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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 25, 2020
Jun. 26, 2019
Current assets    
Cash and cash equivalents $ 167.2 $ 13.4
Accounts receivable, net 44.0 55.0
Inventories 26.3 23.2
Restaurant supplies 51.2 47.1
Prepaid expenses 12.6 23.7
Income taxes receivable, net 14.0 14.6
Total current assets 315.3 177.0
Property and equipment, at cost    
Land 34.0 33.4
Buildings and leasehold improvements 1,551.9 1,454.6
Furniture and equipment 806.4 757.5
Construction-in-progress 27.8 19.2
Property plant and equipment, gross 2,420.1 2,264.7
Less accumulated depreciation and amortization (1,588.0) (1,509.6)
Net property and equipment 832.1 755.1
Other assets    
Operating lease assets (Note 4) 1,159.9 [1] 0.0
Goodwill (Note 3) 187.4 165.5
Deferred income taxes, net (Note 4) 42.5 112.0
Intangibles, net 23.6 22.3
Other 24.6 26.4
Total other assets 1,438.0 326.2
Total assets 2,585.4 [2] 1,258.3
Current liabilities    
Accounts payable 101.3 97.5
Gift card liability 108.7 100.9
Accrued payroll 55.4 82.1
Operating lease liabilities 120.7 [1] 0.0
Other accrued liabilities 133.9 141.1
Total current liabilities 520.0 421.6
Long-term debt and finance leases, less current installments 1,428.9 1,206.6
Long-term operating lease liabilities, less current portion (Note 4) 1,154.2 [1] 0.0
Deferred gain on sale leaseback transactions (Note 4) 0.0 255.3
Other liabilities (Note 4) 57.0 153.0
Commitments and contingencies (Note 15)
Shareholders’ deficit    
Common stock (250.0 million authorized shares; $0.10 par value; 62.2 million shares issued and 36.9 million shares outstanding at March 25, 2020, and 176.2 million shares issued and 37.5 million shares outstanding at June 26, 2019) 6.2 17.6
Additional paid-in capital 526.1 522.0
Accumulated other comprehensive loss (6.7) (5.6)
Retained (deficit) earnings (347.9) 2,771.2
Treasury stock, at cost (25.3 million shares at March 25, 2020, and 138.7 million shares at June 26, 2019) (752.4) (4,083.4)
Total shareholders’ deficit (574.7) (778.2)
Total liabilities and shareholders’ deficit $ 2,585.4 $ 1,258.3
[1]
Operating lease assets are recorded in Operating lease assets and the related current and long-term lease liabilities are recorded within Operating lease liabilities and Long-term operating lease liabilities, less current portion, respectively.
[2]
Segment assets for fiscal 2020 are presented in accordance with the newly adopted ASC 842 that now include Operating lease assets. Refer to Note 4 - Leases for further details.