Cracker Barrel Old Country Store (CBRL) 10-Q 21 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 27, 2017	Feb. 14, 2017
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	--07-28
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		24,042,573
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 27, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jan. 27, 2017	Jul. 29, 2016	[1]
Current Assets:
Cash and cash equivalents	$ 185,698	$ 150,966
Accounts receivable	19,654	19,389
Income taxes receivable	0	16,184
Inventories	155,879	152,308
Prepaid expenses and other current assets	18,727	14,573
Deferred income taxes	2,252	2,320
Total current assets	382,210	355,740
Property and equipment	2,050,593	2,011,845
Less: Accumulated depreciation and amortization of capital leases	961,981	931,656
Property and equipment - net	1,088,612	1,080,189
Other assets	64,069	61,735
Total assets	1,534,891	1,497,664
Current Liabilities:
Accounts payable	100,388	132,493
Taxes withheld and accrued	27,668	37,561
Income taxes payable	1,632	0
Deferred revenues	96,848	64,028
Other current liabilities	133,099	134,735
Total current liabilities	359,635	368,817
Long-term debt	400,000	400,000
Long-term interest rate swap liability	6,538	22,070
Other long-term obligations	126,607	126,608
Deferred income taxes	60,394	53,726
Commitments and Contingencies (Note 11)
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; 24,042,573 shares issued and outstanding at January 27, 2017, and 23,956,134 shares issued and outstanding at July 29, 2016	240	240
Additional paid-in capital	50,645	51,462
Accumulated other comprehensive loss	(2,933)	(13,740)
Retained earnings	533,765	488,481
Total shareholders' equity	581,717	526,443
Total liabilities and shareholders' equity	$ 1,534,891	$ 1,497,664
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 29, 2016, as filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K for the fiscal year ended July 29, 2016.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jan. 27, 2017	Jul. 29, 2016
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)	24,042,573	23,956,134
Common stock, shares outstanding (in shares)	24,042,573	23,956,134
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]
Total revenue	$ 772,682	$ 764,002	$ 1,482,653	$ 1,466,631
Cost of goods sold (exclusive of depreciation and rent)	254,920	264,932	468,029	487,905
Labor and other related expenses	259,270	251,935	508,374	496,257
Other store operating expenses	140,979	141,103	278,905	276,810
Store operating income	117,513	106,032	227,345	205,659
General and administrative expenses	34,817	35,507	68,905	69,826
Operating income	82,696	70,525	158,440	135,833
Interest expense	3,638	3,569	7,314	7,113
Income before income taxes	79,058	66,956	151,126	128,720
Provision for income taxes	26,331	18,714	50,044	39,613
Net income	$ 52,727	$ 48,242	$ 101,082	$ 89,107
Net income per share:
Basic (in dollars per share)	$ 2.19	$ 2.02	$ 4.21	$ 3.72
Diluted (in dollars per share)	$ 2.19	$ 2.01	$ 4.19	$ 3.70
Weighted average shares:
Basic (in shares)	24,040,243	23,937,812	24,020,976	23,947,183
Diluted (in shares)	24,109,000	24,047,042	24,106,748	24,060,047
Dividends declared per share (in dollars per share)	$ 1.15	$ 1.10	$ 3.30	$ 2.20
Dividends paid per share (in dollars per share)	$ 1.15	$ 1.10	$ 3.30	$ 5.20

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 52,727	$ 48,242	$ 101,082	$ 89,107
Other comprehensive income (loss) before income tax expense (benefit):
Change in fair value of interest rate swaps	11,394	(5,048)	17,500	(9,930)
Income tax expense (benefit)	4,358	(1,931)	6,693	(3,780)
Other comprehensive income (loss), net of tax	7,036	(3,117)	10,807	(6,150)
Comprehensive income	$ 59,763	$ 45,125	$ 111,889	$ 82,957

