XML 73 R61.htm IDEA: XBRL DOCUMENT v3.21.1
FISCAL 2020 CHILI'S RESTAURANT ACQUISITION (Details)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 05, 2019
USD ($)
Restaurants
Mar. 24, 2021
USD ($)
Restaurants
Mar. 25, 2020
USD ($)
Sep. 25, 2019
USD ($)
Mar. 24, 2021
USD ($)
Restaurants
Mar. 25, 2020
USD ($)
Jun. 24, 2020
USD ($)
Business Acquisition [Line Items]              
Number of restaurants | Restaurants   1,657     1,657    
Acquisition of franchise restaurants costs, net of (gains)   $ 0.0 $ 1.1   $ 0.0 $ 2.6  
Goodwill   $ 188.1     $ 188.1   $ 187.6
Chili's restaurant acquisition [Member]              
Business Acquisition [Line Items]              
Number of restaurants | Restaurants 116            
Cash consideration for acquisition, including post-closing adjustments       $ 96.0      
Acquisition of franchise restaurants costs, net of (gains)     1.1     2.6  
Professional services, transaction and transition related costs     $ 1.1     4.1  
Loss on derecognition of franchisee straight-line rent balance           1.1  
Franchise deferred revenue recognized upon acquisition           $ 2.6  
Current assets [1] $ 7.3            
Property and equipment 60.3            
Operating lease assets 163.5            
Reacquired franchise rights [2] 6.9            
Goodwill [3] 22.4            
Total assets acquired 260.4            
Current liabilities [4] 9.1            
Operating lease liabilities, less current portion 158.3            
Total liabilities assumed 167.4            
Net assets acquired [5] $ 93.0            
Weighted average amortization period, reacquired franchise rights 8 years            
Purchase price excluding customary working capital adjustments $ 99.0            
Closing adjustments 3.2            
Prepayment of leases between Brinker and franchisee $ 2.8            
[1] Current assets included petty cash, inventory, and restaurant supplies.
[2] Reacquired franchise rights have a weighted average amortization period of approximately 8 years.
[3] Goodwill is expected to be deductible for tax purposes. The portion of the purchase price attributable to goodwill represents the benefits expected as a result of the acquisition, including sales and unit growth opportunities, and the benefit of the assembled workforce of the acquired restaurants.
[4] Current liabilities included the current portion of operating lease liabilities, gift card liability and accrued property tax.
[5] Net assets acquired at fair value are equal to the total purchase price of $99.0 million, less $3.2 million of closing adjustments and $2.8 million allocated to the prepayment of leases entered into with the franchisee.