NOTE 5 – STOCKHOLDERS’ EQUITY

Dividends

The following table summarizes the dividends declared and paid during fiscal years 2017, 2016 and 2015.



			First Payment				Second Payment
Declared	Amount		Record Date	Date Paid	Amount		Record Date	Date Paid	Amount
2/3/2017	$	0.70	2/15/2017	2/28/2017	$	0.35	8/15/2017	8/31/2017	$	0.35
2/3/2016	$	0.70	2/15/2016	2/29/2016	$	0.35	8/15/2016	8/31/2016	$	0.35
2/4/2015	$	0.70	2/13/2015	2/27/2015	$	0.35	8/14/2015	8/31/2015	$	0.35

The Company anticipates the ongoing payment of semi-annual dividends in subsequent periods, although the actual declaration of future dividends, the amount of such dividends, and the establishment of record and payment dates is subject to final determination by the Board of Directors at its discretion after its review of the Company’s financial performance and anticipated capital requirements.

Comprehensive Income and Accumulated Other Comprehensive Loss

The following table discloses the changes in each component of other comprehensive income (loss), net of tax (in thousands):



(Amounts in thousands and net of income taxes)	Foreign currency translation adjustments		Defined benefit pension plans			Derivative Instruments			Total
Balances as of August 31, 2014	$	(50,410)	$	113		$	1,011		$	(49,286)
Other comprehensive income (loss)		(50,130)		65			(1,770)	(1)		(51,835)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(291)	(2)		(100)	(1)(3)		(391)
Balances as of August 31, 2015	$	(100,540)	$	(113)		$	(859)		$	(101,512)
Other comprehensive income (loss)		(1,702)		(182)			(535)	(1)		(2,419)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(20)	(2)		—	(1)(3)		(20)
Balances as of August 31, 2016	$	(102,242)	$	(315)		$	(1,394)		$	(103,951)
Other comprehensive income (loss)		(6,297)		(166)			316	(1)		(6,147)
Amounts reclassified from accumulated other comprehensive income (loss)		—		39	(2)		—	(1)(3)		39
Balances as of August 31, 2017	$	(108,539)	$	(442)		$	(1,078)		$	(110,059)

⁽¹⁾

See Note 12 – “Derivative Instruments and Hedging Activities.”

⁽²⁾

Amounts reclassified from accumulated other comprehensive income (loss) related to the minimum pension liability are included in warehouse club operations in the Company's consolidated statements of income.

⁽³⁾

Amounts reclassified from accumulated other comprehensive income (loss) for settlement of derivative instruments are included in other income (expense), net in the Company's consolidated statements of income.

Retained Earnings Not Available for Distribution

The following table summarizes retained earnings designated as legal reserves of various subsidiaries which cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands):

August 31,

August 31,

Retained earnings not available for distribution