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Stockholders' Equity | 12 Months Ended
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Dec. 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 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 repurchased 7.9 million shares of common stock through April 23, 2024 based generally on the average of the daily volume-weighted average price per share of common stock during the repurchase period, subject to discounts and certain adjustments. The repurchase resulted in a $214.3 million increase in Accumulated deficit. The Company funded the payment under the ASR Agreement, together with the cash portion of the amounts payable under the 2024 Exchange Agreements, primarily with borrowings under the revolving credit facility and net proceeds from the 2024 Early Termination Agreements. 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 | 6,948 |  |  |  |  |  |  | $ | 27.13 |  |  |  |  |  |  | $ | 188,500 |  |  |  |  |
Second fiscal quarter | 2,156 |  |  |  |  |  |  | $ | 27.36 |  |  |  |  |  |  | 59,000 |  |  |  |  |
Third fiscal quarter | 969 |  |  |  |  |  |  | $ | 18.78 |  |  |  |  |  |  | 18,195 |  |  |  |  |
Total common stock repurchases | 10,073 |  |  |  |  |  |  | $ | 26.38 |  |  |  |  |  |  | 265,695 |  |  |  |  |
Share repurchase-related ASR Agreement fees and excise taxes |  |  |  |  |  |  |  |  |  |  |  |  | 728 |  |  |  |  |
Total | 10,073 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 266,423 |  |  |  |  |
Dividends - The Company declared and paid dividends per share during the periods presented as follows:
| DIVIDENDS PER SHARE |  | AMOUNT
| FISCAL YEAR |  | FISCAL YEAR
(dollars in thousands, except per share data) | 2024 |  |  |  | 2023 |  | 2024 |  |  |  | 2023
First fiscal quarter | $ | 0.24 |  |  |  |  | $ | 0.24 |  |  | $ | 21,075 |  |  |  |  | $ | 21,014 |
Second fiscal quarter | 0.24 |  |  |  |  | 0.24 |  |  | 20,762 |  |  |  |  | 20,990 |
Third fiscal quarter | 0.24 |  |  |  |  | 0.24 |  |  | 20,375 |  |  |  |  | 20,901 |
Fourth fiscal quarter | 0.24 |  |  |  |  | 0.24 |  |  | 20,362 |  |  |  |  | 20,837 |
Total cash dividends declared and paid | $ | 0.96 |  |  |  |  | $ | 0.96 |  |  | $ | 82,574 |  |  |  |  | $ | 83,742 |
In February 2025, the Board declared a quarterly cash dividend of $0.15 per share, payable on March 26, 2025 to shareholders of record at the close of business on March 11, 2025. Accumulated Other Comprehensive Loss (“AOCL”) - The following table is a rollforward of the components of AOCL for the periods indicated:
|  |  |  |  | FISCAL YEAR
(dollars in thousands) |  |  |  |  | 2024 |  | 2023 |  | 2022
Foreign currency translation: |  |  |  |  |  |  |  |  |
Balance, beginning of the period |  |  |  |  | $ | (177,689) |  |  | $ | (185,311) |  |  | $ | (195,480) |
Foreign currency translation adjustment |  |  |  |  | (35,178) |  |  | 7,622 |  |  | 10,169 |
Reclassification of foreign currency translation adjustments related to the liquidation of foreign entities |  |  |  |  | 695 |  |  | — |  |  | — |
Balance, end of the period |  |  |  |  | $ | (212,172) |  |  | $ | (177,689) |  |  | $ | (185,311) |
(Loss) gain on derivatives, net of tax: |  |  |  |  |  |  |  |  |
Balance, beginning of the period |  |  |  |  | $ | (615) |  |  | $ | — |  |  | $ | (10,509) |
Change in fair value of derivatives, net of tax |  |  |  |  | 1,527 |  |  | (606) |  |  | 573 |
Reclassification realized in Net (loss) income, net of tax |  |  |  |  | (1,533) |  |  | (9) |  |  | 954 |
Impact of terminated interest rate swaps included in Net income, net of tax |  |  |  |  | — |  |  | — |  |  | 8,982 |
Balance, end of the period |  |  |  |  | $ | (621) |  |  | $ | (615) |  |  | $ | — |
Accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |
Balance beginning of the period |  |  |  |  | $ | (178,304) |  |  | $ | (185,311) |  |  | $ | (205,989) |
Other comprehensive (loss) income attributable to Bloomin' Brands |  |  |  |  | (34,489) |  |  | 7,007 |  |  | 20,678 |
Balance, end of the period |  |  |  |  | $ | (212,793) |  |  | $ | (178,304) |  |  | $ | (185,311) |

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