Dividends

6 Months Ended

May 26, 2024

Dividends [Abstract]

DIVIDENDS

DIVIDENDS

Dividends are declared at the discretion of the Board. In January and April for both 2024 and 2023, the Company declared cash dividends, each $0.12 per share, to holders of record of its Class A and Class B common stock. During the three and six months ended May 26, 2024, dividends were paid in the amount of $47.7 million and $95.6 million, respectively, compared to $47.6 million and $95.2 million, respectively, for the same prior-year period.

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 $0.13 per share was declared to holders of record of its Class A and Class B common stock at the close of business on August 2, 2024. The cash dividend will be payable on August 20, 2024, for a total quarterly dividend of approximately $52 million.