COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jan. 30, 2021

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 fiscal 2021 year-to-date are as follows:

(in thousands)	Other Cash Flow Derivatives		Benefit Plans		Foreign Currency Translation		Swap Agreements		Total
Accumulated other comprehensive loss at August 1, 2020	$	(67)	$	(115,296)	$	(21,419)	$	(101,164)	$	(237,946)
Other comprehensive (loss) income before reclassifications	(165)		—		3,257		4,494		7,586
Reclassification of amounts included in net periodic benefit income	—		(506)		—		—		(506)
Reclassification of cash flow hedges	120		—		—		17,217		17,337
Net current period Other comprehensive (loss) income	(45)		(506)		3,257		21,711		24,417
Accumulated other comprehensive loss at January 30, 2021	$	(112)	$	(115,802)	$	(18,162)	$	(79,453)	$	(213,529)

Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2020 year-to-date are as follows:

(in thousands)	Benefit Plans		Foreign Currency Translation		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	1,480		24		(2,588)		(1,084)
Reclassification of amounts included in net periodic benefit income	(1,148)		—		—		(1,148)
Reclassification of cash flow hedges	—		—		(4,845)		(4,845)
Pension settlement charge	7,610		—		—		7,610
Net current period Other comprehensive income (loss)	7,942		24		(7,433)		533
Accumulated other comprehensive loss at February 1, 2020	$	(24,516)	$	(20,058)	$	(63,846)	$	(108,420)

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

	13-Week Period Ended				26-Week Period Ended				Affected Line Item on the Condensed Consolidated Statements of Operations
(in thousands)	January 30, 2021		February 1, 2020		January 30, 2021		February 1, 2020
Pension and postretirement benefit plan obligations:
Reclassification of amounts included in net periodic benefit income(1)	$	(404)	$	(777)	$	(713)	$	(1,551)	Net periodic benefit income, excluding service cost
Pension settlement charge	—		10,303		—		10,303		Net periodic benefit income, excluding service cost
Total reclassifications	(404)		9,526		(713)		8,752
Income tax expense (benefit)	104		(2,492)		207		(2,290)		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	(300)	$	7,034	$	(506)	$	6,462
Swap agreements:
Reclassification of cash flow hedge	$	11,498	$	(4,251)	$	23,534	$	(6,621)	Interest expense, net
Income tax benefit	(3,087)		(1,348)		(6,317)		(1,776)		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	8,411	$	(2,903)	$	17,217	$	(4,845)
Other cash flow hedges:
Reclassification of cash flow hedge	$	(5)	$	—	$	164	$	—	Cost of sales
Income tax expense (benefit)	1		—		(44)		—		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	(4)	$	—	$	120	$	—

(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 January 30, 2021, the Company expects to reclassify $44.1 million out of Accumulated other comprehensive loss and primarily into Interest expense, net during the following twelve-month period.