Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Oct. 28, 2016

Derivative Instruments and Hedging Activities [Abstract]

Summary of Interest Rate Swaps

A summary of the Company’s interest rate swaps at October 28, 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 as of October 28, 2016 and July 29, 2016 were as follows:

(See Note 2)	Balance Sheet Location	October 28, 2016		July 29, 2016
Interest rate swaps	Current interest rate swap liability	$	62	$	180
Interest rate swaps	Long-term interest rate swap liability		16,082		22,070
	Total	$	16,144	$	22,250

Offsetting Liabilities

The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at October 28, 2016 and July 29, 2016:

	Gross Liability Amounts				Asset Amount Offset				Net Liability Amount Presented in the Balance Sheets
(See Note 2)	October 28, 2016		July 29, 2016		October 28, 2016		July 29, 2016		October 28, 2016		July 29, 2016
Interest rate swaps	$	16,144	$	22,250	$	--	$	--	$	16,144	$	22,250

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 three months ended October 28, 2016 and the year ended July 29, 2016:

 

	Amount of Income Recognized in AOCL on Derivatives (Effective Portion)
	Three Months Ended October 28, 2016		Year Ended July 29, 2016
Cash flow hedges:
Interest rate swaps	$	6,106	$	(16,188	)

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters ended October 28, 2016 and October 30, 2015:

Location of Loss Reclassified from AOCL into Income (Effective Portion)		Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		Quarter Ended
		October 28, 2016		October 30, 2015
Cash flow hedges:
Interest rate swaps	Interest expense	$	1,243	$	1,447