COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

May 01, 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	(13)		—		6,164		10,096		16,247
Reclassification of amounts included in net periodic benefit income	—		(807)		—		—		(807)
Reclassification of cash flow hedges	(328)		—		—		25,742		25,414
Net current period Other comprehensive (loss) income	(341)		(807)		6,164		35,838		40,854
Accumulated other comprehensive loss at May 1, 2021	$	(408)	$	(116,103)	$	(15,255)	$	(65,326)	$	(197,092)

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		(3,561)		(55,874)		(57,955)
Reclassification of amounts included in net periodic benefit income	(1,722)		—		—		(1,722)
Reclassification of cash flow hedges	—		—		9,375		9,375
Pension settlement charge	7,610		—		—		7,610
Net current period Other comprehensive income (loss)	7,368		(3,561)		(46,499)		(42,692)
Accumulated other comprehensive loss at May 2, 2020	$	(25,090)	$	(23,643)	$	(102,912)	$	(151,645)

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

	13-Week Period Ended				39-Week Period Ended				Affected Line Item on the Condensed Consolidated Statements of Operations
(in thousands)	May 1, 2021		May 2, 2020		May 1, 2021		May 2, 2020
Pension and postretirement benefit plan obligations:
Reclassification of amounts included in net periodic benefit income(1)	$	(404)	$	(777)	$	(1,117)	$	(2,328)	Net periodic benefit income, excluding service cost
Pension settlement charge	—		—		—		10,303		Net periodic benefit income, excluding service cost
Total reclassifications	(404)		(777)		(1,117)		7,975
Income tax expense (benefit)	103		203		310		(2,087)		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	(301)	$	(574)	$	(807)	$	5,888
Swap agreements:
Reclassification of cash flow hedge	$	11,652	$	6,191	$	35,186	$	12,812	Interest expense, net
Income tax benefit	(3,127)		(1,661)		(9,444)		(3,437)		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	8,525	$	4,530	$	25,742	$	9,375
Other cash flow hedges:
Reclassification of cash flow hedge	$	(612)	$	—	$	(448)	$	—	Cost of sales
Income tax expense	164		—		120		—		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	(448)	$	—	$	(328)	$	—

(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 May 1, 2021, the Company expects to reclassify $43.1 million out of Accumulated other comprehensive loss and primarily into Interest expense, net during the following twelve-month period.