STOCKHOLDERS' EQUITY

12 Months Ended

May 29, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

12.   STOCKHOLDERS’ EQUITY

Our certificate of incorporation authorizes 600,000,000 shares of common stock and 60,000,000 shares of preferred stock. We had 144,071,428 shares of common stock issued and outstanding as of May 29, 2022. 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 May 29, 2022.

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. 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 fiscal 2022, we purchased 2,407,184 shares for $150.7 million, or a weighted-average price of $62.59 per share. As of May 29, 2022, $268.9 million remained authorized for repurchase under the program.

Dividends

During fiscal 2022, 2021, and 2020, we paid $138.4 million, $135.3 million, and $121.3 million, respectively, of dividends to common stockholders. On July 20, 2022, our Board of Directors declared a dividend of $0.245 per share of common stock. The dividend will be paid on September 2, 2022, to stockholders of record as of the close of business on August 5, 2022.

Accumulated Other Comprehensive Income (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 benefit plans. We generally deem our foreign investments to be indefinite 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. If we determine that a foreign investment, as well as undistributed earnings, are no longer indefinite in nature, estimated taxes are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

Changes in AOCI, net of tax, as of May 29, 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		(48.9)		2.9			0.7		(45.3)
Amounts reclassified out of AOCI, net of tax		—		0.3	(a)		(0.1)		0.2
Net current-period other comprehensive income (loss)		(48.9)		3.2			0.6		(45.1)
Balance as of May 29, 2022	$	(12.9)	$	(3.3)		$	0.6	$	(15.6)

(a) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 9, Employee Benefit Plans and Other Post-Retirement Benefits, for additional information.