Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jul. 28, 2017

Derivative Instruments and Hedging Activities [Abstract]

Summary of Interest Rate Swaps

A summary of the Company’s interest rate swaps at July 28, 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 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		120,000		2.51	%
June 24, 2014	May 3, 2015		4		90,000		2.51	%
July 1, 2014	May 5, 2015		4		90,000		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 28, 2017		July 29, 2016
Interest rate swaps	Prepaid expenses and other current assets	$	32	$	--
Interest rate swaps	Other current liabilities	$	47	$	180
Interest rate swaps	Long-term interest rate swap liability		6,833		22,070
Total liabilities		$	6,880	$	22,250

*These interest rate swap assets and liabilities are recorded at gross at both July 28, 2017 and July 29, 2016 since there were no offsetting assets and liabilities under the Company’s master netting agreements.

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 Income (Loss) Recognized in AOCL on Derivatives (Effective Portion)
	2017		2016			2015
Cash flow hedges:
Interest rate swaps	$	15,402	$	(16,188	)	$	1,641

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 28, 2017, July 29, 2016 and July 31, 2015:

	July 28, 2017			July 29, 2016			July 31, 2015
Beginning AOCL balance	$	(13,740	)	$	(3,725	)	$	(4,733	)
Other comprehensive income (loss) before reclassifications		12,082			(6,683	)		5,955
Amounts reclassified from AOCL into earnings		(2,571	)		(3,332	)		(4,947	)
Other comprehensive income (loss), net of tax		9,511			(10,015	)		1,008
Ending AOCL balance	$	(4,229	)	$	(13,740	)	$	(3,725	)

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)
		2017		2016		2015
Cash flow hedges:
Interest rate swaps	Interest expense	$	4,163	$	5,395	$	8,052

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the years ended July 28, 2017, July 29, 2016 and July 31, 2015:

Details about AOCL	July 28, 2017			July 29, 2016			July 31, 2015			Affected Line Item in the Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(4,163	)	$	(5,395	)	$	(8,052	)	Interest expense
Tax benefit		1,592			2,063			3,105		Provision for income taxes
	$	(2,571	)	$	(3,332	)	$	(4,947	)	Net of tax