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LEASES (Tables)
 12 Months Ended
Jun. 26, 2024
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 26, 2024
Finance
Leases(1)
Operating
Leases(2)
Total Leases
Lease assets$93.4 $1,095.2 $1,188.6 
Current lease liabilities14.1 114.1 128.2 
Long-term lease liabilities91.3 1,084.5 1,175.8 
Total lease liabilities$105.4 $1,198.6 $1,304.0 
June 28, 2023
Finance
Leases(1)
Operating
Leases(2)
Total Leases
Lease assets$51.3 $1,134.9 $1,186.2 
Current lease liabilities10.2 112.4 122.6 
Long-term lease liabilities57.6 1,125.8 1,183.4 
Total lease liabilities$67.8 $1,238.2 $1,306.0 
(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 26, 2024June 28, 2023June 29, 2022
Operating lease cost$182.5 $181.0 $173.7 
Finance lease amortization14.0 19.7 21.9 
Finance lease interest4.2 4.1 5.5 
Short-term lease cost0.3 0.3 0.6 
Variable lease cost63.4 63.5 60.5 
Sublease income(1.2)(2.8)(4.2)
Total lease costs, net$263.2 $265.8 $258.0 
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 26, 2024June 28, 2023June 29, 2022
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases
$186.3 $184.3 $171.1 
Finance leases4.2 4.1 5.5 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases20.1 22.1 23.7 
Non-cash lease assets obtained in exchange for lease liabilities
Operating leases(1)
82.6 101.7 255.4 
Finance leases53.7 0.3 13.4 
(1)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, including sale leaseback transactions on six of the acquired restaurants. The combined transactions resulted in increased operating lease assets of $86.8 million as of the end of fiscal 2022, and cash proceeds of $20.5 million were received from the sale leaseback transactions. Additionally, the modifications of 25 leases in fiscal 2022 from finance leases to operating leases, resulted in increased operating lease assets of $47.9 million.
Weighted Average Lease Term and Discount Rate
Other information related to leases is as follows:
Fiscal Years Ended
June 26, 2024June 28, 2023
Finance LeasesOperating LeasesFinance LeasesOperating Leases
Weighted average remaining lease term7.4 years11.6 years9.9 years11.8 years
Weighted average discount rate5.9 %6.0 %5.5 %5.8 %
Lease Maturity Analysis As of June 26, 2024, the future minimum lease payments on finance and operating leases, as well as sublease income were as follows:
June 26, 2024
Fiscal YearFinance LeasesOperating LeasesSublease Income
2025$19.8 $180.7 $0.9 
202622.9 174.8 0.8 
202722.8 157.6 0.7 
202822.9 139.1 0.4 
20298.4 128.8 0.3 
Thereafter33.4 917.0 0.5 
Total future lease payments130.2 1,698.0 $3.6 
Less: Imputed interest24.8 499.4 
Present value of lease liability$105.4 $1,198.6