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Debt (Tables)
 6 Months Ended
Jan. 27, 2018
Debt Disclosure [Abstract]  
Outstanding Indebtedness
The Company’s outstanding indebtedness consisted of the following (dollars in thousands):
 
January 27, 2018
 
July 29, 2017
 
July 30, 2016
Credit Agreement - Revolving facility (matures April 2020)
$
—

 
$
—

 
$
—

Credit Agreement - Term loan facilities (mature April 2020)
358,063

 
367,688

 
346,250

0.75% convertible senior notes, net (mature September 2021)
402,249

 
392,233

 
373,077

 
760,312

 
759,921

 
719,327

Less: current portion
(26,469
)
 
(21,656
)
 
(13,125
)
Long-term debt
$
733,843

 
$
738,265

 
$
706,202
Schedule Interest Rates for the Credit Agreement
Borrowings under the Credit Agreement bear interest at rates described below based upon the Company’s consolidated leverage ratio, which is the ratio of the Company’s consolidated total funded debt to its trailing twelve month consolidated EBITDA, as defined by the Credit Agreement. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio:
Borrowings - Eurodollar Rate Loans
1.25% - 2.00% plus LIBOR
Borrowings - Base Rate Loans
0.25% - 1.00% plus administrative agent’s base rate(1)
Unused Revolver Commitment
0.25% - 0.40%
Standby Letters of Credit
1.25% - 2.00%
Commercial Letters of Credit
0.625% - 1.00%

(1) The agent’s base rate is described in the Credit Agreement as the highest of (i) the administrative agent’s prime rate, (ii) the Federal Funds Rate plus 0.50%, and (iii) the Eurodollar rate plus 1.00%, plus an applicable margin.

The weighted average interest rates and fees for balances under the Credit Agreement as of January 27, 2018, July 29, 2017, and July 30, 2016 were as follows:
 
Weighted Average Rate End of Period
 
January 27, 2018
 
July 29, 2017
 
July 30, 2016
Borrowings - Term loan facilities
3.30%
 
2.98%
 
2.49%
Borrowings - Revolving facility(1)
—%
 
—%
 
—%
Standby Letters of Credit
1.75%
 
1.75%
 
2.00%
Unused Revolver Commitment
0.35%
 
0.35%
 
0.40%


(1) There were no outstanding borrowings under the revolving facility as of January 27, 2018, July 29, 2017
Convertible Debt
The liability component of the Notes consisted of the following (dollars in thousands):
 
January 27, 2018
 
July 29, 2017
 
July 30, 2016
Liability component
 
 
 
 
 
Principal amount of 0.75% convertible senior notes due September 2021
$
485,000

 
$
485,000

 
$
485,000

Less: Debt discount
(74,899
)
 
(84,069
)
 
(101,679
)
Less: Debt issuance costs
(7,852
)
 
(8,698
)
 
(10,244
)
Net carrying amount of Notes
$
402,249

 
$
392,233

 
$
373,077



The following table summarizes the carrying amount and fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $136.01, $116.96, and $117.65 as of January 27, 2018, July 29, 2017, and July 30, 2016, respectively (dollars in thousands):
 
January 27, 2018
 
July 29, 2017
 
July 30, 2016
Net carrying amount of Notes
$
402,249

 
$
392,233

 
$
373,077

 
 
 
 
 
 
Fair value of principal amount of Notes
$
659,649

 
$
567,256

 
$
570,603

Less: Debt discount and debt issuance costs
(82,751
)
 
(92,767
)
 
(111,923
)
Fair value of Notes
$
576,898

 
$
474,489

 
$
458,680