Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Aug. 01, 2014 | Sep. 18, 2014 | Jan. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CRACKER BARREL OLD COUNTRY STORE, INC | ' | ' |
Entity Central Index Key | '0001067294 | ' | ' |
Current Fiscal Year End Date | '--08-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,336,649,048 |
Entity Common Stock, Shares Outstanding | ' | 23,831,797 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Aug-14 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Aug. 01, 2014 | Aug. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $119,361 | $121,718 |
Property held for sale | 0 | 883 |
Accounts receivable | 22,704 | 15,942 |
Income taxes receivable | 2,973 | 0 |
Inventories | 165,426 | 146,687 |
Prepaid expenses and other current assets | 11,997 | 12,648 |
Deferred income taxes | 7,188 | 4,316 |
Total current assets | 329,649 | 302,194 |
Property and Equipment: | ' | ' |
Land | 303,933 | 299,995 |
Buildings and improvements | 767,149 | 746,764 |
Buildings under capital leases | 3,289 | 3,289 |
Restaurant and other equipment | 506,323 | 484,013 |
Leasehold improvements | 271,049 | 255,058 |
Construction in progress | 15,378 | 8,704 |
Total | 1,867,121 | 1,797,823 |
Less: Accumulated depreciation and amortization of capital leases | 823,837 | 771,454 |
Property and equipment - net | 1,043,284 | 1,026,369 |
Other assets | 59,315 | 59,743 |
Total | 1,432,248 | 1,388,306 |
Current Liabilities: | ' | ' |
Accounts payable | 98,477 | 110,637 |
Current maturities of long-term debt | 25,000 | 0 |
Taxes withheld and accrued | 36,261 | 35,076 |
Accrued employee compensation | 60,933 | 62,780 |
Accrued employee benefits | 26,050 | 24,477 |
Deferred revenues | 49,825 | 44,098 |
Dividend payable | 23,838 | 17,847 |
Current interest rate swap liability | 4,704 | 0 |
Other current liabilities | 19,350 | 21,152 |
Total current liabilities | 344,438 | 316,067 |
Long-term debt | 375,000 | 400,000 |
Long-term interest rate swap liability | 3,239 | 11,644 |
Other long-term obligations | 123,221 | 120,073 |
Deferred income taxes | 57,709 | 56,496 |
Commitments and Contingencies (Notes 9 and 15) | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred stock - 100,000,000 shares of $.01 par value authorized; 300,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued | 0 | 0 |
Common stock - 400,000,000 shares of $.01 par value authorized; 2014 - 23,821,227 shares issued and outstanding; 2013 - 23,795,327 shares issued and outstanding | 238 | 237 |
Additional paid-in capital | 39,969 | 51,728 |
Accumulated other comprehensive loss | -4,733 | -6,612 |
Retained earnings | 493,167 | 438,673 |
Total shareholders' equity | 528,641 | 484,026 |
Total | $1,432,248 | $1,388,306 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Aug. 01, 2014 | Aug. 02, 2013 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares issued (in shares) | 23,821,227 | 23,795,327 |
Common stock, shares outstanding (in shares) | 23,821,227 | 23,795,327 |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' | ' |
Total revenue | $2,683,677 | $2,644,630 | $2,580,195 |
Cost of goods sold | 872,758 | 854,684 | 827,484 |
Gross profit | 1,810,919 | 1,789,946 | 1,752,711 |
Labor and other related expenses | 966,593 | 962,559 | 951,435 |
Other store operating expenses | 506,533 | 482,601 | 464,130 |
Store operating income | 337,793 | 344,786 | 337,146 |
General and administrative expenses | 129,387 | 143,262 | 146,171 |
Operating income | 208,406 | 201,524 | 190,975 |
Interest expense | 17,557 | 35,742 | 44,687 |
Income before income taxes | 190,849 | 165,782 | 146,288 |
Provision for income taxes | 58,721 | 48,517 | 43,207 |
Net income | $132,128 | $117,265 | $103,081 |
Net income per share - basic (in dollars per share) | $5.55 | $4.95 | $4.47 |
Net income per share - diluted (in dollars per share) | $5.51 | $4.90 | $4.40 |
Basic weighted average shares outstanding (in shares) | 23,817,768 | 23,708,875 | 23,067,566 |
Diluted weighted average shares outstanding (in shares) | 23,966,015 | 23,948,321 | 23,408,126 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Net income | $132,128 | $117,265 | $103,081 |
Other comprehensive income before income tax expense: | ' | ' | ' |
Change in fair value of interest rate swaps | 3,058 | 23,620 | 17,223 |
Income tax expense | 1,179 | 9,074 | 349 |
Other comprehensive income, net of tax | 1,879 | 14,546 | 16,874 |
Comprehensive income | $134,007 | $131,811 | $119,955 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Jul. 29, 2011 | $228 | $7,081 | ($38,032) | $298,757 | $268,034 |
Balance (in shares) at Jul. 29, 2011 | 22,840,974 | ' | ' | ' | ' |
Comprehensive Income: | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 103,081 | 103,081 |
Other comprehensive income, net of tax | 0 | 0 | 16,874 | 0 | 16,874 |
Comprehensive income | 0 | 0 | 16,874 | 103,081 | 119,955 |
Cash dividends declared | 0 | 0 | 0 | -26,915 | -26,915 |
Share-based compensation | 0 | 14,420 | 0 | 0 | 14,420 |
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares) | 897,588 | ' | ' | ' | ' |
Issuance of share-based compensation awards, net of shares withheld for employee taxes | 9 | 17,593 | 0 | 0 | 17,602 |
Tax benefit realized upon exercise of share-based compensation awards | 0 | 4,502 | 0 | 0 | 4,502 |
Purchases and retirement of common stock (in shares) | -265,538 | ' | ' | ' | ' |
Purchases and retirement of common stock | -3 | -14,920 | 0 | 0 | -14,923 |
Balance at Aug. 03, 2012 | 234 | 28,676 | -21,158 | 374,923 | 382,675 |
Balance (in shares) at Aug. 03, 2012 | 23,473,024 | ' | ' | ' | ' |
Comprehensive Income: | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 117,265 | 117,265 |
Other comprehensive income, net of tax | 0 | 0 | 14,546 | 0 | 14,546 |
Comprehensive income | 0 | 0 | 14,546 | 117,265 | 131,811 |
Cash dividends declared | 0 | 0 | 0 | -53,515 | -53,515 |
Share-based compensation | 0 | 17,839 | 0 | 0 | 17,839 |
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares) | 366,603 | ' | ' | ' | ' |
Issuance of share-based compensation awards, net of shares withheld for employee taxes | 4 | 6,450 | 0 | 0 | 6,454 |
Tax benefit realized upon exercise of share-based compensation awards | 0 | 2,332 | 0 | 0 | 2,332 |
Purchases and retirement of common stock (in shares) | -44,300 | ' | ' | ' | ' |
Purchases and retirement of common stock | -1 | -3,569 | 0 | 0 | -3,570 |
Balance at Aug. 02, 2013 | 237 | 51,728 | -6,612 | 438,673 | 484,026 |
Balance (in shares) at Aug. 02, 2013 | 23,795,327 | ' | ' | ' | 23,795,327 |
Comprehensive Income: | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 132,128 | 132,128 |
Other comprehensive income, net of tax | 0 | 0 | 1,879 | 0 | 1,879 |
Comprehensive income | 0 | 0 | 1,879 | 132,128 | 134,007 |
Cash dividends declared | 0 | 0 | 0 | -77,634 | -77,634 |
Share-based compensation | 0 | 7,924 | 0 | 0 | 7,924 |
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares) | 145,900 | ' | ' | ' | 145,900 |
Issuance of share-based compensation awards, net of shares withheld for employee taxes | 2 | -8,459 | 0 | 0 | -8,457 |
Tax benefit realized upon exercise of share-based compensation awards | 0 | 1,248 | 0 | 0 | 1,248 |
Purchases and retirement of common stock (in shares) | -120,000 | ' | ' | ' | ' |
Purchases and retirement of common stock | -1 | -12,472 | 0 | 0 | -12,473 |
Balance at Aug. 01, 2014 | $238 | $39,969 | ($4,733) | $493,167 | $528,641 |
Balance (in shares) at Aug. 01, 2014 | 23,821,227 | ' | ' | ' | 23,821,227 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY [Abstract] | ' | ' | ' |
Cash dividends declared (in dollars per share) | $3.25 | $2.25 | $1.15 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $132,128 | $117,265 | $103,081 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 68,389 | 66,120 | 64,467 |
Loss on disposition of property and equipment | 5,163 | 4,057 | 2,702 |
Share-based compensation | 7,924 | 17,839 | 14,420 |
Excess tax benefit from share-based compensation | -1,248 | -2,332 | -4,502 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -6,762 | -1,333 | -2,330 |
Income taxes receivable | -1,725 | 0 | 7,898 |
Inventories | -18,739 | -3,420 | -1,720 |
Prepaid expenses and other current assets | 651 | -1,243 | -2,405 |
Other assets | -1,701 | -1,033 | -4,725 |
Accounts payable | -12,160 | 9,366 | 1,592 |
Taxes withheld and accrued | 1,185 | -4,628 | 7,369 |
Accrued employee compensation | -1,847 | -4,143 | 17,729 |
Accrued employee benefits | 1,573 | -2,069 | -2,701 |
Deferred revenues | 5,727 | 6,402 | 5,066 |
Other current liabilities | -1,960 | 6,628 | 2,651 |
Other long-term obligations | 3,865 | 5,895 | 9,973 |
Deferred income taxes | -2,838 | -4,872 | 1,257 |
Net cash provided by operating activities | 177,625 | 208,499 | 219,822 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -91,646 | -74,417 | -80,922 |
Proceeds from insurance recoveries of property and equipment | 1,082 | 456 | 752 |
Proceeds from sale of property and equipment | 1,749 | 555 | 623 |
Net cash used in investing activities | -88,815 | -73,406 | -79,547 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt | 0 | 0 | 92,600 |
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net | -8,457 | 6,454 | 17,602 |
Principal payments under long-term debt and other long-term obligations | -1 | -125,153 | -117,733 |
Purchases and retirement of common stock | -12,473 | -3,570 | -14,923 |
Deferred financing costs | 0 | 0 | -263 |
Dividends on common stock | -71,484 | -45,400 | -22,372 |
Excess tax benefit from share-based compensation | 1,248 | 2,332 | 4,502 |
Net cash used in financing activities | -91,167 | -165,337 | -40,587 |
Net (decrease) increase in cash and cash equivalents | -2,357 | -30,244 | 99,688 |
Cash and cash equivalents, beginning of year | 121,718 | 151,962 | 52,274 |
Cash and cash equivalents, end of year | 119,361 | 121,718 | 151,962 |
Cash paid during the year for: | ' | ' | ' |
Interest, net of amounts capitalized | 15,856 | 29,959 | 50,357 |
Income taxes | 66,444 | 47,550 | 18,768 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' | ' |
Capital expenditures accrued in accounts payable | 5,767 | 6,852 | 5,778 |
Change in fair value of interest rate swaps | 3,058 | 23,620 | 17,223 |
Change in deferred tax asset for interest rate swaps | -1,179 | -9,074 | -349 |
Dividends declared but not yet paid | $23,997 | $17,847 | $9,732 |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Aug. 01, 2014 | |
Description of Business [Abstract] | ' |
Description of the Business | ' |
1. Description of the Business | |
Cracker Barrel Old Country Store, Inc. and its affiliates (collectively, in the Notes, the "Company") are principally engaged in the operation and development in the United States ("U.S.") of the Cracker Barrel Old Country Store® ("Cracker Barrel") concept. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
GAAP – The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). | |||||||||||||
Fiscal year – The Company's fiscal year ends on the Friday nearest July 31st and each quarter consists of thirteen weeks unless noted otherwise. The Company's fiscal year ended August 3, 2012 consisted of 53 weeks and the fourth quarter of 2012 consisted of fourteen weeks. References in these Notes to a year or quarter are to the Company's fiscal year or quarter unless noted otherwise. | |||||||||||||
Principles of consolidation – The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated. | |||||||||||||
Cash and cash equivalents – The Company's policy is to consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Property held for sale – Property held for sale consists of real estate properties that the Company expects to sell within one year and is reported at the lower of carrying amount or fair value less costs to sell. At August 2, 2013, property held for sale consisted of office space. | |||||||||||||
Accounts receivable – Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible. | |||||||||||||
Inventories – Inventories are stated at the lower of cost or market. Cost of restaurant inventory is determined by the first‑in, first‑out ("FIFO") method. Retail inventories are valued using the retail inventory method ("RIM") except at the retail distribution center which uses average cost. Approximately 70% to 75% of retail inventories are valued using RIM and the remaining retail inventories are valued using an average cost method. See Note 4 for additional information regarding the components of inventory. | |||||||||||||
Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. Cost of goods sold includes an estimate of retail inventory shrinkage that is adjusted upon physical inventory counts. Annual physical inventory counts are conducted throughout the third and fourth quarters based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a three-year average of the physical inventories' results on a store-by-store basis. | |||||||||||||
Property and equipment – Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight‑line and double‑declining balance methods over the estimated useful lives of the respective assets, as follows: | |||||||||||||
Years | |||||||||||||
Buildings and improvements | 30-45 | ||||||||||||
Buildings under capital leases | 15-25 | ||||||||||||
Restaurant and other equipment | 2-10 | ||||||||||||
Leasehold improvements | 1-35 | ||||||||||||
Accelerated depreciation methods are generally used for income tax purposes. | |||||||||||||
Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total depreciation expense | $ | 67,620 | $ | 65,351 | $ | 63,705 | |||||||
Depreciation expense related to store operations* | 62,746 | 60,574 | 58,423 | ||||||||||
*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. | |||||||||||||
Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts. | |||||||||||||
Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized. | |||||||||||||
Impairment of long-lived assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. | |||||||||||||
Derivative instruments and hedging activities – The Company is exposed to market risk, such as changes in interest rates and commodity prices. The Company has interest rate risk relative to its outstanding borrowings, which bear interest at the Company's election either at the prime rate or LIBOR plus a percentage point spread based on certain specified financial ratios under its credit facility (see Note 5). The Company's policy has been to manage interest cost using a mix of fixed and variable rate debt. To manage this risk in a cost efficient manner, the Company uses derivative instruments, specifically interest rate swaps. | |||||||||||||
Companies may elect whether or not to offset related assets and liabilities and report the net amount on their financial statements if the right of setoff exists. Under a master netting agreement, the Company has the legal right to offset the amounts owed to the Company against amounts owed by the Company under a derivative instrument that exists between the Company and a counterparty. When the Company is engaged in more than one outstanding derivative transaction with the same counterparty and also has a legally enforceable master netting agreement with that counterparty, its credit risk exposure is based on the net exposure under the master netting agreement. If, on a net basis, the Company owes the counterparty, the Company regards its credit exposure to the counterparty as being zero. | |||||||||||||
The Company does not hold or use derivative instruments for trading purposes. The Company also does not have any derivatives not designated as hedging instruments and has not designated any non-derivatives as hedging instruments. See Note 6 for additional information on the Company's derivative and hedging activities. | |||||||||||||
Segment reporting – Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one reportable operating segment (see Note 8 for additional information regarding segment reporting). | |||||||||||||
Revenue recognition – The Company records revenue from the sale of products as they are sold. The Company provides for estimated returns based on return history and sales levels. The Company's policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax. | |||||||||||||
Unredeemed gift cards and certificates – Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. For those states that exempt gift cards and certificates from their escheat laws, the Company makes estimates of the ultimate unredeemed ("breakage") gift cards and certificates in the period of the original sale and amortizes this breakage over the redemption period that other gift cards and certificates historically have been redeemed by reducing its liability and recording revenue accordingly. For those states that do not exempt gift cards and certificates from their escheat laws, the Company records breakage in the period that gift cards and certificates are remitted to the state and reduces its liability accordingly. Any amounts remitted to states under escheat or similar laws reduce the Company's deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. | |||||||||||||
Insurance – The Company self-insures a significant portion of its workers' compensation and general liability programs. The Company purchases insurance for individual workers' compensation claims that exceed $250, $500 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500. | |||||||||||||
The Company records a reserve for workers' compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims ("IBNR"). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually at the end of the Company's third quarter and is adjusted by the actuarially determined losses and actual claims payments for the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company's reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower end of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves. | |||||||||||||
