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STOCKHOLDERS' EQUITY | 3 Months Ended
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Nov. 30, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Dividends No dividends were declared by the Company’s Board of Directors during the first three months of fiscal year 2024. The following table summarizes the dividends declared and paid during fiscal year 2023 (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 |
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):
|  |  |  |  | Amount
Beginning balance, September 1, 2023 |  |  |  |  | $ | (163,992) |
Foreign currency translation adjustments |  |  |  |  | 3,537 |
Defined benefit pension plans (1) |  |  |  |  | 121 |
Derivative instruments (2) |  |  |  |  | (78) |
Ending balance, November 30, 2023 |  |  |  |  | $ | (160,412) |
|  |  |  |  | Amount
Beginning balance, September 1, 2022 |  |  |  |  | $ | (195,586) |
Foreign currency translation adjustments |  |  |  |  | (885) |
Defined benefit pension plans (1) |  |  |  |  | 9 |
Derivative instruments (2) |  |  |  |  | 325 |
Ending balance, November 30, 2022 |  |  |  |  | $ | (196,137) |
|  |  |  |  | Amount
Beginning balance, September 1, 2022 |  |  |  |  | $ | (195,586) |
Foreign currency translation adjustments |  |  |  |  | 33,708 |
Defined benefit pension plans (1) |  |  |  |  | (1,819) |
Derivative instruments (2) |  |  |  |  | (443) |
Amounts reclassified from accumulated other comprehensive loss |  |  |  |  | 148 |
Ending balance, August 31, 2023 |  |  |  |  | $ | (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 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):
| November 30, 2023 |  | August 31, 2023
Retained earnings not available for distribution | $ | 9,266 |  |  | $ | 9,110 |
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. We successfully completed the program in the first quarter of fiscal year 2024. 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 10b5-1 under the Securities Exchange Act of 1934, as amended, which permitted us to repurchase common stock at times when we might otherwise have been precluded from doing so under insider trading laws or self-imposed trading restrictions. We have no plans 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):
| Three Months Ended
| November 30, 2023 |  | November 30, 2022
Number of common shares acquired | 935,663 |  |  | — |
Average price per common share acquired | $ | 74.13 |  |  | $ | — |
Total cost of common shares acquired | $ | 69,362 |  |  | $ | — |

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