Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Apr. 27, 2018

Derivative Instruments and Hedging Activities [Abstract]

Summary of Interest Rate Swaps

A summary of the Company’s interest rate swaps at April 27, 2018 is as follows:

Trade Date	Effective Date	Term (in Years)		Notional Amount		Fixed Rate
March 18, 2013	May 3, 2015		3	$	50,000		1.51	%
April 22, 2013	May 3, 2015		3		25,000		1.30	%
April 25, 2013	May 3, 2015		3		25,000		1.29	%
June 18, 2014	May 3, 2015		4		120,000		2.51	%
June 24, 2014	May 3, 2015		4		90,000		2.51	%
July 1, 2014	May 5, 2015		4		90,000		2.43	%
January 30, 2015	May 3, 2019		2		80,000		2.15	%
January 30, 2015	May 3, 2019		2		60,000		2.16	%
January 30, 2015	May 4, 2021		3		120,000		2.41	%
January 30, 2015	May 3, 2019		2		60,000		2.15	%
January 30, 2015	May 4, 2021		3		80,000		2.40	%

Schedule of Estimated Fair Value of Derivative Instruments

The estimated fair values of the Company’s derivative instruments as of April 27, 2018 and July 28, 2017 were as follows:

(See Note 2)	Balance Sheet Location	April 27, 2018		July 28, 2017
Interest rate swaps	Prepaid expenses and other current assets	$	5	$	32
Interest rate swaps	Other assets		5,963		--
Total assets		$	5,968	$	32
Interest rate swaps	Other current liabilities	$	--	$	47
Interest rate swaps	Other long-term obligations		37		6,833
Total liabilities		$	37	$	6,880

*These interest rate swap assets and liabilities are recorded at gross at both April 27, 2018 and July 28, 2017 since there were no offsetting assets and liabilities under the Company’s master netting agreements.

Schedule of Pre-tax Effects of Derivative Instruments on Income and AOCIL

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCIL for the nine months ended April 27, 2018 and the year ended July 28, 2017:

	Amount of Income Recognized in AOCIL on Derivatives (Effective Portion)
	Nine Months Ended April 27, 2018		Year Ended July 28, 2017
Cash flow hedges:
Interest rate swaps	$	12,779	$	15,402

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and nine-month periods ended April 27, 2018 and April 28, 2017:

	Location of Loss Reclassified from AOCIL into Income (Effective Portion)	Amount of Loss Reclassified from AOCIL into Income (Effective Portion)
		Quarter Ended				Nine Months Ended
		April 27, 2018		April 28, 2017		April 27, 2018		April 28, 2017
Cash flow hedges:
Interest rate swaps	Interest expense	$	865	$	993	$	2,852	$	3,354