The Company's group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience. The fully-insured portion of the Company's health insurance program contains a retrospective feature which could increase or decrease premiums based on actual claims experience. | |||||||||||||
Store pre-opening costs – Start-up costs of a new store are expensed when incurred, with the exception of rent expense under operating leases, in which the straight-line rent includes the pre-opening period during construction, as explained further under the "Leases" section in this Note. | |||||||||||||
Leases – The Company's leases are classified as either capital or operating leases. The Company has ground leases and office space leases that are recorded as operating leases. The Company also leases its advertising billboards which are recorded as operating leases. A majority of the Company's lease agreements provide renewal options and some of these options contain rent escalation clauses. Additionally, some of the leases have rent holiday and contingent rent provisions. During rent holiday periods, which include the pre-opening period during construction, the Company has possession of and access to the property, but is not obligated to, and normally does not, make rent payments. Contingent rent is determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and corresponding rent expense when it is probable sales have been achieved in amounts in excess of the specified levels. | |||||||||||||
The liabilities under these leases are recognized on the straight-line basis over the shorter of the useful life, with a maximum of 35 years, or the related lease life. The Company uses a lease life that generally begins on the date that the Company becomes legally obligated under the lease, including the rent holiday periods, and generally extends through certain renewal periods that can be exercised at the Company's option, for which at the inception of the lease, it is reasonably assured that the Company will exercise those renewal options. This lease period is consistent with the period over which leasehold improvements are amortized. | |||||||||||||
Advertising – The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred. | |||||||||||||
Advertising expense for each of the three years was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Advertising expense | $ | 63,707 | $ | 59,957 | $ | 56,198 | |||||||
Share-based compensation – The Company's share-based compensation consists of nonvested stock, performance-based market stock units ("MSU Grants") and stock options. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income. Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award's vesting period, or to the date on which retirement eligibility is achieved, if shorter. | |||||||||||||
Certain nonvested stock awards and the Company's MSU Grants contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed. | |||||||||||||
If a share-based compensation award is modified after the grant date, incremental compensation expense is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period. | |||||||||||||
Additionally, the Company's policy is to issue shares of common stock to satisfy exercises of share-based compensation awards. | |||||||||||||
Income taxes – The Company's provision for income taxes includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits are accounted for by the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes. See Note 13 for additional information regarding income taxes. | |||||||||||||
Comprehensive income – Comprehensive income includes net income and the effective unrealized portion of the changes in the fair value of the Company's interest rate swaps. | |||||||||||||
Net income per share – Basic consolidated net income per share is computed by dividing consolidated net income to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue common stock were exercised or converted into common stock and is based upon the weighted average number of common and common equivalent shares outstanding during the year. Common equivalent shares related to stock options, nonvested stock awards and MSU Grants issued by the Company are calculated using the treasury stock method. Outstanding employee and director stock options, nonvested stock awards and MSU Grants issued by the Company represent the only dilutive effects on diluted consolidated net income per share. See Note 14 for additional information regarding net income per share. | |||||||||||||
Use of estimates – Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates. | |||||||||||||
Recent Accounting Pronouncements Adopted | |||||||||||||
Disclosures about Offsetting Assets and Liabilities | |||||||||||||
In December 2011, the FASB issued accounting guidance which requires companies to disclose information about the nature of their rights of setoff and related arrangements associated with their financial instruments and derivative instruments to enable users of financial statements to understand the effect of those arrangements on their financial position. Each company is required to provide both net and gross information in the notes to its financial statements for relevant assets and liabilities that are eligible for offset. In January 2013, the FASB issued additional accounting guidance which limited these disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for fiscal years beginning on or after January 1, 2013 on a retrospective basis. The adoption of these disclosure requirements in the first quarter of 2014 did not have a significant impact on the Company's consolidated financial position or results of operations. | |||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |||||||||||||
In February 2013, the FASB issued accounting guidance which requires companies to provide information regarding the amounts reclassified out of accumulated other comprehensive income by component. A company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required by GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a company is required to cross-reference to other disclosures required under GAAP that provide additional detail regarding those amounts. This accounting guidance is effective for fiscal years beginning after December 15, 2012 on a prospective basis. Since the guidance only affects presentation and disclosure of amounts reclassified out of accumulated other comprehensive income, the adoption of this guidance in the first quarter of 2014 did not have a significant impact on the Company's consolidated financial position or results of operations. | |||||||||||||
Recent Accounting Pronouncements Not Yet Adopted | |||||||||||||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |||||||||||||
In April 2014, the FASB issued accounting guidance which changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. This accounting guidance is effective for fiscal years beginning on or after December 15, 2014 and interim periods within those years on a prospective basis. The Company is currently evaluating the impact of adopting this accounting guidance, but it is not expected to have a significant impact on the Company's consolidated financial position or results of operations upon adoption in the first quarter of 2016. | |||||||||||||
Revenue Recognition | |||||||||||||
In May 2014, the FASB issued accounting guidance which clarifies the principles for recognizing revenue and provides a comprehensive model for revenue recognition. Revenue recognition should depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This accounting guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. Early application is not permitted. A company may apply this accounting guidance either retrospectively or using the cumulative effect transition method. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||
Fair value for certain of the Company's assets and liabilities is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, a three level hierarchy for inputs is used. These levels are: | |||||||||||||||||
· | Quoted Prices in Active Markets for Identical Assets ("Level 1") – quoted prices (unadjusted) for an identical asset or liability in an active market. | ||||||||||||||||
· | Significant Other Observable Inputs ("Level 2") – quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. | ||||||||||||||||
· | Significant Unobservable Inputs ("Level 3") – unobservable and significant to the fair value measurement of the asset or liability. | ||||||||||||||||
The Company's assets and liabilities measured at fair value on a recurring basis at August 1, 2014 were as follows: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents* | $ | 63,068 | $ | -- | $ | -- | $ | 63,068 | |||||||||
Interest rate swap asset (see Note 6) | -- | 240 | -- | 240 | |||||||||||||
Deferred compensation plan assets** | 25,322 | -- | -- | 25,322 | |||||||||||||
Total assets at fair value | $ | 88,390 | $ | 240 | $ | -- | $ | 88,630 | |||||||||
Interest rate swap liability (see Note 6) | $ | -- | $ | 7,943 | $ | -- | $ | 7,943 | |||||||||
Total liabilities at fair value | $ | -- | $ | 7,943 | $ | -- | $ | 7,943 | |||||||||
The Company's assets and liabilities measured at fair value on a recurring basis at August 2, 2013 were as follows: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents* | $ | 57,767 | $ | -- | $ | -- | $ | 57,767 | |||||||||
Interest rate swap asset (see Note 6) | -- | 883 | -- | 883 | |||||||||||||
Deferred compensation plan assets** | 25,263 | -- | -- | 25,263 | |||||||||||||
Total assets at fair value | $ | 83,030 | $ | 883 | $ | -- | $ | 83,913 | |||||||||
Interest rate swap liability (see Note 6) | $ | -- | $ | 11,644 | $ | -- | $ | 11,644 | |||||||||
Total liabilities at fair value | $ | -- | $ | 11,644 | $ | -- | $ | 11,644 | |||||||||
*Consists of money market fund investments. | |||||||||||||||||
**Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company's non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note 12). | |||||||||||||||||
The Company's money market fund investments and deferred compensation plan assets are measured at fair value using quoted market prices. The fair values of the Company's interest rate swap asset and liabilities are determined based on the present value of expected future cash flows. Since the Company's interest rate swap values are based on the LIBOR forward curve, which is observable at commonly quoted intervals for the full terms of the swaps, it is considered a Level 2 input. Nonperformance risk is reflected in determining the fair value of the interest rate swaps by using the Company's credit spread less the risk-free interest rate, both of which are observable at commonly quoted intervals for the terms of the swaps. Thus, the adjustment for nonperformance risk is also considered a Level 2 input. | |||||||||||||||||
The fair values of accounts receivable and accounts payable at August 1, 2014 and August 2, 2013, approximate their carrying amounts because of their short duration. The fair value of the Company's variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amounts at August 1, 2014 and August 2, 2013. |
Inventories
Inventories | 12 Months Ended | ||||||||
Aug. 01, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4. Inventories | |||||||||
Inventories were comprised of the following at: | |||||||||
1-Aug-14 | 2-Aug-13 | ||||||||
Retail | $ | 128,386 | $ | 112,736 | |||||
Restaurant | 22,371 | 20,214 | |||||||
Supplies | 14,669 | 13,737 | |||||||
Total | $ | 165,426 | $ | 146,687 |
Debt
Debt | 12 Months Ended | ||||||||
Aug. 01, 2014 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt | ' | ||||||||
5. Debt | |||||||||
On July 9, 2011, the Company entered into a five-year $750,000 credit facility (the "Credit Facility") consisting of a $250,000 term loan and a $500,000 revolving credit facility (the "Revolving Credit Facility"). | |||||||||
Long‑term debt consisted of the following at: | |||||||||
1-Aug-14 | 2-Aug-13 | ||||||||
Revolving Credit Facility expiring on July 8, 2016 | $ | 212,500 | $ | 212,500 | |||||
Term loan payable on or before July 8, 2016 | 187,500 | 187,500 | |||||||
400,000 | 400,000 | ||||||||
Current maturities | 25,000 | -- | |||||||
Long-term debt | $ | 375,000 | $ | 400,000 | |||||
The aggregate maturities of long‑term debt subsequent to August 1, 2014 are as follows: | |||||||||
Year | |||||||||
2015 | $ | 25,000 | |||||||
2016 | 375,000 | ||||||||
Total | $ | 400,000 | |||||||
At August 1, 2014, the Company had $20,637 of standby letters of credit, which reduce the Company's borrowing availability under the Revolving Credit Facility (see Note 15). At August 1, 2014, the Company had $266,863 in borrowing availability under the Revolving Credit Facility. | |||||||||
In accordance with the Credit Facility, outstanding borrowings bear interest, at the Company's election, either at LIBOR or prime plus a percentage point spread based on certain specified financial ratios. At both August 1, 2014 and August 2, 2013, the Company's outstanding borrowings were swapped at a weighted average interest rate of 3.73% (see Note 6 for information on the Company's interest rate swaps). | |||||||||
The Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. At August 1, 2014 and August 2, 2013, the Company was in compliance with all debt covenants. | |||||||||
The Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Provided there is no default existing and the Company's availability under the Revolving Credit Facility plus the Company's cash and cash equivalents on hand is at least $100,000 (the "liquidity requirements"), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock if the aggregate amount of dividends paid and shares repurchased in any fiscal year is less than the sum of (1) 20% of Consolidated EBITDA from continuing operations (as defined in the Credit Facility) (the "20% limitation") and (2) provided the Company's consolidated total leverage ratio is 3.25 to 1.00 or less, $100,000 (less the amount of any share repurchases during the current fiscal year) In any event, as long as the liquidity requirements are met, dividends may be declared and paid in any fiscal year up to the amount of dividends permitted and paid in the preceding fiscal year without regard to the 20% limitation. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
6. Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
For each of the Company's interest rate swaps, the Company has agreed to exchange with a counterparty the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. The interest rates on the portion of the Company's outstanding debt covered by its interest rate swaps is fixed at the rates in the table below plus the Company's credit spread. The Company's credit spread at August 1, 2014 and August 2, 2013 was 1.50%. All of the Company's interest rate swaps are accounted for as cash flow hedges. | |||||||||||||||||||||||||
A summary of the Company's interest rate swaps at August 1, 2014 is as follows: | |||||||||||||||||||||||||
Term | Notional Amount | Fixed Rate | |||||||||||||||||||||||
Trade Date | Effective Date | (in Years) | |||||||||||||||||||||||
10-Aug-10 | May 3, 2013 | 2 | $ | 200,000 | 2.73 | % | |||||||||||||||||||
25-Jul-11 | May 3, 2013 | 2 | 50,000 | 2 | % | ||||||||||||||||||||
25-Jul-11 | May 3, 2013 | 3 | 50,000 | 2.45 | % | ||||||||||||||||||||
19-Sep-11 | May 3, 2013 | 2 | 25,000 | 1.05 | % | ||||||||||||||||||||
19-Sep-11 | May 3, 2013 | 2 | 25,000 | 1.05 | % | ||||||||||||||||||||
7-Dec-11 | May 3, 2013 | 3 | 50,000 | 1.4 | % | ||||||||||||||||||||
18-Mar-13 | May 3, 2015 | 3 | 50,000 | 1.51 | % | ||||||||||||||||||||
8-Apr-13 | May 3, 2015 | 2 | 50,000 | 1.05 | % | ||||||||||||||||||||
15-Apr-13 | May 3, 2015 | 2 | 50,000 | 1.03 | % | ||||||||||||||||||||
22-Apr-13 | May 3, 2015 | 3 | 25,000 | 1.3 | % | ||||||||||||||||||||
25-Apr-13 | May 3, 2015 | 3 | 25,000 | 1.29 | % | ||||||||||||||||||||
18-Jun-14 | May 3, 2015 | 4 | 40,000 | 2.51 | % | ||||||||||||||||||||
24-Jun-14 | May 3, 2015 | 4 | 30,000 | 2.51 | % | ||||||||||||||||||||
1-Jul-14 | May 5, 2015 | 4 | 30,000 | 2.43 | % | ||||||||||||||||||||
The notional amount for the interest rate swap entered into on June 18, 2014 increases by $40,000 each May over the four-year term of the interest rate swap beginning in May 2016 until the notional amount reaches $160,000 in May 2018. The notional amounts for the interest rate swaps entered into on June 24, 2014 and July 1, 2014 increase by $30,000 each May over the four-year terms of the interest rate swaps beginning in May 2016 until the notional amounts each reach $120,000 in May 2018. | |||||||||||||||||||||||||
The estimated fair values of the Company's derivative instruments were as follows: | |||||||||||||||||||||||||
(See Note 3) | Balance Sheet Location | 1-Aug-14 | 2-Aug-13 | ||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 240 | $ | 883 | ||||||||||||||||||||
Interest rate swaps | Current interest rate swap liability | $ | 4,704 | $ | -- | ||||||||||||||||||||
Interest rate swaps | Long-term interest rate swap liability | 3,239 | 11,644 | ||||||||||||||||||||||
Total liabilities | $ | 7,943 | $ | 11,644 | |||||||||||||||||||||
The following table summarizes the offsetting of the Company's derivative assets in the Consolidated Balance Sheets at August 1, 2014 and August 2, 2013: | |||||||||||||||||||||||||
Gross Asset Amounts | Liability Amount Offset | Net Asset Amount Presented | |||||||||||||||||||||||
in the Balance Sheets | |||||||||||||||||||||||||
August 1, | 2-Aug-13 | August 1, | 2-Aug-13 | August 1, | 2-Aug-13 | ||||||||||||||||||||
(See Note 3) | 2014 | 2014 | 2014 | ||||||||||||||||||||||
Interest rate swaps | $ | 240 | $ | 1,159 | $ | -- | $ | (276 | ) | $ | 240 | $ | 883 | ||||||||||||
The following table summarizes the offsetting of the Company’s derivative liabilities in the Consolidated Balance Sheets at August 1, 2014 and August 2, 2013: | |||||||||||||||||||||||||
