COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Oct. 31, 2020

Equity [Abstract]

COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 9—COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in Accumulated other comprehensive loss by component net of tax for the first quarter of fiscal 2021 are as follows:

(in thousands)	Other Cash Flow Derivatives		Benefit Plans		Foreign Currency		Swap Agreements		Total
Accumulated other comprehensive loss at August 1, 2020	$	(67)	$	(115,296)	$	(21,419)	$	(101,164)	$	(237,946)
Other comprehensive (loss) gain before reclassifications	(557)		—		405		3,652		3,500
Reclassification of amounts included in net periodic benefit income	—		(206)		—		—		(206)
Reclassification of cash flow hedges	124		—		—		8,806		8,930
Net current period Other comprehensive (loss) income	(433)		(206)		405		12,458		12,224
Accumulated other comprehensive loss at October 31, 2020	$	(500)	$	(115,502)	$	(21,014)	$	(88,706)	$	(225,722)

Changes in Accumulated other comprehensive loss by component net of tax for the first quarter of fiscal 2020 are as follows:

(in thousands)	Benefit Plans		Foreign Currency		Swap Agreements		Total
Accumulated other comprehensive loss at August 3, 2019	$	(32,458)	$	(20,082)	$	(56,413)	$	(108,953)
Other comprehensive income (loss) before reclassifications	—		371		(5,623)		(5,252)
Reclassification of amounts included in net periodic benefit income	572		—		—		572
Reclassification of cash flow hedge	—		—		1,942		1,942
Net current period Other comprehensive income (loss)	572		371		(3,681)		(2,738)
Accumulated other comprehensive loss at November 2, 2019	$	(31,886)	$	(19,711)	$	(60,094)	$	(111,691)

Items reclassified out of Accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations:

	13-Week Period Ended				Affected Line Item on the Condensed Consolidated Statements of Operations
(in thousands)	October 31, 2020		November 2, 2019
Pension and postretirement benefit plan obligations:
Reclassification of amounts included in net periodic benefit income(1)	$	(309)	$	774	Net periodic benefit income, excluding service cost
Income tax expense (benefit)	103		(202)		Benefit for income taxes
Total reclassifications, net of tax	$	(206)	$	572
Swap agreements:
Reclassification of cash flow hedge	$	12,036	$	2,370	Interest expense, net
Income tax expense (benefit)	(3,230)		(428)		Benefit for income taxes
Total reclassifications, net of tax	$	8,806	$	1,942
Other cash flow hedges:
Reclassification of cash flow hedge	$	169	$	—	Cost of sales
Income tax expense (benefit)	(45)		—		Benefit for income taxes
Total reclassifications, net of tax	$	124	$	—

(1)Reclassification of amounts included in net periodic benefit income include reclassification of prior service benefit and reclassification of net actuarial loss as reflected in Note 11—Benefit Plans.

As of October 31, 2020, the Company expects to reclassify $45.2 million out of Accumulated other comprehensive loss into Interest expense, net during the following twelve-month period.