0001546417-22-000074 | 10-Q | XBRL Viewer | Bloomin Brands INC

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Notes Tables Impairments and Exit Costs (Tables) Uncategorized Uncategorized Items - blmn-20220626_htm.xml All Reports

Label

Element

Value

Proceeds from Retirement of Convertible Senior Note Hedges

blmn_ProceedsFromRetirementOfConvertibleSeniorNoteHedges

$ 131,869,000

Proceeds from Retirement of Convertible Senior Note Hedges

blmn_ProceedsFromRetirementOfConvertibleSeniorNoteHedges

0

Proceeds from Retirement of Convertible Senior Note Hedges

blmn_ProceedsFromRetirementOfConvertibleSeniorNoteHedges

131,900,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

2,164,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

1,471,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

5,185,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

1,471,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

2,164,000

^[1]

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

1,471,000

^[1]

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

5,185,000

^[1]

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

1,471,000

^[1]

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

(2,164,000)

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

(1,471,000)

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

(5,185,000)

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceNetOfTax

$ (1,471,000)

Share-based Compensation Arrangement By Share-based Payment Award, Total Shareholder Return Modifier, Option 2

blmn_ShareBasedCompensationArrangementByShareBasedPaymentAwardTotalShareholderReturnModifierOption2

100.00%

Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block]

blmn_FairValueInputsAssetsandLiabilitiesQuantitativeInformationTableTextBlock

Fair value of each class of financial instrument is determined based on the following:


FINANCIAL INSTRUMENT						METHODS AND ASSUMPTIONS
Fixed income funds and Money market funds						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 26, 2021, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

Construction in Progress, Change in Accrual for Expenditures Incurred but Not yet Paid

blmn_ConstructioninProgressChangeinAccrualforExpendituresIncurredbutNotyetPaid

$ 2,545,000

Construction in Progress, Change in Accrual for Expenditures Incurred but Not yet Paid

blmn_ConstructioninProgressChangeinAccrualforExpendituresIncurredbutNotyetPaid

$ (203,000)

Share-based Compensation Arrangement By Share-based Payment Award, Total Shareholder Return Modifier, Option 1

blmn_ShareBasedCompensationArrangementByShareBasedPaymentAwardTotalShareholderReturnModifierOption1

75.00%

Change in Effective Income Tax Rate, Percent

blmn_ChangeinEffectiveIncomeTaxRatePercent

47.30%

Gain (Loss) on Extinguishment and Modification of Debt

blmn_GainLossonExtinguishmentandModificationofDebt

$ (107,630,000)

Gain (Loss) on Extinguishment and Modification of Debt

blmn_GainLossonExtinguishmentandModificationofDebt

(2,073,000)

Gain (Loss) on Extinguishment and Modification of Debt

blmn_GainLossonExtinguishmentandModificationofDebt

(107,630,000)

Gain (Loss) on Extinguishment and Modification of Debt

blmn_GainLossonExtinguishmentandModificationofDebt

(2,073,000)

Gain (Loss) on Extinguishment and Modification of Debt

blmn_GainLossonExtinguishmentandModificationofDebt

104,700,000

Adjustments to Additional Paid-In Capital, Retirement of Warrants

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfWarrants

97,617,000

Adjustments to Additional Paid-In Capital, Retirement of Warrants

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfWarrants

97,617,000

Adjustments to Additional Paid-In Capital, Retirement of Warrants

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfWarrants

97,617,000

Adjustments to Additional Paid-In Capital, Retirement of Warrants

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfWarrants

97,617,000

Adjustments to Additional Paid-In Capital, Retirement of Warrants

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfWarrants

$ (97,600,000)

Share-based Compensation Arrangement By Share-based Payment Award, Total Shareholder Return Modifier, Option 3

blmn_ShareBasedCompensationArrangementByShareBasedPaymentAwardTotalShareholderReturnModifierOption3

