STOCKHOLDERS' EQUITY

3 Months Ended

Aug. 27, 2017

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

15.   STOCKHOLDERS’ EQUITY

In connection with the Separation, we amended and restated our certificate of incorporation to authorize 600,000,000 shares of common stock and 60,000,000 shares of preferred stock. We had 146,244,550 shares of common stock issued and outstanding as of August 27, 2017. Each share of common stock entitles the holder to one vote on matters to be voted on by our stockholders. No preferred stock was issued or outstanding on August 27, 2017. 

Dividends

On July 20, 2017, our Board of Directors declared a dividend of $0.1875 per share of common stock. The dividend of $27.4 million was paid on September 1, 2017 to stockholders of record as of the close of business on August 4, 2017.

On September 28, 2017, our Board of Directors declared a dividend of $0.1875 per share of common stock. The dividend will be paid on December 1, 2017 to stockholders of record as of the close of business on November 3, 2017.

Accumulated Other Comprehensive Loss (“AOCI”)

Comprehensive income includes net income, currency translation adjustments, and changes in prior service cost and net actuarial gains (losses) from pension and post-retirement plans. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the investment denominated in a foreign currency to the U.S. dollar. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

The following table details the accumulated balances for each component of other comprehensive income (loss), net of tax (except for currency translation adjustments):

Changes in AOCI, net of taxes, by component follows (dollars in millions). Amounts in parentheses indicate losses.

	Foreign
	Currency		Pension and
	Translation		Post-Retirement
	Gains (Losses)		Benefits		Total
Balance as of May 28, 2017	$	(10.3)	$	1.0	$	(9.3)
Other comprehensive income before reclassifications, net of tax		15.2		—		15.2
Amounts reclassified out of AOCI, net of tax		—		—		—
Net current-period other comprehensive income		15.2		—		15.2
Balance as of August 27, 2017	$	4.9	$	1.0	$	5.9

The net amount of settlement gains on pension and post-retirement benefits included in accumulated OCI to be amortized over the next 12 months is a net gain of $0.2 million ($0.1 million after-tax).