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 27, 2017		Jan. 29, 2016
Cash flows from operating activities:
Net income	$ 101,082		$ 89,107
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,830		37,783
Loss on disposition of property and equipment	2,472		2,667
Share-based compensation	4,011		4,955
Excess tax benefit from share-based compensation	(1,203)		(1,948)
Changes in assets and liabilities:
Inventories	(3,571)		2,099
Other current assets	11,765		(2,471)
Accounts payable	(32,105)		(41,643)
Deferred revenue	32,820		28,222
Other current liabilities	(6,894)		(33,299)
Other long-term assets and liabilities	(705)		141
Net cash provided by operating activities	149,502		85,613
Cash flows from investing activities:
Purchase of property and equipment	(53,194)		(36,972)
Proceeds from insurance recoveries of property and equipment	260		175
Proceeds from sale of property and equipment	412		472
Net cash used in investing activities	(52,522)		(36,325)
Cash flows from financing activities:
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net	(6,031)		(5,343)
Purchases and retirement of common stock	0		(14,653)
Dividends on common stock	(57,420)		(125,052)
Excess tax benefit from share-based compensation	1,203		1,948
Net cash used in financing activities	(62,248)		(143,100)
Net increase (decrease) in cash and cash equivalents	34,732		(93,812)
Cash and cash equivalents, beginning of period	150,966	[1]	265,455
Cash and cash equivalents, end of period	185,698		171,643
Cash paid during the period for:
Interest, net of amounts capitalized	6,582		6,331
Income taxes	28,801		37,662
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures accrued in accounts payable	2,559		2,988
Change in fair value of interest rate swaps	17,500		(9,930)
Change in deferred tax asset for interest rate swaps	(6,693)		3,780
Dividends declared but not yet paid	$ 28,997		$ 27,877
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 29, 2016, as filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K for the fiscal year ended July 29, 2016.

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	6 Months Ended
	Jan. 27, 2017
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	1. Condensed Consolidated Financial Statements Cracker Barrel Old Country Store, Inc. and its affiliates (collectively, in these Notes to Condensed Consolidated Financial Statements, the “Company”) are principally engaged in the operation and development in the United States of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept. The condensed consolidated balance sheets at January 27, 2017 and July 29, 2016 and the related condensed consolidated statements of income, comprehensive income and cash flows for the quarters and six months ended January 27, 2017 and January 29, 2016, respectively, have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission without audit. In the opinion of management, all adjustments (consisting of normal and recurring items) necessary for a fair presentation of such condensed consolidated financial statements have been made. The results of operations for any interim period are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended July 29, 2016 (the “2016 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as described in the 2016 Form 10-K. References to a year in these Notes to Condensed Consolidated Financial Statements are to the Company’s fiscal year unless otherwise noted. Recent Accounting Pronouncements Adopted 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 was effective for fiscal years beginning after December 15, 2015, and interim periods within those years on a retrospective basis. Since this accounting guidance does not pertain to debt issuance costs related to revolving debt agreements, this accounting guidance did not have a significant impact on the Company’s consolidated financial position or results of operations upon adoption in the first quarter of 2017. 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 a company 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 by using the cumulative effect transition method. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2019. 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 quarter 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	6 Months Ended
	Jan. 27, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	2. Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis at January 27, 2017 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 110,120 $ -- $ -- $ 110,120 Interest rate swap asset (see Note 5) -- 1,790 -- 1,790 Deferred compensation plan assets** 28,780 -- -- 28,780 Total assets at fair value $ 138,900 $ 1,790 $ -- $ 140,690 Interest rate swap liability (see Note 5) $ -- $ 6,540 $ -- $ 6,540 Total liabilities at fair value $ -- $ 6,540 $ -- $ 6,540 The Company’s assets and liabilities measured at fair value on a recurring basis at July 29, 2016 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 76,084 $ -- $ -- $ 76,084 Interest rate swap asset (see Note 5) -- -- -- -- Deferred compensation plan assets** 27,764 -- -- 27,764 Total assets at fair value $ 103,848 $ -- $ -- $ 103,848 Interest rate swap liability (see Note 5) $ -- $ 22,250 $ -- $ 22,250 Total liabilities at fair value $ -- $ 22,250 $ -- $ 22,250 *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 Condensed Consolidated Balance Sheets as other assets. 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 assets and liabilities are determined based on the present value of expected future cash flows. Since the values of the Company’s interest rate swaps 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. Non-performance 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 non-performance risk is also considered a Level 2 input. The fair values of the Company’s accounts receivable and accounts payable 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 amount at January 27, 2017 and July 29, 2016.

