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STOCKHOLDERS' EQUITY | 9 Months Ended
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May 31, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Dividends The following table summarizes the dividends declared and paid during fiscal year 2023 and 2022 (amounts are per share):
|  |  |  | First Payment |  | Second Payment
Declared |  | Amount |  | Record Date |  | Date Paid |  | Date Payable |  | Amount |  | Record Date |  | Date Paid |  | Date Payable |  | Amount
2/3/2023 |  | $ | 0.92 |  |  | 2/16/2023 |  | 2/28/2023 |  | N/A |  | $ | 0.46 |  |  | 8/15/2023 |  | N/A |  | 8/31/2023 |  | $ | 0.46 |
2/3/2022 |  | $ | 0.86 |  |  | 2/15/2022 |  | 2/28/2022 |  | N/A |  | $ | 0.43 |  |  | 8/15/2022 |  | 8/31/2022 |  | N/A |  | $ | 0.43 |
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 |  | Noncontrolling Interests |  | Total
Beginning balance, September 1, 2022 | $ | (195,586) |  |  | $ | — |  |  | $ | (195,586) |
Foreign currency translation adjustments | 26,599 |  |  | — |  |  | 26,599 |
Defined benefit pension plans (1) | 30 |  |  | — |  |  | 30 |
Derivative instruments (2) | (646) |  |  | — |  |  | (646) |
Ending balance, May 31, 2023 | $ | (169,603) |  |  | $ | — |  |  | $ | (169,603) |
| Attributable to PriceSmart |  | Noncontrolling Interests |  | Total
Beginning balance, September 1, 2021 | $ | (182,508) |  |  | $ | 251 |  |  | $ | (182,257) |
Foreign currency translation adjustments | (15,119) |  |  | 3 |  |  | (15,116) |
Defined benefit pension plans (1) | 140 |  |  | — |  |  | 140 |
Derivative instruments (2) | 4,339 |  |  | — |  |  | 4,339 |
Sale of Aeropost | — |  |  | (254) |  |  | (254) |
Ending balance, May 31, 2022 | $ | (193,148) |  |  | $ | — |  |  | $ | (193,148) |
| Attributable to PriceSmart |  | Noncontrolling Interests |  | Total
Beginning balance, September 1, 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) |
(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 8 - 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):
| May 31, 2023 |  | August 31, 2022
Retained earnings not available for distribution | $ | 9,102 |  |  | $ | 8,648 |
Repurchases of Common Stock The Board of Directors authorized a program to repurchase up to $75 million of our common stock (the "Stock Buyback Program"). Under the Stock Buyback Program, shares of common stock may be repurchased from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases, or other means, and will be structured to occur in compliance with applicable securities laws. In addition, open market repurchases of common stock could be made pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit 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. The Stock Buyback Program does not obligate us to acquire any specific number of shares. The timing and actual number of shares repurchased will depend on a variety of factors, including the common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. Repurchases are funded with existing cash on hand. The Stock Buyback Program has no expiration date and may be modified, suspended or terminated at any time by the Board of Directors at its discretion. During the three and nine-months ended May 31, 2023, no repurchases were made under the Stock Buyback Program.

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