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Shareholders' Equity
3 Months Ended
Nov. 27, 2021
Shareholders' Equity [Abstract]  
Shareholders' Equity Note 8. Shareholders’ Equity Common Stock Repurchases and Treasury Stock On June 29, 2021, the Company’s Board of Directors terminated the MSC Stock Repurchase Plan, which was established during fiscal year 1999, and authorized a new share repurchase program (the “Share Repurchase Program”) to purchase up to 5,000 shares of Class A Common Stock. There is no expiration date for the Share Repurchase Program. As of November 27, 2021, the maximum number of shares that may yet be repurchased under the Share Repurchase Program was 5,000 shares of Class A Common Stock. The Share Repurchase Program 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 the thirteen-week periods ended November 27, 2021 and November 28, 2020, the Company repurchased 53 shares and 46 shares, respectively, of Class A Common Stock for $4,559 and $3,159, respectively. All of these shares were repurchased by the Company to satisfy the Company’s associates’ tax withholding liability associated with its stock-based compensation program and are reflected at cost as treasury stock in the unaudited Condensed Consolidated Financial Statements for the thirteen-week period ended November 27, 2021. The Company reissued 14 shares and 15 shares of treasury stock during the thirteen-week periods ended November 27, 2021 and November 28, 2020, respectively, to fund the MSC Industrial Direct Co., Inc. Amended and Restated Associate Stock Purchase Plan. Dividends on Common Stock On October 14, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.75 per share to shareholders of record at the close of business on November 16, 2021. The dividend resulted in aggregate payments of $41,740 on November 30, 2021, after the end of the first quarter of fiscal year 2022. The Company paid cash dividends of $0.75 per common share totaling $41,815 for the thirteen weeks ended November 28, 2020. On December 15, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.75 per share, payable on January 25, 2022, to shareholders of record at the close of business on January 11, 2022. The dividend is expected to result in aggregate payments of approximately $41,843, based on the number of shares outstanding at December 10, 2021.