Minimum \| Eurocurrency Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Secured debt \| Revolving credit facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Secured debt \| Revolving credit facility \| Maximum \| Eurocurrency Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Secured debt \| Revolving credit facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Secured debt \| Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level for increase in borrowing	3.00
Debt instrument, covenant, prepayment requirement, percentage of benchmark	50.00%
Secured debt \| Second Amended and Restated Credit Agreement \| Eurocurrency Rate Option 1
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	seven day Eurocurrency rate
Secured debt \| Second Amended and Restated Credit Agreement \| Eurocurrency Rate Option 2
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	30-day Eurocurrency rate
Secured debt \| Second Amended and Restated Credit Agreement \| Eurocurrency Rate Option 3
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	60-day Eurocurrency rate
Secured debt \| Second Amended and Restated Credit Agreement \| Eurocurrency Rate Option 4
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	90-day Eurocurrency rate
Secured debt \| Second Amended and Restated Credit Agreement \| Eurocurrency Rate Option 5
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	180-day Eurocurrency rate
Secured debt \| Second Amended and Restated Credit Agreement \| Base Rate Option 1
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	prime rate of Wells Fargo, National Association
Secured debt \| Second Amended and Restated Credit Agreement \| Base Rate Option 2
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	federal funds effective rate
Debt instrument, basis spread on variable rate	50.00%
Secured debt \| Second Amended and Restated Credit Agreement \| Base Rate Option 3
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Eurocurrency Rate with a one-month interest period
Debt instrument, basis spread on variable rate	1.00%
Secured debt \| Second Amended and Restated Credit Agreement \| Minimum \| Eurocurrency Rate
Debt Instrument [Line Items]
Debt instrument, interest rate, floor	0.00%
Secured debt \| Second Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, aggregate capital expenditures	$ 200,000,000.0
Secured debt \| Letter of credit \| Minimum
Debt Instrument [Line Items]
Letters of credit fee, percentage	1.50%
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Secured debt \| Letter of credit \| Maximum
Debt Instrument [Line Items]
Letters of credit fee, percentage	2.50%
Line of credit facility, unused capacity, commitment fee percentage	0.40%

Long-term Debt, Net Long-term Debt, Net (Schedule of Maximum TNLR) (Details) - Second Amended and Restated Credit Agreement - Secured debt

Apr. 16, 2021

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

5.00

^[1]

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

4.50

^[2]

Annualization factor, period two

58.50%

Annualization factor, period three

77.00%

[1]	Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the two consecutive quarters ending June 27, 2021 divided by 58.5%.
[2]	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 (Maturities-Table) (Details) - USD ($)
$ in Thousands

Jun. 27, 2021

Dec. 27, 2020

Debt Disclosure [Abstract]

$ 11,051

10,250

10,188

245,175

289,130

300,000

865,794

Less: unamortized debt discount and issuance costs

(15,576)

^[1]

$ (67,704)

Less: finance lease interest

(155)

(221)

Total debt, net

$ 850,063

$ 1,036,480

[1]	In connection with the adoption of ASU No. 2020-06, debt discount of $59.9 million related to the 2025 Notes was de-recognized and $2.1 million of equity issuance costs were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.

Long-term Debt, Net (Deferred Financing Fees) (Details) $ in Millions	Jun. 27, 2021 USD ($)
Unsecured debt \| 2029 Notes
Debt Instrument [Line Items]
Debt issuance costs	$ 5.5
Secured debt \| Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs	5.9
Secured debt \| Second Amended and Restated Credit Agreement \| Other assets, net
Debt Instrument [Line Items]
Debt issuance costs	$ 3.7

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

May 08, 2020

USD ($)

day

$ / shares

May 08, 2020

USD ($)

$ / shares

Jun. 27, 2021

USD ($)

Dec. 27, 2020

USD ($)

May 12, 2020

USD ($)

Debt instrument, face amount | $

$ 230,000,000

$ 230,000,000.0

Debt instrument, interest rate, stated percentage

5.00%

^[1]

5.00%

^[1]

Long-term debt, maturity date

May 01, 2025

Proceeds from issuance of private placement | $

$ 221,600,000

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, convertible, conversion price | $ / shares

$ 11.89

Debt instrument, redemption price, percentage

100.00%

Conversion option one

Debt instrument, convertible, threshold percentage of stock price trigger

130.00%

Debt instrument, convertible, threshold trading days

Debt instrument, convertible, threshold consecutive trading days

Conversion option two

Debt instrument, convertible, threshold percentage of stock price trigger

98.00%

Debt instrument, convertible, threshold trading days

Debt instrument, convertible, threshold consecutive trading days

[1]	See Note 10 - Convertible Senior Notes for details regarding the 2025 Notes and related hedge and warrant transactions

