XML 45 R23.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchases - On February 7, 2023, the Company’s Board of Directors (the “Board”) approved a share repurchase program (the “2023 Share Repurchase Program”) under which the Company is authorized to repurchase up to $125.0 million of its outstanding common stock. The 2023 Share Repurchase Program will expire on August 7, 2024. As of December 31, 2023, $70.0 million remained available for repurchase under the 2023 Share Repurchase Program.

Following is a summary of the shares repurchased during fiscal year 2023:
(in thousands, except per share data)NUMBER OF SHARES AVERAGE REPURCHASE PRICE PER SHAREAMOUNT
First fiscal quarter863 $23.92 $20,645 
Second fiscal quarter619 $25.11 15,539 
Third fiscal quarter590 $27.03 15,956 
Fourth fiscal quarter735 $24.29 17,860 
Total common stock repurchases (1)2,807 $24.93 $70,000 
________________
(1)Excludes $0.1 million of excise tax on share repurchases. Subsequent to December 31, 2023, the Company repurchased 473 thousand shares of its common stock for $12.5 million under the 2023 Share Repurchase Program under a Rule 10b5-1 plan.

In February 2024, the Company’s Board canceled the remaining $57.5 million of authorization under the 2023 Share Repurchase Program and approved a new $350.0 million authorization (the “2024 Share Repurchase Program”). The 2024 Share Repurchase Program includes capacity above the Company’s normal repurchase activity to provide flexibility in retiring the 2025 Notes at or prior to their May 2025 maturity. The 2024 Share Repurchase Program will expire on August 13, 2025.

Dividends - The Company declared and paid dividends per share during the periods presented as follows:
DIVIDENDS PER SHAREAMOUNT
FISCAL YEARFISCAL YEAR
(dollars in thousands, except per share data)2023202220232022
First fiscal quarter$0.24 $0.14 $21,014 $12,559 
Second fiscal quarter0.24 0.14 20,990 12,418 
Third fiscal quarter0.24 0.14 20,901 12,475 
Fourth fiscal quarter0.24 0.14 20,837 12,284 
Total cash dividends declared and paid$0.96 $0.56 $83,742 $49,736 

In February 2024, the Board declared a quarterly cash dividend of $0.24 per share, payable on March 20, 2024 to shareholders of record at the close of business on March 6, 2024.
Accumulated Other Comprehensive Loss (“AOCL”) - Following are the components of AOCL as of the periods indicated:
(dollars in thousands)DECEMBER 31, 2023DECEMBER 25, 2022
Foreign currency translation adjustment$(177,689)$(185,311)
Unrealized loss on derivatives, net of tax(615)— 
Accumulated other comprehensive loss$(178,304)$(185,311)

Following are the components of Other comprehensive income attributable to Bloomin’ Brands for the periods indicated:
FISCAL YEAR
(dollars in thousands)202320222021
Foreign currency translation adjustment$7,622 $10,169 $(6,597)
Change in fair value of derivatives, net of tax(606)573 86 
Reclassification realized in Net income, net of tax (1)(9)954 7,392 
Impact of terminated interest rate swaps included in Net income, net of tax (1)— 8,982 4,576 
(Loss) gain on derivatives, net of tax(615)10,509 12,054 
Other comprehensive income attributable to Bloomin’ Brands$7,007 $20,678 $5,457 
________________
(1)See Note 16 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications and the terminated swaps.