DERIVATIVES (Tables)

9 Months Ended

Apr. 27, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of outstanding swap contracts as of April 27, 2019, which are all pay fixed and receive floating, are as follows:



Swap Maturity	Notional Value (in millions)		Pay Fixed Rate		Receive Floating Rate	Floating Rate Reset Terms
June 9, 2019⁽¹⁾	50.0		0.8725	%	One-Month LIBOR	Monthly
April 29, 2021⁽¹⁾	25.0		1.0650	%	One-Month LIBOR	Monthly
June 30, 2019⁽²⁾	50.0		0.7265	%	One-Month LIBOR	Monthly
April 29, 2021⁽²⁾	25.0		0.9260	%	One-Month LIBOR	Monthly
August 15, 2022⁽³⁾	63.0		1.7950	%	One-Month LIBOR	Monthly
August 15, 2022⁽⁴⁾	42.0		1.7950	%	One-Month LIBOR	Monthly
October 31, 2020⁽⁵⁾	100.0		2.8240	%	One-Month LIBOR	Monthly
October 31, 2022⁽⁵⁾	100.0		2.8915	%	One-Month LIBOR	Monthly
October 31, 2023⁽⁵⁾	100.0		2.9210	%	One-Month LIBOR	Monthly
October 22, 2025⁽⁵⁾	50.0		2.9550	%	One-Month LIBOR	Monthly
March 31, 2023⁽⁶⁾	150.0		2.8950	%	One-Month LIBOR	Monthly
October 22, 2025⁽⁶⁾	50.0		2.9580	%	One-Month LIBOR	Monthly
October 22, 2025⁽⁶⁾	50.0		2.9590	%	One-Month LIBOR	Monthly
October 29, 2021⁽⁷⁾	100.0		2.8084	%	One-Month LIBOR	Monthly
September 30, 2023⁽⁷⁾	50.0		2.8315	%	One-Month LIBOR	Monthly
October 31, 2024⁽⁷⁾	100.0		2.8480	%	One-Month LIBOR	Monthly
October 31, 2022⁽⁸⁾	50.0		2.4678	%	One-Month LIBOR	Monthly
March 28, 2024⁽⁸⁾	100.0		2.4770	%	One-Month LIBOR	Monthly
October 31, 2024⁽⁸⁾	100.0		2.5010	%	One-Month LIBOR	Monthly
April 29, 2021⁽⁹⁾	50.0		2.5500	%	One-Month LIBOR	Monthly
October 31, 2022⁽⁹⁾	50.0		2.5255	%	One-Month LIBOR	Monthly
March 31, 2023⁽⁹⁾	50.0		2.5292	%	One-Month LIBOR	Monthly
March 28, 2024⁽⁹⁾	100.0		2.5420	%	One-Month LIBOR	Monthly
October 31, 2024⁽¹⁰⁾	50.0		2.5210	%	One-Month LIBOR	Monthly
October 22, 2025⁽¹⁰⁾	50.0		2.5558	%	One-Month LIBOR	Monthly
April 15, 2022⁽¹¹⁾	100.0		2.3645	%	One-Month LIBOR	Monthly
December 13, 2019⁽¹²⁾	100.0		2.4925	%	One-Month LIBOR	Monthly
May 15, 2020⁽¹²⁾	100.0		2.4490	%	One-Month LIBOR	Monthly
June 30, 2021⁽¹³⁾	100.0		2.5200	%	One-Month LIBOR	Monthly
June 30, 2022⁽¹³⁾	100.0		2.2170	%	One-Month LIBOR	Monthly
June 30, 2021⁽¹⁴⁾	—		2.2290	%	One-Month LIBOR	Monthly
June 30, 2022⁽¹⁴⁾	—		2.1840	%	One-Month LIBOR	Monthly
	$	2,205.0

(1)

On June 7, 2016, the Company entered into two pay fixed and receive floating interest rate swap contracts to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreements have an effective date of June 9, 2016 and expire at varied dates between June 2019 and April 2021. These interest rate swap contracts have an aggregate notional principal amount of $75 million and require the Company to pay interest payments during the duration of the respective contracts at fixed annual rates between 0.8725% and 1.0650%, while receiving interest for the same respective contract periods at one-month LIBOR on the same aggregate notional principal amounts.