Convertible Senior Notes (Convertible Senior Notes Balances) (Details) - 2025 Notes - Convertible debt - USD ($)

Dec. 28, 2020

Jun. 27, 2021

Dec. 27, 2020

May 12, 2020

Debt instrument, face amount

$ 230,000,000

$ 230,000,000.0

Debt discount

^[1]

(59,862,000)

Additional paid-in capital

^[2]

(6,688,000)

^[1]

(5,427,000)

Net carrying amount

223,312,000

164,711,000

Equity component

$ 0

^[1]

$ 64,367,000

Equity issuance costs reclassified upon adoption of new accounting standard

$ 2,100,000

[1]	In connection with the adoption of ASU No. 2020-06, debt discount and the equity component of the 2025 Notes were de-recognized and $2.1 million of issuance costs that were previously allocated to the equity component were reclassified as debt issuance costs during the twenty-six weeks ended June 27, 2021.
[2]	Debt issuance costs are amortized to Interest expense, net using the effective interest method over the expected life of the 2025 Notes.

Convertible Senior Notes (Convertible Senior Notes Interest Expense) (Details) - 2025 Notes - Convertible debt $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 27, 2021 USD ($)	Jun. 27, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument, effective interest rate	5.85%	5.85%
Coupon interest	$ 2,875	$ 5,750
Deferred issuance cost amortization	386	767
Total interest expense	$ 3,261	$ 6,517

Convertible Senior Notes (Convertible Notes Hedge Transactions) (Details)	May 08, 2020 $ / shares
Convertible debt \| 2025 Notes
Debt Instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights	$ 16.64

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

6 Months Ended

Jun. 27, 2021

Dec. 27, 2020

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

Accrued insurance liability

$ 32,704

$ 32,128

Chef and Restaurant Managing Partner deferred compensation obligations

20,687

32,306

Deferred payroll tax liabilities

27,302

^[1]

55,204

Other long-term liabilities

53,601

^[2]

65,717

Other long-term liabilities, net

134,294

$ 185,355

Decrease in derivative liabilities

(11,800)

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

Deferred payroll tax, employer portion, CARES Act, amount

$ 27,300

[1]	During the twenty-six weeks ended June 27, 2021, the Company reclassified $27.3 million of payroll taxes deferred under the CARES Act to current.
[2]	The Company’s hedge liability decreased by $11.8 million during the twenty-six weeks ended June 27, 2021 primarily from the termination of certain interest rate swaps. See Note 13 - Derivative Instruments and Hedging Activities for additional details.

Stockholders' Equity (Redeemable Preferred Stock) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 29, 2020	Jun. 27, 2021	Jun. 28, 2020
Accumulated other comprehensive loss [Line Items]
Payments for repurchase of redeemable preferred stock	$ 1,000	$ 0	$ 1,475
Consideration for preferred stock in excess of carrying value, net of tax			1,718
Additional paid-in capital
Accumulated other comprehensive loss [Line Items]
Consideration for preferred stock in excess of carrying value, net of tax	$ 3,500		$ 3,496

Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (202,188)	$ (211,446)
Foreign currency translation adjustment
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	(185,443)	(188,883)
Unrealized loss on derivatives, net of tax
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (16,745)	$ (22,563)

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 (Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

Unrealized loss on derivatives, net of tax

$ (128)

$ (1,556)

$ (170)

$ (14,892)

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

1,514

2,585

4,517

3,981

Amortization of terminated interest rate swaps, net of tax

1,471

Other comprehensive income (loss) attributable to Bloomin’ Brands

12,872

(28,117)

9,258

(48,018)

Bloomin' Brands

Accumulated other comprehensive loss [Line Items]

Foreign currency translation adjustment

10,015

(29,146)

3,440

(36,443)

Unrealized loss on derivatives, net of tax

^[1]

(128)

(1,556)

(170)

(14,892)

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

^[2]

1,514

2,585

4,517

3,981

Amortization of terminated interest rate swaps, net of tax

1,471

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

2,857

1,029

5,818

(10,911)

Other comprehensive income (loss) attributable to Bloomin’ Brands

$ 12,872

(28,117)

$ 9,258

(47,354)

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

$ (500)

$ (5,200)

