XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity
9 Months Ended
Jun. 26, 2020
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY:
During the nine months ended June 26, 2020 and June 28, 2019, the Company paid cash dividends of approximately $83.1 million and $81.3 million to its stockholders, respectively. On August 3, 2020, the Company's Board declared a $0.11 dividend per share of common stock, payable on September 2, 2020, to shareholders of record on the close of business on August 19, 2020.
During the second quarter of fiscal 2020, the Company repurchased 0.3 million shares of its common stock for $6.5 million under the fiscal 2019 share repurchase program which will expire in July 2022. During the first quarter of fiscal 2019, the Company completed a repurchase of 1.6 million shares of its common stock for $50.0 million under the fiscal 2017 share repurchase program, which expired on February 1, 2019. In accordance with Amendment No. 9 to the Credit Agreement entered into in the third quarter of fiscal 2020, the Company cannot make any future share repurchases as long as the covenant compliance waiver remains in effect.
On January 29, 2020, the Company's stockholders approved the Second Amended and Restated 2013 Stock Incentive Plan, which amended and restated the Company's 2013 Incentive Plan. The Second Amended and Restated 2013 Stock Incentive Plan provides for up to 7.5 million of new shares authorized for issuance to participants, in addition to the shares that remained available for issuance under the 2013 Incentive Plan as of January 29, 2020 that are not subject to outstanding awards under the 2013 Incentive Plan.
During the second quarter of fiscal 2020, MR BridgeStone Advisor LLC (“Mantle Ridge”), on behalf of itself and its affiliated funds (such funds, together with Mantle Ridge, collectively, the “Mantle Ridge Group”), transferred cash proceeds of $14.8 million to the Company to fulfill obligations deriving from the short-swing profit provisions of Section 16(b) of the Securities Exchange Act of 1934. These obligations related to the Mantle Ridge Group's trading activity in the Company's common stock during the quarter. The cash proceeds were recorded to "Capital Surplus" in the Condensed Consolidated Balance Sheets as of June 26, 2020 and are reflected in "Other financing activities" in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 26, 2020. The cash proceeds resulted in the Company recording an income tax provision of $4.1 million in the Condensed Consolidated Statements of (Loss) Income for the nine months ended of June 26, 2020.