Dividend

6 Months Ended

May 30, 2021

Dividends [Abstract]

DIVIDEND

DIVIDEND

Dividends are declared at the discretion of the Board. In January and April 2021, the Company declared cash dividends of $0.04 and $0.06 per share, respectively, to holders of record of its Class A and Class B common stock. Dividends in the amount of $24.1 million and $40.1 million were paid during the three and six months ended May 30, 2021, respectively.

The Company does not have an established dividend policy. The Board reviews the Company's ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company's financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.

Subsequent to the Company's quarter end, the Board declared a cash dividend of $0.08 per share to holders of record of its Class A and Class B common stock at the close of business on August 2, 2021, for a total quarterly dividend of approximately $32 million.