XML 31 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 29, 2024
Stockholders' Equity Note [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 $176.0 million fair value of the initial shares received was recorded as a reduction to Accumulated deficit and the par value from Common stock, with the remaining $44.0 million recorded within Additional paid-in capital during the thirteen weeks ended March 31, 2024. 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. In connection with the settlement, the Company reduced Accumulated deficit and the par value from Common stock by an aggregate of $38.3 million based on the fair value of the shares delivered on the date of settlement, with an offset of $38.3 million within Additional paid-in capital during the thirteen weeks ended June 30, 2024.

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 September 29, 2024, $96.8 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 SHAREAMOUNT
First fiscal quarter6,948 $27.13 $188,500 
Second fiscal quarter (1)2,156 $27.36 59,000 
Third fiscal quarter969 $18.78 18,195 
Total common stock repurchases (2)10,073 $26.38 $265,695 
________________
(1)Includes $44.0 million of share repurchases in connection with the ASR Agreement that settled during the thirteen weeks ended June 30, 2024.
(2)Excludes $0.4 million of fees recorded in Accumulated deficit related to repurchases under 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 SHAREAMOUNT
First fiscal quarter$0.24 $21,075 
Second fiscal quarter0.24 20,762 
Third fiscal quarter0.24 20,375 
Total cash dividends declared and paid$0.72 $62,212 

In October 2024, the Board declared a quarterly cash dividend of $0.24 per share, payable on December 11, 2024 to shareholders of record at the close of business on November 25, 2024.

Accumulated Other Comprehensive Loss (“AOCL”) - The following table is a rollforward of the components of AOCL for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 29, 2024SEPTEMBER 24, 2023SEPTEMBER 29, 2024SEPTEMBER 24, 2023
Foreign currency translation adjustment:
Balance, beginning of the period$(189,478)$(181,943)$(177,689)$(185,311)
Foreign currency translation adjustment(11,849)3,103 (23,638)6,471 
Balance, end of the period$(201,327)$(178,840)$(201,327)$(178,840)
Loss on derivatives, net of tax:
Balance, beginning of the period$872 $(615)
Change in fair value of derivatives, net of tax(2,917)(584)
Reclassification realized in Net income (loss), net of tax(557)(1,403)
Balance, end of the period$(2,602)$(2,602)
Accumulated other comprehensive loss:
Balance beginning of the period$(188,606)$(181,943)$(178,304)$(185,311)
Other comprehensive (loss) income attributable to Bloomin' Brands(15,323)3,103 (25,625)6,471 
Balance, end of the period$(203,929)$(178,840)$(203,929)$(178,840)