Inventories

Inventories	6 Months Ended
	Jan. 27, 2017
Inventories [Abstract]
Inventories	3. Inventories Inventories were comprised of the following at: January 27, 2017 July 29, 2016 Retail $ 118,323 $ 114,610 Restaurant 20,005 21,522 Supplies 17,551 16,176 Total $ 155,879 $ 152,308

Debt

Debt	6 Months Ended
	Jan. 27, 2017
Debt [Abstract]
Debt	4. Debt The Company has a $750,000 revolving credit facility (the “Revolving Credit Facility”), which expires on January 8, 2020. At both January 27, 2017 and July 29, 2016, the Company had $400,000 of outstanding borrowings under the Revolving Credit Facility. At January 27, 2017, the Company had $9,655 of standby letters of credit, which reduce the Company’s borrowing availability under the Revolving Credit Facility (see Note 11 for more information on the Company’s standby letters of credit). At January 27, 2017, the Company had $340,345 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 under the Revolving Credit Facility. As of January 27, 2017, the Company’s outstanding borrowings were swapped at a weighted average interest rate of 3.10% (see Note 5 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 January 27, 2017, the Company was in compliance with all financial 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	6 Months Ended
	Jan. 27, 2017
Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities	5. Derivative Instruments and Hedging Activities The Company has interest rate risk relative to its outstanding borrowings (see Note 4 for information on the Company’s outstanding borrowings). The Company’s policy has been to manage interest cost using a mix of fixed and variable rate debt. To manage this risk in a cost-efficient manner, the Company uses derivative instruments, specifically interest rate swaps. 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 January 27, 2017 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 January 27, 2017 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 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. Companies may elect 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 estimated fair values of the Company’s derivative instruments as of January 27, 2017 and July 29, 2016 were as follows: (See Note 2) Balance Sheet Location January 27, 2017 July 29, 2016 Interest rate swaps Other assets $ 1,790 $ -- Interest rate swaps Other current liabilities $ 2 $ 180 Interest rate swaps Long-term interest rate swap liability 6,538 22,070 Total $ 6,540 $ 22,250 The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at January 27, 2017 and July 29, 2016: Gross Asset Amounts Liability Amount Offset Net Asset Amount Presented in the Balance Sheets (See Note 2) January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 Interest rate swaps $ 1,791 $ -- $ (1 ) $ -- $ 1,790 $ -- The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at January 27, 2017 and July 29, 2016: Gross Liability Amounts Asset Amount Offset Net Liability Amount Presented in the Balance Sheets (See Note 2) January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 Interest rate swaps $ 6,540 $ 22,250 $ -- $ -- $ 6,540 $ 22,250 The estimated fair value of the Company’s interest rate swap liabilities incorporates the Company’s non-performance risk (see Note 2). The adjustment related to the Company’s non-performance risk at January 27, 2017 and July 29, 2016 resulted in reductions of $68 and $1,035, respectively, in the fair value of the interest rate swap liabilities. The offset to the interest rate swap liabilities is recorded in accumulated other comprehensive loss (“AOCL”), net of the deferred tax asset, and will be reclassified into earnings over the term of the underlying debt. As of January 27, 2017, the estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months is $2,843. 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 the six months ended January 27, 2017 and the year ended July 29, 2016: Amount of Income (Loss) Recognized in AOCL on Derivatives (Effective Portion) Six Months Ended January 27, 2017 Year Ended July 29, 2016 Cash flow hedges: Interest rate swaps $ 17,500 $ (16,188 ) The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and six-month periods ended January 27, 2017 and January 29, 2016: Location of Loss Reclassified from AOCL into Income (Effective Portion) Amount of Loss Reclassified from AOCL into Income (Effective Portion) Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Cash flow hedges: Interest rate swaps Interest expense $ 1,118 $ 1,444 $ 2,361 $ 2,891 Any portion of the fair value of the swaps determined to be ineffective will be recognized currently in earnings. No ineffectiveness has been recorded in the six-month periods ended January 27, 2017 and January 29, 2016.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jan. 27, 2017
Shareholders' Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity During the six months ended January 27, 2017, the Company issued 86,439 shares of its common stock resulting from the vesting of share-based compensation awards and stock option exercises. Related tax withholding payments on these share-based compensation awards exceeded proceeds received from the exercise of stock options, which resulted in a net reduction to shareholders’ equity of $6,031. During the six months ended January 27, 2017, total share-based compensation expense was $4,011. The excess tax benefit realized upon exercise of share-based compensation awards was $1,203. During the six months ended January 27, 2017, the Company paid regular dividends of $3.30 per share of its common stock and declared a regular dividend of $1.15 per share of its common stock that was paid on February 6, 2017 to shareholders of record on January 13, 2017. The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the six months ended January 27, 2017 (see Notes 2 and 5): Changes in AOCL AOCL balance at July 29, 2016 $ (13,740 ) Other comprehensive income before reclassifications 12,265 Amounts reclassified from AOCL (1,458 ) Other comprehensive income, net of tax 10,807 AOCL balance at January 27, 2017 $ (2,933 ) The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and six months ended January 27, 2017: Amount Reclassified from AOCL Affected Line Item in the Condensed Consolidated Financial Statements Quarter Ended Six Months Ended Loss on cash flow hedges: Interest rate swaps $ (1,118 ) $ (2,361 ) Interest expense Tax benefit 428 903 Provision for income taxes $ (690 ) $ (1,458 ) Net of tax

