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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Jul. 31, 2020
Derivative Instruments and Hedging Activities [Abstract]  
Interest Rate Swaps

A summary of the Company’s interest rate swaps at July 31, 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 values of the Company’s derivative instruments were as follows:

(See Note 5)
Balance Sheet Location
  
July 31, 2020
    
August 2, 2019
  
Interest rate swaps
Other current liabilities
  
$
3,886
    
$
—
  
Interest rate swaps
Long-term interest rate swap liability
    
23,860
      
10,483
  
Total liabilities
 
  
$
27,746
    
$
10,483
  


**These interest rate swap liabilities are recorded gross at both July 31, 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 AOCIL for each of the three years:

 
  
Amount of Income (Loss) Recognized in AOCIL
on Derivatives (Effective Portion)
  
 
  
2020
    
2019
    
2018
  
Cash flow hedges:
                  
Interest rate swaps
  
$
(17,740
)
  
$
(15,466
)
  
$
13,103
  

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for each of the three years:

Location of (Income) Loss
Reclassified from AOCIL into Income
(Effective Portion)
  
Amount of (Income) Loss Reclassified from
AOCIL into Income (Effective Portion)
  
 
 
  
2020
    
2019
    
2018
  
Cash flow hedges:
 
                  
Interest rate swaps
Interest expense
  
$
(1,165
)
  
$
(206
)
  
$
3,398
  
Changes in AOCL, Net of Tax, Related to Interest Rate Swaps

The following table summarizes the changes in AOCIL, net of tax, related to the Company’s interest rate swaps for the years ended July 31, 2020, August 2, 2019 and August 3, 2018:

 
  
July 31,
2020
    
August 2,
2019
    
August 3,
2018
  
Beginning AOCIL balance
  
$
(6,913
)
  
$
4,685
    
$
(4,229
)
 
                        
Other comprehensive income (loss) before reclassifications
    
(12,559
)
    
(11,752
)
    
11,274
  
Amounts reclassified from AOCIL into earnings
    
(874
)
    
154
      
(2,360
)
Other comprehensive income (loss), net of tax
    
(13,433
)
    
(11,598
)
    
8,914
  
Ending AOCIL balance
  
$
(20,346
)
  
$
(6,913
)
  
$
4,685
  
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps

The following table summarizes the amounts reclassified out of AOCIL related to the Company’s interest rate swaps for the years ended July 31, 2020, August 2, 2019 and August 3, 2018:

 
                        
Details about AOCIL
  
July 31, 2020
    
August 2, 2019
    
August 3, 2018
  
Affected Line Item in
the Consolidated
Statement of Income
Loss on cash flow hedges:
                  
       
Interest rate swaps
  
$
(1,165
)
  
$
206
    
$
(3,398
)
Interest expense
Tax benefit
    
291
      
(52
)
    
1,038
  
Provision for income taxes
 
  
$
(874
)
  
$
154
    
$
(2,360
)
Net of tax