Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jan. 27, 2017

Derivative Instruments and Hedging Activities [Abstract]

Summary of Interest Rate Swaps

A summary of the Company’s interest rate swaps at January 27, 2017 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 January 27, 2017 and July 29, 2016 were as follows:

(See Note 2)	Balance Sheet Location	January 27, 2017		July 29, 2016
Interest rate swaps	Other assets	$	1,790	$	--
Interest rate swaps	Other current liabilities	$	2	$	180
Interest rate swaps	Long-term interest rate swap liability		6,538		22,070
	Total	$	6,540	$	22,250

Offsetting Assets

The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at January 27, 2017 and July 29, 2016:

	Gross Asset Amounts				Liability Amount Offset					Net Asset Amount Presented in the Balance Sheets
(See Note 2)	January 27, 2017		July 29, 2016		January 27, 2017			July 29, 2016		January 27, 2017		July 29, 2016
Interest rate swaps	$	1,791	$	--	$	(1	)	$	--	$	1,790	$	--

Offsetting Liabilities

The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at January 27, 2017 and July 29, 2016:

	Gross Liability Amounts				Asset Amount Offset				Net Liability Amount Presented in the Balance Sheets
(See Note 2)	January 27, 2017		July 29, 2016		January 27, 2017		July 29, 2016		January 27, 2017		July 29, 2016
Interest rate swaps	$	6,540	$	22,250	$	--	$	--	$	6,540	$	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 six months ended January 27, 2017 and the year ended July 29, 2016:

	Amount of Income (Loss) Recognized in AOCL on Derivatives (Effective Portion)
	Six Months Ended January 27, 2017		Year Ended July 29, 2016
Cash flow hedges:
Interest rate swaps	$	17,500	$	(16,188	)

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 27, 2017 and January 29, 2016:

	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 27, 2017		January 29, 2016		January 27, 2017		January 29, 2016
Cash flow hedges:
Interest rate swaps	Interest expense	$	1,118	$	1,444	$	2,361	$	2,891