Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jul. 29, 2016

Derivative Instruments and Hedging Activities [Abstract]

Summary of Interest Rate Swaps

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

Trade Date	Effective Date	Term (in Years)		Notional Amount		Fixed Rate
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		80,000		2.51	%
June 24, 2014	May 3, 2015		4		60,000		2.51	%
July 1, 2014	May 5, 2015		4		60,000		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 were as follows:

(See Note 3)	Balance Sheet Location	July 29, 2016		July 31, 2015
Interest rate swaps	Other assets	$	--	$	3,759
Interest rate swaps	Current interest rate swap liability	$	180	$	1,117
Interest rate swaps	Long-term interest rate swap liability		22,070		8,704
Total liabilities		$	22,250	$	9,821

Offsetting Assets

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

	Gross Asset Amounts				Liability Amount Offset					Net Asset Amount Presented in the Balance Sheets
(See Note 3)	July 29, 2016		July 31, 2015		July 29, 2016		July 31, 2015			July 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 Consolidated Balance Sheets at July 29, 2016 and July 31, 2015:

	Gross Liability Amounts				Asset Amount Offset				Net Liability Amount Presented in the Balance Sheets
(See Note 3)	July 29, 2016		July 31, 2015		July 29, 2016		July 31, 2015		July 29, 2016		July 31, 2015
Interest rate swaps	$	22,250	$	9,821	$	--	$	--	$	22,250	$	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 each of the three years:

	Amount of (Loss) Income Recognized in AOCL on Derivatives (Effective Portion)
	2016			2015		2014
Cash flow hedges:
Interest rate swaps	$	(16,188	)	$	1,641	$	3,058

Changes in AOCL, Net of Tax, Related to Interest Rate Swaps

The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the years ended July 29, 2016, July 31, 2015 and August 1, 2014:

	July 29, 2016			July 31, 2015			August 1, 2014
Beginning AOCL balance	$	(3,725	)	$	(4,733	)	$	(6,612	)
Other comprehensive (loss) income before reclassifications		(6,683	)		5,955			6,836
Amounts reclassified from AOCL into earnings		(3,332	)		(4,947	)		(4,957	)
Other comprehensive (loss) income, net of tax		(10,015	)		1,008			1,879
Ending AOCL balance	$	(13,740	)	$	(3,725	)	$	(4,733	)

Amounts Reclassified Out of AOCL Related to Interest Rate Swaps

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for each of the three years:

Location of Loss Reclassified from AOCL into Income (Effective Portion)		Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		2016		2015		2014
Cash flow hedges:
Interest rate swaps	Interest expense	$	5,395	$	8,052	$	8,068

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the years ended July 29, 2016, July 31, 2015 and August 1, 2014:

Details about AOCL	July 29, 2016			July 31, 2015			August 1, 2014			Affected Line Item in the Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(5,395	)	$	(8,052	)	$	(8,068	)	Interest expense
Tax benefit		2,063			3,105			3,111		Provision for income taxes
	$	(3,332	)	$	(4,947	)	$	(4,957	)	Net of tax