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GOODWILL AND INTANGIBLES
 12 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES
We performed a detailed quantitative assessment in the third quarter of fiscal 2020 of our goodwill balances associated with both reporting units. This assessment was performed in response to observed declines in operating cash flows and market capitalization that were primarily driven by the impact of the COVID-19 pandemic on our business. Based on this assessment, we concluded that our goodwill and indefinite-lived intangible assets were not impaired at that time. We updated this assessment in the fourth quarter of fiscal 2020 and again concluded no impairment triggering event existed based on improved market capitalization and operating results compared to projections in the quantitative assessment prepared in the third quarter of fiscal 2020.
Our operating results and operating cash flows for fiscal 2021 outperformed our initial quantitative assessment. Our stock price and market capitalization also increased to levels greater than before the COVID-19 pandemic began in the United States. We performed our annual goodwill impairment analysis in the second quarter of fiscal 2021 using a qualitative approach based on these factors and no indicators of impairment were identified. Additionally, no indicators of impairment were identified through the end of fiscal 2021.
Our ability to operate dining and banquet rooms and generate off-premise sales at our restaurants is critical to avoiding a future triggering event as the impact of the COVID-19 pandemic continues. Management’s judgments about the impact of the pandemic could change as additional developments occur. We will continue to monitor and evaluate our results in future periods to determine if a more detailed assessment is necessary.
There have been no impairments of Goodwill for the fiscal years ended June 30, 2021, June 24, 2020 and June 26, 2019. The changes in the carrying amount of Goodwill by segment are as follows:
June 30, 2021June 24, 2020
Chili’sMaggiano’sConsolidatedChili’sMaggiano’sConsolidated
Balance at beginning of year$149.2 $38.4 $187.6 $127.1 $38.4 $165.5 
Changes in goodwill:
Additions(1)
— — — 22.4 — 22.4 
Foreign currency translation adjustment0.6 — 0.6 (0.3)— (0.3)
Balance at end of year$149.8 $38.4 $188.2 $149.2 $38.4 $187.6 
(1)In the fiscal year ended June 24, 2020, we acquired 116 domestic Chili’s restaurants previously owned by a franchise partner. Refer to Note 17 - Fiscal 2020 Chili's Restaurant Acquisition for further information.
Intangible assets, net are as follows:
June 30, 2021June 24, 2020
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-lived intangible assets
Chili’s reacquired franchise rights(1)
$20.0 $(9.2)$10.8 $19.8 $(7.1)$12.7 
Chili’s other0.4 (0.4)— 0.4 (0.4)0.0 
$20.4 $(9.6)$10.8 $20.2 $(7.5)$12.7 
Indefinite-lived intangible assets
Chili’s liquor licenses$9.4 $9.4 
Maggiano’s liquor licenses0.9 0.9 
$10.3 $10.3 
(1)We recorded impairment charges of $0.1 million in fiscal 2021, and $0.2 million in fiscal 2020, in Other (gains) and charges in the Consolidated Statements of Comprehensive Income. Refer to Note 14 - Fair Value Measurements for additional disclosures.
Foreign currency translation impact is included in the gross carrying amount and accumulated amortization, and was a gain of $0.3 million and loss of $0.1 million for fiscal 2021 and fiscal 2020, respectively.
Amortization expenses for all definite-lived intangible assets were recorded in Depreciation and amortization in the Consolidated Statements of Comprehensive Income as follows:
Fiscal Years Ended
June 30, 2021June 24, 2020June 26, 2019
Definite-lived intangible amortization expense$2.0 $1.9 $1.2 
Annual amortization expenses for definite-lived intangible assets are estimated to be $2.0 million for each of the next three fiscal years, and $1.6 million for fiscal 2025 and fiscal 2026.