Gross Liability Amounts | Asset Amount Offset | Net Liability Amount Presented | |||||||||||||||||||||||
in the Balance Sheets | |||||||||||||||||||||||||
August 1, | August 2, | August 1, | August 2, | August 1, | August 2, | ||||||||||||||||||||
(See Note 3) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Interest rate swaps | $ | 8,441 | $ | 13,120 | $ | (498 | ) | $ | (1,476 | ) | $ | 7,943 | $ | 11,644 | |||||||||||
The estimated fair values of the Company's interest rate swap assets and liabilities incorporate the Company's non-performance risk. The adjustment related to the Company's non-performance risk at August 1, 2014 and August 2, 2013 resulted in reductions of $62 and $123, respectively, in the total fair value of the interest rate swap asset and liabilities. The offset to the interest rate swap assets and liabilities is recorded in accumulated other comprehensive loss ("AOCL"), net of the deferred tax assets, and will be reclassified into earnings over the term of the underlying debt. As of August 1, 2014, the estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months is $6,014. Cash flows related to the interest rate swaps are included in interest expense and in operating activities. | |||||||||||||||||||||||||
The following table summarizes the pre-tax effects of the Company's derivative instruments on AOCL for each of the three years: | |||||||||||||||||||||||||
Amount of Income Recognized in AOCL on Derivatives (Effective Portion) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 3,058 | $ | 23,620 | $ | 17,223 | |||||||||||||||||||
The following table summarizes the changes in AOCL, net of tax, related to the Company's interest rate swaps for the year ended August 1, 2014: | |||||||||||||||||||||||||
AOCL balance at August 2, 2013 | $ | (6,612 | ) | ||||||||||||||||||||||
Other comprehensive income before reclassifications | 6,836 | ||||||||||||||||||||||||
Amounts reclassified from AOCL into earnings | (4,957 | ) | |||||||||||||||||||||||
Other comprehensive income, net of tax | 1,879 | ||||||||||||||||||||||||
AOCL balance at August 1, 2014 | $ | (4,733 | ) | ||||||||||||||||||||||
The following table summarizes the pre-tax effects of the Company's derivative instruments on income for each of the three years: | |||||||||||||||||||||||||
Location of Loss Reclassified from | Amount of Loss Reclassified from AOCL into Income (Effective Portion) | ||||||||||||||||||||||||
AOCL into Income (Effective Portion) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | 8,068 | $ | 20,773 | $ | 35,903 | ||||||||||||||||||
The following table summarizes the amounts reclassified out of AOCL related to the Company's interest rate swaps for the year ended August 1, 2014: | |||||||||||||||||||||||||
Affected Line Item in the | |||||||||||||||||||||||||
Details about AOCL | Consolidated Statement of Income | ||||||||||||||||||||||||
Loss on cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | (8,068 | ) | Interest expense | |||||||||||||||||||||
Tax benefit | 3,111 | Provision for income taxes | |||||||||||||||||||||||
$ | (4,957 | ) | Net of tax | ||||||||||||||||||||||
Any portion of the fair value of the interest rate swaps determined to be ineffective will be recognized currently in earnings. No ineffectiveness has been recorded in 2014, 2013 and 2012. | |||||||||||||||||||||||||
Share_Repurchases
Share Repurchases | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Share Repurchases [Abstract] | ' | ||||||||||||
Share Repurchases | ' | ||||||||||||
7. Share Repurchases | |||||||||||||
In 2014, 2013 and 2012, subject to a maximum amount as specified in the table below and the limits imposed by the Credit Facility, the Company was authorized to repurchase shares at management's discretion. | |||||||||||||
The following table summarizes our share repurchases for the last three years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Maximum aggregate purchase price | $ | 50,000 | $ | 100,000 | $ | 65,000 | |||||||
Cost of shares repurchased | $ | 12,473 | $ | 3,570 | $ | 14,923 | |||||||
Shares of common stock repurchased | 120,000 | 44,300 | 265,538 |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
8. Segment Information | |||||||||||||
Cracker Barrel stores represent a single, integrated operation with two related and substantially integrated product lines. The operating expenses of the restaurant and retail product lines of a Cracker Barrel store are shared and are indistinguishable in many respects. Accordingly, the Company manages its business on the basis of one reportable operating segment. All of the Company's operations are located within the United States. | |||||||||||||
Total revenue was comprised of the following at: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restaurant | $ | 2,137,405 | $ | 2,104,768 | $ | 2,054,127 | |||||||
Retail | 546,272 | 539,862 | 526,068 | ||||||||||
Total revenue | $ | 2,683,677 | $ | 2,644,630 | $ | 2,580,195 |
Leases
Leases | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
9. Leases | |||||||||||||
As of August 1, 2014, the Company operated 216 stores in leased facilities and also leased certain land, a retail distribution center and advertising billboards. | |||||||||||||
Rent expense under operating leases, including the sale-leaseback transactions discussed below, for each of the three years was: | |||||||||||||
Year | Minimum | Contingent | Total | ||||||||||
2014 | $ | 71,123 | $ | 242 | $ | 71,365 | |||||||
2013 | 70,095 | 232 | 70,327 | ||||||||||
2012 | 67,651 | 276 | 67,927 | ||||||||||
The following is a schedule by year of the future minimum rental payments required under the Company's operating leases as of August 1, 2014: | |||||||||||||
Year | Total | ||||||||||||
2015 | $ | 60,569 | |||||||||||
2016 | 48,942 | ||||||||||||
2017 | 43,858 | ||||||||||||
2018 | 41,592 | ||||||||||||
2019 | 41,926 | ||||||||||||
Later years | 518,762 | ||||||||||||
Total | $ | 755,649 | |||||||||||
Sale-Leaseback Transactions | |||||||||||||
In 2009, the Company completed sale-leaseback transactions involving 15 of its owned stores and its retail distribution center. Under the transactions, the land, buildings and improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. Equipment was not included. The leases include specified renewal options for up to 20 additional years. | |||||||||||||
The Company leases 65 of its stores pursuant to a sale-leaseback transaction which closed in 2000. Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for a term of 21 years. The leases for these stores include specified renewal options for up to 20 additional years and have certain financial covenants related to fixed charge coverage for the leased stores. At August 1, 2014 and August 2, 2013, the Company was in compliance with these covenants. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
10. Share-Based Compensation | |||||||||||||||||
Stock Compensation Plans | |||||||||||||||||
The Company's employee compensation plans are administered by the Compensation Committee of the Company's Board of Directors (the "Committee"). The Committee is authorized to determine, at time periods within its discretion and subject to the direction of the Board of Directors, which employees will be granted awards, the number of shares covered by any awards granted, and within applicable limits, the terms and provisions relating to the exercise and vesting of any awards. | |||||||||||||||||
The Company has one active compensation plan, the 2010 Omnibus Incentive Compensation Plan (the “2010 Omnibus Plan”), for employees and non-employee directors which authorizes the granting of nonvested stock awards, performance-based MSU Grants, stock options and other types of share-based awards. The Company also has stock options and nonvested stock outstanding under two other compensation plans (“Prior Plans”) in which no future grants may be made. | |||||||||||||||||
The 2010 Omnibus Plan allows the Committee to grant awards for an aggregate of 1,500,000 shares of the Company’s common stock. However, this share reserve is increased by shares awarded under this and Prior Plans which are forfeited, expired, settled for cash and shares withheld by the Company in payment of a tax withholding obligation. Additionally, this share reserve was decreased by shares granted from Prior Plans after July 30, 2010 until December 1, 2010. At August 1, 2014, the number of shares authorized for future issuance under the Company’s active plan is 1,169,019. | |||||||||||||||||
The following table summarizes the number of outstanding awards under each plan at August 1, 2014: | |||||||||||||||||
2010 Omnibus Plan | 254,188 | ||||||||||||||||
Amended and Restated Stock Option Plan | 41,184 | ||||||||||||||||
2002 Omnibus Incentive Compensation Plan | 49,948 | ||||||||||||||||
Total | 345,320 | ||||||||||||||||
Types of Share-Based Awards | |||||||||||||||||
Nonvested Stock | |||||||||||||||||
Nonvested stock awards consist of the Company's common stock and generally vest over 1–3 years. Generally, the fair value of each nonvested stock award is equal to the market price of the Company's stock at the date of grant reduced by the present value of expected dividends to be paid prior to the vesting period, discounted using an appropriate risk-free interest rate. Other nonvested stock awards accrue dividends and their fair value is equal to the market price of the Company's stock at the date of the grant. Dividends are forfeited for any nonvested stock awards that do not vest. | |||||||||||||||||
The Company's nonvested stock awards include its long-term performance plans which were established by the Committee for the purpose of rewarding certain officers with shares of the Company's common stock if the Company achieved certain performance targets. The stock awards under the long-term performance plans are calculated or estimated based on achievement of financial performance measures. | |||||||||||||||||
The following table summarizes the performance periods and vesting periods for the Company's nonvested stock awards under its long-term performance plans at August 1, 2014: | |||||||||||||||||
Long-Term Performance Plan ("LTPP") | Performance Period | Vesting Period | |||||||||||||||
(in Years) | |||||||||||||||||
2013 LTPP | 2013 – 2014 | 2 or 3 | |||||||||||||||
2014 LTPP | 2014 – 2015 | 2 or 3 | |||||||||||||||
The following table summarizes the shares that have been accrued under the 2013 LTPP and 2014 LTPP at August 1, 2014: | |||||||||||||||||
2013 LTPP | 62,426 | ||||||||||||||||
2014 LTPP | 17,441 | ||||||||||||||||
A summary of the Company's nonvested stock activity as of August 1, 2014, and changes during 2014 are presented in the following table: | |||||||||||||||||
Nonvested Stock | Shares | Weighted-Average Grant | |||||||||||||||
Date Fair Value | |||||||||||||||||
Unvested at August 2, 2013 | 82,854 | $ | 59.83 | ||||||||||||||
Granted | 165,921 | 101.45 | |||||||||||||||
Vested | (184,710 | ) | 94.29 | ||||||||||||||
Forfeited | -- | -- | |||||||||||||||
Unvested at August 1, 2014 | 64,065 | $ | 68.25 | ||||||||||||||
The following table summarizes the total fair value of nonvested stock that vested for each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total fair value of nonvested stock | $ | 17,417 | $ | 7,445 | $ | 12,981 | |||||||||||
Performance-Based Market Stock Units | |||||||||||||||||
The number of MSU Grants that will ultimately be awarded and will vest at the end of the applicable three-year performance period for each annual plan is based on total shareholder return, which is defined as the change in the Company's stock price plus dividends paid during the performance period. The number of shares awarded at the end of the performance period will vary in direct proportion to a target number of shares set at the beginning of the period, up to a maximum of 150% of target, based on the change in the Company's cumulative total shareholder return over the performance period. The probability of the actual shares expected to be earned is considered in the grant date valuation; therefore, the expense will not be adjusted to reflect the actual units earned. In addition to a service requirement, the vesting of the MSU Grants is also subject to the achievement of a specified level of operating income during the performance period. If this performance goal is not met, no MSU Grants will be awarded and no compensation expense will be recorded. | |||||||||||||||||
The fair value of the MSU Grants is determined using the Monte-Carlo simulation model, which simulates a range of possible future stock prices and estimates the probabilities of the potential payouts. This model uses the average prices for the 60-consecutive calendar days beginning 30 days prior to and ending 30 days after the first business day of the performance period. This model also incorporates the following ranges of assumptions: | |||||||||||||||||
· | The expected volatility is a blend of implied volatility based on market-traded options on our stock and historical volatility of our stock over the period commensurate with the three-year performance period. | ||||||||||||||||
· | The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period. | ||||||||||||||||
· | The expected dividend yield is based on our current dividend yield as the best estimate of projected dividend yield for periods within the three-year performance period. | ||||||||||||||||
The following assumptions were used in determining the fair value for the Company's MSU Grants: | |||||||||||||||||
Year Ended | |||||||||||||||||
1-Aug-14 | 2-Aug-13 | 3-Aug-12 | |||||||||||||||
Dividend yield*** | -- | 3 | % | 2.2 | % | ||||||||||||
Expected volatility | 25 | % | 27 | % | 45 | % | |||||||||||
Risk-free interest rate range | 0.7% - 0.8 | % | 0.3 | % | 0.3 | % | |||||||||||
***Dividends accrue on the 2014 MSU Grants. Dividends will be forfeited for any 2014 MSU Grants that do not vest. | |||||||||||||||||
The following table summarizes the shares that have been accrued under the 2012 MSU Grants, the 2013 MSU Grants and 2014 MSU Grants at August 1, 2014: | |||||||||||||||||
Shares | |||||||||||||||||
2012 MSU Grants | 69,438 | ||||||||||||||||
2013 MSU Grants | 35,921 | ||||||||||||||||
2014 MSU Grants | 8,897 | ||||||||||||||||
Stock Options | |||||||||||||||||
Prior to 2012, stock options were granted with an exercise price equal to the market price of the Company's stock on the grant date; those option awards generally vest at a cumulative rate of 33% per year beginning on the first anniversary of the grant date and expire ten years from the date of grant. No stock options were granted in 2012, 2013 or 2014. | |||||||||||||||||
A summary of the Company's stock option activity as of August 1, 2014, and changes during 2014 are presented in the following table: | |||||||||||||||||
Fixed Options | Shares | Weighted- | Weighted-Average | Aggregate | |||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Price | Contractual Term | Value | |||||||||||||||
Outstanding at August 2, 2013 | 101,138 | $ | 37.12 | ||||||||||||||
Granted | -- | -- | |||||||||||||||
Exercised | (2,423 | ) | 36.7 | ||||||||||||||
Forfeited | -- | -- | |||||||||||||||
Canceled | (11,583 | ) | 40.01 | ||||||||||||||
Outstanding at August 1, 2014 | 87,132 | $ | 36.75 | 1.95 | $ | 5,220 | |||||||||||
Exercisable | 87,132 | $ | 36.75 | 1.95 | $ | 5,220 | |||||||||||
The following table summarizes the total intrinsic values of options exercised during each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total intrinsic values of options exercised* | $ | 169 | $ | 10,526 | $ | 14,859 | |||||||||||
*The intrinsic value for stock options is defined as the difference between the current market value and the grant price. | |||||||||||||||||
Compensation Expense | |||||||||||||||||
The following table highlights the components of share-based compensation expense for each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Nonvested stock awards | $ | 5,762 | $ | 15,416 | $ | 11,440 | |||||||||||
MSU Grants | 2,162 | 2,335 | 1,690 | ||||||||||||||
Stock options | -- | 88 | 1,290 | ||||||||||||||
Total compensation expense | $ | 7,924 | $ | 17,839 | $ | 14,420 | |||||||||||
The following table highlights the total unrecognized compensation expense related to nonvested stock and MSU Grants and the weighted-average periods over which the expense is expected to be recognized as of August 1, 2014: | |||||||||||||||||
Nonvested Stock | MSU Grants | ||||||||||||||||
Total unrecognized compensation | $ | 1,959 | $ | 2,745 | |||||||||||||
Weighted-average period in years | 1.69 | 1.71 | |||||||||||||||
The following table highlights the total income tax benefit recognized in the Consolidated Statements of Income for each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total income tax benefit | $ | 2,438 | $ | 5,221 | $ | 4,254 | |||||||||||
During 2014, the Company issued 145,900 shares of its common stock resulting from the vesting of share-based compensation awards and stock option exercises. Related tax withholding payments on certain share-based compensation awards exceeded proceeds received from the exercise of stock options which resulted in a net reduction to shareholders' equity of $8,457. The excess tax benefit realized upon exercise of share-based compensation awards was $1,248. | |||||||||||||||||
Shareholder_Rights_Plan
Shareholder Rights Plan | 12 Months Ended | ||
Aug. 01, 2014 | |||
Shareholder Rights Plan [Abstract] | ' | ||
Shareholder Rights Plan | ' | ||
11. Shareholder Rights Plan | |||
On April 9, 2012, the Company's Board of Directors adopted a shareholder rights plan, as set forth in the Rights Agreement dated as of April 9, 2012 by and between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (the "Rights Agreement"). Pursuant to the terms of the Rights Agreement, the Board of Directors declared a dividend of one preferred share purchase right (a "Right") for each outstanding share of common stock, par value $0.01 per share. The dividend was payable on April 20, 2012 to the shareholders of record as of the close of business on April 20, 2012. | |||