(2)

On June 24, 2016, the Company entered into two pay fixed and receive floating interest rate swap contracts to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreements have an effective date of June 24, 2016 and expire at varied dates between June 2019 and April 2021. These interest rate swap contracts have an aggregate notional principal amount of $75 million and require the Company to pay interest payments during the duration of the respective contracts at fixed annual rates between 0.7265% and 0.9260%, while receiving interest for the same respective contract periods at one-month LIBOR on the same aggregate notional principal amounts.

(3)

On January 23, 2015, the Company entered into a pay fixed and receive floating interest rate swap contract to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreement has an effective date of August 3, 2015 and expires in August 2022. On March 31, 2015, the Company amended the original contract to reduce the beginning notional principal amount from $140 million to $84 million. The interest rate swap contract has an amortizing notional principal amount which adjusts down on a quarterly basis and requires the Company to pay interest payments during the duration of the contract at a fixed annual rate of 1.7950%, while receiving interest for the same respective contract period at one-month LIBOR on the same notional principal amount.

(4)

On March 31, 2015, the Company entered into a pay fixed and receive floating interest rate swap contract to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreement has an effective date of August 3, 2015 and expires in August 2022. The interest rate swap contract has an amortizing notional principal amount which adjusts down on a quarterly basis and requires the Company to pay interest payments during the duration of the contract at a fixed annual rate of 1.7950%, while receiving interest for the same respective contract period at one-month LIBOR on the same notional principal amount.

(5)

On October 26, 2018, the Company entered into four pay fixed receive floating interest rate swap contracts to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreements have an effective date of October 26, 2018 and expire at varied dates between October 2020 and October 2025. These interest rate swap contracts have an aggregate notional principal amount of $350 million and require the Company to pay interest payments during the duration of the respective contracts at fixed annual rates between 2.8240% and 2.9550%, while receiving interest for the same respective contract periods at one-month LIBOR on the same aggregate notional principal amounts.

(6)

On November 16, 2018, the Company entered into three pay fixed receive floating interest rate swap contracts to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreements have an effective date of November 16, 2018 and expire at varied dates between March 2023 and October 2025. These interest rate swap contracts have an aggregate notional principal amount of $250 million and require the Company to pay interest payments during the duration of the respective contracts at fixed annual rates between 2.8950% and 2.9590%, while receiving interest for the same respective contract periods at one-month LIBOR on the same aggregate notional principal amounts.

(7)

On November 30, 2018, the Company entered into three pay fixed receive floating interest rate swap contracts to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreements have an effective date of November 30, 2018 and expire at varied dates between October 2021 and October 2024. These interest rate swap contracts have an aggregate notional principal amount of $250 million and require the Company to pay interest payments during the duration of the respective contracts at fixed annual rates between 2.8084% and 2.8480%, while receiving interest for the same respective contract periods at one-month LIBOR on the same aggregate notional principal amounts.

(8)

On January 11, 2019, the Company entered into three pay fixed receive floating interest rate swap contracts to effectively fix the underlying variability in expected interest payment cash outflows on its LIBOR based debt. The agreements have an effective date of January 11, 2019 and expire at varied dates between October 2022 and October 2024. These interest rate swap contracts have an aggregate notional principal amount of $250 million and require the Company to pay interest payments during the duration of the respective contracts at fixed annual rates between 2.4678% and 2.5010%, while receiving interest for the same respective contract periods at one-month LIBOR on the same aggregate notional principal amounts.

Schedule of gains (losses) of hedging activities

The location and amount of gains or losses recognized in the Condensed Consolidated Statements of Income for interest rate swap contracts for each of the periods, presented on a pretax basis, are as follows:



	13-Week Period Ended				39-Week Period Ended
	April 27, 2019		April 28, 2018		April 27, 2019			April 28, 2018
(In thousands)	Interest Expense, net		Interest Expense, net		Interest Expense, net			Interest Expense, net
Total amounts of expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded	$	54,917	$	4,347	$	121,149		$	12,060
Gain or (loss) on cash flow hedging relationships:
Gain or (loss) reclassified from comprehensive income into income	$	15	$	287	$	458		$	338
Gain or (loss) on interest rate swap contracts not designated as hedging instruments:
Gain or (loss) recognized as interest expense	$	51	$	—	$	(15	)	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

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-Publisher FASB
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-Publisher FASB
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+ Details