Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 29, 2016 | Sep. 19, 2016 | Jan. 29, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CRACKER BARREL OLD COUNTRY STORE, INC | ||
Entity Central Index Key | 1,067,294 | ||
Current Fiscal Year End Date | --07-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,109,756,667 | ||
Entity Common Stock, Shares Outstanding | 24,028,896 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 29, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 29, 2016 | Jul. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 150,966 | $ 265,455 |
Accounts receivable | 19,389 | 18,050 |
Income taxes receivable | 16,184 | 0 |
Inventories | 152,308 | 153,058 |
Prepaid expenses and other current assets | 14,573 | 14,167 |
Deferred income taxes | 2,320 | 6,094 |
Total current assets | 355,740 | 456,824 |
Property and Equipment: | ||
Land | 303,416 | 303,267 |
Buildings and improvements | 814,176 | 788,641 |
Buildings under capital leases | 3,289 | 3,289 |
Restaurant and other equipment | 572,551 | 541,409 |
Leasehold improvements | 306,489 | 286,990 |
Construction in progress | 11,924 | 7,464 |
Total | 2,011,845 | 1,931,060 |
Less: Accumulated depreciation and amortization of capital leases | 931,656 | 878,424 |
Property and equipment - net | 1,080,189 | 1,052,636 |
Other assets | 61,735 | 66,748 |
Total | 1,497,664 | 1,576,208 |
Current Liabilities: | ||
Accounts payable | 132,493 | 133,117 |
Taxes withheld and accrued | 37,561 | 39,061 |
Accrued employee compensation | 61,187 | 67,421 |
Accrued employee benefits | 27,928 | 27,717 |
Deferred revenues | 64,028 | 58,980 |
Dividend payable | 29,706 | 98,796 |
Current interest rate swap liability | 180 | 1,117 |
Other current liabilities | 15,734 | 19,402 |
Total current liabilities | 368,817 | 445,611 |
Long-term debt | 400,000 | 400,000 |
Long-term interest rate swap liability | 22,070 | 8,704 |
Other long-term obligations | 126,608 | 133,594 |
Deferred income taxes | 53,726 | 50,031 |
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; 2016 - 23,956,134 shares issued and outstanding; 2015 - 23,975,755 shares issued and outstanding | 240 | 240 |
Additional paid-in capital | 51,462 | 56,066 |
Accumulated other comprehensive loss | (13,740) | (3,725) |
Retained earnings | 488,481 | 485,687 |
Total shareholders' equity | 526,443 | 538,268 |
Total | $ 1,497,664 | $ 1,576,208 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 29, 2016 | Jul. 31, 2015 |
Shareholders' Equity: | ||
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) | 23,956,134 | 23,975,755 |
Common stock, shares outstanding (in shares) | 23,956,134 | 23,975,755 |
Series A Junior Participating Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Total revenue | $ 2,912,351 | $ 2,842,284 | $ 2,683,677 |
Cost of goods sold (exclusive of depreciation and rent) | 928,176 | 924,171 | 872,758 |
Labor and other related expenses | 1,006,188 | 992,382 | 966,593 |
Other store operating expenses | 554,534 | 523,307 | 506,533 |
Store operating income | 423,453 | 402,424 | 337,793 |
General and administrative expenses | 142,982 | 147,544 | 129,387 |
Operating income | 280,471 | 254,880 | 208,406 |
Interest expense | 14,052 | 16,679 | 17,557 |
Income before income taxes | 266,419 | 238,201 | 190,849 |
Provision for income taxes | 77,120 | 74,298 | 58,721 |
Net income | $ 189,299 | $ 163,903 | $ 132,128 |
Net income per share - basic (in dollars per share) | $ 7.91 | $ 6.85 | $ 5.55 |
Net income per share - diluted (in dollars per share) | $ 7.86 | $ 6.82 | $ 5.51 |
Basic weighted average shares outstanding (in shares) | 23,945,041 | 23,918,368 | 23,817,768 |
Diluted weighted average shares outstanding (in shares) | 24,074,273 | 24,048,924 | 23,966,015 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 189,299 | $ 163,903 | $ 132,128 |
Other comprehensive (loss) income before income tax expense: | |||
Change in fair value of interest rate swaps | (16,188) | 1,641 | 3,058 |
Income tax (benefit) expense | (6,173) | 633 | 1,179 |
Other comprehensive (loss) income, net of tax | (10,015) | 1,008 | 1,879 |
Comprehensive income | $ 179,284 | $ 164,911 | $ 134,007 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Balance at Aug. 02, 2013 | $ 237 | $ 51,728 | $ (6,612) | $ 438,673 | $ 484,026 |
Balance (in shares) at Aug. 02, 2013 | 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 | $ 2 | (8,459) | 0 | 0 | (8,457) |
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares) | 145,900 | ||||
Tax benefit realized upon exercise of share-based compensation awards | $ 0 | 1,248 | 0 | 0 | 1,248 |
Purchases and retirement of common stock | $ (1) | (12,472) | 0 | 0 | $ (12,473) |
Purchases and retirement of common stock (in shares) | (120,000) | (120,000) | |||
Balance at Aug. 01, 2014 | $ 238 | 39,969 | (4,733) | 493,167 | $ 528,641 |
Balance (in shares) at Aug. 01, 2014 | 23,821,227 | ||||
Comprehensive Income: | |||||
Net income | $ 0 | 0 | 0 | 163,903 | 163,903 |
Other comprehensive income, net of tax | 0 | 0 | 1,008 | 0 | 1,008 |
Comprehensive income | 0 | 0 | 1,008 | 163,903 | 164,911 |
Cash dividends declared | 0 | 0 | 0 | (171,383) | (171,383) |
Share-based compensation | 0 | 16,210 | 0 | 0 | 16,210 |
Issuance of share-based compensation awards, net of shares withheld for employee taxes | $ 2 | (4,818) | 0 | 0 | (4,816) |
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares) | 154,528 | ||||
Tax benefit realized upon exercise of share-based compensation awards | $ 0 | 4,705 | 0 | 0 | 4,705 |
Purchases and retirement of common stock | $ 0 | 0 | 0 | 0 | $ 0 |
Purchases and retirement of common stock (in shares) | 0 | 0 | |||
Balance at Jul. 31, 2015 | $ 240 | 56,066 | (3,725) | 485,687 | $ 538,268 |
Balance (in shares) at Jul. 31, 2015 | 23,975,755 | 23,975,755 | |||
Comprehensive Income: | |||||
Net income | $ 0 | 0 | 0 | 189,299 | $ 189,299 |
Other comprehensive income, net of tax | 0 | 0 | (10,015) | 0 | (10,015) |
Comprehensive income | 0 | 0 | (10,015) | 189,299 | 179,284 |
Cash dividends declared | 0 | 0 | 0 | (186,505) | (186,505) |
Share-based compensation | 0 | 13,202 | 0 | 0 | 13,202 |
Issuance of share-based compensation awards, net of shares withheld for employee taxes | $ 1 | (5,780) | 0 | 0 | $ (5,779) |
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares) | 80,379 | 80,379 | |||
Tax benefit realized upon exercise of share-based compensation awards | $ 0 | 2,626 | 0 | 0 | $ 2,626 |
Purchases and retirement of common stock | $ (1) | (14,652) | 0 | 0 | $ (14,653) |
Purchases and retirement of common stock (in shares) | (100,000) | (100,000) | |||
Balance at Jul. 29, 2016 | $ 240 | $ 51,462 | $ (13,740) | $ 488,481 | $ 526,443 |
Balance (in shares) at Jul. 29, 2016 | 23,956,134 | 23,956,134 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY [Abstract] | |||
Cash dividends declared (in dollars per share) | $ 7.70 | $ 7.10 | $ 3.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016USD ($) | Jul. 31, 2015USD ($) | Aug. 01, 2014USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 189,299 | $ 163,903 | $ 132,128 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 78,223 | 72,955 | 68,389 |
Loss on disposition of property and equipment | 7,146 | 6,872 | 5,163 |
Share-based compensation | 13,202 | 16,210 | 7,924 |
Excess tax benefit from share-based compensation | (2,626) | (4,705) | (1,248) |
Changes in assets and liabilities: | |||
Accounts receivable | (1,339) | 4,654 | (6,762) |
Income taxes receivable | (13,558) | 2,973 | (1,725) |
Inventories | 750 | 12,368 | (18,739) |
Prepaid expenses and other current assets | (406) | (2,170) | 651 |
Other assets | 130 | (1,659) | (1,701) |
Accounts payable | (624) | 34,640 | (12,160) |
Taxes withheld and accrued | (1,500) | 2,800 | 1,185 |
Accrued employee compensation | (6,246) | 6,485 | (1,847) |
Accrued employee benefits | 211 | 1,667 | 1,573 |
Deferred revenues | 5,048 | 9,155 | 5,727 |
Other current liabilities | (3,705) | 4,034 | (1,960) |
Other long-term obligations | (6,269) | 11,090 | 3,865 |
Deferred income taxes | 13,642 | (7,217) | (2,838) |
Net cash provided by operating activities | 271,378 | 334,055 | 177,625 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (114,022) | (90,855) | (91,646) |
Proceeds from insurance recoveries of property and equipment | 662 | 365 | 1,082 |
Proceeds from sale of property and equipment | 845 | 1,876 | 1,749 |
Net cash used in investing activities | (112,515) | (88,614) | (88,815) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 0 | 406,250 | 0 |
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net | (5,779) | (4,816) | (8,457) |
Principal payments under long-term debt and other long-term obligations | 0 | (406,250) | (1) |
Purchases and retirement of common stock | (14,653) | 0 | (12,473) |
Deferred financing costs | 0 | (3,537) | 0 |
Dividends on common stock | (255,546) | (95,699) | (71,484) |
Excess tax benefit from share-based compensation | 2,626 | 4,705 | 1,248 |
Net cash used in financing activities | (273,352) | (99,347) | (91,167) |
Net (decrease) increase in cash and cash equivalents | (114,489) | 146,094 | (2,357) |
Cash and cash equivalents, beginning of year | 265,455 | 119,361 | 121,718 |
Cash and cash equivalents, end of year | 150,966 | 265,455 | 119,361 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 12,752 | 15,356 | 15,856 |
Income taxes | 84,868 | 69,948 | 66,444 |
Supplemental schedule of non-cash investing and financing activities: | |||
Capital expenditures accrued in accounts payable | 6,379 | 5,800 | 5,767 |
Change in fair value of interest rate swaps | (16,188) | 1,641 | 3,058 |
Change in deferred tax asset for interest rate swaps | 6,173 | (633) | (1,179) |
Dividends declared but not yet paid | $ 30,625 | $ 99,678 | $ 23,997 |
Description of the Business
Description of the Business | 12 Months Ended |
Jul. 29, 2016 | |