The Rights | |||
The Rights initially trade with, and are inseparable from, the Company's common stock. The Rights are evidenced only by the balances indicated in the book-entry account system of the transfer agent for the Company's common stock or, in the case of certificated shares, the certificates that represent such shares of common stock. New Rights will accompany any new shares of common stock the Company issues after April 20, 2012 until the earlier of the Distribution Date, redemption of the Rights by the Board of Directors or the final expiration date of the Rights Agreement, each as described below. | |||
Exercise Price | |||
Each Right will allow its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock ("Preferred Share") for $200.00, once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend and liquidation rights as would one share of common stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. | |||
Based on the terms of the Rights Agreement, the Rights will not be exercisable until 10 days after the public announcement that a person or group has become an "Acquiring Person" by obtaining beneficial ownership of 20% or more of the Company's outstanding common stock (the "Distribution Date"). Until the Distribution Date, the balances in the book-entry accounting system of the transfer agent for the Company's common stock or, in the case of certificated shares, common stock certificates, will evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After the Distribution Date, the Rights will separate from the common stock and will be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of common stock. Any Rights held by an Acquiring Person or any associate or affiliate thereof will be void and may not be exercised. | |||
After the Distribution Date, each Right will generally entitle the holder, except the Acquiring Person or any associate or affiliate thereof, to acquire, for the exercise price of $200.00 per Right (subject to adjustment as provided in the Rights Agreement), shares of the Company's common stock (or, in certain circumstances, Preferred Shares) having a market value equal to twice the Right's then-current exercise price. In addition, if the Company is later acquired in a merger or similar transaction after the Distribution Date, each Right will generally entitle the holder, except the Acquiring Person or any associate or affiliate thereof, to acquire, for the exercise price of $200.00 per Right (subject to adjustment as provided in the Rights Agreement), shares of the acquiring corporation having a market value equal to twice the Right's then-current exercise price. | |||
At August 1, 2014, none of the Rights were exercisable. | |||
Preferred Share Provisions | |||
Each one one-hundredth of a Preferred Share, if issued: | |||
· | will not be redeemable. | ||
· | will entitle holders to quarterly dividend payments of $0.01 per share, or an amount equal to the dividend paid on one share of common stock, whichever is greater. | ||
· | will entitle holders upon liquidation either to receive $1.00 per share or an amount equal to the payment made on one share of common stock, whichever is greater. | ||
· | will have the same voting power as one share of common stock. | ||
· | if shares of the Company's common stock are exchanged via merger, consolidation, or a similar transaction, will entitle holders to a per share payment equal to the payment made on one share of common stock. | ||
The value of one one-hundredth of a Preferred Share will generally approximate the value of one share of common stock. | |||
Redemption | |||
The Board of Directors may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If the Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company has a stock split or stock dividends of its common stock. | |||
Qualifying Offer Provision | |||
The Rights would also not interfere with all-cash, fully financed tender offers for all shares of common stock that remain open for a minimum of 60 business days, are subject to a minimum condition of a majority of the outstanding shares and provide for a 20 business day "subsequent offering period" after consummation (such offers are referred to as "qualifying offers"). In the event the Company receives a qualifying offer and the Board of Directors has not redeemed the Rights prior to the consummation of such offer, the consummation of the qualifying offer shall not cause the offeror or its affiliates or associates to become an Acquiring Person, and the Rights will immediately expire upon consummation of the qualifying offer. | |||
Exchange | |||
After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Company's outstanding common stock, the Board of Directors may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person. | |||
Anti-Dilution Provisions | |||
The Board of Directors may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, a reclassification of the Preferred Shares or common stock. | |||
Amendments | |||
The terms of the Rights Agreement may be amended by the Board of Directors without the consent of the holders of the Rights. After a person or group becomes an Acquiring Person, the Board of Directors may not amend the agreement in a way that adversely affects holders of the Rights. | |||
Expiration | |||
The Rights Agreement will expire on April 9, 2015. |
Employee_Savings_Plans
Employee Savings Plans | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Employee Savings Plans [Abstract] | ' | ||||||||||||
Employee Savings Plans | ' | ||||||||||||
12. Employee Savings Plans | |||||||||||||
The Company sponsors a qualified defined contribution retirement plan ("401(k) Savings Plan") covering salaried and hourly employees who have completed ninety days of service and have attained the age of twenty-one. This plan allows eligible employees to defer receipt of up to 50% of their compensation, as defined in the plan. The Company also sponsors a non-qualified defined contribution retirement plan ("Non-Qualified Savings Plan") covering highly compensated employees, as defined in the plan. This plan allows eligible employees to defer receipt of up to 50% of their base compensation and 100% of their eligible bonuses, as defined in the plan. | |||||||||||||
Contributions under both plans may be invested in various investment funds at the employee's discretion. Such contributions, including the Company's matching contributions described below, may not be invested in the Company's common stock. In 2014, 2013 and 2012, the Company matched 25% of employee contributions for each participant in either plan up to a total of 6% of the employee's compensation. Employee contributions vest immediately while Company contributions vest 20% annually beginning on the first anniversary of a contribution date and are vested 100% on the fifth anniversary of such contribution date. | |||||||||||||
At the inception of the Non-Qualified Savings Plan, the Company established a Rabbi Trust to fund the plan's obligations. The market value of the trust assets for the Non-Qualified Savings Plan of $25,322 is included in other assets and the related liability to the participants of $25,322 is included in other long-term obligations in the Consolidated Balance Sheets. Company contributions under both plans are recorded as either labor and other related expenses or general and administrative expenses in the Consolidated Statements of Income. | |||||||||||||
The following table summarizes the Company's contributions for each plan for each of the three years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
401(k) Savings Plan | $ | 2,167 | $ | 2,180 | $ | 2,026 | |||||||
Non-Qualified Savings Plan | 253 | 241 | 283 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
13. Income Taxes | |||||||||||||
The components of the provision for income taxes for each of the three years were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 53,713 | $ | 44,853 | $ | 34,074 | |||||||
State | 4,597 | 4,375 | 7,928 | ||||||||||
Deferred: | |||||||||||||
Federal | (2,863 | ) | (4,365 | ) | 886 | ||||||||
State | 3,274 | 3,654 | 319 | ||||||||||
Total provision for income taxes | $ | 58,721 | $ | 48,517 | $ | 43,207 | |||||||
A reconciliation of the Company's provision for income taxes and income taxes based on the statutory U.S. federal rate of 35% was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision computed at federal statutory income tax rate | $ | 66,797 | $ | 58,024 | $ | 51,201 | |||||||
State and local income taxes, net of federal benefit | 5,029 | 5,698 | 6,424 | ||||||||||
Employer tax credits for FICA taxes paid on employee tip income | (9,962 | ) | (9,635 | ) | (9,114 | ) | |||||||
Other employer tax credits | (3,781 | ) | (5,927 | ) | (4,938 | ) | |||||||
Other-net | 638 | 357 | (366 | ) | |||||||||
Total provision for income taxes | $ | 58,721 | $ | 48,517 | $ | 43,207 | |||||||
Significant components of the Company's net deferred tax liability consisted of the following at: | |||||||||||||
1-Aug-14 | 2-Aug-13 | ||||||||||||
Deferred tax assets: | |||||||||||||
Compensation and employee benefits | $ | 10,858 | $ | 16,750 | |||||||||
Deferred rent | 14,900 | 13,535 | |||||||||||
Accrued liabilities | 13,942 | 12,766 | |||||||||||
Insurance reserves | 11,944 | 12,091 | |||||||||||
Inventory | 6,212 | 5,669 | |||||||||||
Other | 3,172 | 4,437 | |||||||||||
Deferred tax assets | $ | 61,028 | $ | 65,248 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 88,543 | $ | 94,179 | |||||||||
Inventory | 13,415 | 13,700 | |||||||||||
Other | 9,591 | 9,550 | |||||||||||
Deferred tax liabilities | 111,549 | 117,429 | |||||||||||
Net deferred tax liability | $ | 50,521 | $ | 52,181 | |||||||||
The Company believes that adequate amounts of tax, interest and penalties have been provided for potential tax uncertainties; these amounts are included in other long-term liabilities in the Consolidated Balance Sheets. As of August 1, 2014 and August 2, 2013, the Company's gross liability for uncertain tax positions, exclusive of interest and penalties, was $22,832 and $20,972, respectively. Summarized below is a tabular reconciliation of the beginning and ending balance of the Company's total gross liability for uncertain tax positions exclusive of interest and penalties: | |||||||||||||
1-Aug-14 | 2-Aug-13 | 3-Aug-12 | |||||||||||
Balance at beginning of year | $ | 20,972 | $ | 18,098 | $ | 14,167 | |||||||
Tax positions related to the current year: | |||||||||||||
Additions | 3,989 | 3,731 | 3,326 | ||||||||||
Reductions | -- | -- | -- | ||||||||||
Tax positions related to the prior year: | |||||||||||||
Additions | 1,400 | 191 | 2,556 | ||||||||||
Reductions | (1,630 | ) | (280 | ) | (1,043 | ) | |||||||
Settlements | (755 | ) | -- | -- | |||||||||
Expiration of statute of limitations | (1,144 | ) | (768 | ) | (908 | ) | |||||||
Balance at end of year | $ | 22,832 | $ | 20,972 | $ | 18,098 | |||||||
If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would be a tax benefit to the Company and impact the effective tax rate. The following table highlights the amount of uncertain tax positions, exclusive of interest and penalties, which, if recognized, would affect the effective tax rate for each of the three years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Uncertain tax positions | $ | 14,840 | $ | 13,631 | $ | 11,764 | |||||||
The Company had $8,559, $7,869 and $6,605 in interest and penalties accrued as of August 1, 2014, August 2, 2013, and August 3, 2012, respectively. | |||||||||||||
The Company recognized accrued interest and penalties related to unrecognized tax benefits of $691, $1,264 and $1,225 in its provision for income taxes in August 1, 2014, August 2, 2013 and August 3, 2012, respectively. | |||||||||||||
In many cases, the Company's uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. Based on the outcome of these examinations or as a result of the expiration of the statutes of limitations for specific taxing jurisdictions, it is reasonably possible that the related uncertain tax positions taken regarding previously filed tax returns could decrease from those recorded as liabilities for uncertain tax positions in the Company's financial statements at August 1, 2014 by approximately $2,000 to $4,000 within the next twelve months. At August 1, 2014, the Company was subject to income tax examinations for its U.S. federal income taxes after 2010 and for state and local income taxes generally after 2010. |
Net_Income_Per_Share_and_Weigh
Net Income Per Share and Weighted Average Shares | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Net Income Per Share and Weighted Average Shares [Abstract] | ' | ||||||||||||
Net Income Per Share and Weighted Average Shares | ' | ||||||||||||
14. Net Income Per Share and Weighted Average Shares | |||||||||||||
The following table reconciles the components of diluted earnings per share computations: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income per share numerator | $ | 132,128 | $ | 117,265 | $ | 103,081 | |||||||
Net income per share denominator: | |||||||||||||
Basic weighted average shares outstanding | 23,817,768 | 23,708,875 | 23,067,566 | ||||||||||
Add potential dilution: | |||||||||||||
Stock options, nonvested stock awards and MSU Grants | 148,247 | 239,446 | 340,560 | ||||||||||
Diluted weighted average shares outstanding | 23,966,015 | 23,948,321 | 23,408,126 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 01, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
15. Commitments and Contingencies | |
During 2014 and through September 25, 2014, the Company was served with several claims filed as a putative collective action alleging violations of the Fair Labor Standards Act ("FLSA"). The Company believes these claims are without merit and intends to vigorously defend these lawsuits. These proceedings remain in the early stages. At this time, the Company cannot reasonably estimate the likely results of these lawsuits or the economic effects of these lawsuits on the Company, though an adverse outcome could be material to the Company's results of operations or financial position. See "Item 3. Legal Proceedings" of Part I of this Annual Report on Form 10-K for further information related to these claims. | |
The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will not materially affect the Company's consolidated results of operations or financial position. | |
The Company maintains insurance coverage for various aspects of its business and operations. The Company has elected, however, to retain all or a portion of losses that occur through the use of various deductibles, limits and retentions under its insurance programs. This situation may subject the Company to some future liability for which it is only partially insured, or completely uninsured. The Company intends to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of its contracts. See Note 2 for a further discussion of insurance and insurance reserves. | |
Related to its insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of August 1, 2014, the Company had $20,637 of standby letters of credit related to securing reserved claims under workers' compensation insurance. All standby letters of credit are renewable annually and reduce the Company's borrowing availability under its Revolving Credit facility (see Note 5). | |
As of August 1, 2014, the Company is secondarily liable for lease payments associated with two properties. The Company is not aware of any non-performance under these lease arrangements that would result in the Company having to perform in accordance with the terms of those guarantees, and therefore, no provision has been recorded in the Consolidated Balance Sheets for amounts to be paid in case of non-performance by the third parties by the primary obligors under such lease agreements. | |
The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. At August 1, 2014, the Company recorded a liability of $252 in the Consolidated Balance Sheet related to legal costs. The Company believes that the probability of incurring an actual liability under other indemnification agreements is sufficiently remote so that no additional liability has been recorded in the Consolidated Balance Sheets. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
16. Quarterly Financial Data (Unaudited) | |||||||||||||||||
Quarterly financial data for 2014 and 2013 are summarized as follows: | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
2014 | |||||||||||||||||
Total revenue | $ | 649,141 | $ | 698,491 | $ | 643,298 | $ | 692,747 | |||||||||
Gross profit | 443,212 | 455,476 | 441,791 | 470,440 | |||||||||||||
Income before income taxes | 39,830 | 54,235 | 40,886 | 55,898 | |||||||||||||
Net income | 27,160 | 37,055 | 28,728 | 39,185 | |||||||||||||
Net income per share – basic | $ | 1.14 | $ | 1.56 | $ | 1.21 | $ | 1.65 | |||||||||
Net income per share – diluted | $ | 1.14 | $ | 1.55 | $ | 1.2 | $ | 1.63 | |||||||||
2013 | |||||||||||||||||
Total revenue | $ | 627,451 | $ | 702,671 | $ | 640,407 | $ | 674,101 | |||||||||
Gross profit | 429,593 | 458,484 | 438,425 | 463,444 | |||||||||||||
Income before income taxes | 34,596 | 46,904 | 33,978 | 50,304 | |||||||||||||
Net income | 23,192 | 35,168 | 24,602 | 34,303 | |||||||||||||
Net income per share – basic | $ | 0.98 | $ | 1.48 | $ | 1.04 | $ | 1.44 | |||||||||
Net income per share – diluted | $ | 0.97 | $ | 1.47 | $ | 1.02 | $ | 1.43 |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||
GAAP | ' | ||||||||||||
GAAP – The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). | |||||||||||||
Fiscal year | ' | ||||||||||||
