SHAREHOLDERS' DEFICIT

3 Months Ended

Sep. 23, 2020

Stockholders' Equity Note [Abstract]

The changes in Total shareholders’ deficit during the thirteen week periods ended September 23, 2020 and September 25, 2019, respectively, were as follows:


	Thirteen Week Period Ended September 23, 2020
	Common Stock		Additional Paid-In Capital		Accumulated Deficit		Treasury Stock		Accumulated Other Comprehensive Loss		Total
Balance at June 24, 2020	$	7.0	$	669.4	$	(397.5)	$	(751.8)	$	(6.2)	$	(479.1)
Net income	—		—		10.7		—		—		10.7
Other comprehensive income	—		—		—		—		0.3		0.3
Dividends	—		—		0.0		—		—		0.0
Stock-based compensation	—		3.9		—		—		—		3.9
Purchases of treasury stock	—		(1.1)		—		(2.8)		—		(3.9)
Issuances of common stock	—		(9.0)		—		12.0		—		3.0
Balance at September 23, 2020	$	7.0	$	663.2	$	(386.8)	$	(742.6)	$	(5.9)	$	(465.1)


	Thirteen Week Period Ended September 25, 2019
	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
Balance at June 26, 2019	$	17.6	$	522.0	$	2,771.2	$	(4,083.4)	$	(5.6)	$	(778.2)
Effect of ASC 842 adoption	—		—		195.9		—		—		195.9
Net income	—		—		14.9		—		—		14.9
Other comprehensive loss	—		—		—		—		(0.2)		(0.2)
Dividends ($0.38 per share)	—		—		(14.6)		—		—		(14.6)
Stock-based compensation	—		7.1		—		—		—		7.1
Purchases of treasury stock	—		(0.3)		—		(11.0)		—		(11.3)
Issuances of common stock	—		(3.7)		—		5.0		—		1.3
Balance at September 25, 2019	$	17.6	$	525.1	$	2,967.4	$	(4,089.4)	$	(5.8)	$	(585.1)

Dividends

In the fourth quarter of fiscal 2020, our quarterly cash dividend was suspended in response to the COVID-19 pandemic. Before this suspension, our Board of Directors approved quarterly dividends of $0.38 per share paid quarterly. In the thirteen week period ended September 23, 2020, dividends paid solely related to the previously accrued dividends for restricted share awards that vested in the period. Restricted share award dividends are accrued in Other accrued liabilities for the current portion to vest within 12 months, and Other liabilities for the portion that will vest after one year. Before the suspension, in the thirteen week period ended September 25, 2019, we paid dividends of $14.8 million to common stock shareholders.

Stock-based Compensation

The following table presents the stock options and restricted share awards granted, and related weighted average exercise price and fair value per share amounts.


	Thirteen Week Periods Ended
	September 23, 2020		September 25, 2019
Stock options
Stock options granted	—		0.3
Weighted average exercise price per share	$	—	$	38.51
Weighted average fair value per share	$	—	$	6.83
Restricted share awards
Restricted share awards granted	0.5		0.3
Weighted average fair value per share	$	39.76	$	38.51

Share Repurchases

In the fourth quarter of fiscal 2020, our share repurchase program was suspended in response to the COVID-19 pandemic. Prior to the suspension, our share repurchase program was used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluated potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings, and planned investment and financing needs. Repurchased shares are reflected as an increase in Treasury stock within Shareholders’ deficit in the Consolidated Balance Sheets (Unaudited).

In the thirteen week period ended September 23, 2020, we repurchased 0.1 million shares from team members to satisfy tax withholding obligations on the vesting of restricted shares. Before the suspension, in the thirteen week period ended September 25, 2019, we repurchased 0.3 million shares of our common stock for $11.3 million.

Effect of Adoption of ASC 842

In the first quarter of fiscal 2020, we adopted the lease accounting standard, ASC 842, and recorded a $195.9 million cumulative effect adjustment increase to Retained earnings for the change in accounting principle.