Description of the 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 29, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies GAAP – Fiscal year – Principles of consolidation – Cash and cash equivalents – Accounts receivable – Inventories – 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 – 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: 2016 2015 2014 Total depreciation expense $ 77,816 $ 72,390 $ 67,620 Depreciation expense related to store operations* 71,382 66,754 62,746 *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 – Derivative instruments and hedging activities – 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 – Revenue recognition – Unredeemed gift cards and certificates – Insurance – 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 majority of the Company’s fully-insured plans for calendar 2013 and 2014 contained a retrospective feature which could increase or decrease premiums based on actual claims experience. Store pre-opening costs – Leases – 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 expense for each of the three years was as follows: 2016 2015 2014 Advertising expense $ 79,409 $ 68,665 $ 63,707 Share-based compensation – 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 – Comprehensive income – Net income per share – Use of estimates – Recent Accounting Pronouncements 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 was effective for fiscal years beginning on or after December 15, 2014 and interim periods within those years on a prospective basis. The adoption of this accounting guidance in the first quarter of 2016 did not have a significant impact on the Company’s consolidated financial position or results of operations. Recent Accounting Pronouncements Not Yet Adopted 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, 2017 and interim periods within those years. Early application is permitted for fiscal years beginning after December 15, 2016. 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 2019. Debt Issuance Costs In April 2015, the FASB issued accounting guidance which requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than as an asset. This accounting guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years on a retrospective basis. Early application is permitted. Since this accounting guidance does not provide guidance on debt issuance costs related to revolving debt agreements, this accounting guidance 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 2017. Inventory In July 2015, the FASB issued accounting guidance which requires companies to measure certain inventory at the lower of cost and net realizable value. This accounting guidance does not apply to inventories measured by using either the last-in, first-out method or the retail inventory method. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years on a prospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first period of 2018. Deferred Taxes In November 2015, in order to simplify the presentation of deferred income taxes, the FASB issued accounting guidance which requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. This accounting guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Leases In February 2016, the FASB issued accounting guidance which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The accounting guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years on a modified retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2020. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, in order to address diversity in practice related to the derecognition of a prepaid stored-value product liability, the FASB issued accounting guidance requiring breakage for prepaid stored-value product liabilities to be accounted for consistent with the breakage guidance in the revenue recognition standard (see “Revenue Recognition” above). This accounting guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. This accounting guidance may be applied either on a modified retrospective basis or on a retrospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2019. Share-Based Payments In March 2016, the FASB issued accounting guidance in order to simplify certain aspects of the accounting and presentation of share-based payments, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This accounting guidance is effective for fiscal periods beginning after December 15, 2016, and interim periods within those years. This guidance may be applied either on a prospective basis, retrospective basis or a modified retrospective basis depending on the specific accounting topic covered in the accounting guidance. Early adoption is permitted. 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 |
Jul. 29, 2016 | |
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 July 29, 2016 were as follows: Level 1 Level 2 Level 3 Fair Value Cash equivalents* $ 76,084 $ -- $ -- $ 76,084 Interest rate swap asset (see Note 6) -- -- -- -- Deferred compensation plan assets** 27,764 -- -- 27,764 Total assets at fair value $ 103,848 $ -- $ -- $ 103,848 Interest rate swap liability (see Note 6) $ -- $ 22,250 $ -- $ 22,250 Total liabilities at fair value $ -- $ 22,250 $ -- $ 22,250 The Company’s assets and liabilities measured at fair value on a recurring basis at July 31, 2015 were as follows: Level 1 Level 2 Level 3 Fair Value Cash equivalents* $ 191,084 $ -- $ -- $ 191,084 Interest rate swap asset (see Note 6) -- 3,759 -- 3,759 Deferred compensation plan assets** 26,947 -- -- 26,947 Total assets at fair value $ 218,031 $ 3,759 $ -- $ 221,790 Interest rate swap liability (see Note 6) $ -- $ 9,821 $ -- $ 9,821 Total liabilities at fair value $ -- $ 9,821 $ -- $ 9,821 *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 July 29, 2016 and July 31, 2015, 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 July 29, 2016 and July 31, 2015. |
Inventories
Inventories | 12 Months Ended |
Jul. 29, 2016 | |
Inventories [Abstract] | |
Inventories | 4. Inventories Inventories were comprised of the following at: July 29, 2016 July 31, 2015 Retail $ 114,610 $ 115,777 Restaurant 21,522 22,212 Supplies 16,176 15,069 Total $ 152,308 $ 153,058 |
Debt
Debt | 12 Months Ended |
Jul. 29, 2016 | |
Debt [Abstract] | |
Debt | 5. Debt On January 8, 2015, the Company entered into a five-year $750,000 revolving credit facility (the “Revolving Credit Facility”). At both July 29, 2016 and July 31, 2015, the Company had $400,000 in outstanding borrowings under the Revolving Credit Facility. At July 29, 2016, the Company had $11,045 of standby letters of credit, which reduce the Company’s borrowing availability under the Revolving Credit Facility (see Note 15). At July 29, 2016, the Company had $338,955 in borrowing availability under the Revolving Credit Facility. In accordance with the Revolving 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 July 29, 2016 and July 31, 2015, the Company’s outstanding borrowings were swapped at a weighted average interest rates of 3.10% and 2.96%, respectively (see Note 6 for information on the Company’s interest rate swaps). The Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. At July 29, 2016 and July 31, 2015, the Company was in compliance with all debt covenants. The Revolving 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. Under the Revolving Credit Facility, provided there is no default existing and the total of 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 “cash availability”), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock (1) in an unlimited amount if at the time such dividend or repurchase is made the Company’s consolidated total leverage ratio is 3.00 to 1.00 or less and (2) in an aggregate amount not to exceed $100,000 in any fiscal year if the Company’s consolidated total leverage ratio is greater than 3.00 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1) and (2), so long as immediately after giving effect to the payment of any such dividends, cash availability is at least $100,000, the Company may declare and pay cash dividends on shares of its common stock in an aggregate amount not to exceed in any fiscal year the product of the aggregate amount of dividends declared in the fourth quarter of the immediately preceding fiscal year multiplied by four. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jul. 29, 2016 | |
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 are fixed at the rates in the table below plus the Company’s credit spread. The Company’s credit spread at both July 29, 2016 and July 31, 2015 was 1.25%. 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 July 29, 2016 is as follows: Trade Date Effective Date Term (in Years) Notional Amount Fixed Rate March 18, 2013 May 3, 2015 3 $ 50,000 1.51 % April 8, 2013 May 3, 2015 2 50,000 1.05 % April 15, 2013 May 3, 2015 2 50,000 1.03 % April 22, 2013 May 3, 2015 3 25,000 1.30 % April 25, 2013 May 3, 2015 3 25,000 1.29 % June 18, 2014 May 3, 2015 4 80,000 2.51 % June 24, 2014 May 3, 2015 4 60,000 2.51 % July 1, 2014 May 5, 2015 4 60,000 2.43 % January 30, 2015 May 3, 2019 2 80,000 2.15 % January 30, 2015 May 3, 2019 2 60,000 2.16 % January 30, 2015 May 4, 2021 3 120,000 2.41 % January 30, 2015 May 3, 2019 2 60,000 2.15 % January 30, 2015 May 4, 2021 3 80,000 2.40 % 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 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 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 July 29, 2016 July 31, 2015 Interest rate swaps Other assets $ -- $ 3,759 Interest rate swaps Current interest rate swap liability $ 180 $ 1,117 Interest rate swaps Long-term interest rate swap liability 22,070 8,704 Total liabilities $ 22,250 $ 9,821 The following table summarizes the offsetting of the Company’s derivative assets in the Consolidated Balance Sheets at July 29, 2016 and July 31, 2015: Gross Asset Amounts Liability Amount Offset Net Asset Amount Presented in the Balance Sheets (See Note 3) July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 Interest rate swaps $ -- $ 3,878 $ -- $ (119 ) $ -- $ 3,759 The following table summarizes the offsetting of the Company’s derivative liabilities in the Consolidated Balance Sheets at July 29, 2016 and July 31, 2015: Gross Liability Amounts Asset Amount Offset Net Liability Amount Presented in the Balance Sheets (See Note 3) July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 Interest rate swaps $ 22,250 $ 9,821 $ -- $ -- $ 22,250 $ 9,821 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 July 29, 2016 and July 31, 2015 resulted in reductions of $1,035 and $209, respectively, in the total fair value of the interest rate swap asset and liabilities. The offset to the interest rate swap asset 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 July 29, 2016, the estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months is $3,227. 