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Shareholders' Equity | 12 Months Ended
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Sep. 02, 2017
Shareholders' Equity [Abstract] |
Shareholders' Equity | 9. SHAREHOLDERS’ EQUITY ﻿ Treasury Stock Purchases ﻿ In July 2016, the Company commenced a tender offer to purchase for cash up to $300,000 in value of shares of its Class A common stock through a “modified Dutch auction” tender offer at a price per share of not less than $66.00 and not greater than $72.50 (the “Tender Offer”). In addition, the Company entered into a stock purchase agreement with the holders of the Company’s Class B common stock (the “Class B Holders”) to purchase (the “Stock Purchase”) from the Class B Holders a pro rata number of shares at the price per share to be paid by the Company in the Tender Offer, such that the Class B Holders’ percentage ownership and voting power in the Company would remain substantially the same as prior to the Tender Offer. The Class B Holders also agreed not to participate in the Tender Offer. ﻿ In August 2016, the Company completed the Tender Offer and purchased 3,821 shares of the Company’s Class A common stock that were validly tendered and not validly withdrawn at a price of $72.50 per share. The Company also completed the Stock Purchase of an aggregate of 1,152 shares of its Class A common stock from the Class B Holders at a purchase price of $72.50 per share. In total, as a result of the Tender Offer and Stock Purchase, the Company purchased 4,973 shares at a price of $72.50 per share for an aggregate cost of $360,566, excluding f ees and expenses. Th e Company incurred costs of $1,587 in connection with the Tender Offer and Stock Purchase res ulting in a total cost of $362,153, or $72.82 per share for the shares repurchased, which were recorded to treasury stock. The Co mpany retired all 4,973 shares purchased as a result of the Tender Offer and Stock Purchase. ﻿ During fiscal 1999, the Board of Directors established the MSC Stock Repurchase Plan (the “Re purchase Plan”). In 2011, the Board of Directors reaffirmed and replenished the Repurchase Plan so that the total number of shares of Class A common stock authorized for future repurchase was 5,000 shares. As of September 2, 2017, the maximum number of shares that may yet be repurchased under the Repurchase Plan was 802 shares. The Repurchase Plan allows the Company to repurchase shares at any time and in any increments it deems appropriate in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During fiscal 2017 and 2016, the Company repurchased 685 shares and 5,344 shares, respectively, of its Class A common stock f or $48,869 and $384,111, respectively. 43 and 72 of these shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its share-based com pensation program during fiscal 2017 and 2016, respectively. Shares of the Company’s common stock purchased pursuant to the Tender Offer and the Stock Purchase, as well as shares purchased to satisfy the Company’s associates’ tax withholding liability associated with its share-based com pensation program, did not reduce the number of shares that may be repurchased under the Repurchase Plan. ﻿ The Company reissued 57 and 64 shares of treasury stock during fiscal 2017 a nd 2016, respectively, to fund the Associate Stock Purchase Plan (s ee Note 1 0). ﻿ Common Stock ﻿ Each holder of the Company’s Class A common stock is entitled to one vote for each share held of record on the applicable record date on all matters presented to a vote of shareholders, including the election of directors. The holders of Class B common stock are entitled to ten votes per share for each share held of record on the applicable record date and are entitled to vote, together with the holders of the Class A common stock, on all matters which are subject to shareholder approval. Holders of Class A common stock and Class B common stock have no cumulative voting rights or preemptive rights to purchase or subscribe for any stock or other securities and there are no redemption or sinking fund provisions with respect to such stock. ﻿ The holders of the Company’s Class B common stock have the right to convert their shares of Class B common stock into shares of Class A common stock at their election and on a one-to-one basis, and all shares of Class B common stock convert into shares of Class A common stock on a one to-one basis upon the sale or transfer of such shares of Class B common stock to any person who is not a member of the Jacobson or Gershwind families or any trust not established principally for members of the Jacobson or Gershwind families or to any person who is not an executor, administrator or personal representative of an estate of a member of the Jacobson or Gershwind families. ﻿ Preferred Stock ﻿ The Company has authorized 5,000 shares of preferred stock. The Company’s Board of Directors has the authority to issue the shares of preferred stock. Shares of preferred stock may have priority over the Company’s Class A common stock and Class B common stock with respect to dividend or liquidation rights, or both. As of September 2, 2017, there were no shares of preferred stock issued or outstanding. ﻿ Cash Dividend ﻿ In 2003, the Board of Directors instituted a policy of regular quarterly cash dividends to shareholders. This policy is reviewed regularly by the Board of Directors. ﻿ On October 24, 2017, the Board of Directors declared a quarterly cas h dividend of $0.48 per share, payable on November 28, 2017 to shareholders of record at the close of business on November 14, 2017. The dividend will result in a payout of approx imately $27,068, based o n the number of shares outstanding at October 16, 2017.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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