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FAIR VALUE MEASUREMENTS
 12 Months Ended
Jun. 25, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
Financial Instruments
The fair values of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying amounts because of the short maturity of these items.
The carrying amount of long-term debt outstanding related to our revolving credit facility approximates fair value as the interest rate on this instrument approximates current market rates (Level 2). The fair values of our notes are based on observable bid prices and are considered Level 2 fair value measurements, and the carrying amounts and the fair values are as follows:
June 25, 2025June 26, 2024
Carrying AmountFair ValueCarrying AmountFair Value
8.25% notes$346.0 $372.3 $345.2 $367.8 
5.00% notes(1)
— — 349.8 349.6 
(1)On October 1, 2024, the 5.00% notes matured and were repaid in full using borrowings under our revolving credit facility.
Non-Financial Assets
We review the carrying amounts of non-financial assets, primarily long-lived property and equipment, finance lease assets, operating lease assets, reacquired franchise rights, goodwill and transferable liquor licenses annually or when events or circumstances indicate that the fair value may not substantially exceed the carrying amount. We determined the fair values of property and equipment, including finance lease assets, operating lease assets and reacquired franchise rights are based on Level 3 fair value measurements. The fair values of transferable liquor licenses are based on prices in the open market for licenses in the same or similar jurisdictions and are categorized as Level 2. We record an impairment charge for the excess of the carrying amount over the fair value.
During fiscal 2025 and fiscal 2024 we impaired certain long-lived assets and operating lease assets primarily related to 13 and 35 underperforming Chili’s restaurants, respectively. The table below presents the carrying values and related charges recorded on these impaired restaurants for the periods presented:
Impairment Charges
Pre-Impairment Carrying ValueFiscal Years Ended
June 25, 2025June 26, 2024June 25, 2025June 26, 2024
Property and equipment$4.9 $10.2 $4.4 $9.3 
Reacquired franchise rights0.1 0.4 0.1 0.4 
Operating lease assets8.4 21.4 — 2.5 
Total$13.4 $32.0 $4.5 $12.2 
During fiscal 2025 and fiscal 2024 we impaired certain transferable liquor licenses with related charges of $0.1 million in each of the respective fiscal years.
All impairment charges were included in Other (gains) and charges in the Consolidated Statements of Comprehensive Income for the periods presented. Refer to Note 13 - Other Gains and Charges for more information.