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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2024
Equity, Attributable to Parent [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share Repurchases - In February 2024, the Company’s Board of Directors (the “Board”) canceled the remaining $57.5 million under the Company’s former share repurchase authorization and approved a new $350.0 million share repurchase 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. On March 1, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”), in connection with the 2024 Share Repurchase Program, with Wells Fargo Bank, National Association (“Wells Fargo”) to repurchase $220.0 million of the Company’s common stock. Under the ASR Agreement, the Company made an aggregate payment of $220.0 million to Wells Fargo and received an aggregate initial delivery of approximately 6.5 million shares of common stock on March 4, 2024, representing approximately 80% of the total shares that were estimated to be repurchased under the ASR Agreement based on the price per share of common stock as of that date. The exact number of shares the Company repurchased under the ASR Agreement was based generally on the average of the daily volume-weighted average price per share of common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. On April 23, 2024, the Company received 1.4 million additional shares of common stock from Wells Fargo in connection with the final settlement of the ASR Agreement. The Company funded the payment under the ASR Agreement, together with the cash portion of the amounts payable under the Exchange Agreements, primarily with borrowings under the revolving credit facility and net proceeds from the Early Termination Agreements. As of March 31, 2024, $130.0 million remained available for repurchase under the 2024 Share Repurchase Program. Following is a summary of the shares repurchased during fiscal year 2024:
(in thousands, except per share data) | NUMBER OF SHARES |  | AVERAGE REPURCHASE PRICE PER SHARE |  | AMOUNT
First fiscal quarter (1) | 6,948 |  |  | $ | 27.13 |  |  | $ | 188,500 |
________________ (1)Excludes $0.4 million of fees recorded in Additional paid-in capital related to repurchases under the ASR Agreement. Also excludes $44.0 million paid in March 2024 for the repurchase of 1.4 million shares that settled on April 23, 2024 in connection with the ASR Agreement. Dividends - The Company declared and paid dividends per share during fiscal year 2024 as follows:
(dollars in thousands, except per share data) |  |  | DIVIDENDS PER SHARE |  |  |  | AMOUNT
First fiscal quarter |  |  | $ | 0.24 |  |  |  |  | $ | 21,075 |
In April 2024, the Board declared a quarterly cash dividend of $0.24 per share, payable on May 31, 2024 to shareholders of record at the close of business on May 20, 2024. Accumulated Other Comprehensive Loss (“AOCL”) - Following are the components of AOCL as of the periods indicated:
(dollars in thousands) | MARCH 31, 2024 |  | DECEMBER 31, 2023
Foreign currency translation adjustment | $ | (179,620) |  |  | $ | (177,689) |
Unrealized gain (loss) on derivatives, net of tax | 542 |  |  | (615) |
Accumulated other comprehensive loss | $ | (179,078) |  |  | $ | (178,304) |
Following are the components of Other comprehensive loss attributable to Bloomin’ Brands for the periods indicated:
|  |  | THIRTEEN WEEKS ENDED
(dollars in thousands) |  |  |  |  | MARCH 31, 2024 |  | MARCH 26, 2023
Foreign currency translation adjustment |  |  |  |  | $ | (1,931) |  |  | $ | (1,134) |
Change in fair value of derivatives, net of tax |  |  |  |  | 1,435 |  |  | — |
Reclassification realized in Net (loss) income, net of tax |  |  |  |  | (278) |  |  | — |
Gain on derivatives, net of tax |  |  |  |  | 1,157 |  |  | — |
Other comprehensive loss attributable to Bloomin’ Brands |  |  |  |  | $ | (774) |  |  | $ | (1,134) |

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