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REVENUE RECOGNITION (Tables) | 3 Months Ended
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Sep. 26, 2018
Revenue Recognition [Abstract] |
Disaggregation of Revenue | The following table disaggregates revenue by operating segment and major source:
| Thirteen Weeks Ended September 26, 2018
| Chili's |  | Maggiano's |  | Total
Company sales | $ | 640.3 |  |  | $ | 88.0 |  |  | $ | 728.3 |
Royalties | 12.9 |  |  | — |  |  | 12.9 |
Advertising fees | 5.1 |  |  | — |  |  | 5.1 |
Franchise fees and other revenues | 3.5 |  |  | 4.0 |  |  | 7.5 |
Total revenues | $ | 661.8 |  |  | $ | 92.0 |  |  | $ | 753.8 |
Changes in deferred development and franchise fees |
| Deferred Development and Franchise Fees
Balance at June 27, 2018 | $ | — |
Cumulative effect adjustment from adoption of ASC 606 | 18.1 |
Additions | 0.2 |
Amount recognized to Franchise and other revenue | (0.5 | )
Balance at September 26, 2018 | $ | 17.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction |
Fiscal Year | Development and Franchise Fees Revenue Recognition
2019 | $ | 1.2 |
2020 | 1.4 |
2021 | 1.4 |
2022 | 1.4 |
2023 | 1.4 |
Thereafter | 11.0 |
| $ | 17.8 |
Financial Statement Impact of Transition to ASC 606 |
| June 27, 2018 |  | ASC 606 Cumulative Effect Adjustments |  | June 28, 2018
ASSETS |  |  |  |  |
Other assets |  |  |  |  |
Deferred income taxes, net (1) | $ | 33.6 |  |  | $ | 2.5 |  |  | $ | 36.1 |
LIABILITIES AND SHAREHOLDERS’ DEFICIT |  |  |  |  |
Current liabilities |  |  |  |  |
Gift card liability (2) | 119.1 |  |  | (8.2 | ) |  | 110.9 |
Other accrued liabilities (3) | 127.2 |  |  | 1.5 |  |  | 128.7 |
Other liabilities (3) | 131.7 |  |  | 16.6 |  |  | 148.3 |
Shareholders’ deficit |  |  |  |  |
Retained earnings (2) (3) | (718.3 | ) |  | (7.4 | ) |  | (725.7 | )
(1) | Deferred income taxes, net adjustment relates to the net change in liabilities and equity as a result of the adoption of ASC 606 described in notes (2) and (3) below.
(2) | Gift card liability is adjusted for the ASC 606 adoption impact of the change to recognize gift card breakage proportionate to the pattern of related gift card redemption. Under Legacy GAAP, gift card breakage was recognized when the likelihood of redemption was deemed remote. The cumulative effect of applying ASC 606 accounting to gift card balances outstanding at June 28, 2018 resulted in an $8.2 million decrease in Gift card liability due to the change in timing of recognition between ASC 606 and Legacy GAAP, and a corresponding $2.0 million decrease in Deferred income taxes, net, and a $6.2 million increase in Retained earnings.
(3) Other liabilities $16.6 million and Other accrued liabilities $1.5 million adjustments relate to the deferral of previously recognized franchise and development fees received from franchisees, with a corresponding $4.5 million increase in Deferred income taxes, and a $13.6 million decrease to Retained earnings at June 28, 2018.
Condensed Statement of Comprehensive Income | Condensed Consolidated Statement of Income (Unaudited)
| Thirteen Week Period Ended September 26, 2018
| As Reported ASC 606 Amounts |  | Adjustments |  | Legacy GAAP Amounts
Revenues |  |  |  |  |
Company sales | $ | 728.3 |  |  | $ | — |  |  | $ | 728.3 |
Franchise and other revenues | 25.5 |  |  | (4.8 | ) |  | 20.7 |
Total revenues | 753.8 |  |  | (4.8 | ) |  | 749.0 |
Operating costs and expenses |  |  |  |  |
Company restaurants (excluding depreciation and amortization) |  |  |  |  |
Cost of sales | 191.9 |  |  | — |  |  | 191.9 |
Restaurant labor | 256.3 |  |  | — |  |  | 256.3 |
Restaurant expenses | 199.0 |  |  | (5.1 | ) |  | 193.9 |
Company restaurant expenses | 647.2 |  |  | (5.1 | ) |  | 642.1 |
Depreciation and amortization | 37.0 |  |  | — |  |  | 37.0 |
General and administrative | 33.8 |  |  | — |  |  | 33.8 |
Other (gains) and charges | (11.1 | ) |  | — |  |  | (11.1 | )