Fiscal year – The Company's fiscal year ends on the Friday nearest July 31st and each quarter consists of thirteen weeks unless noted otherwise. The Company's fiscal year ended August 3, 2012 consisted of 53 weeks and the fourth quarter of 2012 consisted of fourteen weeks. References in these Notes to a year or quarter are to the Company's fiscal year or quarter unless noted otherwise. | |||||||||||||
Principles of consolidation | ' | ||||||||||||
Principles of consolidation – The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
Cash and cash equivalents – The Company's policy is to consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Property held for sale | ' | ||||||||||||
Property held for sale – Property held for sale consists of real estate properties that the Company expects to sell within one year and is reported at the lower of carrying amount or fair value less costs to sell. At August 2, 2013, property held for sale consisted of office space. | |||||||||||||
Accounts receivable | ' | ||||||||||||
Accounts receivable – Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories – Inventories are stated at the lower of cost or market. Cost of restaurant inventory is determined by the first‑in, first‑out ("FIFO") method. Retail inventories are valued using the retail inventory method ("RIM") except at the retail distribution center which uses average cost. Approximately 70% to 75% of retail inventories are valued using RIM and the remaining retail inventories are valued using an average cost method. See Note 4 for additional information regarding the components of inventory. | |||||||||||||
Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. Cost of goods sold includes an estimate of retail inventory shrinkage that is adjusted upon physical inventory counts. Annual physical inventory counts are conducted throughout the third and fourth quarters based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a three-year average of the physical inventories' results on a store-by-store basis. | |||||||||||||
Property and equipment | ' | ||||||||||||
Property and equipment – Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight‑line and double‑declining balance methods over the estimated useful lives of the respective assets, as follows: | |||||||||||||
Years | |||||||||||||
Buildings and improvements | 30-45 | ||||||||||||
Buildings under capital leases | 15-25 | ||||||||||||
Restaurant and other equipment | 2-10 | ||||||||||||
Leasehold improvements | 1-35 | ||||||||||||
Accelerated depreciation methods are generally used for income tax purposes. | |||||||||||||
Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total depreciation expense | $ | 67,620 | $ | 65,351 | $ | 63,705 | |||||||
Depreciation expense related to store operations* | 62,746 | 60,574 | 58,423 | ||||||||||
*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. | |||||||||||||
Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts. | |||||||||||||
Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized. | |||||||||||||
Impairment of long-lived assets | ' | ||||||||||||
Impairment of long-lived assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. | |||||||||||||
Derivative instruments and hedging activities | ' | ||||||||||||
Derivative instruments and hedging activities – The Company is exposed to market risk, such as changes in interest rates and commodity prices. The Company has interest rate risk relative to its outstanding borrowings, which bear interest at the Company's election either at the prime rate or LIBOR plus a percentage point spread based on certain specified financial ratios under its credit facility (see Note 5). The Company's policy has been to manage interest cost using a mix of fixed and variable rate debt. To manage this risk in a cost efficient manner, the Company uses derivative instruments, specifically interest rate swaps. | |||||||||||||
Companies may elect whether or not to offset related assets and liabilities and report the net amount on their financial statements if the right of setoff exists. Under a master netting agreement, the Company has the legal right to offset the amounts owed to the Company against amounts owed by the Company under a derivative instrument that exists between the Company and a counterparty. When the Company is engaged in more than one outstanding derivative transaction with the same counterparty and also has a legally enforceable master netting agreement with that counterparty, its credit risk exposure is based on the net exposure under the master netting agreement. If, on a net basis, the Company owes the counterparty, the Company regards its credit exposure to the counterparty as being zero. | |||||||||||||
The Company does not hold or use derivative instruments for trading purposes. The Company also does not have any derivatives not designated as hedging instruments and has not designated any non-derivatives as hedging instruments. See Note 6 for additional information on the Company's derivative and hedging activities. | |||||||||||||
Segment reporting | ' | ||||||||||||
Segment reporting – Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one reportable operating segment (see Note 8 for additional information regarding segment reporting). | |||||||||||||
Revenue recognition | ' | ||||||||||||
Revenue recognition – The Company records revenue from the sale of products as they are sold. The Company provides for estimated returns based on return history and sales levels. The Company's policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax. | |||||||||||||
Unredeemed gift cards and certificates | ' | ||||||||||||
Unredeemed gift cards and certificates – Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. For those states that exempt gift cards and certificates from their escheat laws, the Company makes estimates of the ultimate unredeemed ("breakage") gift cards and certificates in the period of the original sale and amortizes this breakage over the redemption period that other gift cards and certificates historically have been redeemed by reducing its liability and recording revenue accordingly. For those states that do not exempt gift cards and certificates from their escheat laws, the Company records breakage in the period that gift cards and certificates are remitted to the state and reduces its liability accordingly. Any amounts remitted to states under escheat or similar laws reduce the Company's deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. | |||||||||||||
Insurance | ' | ||||||||||||
Insurance – The Company self-insures a significant portion of its workers' compensation and general liability programs. The Company purchases insurance for individual workers' compensation claims that exceed $250, $500 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500. | |||||||||||||
The Company records a reserve for workers' compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims ("IBNR"). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually at the end of the Company's third quarter and is adjusted by the actuarially determined losses and actual claims payments for the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company's reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower end of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves. | |||||||||||||
The Company's group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience. The fully-insured portion of the Company's health insurance program contains a retrospective feature which could increase or decrease premiums based on actual claims experience. | |||||||||||||
Store pre-opening costs | ' | ||||||||||||
Store pre-opening costs – Start-up costs of a new store are expensed when incurred, with the exception of rent expense under operating leases, in which the straight-line rent includes the pre-opening period during construction, as explained further under the "Leases" section in this Note. | |||||||||||||
Leases | ' | ||||||||||||
Leases – The Company's leases are classified as either capital or operating leases. The Company has ground leases and office space leases that are recorded as operating leases. The Company also leases its advertising billboards which are recorded as operating leases. A majority of the Company's lease agreements provide renewal options and some of these options contain rent escalation clauses. Additionally, some of the leases have rent holiday and contingent rent provisions. During rent holiday periods, which include the pre-opening period during construction, the Company has possession of and access to the property, but is not obligated to, and normally does not, make rent payments. Contingent rent is determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and corresponding rent expense when it is probable sales have been achieved in amounts in excess of the specified levels. | |||||||||||||
The liabilities under these leases are recognized on the straight-line basis over the shorter of the useful life, with a maximum of 35 years, or the related lease life. The Company uses a lease life that generally begins on the date that the Company becomes legally obligated under the lease, including the rent holiday periods, and generally extends through certain renewal periods that can be exercised at the Company's option, for which at the inception of the lease, it is reasonably assured that the Company will exercise those renewal options. This lease period is consistent with the period over which leasehold improvements are amortized. | |||||||||||||
Advertising | ' | ||||||||||||
Advertising – The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred. | |||||||||||||
Advertising expense for each of the three years was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Advertising expense | $ | 63,707 | $ | 59,957 | $ | 56,198 | |||||||
Share-based compensation | ' | ||||||||||||
Share-based compensation – The Company's share-based compensation consists of nonvested stock, performance-based market stock units ("MSU Grants") and stock options. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income. Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award's vesting period, or to the date on which retirement eligibility is achieved, if shorter. | |||||||||||||
Certain nonvested stock awards and the Company's MSU Grants contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed. | |||||||||||||
If a share-based compensation award is modified after the grant date, incremental compensation expense is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period. | |||||||||||||
Additionally, the Company's policy is to issue shares of common stock to satisfy exercises of share-based compensation awards. | |||||||||||||
Income taxes | ' | ||||||||||||
Income taxes – The Company's provision for income taxes includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits are accounted for by the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes. See Note 13 for additional information regarding income taxes. | |||||||||||||
Comprehensive income | ' | ||||||||||||
Comprehensive income – Comprehensive income includes net income and the effective unrealized portion of the changes in the fair value of the Company's interest rate swaps. | |||||||||||||
Net income per share | ' | ||||||||||||
Net income per share – Basic consolidated net income per share is computed by dividing consolidated net income to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue common stock were exercised or converted into common stock and is based upon the weighted average number of common and common equivalent shares outstanding during the year. Common equivalent shares related to stock options, nonvested stock awards and MSU Grants issued by the Company are calculated using the treasury stock method. Outstanding employee and director stock options, nonvested stock awards and MSU Grants issued by the Company represent the only dilutive effects on diluted consolidated net income per share. See Note 14 for additional information regarding net income per share. | |||||||||||||
Use of estimates | ' | ||||||||||||
Use of estimates – Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements Adopted | |||||||||||||
Disclosures about Offsetting Assets and Liabilities | |||||||||||||
In December 2011, the FASB issued accounting guidance which requires companies to disclose information about the nature of their rights of setoff and related arrangements associated with their financial instruments and derivative instruments to enable users of financial statements to understand the effect of those arrangements on their financial position. Each company is required to provide both net and gross information in the notes to its financial statements for relevant assets and liabilities that are eligible for offset. In January 2013, the FASB issued additional accounting guidance which limited these disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. These disclosure requirements are effective for fiscal years beginning on or after January 1, 2013 on a retrospective basis. The adoption of these disclosure requirements in the first quarter of 2014 did not have a significant impact on the Company's consolidated financial position or results of operations. | |||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |||||||||||||
In February 2013, the FASB issued accounting guidance which requires companies to provide information regarding the amounts reclassified out of accumulated other comprehensive income by component. A company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required by GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a company is required to cross-reference to other disclosures required under GAAP that provide additional detail regarding those amounts. This accounting guidance is effective for fiscal years beginning after December 15, 2012 on a prospective basis. Since the guidance only affects presentation and disclosure of amounts reclassified out of accumulated other comprehensive income, the adoption of this guidance in the first quarter of 2014 did not have a significant impact on the Company's consolidated financial position or results of operations. | |||||||||||||
Recent Accounting Pronouncements Not Yet Adopted | |||||||||||||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |||||||||||||
In April 2014, the FASB issued accounting guidance which changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. This accounting guidance is effective for fiscal years beginning on or after December 15, 2014 and interim periods within those years on a prospective basis. The Company is currently evaluating the impact of adopting this accounting guidance, but it is not expected to have a significant impact on the Company's consolidated financial position or results of operations upon adoption in the first quarter of 2016. | |||||||||||||
Revenue Recognition | |||||||||||||
In May 2014, the FASB issued accounting guidance which clarifies the principles for recognizing revenue and provides a comprehensive model for revenue recognition. Revenue recognition should depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This accounting guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. Early application is not permitted. A company may apply this accounting guidance either retrospectively or using the cumulative effect transition method. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 12 Months Ended | |
Aug. 01, 2014 | ||
Fair Value Measurements [Abstract] | ' | |
Fair value measurements | ' | |
Fair value for certain of the Company's assets and liabilities is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, a three level hierarchy for inputs is used. These levels are: | ||
· | Quoted Prices in Active Markets for Identical Assets ("Level 1") – quoted prices (unadjusted) for an identical asset or liability in an active market. | |
· | Significant Other Observable Inputs ("Level 2") – quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. | |
· | Significant Unobservable Inputs ("Level 3") – unobservable and significant to the fair value measurement of the asset or liability. | |
The Company's money market fund investments and deferred compensation plan assets are measured at fair value using quoted market prices. The fair values of the Company's interest rate swap asset and liabilities are determined based on the present value of expected future cash flows. Since the Company's interest rate swap values are based on the LIBOR forward curve, which is observable at commonly quoted intervals for the full terms of the swaps, it is considered a Level 2 input. Nonperformance risk is reflected in determining the fair value of the interest rate swaps by using the Company's credit spread less the risk-free interest rate, both of which are observable at commonly quoted intervals for the terms of the swaps. Thus, the adjustment for nonperformance risk is also considered a Level 2 input. | ||
The fair values of accounts receivable and accounts payable at August 1, 2014 and August 2, 2013, approximate their carrying amounts because of their short duration. The fair value of the Company's variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amounts at August 1, 2014 and August 2, 2013. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of estimated useful lives of assets | ' | ||||||||||||
For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight‑line and double‑declining balance methods over the estimated useful lives of the respective assets, as follows: | |||||||||||||
Years | |||||||||||||
Buildings and improvements | 30-45 | ||||||||||||
Buildings under capital leases | 15-25 | ||||||||||||
Restaurant and other equipment | 2-10 | ||||||||||||
Leasehold improvements | 1-35 | ||||||||||||
Schedule of total depreciation expense and depreciation expense related to store operations | ' | ||||||||||||
Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total depreciation expense | $ | 67,620 | $ | 65,351 | $ | 63,705 | |||||||
Depreciation expense related to store operations* | 62,746 | 60,574 | 58,423 | ||||||||||
*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. | |||||||||||||
Schedule of advertising expense | ' | ||||||||||||
Advertising expense for each of the three years was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Advertising expense | $ | 63,707 | $ | 59,957 | $ | 56,198 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Assets and Liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
The Company's assets and liabilities measured at fair value on a recurring basis at August 1, 2014 were as follows: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents* | $ | 63,068 | $ | -- | $ | -- | $ | 63,068 | |||||||||
Interest rate swap asset (see Note 6) | -- | 240 | -- | 240 | |||||||||||||
Deferred compensation plan assets** | 25,322 | -- | -- | 25,322 | |||||||||||||
Total assets at fair value | $ | 88,390 | $ | 240 | $ | -- | $ | 88,630 | |||||||||
Interest rate swap liability (see Note 6) | $ | -- | $ | 7,943 | $ | -- | $ | 7,943 | |||||||||
Total liabilities at fair value | $ | -- | $ | 7,943 | $ | -- | $ | 7,943 | |||||||||
The Company's assets and liabilities measured at fair value on a recurring basis at August 2, 2013 were as follows: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents* | $ | 57,767 | $ | -- | $ | -- | $ | 57,767 | |||||||||
Interest rate swap asset (see Note 6) | -- | 883 | -- | 883 | |||||||||||||
Deferred compensation plan assets** | 25,263 | -- | -- | 25,263 | |||||||||||||
Total assets at fair value | $ | 83,030 | $ | 883 | $ | -- | $ | 83,913 | |||||||||
Interest rate swap liability (see Note 6) | $ | -- | $ | 11,644 | $ | -- | $ | 11,644 | |||||||||
Total liabilities at fair value | $ | -- | $ | 11,644 | $ | -- | $ | 11,644 | |||||||||
*Consists of money market fund investments. | |||||||||||||||||
**Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company's non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note 12). |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Aug. 01, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories were comprised of the following at: | |||||||||
1-Aug-14 | 2-Aug-13 | ||||||||
Retail | $ | 128,386 | $ | 112,736 | |||||
Restaurant | 22,371 | 20,214 | |||||||
Supplies | 14,669 | 13,737 | |||||||
Total | $ | 165,426 | $ | 146,687 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Aug. 01, 2014 | |||||||||
Debt [Abstract] | ' | ||||||||
Schedule of long-term debt | ' | ||||||||
Long‑term debt consisted of the following at: | |||||||||
1-Aug-14 | 2-Aug-13 | ||||||||
Revolving Credit Facility expiring on July 8, 2016 | $ | 212,500 | $ | 212,500 | |||||
Term loan payable on or before July 8, 2016 | 187,500 | 187,500 | |||||||
400,000 | 400,000 | ||||||||
Current maturities | 25,000 | -- | |||||||
Long-term debt | $ | 375,000 | $ | 400,000 | |||||
Aggregate Maturities of Long-Term Debt | ' | ||||||||
The aggregate maturities of long‑term debt subsequent to August 1, 2014 are as follows: | |||||||||
Year | |||||||||
2015 | $ | 25,000 | |||||||
2016 | 375,000 | ||||||||
Total | $ | 400,000 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Summary of interest rate swaps | ' | ||||||||||||||||||||||||
A summary of the Company's interest rate swaps at August 1, 2014 is as follows: | |||||||||||||||||||||||||
Term | Notional Amount | Fixed Rate | |||||||||||||||||||||||
Trade Date | Effective Date | (in Years) | |||||||||||||||||||||||
10-Aug-10 | May 3, 2013 | 2 | $ | 200,000 | 2.73 | % | |||||||||||||||||||
25-Jul-11 | May 3, 2013 | 2 | 50,000 | 2 | % | ||||||||||||||||||||
25-Jul-11 | May 3, 2013 | 3 | 50,000 | 2.45 | % | ||||||||||||||||||||
19-Sep-11 | May 3, 2013 | 2 | 25,000 | 1.05 | % | ||||||||||||||||||||
19-Sep-11 | May 3, 2013 | 2 | 25,000 | 1.05 | % | ||||||||||||||||||||
7-Dec-11 | May 3, 2013 | 3 | 50,000 | 1.4 | % | ||||||||||||||||||||
18-Mar-13 | May 3, 2015 | 3 | 50,000 | 1.51 | % | ||||||||||||||||||||
8-Apr-13 | May 3, 2015 | 2 | 50,000 | 1.05 | % | ||||||||||||||||||||
15-Apr-13 | May 3, 2015 | 2 | 50,000 | 1.03 | % | ||||||||||||||||||||
22-Apr-13 | May 3, 2015 | 3 | 25,000 | 1.3 | % | ||||||||||||||||||||
25-Apr-13 | May 3, 2015 | 3 | 25,000 | 1.29 | % | ||||||||||||||||||||
18-Jun-14 | May 3, 2015 | 4 | 40,000 | 2.51 | % | ||||||||||||||||||||
24-Jun-14 | May 3, 2015 | 4 | 30,000 | 2.51 | % | ||||||||||||||||||||
1-Jul-14 | May 5, 2015 | 4 | 30,000 | 2.43 | % | ||||||||||||||||||||
Schedule of estimated fair value of derivative instruments | ' | ||||||||||||||||||||||||
The estimated fair values of the Company's derivative instruments were as follows: | |||||||||||||||||||||||||
(See Note 3) | Balance Sheet Location | 1-Aug-14 | 2-Aug-13 | ||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 240 | $ | 883 | ||||||||||||||||||||
Interest rate swaps | Current interest rate swap liability | $ | 4,704 | $ | -- | ||||||||||||||||||||
Interest rate swaps | Long-term interest rate swap liability | 3,239 | 11,644 | ||||||||||||||||||||||
Total liabilities | $ | 7,943 | $ | 11,644 | |||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||
The following table summarizes the offsetting of the Company's derivative assets in the Consolidated Balance Sheets at August 1, 2014 and August 2, 2013: | |||||||||||||||||||||||||
Gross Asset Amounts | Liability Amount Offset | Net Asset Amount Presented | |||||||||||||||||||||||
in the Balance Sheets | |||||||||||||||||||||||||
August 1, | 2-Aug-13 | August 1, | 2-Aug-13 | August 1, | 2-Aug-13 | ||||||||||||||||||||
(See Note 3) | 2014 | 2014 | 2014 | ||||||||||||||||||||||
Interest rate swaps | $ | 240 | $ | 1,159 | $ | -- | $ | (276 | ) | $ | 240 | $ | 883 | ||||||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
The following table summarizes the offsetting of the Company’s derivative liabilities in the Consolidated Balance Sheets at August 1, 2014 and August 2, 2013: | |||||||||||||||||||||||||
Gross Liability Amounts | Asset Amount Offset | Net Liability Amount Presented | |||||||||||||||||||||||
in the Balance Sheets | |||||||||||||||||||||||||
August 1, | August 2, | August 1, | August 2, | August 1, | August 2, | ||||||||||||||||||||
(See Note 3) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Interest rate swaps | $ | 8,441 | $ | 13,120 | $ | (498 | ) | $ | (1,476 | ) | $ | 7,943 | $ | 11,644 | |||||||||||
Schedule of pre-tax effects of derivative instruments on income and AOCL | ' | ||||||||||||||||||||||||
The following table summarizes the pre-tax effects of the Company's derivative instruments on AOCL for each of the three years: | |||||||||||||||||||||||||
Amount of Income Recognized in AOCL on Derivatives (Effective Portion) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 3,058 | $ | 23,620 | $ | 17,223 | |||||||||||||||||||
Changes in AOCL, net of tax, related to Company's interest rate swaps | ' | ||||||||||||||||||||||||
The following table summarizes the changes in AOCL, net of tax, related to the Company's interest rate swaps for the year ended August 1, 2014: | |||||||||||||||||||||||||
AOCL balance at August 2, 2013 | $ | (6,612 | ) | ||||||||||||||||||||||
Other comprehensive income before reclassifications | 6,836 | ||||||||||||||||||||||||
Amounts reclassified from AOCL into earnings | (4,957 | ) | |||||||||||||||||||||||
Other comprehensive income, net of tax | 1,879 | ||||||||||||||||||||||||
AOCL balance at August 1, 2014 | $ | (4,733 | ) | ||||||||||||||||||||||
Amounts reclassified out of AOCL related to Company's interest rate swaps | ' | ||||||||||||||||||||||||
The following table summarizes the pre-tax effects of the Company's derivative instruments on income for each of the three years: | |||||||||||||||||||||||||
Location of Loss Reclassified from | Amount of Loss Reclassified from AOCL into Income (Effective Portion) | ||||||||||||||||||||||||
AOCL into Income (Effective Portion) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | 8,068 | $ | 20,773 | $ | 35,903 | ||||||||||||||||||
The following table summarizes the amounts reclassified out of AOCL related to the Company's interest rate swaps for the year ended August 1, 2014: | |||||||||||||||||||||||||
Affected Line Item in the | |||||||||||||||||||||||||
Details about AOCL | Consolidated Statement of Income | ||||||||||||||||||||||||
Loss on cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | (8,068 | ) | Interest expense | |||||||||||||||||||||
Tax benefit | 3,111 | Provision for income taxes | |||||||||||||||||||||||
$ | (4,957 | ) | Net of tax |
Share_Repurchases_Tables
Share Repurchases (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Share Repurchases [Abstract] | ' | ||||||||||||
Summary of Share Repurchases | ' | ||||||||||||
The following table summarizes our share repurchases for the last three years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Maximum aggregate purchase price | $ | 50,000 | $ | 100,000 | $ | 65,000 | |||||||
Cost of shares repurchased | $ | 12,473 | $ | 3,570 | $ | 14,923 | |||||||
Shares of common stock repurchased | 120,000 | 44,300 | 265,538 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Schedule of revenue by segment | ' | ||||||||||||
Total revenue was comprised of the following at: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restaurant | $ | 2,137,405 | $ | 2,104,768 | $ | 2,054,127 | |||||||
Retail | 546,272 | 539,862 | 526,068 | ||||||||||
Total revenue | $ | 2,683,677 | $ | 2,644,630 | $ | 2,580,195 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of Rent Expense | ' | ||||||||||||
Rent expense under operating leases, including the sale-leaseback transactions discussed below, for each of the three years was: | |||||||||||||
Year | Minimum | Contingent | Total | ||||||||||
2014 | $ | 71,123 | $ | 242 | $ | 71,365 | |||||||
2013 | 70,095 | 232 | 70,327 | ||||||||||
2012 | 67,651 | 276 | 67,927 | ||||||||||
Schedule of Future Minimum Operating Lease Payments | ' | ||||||||||||
The following is a schedule by year of the future minimum rental payments required under the Company's operating leases as of August 1, 2014: | |||||||||||||
Year | Total | ||||||||||||
2015 | $ | 60,569 | |||||||||||
2016 | 48,942 | ||||||||||||
2017 | 43,858 | ||||||||||||
2018 | 41,592 | ||||||||||||
2019 | 41,926 | ||||||||||||
Later years | 518,762 | ||||||||||||
Total | $ | 755,649 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Schedule of Outstanding Awards Under Each Plan | ' | ||||||||||||||||
2010 Omnibus Plan | 254,188 | ||||||||||||||||
Amended and Restated Stock Option Plan | 41,184 | ||||||||||||||||
2002 Omnibus Incentive Compensation Plan | 49,948 | ||||||||||||||||
Total | 345,320 | ||||||||||||||||
LTPP Performance and Vesting Period | ' | ||||||||||||||||
The following table summarizes the performance periods and vesting periods for the Company's nonvested stock awards under its long-term performance plans at August 1, 2014: | |||||||||||||||||
Long-Term Performance Plan ("LTPP") | Performance Period | Vesting Period | |||||||||||||||
(in Years) | |||||||||||||||||
2013 LTPP | 2013 – 2014 | 2 or 3 | |||||||||||||||
2014 LTPP | 2014 – 2015 | 2 or 3 | |||||||||||||||
Schedule of Outstanding Awards Under LTPP | ' | ||||||||||||||||
The following table summarizes the shares that have been accrued under the 2013 LTPP and 2014 LTPP at August 1, 2014: | |||||||||||||||||
2013 LTPP | 62,426 | ||||||||||||||||
2014 LTPP | 17,441 | ||||||||||||||||
Schedule of nonvested stock activity | ' | ||||||||||||||||
A summary of the Company's nonvested stock activity as of August 1, 2014, and changes during 2014 are presented in the following table: | |||||||||||||||||
Nonvested Stock | Shares | Weighted-Average Grant | |||||||||||||||
Date Fair Value | |||||||||||||||||
Unvested at August 2, 2013 | 82,854 | $ | 59.83 | ||||||||||||||
Granted | 165,921 | 101.45 | |||||||||||||||
Vested | (184,710 | ) | 94.29 | ||||||||||||||
Forfeited | -- | -- | |||||||||||||||
Unvested at August 1, 2014 | 64,065 | $ | 68.25 | ||||||||||||||
Aggregate Fair Value of Non Vested Stock | ' | ||||||||||||||||
The following table summarizes the total fair value of nonvested stock that vested for each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total fair value of nonvested stock | $ | 17,417 | $ | 7,445 | $ | 12,981 | |||||||||||
Assumptions used in determining the fair value of MSU Grants | ' | ||||||||||||||||
The following assumptions were used in determining the fair value for the Company's MSU Grants: | |||||||||||||||||
Year Ended | |||||||||||||||||
1-Aug-14 | 2-Aug-13 | 3-Aug-12 | |||||||||||||||
Dividend yield*** | -- | 3 | % | 2.2 | % | ||||||||||||
Expected volatility | 25 | % | 27 | % | 45 | % | |||||||||||
Risk-free interest rate range | 0.7% - 0.8 | % | 0.3 | % | 0.3 | % | |||||||||||
***Dividends accrue on the 2014 MSU Grants. Dividends will be forfeited for any 2014 MSU Grants that do not vest. | |||||||||||||||||
Schedule of Shares Accrued Under the MSU Grants | ' | ||||||||||||||||
The following table summarizes the shares that have been accrued under the 2012 MSU Grants, the 2013 MSU Grants and 2014 MSU Grants at August 1, 2014: | |||||||||||||||||
Shares | |||||||||||||||||
2012 MSU Grants | 69,438 | ||||||||||||||||
2013 MSU Grants | 35,921 | ||||||||||||||||
2014 MSU Grants | 8,897 | ||||||||||||||||
Schedule of stock option activity | ' | ||||||||||||||||
A summary of the Company's stock option activity as of August 1, 2014, and changes during 2014 are presented in the following table: | |||||||||||||||||
Fixed Options | Shares | Weighted- | Weighted-Average | Aggregate | |||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Price | Contractual Term | Value | |||||||||||||||
Outstanding at August 2, 2013 | 101,138 | $ | 37.12 | ||||||||||||||
Granted | -- | -- | |||||||||||||||
Exercised | (2,423 | ) | 36.7 | ||||||||||||||
Forfeited | -- | -- | |||||||||||||||
Canceled | (11,583 | ) | 40.01 | ||||||||||||||
Outstanding at August 1, 2014 | 87,132 | $ | 36.75 | 1.95 | $ | 5,220 | |||||||||||
Exercisable | 87,132 | $ | 36.75 | 1.95 | $ | 5,220 | |||||||||||
Summary of total intrinsic values of options exercised | ' | ||||||||||||||||
The following table summarizes the total intrinsic values of options exercised during each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total intrinsic values of options exercised* | $ | 169 | $ | 10,526 | $ | 14,859 | |||||||||||
*The intrinsic value for stock options is defined as the difference between the current market value and the grant price. | |||||||||||||||||
Components of share-based compensation expense | ' | ||||||||||||||||
The following table highlights the components of share-based compensation expense for each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Nonvested stock awards | $ | 5,762 | $ | 15,416 | $ | 11,440 | |||||||||||
MSU Grants | 2,162 | 2,335 | 1,690 | ||||||||||||||
Stock options | -- | 88 | 1,290 | ||||||||||||||
Total compensation expense | $ | 7,924 | $ | 17,839 | $ | 14,420 | |||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | ||||||||||||||||
The following table highlights the total unrecognized compensation expense related to nonvested stock and MSU Grants and the weighted-average periods over which the expense is expected to be recognized as of August 1, 2014: | |||||||||||||||||
Nonvested Stock | MSU Grants | ||||||||||||||||
Total unrecognized compensation | $ | 1,959 | $ | 2,745 | |||||||||||||
Weighted-average period in years | 1.69 | 1.71 | |||||||||||||||
Total Share-based Compensation Income Tax Benefit | ' | ||||||||||||||||
The following table highlights the total income tax benefit recognized in the Consolidated Statements of Income for each of the three years: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total income tax benefit | $ | 2,438 | $ | 5,221 | $ | 4,254 |
Employee_Savings_Plans_Tables
Employee Savings Plans (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Employee Savings Plans [Abstract] | ' | ||||||||||||
Schedule of contributions for each plan | ' | ||||||||||||
The following table summarizes the Company's contributions for each plan for each of the three years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
401(k) Savings Plan | $ | 2,167 | $ | 2,180 | $ | 2,026 | |||||||
Non-Qualified Savings Plan | 253 | 241 | 283 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of the provision for income taxes | ' | ||||||||||||
The components of the provision for income taxes for each of the three years were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 53,713 | $ | 44,853 | $ | 34,074 | |||||||
State | 4,597 | 4,375 | 7,928 | ||||||||||
Deferred: | |||||||||||||
Federal | (2,863 | ) | (4,365 | ) | 886 | ||||||||
State | 3,274 | 3,654 | 319 | ||||||||||
Total provision for income taxes | $ | 58,721 | $ | 48,517 | $ | 43,207 | |||||||
Schedule of a reconciliation of the provision for income taxes | ' | ||||||||||||
A reconciliation of the Company's provision for income taxes and income taxes based on the statutory U.S. federal rate of 35% was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision computed at federal statutory income tax rate | $ | 66,797 | $ | 58,024 | $ | 51,201 | |||||||
State and local income taxes, net of federal benefit | 5,029 | 5,698 | 6,424 | ||||||||||
Employer tax credits for FICA taxes paid on employee tip income | (9,962 | ) | (9,635 | ) | (9,114 | ) | |||||||
Other employer tax credits | (3,781 | ) | (5,927 | ) | (4,938 | ) | |||||||
Other-net | 638 | 357 | (366 | ) | |||||||||
Total provision for income taxes | $ | 58,721 | $ | 48,517 | $ | 43,207 | |||||||
Schedule of significant components of the Company's net deferred tax liability | ' | ||||||||||||
Significant components of the Company's net deferred tax liability consisted of the following at: | |||||||||||||
1-Aug-14 | 2-Aug-13 | ||||||||||||
