v3.22.2.2
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Jul. 29, 2022
Derivative Instruments and Hedging Activities [Abstract]  
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 2021 and 2020:

 
  
Amount of Income (Loss) Recognized in AOCL
on Derivatives (Effective Portion)
  
 
  
2021
    
2020
  
Cash flow hedges:
            
Interest rate swaps
  
$
27,110
    
$
(17,740
)


The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the years ended July 30, 2021 and July 31, 2020:

 
  
July 30,
2021
    
July 31,
2020
  
Beginning AOCL balance
  
$
(20,346
)
  
$
(6,913
)
 
                
Other comprehensive income (loss) before reclassifications
    
39,424
      
(12,559
)
Amounts reclassified from AOCL into earnings
    
(19,078
)
    
(874
)
Other comprehensive income (loss), net of tax
    
20,346
      
(13,433
)
Ending AOCL balance
  
$
—
    
$
(20,346
)
Changes in AOCL, Net of Tax, Related to Interest Rate Swaps

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for 2021 and 2020:
Location of Loss Reclassified from
 AOCL into Income (Effective Portion)
  
Amount of Loss Reclassified from
AOCL into Income (Effective Portion)
  
 
 
  
2021
    
2020
  
Cash flow hedges:
 
            
Interest rate swaps
Interest expense
  
$
25,420
    
$
1,165
  
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 years ended July 30, 2021 and July 31, 2020:

 
            
Affected Line Item in
the Consolidated
Details about AOCL
  
July 30, 2021
    
July 31, 2020
  
Statement of Income
Loss on cash flow hedges:
            
         
Interest rate swaps
  
$
(25,420
)
  
$
(1,165
)
Interest expense
Tax benefit
    
6,342
      
291
  
Provision for income taxes
 
  
$
(19,078
)
  
$
(874
)
Net of tax