[1]	Unrealized loss on derivatives is net of tax of $0.5 million and $5.2 million for the thirteen and twenty-six weeks ended June 28, 2020, respectively.
[2]	Reclassifications of adjustments for loss on derivatives are net of tax. See Note 13 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Derivative Instruments and Hedging Activities (Cash Flow Hedges of Interest Rate Risk) (Details) - Interest rate swap

6 Months Ended

Apr. 16, 2021

USD ($)

counterparty

Oct. 25, 2018

USD ($)

counterparty

Jun. 27, 2021

USD ($)

Dec. 27, 2020

USD ($)

Contract termination

Derivative agreements, number of counterparties | counterparty

Derivative, notional amount

$ 275,000,000.0

Payment for settlement of interest rate, cash flow hedge

13,300,000

Derivative, interest rate swaps, liabilities, fair value

$ 13,400,000

Designated as hedging instrument

Derivative agreements, number of counterparties | counterparty

Derivative, notional amount

$ 550,000,000.0

Derivative, maturity date

Nov. 30, 2022

Derivative, average fixed interest rate

3.04%

Derivative, interest rate swaps, liabilities, fair value

^[1]

$ 11,258,000

$ 30,495,000

Designated as hedging instrument | Interest expense

Cash flow hedge loss to be reclassified within twelve fiscal months

$ 16,000,000.0

Designated as hedging instrument | London Interbank Offered Rate (LIBOR) swap rate

Derivative, variable interest rate

one-month LIBOR

[1]	See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Derivative Instruments and Hedging Activities (Fair Value and Classification of Interest Rate Swaps) (Details) - Interest rate swap - Designated as hedging instrument - USD ($)
$ in Thousands

Jun. 27, 2021

Dec. 27, 2020

Derivative, interest rate swaps, liabilities, fair value

^[1]

$ 11,258

$ 30,495

Accrued and other current liabilities

Derivative, interest rate swaps, liabilities, fair value

7,437

14,855

Accrued interest

697

1,237

Other long-term liabilities, net

Derivative, interest rate swaps, liabilities, fair value

$ 3,821

$ 15,640

[1]	See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Derivative Instruments and Hedging Activities (Effects of the Interest Rate Swaps) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020	Dec. 27, 2020
Derivative [Line Items]
Total effects of the interest rate swaps on Net income (loss)	$ (1,514)	$ (2,585)	$ (4,517)	$ (3,981)
Interest rate swap \| Designated as hedging instrument
Derivative [Line Items]
Total effects of the interest rate swaps on Net income (loss)	(1,514)	(2,585)	(4,517)	(3,981)
Derivative, net liability position, aggregate fair value	12,000		12,000		$ 32,200
Derivative, termination value	12,000		12,000		$ 32,200
Interest rate swap \| Designated as hedging instrument \| Interest expense
Derivative [Line Items]
Interest rate swap expense recognized in Interest expense, net	(2,038)	(3,482)	(6,082)	(5,362)
Interest rate swap \| Designated as hedging instrument \| Income tax expense
Derivative [Line Items]
Income tax benefit recognized in Provision (benefit) for income taxes	$ 524	$ 897	$ 1,565	$ 1,381

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

Jun. 27, 2021

Dec. 27, 2020

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

Operating lease right-of-use assets

$ 1,161,650

$ 1,172,910

Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]

Property, fixtures and equipment, net

Finance lease right-of-use assets

^[1]

$ 1,447

$ 1,947

Total lease assets, net

$ 1,163,097

$ 1,174,857

Operating lease, liability, current, statement of financial position [Extensible Enumeration]

Accrued and other current liabilities

Current operating lease liabilities

^[2]

$ 177,807

$ 176,791

Finance lease, liability, current, statement of financial position [Extensible Enumeration]

Current portion of long-term debt

Current finance lease liabilities

$ 1,022

$ 1,210

Non-current operating lease liabilities

^[3]

$ 1,206,269

$ 1,216,666

Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]

Long-term debt, net

Non-current finance lease liabilities

$ 617

$ 974

Total lease liability

1,385,715

1,395,641

Accumulated amortization

(2,800)

(2,300)

Accrued contingent percentage rent

3,300

2,700

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

Accrued deferred rent

3,400

12,800

Accrued rent, noncurrent

$ 800

$ 1,200

[1]	Net of accumulated amortization of $2.8 million and $2.3 million as of June 27, 2021 and December 27, 2020, respectively.
[2]	Excludes COVID-19-related deferred rent accruals of $3.4 million and $12.8 million as of June 27, 2021 and December 27, 2020, respectively, and accrued contingent percentage rent of $3.3 million and $2.7 million, as of June 27, 2021 and December 27, 2020, respectively.
[3]	Excludes COVID-19-related non-current deferred rent accruals of $0.8 million and $1.2 million as of June 27, 2021 and December 27, 2020, respectively.

