Dividends

9 Months Ended

Aug. 27, 2023

Dividends [Abstract]

DIVIDENDS

DIVIDENDS

Dividends are declared at the discretion of the Board. In January, April and July 2023, the Company declared cash dividends, each $0.12 per share, to holders of record of its Class A and Class B common stock. In January, April and July 2022, the Company declared cash dividends of $0.10, $0.10 and $0.12 per share, respectively. During the three and nine months ended August 27, 2023, dividends were paid in the amount of $47.7 million and $142.9 million, respectively, compared to $47.5 million and $127.0 million for the same prior-year periods.

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, a cash dividend of $0.12 per share was declared to holders of record of its Class A and Class B common stock at the close of business on October 26, 2023. The cash dividend will be payable on November 9, 2023, for a total quarterly dividend of approximately $48 million.