XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.10.0.1

DEBT | 6 Months Ended
--- | ---
Dec. 26, 2018
Debt Disclosure [Abstract] |
Debt | Long-term debt consists of the following:
| December 26, 2018 |  | June 27, 2018
Revolving credit facility | $ | 586.3 |  |  | $ | 820.3 |
5.00% notes | 350.0 |  |  | 350.0 |
3.88% notes | 300.0 |  |  | 300.0 |
Capital lease obligations | 41.7 |  |  | 43.0 |
Total long-term debt | 1,278.0 |  |  | 1,513.3 |
Less unamortized debt issuance costs and discounts | (6.0 | ) |  | (6.6 | )
Total long-term debt less unamortized debt issuance costs and discounts | 1,272.0 |  |  | 1,506.7 |
Less current installments | (8.1 | ) |  | (7.1 | )
| $ | 1,263.9 |  |  | $ | 1,499.6 |
Revolving Credit Facility During the twenty-six week period ended December 26, 2018, net repayments of $234.0 million were made on the $1.0 billion revolving credit facility primarily from proceeds received from the sale leaseback transactions, partially offset by share repurchases. As of December 26, 2018, $413.7 million of credit was available under the revolving credit facility. Under the amended $1.0 billion revolving credit facility, the maturity date for $890.0 million of the facility was extended from March 12, 2020 to September 12, 2021 and the remaining $110.0 million remains due on March 12, 2020. The amended revolving credit facility generally bears interest of LIBOR plus an applicable margin, which is a function of our credit rating and debt to cash flow ratio, but is subject to a maximum of LIBOR plus 2.00%. For a period of 180 days following the third amendment to the revolving credit facility that occurred in May 2018, we paid interest at a rate of LIBOR plus 1.70%. Effective October 2018, we resumed paying interest at a rate of LIBOR plus 1.38% for a total of 3.89%. One month LIBOR at December 26, 2018 was approximately 2.51%. 5.00% Notes In September 2016, we completed the private offering of $350.0 million of our 5.00% senior notes due October 2024 (the “2024 Notes”). We received proceeds of $350.0 million and utilized the proceeds to fund a $300.0 million accelerated share repurchase agreement and to repay $50.0 million on the amended $1.0 billion revolving credit facility. The notes require semi-annual interest payments which began on April 1, 2017. 3.88% Notes In May 2013, we issued $300.0 million of 3.88% notes due in May 2023. The notes require semi-annual interest payments which began in the second quarter of fiscal 2014. Financial Covenants Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage and fixed charge coverage ratios. We are currently in compliance with all financial covenants.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration