Income Taxes (Tables)

12 Months Ended

Jul. 02, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for fiscal 2022, fiscal 2021 and fiscal 2020 consisted of the following:

(In millions)	For the fiscal year ended July 2, 2022			For the fiscal year ended July 3, 2021			For the fiscal year ended June 27, 2020
Current income tax expense (benefit):
Federal	$	38.2		$	(10.6	)	$	(119.6	)
State		10.6			3.4			1.0
Foreign		1.0			-			-
Total current income tax expense (benefit)		49.8			(7.2	)		(118.6	)
Deferred income tax expense (benefit):
Federal		1.0			19.9			24.9
State		4.4			1.3			(14.4	)
Foreign		(0.6	)		-			-
Total deferred income tax expense		4.8			21.2			10.5
Total income tax expense (benefit), net	$	54.6		$	14.0		$	(108.1	)

Schedule of Effective Income Tax Rate from Continuing Operation

Actual income tax expense (benefit) differs from the amount computed by applying the applicable U.S. federal statutory corporate income tax rate of 21% in fiscal 2022, fiscal 2021, and fiscal 2020 to earnings before income taxes as follows:

(In millions)	For the fiscal year ended July 2, 2022			For the fiscal year ended July 3, 2021			For the fiscal year ended June 27, 2020
Federal income tax expense (benefit) computed at statutory rate	$	35.1		$	11.5		$	(46.7	)
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal income tax benefit		13.1			4.1			(10.7	)
Non-deductible expenses and other		9.6			2.1			2.0
Net Operating Loss Carryback - Rate Differential		-			(2.1	)		(46.3	)
Stock-based compensation		(1.9	)		(1.5	)		(4.6	)
Other		(1.3	)		(0.1	)		(1.8	)
Total income tax expense (benefit), net	$	54.6		$	14.0		$	(108.1	)

Schedule of Significant Deferred Tax Assets and Liabilities

Temporary differences and carry-forwards that created significant deferred tax assets and liabilities were as follows:

(In millions)	As of July 2, 2022			As of July 3, 2021
Deferred tax assets:
Allowance for doubtful accounts	$	8.7		$	6.5
Inventories		-			8.0
Accrued employee benefits		23.2			18.2
Insurance reserves		3.6			3.4
Net operating loss carry-forwards		10.3			21.4
Stock-based compensation		10.1			8.6
Basis difference in intangible assets		-			18.2
Other comprehensive income		-			1.8
Lease obligations		137.2			66.6
Tax credit carry-forwards		4.0			2.5
Prepaid expenses		3.7			0.3
Other assets		6.7			4.4
Total gross deferred tax assets		207.5			159.9
Less: Valuation allowance		(2.6	)		(0.7	)
Total net deferred tax assets		204.9			159.2
Deferred tax liabilities:
Property, plant, and equipment		307.8			234.4
Right of use assets		140.5			65.2
Other comprehensive income		3.9			-
Basis difference in intangible assets		102.3			-
Inventories		74.0			-
Other Liabilities		0.7			-
Total deferred tax liabilities		629.2			299.6
Total net deferred income tax liability	$	424.3		$	140.4