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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Apr. 30, 2021
Derivative Instruments and Hedging Activities [Abstract]  
Interest Rate Swaps

A summary of the Company’s interest rate swaps at April 30, 2021 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 April 30, 2021 and July 31, 2020 were as follows:

(See Note 3)
Balance Sheet Location
  
April 30, 2021
    
July 31, 2020
  
Interest rate swaps
Other current liabilities
  
$
54
    
$
3,886
  
Interest rate swaps
Long-term interest rate swap liability
    
18,388
      
23,860
  
Total liabilities**
    
$
18,442
    
$
27,746
  

**These interest rate swap liabilities are recorded gross at both April 30, 2021 and July 31, 2020 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 April 30, 2021 and the year ended July 31, 2020:

  
Amount of Income (Loss) Recognized
in AOCL on Derivatives
  
   
Nine Months Ended
April 30, 2021
    
Year Ended
July 31, 2020
  
Cash flow hedges:
            
Interest rate swaps
  
$
8,827
    
$
(17,740
)


The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and nine months ended April 30, 2021 and May 1, 2020:
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
     
April 30,
2021
 
May 1,
2020
 
April 30,
2021
 
May 1,
2020
Cash flow hedges:
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest expense
  
$
2,194
  
$
465
  
$
6,179
  
$
559
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 April 30, 2021:
 
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
 
$
(2,194)
 
 
$
(6,179)
  
Interest expense
Tax benefit
 
 
547
  
 
 
1,542
 
Provision for income taxes
 
 
$
(1,647)
 
 
$
(4,637)
  
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 April 30, 2021:

  
Changes in AOCL
  
AOCL balance at July 31, 2020
  
$
(20,346
)
Other comprehensive income before reclassifications
    
11,262
  
Amounts reclassified from AOCL
    
(4,637
)
Other comprehensive income, net of tax
    
6,625
  
AOCL balance at April 30, 2021
  
$
(13,721
)