Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Nov. 01, 2019

Derivative Instruments and Hedging Activities [Abstract]

Interest Rate Swaps

A summary of the Company’s interest rate swaps at November 1, 2019 is as follows:

Trade Date	Effective Date	Term (in Years)		Notional Amount		Fixed Rate
January 30, 2015	May 3, 2019		2.0	$	60,000		2.16	%
January 30, 2015	May 4, 2021		3.0		120,000		2.41	%
January 30, 2015	May 3, 2019		2.0		60,000		2.15	%
January 30, 2015	May 4, 2021		3.0		80,000		2.40	%
January 16, 2019	May 3, 2019		3.0		115,000		2.63	%
January 16, 2019	May 3, 2019		2.0		115,000		2.68	%
August 6, 2019	November 4, 2019		1.5		50,000		1.50	%
August 7, 2019	May 3, 2021		1.0		35,000		1.32	%
August 7, 2019	May 3, 2022		2.0		100,000		1.40	%
August 7, 2019	May 3, 2022		2.0		100,000		1.36	%

Estimated Fair Value of Derivative Instruments

The estimated fair values of the Company’s derivative instruments as of November 1, 2019 and August 2, 2019 were as follows:

(See Note 4)	Balance Sheet Location	November 1, 2019		August 2, 2019
Interest rate swaps	Other assets	$	189	$	—
Total assets		$	189	$	—
Interest rate swaps	Long-term interest rate swap liability	$	11,098	$	10,483
Total liabilities		$	11,098	$	10,483

Summary of Offsetting of Derivative Assets

The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at November 1, 2019 and August 2, 2019:

	Gross Asset Amounts				Liability Amount Offset				Net Asset Amount Presented in the Balance Sheets
(See Note 4)	November 1, 2019		August 2, 2019		November 1, 2019		August 2, 2019		November 1, 2019		August 2, 2019
Interest rate swaps	$	189	$	—	$	—	$	—	$	189	$	—

Summary of Offsetting of Derivative Liabilities

The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at November 1, 2019 and August 2, 2019:

	Gross Liability Amounts				Asset Amount Offset					Net Liability Amount Presented in the Balance Sheets
(See Note 4)	November 1, 2019		August 2, 2019		November 1, 2019			August 2, 2019		November 1, 2019		August 2, 2019
Interest rate swaps	$	11,241	$	10,483	$	(143	)	$	—	$	11,098	$	10,483

Pre-tax Effects of Derivative Instruments on AOCL and Income

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for the three months ended November 1, 2019 and the year ended August 2, 2019:

	Amount of Loss Recognized in AOCL on Derivatives
	Three Months Ended November 1, 2019			Year Ended August 2, 2019
Cash flow hedges:
Interest rate swaps	$	(545	)	$	(15,466	)

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters ended November 1, 2019 and November 2, 2018:

	Location of Gain Reclassified from AOCL into Income	Amount of Gain Reclassified from AOCL into Income
		Quarter Ended
		November 1, 2019		November 2, 2018
Cash flow hedges:
Interest rate swaps	Interest expense	$	(82)	$	—

Amounts Reclassified Out of AOCL Related to Interest Rate Swaps

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter ended November 1, 2019:

Details about AOCL	Amount Reclassified from AOCL			Affected Line Item in the Condensed Consolidated Statement of Income
Gain on cash flow hedges:
Interest rate swaps	$	82		Interest expense
Tax expense		(20	)	Provision for income taxes
	$	62		Net of tax

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 three months ended November 1, 2019:

	Changes in AOCL
AOCL balance at August 2, 2019	$	(6,913	)
Other comprehensive income before reclassifications		(500	)
Amounts reclassified from AOCL		62
Other comprehensive income, net of tax		(438	)
AOCL balance at November 1, 2019	$	(7,351	)