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v3.22.2.2

LEASES (Tables) | 12 Months Ended
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Jun. 29, 2022
Leases [Abstract] |
Consolidated Balance Sheet Disclosure of Lease Amounts | The following table includes a detail of lease assets and liabilities included in the Consolidated Balance Sheets:
| June 29, 2022
| Finance Leases(1) |  | Operating Leases(2) |  | Total Leases
Lease assets | $ | 71.1 |  |  | $ | 1,160.5 |  |  | $ | 1,231.6 |
Current lease liabilities | 20.3 |  |  | 112.7 |  |  | 133.0 |
Long-term lease liabilities | 69.9 |  |  | 1,151.1 |  |  | 1,221.0 |
Total lease liabilities | $ | 90.2 |  |  | $ | 1,263.8 |  |  | $ | 1,354.0 |
| June 30, 2021
| Finance Leases(1) |  | Operating Leases(2) |  | Total Leases
Lease assets | $ | 98.2 |  |  | $ | 1,007.4 |  |  | $ | 1,105.6 |
Current lease liabilities | 21.5 |  |  | 97.7 |  |  | 119.2 |
Long-term lease liabilities | 99.8 |  |  | 1,006.7 |  |  | 1,106.5 |
Total lease liabilities | $ | 121.3 |  |  | $ | 1,104.4 |  |  | $ | 1,225.7 |
(1)Finance lease assets are recorded in Property and equipment, at cost, and the related current and long-term lease liabilities are recorded within Other accrued liabilities and Long-term debt and finance leases, less current installments, respectively. (2)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.
Consolidated Statement of Comprehensive Income Disclosure of Lease Amounts | The components of lease expenses, including variable lease costs primarily consisting of rent based on a percentage of sales, common area maintenance and real estate tax charges, and short-term lease expenses for leases with lease terms less than twelve months are included in the Consolidated Statements of Comprehensive Income as follows:
| Fiscal Years Ended
| June 29, 2022 |  | June 30, 2021 |  | June 24, 2020
Operating lease expenses (amortization and interest) | $ | 173.7 |  |  | $ | 167.2 |  |  | $ | 162.8 |
Finance lease amortization | 21.9 |  |  | 17.3 |  |  | 20.9 |
Finance lease interest | 5.5 |  |  | 5.9 |  |  | 4.6 |
Short-term lease cost | 0.6 |  |  | 0.5 |  |  | 1.4 |
Variable lease cost | 60.5 |  |  | 57.9 |  |  | 57.7 |
Sublease income | (4.2) |  |  | (4.4) |  |  | (4.6) |
Total lease costs, net | $ | 258.0 |  |  | $ | 244.4 |  |  | $ | 242.8 |
Consolidated Statement of Cash Flows Disclosure of Lease Amounts | Supplemental cash flow information related to leases recorded in the Consolidated Statements of Cash Flows is as follows:
| Fiscal Years Ended
| June 29, 2022 |  | June 30, 2021 |  | June 24, 2020
Cash flows from operating activities |  |  |  |  |
Cash paid related to lease liabilities |  |  |  |  |
Operating leases(1) | $ | 171.1 |  |  | $ | 195.5 |  |  | $ | 159.6 |
Finance leases | 5.5 |  |  | 5.9 |  |  | 4.6 |
Cash flows from financing activities |  |  |  |  |
Cash paid related to lease liabilities |  |  |  |  |
Finance leases | 23.7 |  |  | 20.0 |  |  | 17.8 |
Non-cash lease assets obtained in exchange for lease liabilities(2) |  |  |  |  |
Operating leases(3) | 255.4 |  |  | 60.6 |  |  | 224.0 |
Finance leases | 13.4 |  |  | 29.8 |  |  | 73.2 |
(1)Cash paid related to lease liabilities for Operating leases increased in fiscal 2021 primarily due to the prepayment of July 2021 lease payments and lease payments made during fiscal 2021 for rents that were deferred in fiscal 2020 due to the impacts of the COVID-19 pandemic. (2)Non-cash lease assets obtained in exchange for lease liabilities were higher in fiscal 2020 primarily due to the new and assumed operating and finance leases from the fiscal 2020 Chili’s restaurant acquisition and the new Chili’s finance lease for table-top devices. Refer to Note 2 - Chili's Restaurant Acquisitions for more information. (3)Non-cash operating lease assets obtained in exchange for operating lease liabilities were higher in fiscal 2022 primarily due to the new and assumed operating lease additions associated with the 68 restaurants purchased from three former franchisees and the modifications of 25 leases. Refer to Note 2 - Chili's Restaurant Acquisitions and “Significant Changes in Leases in Fiscal 2022” section below for more information.
Weighted Average Lease Term and Discount Rate | Other information related to leases is as follows:
| Fiscal Years Ended
| June 29, 2022 |  | June 30, 2021
| Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
Weighted average remaining lease term | 9.1 years |  | 12.0 years |  | 8.5 years |  | 11.0 years
Weighted average discount rate | 5.1 | % |  | 5.5 | % |  | 5.4 | % |  | 5.6 | %
Lease Maturity Analysis | Finance leases and Operating leases total future lease payments represent the contractual obligations due under the lease agreements, including cancellable option periods where we are reasonably assured to exercise the options. As of June 29, 2022, the future minimum lease payments on finance and operating leases, as well as sublease income were as follows:
| June 29, 2022
Fiscal Year | Finance Leases |  | Operating Leases |  | Sublease Income
2023 | $ | 24.5 |  |  | $ | 177.6 |  |  | $ | 1.9 |
2024 | 15.6 |  |  | 176.3 |  |  | 1.2 |
2025 | 12.4 |  |  | 166.9 |  |  | 1.2 |
2026 | 8.2 |  |  | 153.2 |  |  | 0.7 |
2027 | 7.6 |  |  | 135.5 |  |  | 0.5 |
Thereafter | 47.5 |  |  | 950.6 |  |  | 0.5 |
Total future lease payments(1) | 115.8 |  |  | 1,760.1 |  |  | $ | 6.0 |
Less: Imputed interest | 25.6 |  |  | 496.3 |  |  |
Present value of lease liability | $ | 90.2 |  |  | $ | 1,263.8 |  |  |
(1)Total future lease payments as of June 29, 2022 included non-cancelable lease commitments of $90.1 million for finance leases and $1,110.4 million for operating leases.

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