SHAREHOLDERS' DEFICIT

9 Months Ended

Mar. 27, 2019

Stockholders' Equity Note [Abstract]

Changes in Shareholders’ Deficit

The changes by quarter in Total shareholders’ deficit during the thirty-nine week periods ended March 27, 2019 and March 28, 2018, respectively, were as follows:



	Thirty-Nine Week Period Ended March 27, 2019
	Common Stock		Additional Paid-In Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive (Loss) Income			Total
Balance at June 27, 2018	$	17.6	$	511.6		$	2,683.0		$	(3,924.7	)	$	(5.8	)	$	(718.3	)
Effect of ASC 606 adoption	—		—			(7.4		)	—			—			(7.4		)
Net income	—		—			26.4			—			—			26.4
Other comprehensive income	—		—			—			—			0.3			0.3
Dividends ($0.38 per share)	—		—			(15.5		)	—			—			(15.5		)
Stock-based compensation	—		3.6			—			—			—			3.6
Purchases of treasury stock	—		(7.5		)	—			(98.0		)	—			(105.5		)
Issuances of common stock	—		(3.8		)	—			4.3			—			0.5
Balance at September 26, 2018	17.6		503.9			2,686.5			(4,018.4		)	(5.5		)	(815.9		)
Net income	—		—			32.0			—			—			32.0
Other comprehensive income	—		—			—			—			(0.6		)	(0.6		)
Dividends ($0.38 per share)	—		—			(14.5		)	—			—			(14.5		)
Stock-based compensation	—		3.6			—			—			—			3.6
Purchases of treasury stock	—		6.9			—			(69.0		)	—			(62.1		)
Issuances of common stock	—		(0.2		)	—			2.5			—			2.3
Balance at December 26, 2018	17.6		514.2			2,704.0			(4,084.9		)	(6.1		)	(855.2		)
Net income	—		—			49.8			—			—			49.8
Other comprehensive income	—		—			—			—			0.2			0.2
Dividends ($0.38 per share)	—		—			(14.7		)	—			—			(14.7		)
Stock-based compensation	—		5.8			—			—			—			5.8
Purchases of treasury stock	—		0.0			—			(0.1		)	—			(0.1		)
Issuances of common stock	—		(0.9		)	—			0.9			—			—
Balance at March 27, 2019	$	17.6	$	519.1		$	2,739.1		$	(4,084.1	)	$	(5.9	)	$	(814.2	)



	Thirty-Nine Week Period Ended March 28, 2018
	Common Stock		Additional Paid-In Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive (Loss) Income			Total
Balances at June 28, 2017	$	17.6	$	502.1		$	2,627.1		$	(3,628.5	)	$	(11.9	)	$	(493.6	)
Net income	—		—			9.9			—			—			9.9
Other comprehensive income	—		—			—			—			1.5			1.5
Dividends ($0.38 per share)	—		—			(18.8		)	—			—			(18.8		)
Stock-based compensation	—		3.5			—			—			—			3.5
Purchases of treasury stock	—		(0.1		)	—			(41.6		)	—			(41.7		)
Issuances of common stock	—		(2.4		)	—			2.6			—			0.2
Balance at September 27, 2017	17.6		503.1			2,618.2			(3,667.5		)	(10.4		)	(539.0		)
Net income	—		—			25.3			—			—			25.3
Other comprehensive income	—		—			—			—			(0.2		)	(0.2		)
Dividends ($0.38 per share)	—		—			(17.9		)	—			—			(17.9		)
Stock-based compensation	—		2.8			—			—			—			2.8
Purchases of treasury stock	—		0.0			—			(30.1		)	—			(30.1		)
Issuances of common stock	—		(0.8		)	—			1.6			—			0.8
Realized foreign currency translation	—		—			—			—			5.4			5.4
Balance at December 27, 2017	17.6		505.1			2,625.6			(3,696.0		)	(5.2		)	(552.9		)
Net income	—		—			46.9			—			—			46.9
Other comprehensive income	—		—			—			—			(0.2		)	(0.2		)
Dividends ($0.38 per share)	—		—			(17.1		)	—			—			(17.1		)
Stock-based compensation	—		4.7			—			—			—			4.7
Purchases of treasury stock	—		0.0			—			(90.2		)	—			(90.2		)
Issuances of common stock	—		(0.3		)	—			0.6			—			0.3
Balance at March 28, 2018	$	17.6	$	509.5		$	2,655.4		$	(3,785.6	)	$	(5.4	)	$	(608.5	)

