REVENUE RECOGNITION

12 Months Ended

Jun. 30, 2021

Revenue Recognition [Abstract]

REVENUE RECOGNITION

Deferred Franchise and Development Fees

Our deferred franchise and development fees consist of the unrecognized fees received from franchisees. Recognition of these fees in subsequent periods is based on satisfaction of the contractual performance obligations of the active contracts with franchisees. The weighted average remaining term of the current franchise agreements, including certain renewal periods expected to be exercised, was approximately 21 years as of June 30, 2021. We also expect to earn subsequent period royalties and advertising fees related to our franchise contracts; however, due to the variability and uncertainty of these future revenues based upon a sales-based measure, these future revenues are not yet estimable as the performance obligations remain unsatisfied.

The following table reflects the changes in deferred franchise and development fees for the fiscal years ended on June 30, 2021 and June 24, 2020:

	June 30, 2021		June 24, 2020
Beginning balance	$	12.7	$	16.2
Additions	0.3		0.8
Amount recognized for Chili's restaurant acquisition(1)	—		(2.6)
Amount recognized to Franchise and other revenues	(1.8)		(1.7)
Other	0.2		—
Ending balance	$	11.4	$	12.7

(1)The remaining balances of deferred franchise and development fees associated with the 116 Chili’s restaurants acquired from a franchisee at the September 5, 2019 acquisition date were recognized in Other (gains) and charges in the Consolidated Statements of Comprehensive Income.

The following table illustrates franchise and development fees expected to be recognized in the future related to performance obligations that were unsatisfied or partially unsatisfied as of June 30, 2021:

Fiscal Year	Franchise and Development Fees Revenue Recognition
2022	$	1.0
2023	1.0
2024	0.9
2025	0.9
2026	0.8
Thereafter	6.8
	$	11.4

Deferred Gift Card Revenues

Total deferred revenues related to our gift cards include the full value of unredeemed gift card balances less recognized breakage and the unamortized portion of third-party fees. The following table reflects the changes in the Gift card liability for fiscal years ended on June 30, 2021 and June 24, 2020:

	June 30, 2021		June 24, 2020
Beginning balance	$	109.9	$	100.9
Gift card sales	118.8		164.4
Gift card redemptions recognized to Company sales	(109.5)		(139.2)
Gift card breakage recognized to Franchise and other revenues	(13.0)		(15.8)
Other	0.2		(0.4)
Ending balance	$	106.4	$	109.9