Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jan. 29, 2016

Derivative Instruments and Hedging Activities [Abstract]

Summary of Interest Rate Swaps

A summary of the Company’s interest rate swaps at January 29, 2016 is as follows:

Trade Date	Effective Date	Term (in Years)	Notional Amount	Fixed Rate
July 25, 2011	May 3, 2013	3	$                50,000	2.45%
December 7, 2011	May 3, 2013	3	50,000	1.40%
March 18, 2013	May 3, 2015	3	50,000	1.51%
April 8, 2013	May 3, 2015	2	50,000	1.05%
April 15, 2013	May 3, 2015	2	50,000	1.03%
April 22, 2013	May 3, 2015	3	25,000	1.30%
April 25, 2013	May 3, 2015	3	25,000	1.29%
June 18, 2014	May 3, 2015	4	40,000	2.51%
June 24, 2014	May 3, 2015	4	30,000	2.51%
July 1, 2014	May 5, 2015	4	30,000	2.43%
January 30, 2015	May 3, 2019	2	80,000	2.15%
January 30, 2015	May 3, 2019	2	60,000	2.16%
January 30, 2015	May 4, 2021	3	120,000	2.41%
January 30, 2015	May 3, 2019	2	60,000	2.15%
January 30, 2015	May 4, 2021	3	80,000	2.40%

Schedule of Estimated Fair Value of Derivative Instruments

The estimated fair values of the Company’s derivative instruments as of January 29, 2016 and July 31, 2015 were as follows:

(See Note 2)	Balance Sheet Location	January 29, 2016		July 31, 2015
Interest rate swaps	Other assets	$	--	$	3,759
Interest rate swaps	Current interest rate swap liability	$	343	$	1,117
Interest rate swaps	Long-term interest rate swap liability		15,649		8,704
	Total	$	15,992	$	9,821

Offsetting Assets

The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at January 29, 2016 and July 31, 2015:

	Gross Asset Amounts				Liability Amount Offset					Net Asset Amount Presented in the Balance Sheets
(See Note 2)	January 29, 2016		July 31,  2015		January 29, 2016		July 31, 2015			January 29, 2016		July 31, 2015
Interest rate swaps	$	--	$	3,878	$	--	$	(119	)	$	--	$	3,759

Offsetting Liabilities

The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at January 29, 2016 and July 31, 2015:

	Gross Liability Amounts				Asset Amount Offset				Net Liability Amount Presented in the Balance Sheets
(See Note 2)	January 29, 2016		July 31, 2015		January 29, 2016		July 31, 2015		January 29, 2016		July 31, 2015
Interest rate swaps	$	15,992	$	9,821	$	--	$	--	$	15,992	$	9,821

Schedule of Pre-tax Effects of Derivative Instruments on Income and AOCL

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for the six months ended January 29, 2016 and the year ended July 31, 2015:

	Amount of Income Recognized in AOCL on Derivatives (Effective Portion)
	Six Months Ended January 29, 2016		Year Ended July 31, 2015
Cash flow hedges:
Interest rate swaps	$	9,930	$	1,641

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and six-month periods ended January 29, 2016 and January 30, 2015:

	Location of Loss Reclassified from AOCL into Income (Effective Portion)	Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		Quarter Ended				Six Months Ended
		January 29, 2016		January 30, 2015		January 29, 2016		January 30, 2015
Cash flow hedges:
Interest rate swaps	Interest expense	$	1,444	$	2,005	$	2,891	$	4,016