125.00%

Accrued and Other Liabilities, Current

blmn_AccruedandOtherLiabilitiesCurrent

$ 412,831,000

Accrued and Other Liabilities, Current

blmn_AccruedandOtherLiabilitiesCurrent

406,894,000

Lease, Right-of-Use Assets

blmn_LeaseRightofUseAssets

1,126,099,000

Lease, Right-of-Use Assets

blmn_LeaseRightofUseAssets

1,132,947,000

Purchase of Limited Partnership and Noncontrolling Interests

blmn_PurchaseofLimitedPartnershipandNoncontrollingInterests

4,904,000

Purchase of Limited Partnership and Noncontrolling Interests

blmn_PurchaseofLimitedPartnershipandNoncontrollingInterests

0

Provision for Impaired Assets and Restaurant Closings

blmn_ProvisionforImpairedAssetsandRestaurantClosings

193,000

Provision for Impaired Assets and Restaurant Closings

blmn_ProvisionforImpairedAssetsandRestaurantClosings

5,177,000

Provision for Impaired Assets and Restaurant Closings

blmn_ProvisionforImpairedAssetsandRestaurantClosings

2,032,000

Provision for Impaired Assets and Restaurant Closings

blmn_ProvisionforImpairedAssetsandRestaurantClosings

7,377,000

Operating Lease, Liability, Excluding COVID-19 Deferred Rent Accruals, Noncurrent

blmn_OperatingLeaseLiabilityExcludingCOVID19DeferredRentAccrualsNoncurrent

1,168,418,000

^[2]

Operating Lease, Liability, Excluding COVID-19 Deferred Rent Accruals, Noncurrent

blmn_OperatingLeaseLiabilityExcludingCOVID19DeferredRentAccrualsNoncurrent

1,178,998,000

^[2]

Deferred Payroll Tax Liabilities From CARES Act

blmn_DeferredPayrollTaxLiabilitiesFromCARESAct

0

^[3]

Deferred Payroll Tax Liabilities From CARES Act

blmn_DeferredPayrollTaxLiabilitiesFromCARESAct

27,302,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Including Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationIncludingDiscontinuanceNetOfTax

(2,437,000)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Including Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationIncludingDiscontinuanceNetOfTax

(2,985,000)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Including Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationIncludingDiscontinuanceNetOfTax

(6,139,000)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Including Discontinuance, Net of Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationIncludingDiscontinuanceNetOfTax

(5,988,000)

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Tax Effect

blmn_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParentTaxEffect

(1,142,000)

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Tax Effect

blmn_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParentTaxEffect

$ (254,000)

Number of Restaurant Concepts

blmn_NumberOfRestaurantConcepts

4

Restricted Cash and Cash Equivalents, Fair Value Disclosure

blmn_RestrictedCashAndCashEquivalentsFairValueDisclosure

$ 101,000

Restricted Cash and Cash Equivalents, Fair Value Disclosure

blmn_RestrictedCashAndCashEquivalentsFairValueDisclosure

101,000

Restricted Cash and Cash Equivalents, Fair Value Disclosure

blmn_RestrictedCashAndCashEquivalentsFairValueDisclosure

0

Restricted Cash and Cash Equivalents, Fair Value Disclosure

blmn_RestrictedCashAndCashEquivalentsFairValueDisclosure

1,472,000

Restricted Cash and Cash Equivalents, Fair Value Disclosure

blmn_RestrictedCashAndCashEquivalentsFairValueDisclosure

1,472,000

Restricted Cash and Cash Equivalents, Fair Value Disclosure

blmn_RestrictedCashAndCashEquivalentsFairValueDisclosure

0

Lease Liability

blmn_LeaseLiability

1,351,144,000

Lease Liability

blmn_LeaseLiability

1,358,248,000

Guarantee Obligations, Maximum Exposure at Present Value

blmn_GuaranteeObligationsMaximumExposureatPresentValue

$ 17,500,000

Derivative Agreements, Number of Counterparties

blmn_DerivativeAgreementsNumberofCounterparties

12

Derivative Agreements, Number of Counterparties

blmn_DerivativeAgreementsNumberofCounterparties

2

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceTax

$ 749,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceTax

510,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceTax

1,795,000

Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, Tax

blmn_OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceTax

510,000

Adjustments to Additional Paid-in Capital, Retirement of Convertible Senior Note Hedges

