STOCKHOLDERS' EQUITY

6 Months Ended

Nov. 24, 2019

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

14.   STOCKHOLDERS’ EQUITY

Share Repurchase Program

In December 2018, our Board of Directors authorized a program, with no expiration date, to repurchase shares of our common stock in an amount not to exceed $250.0 million in the aggregate, on an opportunistic basis. During the thirteen weeks ended November 24, 2019, we repurchased 112,698 shares for $8.6 million, or a weighted-average price of $76.44 per share; and during the twenty-six weeks ended November 24, 2019, we purchased 185,200 shares for $13.4 million, or a weighted-average price of $72.61 per share. As of November 24, 2019, $204.7 million remained authorized for repurchase under the program.

Dividends

During the twenty-six weeks ended November 24, 2019, we paid $58.5 million of dividends to common stockholders. On November 29, 2019, we paid $29.2 million of dividends to stockholders of record as of the close of business on November 1, 2019. On December 19, 2019, our Board of Directors declared a dividend of $0.23 per share of common stock. The dividend will be paid on February 28, 2020, to stockholders of record as of the close of business on January 31, 2020.

Accumulated Other Comprehensive Income (Loss) (“AOCI”)

Changes in AOCI, net of taxes, as of November 24, 2019 were as follows (in millions).

	Foreign				Accumulated
	Currency		Pension and		Other
	Translation		Post-Retirement		Comprehensive
	Gains (Losses)		Benefits		Loss
Balance as of May 26, 2019	$	(20.3)	$	(5.0)	$	(25.3)
Other comprehensive income before reclassifications, net of tax		(8.5)		—		(8.5)
Amounts reclassified out of AOCI, net of tax		—		0.3		0.3
Net current-period other comprehensive income (loss)		(8.5)		0.3		(8.2)
Balance as of November 24, 2019	$	(28.8)	$	(4.7)	$	(33.5)

Actuarial losses on pension and post-retirement benefits, net of tax, included in AOCI to be amortized over the next 12 months is a net loss of $0.7 million ($0.5 million after-tax).