One aspect of the invention provides a cutting tool used for peripheral cutting operations, comprising: a plurality of peripheral cutting edges, and a plurality of flutes disposed between the peripheral cutting edges, wherein each of the flutes includes at least one surface, and at least one depression recessed into the at least one flute surface, wherein each of the depressions defines a depression interior configured to trap cooling liquid during operation of the cutting tool, and wherein at least one of the depressions is dimensioned and disposed to enhance heat dissipation at least one of the peripheral cutting edges.