XML 41 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investment in Equity Method Investee
3 Months Ended
Mar. 31, 2013
Investment in Equity Method Investee [Abstract]  
Equity method investments and joint ventures disclosure
Investment in Equity Method Investee

Through a joint venture arrangement with PGS Participacoes Ltda., the Company holds a 50% ownership interest in PGS Consultoria e Serviços Ltda. (the “Brazilian Joint Venture”), which operates Outback Steakhouse restaurants in Brazil.  The Company accounts for the Brazilian Joint Venture under the equity method of accounting.  At March 31, 2013 and December 31, 2012, the Company’s net investment of $39.3 million and $36.0 million, respectively, was recorded in Investments in and advances to unconsolidated affiliates, net, and a foreign currency translation adjustment of $0.4 million and $0.6 million was recorded in Accumulated other comprehensive loss in the Company’s Consolidated Balance Sheets for the three months ended March 31, 2013 and 2012, respectively. The Company’s share of earnings of $2.9 million and $2.4 million for the three months ended March 31, 2013 and 2012, respectively, was recorded in Income from operations of unconsolidated affiliates in the Company’s Consolidated Statements of Operations and Comprehensive Income.

The following table presents summarized financial information for 100% of the Brazilian Joint Venture for the periods ending as indicated (in thousands):
 
THREE MONTHS ENDED
 
MARCH 31,
 
2013
 
2012
Net revenue from sales
$
65,933

 
$
58,564

Gross profit
45,323

 
40,824

Income from continuing operations
7,077

 
8,147

Net income
4,764

 
4,808