Seasonality

Seasonality	6 Months Ended
	Jan. 27, 2017
Seasonality [Abstract]
Seasonality	7. Seasonality Historically, the net income of the Company has been lower in the first and third quarters and higher in the second and fourth quarters. Management attributes these variations to the Christmas holiday shopping season and the summer vacation and travel season. The Company's retail sales, which are made substantially to the Company’s restaurant customers, historically have been highest in the Company's second quarter, which includes the Christmas holiday shopping season. Historically, interstate tourist traffic and the propensity to dine out have been higher during the summer months, thereby contributing to higher profits in the Company’s fourth quarter. The Company generally opens additional new locations throughout the year. Therefore, the results of operations for any interim period cannot be considered indicative of the operating results for an entire year.

Segment Information

Segment Information	6 Months Ended
	Jan. 27, 2017
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 currently 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 for the specified periods: Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Revenue: Restaurant $ 591,113 $ 580,918 $ 1,164,790 $ 1,143,197 Retail 181,569 183,084 317,863 323,434 Total revenue $ 772,682 $ 764,002 $ 1,482,653 $ 1,466,631

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jan. 27, 2017
Share-Based Compensation [Abstract]
Share-Based Compensation	9. Share-Based Compensation Share-based compensation is recorded in general and administrative expenses in the accompanying Condensed Consolidated Statements of Income. Total share-based compensation was comprised of the following for the specified periods: Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Nonvested stock awards $ 2,115 $ 2,146 $ 3,098 $ 3,412 Performance-based market stock units (“MSU Grants”) 471 857 913 1,543 $ 2,586 $ 3,003 $ 4,011 $ 4,955

