STOCKHOLDERS' EQUITY

9 Months Ended

Feb. 27, 2022

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. In December 2021, our Board of Directors authorized the repurchase of an additional $250.0 million of our common stock under this share repurchase program. During the thirteen weeks ended February 27, 2022, we repurchased 763,777 shares for $50.0 million, or a weighted-average price of $65.46 per share. During the thirty-nine weeks ended February 27, 2022, we repurchased 2,027,891 shares for $126.0 million, or a weighted-average price of $62.15 per share. As of February 27, 2022, $293.6 million remained authorized for repurchase under the program.

Dividends

During the thirty-nine weeks ended February 27, 2022, we paid $103.0 million of dividends to common stockholders. On March 4, 2022, we paid $35.4 million of dividends to stockholders of record as of the close of business on February 4, 2022. On March 24, 2022, our Board of Directors declared a dividend of $0.245 per share of common stock. The dividend will be paid on June 3, 2022, to stockholders of record as of the close of business on May 6, 2022.

Accumulated Other Comprehensive Income (“AOCI”)

Changes in AOCI, net of taxes, as of February 27, 2022 were as follows:

	Foreign						Accumulated
	Currency		Pension and				Other
	Translation		Post-Retirement				Comprehensive
(in millions)	Gains (Losses)		Benefits		Other		Income (Loss)
Balance as of May 30, 2021	$	36.0	$	(6.5)	$	—	$	29.5
Other comprehensive income before reclassifications, net of tax		(37.5)		—		0.3		(37.2)
Amounts reclassified out of AOCI, net of tax		—		0.3		—		0.3
Net current-period other comprehensive income (loss)		(37.5)		0.3		0.3		(36.9)
Balance as of February 27, 2022	$	(1.5)	$	(6.2)	$	0.3	$	(7.4)