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfConvertibleSeniorNoteHedges

(112,956,000)

Adjustments to Additional Paid-in Capital, Retirement of Convertible Senior Note Hedges

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfConvertibleSeniorNoteHedges

(112,956,000)

Adjustments to Additional Paid-in Capital, Retirement of Convertible Senior Note Hedges

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfConvertibleSeniorNoteHedges

(112,956,000)

Adjustments to Additional Paid-in Capital, Retirement of Convertible Senior Note Hedges

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfConvertibleSeniorNoteHedges

(112,956,000)

Adjustments to Additional Paid-in Capital, Retirement of Convertible Senior Note Hedges

blmn_AdjustmentsToAdditionalPaidInCapitalRetirementOfConvertibleSeniorNoteHedges

113,000,000

Accrued Contingent Percentage Rent

blmn_AccruedContingentPercentageRent

4,300,000

Accrued Contingent Percentage Rent

blmn_AccruedContingentPercentageRent

$ 3,500,000

Schedule of Repurchases of Common Stock [Table Text Block]

blmn_ScheduleOfRepurchasesOfCommonStockTableTextBlock

Following is a summary of the shares repurchased under the 2022 Share Repurchase Program during fiscal year 2022:


(in thousands, except per share data)			NUMBER OF SHARES						AVERAGE REPURCHASE PRICE PER SHARE						AMOUNT
First fiscal quarter			551						$	21.26					$	11,702
Second fiscal quarter			1,761						$	20.30					35,749
Total common stock repurchases (1)			2,312						$	20.53					$	47,451

________________

(1)Subsequent to June 26, 2022, the Company repurchased 854 thousand shares of its common stock for $14.9 million under a Rule 10b5-1 plan through July 28, 2022.

Cash Flow, Operating Activities, Lessee [Table Text Block]

blmn_CashFlowOperatingActivitiesLesseeTableTextBlock

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


			TWENTY-SIX WEEKS ENDED
(dollars in thousands)			JUNE 26, 2022						JUNE 27, 2021

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities			$	97,255					$	105,323

Debt Instrument, Convertible Principal Amount

blmn_DebtInstrumentConvertiblePrincipalAmount

$ 1,000

Debt Instrument, Convertible Principal Amount

blmn_DebtInstrumentConvertiblePrincipalAmount

$ 1,000

Assets and Liabilities, Lessee [Table Text Block]

blmn_AssetsandLiabilitiesLesseeTableTextBlock

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 26, 2022						DECEMBER 26, 2021
Operating lease right-of-use assets			Operating lease right-of-use assets						$	1,122,317					$	1,130,873
Finance lease right-of-use assets (1)			Property, fixtures and equipment, net						3,782						2,074
Total lease assets, net									$	1,126,099					$	1,132,947

Current operating lease liabilities (2)			Accrued and other current liabilities						$	178,817					$	177,028
Current finance lease liabilities			Current portion of long-term debt						1,511						958
Non-current operating lease liabilities (2)			Non-current operating lease liabilities						1,168,418						1,178,998
Non-current finance lease liabilities			Long-term debt, net						2,398						1,264
Total lease liabilities									$	1,351,144					$	1,358,248

________________

(1)Net of accumulated amortization of $4.1 million and $3.3 million as of June 26, 2022 and December 26, 2021, respectively.

(2)Excludes current accrued contingent percentage rent of $4.3 million and $3.5 million, as of June 26, 2022 and December 26, 2021, respectively, and immaterial current and non-current COVID-19-related deferred rent accruals.