Net Income Per Share and Weight

Net Income Per Share and Weighted Average Shares	6 Months Ended
	Jan. 27, 2017
Net Income Per Share and Weighted Average Shares [Abstract]
Net Income Per Share and Weighted Average Shares	10. Net Income Per Share and Weighted Average Shares Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue shares of common stock were exercised or converted into shares of common stock and is based upon the weighted average number of shares of common stock and common equivalent shares outstanding during the reporting period. Common equivalent shares related to stock options, nonvested stock awards and units and MSU Grants issued by the Company are calculated using the treasury stock method. The outstanding stock options, nonvested stock awards and units and MSU Grants issued by the Company represent the only dilutive effects on diluted consolidated net income per share. The following table reconciles the components of diluted earnings per share computations: Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Net income per share numerator $ 52,727 $ 48,242 $ 101,082 $ 89,107 Net income per share denominator: Weighted average shares 24,040,243 23,937,812 24,020,976 23,947,183 Add potential dilution: Stock options, nonvested stock awards and MSU Grants 68,757 109,230 85,772 112,864 Diluted weighted average shares 24,109,000 24,047,042 24,106,748 24,060,047

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 27, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. 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. Related to its workers’ compensation insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of January 27, 2017, the Company had $9,655 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 4). At January 27, 2017, the Company is secondarily liable for lease payments associated with two properties. The Company is not aware of any non-performance under these lease arrangements that would result in the Company having to perform in accordance with the terms of these guarantees; and therefore, no provision has been recorded in the Condensed Consolidated Balance Sheets for amounts to be paid in case of non-performance by the primary obligor under such lease arrangements. The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. The Company believes that the probability of incurring an actual liability under such indemnification agreements is sufficiently remote that no such liability has been recorded in the Condensed Consolidated Balance Sheet as of January 27, 2017.

Condensed Consolidated Financ18

Condensed Consolidated Financial Statements (Policies)	6 Months Ended
	Jan. 27, 2017
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements Adopted and Not Yet Adopted	Recent Accounting Pronouncements Adopted 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 was effective for fiscal years beginning after December 15, 2015, and interim periods within those years on a retrospective basis. Since this accounting guidance does not pertain to debt issuance costs related to revolving debt agreements, this accounting guidance did not have a significant impact on the Company’s consolidated financial position or results of operations upon adoption in the first quarter of 2017. 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 a company 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 by using the cumulative effect transition method. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2019. 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 quarter 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 (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 27, 2017
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 January 27, 2017 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 110,120 $ -- $ -- $ 110,120 Interest rate swap asset (see Note 5) -- 1,790 -- 1,790 Deferred compensation plan assets** 28,780 -- -- 28,780 Total assets at fair value $ 138,900 $ 1,790 $ -- $ 140,690 Interest rate swap liability (see Note 5) $ -- $ 6,540 $ -- $ 6,540 Total liabilities at fair value $ -- $ 6,540 $ -- $ 6,540 The Company’s assets and liabilities measured at fair value on a recurring basis at July 29, 2016 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 76,084 $ -- $ -- $ 76,084 Interest rate swap asset (see Note 5) -- -- -- -- Deferred compensation plan assets** 27,764 -- -- 27,764 Total assets at fair value $ 103,848 $ -- $ -- $ 103,848 Interest rate swap liability (see Note 5) $ -- $ 22,250 $ -- $ 22,250 Total liabilities at fair value $ -- $ 22,250 $ -- $ 22,250 *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 Condensed Consolidated Balance Sheets as other assets.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jan. 27, 2017
Inventories [Abstract]
Inventories	Inventories were comprised of the following at: January 27, 2017 July 29, 2016 Retail $ 118,323 $ 114,610 Restaurant 20,005 21,522 Supplies 17,551 16,176 Total $ 155,879 $ 152,308

