CHILI'S RESTAURANT ACQUISITION (Tables)

3 Months Ended

Sep. 29, 2021

Business Combinations [Abstract]

Fair Value of Acquired Assets and Liabilities

The preliminary amounts recorded for the fair value of acquired assets and liabilities at the acquisition date are as follows:

	Fair Value September 2, 2021
Current assets	$	1.4
Property and equipment(2)	46.2
Operating lease assets(2)	23.6
Reacquired franchise rights(1)	4.7
Current liabilities	(1.4)
Finance lease liabilities, less current portion	(3.7)
Operating lease liabilities, less current portion(2)	(23.1)
Net assets acquired(3)	$	47.7

(1)Reacquired franchise rights have a weighted average amortization period of approximately 15 years.

(2)Refer to Note 9 - Leases for further details.

(3)Net assets acquired at fair value are equal to the total purchase price of $48.0 million, less $0.3 million of closing adjustments.