Deferred tax assets: | |||||||||||||
Compensation and employee benefits | $ | 10,858 | $ | 16,750 | |||||||||
Deferred rent | 14,900 | 13,535 | |||||||||||
Accrued liabilities | 13,942 | 12,766 | |||||||||||
Insurance reserves | 11,944 | 12,091 | |||||||||||
Inventory | 6,212 | 5,669 | |||||||||||
Other | 3,172 | 4,437 | |||||||||||
Deferred tax assets | $ | 61,028 | $ | 65,248 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 88,543 | $ | 94,179 | |||||||||
Inventory | 13,415 | 13,700 | |||||||||||
Other | 9,591 | 9,550 | |||||||||||
Deferred tax liabilities | 111,549 | 117,429 | |||||||||||
Net deferred tax liability | $ | 50,521 | $ | 52,181 | |||||||||
Schedule of the Company's total gross liability for uncertain tax positions exclusive of interest and penalties | ' | ||||||||||||
Summarized below is a tabular reconciliation of the beginning and ending balance of the Company's total gross liability for uncertain tax positions exclusive of interest and penalties: | |||||||||||||
1-Aug-14 | 2-Aug-13 | 3-Aug-12 | |||||||||||
Balance at beginning of year | $ | 20,972 | $ | 18,098 | $ | 14,167 | |||||||
Tax positions related to the current year: | |||||||||||||
Additions | 3,989 | 3,731 | 3,326 | ||||||||||
Reductions | -- | -- | -- | ||||||||||
Tax positions related to the prior year: | |||||||||||||
Additions | 1,400 | 191 | 2,556 | ||||||||||
Reductions | (1,630 | ) | (280 | ) | (1,043 | ) | |||||||
Settlements | (755 | ) | -- | -- | |||||||||
Expiration of statute of limitations | (1,144 | ) | (768 | ) | (908 | ) | |||||||
Balance at end of year | $ | 22,832 | $ | 20,972 | $ | 18,098 | |||||||
Schedule of uncertain tax positions that, if recognized, would affect effective tax rate | ' | ||||||||||||
The following table highlights the amount of uncertain tax positions, exclusive of interest and penalties, which, if recognized, would affect the effective tax rate for each of the three years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Uncertain tax positions | $ | 14,840 | $ | 13,631 | $ | 11,764 |
Net_Income_Per_Share_and_Weigh1
Net Income Per Share and Weighted Average Shares (Tables) | 12 Months Ended | ||||||||||||
Aug. 01, 2014 | |||||||||||||
Net Income Per Share and Weighted Average Shares [Abstract] | ' | ||||||||||||
Reconciliation of components of diluted earnings per share computations | ' | ||||||||||||
The following table reconciles the components of diluted earnings per share computations: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income per share numerator | $ | 132,128 | $ | 117,265 | $ | 103,081 | |||||||
Net income per share denominator: | |||||||||||||
Basic weighted average shares outstanding | 23,817,768 | 23,708,875 | 23,067,566 | ||||||||||
Add potential dilution: | |||||||||||||
Stock options, nonvested stock awards and MSU Grants | 148,247 | 239,446 | 340,560 | ||||||||||
Diluted weighted average shares outstanding | 23,966,015 | 23,948,321 | 23,408,126 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 01, 2014 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly financial data | ' | ||||||||||||||||
Quarterly financial data for 2014 and 2013 are summarized as follows: | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
2014 | |||||||||||||||||
Total revenue | $ | 649,141 | $ | 698,491 | $ | 643,298 | $ | 692,747 | |||||||||
Gross profit | 443,212 | 455,476 | 441,791 | 470,440 | |||||||||||||
Income before income taxes | 39,830 | 54,235 | 40,886 | 55,898 | |||||||||||||
Net income | 27,160 | 37,055 | 28,728 | 39,185 | |||||||||||||
Net income per share – basic | $ | 1.14 | $ | 1.56 | $ | 1.21 | $ | 1.65 | |||||||||
Net income per share – diluted | $ | 1.14 | $ | 1.55 | $ | 1.2 | $ | 1.63 | |||||||||
2013 | |||||||||||||||||
Total revenue | $ | 627,451 | $ | 702,671 | $ | 640,407 | $ | 674,101 | |||||||||
Gross profit | 429,593 | 458,484 | 438,425 | 463,444 | |||||||||||||
Income before income taxes | 34,596 | 46,904 | 33,978 | 50,304 | |||||||||||||
Net income | 23,192 | 35,168 | 24,602 | 34,303 | |||||||||||||
Net income per share – basic | $ | 0.98 | $ | 1.48 | $ | 1.04 | $ | 1.44 | |||||||||
Net income per share – diluted | $ | 0.97 | $ | 1.47 | $ | 1.02 | $ | 1.43 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 | |||
Property and equipment [Abstract] | ' | ' | ' | |||
Total depreciation expense | $67,620 | $65,351 | $63,705 | |||
Depreciation expense related to store operations | 62,746 | [1] | 60,574 | [1] | 58,423 | [1] |
Derivative instruments and hedging activities [Abstract] | ' | ' | ' | |||
Credit exposure to the counterparty if the company owes the counterparty | 0 | ' | ' | |||
Insurance [Abstract] | ' | ' | ' | |||
Threshold amount for workers' compensation insurance Level 1 | 250 | ' | ' | |||
Threshold amount for workers' compensation insurance Level 2 | 500 | ' | ' | |||
Threshold amount for workers' compensation insurance Level 3 | 1,000 | ' | ' | |||
Threshold amount for general liability insurance | 500 | ' | ' | |||
Leases [Abstract] | ' | ' | ' | |||
Maximum useful life of leases | '35 years | ' | ' | |||
Advertising [Abstract] | ' | ' | ' | |||
Advertising expense | $63,707 | $59,957 | $56,198 | |||
Income taxes [Abstract] | ' | ' | ' | |||
Minimum percentage used to determine likelihood of success of a tax position taken (in hundredths) | 50.00% | ' | ' | |||
Minimum [Member] | ' | ' | ' | |||
Inventories [Abstract] | ' | ' | ' | |||
Percentage of retail inventories valued using the retail inventory method (in hundredths) | 70.00% | ' | ' | |||
Maximum [Member] | ' | ' | ' | |||
Inventories [Abstract] | ' | ' | ' | |||
Percentage of retail inventories valued using the retail inventory method (in hundredths) | 75.00% | ' | ' | |||
Buildings and improvements [Member] | Minimum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '30 years | ' | ' | |||
Buildings and improvements [Member] | Maximum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '45 years | ' | ' | |||
Buildings under capital leases [Member] | Minimum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '15 years | ' | ' | |||
Buildings under capital leases [Member] | Maximum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '25 years | ' | ' | |||
Restaurant and other equipment [Member] | Minimum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '2 years | ' | ' | |||
Restaurant and other equipment [Member] | Maximum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '10 years | ' | ' | |||
Leasehold improvements [Member] | Minimum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '1 year | ' | ' | |||
Leasehold improvements [Member] | Maximum [Member] | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |||
Estimated useful life | '35 years | ' | ' | |||
[1] | Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Aug. 01, 2014 | Aug. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | $63,068 | [1] | $57,767 | [1] |
Interest rate swap asset (see Note 6) | 240 | 883 | ||
Deferred compensation plan assets | 25,322 | [2] | 25,263 | [2] |
Total assets at fair value | 88,630 | 83,913 | ||
Interest rate swap liability (see Note 6) | 7,943 | 11,644 | ||
Total liabilities at fair value | 7,943 | 11,644 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 63,068 | [1] | 57,767 | [1] |
Interest rate swap asset (see Note 6) | 0 | 0 | ||
Deferred compensation plan assets | 25,322 | [2] | 25,263 | [2] |
Total assets at fair value | 88,390 | 83,030 | ||
Interest rate swap liability (see Note 6) | 0 | 0 | ||
Total liabilities at fair value | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 0 | [1] | 0 | [1] |
Interest rate swap asset (see Note 6) | 240 | 883 | ||
Deferred compensation plan assets | 0 | [2] | 0 | [2] |
Total assets at fair value | 240 | 883 | ||
Interest rate swap liability (see Note 6) | 7,943 | 11,644 | ||
Total liabilities at fair value | 7,943 | 11,644 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 0 | [1] | 0 | [1] |
Interest rate swap asset (see Note 6) | 0 | 0 | ||
Deferred compensation plan assets | 0 | [2] | 0 | [2] |
Total assets at fair value | 0 | 0 | ||
Interest rate swap liability (see Note 6) | 0 | 0 | ||
Total liabilities at fair value | $0 | $0 | ||
[1] | Consists of money market fund investments. | |||
[2] | Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company's non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note 12). |
Inventories_Details
Inventories (Details) (USD $) | Aug. 01, 2014 | Aug. 02, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Retail | $128,386 | $112,736 |
Restaurant | 22,371 | 20,214 |
Supplies | 14,669 | 13,737 |
Total | $165,426 | $146,687 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 |
Debt Instrument [Line Items] | ' | ' |
Term of debt instrument | '5 years | ' |
Long-term debt, gross | $400,000 | $400,000 |
Current maturities | 25,000 | 0 |
Long-term debt | 375,000 | 400,000 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2015 | 25,000 | ' |
2016 | 375,000 | ' |
Total | 400,000 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 500,000 | ' |
Long-term debt, gross | 212,500 | 212,500 |
Line of credit facility, expiration date | 8-Jul-16 | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Amount of standby letters of credit | 20,637 | ' |
Current borrowing capacity | 266,863 | ' |
Term Loans Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 250,000 | ' |
Long-term debt, gross | 187,500 | 187,500 |
Maturity date | 8-Jul-16 | ' |
Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 750,000 | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Weighted average interest rates of the Company's swapped term loans (in hundredths) | 3.73% | 3.73% |
Restrictions on dividends payable | 'The Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Provided there is no default existing and the Companybs availability under the Revolving Credit Facility plus the Companybs cash and cash equivalents on hand is at least $100,000 (the bliquidity requirementsb), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock if the aggregate amount of dividends paid and shares repurchased in any fiscal year is less than the sum of (1) 20% of Consolidated EBITDA from continuing operations (as defined in the Credit Facility) (the b20% limitationb) and (2) provided the Companybs consolidated total leverage ratio is 3.25 to 1.00 or less, $100,000 (less the amount of any share repurchases during the current fiscal year) In any event, as long as the liquidity requirements are met, dividends may be declared and paid in any fiscal year up to the amount of dividends permitted and paid in the preceding fiscal year without regard to the 20% limitation. | ' |
Dividend limitation (in hundredths) | 20.00% | ' |
Liquidity requirements | $100,000 | ' |
Leverage ratio | 3.25 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Derivative [Line Items] | ' | ' | ' |
Company's credit spread (in hundredths) | 1.50% | 1.50% | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value, liability | $7,943 | $11,664 | ' |
Offsetting of derivative liabilities in consolidated balance sheets [Abstract] | ' | ' | ' |
Net Liability Amount Presented in the Balance Sheets | 7,943 | 11,664 | ' |
Estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months | 6,014 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other comprehensive income, net of tax | 1,879 | 14,546 | 16,874 |
Amounts reclassified out of AOCL related to interest expense and provision for income taxes [Abstract] | ' | ' | ' |
Interest expense | 17,557 | 35,742 | 44,687 |
Provision for income taxes | 58,721 | 48,517 | 43,207 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value, asset | 240 | 883 | ' |
Fair value, liability | 7,943 | 11,644 | ' |
Offsetting of derivative assets in balance sheets [Abstract] | ' | ' | ' |
Gross Asset Amounts | 240 | 1,159 | ' |
Liability Amount Offset | 0 | -276 | ' |
Net Asset Amount Presented in the Balance Sheets | 240 | 883 | ' |
Offsetting of derivative liabilities in consolidated balance sheets [Abstract] | ' | ' | ' |
Gross Liability Amounts | 8,441 | 13,120 | ' |
Asset Amount Offset | -498 | -1,476 | ' |
Net Liability Amount Presented in the Balance Sheets | 7,943 | 11,644 | ' |
Reduction in the fair value | 62 | 123 | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
AOCL, Beginning balance | -6,612 | ' | ' |
Other comprehensive income before reclassifications | 6,836 | ' | ' |
Amounts reclassified from AOCL into earnings | -4,957 | ' | ' |
Other comprehensive income, net of tax | 1,879 | ' | ' |
AOCL, Ending balance | -4,733 | -6,612 | ' |
Amounts reclassified out of AOCL related to interest expense and provision for income taxes [Abstract] | ' | ' | ' |
Interest expense | -8,068 | ' | ' |
Provision for income taxes | 3,111 | ' | ' |
Net of tax | -4,957 | ' | ' |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Income Recognized in AOCL on Derivative (Effective Portion) | 3,058 | 23,620 | 17,223 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Reclassified from AOCL into Income (Effective Portion) | 8,068 | 20,773 | 35,903 |
Interest Rate Swap [Member] | Other Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value, asset | 240 | 883 | ' |
Offsetting of derivative assets in balance sheets [Abstract] | ' | ' | ' |
Net Asset Amount Presented in the Balance Sheets | 240 | 883 | ' |
Interest Rate Swap [Member] | Current interest rate swap liability [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value, liability | 4,704 | 0 | ' |
Offsetting of derivative liabilities in consolidated balance sheets [Abstract] | ' | ' | ' |
Net Liability Amount Presented in the Balance Sheets | 4,704 | 0 | ' |
Interest Rate Swap [Member] | Long-term interest rate swap liability [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value, liability | 3,239 | 11,644 | ' |
Offsetting of derivative liabilities in consolidated balance sheets [Abstract] | ' | ' | ' |
Net Liability Amount Presented in the Balance Sheets | 3,239 | 11,644 | ' |
Interest Rate Swap [Member] | Interest Rate Swap Aug 10, 2010 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-13 | ' | ' |
Term | '2 years | ' | ' |
Notional amount | 200,000 | ' | ' |
Fixed rate (in hundredths) | 2.73% | ' | ' |
Interest Rate Swap [Member] | Two Year Interest Rate Swap July 25, 2011 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-13 | ' | ' |
Term | '2 years | ' | ' |
Notional amount | 50,000 | ' | ' |
Fixed rate (in hundredths) | 2.00% | ' | ' |
Interest Rate Swap [Member] | Three Year Interest Rate Swap July 25, 2011 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-13 | ' | ' |
Term | '3 years | ' | ' |
Notional amount | 50,000 | ' | ' |
Fixed rate (in hundredths) | 2.45% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap 1 September 19, 2011 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-13 | ' | ' |
Term | '2 years | ' | ' |
Notional amount | 25,000 | ' | ' |
Fixed rate (in hundredths) | 1.05% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap 2 September 19, 2011 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-13 | ' | ' |
Term | '2 years | ' | ' |
Notional amount | 25,000 | ' | ' |
Fixed rate (in hundredths) | 1.05% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap December 7, 2011 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-13 | ' | ' |
Term | '3 years | ' | ' |
Notional amount | 50,000 | ' | ' |
Fixed rate (in hundredths) | 1.40% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap March 18, 2013 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '3 years | ' | ' |
Notional amount | 50,000 | ' | ' |
Fixed rate (in hundredths) | 1.51% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap April 8, 2013 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '2 years | ' | ' |
Notional amount | 50,000 | ' | ' |
Fixed rate (in hundredths) | 1.05% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap April 15, 2013 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '2 years | ' | ' |
Notional amount | 50,000 | ' | ' |
Fixed rate (in hundredths) | 1.03% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap April 22, 2013 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '3 years | ' | ' |
Notional amount | 25,000 | ' | ' |
Fixed rate (in hundredths) | 1.30% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap April 25, 2013 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '3 years | ' | ' |
Notional amount | 25,000 | ' | ' |
Fixed rate (in hundredths) | 1.29% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap June 18, 2014 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Increase in notional amount each year | 40,000 | ' | ' |
Maximum notional amount | 160,000 | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '4 years | ' | ' |
Notional amount | 40,000 | ' | ' |
Fixed rate (in hundredths) | 2.51% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap June 24, 2014 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Increase in notional amount each year | 30,000 | ' | ' |
Maximum notional amount | 120,000 | ' | ' |
Effective date | 3-May-15 | ' | ' |
Term | '4 years | ' | ' |
Notional amount | 30,000 | ' | ' |
Fixed rate (in hundredths) | 2.51% | ' | ' |
Interest Rate Swap [Member] | Interest Rate Swap July 1, 2014 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Increase in notional amount each year | 30,000 | ' | ' |
Maximum notional amount | 120,000 | ' | ' |
Effective date | 5-May-15 | ' | ' |
Term | '4 years | ' | ' |
Notional amount | $30,000 | ' | ' |
Fixed rate (in hundredths) | 2.43% | ' | ' |
Share_Repurchases_Details
Share Repurchases (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Share Repurchases [Abstract] | ' | ' | ' |
Maximum aggregate purchase price | $50,000 | $100,000 | $65,000 |
Cost of shares repurchased | $12,473 | $3,570 | $14,923 |