Derivative Instruments and He21

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jan. 27, 2017
Derivative Instruments and Hedging Activities [Abstract]
Summary of Interest Rate Swaps	A summary of the Company’s interest rate swaps at January 27, 2017 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 as of January 27, 2017 and July 29, 2016 were as follows: (See Note 2) Balance Sheet Location January 27, 2017 July 29, 2016 Interest rate swaps Other assets $ 1,790 $ -- Interest rate swaps Other current liabilities $ 2 $ 180 Interest rate swaps Long-term interest rate swap liability 6,538 22,070 Total $ 6,540 $ 22,250
Offsetting Assets	The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at January 27, 2017 and July 29, 2016: Gross Asset Amounts Liability Amount Offset Net Asset Amount Presented in the Balance Sheets (See Note 2) January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 Interest rate swaps $ 1,791 $ -- $ (1 ) $ -- $ 1,790 $ --
Offsetting Liabilities	The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at January 27, 2017 and July 29, 2016: Gross Liability Amounts Asset Amount Offset Net Liability Amount Presented in the Balance Sheets (See Note 2) January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 January 27, 2017 July 29, 2016 Interest rate swaps $ 6,540 $ 22,250 $ -- $ -- $ 6,540 $ 22,250
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 the six months ended January 27, 2017 and the year ended July 29, 2016: Amount of Income (Loss) Recognized in AOCL on Derivatives (Effective Portion) Six Months Ended January 27, 2017 Year Ended July 29, 2016 Cash flow hedges: Interest rate swaps $ 17,500 $ (16,188 ) The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and six-month periods ended January 27, 2017 and January 29, 2016: Location of Loss Reclassified from AOCL into Income (Effective Portion) Amount of Loss Reclassified from AOCL into Income (Effective Portion) Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Cash flow hedges: Interest rate swaps Interest expense $ 1,118 $ 1,444 $ 2,361 $ 2,891

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jan. 27, 2017
Shareholders' Equity [Abstract]
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 six months ended January 27, 2017 (see Notes 2 and 5): Changes in AOCL AOCL balance at July 29, 2016 $ (13,740 ) Other comprehensive income before reclassifications 12,265 Amounts reclassified from AOCL (1,458 ) Other comprehensive income, net of tax 10,807 AOCL balance at January 27, 2017 $ (2,933 )
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps	The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and six months ended January 27, 2017: Amount Reclassified from AOCL Affected Line Item in the Condensed Consolidated Financial Statements Quarter Ended Six Months Ended Loss on cash flow hedges: Interest rate swaps $ (1,118 ) $ (2,361 ) Interest expense Tax benefit 428 903 Provision for income taxes $ (690 ) $ (1,458 ) Net of tax

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 27, 2017
Segment Information [Abstract]
Composition of Total Revenue	Total revenue was comprised of the following for the specified periods: Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Revenue: Restaurant $ 591,113 $ 580,918 $ 1,164,790 $ 1,143,197 Retail 181,569 183,084 317,863 323,434 Total revenue $ 772,682 $ 764,002 $ 1,482,653 $ 1,466,631

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jan. 27, 2017
Share-Based Compensation [Abstract]
Components of Share-based Compensation	Total share-based compensation was comprised of the following for the specified periods: Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Nonvested stock awards $ 2,115 $ 2,146 $ 3,098 $ 3,412 Performance-based market stock units (“MSU Grants”) 471 857 913 1,543 $ 2,586 $ 3,003 $ 4,011 $ 4,955

Net Income Per Share and Weig25

Net Income Per Share and Weighted Average Shares (Tables)	6 Months Ended
	Jan. 27, 2017
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: Quarter Ended Six Months Ended January 27, 2017 January 29, 2016 January 27, 2017 January 29, 2016 Net income per share numerator $ 52,727 $ 48,242 $ 101,082 $ 89,107 Net income per share denominator: Weighted average shares 24,040,243 23,937,812 24,020,976 23,947,183 Add potential dilution: Stock options, nonvested stock awards and MSU Grants 68,757 109,230 85,772 112,864 Diluted weighted average shares 24,109,000 24,047,042 24,106,748 24,060,047

