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SHAREHOLDERS' DEFICIT
 6 Months Ended
Dec. 25, 2019
Stockholders' Equity Note [Abstract]  
Shareholders' Deficit
The changes in Total shareholders’ deficit during the twenty-six week periods ended December 25, 2019 and December 26, 2018, respectively, were as follows:
 
Twenty-Six Week Period Ended December 25, 2019
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings (Deficit)
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at June 26, 2019
$
17.6

 
$
522.0

 
$
2,771.2

 
$
(4,083.4
)
 
$
(5.6
)
 
$
(778.2
)
Cumulative effect of ASC 842 adoption
—

 
—

 
195.9

 
—

 
—

 
195.9

Net income
—

 
—

 
14.9

 
—

 
—

 
14.9

Other comprehensive loss
—

 
—

 
—

 
—

 
(0.2
)
 
(0.2
)
Dividends ($0.38 per share)
—

 
—

 
(14.6
)
 
—

 
—

 
(14.6
)
Stock-based compensation
—

 
7.1

 
—

 
—

 
—

 
7.1

Purchases of treasury stock
—

 
(0.3
)
 
—

 
(11.0
)
 
—

 
(11.3
)
Issuances of common stock
—

 
(3.7
)
 
—

 
5.0

 
—

 
1.3

Balance at September 25, 2019
17.6

 
525.1

 
2,967.4

 
(4,089.4
)
 
(5.8
)
 
(585.1
)
Net income
—

 
—

 
27.9

 
—

 
—

 
27.9

Other comprehensive income
—

 
—

 
—

 
—

 
0.1

 
0.1

Dividends ($0.38 per share)
—

 
—

 
(14.6
)
 
—

 
—

 
(14.6
)
Stock-based compensation
—

 
2.6

 
—

 
—

 
—

 
2.6

Purchases of treasury stock
—

 
0.0

 
—

 
0.0

 
—

 
0.0

Issuances of common stock
—

 
(0.4
)
 
—

 
0.6

 
—

 
0.2

Retirement of treasury stock
(11.4
)
 
—

 
(3,345.4
)
 
3,356.8

 
—

 
—

Balance at December 25, 2019
$
6.2

 
$
527.3

 
$
(364.7
)
 
$
(732.0
)
 
$
(5.7
)
 
$
(568.9
)
 
Twenty-Six Week Period Ended December 26, 2018
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings (Deficit)
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at June 27, 2018
$
17.6

 
$
511.6

 
$
2,683.0

 
$
(3,924.7
)
 
$
(5.8
)
 
$
(718.3
)
Cumulative effect of ASC 606 adoption
—

 
—

 
(7.4
)
 
—

 
—

 
(7.4
)
Net income
—

 
—

 
26.4

 
—

 
—

 
26.4

Other comprehensive income
—

 
—

 
—

 
—

 
0.3

 
0.3

Dividends ($0.38 per share)
—

 
—

 
(15.5
)
 
—

 
—

 
(15.5
)
Stock-based compensation
—

 
3.6

 
—

 
—

 
—

 
3.6

Purchases of treasury stock
—

 
(7.5
)
 
—

 
(98.0
)
 
—

 
(105.5
)
Issuances of common stock
—

 
(3.8
)
 
—

 
4.3

 
—

 
0.5

Balance at September 26, 2018
17.6

 
503.9

 
2,686.5

 
(4,018.4
)
 
(5.5
)
 
(815.9
)
Net income
—

 
—

 
32.0

 
—

 
—

 
32.0

Other comprehensive income
—

 
—

 
—

 
—

 
(0.6
)
 
(0.6
)
Dividends ($0.38 per share)
—

 
—

 
(14.5
)
 
—

 
—

 
(14.5
)
Stock-based compensation
—

 
3.6

 
—

 
—

 
—

 
3.6

Purchases of treasury stock
—

 
6.9

 
—

 
(69.0
)
 
—

 
(62.1
)
Issuances of common stock
—

 
(0.2
)
 
—

 
2.5

 
—

 
2.3

Balance at December 26, 2018
$
17.6

 
$
514.2

 
$
2,704.0

 
$
(4,084.9
)
 
$
(6.1
)
 
$
(855.2
)

Retirement of Treasury Stock
During the thirteen week period ended December 25, 2019, the Board of Directors approved the retirement of 114.0 million shares of Treasury stock for a weighted average price per share of $29.45. As of December 25, 2019, 24.8 million shares remain in treasury.
Effect of Adoption of ASC 842
In the first quarter of fiscal 2020, we adopted the lease accounting standard, ASC 842, and recorded a $195.9 million cumulative effect adjustment increase to Retained (deficit) earnings for the change in accounting principle. Refer to Note 3 - Leases for more details.
Effect of Adoption of ASC 606
In the first quarter of fiscal 2019, we adopted the revenue recognition standard, ASC 606, and recorded a $7.4 million cumulative effect adjustment decrease to Retained (deficit) earnings for the change in accounting principle.
Dividends
During the twenty-six week periods ended December 25, 2019 and December 26, 2018, we paid dividends of $29.0 million and $31.6 million to common stock shareholders, respectively. We also declared a quarterly dividend on October 28, 2019, that was paid subsequent to the second quarter of fiscal 2020, on December 26, 2019, in the amount of $0.38 per share. As of December 25, 2019, we have accrued dividends of $14.2 million for shares outstanding and $0.4 million of dividends related to restricted share awards in Other accrued liabilities and Other liabilities in the Consolidated Balance Sheets (Unaudited), refer to Note 10 - Accrued and Other Liabilities for further details.
Stock-based Compensation
The following table presents the stock options and restricted share awards granted, and related weighted average exercise price and fair value per share amounts for the twenty-six week periods ended December 25, 2019 and December 26, 2018:
 
Twenty-Six Week Periods Ended
 
December 25,
2019
 
December 26,
2018
Stock options
 
 
 
Stock options granted
0.3

 
0.7

Weighted average exercise price per share
$
38.51

 
$
43.63

Weighted average fair value per share
$
6.83

 
$
8.25

Restricted share awards
 
 
 
Restricted share awards granted
0.3

 
0.3

Weighted average fair value per share
$
38.59

 
$
43.35


Share Repurchases
Our share repurchase plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings, and planned investment and financing needs. The repurchased shares during the twenty-six week periods ended December 25, 2019 and December 26, 2018, respectively, included shares purchased as part of our share repurchase program and shares repurchased to satisfy team member tax withholding obligations on the vesting of restricted shares.
Twenty-Six Week Period Ended December 25, 2019
During the thirteen week period ended September 25, 2019, we repurchased 0.3 million shares of our common stock for $11.3 million. As of December 25, 2019, approximately $187.8 million was available under our share repurchase authorizations.
Twenty-Six Week Period Ended December 26, 2018
In August 2018, our Board of Directors authorized a $300.0 million increase to our existing share repurchase program resulting in total authorizations of $4.9 billion. During the thirteen week period ended September 26, 2018, we repurchased 2.1 million shares of our common stock for $105.5 million. During the thirteen week period ended December 26, 2018, we repurchased approximately 1.5 million shares of our common stock for $62.1 million.