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 (Loss) Income Recognized in AOCL on Derivatives (Effective Portion) 2016 2015 2014 Cash flow hedges: Interest rate swaps $ (16,188 ) $ 1,641 $ 3,058 The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the years ended July 29, 2016, July 31, 2015 and August 1, 2014: July 29, 2016 July 31, 2015 August 1, 2014 Beginning AOCL balance $ (3,725 ) $ (4,733 ) $ (6,612 ) Other comprehensive (loss) income before reclassifications (6,683 ) 5,955 6,836 Amounts reclassified from AOCL into earnings (3,332 ) (4,947 ) (4,957 ) Other comprehensive (loss) income, net of tax (10,015 ) 1,008 1,879 Ending AOCL balance $ (13,740 ) $ (3,725 ) $ (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 AOCL into Income (Effective Portion) Amount of Loss Reclassified from AOCL into Income (Effective Portion) 2016 2015 2014 Cash flow hedges: Interest rate swaps Interest expense $ 5,395 $ 8,052 $ 8,068 The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the years ended July 29, 2016, July 31, 2015 and August 1, 2014: Details about AOCL July 29, 2016 July 31, 2015 August 1, 2014 Affected Line Item in the Consolidated Loss on cash flow hedges: Interest rate swaps $ (5,395 ) $ (8,052 ) $ (8,068 ) Interest expense Tax benefit 2,063 3,105 3,111 Provision for income taxes $ (3,332 ) $ (4,947 ) $ (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 2016, 2015 and 2014. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Jul. 29, 2016 | |
Share Repurchases [Abstract] | |
Share Repurchases | 7. Share Repurchases In 2016, 2015 and 2014, subject to a maximum amount as specified in the table below and the limits imposed by the Revolving Credit Facility and Prior 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: 2016 2015 2014 Maximum aggregate purchase price $ 25,000 $ 25,000 $ 50,000 Cost of shares repurchased $ 14,653 $ -- $ 12,473 Shares of common stock repurchased 100,000 -- 120,000 |
Segment Information
Segment Information | 12 Months Ended |
Jul. 29, 2016 | |
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: 2016 2015 2014 Restaurant $ 2,323,199 $ 2,269,610 $ 2,137,405 Retail 589,152 572,674 546,272 Total revenue $ 2,912,351 $ 2,842,284 $ 2,683,677 |
Leases
Leases | 12 Months Ended |
Jul. 29, 2016 | |
Leases [Abstract] | |
Leases | 9. Leases As of July 29, 2016, the Company operated 225 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 2016 $ 74,405 $ 263 $ 74,668 2015 72,877 252 73,129 2014 71,123 242 71,365 The following is a schedule by year of the future minimum rental payments required under the Company’s operating leases as of July 29, 2016: Year Total 2017 $ 63,435 2018 51,523 2019 47,225 2020 44,707 2021 28,680 Later years 472,277 Total $ 707,847 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 July 29, 2016 and July 31, 2015, the Company was in compliance with these covenants. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jul. 29, 2016 | |
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 July 29, 2016, the number of shares authorized for future issuance under the Company’s active plan is 1,065,840. The following table summarizes the number of outstanding awards under each plan at July 29, 2016: 2010 Omnibus Plan 200,909 Amended and Restated Stock Option Plan 2,683 2002 Omnibus Incentive Compensation Plan 10,000 Total 213,592 Types of Share-Based Awards Nonvested Stock Nonvested stock awards consist of the Company’s common stock, generally accrue dividend equivalents and vest over 1–3 years. The fair value of the Company’s nonvested stock awards which accrue dividends 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 July 29, 2016: Long-Term Performance Plan (“LTPP”) Performance Period Vesting Period (in Years) 2016 LTPP 2016 – 2017 2 or 3 2015 LTPP 2015 – 2016 2 or 3 The following table summarizes the shares that have been accrued under the 2016 LTPP and 2015 LTPP at July 29, 2016: 2016 LTPP 14,550 2015 LTPP 74,316 A summary of the Company’s nonvested stock activity as of July 29, 2016, and changes during 2016 are presented in the following table: Nonvested Stock Shares Weighted-Average Grant Date Fair Value Unvested at July 31, 2015 39,163 $ 95.66 Granted 61,729 149.39 Vested (60,455 ) 139.24 Forfeited -- -- Unvested at July 29, 2016 40,437 $ 112.52 The following table summarizes the total fair value of nonvested stock that vested for each of the three years: 2016 2015 2014 Total fair value of nonvested stock $ 8,418 $ 8,152 $ 17,417 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 July 29, 2016 July 31, 2015 August 1, 2014 Dividend yield*** -- -- -- Expected volatility 23% - 24 % 21 % 25 % Risk-free interest rate range 0.9% - 1.0 % 1.0 % 0.7% - 0.8 % ***Dividends accrue on the 2014, 2015 and 2016 MSU Grants. Dividends will be forfeited for any 2014, 2015 and 2016 MSU Grants that do not vest. The following table summarizes the shares that have been accrued under the 2014 MSU Grants, the 2015 MSU Grants and 2016 MSU Grants at July 29, 2016: Shares 2014 MSU Grants 37,786 2015 MSU Grants 26,955 2016 MSU Grants 6,865 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 2014, 2015 or 2016. A summary of the Company’s stock option activity as of July 29, 2016, and changes during 2016 are presented in the following table: Fixed Options Shares Weighted- Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2015 20,458 $ 33.88 Granted -- -- Exercised (7,775 ) 35.78 Forfeited -- -- Canceled -- -- Outstanding at July 29, 2016 12,683 $ 32.71 1.23 $ 1,582 Exercisable 12,683 $ 32.71 1.23 $ 1,582 The following table summarizes the total intrinsic values of options exercised during each of the three years: 2016 2015 2014 Total intrinsic values of options exercised* $ 917 $ 4,652 $ 169 *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: 2016 2015 2014 Nonvested stock awards $ 10,277 $ 13,243 $ 5,762 MSU Grants 2,925 2,967 2,162 Total compensation expense $ 13,202 $ 16,210 $ 7,924 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 July 29, 2016: Nonvested Stock MSU Grants Total unrecognized compensation $ 1,521 $ 2,958 Weighted-average period in years 2.48 1.66 The following table highlights the total income tax benefit recognized in the Consolidated Statements of Income for each of the three years: 2016 2015 2014 Total income tax benefit $ 3,819 $ 5,056 $ 2,438 During 2016, the Company issued 80,379 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 $5,779. The excess tax benefit realized upon exercise of share-based compensation awards was $2,626. |
Shareholder Rights Plan
Shareholder Rights Plan | 12 Months Ended |
Jul. 29, 2016 | |
Shareholder Rights Plan [Abstract] | |
Shareholder Rights Plan | 11. Shareholder Rights Plan On April 9, 2015, the Company’s 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, and adopted a shareholder rights plan, as set forth in the Rights Agreement dated as of April 9, 2015 (the “Rights Agreement”), by and between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The dividend was payable on April 20, 2015 to the shareholders of record as of the close of business on April 20, 2015. The Rights Agreement replaced the Company’s previous shareholder rights plan adopted in 2012 (the “2012 Plan”), and it became effective immediately following the expiration of the 2012 Plan at the close of business on April 9, 2015. The 2012 Plan and the preferred share purchase rights issued thereunder expired by their own terms and shareholders of the Company were not entitled to any payment as a result of the expiration of the 2012 Plan. 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, 2015 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 $600.00, 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. Exercisability 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. Shares held by affiliates and associates of an Acquiring Person, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. Certain synthetic interests in securities created by derivative positions – whether or not such interests are considered to be ownership of the underlying common stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act – are treated as beneficial ownership of the number of shares of the Company’s common stock equivalent to the economic exposure created by the derivative. The date when the Rights become exercisable is the “Distribution Date.” Until the Distribution Date, the common stock certificates will evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After that 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 will be void and may not be exercised. At July 29, 2016, none of the Rights were exercisable. Consequences of a Person or Group Becoming an Acquiring Person If a person or group becomes an Acquiring Person, 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 $600.00 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 $600.00 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. 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. No adjustments to the Exercise Price of less than 1% will be made. 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 will expire on April 9, 2018. |
Employee Savings Plans
Employee Savings Plans | 12 Months Ended |
Jul. 29, 2016 | |
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 2016, 2015 and 2014, 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 $27,764 is included in other assets and the related liability to the participants of $27,764 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: 2016 2015 2014 401(k) Savings Plan $ 2,528 $ 2,364 $ 2,167 Non-Qualified Savings Plan 296 234 253 |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 29, 2016 | |