Shares of common stock repurchased (in shares) | 120,000 | 44,300 | 265,538 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 01, 2014 | 2-May-14 | Jan. 31, 2014 | Nov. 01, 2013 | Aug. 02, 2013 | 3-May-13 | Feb. 01, 2013 | Nov. 02, 2012 | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Segment | |||||||||||
ProductLine | |||||||||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of product lines | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of reportable operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $692,747 | $643,298 | $698,491 | $649,141 | $674,101 | $640,407 | $702,671 | $627,451 | $2,683,677 | $2,644,630 | $2,580,195 |
Restaurant [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,137,405 | 2,104,768 | 2,054,127 |
Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $546,272 | $539,862 | $526,068 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 | Jul. 31, 2009 | Jul. 31, 2009 | Jul. 28, 2000 | Jul. 31, 2009 |
Store | Store | Owned Stores [Member] | Owned Stores [Member] | Retail Distribution Center [Member] | |||
Store | |||||||
Leases [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of leased facilities for stores | 216 | ' | ' | ' | ' | ' | ' |
Minimum Lease Payments | $71,123 | $70,095 | $67,651 | ' | ' | ' | ' |
Contingent Lease Payments | 242 | 232 | 276 | ' | ' | ' | ' |
Total Lease Payments | 71,365 | 70,327 | 67,927 | ' | ' | ' | ' |
Future minimum rental payments, operating leases [Abstract] | ' | ' | ' | ' | ' | ' | ' |
2015 | 60,569 | ' | ' | ' | ' | ' | ' |
2016 | 48,942 | ' | ' | ' | ' | ' | ' |
2017 | 43,858 | ' | ' | ' | ' | ' | ' |
2018 | 41,592 | ' | ' | ' | ' | ' | ' |
2019 | 41,926 | ' | ' | ' | ' | ' | ' |
Later years | 518,762 | ' | ' | ' | ' | ' | ' |
Total | $755,649 | ' | ' | ' | ' | ' | ' |
Sale Leaseback Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of owned stores involved in sale-lease back transaction | ' | ' | ' | 15 | ' | 65 | ' |
Initial lease term | ' | ' | ' | ' | '20 years | '21 years | '15 years |
Lease renewal option | ' | ' | ' | ' | '20 years | '20 years | '20 years |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 | |||
CompensationPlan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of active compensation plans | 1 | ' | ' | |||
Number of other compensation plans | 2 | ' | ' | |||
Number of shares of the Company's common stock originally authorized for issuance (in shares) | 1,500,000 | ' | ' | |||
Common stock reserved for future issuance (in shares) | 1,169,019 | ' | ' | |||
Number of outstanding awards under each plan (in shares) | 345,320 | ' | ' | |||
Compensation cost | $7,924 | $17,839 | $14,420 | |||
Total income tax benefit | 2,438 | 5,221 | 4,254 | |||
Number of shares issued from the exercise and vesting of share-based compensation awards (in shares) | 145,900 | ' | ' | |||
Tax withholding payment net of cash received from issuance of share based compensation awards | -8,457 | 6,454 | 17,602 | |||
Excess tax benefit realized upon exercise of share-based compensation awards | 1,248 | ' | ' | |||
MSU Grants [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Compensation cost | 2,162 | 2,335 | 1,690 | |||
Total unrecognized compensation | 2,745 | ' | ' | |||
Weighted average period in years | '1 year 8 months 16 days | ' | ' | |||
Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | |||
Dividend yield range (in hundredths) | 0.00% | 3.00% | 2.20% | |||
Expected volatility ( in hundredths) | 25.00% | 27.00% | 45.00% | |||
Risk-free interest rate, minimum (in hundredths) | 0.70% | ' | ' | |||
Risk-free interest rate (in hundredths) | ' | 0.30% | 0.30% | |||
Risk-free interest rate, maximum (in hundredths) | 0.80% | ' | ' | |||
Stock Options [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of years to expiration date from grant date | '10 years | ' | ' | |||
Yearly exercisable cumulative rate (in hundredths) | 33.00% | ' | ' | |||
Compensation cost | 0 | 88 | 1,290 | |||
Total intrinsic values of options exercised | 169 | [1] | 10,526 | [1] | 14,859 | [1] |
Summary of Stock Options [Roll Forward] | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | 101,138 | ' | ' | |||
Granted (in shares) | 0 | 0 | 0 | |||
Exercised (in shares) | -2,423 | ' | ' | |||
Forfeited (in shares) | 0 | ' | ' | |||
Canceled (in shares) | -11,583 | ' | ' | |||
Outstanding at end of period (in shares) | 87,132 | 101,138 | ' | |||
Exercisable (in shares) | 87,132 | ' | ' | |||
Fixed Options - Weighted Average Price [Abstract] | ' | ' | ' | |||
Weighted average price, outstanding at beginning of period (in dollars per share) | $37.12 | ' | ' | |||
Weighted average price, granted (in dollars per share) | $0 | ' | ' | |||
Weighted average price, exercised (in dollars per share) | $36.70 | ' | ' | |||
Weighted average price, forfeited (in dollars per share) | $0 | ' | ' | |||
Weighted average price, canceled (in dollars per share) | $40.01 | ' | ' | |||
Weighted average price, outstanding at end of period (in dollars per share) | $36.75 | $37.12 | ' | |||
Weighted average price, exercisable (in dollars per share) | $36.75 | ' | ' | |||
Fixed Options - Weighted-Average Remaining Contractual Term [Abstract] | ' | ' | ' | |||
Weighted-average remaining contractual term, outstanding at end of period (in years) | '1 year 11 months 12 days | ' | ' | |||
Weighted average remaining contractual term, exercisable | '1 year 11 months 12 days | ' | ' | |||
Fixed Options - Aggregate Intrinsic Value [Abstract] | ' | ' | ' | |||
Aggregate intrinsic value, outstanding at end of period | 5,220 | ' | ' | |||
Aggregate intrinsic value, exercisable | 5,220 | ' | ' | |||
Nonvested Stock [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Compensation cost | 5,762 | 15,416 | 11,440 | |||
Total unrecognized compensation | 1,959 | ' | ' | |||
Weighted average period in years | '1 year 8 months 8 days | ' | ' | |||
Nonvested Stock [Roll Forward] | ' | ' | ' | |||
Unvested at beginning of period (in shares) | 82,854 | ' | ' | |||
Granted (in shares) | 165,921 | ' | ' | |||
Vested (in shares) | -184,710 | ' | ' | |||
Forfeited (in shares) | 0 | ' | ' | |||
Unvested at end of period (in shares) | 64,065 | 82,854 | ' | |||
Weighted-Average Grant Date Fair Value, Nonvested Stock [Abstract] | ' | ' | ' | |||
Weighted average grant date fair value, unvested at beginning of period (in dollars per share) | $59.83 | ' | ' | |||
Weighted average grant date fair value, granted (in dollars per share) | $101.45 | ' | ' | |||
Weighted average grant date fair value, vested (in dollars per share) | $94.29 | ' | ' | |||
Forfeited (in dollars per share) | $0 | ' | ' | |||
Unvested at end of period (in dollars per share) | $68.25 | $59.83 | ' | |||
Total fair value of nonvested stock | $17,417 | $7,445 | $12,981 | |||
Nonvested Stock [Member] | Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Vesting period | '1 year | ' | ' | |||
Nonvested Stock [Member] | Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Vesting period | '3 years | ' | ' | |||
Amended and Restated Stock Option Plan [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of outstanding awards under each plan (in shares) | 41,184 | ' | ' | |||
Omnibus Plan 2010 [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of outstanding awards under each plan (in shares) | 254,188 | ' | ' | |||
Omnibus Plan 2010 [Member] | MSU Grants [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Award performance period | '3 years | ' | ' | |||
Percentage of shares that may be awarded to the executives, maximum (in hundredths) | 150.00% | ' | ' | |||
Measurement period for average prices in consecutive calendar days | '60 days | ' | ' | |||
Measurement period for average prices prior to first business day of performance period | '30 days | ' | ' | |||
Measurement period for average prices after first business day of performance period | '30 days | ' | ' | |||
Long-Term Performance Plan 2014 [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Non vested stock earned (in shares) | 17,441 | ' | ' | |||
Long-Term Performance Plan 2014 [Member] | Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Performance period | '2014 | ' | ' | |||
Vesting period | '2 years | ' | ' | |||
Long-Term Performance Plan 2014 [Member] | Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Performance period | '2015 | ' | ' | |||
Vesting period | '3 years | ' | ' | |||
Long-Term Performance Plan 2013 [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Non vested stock earned (in shares) | 62,426 | ' | ' | |||
Long-Term Performance Plan 2013 [Member] | Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Performance period | '2013 | ' | ' | |||
Vesting period | '2 years | ' | ' | |||
Long-Term Performance Plan 2013 [Member] | Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Performance period | '2014 | ' | ' | |||
Vesting period | '3 years | ' | ' | |||
MSU Grants 2012 [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of shares accrued (in shares) | 69,438 | ' | ' | |||
MSU Grants 2013 [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of shares accrued (in shares) | 35,921 | ' | ' | |||
MSU Grants 2014 [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of shares accrued (in shares) | 8,897 | ' | ' | |||
2002 Omnibus Incentive Compensation Plan [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of outstanding awards under each plan (in shares) | 49,948 | ' | ' | |||
[1] | The intrinsic value for stock options is defined as the difference between the current market value and the grant price. |
Shareholder_Rights_Plan_Detail
Shareholder Rights Plan (Details) (USD $) | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 01, 2014 | Apr. 09, 2012 | Aug. 01, 2014 |
April 9, 2012 Shareholder Rights Plan [Member] | April 9, 2012 Shareholder Rights Plan [Member] | April 9, 2012 Shareholder Rights Plan [Member] | |||
PreferredShare | Series A Junior Participating Preferred Stock [Member] | ||||
Shareholder Rights Plan [Line Items] | ' | ' | ' | ' | ' |
Dividend declaration date | ' | ' | 9-Apr-12 | ' | ' |
Number of preferred share purchase right declared as dividend for each share of common stock outstanding | ' | ' | ' | 1 | ' |
Dividend record date | ' | ' | 20-Apr-12 | ' | ' |
Dividend payment date | ' | ' | 20-Apr-12 | ' | ' |
Rights expiration date | ' | ' | 9-Apr-15 | ' | ' |
Par value of common share outstanding (in dollars per share) | $0.01 | $0.01 | $0.01 | ' | ' |
Exercise price of each right (in dollars per share) | ' | ' | $200 | ' | ' |
Common share equivalent for each preferred share portion (in shares) | ' | ' | ' | ' | 1 |
Minimum number of days before rights can be exercised | ' | ' | '10 days | ' | ' |
Minimum percentage of outstanding common stock ownership required to qualify for an "Acquiring Person" (in hundredths) | ' | ' | 20.00% | ' | ' |
Quarterly dividends payments per share (in dollars per share) | ' | ' | ' | ' | $0.01 |
Amount entitled to receive per share upon liquidation of preferred share (in dollars per share) | ' | ' | ' | ' | $1 |
Redemption price of the right (in dollars per share) | ' | ' | $0.01 | ' | ' |
Minimum offering period | ' | ' | '60 days | ' | ' |
Subsequent offering period | ' | ' | '20 days | ' | ' |
Minimum percentage of an ownership of common stock by an Acquiring Person before board of directors may extinguish right (in hundredths) | ' | ' | 50.00% | ' | ' |
Number of common stock shares that can be exchanged for each right if rights were extinguished (in shares) | ' | ' | 1 | ' | ' |
Employee_Savings_Plans_Details
Employee Savings Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Defined Contribution Plan Disclosures [Line Items] | ' | ' | ' |
Participation eligibility terms of the plan | 'salaried and hourly employees who have completed ninety days of service and have attained the age of twenty-one | ' | ' |
Percentage of company match to employee contribution (in hundredths) | 25.00% | 25.00% | 25.00% |
Maximum percentage of employee's compensation matched by company (in hundredths) | 6.00% | 6.00% | 6.00% |
Percentage of company contributions that vests annually (in hundredths) | 20.00% | 20.00% | 20.00% |
Percentage of company contribution that vests on employee's fifth anniversary of employment (in hundredths) | 100.00% | 100.00% | 100.00% |
401(k) Savings Plan [Member] | ' | ' | ' |
Defined Contribution Plan Disclosures [Line Items] | ' | ' | ' |
Percentage of compensation allowed to be deferred by eligible employees (in hundredths) | 50.00% | ' | ' |
Company contribution to the plan during the period | 2,167 | 2,180 | 2,026 |
Non-Qualified Savings Plan [Member] | ' | ' | ' |
Defined Contribution Plan Disclosures [Line Items] | ' | ' | ' |
Percentage of compensation allowed to be deferred by eligible employees (in hundredths) | 50.00% | ' | ' |
Percentage of eligible bonuses allowed to be deferred (in hundredths) | 100.00% | ' | ' |
Market value of the trust assets | 25,322 | ' | ' |
Liability obligations to participants | 25,322 | ' | ' |
Company contribution to the plan during the period | 253 | 241 | 283 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Current [Abstract] | ' | ' | ' |
Federal | $53,713 | $44,853 | $34,074 |
State | 4,597 | 4,375 | 7,928 |
Deferred [Abstract] | ' | ' | ' |
Federal | -2,863 | -4,365 | 886 |
State | 3,274 | 3,654 | 319 |
Total provision for income taxes | 58,721 | 48,517 | 43,207 |
U.S. federal statutory rate used (in hundredths) | 35.00% | ' | ' |
Provision computed at federal statutory income tax rate | 66,797 | 58,024 | 51,201 |
State and local income taxes, net of federal benefit | 5,029 | 5,698 | 6,424 |
Employer tax credits for FICA taxes paid on employee tip income | -9,962 | -9,635 | -9,114 |
Other employer tax credits | -3,781 | -5,927 | -4,938 |
Other-net | 638 | 357 | -366 |
Total provision for income taxes | 58,721 | 48,517 | 43,207 |
Deferred tax assets [Abstract] | ' | ' | ' |
Compensation and employee benefits | 10,858 | 16,750 | ' |
Deferred rent | 14,900 | 13,535 | ' |
Accrued liabilities | 13,942 | 12,766 | ' |
Insurance reserves | 11,944 | 12,091 | ' |
Inventory | 6,212 | 5,669 | ' |
Other | 3,172 | 4,437 | ' |
Deferred tax assets | 61,028 | 65,248 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Property and equipment | 88,543 | 94,179 | ' |
Inventory | 13,415 | 13,700 | ' |
Other | 9,591 | 9,550 | ' |
Deferred tax liabilities | 111,549 | 117,429 | ' |
Net deferred tax liability | 50,521 | 52,181 | ' |
Reconciliation of gross liability for uncertain tax positions [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 20,972 | 18,098 | 14,167 |
Tax positions related to the current year [Abstract] | ' | ' | ' |
Additions | 3,989 | 3,731 | 3,326 |
Reductions | 0 | 0 | 0 |
Tax positions related to prior years [Abstract] | ' | ' | ' |
Additions | 1,400 | 191 | 2,556 |
Reductions | -1,630 | -280 | -1,043 |
Settlements | -755 | 0 | 0 |
Expiration of statute of limitations | -1,144 | -768 | -908 |
Balance at end of year | 22,832 | 20,972 | 18,098 |
Amount of uncertain tax positions that, if recognized, would affect the effective tax rate | 14,840 | 13,631 | 11,764 |
Potential interest and penalties [Abstract] | ' | ' | ' |
Interest and penalties | 8,559 | 7,869 | 6,605 |
Interest and penalties [Abstract] | ' | ' | ' |
Interest and penalties related to uncertain tax positions | 691 | 1,264 | 1,225 |
Potential decrease of liabilities for uncertain tax positions within the next twelve months , minimum | 2,000 | ' | ' |
Potential decrease of liabilities for uncertain tax positions within the next twelve months , maximum | $4,000 | ' | ' |
Net_Income_Per_Share_and_Weigh2
Net Income Per Share and Weighted Average Shares (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 01, 2014 | 2-May-14 | Jan. 31, 2014 | Nov. 01, 2013 | Aug. 02, 2013 | 3-May-13 | Feb. 01, 2013 | Nov. 02, 2012 | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Net Income Per Share and Weighted Average Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per share numerator | $39,185 | $28,728 | $37,055 | $27,160 | $34,303 | $24,602 | $35,168 | $23,192 | $132,128 | $117,265 | $103,081 |
Net income per share denominator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 23,817,768 | 23,708,875 | 23,067,566 |
Add potential dilution [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, nonvested stock awards and MSU Grants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 148,247 | 239,446 | 340,560 |
Diluted weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 23,966,015 | 23,948,321 | 23,408,126 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Aug. 01, 2014 |
In Thousands, unless otherwise specified | |
Financial Standby Letter of Credit [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Standby letters of credit | $20,637 |
Third party lease guarantees [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Number of properties for which the company is secondarily liable for lease payments | 2 |
Recorded liability related to legal costs | $252 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 01, 2014 | 2-May-14 | Jan. 31, 2014 | Nov. 01, 2013 | Aug. 02, 2013 | 3-May-13 | Feb. 01, 2013 | Nov. 02, 2012 | Aug. 01, 2014 | Aug. 02, 2013 | Aug. 03, 2012 |
Quarterly Financial Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $692,747 | $643,298 | $698,491 | $649,141 | $674,101 | $640,407 | $702,671 | $627,451 | $2,683,677 | $2,644,630 | $2,580,195 |
Gross profit | 470,440 | 441,791 | 455,476 | 443,212 | 463,444 | 438,425 | 458,484 | 429,593 | 1,810,919 | 1,789,946 | 1,752,711 |
Income before income taxes | 55,898 | 40,886 | 54,235 | 39,830 | 50,304 | 33,978 | 46,904 | 34,596 | 190,849 | 165,782 | 146,288 |
Net income | $39,185 | $28,728 | $37,055 | $27,160 | $34,303 | $24,602 | $35,168 | $23,192 | $132,128 | $117,265 | $103,081 |
Net income per share - basic (in dollars per share) | $1.65 | $1.21 | $1.56 | $1.14 | $1.44 | $1.04 | $1.48 | $0.98 | $5.55 | $4.95 | $4.47 |
Net income per share - diluted (in dollars per share) | $1.63 | $1.20 | $1.55 | $1.14 | $1.43 | $1.02 | $1.47 | $0.97 | $5.51 | $4.90 | $4.40 |