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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 26, 2024
Income Tax Disclosure [Abstract] |
Income Before Income Taxes | Income before income taxes consists of the following:
| Fiscal Years Ended
| June 26, 2024 |  | June 28, 2023 |  | June 29, 2022
Domestic | $ | 161.8 |  |  | $ | 87.8 |  |  | $ | 113.5 |
Foreign | 3.1 |  |  | 3.0 |  |  | 1.7 |
Income before income taxes | $ | 164.9 |  |  | $ | 90.8 |  |  | $ | 115.2 |
Provision (Benefit) For Income Taxes and Effective Tax Rate | The Provision (benefit) for income taxes and effective tax rate consists of the following:
| Fiscal Years Ended
| June 26, 2024 |  | June 28, 2023 |  | June 29, 2022
Current income tax expenses: |  |  |  |  |
Federal | $ | 17.5 |  |  | $ | 12.2 |  |  | $ | 5.8 |
State | 12.3 |  |  | 6.8 |  |  | 3.7 |
Foreign | 0.4 |  |  | 0.2 |  |  | (0.3) |
Total current income tax expenses | 30.2 |  |  | 19.2 |  |  | 9.2 |
Deferred income tax (benefit) expenses: |  |  |  |  |
Federal | (18.2) |  |  | (29.5) |  |  | (15.7) |
State | (2.5) |  |  | (2.0) |  |  | 3.7 |
Foreign | 0.1 |  |  | 0.5 |  |  | 0.4 |
Total deferred income tax (benefit) expenses | (20.6) |  |  | (31.0) |  |  | (11.6) |
Provision (benefit) for income taxes | $ | 9.6 |  |  | $ | (11.8) |  |  | $ | (2.4) |
Effective tax rate | 5.8 | % |  | (13.0) | % |  | (2.1) | %
Reconciliation Between Reported Provision (Benefit) for Income Taxes And Amount Computed By Statutory Federal Income Tax Rate | A reconciliation between the reported Provision (benefit) for income taxes and the amount computed by applying the statutory Federal income tax rate to Income before income taxes is as follows:
| Fiscal Years Ended
| June 26, 2024 |  | June 28, 2023 |  | June 29, 2022
Income tax expense at statutory rate | $ | 34.6 |  |  | $ | 19.0 |  |  | $ | 24.2 |
FICA and other tax credits | (34.2) |  |  | (34.6) |  |  | (32.9) |
State income taxes, net of Federal benefit | 7.7 |  |  | 4.7 |  |  | 6.2 |
Officers' compensation | 3.7 |  |  | 0.0 |  |  | 0.9 |
Stock based compensation tax shortfall (windfall) | (1.2) |  |  | 0.8 |  |  | (0.7) |
Other | (1.0) |  |  | (1.7) |  |  | (0.1) |
Provision (benefit) for income taxes | $ | 9.6 |  |  | $ | (11.8) |  |  | $ | (2.4) |
Deferred Income Tax Assets and Liabilities | The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows:
| June 26, 2024 |  | June 28, 2023
Deferred income tax assets: |  |  |
Lease liabilities | $ | 472.4 |  |  | $ | 451.5 |
Gift cards | 8.3 |  |  | 9.2 |
Insurance reserves | 15.2 |  |  | 13.7 |
Stock-based compensation | 10.3 |  |  | 9.5 |
Federal credit carryover | 61.2 |  |  | 59.5 |
Depreciation and capitalized interest on property and equipment | 15.8 |  |  | — |
Net operating losses | 4.4 |  |  | 4.2 |
State credit carryover | 1.8 |  |  | 2.1 |
Restructure charges and impairments | 3.0 |  |  | 2.1 |
Other, net | 11.9 |  |  | 9.7 |
Less: Valuation allowance | (5.8) |  |  | (4.3) |
Total deferred income tax assets | 598.5 |  |  | 557.2 |
Deferred income tax liabilities: |  |  |
Lease assets | 444.0 |  |  | 421.9 |
Goodwill and other amortization | 23.0 |  |  | 23.2 |
Depreciation and capitalized interest on property and equipment | — |  |  | 0.7 |
Prepaid expenses | 16.8 |  |  | 17.3 |
Other, net | 0.8 |  |  | 0.7 |
Total deferred income tax liabilities | 484.6 |  |  | 463.8 |
Deferred income taxes, net | $ | 113.9 |  |  | $ | 93.4 |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits are as follows:
| June 26, 2024 |  | June 28, 2023
Balance at beginning of year | $ | 2.8 |  |  | $ | 3.7 |
Additions based on tax positions related to the current year | 0.4 |  |  | 0.4 |
Additions (Decreases) based on tax positions related to prior years | — |  |  | 0.1 |
Expiration of statute of limitations | (0.3) |  |  | (1.4) |
Balance at end of year | $ | 2.9 |  |  | $ | 2.8 |

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