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: 2016 2015 2014 Current: Federal $ 62,054 $ 71,386 $ 53,713 State 6,447 6,050 4,597 Deferred: Federal 12,477 (6,178 ) (2,863 ) State (3,858 ) 3,040 3,274 Total provision for income taxes $ 77,120 $ 74,298 $ 58,721 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: 2016 2015 2014 Provision computed at federal statutory income tax rate $ 93,247 $ 83,370 $ 66,797 State and local income taxes, net of federal benefit 1,427 6,378 5,029 Employer tax credits for FICA taxes paid on employee tip income (11,048 ) (10,681 ) (9,962 ) Other employer tax credits (7,326 ) (5,058 ) (3,781 ) Other-net 820 289 638 Total provision for income taxes $ 77,120 $ 74,298 $ 58,721 Significant components of the Company’s net deferred tax liability consisted of the following at: July 29, 2016 July 31, 2015 Deferred tax assets: Compensation and employee benefits $ 13,937 $ 13,721 Deferred rent 17,183 16,022 Accrued liabilities 12,466 16,869 Insurance reserves 11,444 12,074 Inventory 4,368 4,525 Other 8,718 2,606 Deferred tax assets $ 68,116 $ 65,817 Deferred tax liabilities: Property and equipment $ 97,695 $ 88,651 Inventory 9,803 11,568 Other 12,024 9,534 Deferred tax liabilities 119,522 109,753 Net deferred tax liability $ 51,406 $ 43,936 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 July 29, 2016 and July 31, 2015, the Company’s gross liability for uncertain tax positions, exclusive of interest and penalties, was $21,899 and $25,507, 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: July 29, 2016 July 31, 2015 August 1, 2014 Balance at beginning of year $ 25,507 $ 22,832 $ 20,972 Tax positions related to the current year: Additions 4,860 3,994 3,989 Reductions -- -- -- Tax positions related to the prior year: Additions 2,186 118 1,400 Reductions (6,896 ) (227 ) (1,630 ) Settlements (2,324 ) (204 ) (755 ) Expiration of statute of limitations (1,434 ) (1,006 ) (1,144 ) Balance at end of year $ 21,899 $ 25,507 $ 22,832 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: 2016 2015 2014 Uncertain tax positions $ 14,234 $ 16,579 $ 14,840 The Company had $5,497, $9,754 and $8,559 in interest and penalties accrued as of July 29, 2016, July 31, 2015, and August 1, 2014, respectively. The Company recognized accrued interest and penalties related to unrecognized tax benefits of $(4,256), $1,194 and $691 in its provision for income taxes on July 29, 2016, July 31, 2015 and August 1, 2014, respectively. The decrease from 2015 to 2016 is attributable to the Company’s revaluation of select reserves and audit settlements in 2016. 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 July 29, 2016 by approximately $2,000 to $3,000 within the next twelve months. At July 29, 2016, the Company was subject to income tax examinations for its U.S. federal income taxes after 2012 and for state and local income taxes generally after 2012. |
Net Income Per Share and Weight
Net Income Per Share and Weighted Average Shares | 12 Months Ended |
Jul. 29, 2016 | |
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: 2016 2015 2014 Net income per share numerator $ 189,299 $ 163,903 $ 132,128 Net income per share denominator: Basic weighted average shares outstanding 23,945,041 23,918,368 23,817,768 Add potential dilution: Stock options, nonvested stock awards and MSU Grants 129,232 130,556 148,247 Diluted weighted average shares outstanding 24,074,273 24,048,924 23,966,015 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 29, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies 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 July 29, 2016, the Company had $11,045 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 July 29, 2016, The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. At July 31, 2015, the Company recorded a liability related to legal costs which were subsequently settled and paid in 2016. The Company believes that the amount recorded is immaterial to the Company’s consolidated results of operations and financial position and 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 Sheet. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jul. 29, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Data (Unaudited) | 16. Quarterly Financial Data (Unaudited) Quarterly financial data for 2016 and 2015 are summarized as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2016 Total revenue $ 702,629 $ 764,002 $ 700,136 $ 745,584 Store operating income 99,627 106,032 103,419 114,375 Income before income taxes 61,764 66,956 63,592 74,107 Net income 40,865 48,242 49,169 51,023 Net income per share – basic $ 1.71 $ 2.02 $ 2.05 $ 2.13 Net income per share – diluted $ 1.70 $ 2.01 $ 2.04 $ 2.12 2015 Total revenue $ 683,428 $ 755,966 $ 683,705 $ 719,185 Store operating income 88,634 108,411 94,047 111,332 Income before income taxes 51,018 66,537 51,447 69,199 Net income 34,024 47,163 35,317 47,399 Net income per share – basic $ 1.43 $ 1.97 $ 1.48 $ 1.98 Net income per share – diluted $ 1.42 $ 1.96 $ 1.47 $ 1.97 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 29, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
GAAP | GAAP – |
Fiscal year | Fiscal year – |
Principles of consolidation | Principles of consolidation – |
Cash and cash equivalents | Cash and cash equivalents – |
Accounts receivable | Accounts receivable – |
Inventories | Inventories – 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 – 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: 2016 2015 2014 Total depreciation expense $ 77,816 $ 72,390 $ 67,620 Depreciation expense related to store operations* 71,382 66,754 62,746 *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 – |
Derivative instruments and hedging activities | Derivative instruments and hedging activities – 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 – |
Revenue recognition | Revenue recognition – |
Unredeemed gift cards and certificates | Unredeemed gift cards and certificates – |
Insurance | Insurance – 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 majority of the Company’s fully-insured plans for calendar 2013 and 2014 contained a retrospective feature which could increase or decrease premiums based on actual claims experience. |
Store pre-opening costs | Store pre-opening costs – |
Leases | Leases – 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 – Advertising expense for each of the three years was as follows: 2016 2015 2014 Advertising expense $ 79,409 $ 68,665 $ 63,707 |
Share-based compensation | Share-based compensation – 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 – |
Comprehensive income | Comprehensive income – |
Net income per share | Net income per share – |
Use of estimates | Use of estimates – |
Recent Accounting Pronouncements Adopted and Not Yet Adopted | Recent Accounting Pronouncements 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 was effective for fiscal years beginning on or after December 15, 2014 and interim periods within those years on a prospective basis. The adoption of this accounting guidance in the first quarter of 2016 did not have a significant impact on the Company’s consolidated financial position or results of operations. Recent Accounting Pronouncements Not Yet Adopted 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, 2017 and interim periods within those years. Early application is permitted for fiscal years beginning after December 15, 2016. 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 2019. Debt Issuance Costs In April 2015, the FASB issued accounting guidance which requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than as an asset. This accounting guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years on a retrospective basis. Early application is permitted. Since this accounting guidance does not provide guidance on debt issuance costs related to revolving debt agreements, this accounting guidance 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 2017. Inventory In July 2015, the FASB issued accounting guidance which requires companies to measure certain inventory at the lower of cost and net realizable value. This accounting guidance does not apply to inventories measured by using either the last-in, first-out method or the retail inventory method. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years on a prospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first period of 2018. Deferred Taxes In November 2015, in order to simplify the presentation of deferred income taxes, the FASB issued accounting guidance which requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. This accounting guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Leases In February 2016, the FASB issued accounting guidance which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The accounting guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years on a modified retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2020. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, in order to address diversity in practice related to the derecognition of a prepaid stored-value product liability, the FASB issued accounting guidance requiring breakage for prepaid stored-value product liabilities to be accounted for consistent with the breakage guidance in the revenue recognition standard (see “Revenue Recognition” above). This accounting guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. This accounting guidance may be applied either on a modified retrospective basis or on a retrospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2019. Share-Based Payments In March 2016, the FASB issued accounting guidance in order to simplify certain aspects of the accounting and presentation of share-based payments, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This accounting guidance is effective for fiscal periods beginning after December 15, 2016, and interim periods within those years. This guidance may be applied either on a prospective basis, retrospective basis or a modified retrospective basis depending on the specific accounting topic covered in the accounting guidance. Early adoption is permitted. 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 |
Jul. 29, 2016 | |
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 July 29, 2016 and July 31, 2015, 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 July 29, 2016 and July 31, 2015. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
