Cutting tool comprising toolholder and round cutting insert and method for repositioning the round cutting insert in a pocket of the toolholder

A cutting tool, comprising:

• a toolholder comprising:
• a toolholder pocket floor having a bore therein;
• and
• a plurality of grooves in the pocket floor arranged radially about the bore, wherein adjacent grooves are radially offset by a groove offset angle x;
• and
• a round cutting insert for mounting on the toolholder pocket floor, the round cutting insert comprising:
• an upper surface having a cutting edge;
• a lower surface opposite the upper surface, the lower surface comprising a landing extending about a periphery of the lower surface;
• an exterior side surface between the upper surface and the lower surface;
• an interior side surface defining an aperture extending from the upper surface to the lower surface;
• and
• a plurality of lugs arranged radially about the aperture, wherein adjacent lugs are radially offset by a lug offset angle y, and wherein a ratio of y:x is an integer greater than or equal to 2, and wherein the plurality of lugs are positioned within a depressed cavity that is depressed relative to the landing.