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Derivative Financial Instruments | 8 Months Ended
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May 09, 2020
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | Note E – Derivative Financial Instruments During the third quarter of fiscal 2020, the Company entered into two treasury rate locks, each with a notional amount of $300 million. These agreements were cash flow hedges used to manage our exposure to interest rate volatility associated with anticipated debt financing. The fixed rates for both treasury rate locks are 1.0% and are benchmarked based on the 10-year U.S. treasury notes. These outstanding cash flow derivative instruments are designed as cash flow hedges and deemed highly effective both at inception and at May 9, 2020. Both treasury rate locks expire on August 6, 2020. During the quarter ended May 9, 2020, the Company recorded $16.8 million of pre-tax losses in unrealized losses on derivative activity on our condensed consolidated statements of comprehensive loss related to the change in fair value since inception. At May 9, 2020, $12.8 million was recorded in accrued expenses and other on our condensed consolidated balance sheets related to these instruments. ​ At May 9, 2020, the Company had $4.1 million recorded in Accumulated other comprehensive loss related to realized losses associated with terminated interest rate swap and treasury rate lock derivatives, which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During the twelve week period ended May 9, 2020, the Company reclassified $509 thousand of net losses from Accumulated other comprehensive loss to Interest expense. During the comparable prior year period, the Company reclassified $508 thousand of net losses from Accumulated other comprehensive loss to Interest expense. During the thirty-six week period ended May 9, 2020, and the comparable prior year period, the Company reclassified $1.5 million of net losses from Accumulated other comprehensive loss to Interest expense. The Company expects to reclassify $2.3 million of net losses from Accumulated other comprehensive loss to Interest expense over the next 12 months. ​

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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