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: 2016 2015 2014 Total depreciation expense $ 77,816 $ 72,390 $ 67,620 Depreciation expense related to store operations* 71,382 66,754 62,746 *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: 2016 2015 2014 Advertising expense $ 79,409 $ 68,665 $ 63,707 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
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 July 29, 2016 were as follows: Level 1 Level 2 Level 3 Fair Value Cash equivalents* $ 76,084 $ -- $ -- $ 76,084 Interest rate swap asset (see Note 6) -- -- -- -- Deferred compensation plan assets** 27,764 -- -- 27,764 Total assets at fair value $ 103,848 $ -- $ -- $ 103,848 Interest rate swap liability (see Note 6) $ -- $ 22,250 $ -- $ 22,250 Total liabilities at fair value $ -- $ 22,250 $ -- $ 22,250 The Company’s assets and liabilities measured at fair value on a recurring basis at July 31, 2015 were as follows: Level 1 Level 2 Level 3 Fair Value Cash equivalents* $ 191,084 $ -- $ -- $ 191,084 Interest rate swap asset (see Note 6) -- 3,759 -- 3,759 Deferred compensation plan assets** 26,947 -- -- 26,947 Total assets at fair value $ 218,031 $ 3,759 $ -- $ 221,790 Interest rate swap liability (see Note 6) $ -- $ 9,821 $ -- $ 9,821 Total liabilities at fair value $ -- $ 9,821 $ -- $ 9,821 *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 |
Jul. 29, 2016 | |
Inventories [Abstract] | |
Inventories | Inventories were comprised of the following at: July 29, 2016 July 31, 2015 Retail $ 114,610 $ 115,777 Restaurant 21,522 22,212 Supplies 16,176 15,069 Total $ 152,308 $ 153,058 |
Derivative Instruments and He30
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Summary of Interest Rate Swaps | A summary of the Company’s interest rate swaps at July 29, 2016 is as follows: Trade Date Effective Date Term (in Years) Notional Amount Fixed Rate March 18, 2013 May 3, 2015 3 $ 50,000 1.51 % April 8, 2013 May 3, 2015 2 50,000 1.05 % April 15, 2013 May 3, 2015 2 50,000 1.03 % April 22, 2013 May 3, 2015 3 25,000 1.30 % April 25, 2013 May 3, 2015 3 25,000 1.29 % June 18, 2014 May 3, 2015 4 80,000 2.51 % June 24, 2014 May 3, 2015 4 60,000 2.51 % July 1, 2014 May 5, 2015 4 60,000 2.43 % January 30, 2015 May 3, 2019 2 80,000 2.15 % January 30, 2015 May 3, 2019 2 60,000 2.16 % January 30, 2015 May 4, 2021 3 120,000 2.41 % January 30, 2015 May 3, 2019 2 60,000 2.15 % January 30, 2015 May 4, 2021 3 80,000 2.40 % |
Schedule of Estimated Fair Value of Derivative Instruments | The estimated fair values of the Company’s derivative instruments were as follows: (See Note 3) Balance Sheet Location July 29, 2016 July 31, 2015 Interest rate swaps Other assets $ -- $ 3,759 Interest rate swaps Current interest rate swap liability $ 180 $ 1,117 Interest rate swaps Long-term interest rate swap liability 22,070 8,704 Total liabilities $ 22,250 $ 9,821 |
Offsetting Assets | The following table summarizes the offsetting of the Company’s derivative assets in the Consolidated Balance Sheets at July 29, 2016 and July 31, 2015: Gross Asset Amounts Liability Amount Offset Net Asset Amount Presented in the Balance Sheets (See Note 3) July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 Interest rate swaps $ -- $ 3,878 $ -- $ (119 ) $ -- $ 3,759 |
Offsetting Liabilities | The following table summarizes the offsetting of the Company’s derivative liabilities in the Consolidated Balance Sheets at July 29, 2016 and July 31, 2015: Gross Liability Amounts Asset Amount Offset Net Liability Amount Presented in the Balance Sheets (See Note 3) July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 July 29, 2016 July 31, 2015 Interest rate swaps $ 22,250 $ 9,821 $ -- $ -- $ 22,250 $ 9,821 |
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 (Loss) Income Recognized in AOCL on Derivatives (Effective Portion) 2016 2015 2014 Cash flow hedges: Interest rate swaps $ (16,188 ) $ 1,641 $ 3,058 |
Changes in AOCL, Net of Tax, Related to Interest Rate Swaps | The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the years ended July 29, 2016, July 31, 2015 and August 1, 2014: July 29, 2016 July 31, 2015 August 1, 2014 Beginning AOCL balance $ (3,725 ) $ (4,733 ) $ (6,612 ) Other comprehensive (loss) income before reclassifications (6,683 ) 5,955 6,836 Amounts reclassified from AOCL into earnings (3,332 ) (4,947 ) (4,957 ) Other comprehensive (loss) income, net of tax (10,015 ) 1,008 1,879 Ending AOCL balance $ (13,740 ) $ (3,725 ) $ (4,733 ) |
Amounts Reclassified Out of AOCL Related to 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 AOCL into Income (Effective Portion) Amount of Loss Reclassified from AOCL into Income (Effective Portion) 2016 2015 2014 Cash flow hedges: Interest rate swaps Interest expense $ 5,395 $ 8,052 $ 8,068 The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the years ended July 29, 2016, July 31, 2015 and August 1, 2014: Details about AOCL July 29, 2016 July 31, 2015 August 1, 2014 Affected Line Item in the Consolidated Loss on cash flow hedges: Interest rate swaps $ (5,395 ) $ (8,052 ) $ (8,068 ) Interest expense Tax benefit 2,063 3,105 3,111 Provision for income taxes $ (3,332 ) $ (4,947 ) $ (4,957 ) Net of tax |
Share Repurchases (Tables)
Share Repurchases (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
Share Repurchases [Abstract] | |
Summary of Share Repurchases | The following table summarizes our share repurchases for the last three years: 2016 2015 2014 Maximum aggregate purchase price $ 25,000 $ 25,000 $ 50,000 Cost of shares repurchased $ 14,653 $ -- $ 12,473 Shares of common stock repurchased 100,000 -- 120,000 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
Segment Information [Abstract] | |
Composition of Total Revenue | Total revenue was comprised of the following at: 2016 2015 2014 Restaurant $ 2,323,199 $ 2,269,610 $ 2,137,405 Retail 589,152 572,674 546,272 Total revenue $ 2,912,351 $ 2,842,284 $ 2,683,677 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
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 2016 $ 74,405 $ 263 $ 74,668 2015 72,877 252 73,129 2014 71,123 242 71,365 |
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 July 29, 2016: Year Total 2017 $ 63,435 2018 51,523 2019 47,225 2020 44,707 2021 28,680 Later years 472,277 Total $ 707,847 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
Share-Based Compensation [Abstract] | |
Schedule of Outstanding Awards under Each Plan | The following table summarizes the number of outstanding awards under each plan at July 29, 2016: 2010 Omnibus Plan 200,909 Amended and Restated Stock Option Plan 2,683 2002 Omnibus Incentive Compensation Plan 10,000 Total 213,592 |
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 July 29, 2016: Long-Term Performance Plan (“LTPP”) Performance Period Vesting Period (in Years) 2016 LTPP 2016 – 2017 2 or 3 2015 LTPP 2015 – 2016 2 or 3 |
Schedule of Outstanding Awards under LTPP | The following table summarizes the shares that have been accrued under the 2016 LTPP and 2015 LTPP at July 29, 2016: 2016 LTPP 14,550 2015 LTPP 74,316 |
Schedule of Nonvested Stock Activity | A summary of the Company’s nonvested stock activity as of July 29, 2016, and changes during 2016 are presented in the following table: Nonvested Stock Shares Weighted-Average Grant Date Fair Value Unvested at July 31, 2015 39,163 $ 95.66 Granted 61,729 149.39 Vested (60,455 ) 139.24 Forfeited -- -- Unvested at July 29, 2016 40,437 $ 112.52 |
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: 2016 2015 2014 Total fair value of nonvested stock $ 8,418 $ 8,152 $ 17,417 |
Assumptions Used in Determining Fair Value of MSU Grants | The following assumptions were used in determining the fair value for the Company’s MSU Grants: Year Ended July 29, 2016 July 31, 2015 August 1, 2014 Dividend yield*** -- -- -- Expected volatility 23% - 24 % 21 % 25 % Risk-free interest rate range 0.9% - 1.0 % 1.0 % 0.7% - 0.8 % ***Dividends accrue on the 2014, 2015 and 2016 MSU Grants. Dividends will be forfeited for any 2014, 2015 and 2016 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 2014 MSU Grants, the 2015 MSU Grants and 2016 MSU Grants at July 29, 2016: Shares 2014 MSU Grants 37,786 2015 MSU Grants 26,955 2016 MSU Grants 6,865 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of July 29, 2016, and changes during 2016 are presented in the following table: Fixed Options Shares Weighted- Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at July 31, 2015 20,458 $ 33.88 Granted -- -- Exercised (7,775 ) 35.78 Forfeited -- -- Canceled -- -- Outstanding at July 29, 2016 12,683 $ 32.71 1.23 $ 1,582 Exercisable 12,683 $ 32.71 1.23 $ 1,582 |
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: 2016 2015 2014 Total intrinsic values of options exercised* $ 917 $ 4,652 $ 169 *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: 2016 2015 2014 Nonvested stock awards $ 10,277 $ 13,243 $ 5,762 MSU Grants 2,925 2,967 2,162 Total compensation expense $ 13,202 $ 16,210 $ 7,924 |
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 July 29, 2016: Nonvested Stock MSU Grants Total unrecognized compensation $ 1,521 $ 2,958 Weighted-average period in years 2.48 1.66 |
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: 2016 2015 2014 Total income tax benefit $ 3,819 $ 5,056 $ 2,438 |
Employee Savings Plans (Tables)
Employee Savings Plans (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
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: 2016 2015 2014 401(k) Savings Plan $ 2,528 $ 2,364 $ 2,167 Non-Qualified Savings Plan 296 234 253 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
Income Taxes [Abstract] | |
Schedule of Provision for Income Taxes | The components of the provision for income taxes for each of the three years were as follows: 2016 2015 2014 Current: Federal $ 62,054 $ 71,386 $ 53,713 State 6,447 6,050 4,597 Deferred: Federal 12,477 (6,178 ) (2,863 ) State (3,858 ) 3,040 3,274 Total provision for income taxes $ 77,120 $ 74,298 $ 58,721 |
Schedule of a Reconciliation of 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: 2016 2015 2014 Provision computed at federal statutory income tax rate $ 93,247 $ 83,370 $ 66,797 State and local income taxes, net of federal benefit 1,427 6,378 5,029 Employer tax credits for FICA taxes paid on employee tip income (11,048 ) (10,681 ) (9,962 ) Other employer tax credits (7,326 ) (5,058 ) (3,781 ) Other-net 820 289 638 Total provision for income taxes $ 77,120 $ 74,298 $ 58,721 |