Executive Management Deferred Compensation Obligations

blmn_ExecutiveManagementDeferredCompensationObligations

$ 19,098,000

Executive Management Deferred Compensation Obligations

blmn_ExecutiveManagementDeferredCompensationObligations

23,543,000

Repayment of Partner Deposit and Accrued Buyout Contributions

blmn_RepaymentofPartnerDepositandAccruedBuyoutContributions

5,743,000

Repayment of Partner Deposit and Accrued Buyout Contributions

blmn_RepaymentofPartnerDepositandAccruedBuyoutContributions

4,494,000

Recognized Benefit (Expense) Related to Brazilian Tax Ruling

blmn_RecognizedBenefitExpenseRelatedToBrazilianTaxRuling

6,300,000

Recognized Benefit (Expense) Related to Brazilian Tax Ruling

blmn_RecognizedBenefitExpenseRelatedToBrazilianTaxRuling

6,300,000

Non-Cash Operating Lease Costs

blmn_NonCashOperatingLeaseCosts

41,336,000

Non-Cash Operating Lease Costs

blmn_NonCashOperatingLeaseCosts

$ 38,073,000

Share-based Compensation Arrangement By Share-based Payment Award, Stock Price Premium, Percentage

blmn_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPricePremiumPercentage

7.90%

Share-based Compensation Arrangement By Share-based Payment Award, Stock Price Premium, Percentage

blmn_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPricePremiumPercentage

14.30%

Amortization of Unrealized (Gain) Loss on Terminated Interest Rate Swaps

blmn_AmortizationOfUnrealizedGainLossOnTerminatedInterestRateSwaps

$ 6,980,000

Amortization of Unrealized (Gain) Loss on Terminated Interest Rate Swaps

blmn_AmortizationOfUnrealizedGainLossOnTerminatedInterestRateSwaps

1,981,000

Debt, Maturities, Payments, Due

blmn_DebtMaturitiesPaymentsDue

$ 809,228,000

Blended Federal and State Statutory Income Tax Rate

blmn_BlendedFederalandStateStatutoryIncomeTaxRate

26.00%

Schedule of Interest Rate Options, Senior Secured Credit Facility [Table Text Block]

blmn_ScheduleOfInterestRateOptionsSeniorSecuredCreditFacilityTableTextBlock

The interest rate spreads are as follows:


			BASE RATE ELECTION						ADJUSTED TERM SOFR ELECTION
Revolving credit facility			50 to 150 basis points over the Base Rate						150 to 250 basis points over the Adjusted Term SOFR

Gift Card Revenue [Member]

Contract with Customer, Liability, Sales Revenue

blmn_ContractWithCustomerLiabilitySalesRevenue

$ 65,174,000

Contract with Customer, Liability, Sales Revenue

blmn_ContractWithCustomerLiabilitySalesRevenue

63,921,000

Contract with Customer, Liability, Sales Revenue

blmn_ContractWithCustomerLiabilitySalesRevenue

115,454,000

Contract with Customer, Liability, Sales Revenue

blmn_ContractWithCustomerLiabilitySalesRevenue

108,090,000

Revenue Recognition, Gift Card Breakage

blmn_RevenueRecognitionGiftCardBreakage

(4,176,000)

Revenue Recognition, Gift Card Breakage

blmn_RevenueRecognitionGiftCardBreakage

(4,182,000)

Revenue Recognition, Gift Card Breakage

blmn_RevenueRecognitionGiftCardBreakage

(10,805,000)

Revenue Recognition, Gift Card Breakage

blmn_RevenueRecognitionGiftCardBreakage

(10,384,000)

Contract with Customer, Liability, Revenue Recognized, Including Opening Balance

blmn_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance

72,428,000

Contract with Customer, Liability, Revenue Recognized, Including Opening Balance

blmn_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance

71,859,000

Contract with Customer, Liability, Revenue Recognized, Including Opening Balance

blmn_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance

189,050,000

Contract with Customer, Liability, Revenue Recognized, Including Opening Balance

blmn_ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance

$ 176,799,000

[1]	See Note 11 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications and the terminated swaps.
[2]	Excludes current accrued contingent percentage rent of $4.3 million and $3.5 million, as of June 26, 2022 and December 26, 2021, respectively, and immaterial current and non-current COVID-19-related deferred rent accruals.
[3]	During the twenty-six weeks ended June 26, 2022, the Company reclassified $27.3 million of payroll taxes deferred under the CARES Act to current.