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CHILI'S RESTAURANT ACQUISITION (Tables) | 12 Months Ended
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Jun. 24, 2020
Business Combinations [Abstract] |
Fair Value of Acquired Assets and Liabilities | The final amounts recorded for the fair value of acquired assets and liabilities at the acquisition date are as follows:
| Fair Value September 5, 2019
Current assets(1) | $ | 7.3 |
Property and equipment | 60.3 |
Operating lease assets | 163.5 |
Reacquired franchise rights(2) | 6.9 |
Goodwill(3) | 22.4 |
Total assets acquired | 260.4 |
Current liabilities(4) | 9.1 |
Operating lease liabilities, less current portion | 158.3 |
Total liabilities assumed | 167.4 |
Net assets acquired(5) | $ | 93.0 |
(1) | Current assets included petty cash, inventory, and restaurant supplies.
(2) | Reacquired franchise rights have a weighted average amortization period of approximately 8 years.
(3) | Goodwill is expected to be deductible for tax purposes. The portion of the purchase price attributable to goodwill represents the benefits expected as a result of the acquisition, including sales and unit growth opportunities, and the benefit of the assembled workforce of the acquired restaurants.
(4) | Current liabilities included current portion of operating lease liabilities, gift card liability and accrued property tax.
(5) Net assets acquired at fair value are equal to the total purchase price of $99.0 million, less $3.2 million of closing adjustments and $2.8 million allocated to prepayment of leases entered into between us and the franchisee (refer to Note 4 - Leases for more information).

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