Schedule of Significant Components of Net Deferred Tax Liability | Significant components of the Company’s net deferred tax liability consisted of the following at: July 29, 2016 July 31, 2015 Deferred tax assets: Compensation and employee benefits $ 13,937 $ 13,721 Deferred rent 17,183 16,022 Accrued liabilities 12,466 16,869 Insurance reserves 11,444 12,074 Inventory 4,368 4,525 Other 8,718 2,606 Deferred tax assets $ 68,116 $ 65,817 Deferred tax liabilities: Property and equipment $ 97,695 $ 88,651 Inventory 9,803 11,568 Other 12,024 9,534 Deferred tax liabilities 119,522 109,753 Net deferred tax liability $ 51,406 $ 43,936 |
Schedule of 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: July 29, 2016 July 31, 2015 August 1, 2014 Balance at beginning of year $ 25,507 $ 22,832 $ 20,972 Tax positions related to the current year: Additions 4,860 3,994 3,989 Reductions -- -- -- Tax positions related to the prior year: Additions 2,186 118 1,400 Reductions (6,896 ) (227 ) (1,630 ) Settlements (2,324 ) (204 ) (755 ) Expiration of statute of limitations (1,434 ) (1,006 ) (1,144 ) Balance at end of year $ 21,899 $ 25,507 $ 22,832 |
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: 2016 2015 2014 Uncertain tax positions $ 14,234 $ 16,579 $ 14,840 |
Net Income Per Share and Weig37
Net Income Per Share and Weighted Average Shares (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
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: 2016 2015 2014 Net income per share numerator $ 189,299 $ 163,903 $ 132,128 Net income per share denominator: Basic weighted average shares outstanding 23,945,041 23,918,368 23,817,768 Add potential dilution: Stock options, nonvested stock awards and MSU Grants 129,232 130,556 148,247 Diluted weighted average shares outstanding 24,074,273 24,048,924 23,966,015 |
Quarterly Financial Data (Una38
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jul. 29, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Data | Quarterly financial data for 2016 and 2015 are summarized as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2016 Total revenue $ 702,629 $ 764,002 $ 700,136 $ 745,584 Store operating income 99,627 106,032 103,419 114,375 Income before income taxes 61,764 66,956 63,592 74,107 Net income 40,865 48,242 49,169 51,023 Net income per share – basic $ 1.71 $ 2.02 $ 2.05 $ 2.13 Net income per share – diluted $ 1.70 $ 2.01 $ 2.04 $ 2.12 2015 Total revenue $ 683,428 $ 755,966 $ 683,705 $ 719,185 Store operating income 88,634 108,411 94,047 111,332 Income before income taxes 51,018 66,537 51,447 69,199 Net income 34,024 47,163 35,317 47,399 Net income per share – basic $ 1.43 $ 1.97 $ 1.48 $ 1.98 Net income per share – diluted $ 1.42 $ 1.96 $ 1.47 $ 1.97 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Jul. 29, 2016USD ($)Segment | Jul. 31, 2015USD ($) | Aug. 01, 2014USD ($) | ||
Inventories [Abstract] | ||||
Percentage of retail inventories valued using the retail inventory method | 75.00% | |||
Property and equipment [Abstract] | ||||
Total depreciation expense | $ 77,816 | $ 72,390 | $ 67,620 | |
Depreciation expense related to store operations | [1] | 71,382 | 66,754 | 62,746 |
Derivative instruments and hedging activities [Abstract] | ||||
Credit exposure to the counterparty if the company owes the counterparty | $ 0 | |||
Segment reporting [Abstract] | ||||
Number of reportable operating segments | Segment | 1 | |||
Insurance [Abstract] | ||||
Threshold amount for workers' compensation insurance Level 1 | $ 250 | 250 | 250 | |
Threshold amount for workers' compensation insurance Level 2 | 750 | 500 | 500 | |
Threshold amount for workers' compensation insurance Level 3 | 1,000 | 1,000 | 1,000 | |
Threshold amount for general liability insurance | 500 | |||
Advertising [Abstract] | ||||
Advertising expense | $ 79,409 | $ 68,665 | $ 63,707 | |
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 | |||
Leases [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 ($) $ in Thousands | Jul. 29, 2016 | Jul. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 76,084 | $ 191,084 |
Interest rate swap asset (see Note 6) | 0 | 3,759 | |
Deferred compensation plan assets | [2] | 27,764 | 26,947 |
Total assets at fair value | 103,848 | 221,790 | |
Interest rate swap liability (see Note 6) | 22,250 | 9,821 | |
Total liabilities at fair value | 22,250 | 9,821 | |
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 | [1] | 76,084 | 191,084 |
Interest rate swap asset (see Note 6) | 0 | 0 | |
Deferred compensation plan assets | [2] | 27,764 | 26,947 |
Total assets at fair value | 103,848 | 218,031 | |
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 | [1] | 0 | 0 |
Interest rate swap asset (see Note 6) | 0 | 3,759 | |
Deferred compensation plan assets | [2] | 0 | 0 |
Total assets at fair value | 0 | 3,759 | |
Interest rate swap liability (see Note 6) | 22,250 | 9,821 | |
Total liabilities at fair value | 22,250 | 9,821 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Interest rate swap asset (see Note 6) | 0 | 0 | |
Deferred compensation plan assets | [2] | 0 | 0 |
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 ($) $ in Thousands | Jul. 29, 2016 | Jul. 31, 2015 |
Inventories [Abstract] | ||
Retail | $ 114,610 | $ 115,777 |
Restaurant | 21,522 | 22,212 |
Supplies | 16,176 | 15,069 |
Total | $ 152,308 | $ 153,058 |
Debt (Details)
Debt (Details) - Revolving Credit Facility [Member] $ in Thousands | 12 Months Ended | |
Jul. 29, 2016USD ($) | Jul. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, term | 5 years | |
Maximum borrowing capacity | $ 750,000 | |
Outstanding borrowings | 400,000 | $ 400,000 |
Amount of standby letters of credit | 11,045 | |
Current borrowing capacity | $ 338,955 | |
Weighted average interest rates of swapped debt | 3.10% | 2.96% |
Restrictions on dividends payable | Under the Revolving Credit Facility, provided there is no default existing and the total of 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 “cash availability”), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock (1) in an unlimited amount if at the time such dividend or repurchase is made the Company’s consolidated total leverage ratio is 3.00 to 1.00 or less and (2) in an aggregate amount not to exceed $100,000 in any fiscal year if the Company’s consolidated total leverage ratio is greater than 3.00 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1) and (2), so long as immediately after giving effect to the payment of any such dividends, cash availability is at least $100,000, the Company may declare and pay cash dividends on shares of its common stock in an aggregate amount not to exceed in any fiscal year the product of the aggregate amount of dividends declared in the fourth quarter of the immediately preceding fiscal year multiplied by four. | |
Liquidity requirements | $ 100,000 | |
Dividends threshold | $ 100,000 | |
Leverage ratio, maximum | 3 | |
Multiplier used in calculating aggregate amount of cash dividends on shares of common stock in any fiscal year | 4 |
Derivative Instruments and He43
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 29, 2016 | Jul. 31, 2015 | |
Derivative [Line Items] | ||
Company's credit spread | 1.25% | 1.25% |
Interest Rate Swap March 18, 2013 [Member] | ||
Derivative [Line Items] | ||
Trade date | Mar. 18, 2013 | |
Effective date | May 3, 2015 | |
Term | 3 years | |
Notional amount | $ 50,000 | |
Fixed rate | 1.51% | |
Interest Rate Swap April 8, 2013 [Member] | ||
Derivative [Line Items] | ||
Trade date | Apr. 8, 2013 | |
Effective date | May 3, 2015 | |
Term | 2 years | |
Notional amount | $ 50,000 | |
Fixed rate | 1.05% | |
Interest Rate Swap April 15, 2013 [Member] | ||
Derivative [Line Items] | ||
Trade date | Apr. 15, 2013 | |
Effective date | May 3, 2015 | |
Term | 2 years | |
Notional amount | $ 50,000 | |
Fixed rate | 1.03% | |
Interest Rate Swap April 22, 2013 [Member] | ||
Derivative [Line Items] | ||
Trade date | Apr. 22, 2013 | |
Effective date | May 3, 2015 | |
Term | 3 years | |
Notional amount | $ 25,000 | |
Fixed rate | 1.30% | |
Interest Rate Swap April 25, 2013 [Member] | ||
Derivative [Line Items] | ||
Trade date | Apr. 25, 2013 | |
Effective date | May 3, 2015 | |
Term | 3 years | |
Notional amount | $ 25,000 | |
Fixed rate | 1.29% | |
Interest Rate Swap June 18, 2014 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jun. 18, 2014 | |
Effective date | May 3, 2015 | |
Term | 4 years | |
Notional amount | $ 80,000 | |
Fixed rate | 2.51% | |
Increase in notional amount each year | $ 40,000 | |
Maximum notional amount | $ 160,000 | |
Interest Rate Swap June 24, 2014 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jun. 24, 2014 | |
Effective date | May 3, 2015 | |
Term | 4 years | |
Notional amount | $ 60,000 | |
Fixed rate | 2.51% | |
Increase in notional amount each year | $ 30,000 | |
Maximum notional amount | $ 120,000 | |
Interest Rate Swap July 1, 2014 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jul. 1, 2014 | |
Effective date | May 5, 2015 | |
Term | 4 years | |
Notional amount | $ 60,000 | |
Fixed rate | 2.43% | |
Increase in notional amount each year | $ 30,000 | |
Maximum notional amount | $ 120,000 | |
Interest Rate Swap One January 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jan. 30, 2015 | |
Effective date | May 3, 2019 | |
Term | 2 years | |
Notional amount | $ 80,000 | |
Fixed rate | 2.15% | |
Interest Rate Swap Two January 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jan. 30, 2015 | |
Effective date | May 3, 2019 | |
Term | 2 years | |
Notional amount | $ 60,000 | |
Fixed rate | 2.16% | |
Interest Rate Swap Three January 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jan. 30, 2015 | |
Effective date | May 4, 2021 | |
Term | 3 years | |
Notional amount | $ 120,000 | |
Fixed rate | 2.41% | |
Interest Rate Swap Four January 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jan. 30, 2015 | |
Effective date | May 3, 2019 | |
Term | 2 years | |
Notional amount | $ 60,000 | |
Fixed rate | 2.15% | |
Interest Rate Swap Five January 30, 2015 [Member] | ||
Derivative [Line Items] | ||
Trade date | Jan. 30, 2015 | |