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		Jan. 27, 2017	Jul. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	$ 110,120	$ 76,084
Interest rate swap asset (see Note 5)		1,790	0
Deferred compensation plan assets	[2]	28,780	27,764
Total assets at fair value		140,690	103,848
Interest rate swap liability (see Note 5)		6,540	22,250
Total liabilities at fair value		6,540	22,250
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]	110,120	76,084
Interest rate swap asset (see Note 5)		0	0
Deferred compensation plan assets	[2]	28,780	27,764
Total assets at fair value		138,900	103,848
Interest rate swap liability (see Note 5)		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 5)		1,790	0
Deferred compensation plan assets	[2]	0	0
Total assets at fair value		1,790	0
Interest rate swap liability (see Note 5)		6,540	22,250
Total liabilities at fair value		6,540	22,250
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 5)		0	0
Deferred compensation plan assets	[2]	0	0
Total assets at fair value		0	0
Interest rate swap liability (see Note 5)		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 Condensed Consolidated Balance Sheets as other assets.

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 27, 2017	Jul. 29, 2016
Inventories [Abstract]
Retail	$ 118,323	$ 114,610
Restaurant	20,005	21,522
Supplies	17,551	16,176
Total	$ 155,879	$ 152,308	[1]
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 29, 2016, as filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K for the fiscal year ended July 29, 2016.

Debt (Details)

Debt (Details) - Revolving Credit Facility [Member] $ in Thousands	6 Months Ended
	Jan. 27, 2017USD ($)	Jul. 29, 2016USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 750,000
Line of credit facility, expiration date	Jan. 8, 2020
Outstanding borrowings	$ 400,000	$ 400,000
Amount of standby letters of credit	9,655
Current borrowing capacity	$ 340,345
Weighted average interest rates of swapped debt	3.10%
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 He29

Derivative Instruments and Hedging Activities (Details) $ in Thousands	6 Months Ended
	Jan. 27, 2017USD ($)
Derivative [Line Items]
Company's credit spread	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 He30

Derivative Instruments and Hedging Activities, Estimated Fair Values of Derivative Instruments (Details) - Interest Rate Swaps [Member] - USD ($) $ in Thousands	Jan. 27, 2017	Jul. 29, 2016
Derivatives, Fair Value [Line Items]
Fair value, asset	$ 1,790	$ 0
Fair value, liability	6,540	22,250
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, asset	1,790	0
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, liability	2	180
Long-term Interest Rate Swap Liability [Member]
Derivatives, Fair Value [Line Items]
Fair value, liability	$ 6,538	$ 22,070

Derivative Instruments and He31

Derivative Instruments and Hedging Activities, Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 27, 2017	Jul. 29, 2016
Offsetting of derivative liabilities in condensed consolidated balance sheets [Abstract]
Estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months	$ 2,843
Interest Rate Swaps [Member]
Offsetting of derivative assets in balance sheets [Abstract]
Gross asset amounts	1,791	$ 0
Liability amount offset	(1)	0
Net asset amount presented in the balance sheets	1,790	0
Offsetting of derivative liabilities in condensed consolidated balance sheets [Abstract]
Gross liability amounts	6,540	22,250
Asset amount offset	0	0
Net liability amount presented in the balance sheets	6,540	22,250
Reduction in fair value of interest rate swap assets and liabilities due to adjustment related to non-performance risk	$ 68	$ 1,035

Derivative Instruments and He32

Derivative Instruments and Hedging Activities, Pre-tax Effects of Derivative Instruments on AOCL and Income (Details) - Interest Rate Swaps [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016	Jul. 29, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of income (loss) recognized in AOCL on derivatives (effective portion)			$ 17,500		$ (16,188)
Ineffectiveness recorded in earnings on interest rate cash flow hedge			0	$ 0
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from AOCL into income (effective portion)	$ 1,118	$ 1,444	$ 2,361	$ 2,891

