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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
May 01, 2020
Derivative Instruments and Hedging Activities [Abstract]  
Interest Rate Swaps

A summary of the Company’s interest rate swaps at May 1, 2020 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
    
2.5
      
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 value of the Company’s derivative instruments as of May 1, 2020 and August 2, 2019 were as follows:

(See Note 4)
Balance Sheet Location
  
May 1, 2020
    
August 2, 2019
  
Interest rate swaps
Long-term interest rate swap liability
  
$
26,716
    
$
10,483
  
Total liabilities
    
$
26,716
    
$
10,483
  


**These interest rate swap liabilities are recorded gross at both May 1, 2020 and August 2, 2019 since there were no offsetting assets under the Company’s master netting agreements.
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 nine months ended May 1, 2020 and the year ended August 2, 2019:

  
Amount of Loss Recognized
in AOCL on Derivatives
  
   
Nine Months Ended
May 1, 2020
    
Year Ended
August 2, 2019
  
Cash flow hedges:
            
Interest rate swaps
  
$
(16,591
)
  
$
(15,466
)



The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and nine-month periods ended May 1, 2020 and May 3, 2019:
Location of Loss
Reclassified from
AOCL into Income
(Effective Portion)
  
Amount of Loss Reclassified from AOCL into Income
(Effective Portion)
 
 
 
Quarter Ended
  
Nine Months Ended
     
May 1,
2020
 
May 3,
2019
 
May 1,
2020
 
May 3,
2019
Cash flow hedges:
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest expense
  
$
465
  
$
(99)
  
$
559
  
$
43
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 and nine months ended May 1, 2020:
 
Amount Reclassified from AOCL
 
Affected Line Item in the
 
 
Quarter Ended
 
 
Nine Months Ended
 
Condensed Consolidated
Financial Statements
Loss on cash flow hedges:
 
 
 
 
 
 
   
Interest rate swaps
 
$
(465)
 
 
$
(559)
  
Interest expense
Tax benefit
 
 
116
  
 
 
139
 
Provision for income taxes (income tax benefit)
 
 
$
(349)
 
 
$
(420)
  
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 nine months ended May 1, 2020:

  
Changes in AOCL
  
AOCL balance at August 2, 2019
  
$
(6,913
)
Other comprehensive loss before reclassifications
    
(12,121
)
Amounts reclassified from AOCL
    
(420
)
Other comprehensive loss, net of tax
    
(12,541
)
AOCL balance at May 1, 2020
  
$
(19,454
)