Effective date | May 4, 2021 | |
Term | 3 years | |
Notional amount | $ 80,000 | |
Fixed rate | 2.40% |
Derivative Instruments and He44
Derivative Instruments and Hedging Activities, Estimated Fair Values of Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Jul. 29, 2016 | Jul. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Fair value, asset | $ 0 | $ 3,759 |
Fair value, liability | 22,250 | 9,821 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, asset | 0 | 3,759 |
Current Interest Rate Swap Liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, liability | 180 | 1,117 |
Long-term Interest Rate Swap Liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, liability | $ 22,070 | $ 8,704 |
Derivative Instruments and He45
Derivative Instruments and Hedging Activities, Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 29, 2016 | Jul. 31, 2015 |
Offsetting of derivative liabilities in consolidated balance sheets [Abstract] | ||
Estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months | $ 3,227 | |
Interest Rate Swaps [Member] | ||
Offsetting of derivative assets in balance sheets [Abstract] | ||
Gross Asset Amounts | 0 | $ 3,878 |
Liability Amount Offset | 0 | (119) |
Net Asset Amount Presented in the Balance Sheets | 0 | 3,759 |
Offsetting of derivative liabilities in consolidated balance sheets [Abstract] | ||
Gross Liability Amounts | 22,250 | 9,821 |
Asset Amount Offset | 0 | 0 |
Net Liability Amount Presented in the Balance Sheets | 22,250 | 9,821 |
Reduction in fair value of interest rate swap assets and liabilities due to adjustment related to non-performance risk | $ 1,035 | $ 209 |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities, Pre-Tax Effects of Derivative Instruments on AOCL and Income (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Income Recognized in AOCL on Derivatives (Effective Portion) | $ (16,188) | $ 1,641 | $ 3,058 |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss Reclassified from AOCL into Income (Effective Portion) | $ 5,395 | $ 8,052 | $ 8,068 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities, Changes in AOCL, Net of Tax, Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Changes in AOCL, net of tax, related to interest rate swaps [Roll Forward] | |||
Balance | $ 538,268 | $ 528,641 | $ 484,026 |
Other comprehensive (loss) income before reclassifications | (6,683) | 5,955 | 6,836 |
Amounts reclassified from AOCL into earnings | (3,332) | (4,947) | (4,957) |
Other comprehensive (loss) income, net of tax | (10,015) | 1,008 | 1,879 |
Balance | 526,443 | 538,268 | 528,641 |
Accumulated Other Comprehensive Loss [Member] | |||
Changes in AOCL, net of tax, related to interest rate swaps [Roll Forward] | |||
Balance | (3,725) | (4,733) | (6,612) |
Balance | $ (13,740) | $ (3,725) | $ (4,733) |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities, Amounts Reclassified out of AOCL Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2016 | Apr. 29, 2016 | Jan. 29, 2016 | Oct. 30, 2015 | Jul. 31, 2015 | May 01, 2015 | Jan. 30, 2015 | Oct. 31, 2014 | Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | $ (14,052) | $ (16,679) | $ (17,557) | ||||||||
Provision for income taxes | (77,120) | (74,298) | (58,721) | ||||||||
Net of tax | $ 51,023 | $ 49,169 | $ 48,242 | $ 40,865 | $ 47,399 | $ 35,317 | $ 47,163 | $ 34,024 | 189,299 | 163,903 | 132,128 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Provision for income taxes | 2,063 | 3,105 | 3,111 | ||||||||
Net of tax | (3,332) | (4,947) | (4,957) | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | $ (5,395) | $ (8,052) | $ (8,068) |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Share Repurchases [Abstract] | |||
Maximum aggregate purchase price | $ 25,000 | $ 25,000 | $ 50,000 |
Cost of shares repurchased | $ 14,653 | $ 0 | $ 12,473 |
Shares of common stock repurchased (in shares) | 100,000 | 0 | 120,000 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2016USD ($) | Apr. 29, 2016USD ($) | Jan. 29, 2016USD ($) | Oct. 30, 2015USD ($) | Jul. 31, 2015USD ($) | May 01, 2015USD ($) | Jan. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 29, 2016USD ($)SegmentLine | Jul. 31, 2015USD ($) | Aug. 01, 2014USD ($) | |
Segment Information [Abstract] | |||||||||||
Number of product lines | Line | 2 | ||||||||||
Number of reportable operating segments | Segment | 1 | ||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 745,584 | $ 700,136 | $ 764,002 | $ 702,629 | $ 719,185 | $ 683,705 | $ 755,966 | $ 683,428 | $ 2,912,351 | $ 2,842,284 | $ 2,683,677 |
Restaurant [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 2,323,199 | 2,269,610 | 2,137,405 | ||||||||
Retail [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 589,152 | $ 572,674 | $ 546,272 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | ||||
Jul. 29, 2016USD ($)Store | Jul. 31, 2015USD ($) | Aug. 01, 2014USD ($) | Jul. 31, 2009Store | Jul. 28, 2000Store | |
Leases [Abstract] | |||||
Number of leased facilities for stores | Store | 225 | ||||
Minimum lease payments | $ 74,405 | $ 72,877 | $ 71,123 | ||
Contingent lease payments | 263 | 252 | 242 | ||
Total lease payments | 74,668 | $ 73,129 | $ 71,365 | ||
Future minimum rental payments, operating leases [Abstract] | |||||
2,017 | 63,435 | ||||
2,018 | 51,523 | ||||
2,019 | 47,225 | ||||
2,020 | 44,707 | ||||
2,021 | 28,680 | ||||
Later years | 472,277 | ||||
Total | $ 707,847 | ||||
Owned Stores [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Number of owned stores involved in sale-lease back transactions | Store | 15 | 65 | |||
Initial lease term | 20 years | 21 years | |||
Lease renewal option | 20 years | 20 years | |||
Retail Distribution Center [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Initial lease term | 15 years | ||||
Lease renewal option | 20 years |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | Jul. 29, 2016Planshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of active compensation plans | Plan | 1 |
Number of other compensation plans | Plan | 2 |
Number of outstanding awards under each plan (in shares) | 213,592 |
2010 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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) | 1,065,840 |
Number of outstanding awards under each plan (in shares) | 200,909 |
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) | 2,683 |
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) | 10,000 |
Share-Based Compensation, Nonve
Share-Based Compensation, Nonvested Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Nonvested Stock [Member] | |||
Nonvested stock, shares [Roll Forward] | |||
Unvested, beginning of period (in shares) | 39,163 | ||
Granted (in shares) | 61,729 | ||
Vested (in shares) | (60,455) | ||
Forfeited (in shares) | 0 | ||
Unvested, end of period (in shares) | 40,437 | 39,163 | |
Nonvested stock, weighted-average grant date fair value [Roll Forward] | |||
Unvested, beginning of period (in dollars per share) | $ 95.66 | ||
Granted (in dollars per share) | 149.39 | ||
Vested (in dollars per share) | 139.24 | ||
Forfeited (in dollars per share) | 0 | ||
Unvested, end of period (in dollars per share) | $ 112.52 | $ 95.66 | |
Total fair value of nonvested stock | $ 8,418 | $ 8,152 | $ 17,417 |
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 | ||
2016 LTPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock earned (in shares) | 14,550 | ||
2016 LTPP [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 2,016 | ||
Vesting period | 2 years | ||
2016 LTPP [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 2,017 | ||
Vesting period | 3 years | ||
2015 LTPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock earned (in shares) | 74,316 | ||
2015 LTPP [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 2,015 | ||
Vesting period | 2 years | ||
2015 LTPP [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 2,016 | ||
Vesting period | 3 years |
Share-Based Compensation, Perfo
Share-Based Compensation, Performance-Based Market Stock Units (Details) - shares | 12 Months Ended | |||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | ||
MSU Grants [Member] | ||||
Fair Value Assumptions and Methodology [Abstract] | ||||
Dividend yield | [1] | 0.00% | 0.00% | 0.00% |
Expected volatility, minimum | 23.00% | |||
Expected volatility | 21.00% | 25.00% | ||
Expected volatility, maximum | 24.00% | |||
Risk-free interest rate, minimum | 0.90% | 0.70% | ||
Risk-free interest rate | 1.00% | |||
Risk-free interest rate, maximum | 1.00% | 0.80% | ||
2014 MSU Grants [Member] | ||||
Fair Value Assumptions and Methodology [Abstract] | ||||
Number of shares accrued (in shares) | 37,786 | |||
2015 MSU Grants [Member] | ||||
Fair Value Assumptions and Methodology [Abstract] | ||||
Number of shares accrued (in shares) | 26,955 | |||
2016 MSU Grants [Member] | ||||
Fair Value Assumptions and Methodology [Abstract] | ||||
Number of shares accrued (in shares) | 6,865 | |||
Omnibus Plan 2010 [Member] | MSU Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award performance period | 3 years | |||
Maximum percentage of shares that may be awarded to the executives | 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 | |||
[1] | Dividends accrue on the 2014, 2015 and 2016 MSU Grants. Dividends will be forfeited for any 2014, 2015 and 2016 MSU Grants that do not vest. |
Share-Based Compensation, Stock
Share-Based Compensation, Stock Options (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Yearly exercisable cumulative rate | 33.00% | |||
Number of years to expiration date from grant date | 10 years | |||
Fixed options, shares [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 20,458 | |||
Granted (in shares) | 0 | 0 | 0 | |
Exercised (in shares) | (7,775) | |||
Forfeited (in shares) | 0 | |||
Canceled (in shares) | 0 | |||
Outstanding, end of period (in shares) | 12,683 | 20,458 | ||
Exercisable (in shares) | 12,683 | |||
Fixed options, weighted-average price [Roll Forward] | ||||
Outstanding, beginning of period (in dollars per share) | $ 33.88 | |||
Granted (in dollars per share) | 0 | |||
Exercised (in dollars per share) | 35.78 | |||
Forfeited (in dollars per share) | 0 | |||
Canceled (in dollars per share) | 0 | |||