Total operating costs and expenses | 706.9 |  |  | (5.1 | ) |  | 701.8 |
Operating income | 46.9 |  |  | 0.3 |  |  | 47.2 |
Interest expense | 15.6 |  |  | — |  |  | 15.6 |
Other (income), net | (0.8 | ) |  | — |  |  | (0.8 | )
Income before provision for income taxes | 32.1 |  |  | 0.3 |  |  | 32.4 |
Provision for income taxes | 5.7 |  |  | 0.1 |  |  | 5.8 |
Net income | $ | 26.4 |  |  | $ | 0.2 |  |  | $ | 26.6 |
Basic net income per share | $ | 0.65 |  |  | $ | 0.01 |  |  | $ | 0.66 |
Diluted net income per share | $ | 0.64 |  |  | $ | 0.01 |  |  | $ | 0.65 |
Condensed Cash Flow Statement | Cash flows from operating activities (Unaudited)
| Thirteen Week Period Ended September 26, 2018
| As Reported ASC 606 Amounts |  | Adjustments |  | Legacy GAAP Amounts
Net income | $ | 26.4 |  |  | $ | 0.2 |  |  | $ | 26.6 |
Adjustments to reconcile Net income to net cash from operating activities: |  |  |  |  |
Depreciation and amortization | 37.0 |  |  | — |  |  | 37.0 |
Stock-based compensation | 3.6 |  |  | — |  |  | 3.6 |
Deferred income taxes, net | (76.1 | ) |  | 0.1 |  |  | (76.0 | )
Restructure charges and other impairments | 1.9 |  |  | — |  |  | 1.9 |
Net (gain) loss on disposal of assets | (13.6 | ) |  | — |  |  | (13.6 | )
Other | 0.8 |  |  | — |  |  | 0.8 |
Changes in assets and liabilities: |  |  |  |  |  |
Accounts receivable, net | 7.9 |  |  | — |  |  | 7.9 |
Inventories | 0.8 |  |  | — |  |  | 0.8 |
Prepaid expenses | (6.3 | ) |  | — |  |  | (6.3 | )
Other assets | (0.5 | ) |  | — |  |  | (0.5 | )
Accounts payable | (5.1 | ) |  | — |  |  | (5.1 | )
Gift card liability | (4.6 | ) |  | (0.6 | ) |  | (5.2 | )
Accrued payroll | (11.9 | ) |  | — |  |  | (11.9 | )
Other accrued liabilities | 12.5 |  |  | 0.3 |  |  | 12.8 |
Current income taxes | 77.5 |  |  | — |  |  | 77.5 |
Other liabilities | (0.7 | ) |  | — |  |  | (0.7 | )
Net cash provided by operating activities | $ | 49.6 |  |  | $ | — |  |  | $ | 49.6 |
Condensed Balance Sheet | Condensed Consolidated Balance Sheet
| September 26, 2018
| As Reported ASC 606 Amounts |  | Adjustments |  | Legacy GAAP Amounts
ASSETS |  |  |  |  |
Current assets |  |  |  |  |
Total current assets | $ | 151.0 |  |  | $ | — |  |  | $ | 151.0 |
Property and equipment, at cost |  |  |  |  |
Net property and equipment | 762.2 |  |  | — |  |  | 762.2 |
Other assets |  |  |  |  |
Goodwill | 164.0 |  |  | — |  |  | 164.0 |
Deferred income taxes, net | 112.1 |  |  | (2.6 | ) |  | 109.5 |
Intangibles, net | 23.6 |  |  | — |  |  | 23.6 |
Other | 31.1 |  |  | — |  |  | 31.1 |
Total other assets | 330.8 |  |  | (2.6 | ) |  | 328.2 |
Total assets | $ | 1,244.0 |  |  | $ | (2.6 | ) |  | $ | 1,241.4 |
LIABILITIES AND SHAREHOLDERS’ DEFICIT |  |  |  |  |
Current liabilities |  |  |  |  |
Current installments of long-term debt | $ | 7.4 |  |  | $ | — |  |  | $ | 7.4 |
Accounts payable | 97.2 |  |  | — |  |  | 97.2 |
Gift card liability | 106.3 |  |  | 7.6 |  |  | 113.9 |
Accrued payroll | 62.6 |  |  | — |  |  | 62.6 |
Other accrued liabilities | 159.5 |  |  | (1.2 | ) |  | 158.3 |
Income taxes payable | 74.6 |  |  | — |  |  | 74.6 |
Total current liabilities | 507.6 |  |  | 6.4 |  |  | 514.0 |
Long-term debt, less current installments | 1,153.0 |  |  | — |  |  | 1,153.0 |
Deferred gain on sale leaseback transactions | 251.0 |  |  | — |  |  | 251.0 |
Other liabilities | 148.3 |  |  | (16.6 | ) |  | 131.7 |
Shareholders’ deficit |  |  |  |  |
Common stock | 17.6 |  |  | — |  |  | 17.6 |
Additional paid-in capital | 503.9 |  |  | — |  |  | 503.9 |
Accumulated other comprehensive loss | (5.5 | ) |  | — |  |  | (5.5 | )
Retained earnings | 2,686.5 |  |  | 7.6 |  |  | 2,694.1 |
Less treasury stock, at cost | (4,018.4 | ) |  | — |  |  | (4,018.4 | )
Total shareholders’ deficit | (815.9 | ) |  | 7.6 |  |  | (808.3 | )
Total liabilities and shareholders’ deficit | $ | 1,244.0 |  |  | $ | (2.6 | ) |  | $ | 1,241.4 |

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