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LEASES (Financial Statement Impact of ASC 842 Adoption) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 25, 2019
Jun. 27, 2019
Jun. 26, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Current assets $ 173.7 $ 177.3 $ 177.0
Operating lease assets 1,192.3 [1] 1,034.3 0.0
Deferred income taxes, net 45.5 46.9 112.0
Intangibles, net 24.3 18.2 22.3
Operating lease liabilities 119.2 [1] 110.8 0.0
Other accrued liabilities 124.6 102.8 141.1
Long-term operating lease liabilities, less current portion 1,189.1 [1] 1,044.9 0.0
Deferred gain on sale leaseback transactions 0.0 0.0 255.3
Other liabilities 56.8 60.4 153.0
Retained earnings 2,967.4 2,967.1 2,771.2
Deferred gain on sale of property, current 0.0 [2]   $ 19.3
ASC 842 Leases [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Current assets [3]   0.3  
Operating lease assets [4]   1,034.3  
Deferred income taxes, net [5]   (65.1)  
Intangibles, net [3]   (4.1)  
Operating lease liabilities [6]   110.8  
Other accrued liabilities [3],[7]   (38.3)  
Long-term operating lease liabilities, less current portion [6]   1,044.9  
Deferred gain on sale leaseback transactions [7]   (255.3)  
Other liabilities [3]   (92.6)  
Operating Lease, Impairment Loss 15.5    
Deferred income tax liability [5]   3.5  
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction [5]   $ 68.6  
Retained Earnings [Member] | ASC 842 Leases [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Cumulative effect of new accounting principle in period of adoption $ 195.9    
[1]
Operating lease assets are recorded in Operating lease assets, and the related current and long-term lease liabilities are recorded within Operating lease liabilities and Long-term operating lease liabilities, less current portion, respectively.
[2] Straight-line rent, and Landlord contributions balances were reclassified to Operating lease assets upon the adoption of ASC 842 during the thirteen week period ended September 25, 2019. Additionally, upon ASC 842 adoption, the Deferred sale leaseback gains was eliminated as a cumulative effect adjustment to Retained earnings. Refer to Note 3 - Leases for further details.
[3]
The following prior lease balances were reclassified into Operating lease assets upon adoption of ASC 842:
–
Current assets included the prepaid rent adjustment.
–
Intangibles, net included the favorable lease asset position adjustment.
–
Other accrued liabilities and Other liabilities balances related to the current and long-term portions of straight-line rent balances, unfavorable lease liability positions, exit-related lease accruals, and landlord contributions adjustments.
Additionally, Other accrued liabilities included $19.3 million of deferred gain on sale leaseback transactions that was eliminated as a cumulative effect adjustment to Retained earnings upon adoption, refer to (5) below for more details. Refer to Note 10 - Accrued and Other Liabilities for June 26, 2019 balance details.
[4] Operating lease assets represents the capitalization of operating lease right-of-use assets equal to the amount of recognized operating lease liability as described in (4) below, adjusted by the net carrying amounts described in (1) above, and $15.5 million related to certain operating lease assets for restaurant facilities previously fully impaired under our long-lived asset impairment policy that were recorded to Retained earnings.
[5]
Deferred income taxes, net was reduced by $3.5 million related to the impact of adopting ASC 842 and recording the operating lease assets and liabilities, and $68.6 million related to the elimination of the deferred gain on sale leaseback transactions as described in (5) below.
[6]
Operating lease liabilities, both current and long-term, represents the liabilities based on the present value of the lease payments, consisting of fixed costs and certain rent escalations, using our incremental borrowing rate applicable to the lease term.
[7]
Deferred gain on sale leaseback transactions balance of $255.3 million and the related short-term deferred gain balance recorded within Other accrued liabilities of $19.3 million, and the associated Deferred income taxes, net of $68.6 million as described in (3) above, were eliminated upon adoption into Retained earnings as required by the new lease accounting standard using the alternative transition method. No further gain will be amortized to Other gains and charges in the Consolidated Statements of Comprehensive Income effective fiscal 2020.