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

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

Schedule of Lease Costs [Line Items]

Operating leases

^[1]

$ 43,763

$ 42,776

$ 88,555

$ 88,658

Variable lease cost

^[2]

731

(1,046)

1,508

Amortization of leased assets

258

315

520

657

Interest on lease liabilities

Sublease revenue

^[3]

(2,825)

(109)

(3,660)

(1,786)

Lease costs, net

41,958

41,973

86,990

87,686

General and administrative expense

Schedule of Lease Costs [Line Items]

Operating leases

3,200

3,300

6,700

6,900

Food and beverage costs

Schedule of Lease Costs [Line Items]

Operating leases

$ 300

$ 600

[1]	Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.2 million and $3.3 million for the thirteen weeks ended June 27, 2021 and June 28, 2020, respectively, and $6.7 million and $6.9 million for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively, which is included in General and administrative expense. Also excludes certain supply chain related rent expense of $0.3 million for the thirteen weeks ended June 27, 2021 and June 28, 2020 and $0.6 million for the twenty-six weeks ended June 27, 2021 and June 28, 2020, which is included in Food and beverage costs.
[2]	Includes COVID-19-related rent abatement for all periods presented.
[3]	Excludes immaterial rental income from Company-owned properties.

Leases (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 105,323	$ 75,688

Fair Value Measurements (Fair Value Measurements on a Recurring Basis) (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Fair value, inputs, level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 24,508	$ 32,326
Liabilities, fair value disclosure	0	0
Fair value, inputs, level 1 \| Accrued and other current liabilities \| Interest rate swap
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 \| Other long-term liabilities, net \| Interest rate swap
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 \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	8,664	15,404
Fair value, inputs, level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	14,054	16,494
Restricted cash and cash equivalents, fair value disclosure	1,790	428
Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Liabilities, fair value disclosure	11,258	30,495
Fair value, inputs, level 2 \| Accrued and other current liabilities \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current liabilities	7,437	14,855
Fair value, inputs, level 2 \| Other long-term liabilities, net \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, other long-term liabilities	3,821	15,640
Fair value, inputs, level 2 \| Fixed income funds
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 \| Money market funds
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	24,508	32,326
Liabilities, fair value disclosure	11,258	30,495
Carrying value measurement \| Accrued and other current liabilities \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, current liabilities	7,437	14,855
Carrying value measurement \| Other long-term liabilities, net \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps, other long-term liabilities	3,821	15,640
Carrying value measurement \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	8,664	15,404
Carrying value measurement \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	14,054	16,494
Restricted cash and cash equivalents, fair value disclosure	$ 1,790	$ 428

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Fair value, measurements, nonrecurring - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

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

Operating lease right-of-use assets

$ 5,422

$ 23,918

$ 7,564

$ 64,342

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

Operating lease assets, impairment

962

4,028

1,512

23,591

Property, fixtures and equipment, net

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

Property, fixtures and equipment, impairment

4,460

19,595

6,052

37,993

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

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

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

9,400

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

Goodwill and other assets

26,200

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

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

295

2,683

Assets held for sale

Assets held for sale, impairment

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

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

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

13,879

43,144

13,879

43,144

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

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

16,579

115,857

16,579

115,857

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

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

^[1]

5,687

32,404

5,687

32,404

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

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

^[1]

7,651

85,537

7,651

85,537

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

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

^[2]

9,992

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

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

^[2]

28,390

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

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

500

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

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

2,200

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

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

^[2]

8,192

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

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

^[2]

8,928

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

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

^[3]

748

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

Carrying value measurement | Assets held for sale | Fair value, inputs, level 3 | Assets measured with impairment, year-to-date

^[3]

748

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

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

^[1]

$ 0

$ 1,182

$ 0

$ 1,182

[1]	Asset carrying values measured using discounted cash flow models (Level 3).
[2]	Carrying values measured using Level 2 inputs to estimate fair value totaled $0.5 million and $2.2 million for the thirteen and twenty-six weeks ended June 28, 2020, 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 fair value.
[3]	Other assets generally measured using the quoted market value of comparable assets (Level 2).

