LEASES (Tables)

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Consolidated Balance Sheet Disclosure of Lease Amounts

The following table includes a detail of lease assets and liabilities included in the Consolidated Balance Sheets:

	June 30, 2021
	Finance Leases(1)		Operating Leases(2)		Total Leases
Lease assets	$	98.2	$	1,007.4	$	1,105.6
Current lease liabilities	21.5		97.7		119.2
Long-term lease liabilities	99.8		1,006.7		1,106.5
Total lease liabilities	$	121.3	$	1,104.4	$	1,225.7

	June 24, 2020
	Finance Leases(1)		Operating Leases(2)		Total Leases
Lease assets	$	81.6	$	1,054.6	$	1,136.2
Current lease liabilities	12.2		117.3		129.5
Long-term lease liabilities	89.9		1,061.6		1,151.5
Total lease liabilities	$	102.1	$	1,178.9	$	1,281.0

(1)Finance lease assets are recorded in Property and equipment, at cost, and the related current and long-term lease liabilities are recorded within Other accrued liabilities and Long-term debt and finance leases, less current installments, respectively.

(2)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.

Consolidated Statement of Comprehensive Income Disclosure of Lease Amounts

The components of lease expenses, including variable lease costs primarily consisting of rent based on a percentage of sales, common area maintenance and real estate tax charges, and short-term lease expenses for leases with lease terms less than twelve months are included in the Consolidated Statements of Comprehensive Income as follows:

	Fiscal Years Ended
	June 30, 2021		June 24, 2020
Operating lease cost	$	167.2	$	162.8
Finance lease amortization	17.3		20.9
Finance lease interest	5.9		4.6
Short-term lease cost	0.5		1.4
Variable lease cost	57.9		57.7
Sublease income	(4.4)		(4.6)
Total lease costs, net	$	244.4	$	242.8

Consolidated Statement of Cash Flows Disclosure of Lease Amounts

Supplemental cash flow information related to leases recorded in the Consolidated Statements of Cash Flows is as follows:

	Fiscal Years Ended
	June 30, 2021		June 24, 2020
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases(1)	$	195.5	$	159.6
Finance leases	5.9		4.6
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases	20.0		17.8
Non-cash lease assets obtained in exchange for lease liabilities(2)
Operating leases	60.6		224.0
Finance leases	29.8		73.2

(1)Cash paid related to lease liabilities for Operating leases increased in fiscal 2021 primarily due to the prepayment of July 2021 lease payments and lease payments made during fiscal 2021 for rents that were deferred in fiscal 2020 due to the impacts of the COVID-19 pandemic. Refer to “Significant Changes in Leases in Fiscal 2020” section below for more information.

(2)Non-cash lease assets obtained in exchange for lease liabilities were higher in fiscal 2020 primarily due to the new and assumed operating and finance leases from the Chili’s restaurant acquisition and the new Chili’s finance lease for table-top devices. Refer to Note 17 - Fiscal 2020 Chili's Restaurant Acquisition and “Significant Changes in Leases in the Period” section below for more information.

Weighted Average Lease Term and Discount Rate

Other information related to leases is as follows:

	Fiscal Years Ended
	June 30, 2021				June 24, 2020
	Finance Leases		Operating Leases		Finance Leases		Operating Leases
Weighted average remaining lease term	8.5 years		11.0 years		9.4 years		11.5 years
Weighted average discount rate	5.4	%	5.6	%	5.9	%	5.7	%

Lease Maturity Analysis

Finance leases and Operating leases total future lease payments represent the contractual obligations due under the lease agreements, including cancellable option periods where we are reasonably assured to exercise the options. As of June 30, 2021, the future minimum lease payments on finance and operating leases, as well as sublease income were as follows:

	June 30, 2021
Fiscal Year	Finance Leases		Operating Leases		Sublease Income
2022	$	27.4	$	155.9	$	(3.2)
2023	26.6		163.3		(2.6)
2024	17.0		153.8		(1.8)
2025	14.2		144.1		(1.8)
2026	11.5		130.1		(1.3)
Thereafter	56.3		770.5		(3.5)
Total future lease payments(1)	153.0		1,517.7		$	(14.2)
Less: Imputed interest	31.7		413.3
Present value of lease liability	$	121.3	$	1,104.4

(1)Total future lease payments as of June 30, 2021 included non-cancelable lease commitments of $132.7 million for finance leases and $1,044.9 million for operating leases.