STOCKHOLDERS' EQUITY

6 Months Ended

Nov. 28, 2021

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

12.   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. During the thirteen weeks ended November 28, 2021, we repurchased 868,753 shares for $50.0 million, or a weighted-average price of $57.55 per share. During the twenty-six weeks ended November 28, 2021, we repurchased 1,264,114 shares for $76.0 million, or a weighted-average price of $60.15 per share. As of November 28, 2021, $93.6 million remained authorized for repurchase under the program. In December 2021, our Board of Directors authorized the repurchase of an additional $250.0 million of our common stock under the program. We have $343.6 million remaining under the updated share repurchase authorization.

Dividends

During the twenty-six weeks ended November 28, 2021, we paid $68.7 million of dividends to common stockholders. On December 3, 2021, we paid $34.3 million of dividends to stockholders of record as of the close of business on November 5, 2021. On December 17, 2021, our Board of Directors increased our quarterly dividend approximately 4% and declared a dividend of $0.245 per share of common stock. The dividend will be paid on March 4, 2022, to stockholders of record as of the close of business on February 4, 2022.

Accumulated Other Comprehensive Income (“AOCI”)

Changes in AOCI, net of taxes, as of November 28, 2021 were as follows:

	Foreign				Accumulated
	Currency		Pension and		Other
	Translation		Post-Retirement		Comprehensive
(in millions)	Gains (Losses)		Benefits		Income (Loss)
Balance as of May 30, 2021	$	36.0	$	(6.5)	$	29.5
Other comprehensive income before reclassifications, net of tax		(37.2)		—		(37.2)
Amounts reclassified out of AOCI, net of tax		—		0.2		0.2
Net current-period other comprehensive income (loss)		(37.2)		0.2		(37.0)
Balance as of November 28, 2021	$	(1.2)	$	(6.3)	$	(7.5)