Fair Value Measurements (Fair Value Inputs on a Nonrecurring Basis) (Details) - Operating lease right-of-use-asset and property, fixtures and equipment - Fair value, measurements, nonrecurring - Fair value, inputs, level 3	3 Months Ended	6 Months Ended
	Jun. 28, 2020	Jun. 28, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, weighted-average cost of capital	10.90%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, weighted-average cost of capital		10.90%
Fair value inputs, long-term growth rate	2.00%	2.00%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, weighted-average cost of capital		10.40%
Fair value inputs, long-term growth rate	1.50%	1.50%

Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Secured debt \| Senior Secured Credit Facility \| Fair value, inputs, level 2 \| Term loan A facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	$ 196,250	$ 0
Secured debt \| Senior Secured Credit Facility \| Fair value, inputs, level 2 \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	128,850	0
Secured debt \| Senior Secured Credit Facility \| Carrying value measurement \| Term loan A facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	200,000	0
Secured debt \| Senior Secured Credit Facility \| Carrying value measurement \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	134,000	0
Secured debt \| Former Credit Facility \| Fair value, inputs, level 2 \| Term loan A facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	0	412,250
Secured debt \| Former Credit Facility \| Fair value, inputs, level 2 \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	0	419,612
Secured debt \| Former Credit Facility \| Carrying value measurement \| Term loan A facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	425,000
Secured debt \| Former Credit Facility \| Carrying value measurement \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	447,000
Convertible debt \| 2025 Notes \| Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	559,450	413,818
Convertible debt \| 2025 Notes \| Carrying value measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	230,000	230,000
Unsecured debt \| 2029 Notes \| Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	307,503	0
Unsecured debt \| 2029 Notes \| Carrying value measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 300,000	$ 0

Allowance for Expected Credit Losses (Allowance for Expected Credit Losses Rollforward) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

Allowance for expected credit losses, beginning of period

$ 3,997

$ 4,551

$ 4,095

$ 199

Provision for expected credit losses

^[1]

3,349

^[1]

Charge-off of accounts

(8)

(106)

Allowance for expected credit losses, end of period

3,989

4,566

3,989

4,566

ASU No. 2016-13

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Adjustment for adoption of ASU No. 2016-13

$ 0

$ 1,018

[1]	In March 2020, the Company fully reserved substantially all of its outstanding franchise receivables in response to the economic impact of the COVID-19 pandemic. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.

Income Taxes (Change in Effective Rate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income (loss) before provision (benefit) for income taxes	$ 107,574	$ (128,207)	$ 183,965	$ (182,276)
Provision (benefit) for income taxes	$ 22,688	$ (35,779)	$ 29,281	$ (55,434)
Effective income tax rate	21.10%	27.90%	15.90%	30.40%
Change in effective income tax rate	(6.80%)		(14.50%)
Blended federal and state statutory income tax rate	26.00%		26.00%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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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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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Tax Carryforwards) (Details) - Internal Revenue Service (IRS) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2021	Dec. 27, 2020
Income Tax Contingency [Line Items]
General business tax credit carryforwards		$ 155.3
Maximum
Income Tax Contingency [Line Items]
General business tax credits, estimated period of use	10 years

Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions	Jun. 27, 2021	Dec. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 5.9	$ 4.6

Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee $ in Millions	Jun. 27, 2021 USD ($)
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 27.9
Guarantee obligations, maximum exposure at present value	22.9
Lease guarantee contingent liabilities	$ 10.3

Segment Reporting (Narrative) (Details)	6 Months Ended
Segment Reporting (Narrative) (Details)	Jun. 27, 2021 reportableSegment
Segment Reporting [Abstract]
Reportable segments	2

Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 1,077,366	$ 578,459	$ 2,064,839	$ 1,586,796
U.S. segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	1,003,058	537,080	1,907,976	1,431,577
International segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 74,308	$ 41,379	$ 156,863	$ 155,219

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Jun. 27, 2021

Jun. 28, 2020

Loss on extinguishment and modification of debt

$ 124,637

$ (111,912)

$ 215,635

$ (153,480)

(2,073)

(237)

(2,073)

(237)

Other income (expense), net

581

(212)

Interest expense, net

(14,990)

(16,639)

(29,618)

(28,347)

Income (loss) before provision (benefit) for income taxes

107,574

(128,207)

183,965

(182,276)

Operating segments

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating segments | U.S. segment

167,767

(79,991)

293,039

(61,825)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating segments | International segment

165,297

(62,921)

287,032

(51,542)

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]

2,470

(17,070)

6,007

(10,283)

Corporate, non-segment