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 06, 2017	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
Shareholders' Equity [Abstract]
Number of shares issued from vesting of share-based compensation awards and stock option exercises (in shares)				86,439
Tax withholding payment net of cash received from issuance of share based compensation awards				$ 6,031	$ 5,343
Share-based compensation expense				4,011	$ 4,955
Excess tax benefit realized upon exercise of share-based compensation awards				$ 1,203
Dividends Payable [Line Items]
Cash dividends paid (in dollars per share)		$ 1.15	$ 1.10	$ 3.30	$ 5.20
Cash dividends declared (in dollars per share)		$ 1.15	$ 1.10	3.30	$ 2.20
Regular Quarterly Dividend Declared in Q2 [Member]
Dividends Payable [Line Items]
Cash dividends declared (in dollars per share)				$ 1.15
Dividend record date				Jan. 13, 2017
Regular Quarterly Dividend Declared in Q2 [Member] | Subsequent Event [Member]
Dividends Payable [Line Items]
Cash dividends paid (in dollars per share)	$ 1.15
Dividend payment date	Feb. 6, 2017

Shareholders' Equity, Summary o

Shareholders' Equity, Summary of Changes in AOCL, Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
Changes in AOCL, net of tax, related to interest rate swaps [Roll Forward]
Balance, beginning of period	[1]			$ 526,443
Other comprehensive income before reclassifications				12,265
Amounts reclassified from AOCL				(1,458)
Other comprehensive income (loss), net of tax		$ 7,036	$ (3,117)	10,807	$ (6,150)
Balance, end of period		581,717		581,717
Accumulated Other Comprehensive Loss [Member]
Changes in AOCL, net of tax, related to interest rate swaps [Roll Forward]
Balance, beginning of period				(13,740)
Balance, end of period		$ (2,933)		$ (2,933)
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 29, 2016, as filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K for the fiscal year ended July 29, 2016.

Shareholders' Equity, Reclassif

Shareholders' Equity, Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (3,638)	$ (3,569)	$ (7,314)	$ (7,113)
Provision for income taxes	(26,331)	(18,714)	(50,044)	(39,613)
Net of tax	52,727	$ 48,242	101,082	$ 89,107
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	428		903
Net of tax	(690)		(1,458)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (1,118)		$ (2,361)

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2017USD ($)	Jan. 29, 2016USD ($)	Jan. 27, 2017USD ($)LineSegment	Jan. 29, 2016USD ($)
Segment Information [Abstract]
Number of product lines | Line			2
Number of reportable operating segments | Segment			1
Revenue from External Customer [Line Items]
Revenue	$ 772,682	$ 764,002	$ 1,482,653	$ 1,466,631
Restaurant [Member]
Revenue from External Customer [Line Items]
Revenue	591,113	580,918	1,164,790	1,143,197
Retail [Member]
Revenue from External Customer [Line Items]
Revenue	$ 181,569	$ 183,084	$ 317,863	$ 323,434

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 2,586	$ 3,003	$ 4,011	$ 4,955
Nonvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	2,115	2,146	3,098	3,412
Performance-Based Market Stock Units ("MSU Grants") [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 471	$ 857	$ 913	$ 1,543

Net Income Per Share and Weig38

Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Jan. 27, 2017	Jan. 29, 2016
Net Income Per Share and Weighted Average Shares [Abstract]
Net income per share numerator	$ 52,727	$ 48,242	$ 101,082	$ 89,107
Net income per share denominator [Abstract]
Weighted average shares (in shares)	24,040,243	23,937,812	24,020,976	23,947,183
Add potential dilution [Abstract]
Stock options, nonvested stock awards and MSU Grants (in shares)	68,757	109,230	85,772	112,864
Diluted weighted average shares (in shares)	24,109,000	24,047,042	24,106,748	24,060,047

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jan. 27, 2017USD ($)Property
Standby Letters of Credit [Member] | Revolving Credit Facility [Member]
Loss Contingencies [Line Items]
Letters of credit outstanding | $	$ 9,655
Lease Performance Guarantee [Member]
Loss Contingencies [Line Items]
Number of properties for which the company is secondarily liable for lease payments | Property	2