Outstanding, end of period (in dollars per share) | 32.71 | $ 33.88 | ||
Exercisable (in dollars per share) | $ 32.71 | |||
Fixed options, weighted-average remaining contractual term [Abstract] | ||||
Outstanding | 1 year 2 months 23 days | |||
Exercisable | 1 year 2 months 23 days | |||
Fixed options, aggregate intrinsic value [Abstract] | ||||
Outstanding | $ 1,582 | |||
Exercisable | 1,582 | |||
Total intrinsic values of options exercised | [1] | $ 917 | $ 4,652 | $ 169 |
[1] | The intrinsic value for stock options is defined as the difference between the current market value and the grant price. |
Share-Based Compensation, Compe
Share-Based Compensation, Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total compensation expense | $ 13,202 | $ 16,210 | $ 7,924 |
Total income tax benefit recognized [Abstract] | |||
Total income tax benefit | $ 3,819 | 5,056 | 2,438 |
Number of shares issued from vesting of share-based compensation awards and stock option exercises (in shares) | 80,379 | ||
Tax withholding payment net of cash received from issuance of share based compensation awards | $ (5,779) | (4,816) | (8,457) |
Excess tax benefit realized upon exercise of share-based compensation awards | 2,626 | ||
Nonvested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total compensation expense | 10,277 | 13,243 | 5,762 |
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized [Abstract] | |||
Total unrecognized compensation | $ 1,521 | ||
Weighted average period in years | 2 years 5 months 23 days | ||
MSU Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total compensation expense | $ 2,925 | $ 2,967 | $ 2,162 |
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized [Abstract] | |||
Total unrecognized compensation | $ 2,958 | ||
Weighted average period in years | 1 year 7 months 28 days |
Shareholder Rights Plan (Detail
Shareholder Rights Plan (Details) | 12 Months Ended | |
Jul. 29, 2016Right$ / sharesshares | Jul. 31, 2015$ / shares | |
Class of Warrant or Right [Line Items] | ||
Par value of common share outstanding (in dollars per share) | $ 0.01 | $ 0.01 |
Rights Agreement [Member] | ||
Class of Warrant or Right [Line Items] | ||
Dividend declaration date | Apr. 9, 2015 | |
Number of preferred share purchase right declared as dividend for each share of common stock outstanding | Right | 1 | |
Par value of common share outstanding (in dollars per share) | $ 0.01 | |
Dividend record date | Apr. 20, 2015 | |
Dividend payment date | Apr. 20, 2015 | |
Rights expiration date | Apr. 9, 2018 | |
Exercise price of each right (in dollars per share) | $ 600 | |
Rights exercisable (in shares) | shares | 0 | |
Exercise price of each right, if a person or group becomes an acquiring person (in dollars per share) | $ 600 | |
Exercise price of each right, if the company is later acquired in a merger (in dollars per share) | 600 | |
Redemption price of the right (in dollars per share) | $ 0.01 | |
Subsequent offering period | 20 days | |
Number of common stock shares that can be exchanged for each right if rights were extinguished (in shares) | shares | 1 | |
Rights Agreement [Member] | Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Period before rights can be exercised | 10 days | |
Percentage of outstanding common stock ownership required to qualify for an "Acquiring Person" | 20.00% | |
Offering period | 60 days | |
Percentage of an ownership of common stock by an Acquiring Person before board of directors may extinguish right | 50.00% | |
Percentage of adjustment to exercise price | 1.00% | |
Rights Agreement [Member] | Series A Junior Participating Preferred Stock [Member] | ||
Class of Warrant or Right [Line Items] | ||
Common share equivalent for each preferred share portion (in shares) | shares | 1 | |
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 | |
2012 Plan [Member] | ||
Class of Warrant or Right [Line Items] | ||
Rights expiration date | Apr. 9, 2015 |
Employee Savings Plans (Details
Employee Savings Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Defined Contribution Plan Disclosures [Line Items] | |||
Percentage of company match to employee contribution | 25.00% | 25.00% | 25.00% |
Percentage of company contributions that vests annually | 20.00% | 20.00% | 20.00% |
Percentage of company contribution that vests on employee's fifth anniversary of employment | 100.00% | 100.00% | 100.00% |
Maximum [Member] | |||
Defined Contribution Plan Disclosures [Line Items] | |||
Percentage of employee's compensation matched by company | 6.00% | 6.00% | 6.00% |
401(k) Savings Plan [Member] | |||
Defined Contribution Plan Disclosures [Line Items] | |||
Requisite service period | 90 days | ||
Minimum age of eligible employees required | 21 years | ||
Percentage of compensation allowed to be deferred by eligible employees | 50.00% | ||
Company contribution to the plan during the period | $ 2,528 | $ 2,364 | $ 2,167 |
Non-Qualified Savings Plan [Member] | |||
Defined Contribution Plan Disclosures [Line Items] | |||
Percentage of compensation allowed to be deferred by eligible employees | 50.00% | ||
Percentage of eligible bonuses allowed to be deferred | 100.00% | ||
Market value of the trust assets | $ 27,764 | ||
Liability obligations to participants | 27,764 | ||
Company contribution to the plan during the period | $ 296 | $ 234 | $ 253 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Current [Abstract] | |||
Federal | $ 62,054 | $ 71,386 | $ 53,713 |
State | 6,447 | 6,050 | 4,597 |
Deferred [Abstract] | |||
Federal | 12,477 | (6,178) | (2,863) |
State | (3,858) | 3,040 | 3,274 |
Total provision for income taxes | $ 77,120 | 74,298 | 58,721 |
U.S. federal statutory rate used | 35.00% | ||
Provision computed at federal statutory income tax rate | $ 93,247 | 83,370 | 66,797 |
State and local income taxes, net of federal benefit | 1,427 | 6,378 | 5,029 |
Employer tax credits for FICA taxes paid on employee tip income | (11,048) | (10,681) | (9,962) |
Other employer tax credits | (7,326) | (5,058) | (3,781) |
Other-net | 820 | 289 | 638 |
Total provision for income taxes | 77,120 | 74,298 | 58,721 |
Deferred tax assets [Abstract] | |||
Compensation and employee benefits | 13,937 | 13,721 | |
Deferred rent | 17,183 | 16,022 | |
Accrued liabilities | 12,466 | 16,869 | |
Insurance reserves | 11,444 | 12,074 | |
Inventory | 4,368 | 4,525 | |
Other | 8,718 | 2,606 | |
Deferred tax assets | 68,116 | 65,817 | |
Deferred tax liabilities [Abstract] | |||
Property and equipment | 97,695 | 88,651 | |
Inventory | 9,803 | 11,568 | |
Other | 12,024 | 9,534 | |
Deferred tax liabilities | 119,522 | 109,753 | |
Net deferred tax liability | 51,406 | 43,936 | |
Reconciliation of gross liability for uncertain tax positions [Roll Forward] | |||
Balance at beginning of year | 25,507 | 22,832 | 20,972 |
Tax positions related to the current year [Abstract] | |||
Additions | 4,860 | 3,994 | 3,989 |
Reductions | 0 | 0 | 0 |
Tax positions related to prior year [Abstract] | |||
Additions | 2,186 | 118 | 1,400 |
Reductions | (6,896) | (227) | (1,630) |
Settlements | (2,324) | (204) | (755) |
Expiration of statute of limitations | (1,434) | (1,006) | (1,144) |
Balance at end of year | 21,899 | 25,507 | 22,832 |
Uncertain tax positions | 14,234 | 16,579 | 14,840 |
Potential interest and penalties [Abstract] | |||
Interest and penalties | 5,497 | 9,754 | 8,559 |
Interest and penalties [Abstract] | |||
Interest and penalties related to uncertain tax positions | (4,256) | $ 1,194 | $ 691 |
Minimum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Potential decrease of liabilities for uncertain tax positions within the next twelve months | 2,000 | ||
Maximum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Potential decrease of liabilities for uncertain tax positions within the next twelve months | $ 3,000 |
Net Income Per Share and Weig60
Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2016 | Apr. 29, 2016 | Jan. 29, 2016 | Oct. 30, 2015 | Jul. 31, 2015 | May 01, 2015 | Jan. 30, 2015 | Oct. 31, 2014 | Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Net Income Per Share and Weighted Average Shares [Abstract] | |||||||||||
Net income per share numerator | $ 51,023 | $ 49,169 | $ 48,242 | $ 40,865 | $ 47,399 | $ 35,317 | $ 47,163 | $ 34,024 | $ 189,299 | $ 163,903 | $ 132,128 |
Net income per share denominator [Abstract] | |||||||||||
Basic weighted average shares outstanding (in shares) | 23,945,041 | 23,918,368 | 23,817,768 | ||||||||
Add potential dilution [Abstract] | |||||||||||
Stock options, nonvested stock awards and MSU Grants (in shares) | 129,232 | 130,556 | 148,247 | ||||||||
Diluted weighted average shares outstanding (in shares) | 24,074,273 | 24,048,924 | 23,966,015 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Jul. 29, 2016USD ($)Property |
Standby Letters of Credit [Member] | Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Letters of credit outstanding | $ | $ 11,045 |
Lease Performance Guarantee [Member] | |
Loss Contingencies [Line Items] | |
Number of properties for which the company is secondarily liable for lease payments | Property | 2 |
Quarterly Financial Data (Una62
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2016 | Apr. 29, 2016 | Jan. 29, 2016 | Oct. 30, 2015 | Jul. 31, 2015 | May 01, 2015 | Jan. 30, 2015 | Oct. 31, 2014 | Jul. 29, 2016 | Jul. 31, 2015 | Aug. 01, 2014 | |
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||
Total revenue | $ 745,584 | $ 700,136 | $ 764,002 | $ 702,629 | $ 719,185 | $ 683,705 | $ 755,966 | $ 683,428 | $ 2,912,351 | $ 2,842,284 | $ 2,683,677 |
Store operating income | 114,375 | 103,419 | 106,032 | 99,627 | 111,332 | 94,047 | 108,411 | 88,634 | 423,453 | 402,424 | 337,793 |
Income before income taxes | 74,107 | 63,592 | 66,956 | 61,764 | 69,199 | 51,447 | 66,537 | 51,018 | 266,419 | 238,201 | 190,849 |
Net income | $ 51,023 | $ 49,169 | $ 48,242 | $ 40,865 | $ 47,399 | $ 35,317 | $ 47,163 | $ 34,024 | $ 189,299 | $ 163,903 | $ 132,128 |
Net income per share - basic (in dollars per share) | $ 2.13 | $ 2.05 | $ 2.02 | $ 1.71 | $ 1.98 | $ 1.48 | $ 1.97 | $ 1.43 | $ 7.91 | $ 6.85 | $ 5.55 |
Net income per share - diluted (in dollars per share) | $ 2.12 | $ 2.04 | $ 2.01 | $ 1.70 | $ 1.97 | $ 1.47 | $ 1.96 | $ 1.42 | $ 7.86 | $ 6.82 | $ 5.51 |