Share Repurchases

Our share repurchase plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings, and planned investment and financing needs. Shares that have been paid for but not yet delivered are reflected as a reduction of Additional paid-in capital while other repurchased shares are reflected as an increase in Treasury stock within Shareholders’ deficit in the Consolidated Balance Sheets. The repurchased shares during the thirty-nine week periods ended March 27, 2019 and March 28, 2018 included shares purchased as part of our share repurchase program and shares repurchased to satisfy team member tax withholding obligations on the vesting of restricted shares.

Thirty-Nine Week Period Ended March 27, 2019

In August 2018, our Board of Directors authorized a $300.0 million increase to our existing share repurchase program resulting in total authorizations of $4.9 billion. During the first quarter of fiscal 2019, we repurchased 2.1 million shares of our common stock for $105.5 million. During the second quarter of fiscal 2019, we repurchased 1.5 million shares of our common stock for $62.1 million. As of March 27, 2019, approximately $197.8 million was available under our share repurchase authorizations.

Thirty-Nine Week Period Ended March 28, 2018

During the first quarter of fiscal 2018, we repurchased 1.3 million shares of our common stock for $41.7 million. During the second quarter of fiscal 2018, we repurchased 1.0 million shares of our common stock for $30.1 million. During the third quarter of fiscal 2018, we repurchased 2.5 million shares of our common stock for $90.2 million.

Stock-based Compensation

The following table presents the stock options and restricted share awards granted, and related weighted average exercise price and fair value per share amounts for the thirty-nine week periods ended March 27, 2019 and March 28, 2018:



	Thirty-Nine Week Periods Ended
	March 27, 2019		March 28, 2018
Stock options
Stock options granted	0.7		1.2
Weighted average exercise price per share	$	43.63	$	31.28
Weighted average fair value per share	$	8.25	$	4.46
Restricted share awards
Restricted share awards granted	0.3		0.5
Weighted average fair value per share	$	43.52	$	32.02

During the thirty-nine week period ended March 27, 2019, we modified certain fiscal 2018 performance-based stock option awards and 0.2 million options were canceled. We subsequently granted fiscal 2019 performance-based stock option awards of 0.4 million options with a grant date fair value equivalent to the fair value of the canceled fiscal 2018 options as of the modification date. Vesting of the fiscal 2019 performance-based options is conditioned on achievement of the same performance targets and vest on the same schedule as the fiscal 2018 performance-based stock options. There is no incremental compensation cost as a result of this modification. The fiscal 2019 performance-based stock option awards are included in the above stock options granted table.

Dividends

During the thirty-nine week periods ended March 27, 2019 and March 28, 2018, we paid dividends of $46.0 million and $53.1 million to common stock shareholders, respectively. We also declared a quarterly dividend on January 28, 2019, that was paid subsequent to the third quarter of fiscal 2019, on March 28, 2019, in the amount of $0.38 per share. As of March 27, 2019, we have accrued $14.2 million for this dividend in Other accrued liabilities in our Consolidated Balance Sheets; see Note 9 - Accrued and Other Liabilities.

Effect of Adoption of ASC 606

During the first quarter of fiscal 2019, we adopted the new revenue recognition standard and recorded a $7.4 million cumulative effect adjustment decrease to Retained earnings for the change in accounting principle. Please refer to Note 2 - Revenue Recognition for more details.

Realized Foreign Currency Translation

During the thirteen week period ended December 27, 2017, we divested our Mexican joint venture and realized $5.4 million of foreign currency translation losses that were reclassified from Accumulated other comprehensive loss into Net income. Please refer to Note 10 - Fair Value Measurements for further details on the divestiture and related consideration received.