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STOCKHOLDERS' EQUITY | 12 Months Ended
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Aug. 31, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Dividends The following table summarizes the dividends declared and paid during fiscal years 2023, 2022 and 2021 (amounts are per share):
|  |  |  | First Payment |  | Second Payment
Declared |  | Amount |  | Record Date |  | Date Paid |  | Amount |  | Record Date |  | Date Paid |  | Amount
2/3/2023 |  | $ | 0.92 |  |  | 2/16/2023 |  | 2/28/2023 |  | $ | 0.46 |  |  | 8/15/2023 |  | 8/31/2023 |  | $ | 0.46 |
2/3/2022 |  | $ | 0.86 |  |  | 2/15/2022 |  | 2/28/2022 |  | $ | 0.43 |  |  | 8/15/2022 |  | 8/31/2022 |  | $ | 0.43 |
2/4/2021 |  | $ | 0.70 |  |  | 2/15/2021 |  | 2/26/2021 |  | $ | 0.35 |  |  | 8/15/2021 |  | 8/31/2021 |  | $ | 0.35 |
The Company anticipates the ongoing payment of semi-annual dividends in subsequent periods, although the actual declaration of future dividends, if any, 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, taking into account the uncertain macroeconomic conditions on our results of operations and cash flows. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following tables disclose the effects on accumulated other comprehensive loss of each component of other comprehensive income (loss), net of tax (in thousands):
| Attributable to PriceSmart |  | Non-controlling Interests |  | Total
Ending balance, August 31, 2020 | $ | (176,820) |  |  | $ | 134 |  |  | $ | (176,686) |
Foreign currency translation adjustments | (7,837) |  |  | 117 |  |  | (7,720) |
Defined benefit pension plans (1) | (230) |  |  | — |  |  | (230) |
Derivative instruments (2) | 2,252 |  |  | — |  |  | 2,252 |
Amounts reclassified from accumulated other comprehensive loss | 127 |  |  | — |  |  | 127 |
Ending balance, August 31, 2021 | $ | (182,508) |  |  | $ | 251 |  |  | $ | (182,257) |
Foreign currency translation adjustments | (19,034) |  |  | 3 |  |  | (19,031) |
Defined benefit pension plans (1) | (341) |  |  | — |  |  | (341) |
Derivative instruments (2) | 6,170 |  |  | — |  |  | 6,170 |
Amounts reclassified from accumulated other comprehensive loss | 127 |  |  | — |  |  | 127 |
Sale of Aeropost | — |  |  | (254) |  |  | (254) |
Ending balance, August 31, 2022 | $ | (195,586) |  |  | $ | — |  |  | $ | (195,586) |
Foreign currency translation adjustments | 33,708 |  |  | — |  |  | 33,708 |
Defined benefit pension plans (1) | (1,819) |  |  | — |  |  | (1,819) |
Derivative instruments (2) | (443) |  |  | — |  |  | (443) |
Amounts reclassified from accumulated other comprehensive loss | 148 |  |  | — |  |  | 148 |
Ending balance, August 31, 2023 | $ | (163,992) |  |  | $ | — |  |  | $ | (163,992) |
(1)Amounts reclassified from accumulated other comprehensive income (loss) related to the minimum pension liability are included in warehouse club and other operations in the Company's consolidated statements of income. (2)Refer to “Note 13 - Derivative Instruments and Hedging Activities.” 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, 2023 |  | August 31, 2022
Retained earnings not available for distribution | $ | 9,110 |  | $ | 8,648
Share Repurchase Program In July 2023 we announced a program authorized by our Board of Directors to repurchase up to $75 million of our common stock. Subsequent to our fiscal year that ended on August 31, 2023, we successfully completed the program. We purchased a total of approximately 1,007,000 shares of our common stock under the program. The repurchases were made on the open market pursuant to a trading plan established pursuant to Rule 10(b)5-1 under the Securities Exchange Act of 1934, as amended, which permits common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. We do not expect to continue repurchases or adopt a new repurchase plan at this time. However, the Board of Directors could choose to commence another program in the future at its discretion after its review of the Company’s financial performance and anticipated capital requirements. Share repurchase activity under the Company’s repurchase programs for the periods indicated was as follows (total cost in thousands):
| Years Ended
| August 31, 2023 |  | August 31, 2022
Number of common shares acquired | 71,530 |  | —
Average price per common share acquired | $ | 78.54 |  | $ | —
Total cost of common share acquired | $ | 5,618 |  | $ | —

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