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Debt (Tables) | 3 Months Ended
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Oct. 29, 2016
Debt Disclosure [Abstract] |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands):
| October 29, 2016 |  | July 30, 2016
Credit Agreement - Revolving facility (matures April 2020) | $ | 68,000 |  |  | $ | — |
Credit Agreement - Term loan facilities (mature April 2020) | 346,250 |  |  | 346,250 |
0.75% convertible senior notes, net (matures September 2021) | 377,751 |  |  | 373,077 |
| 792,001 |  |  | 719,327 |
Less: current portion | (17,500 | ) |  | (13,125 | )
Long-term debt | $ | 774,501 |  |  | $ | 706,202 |
Convertible Debt | The Notes consist of the following components (dollars in thousands):
| October 29, 2016 |  | July 30, 2016
Liability component |  |  |
Principal amount of 0.75% convertible senior notes due September 2021 | $ | 485,000 |  |  | $ | 485,000 |
Less: Debt discount | (97,372 | ) |  | (101,679 | )
Less: Debt issuance costs(1) | (9,877 | ) |  | (10,244 | )
Net carrying amount of Notes | $ | 377,751 |  |  | $ | 373,077 |
Equity Component(2) | $ | 112,554 |  |  | $ | 112,554 |
(1) Original issuance costs of approximately $15.1 million related to the Notes included the initial purchasers’ discount of approximately $13.3 million and approximately $1.8 million paid to third parties. Approximately $11.5 million of issuance costs of the Notes was allocated to the liability component and recorded as a contra-liability, presented net against the carrying amount for the Notes on the Company’s condensed consolidated balance sheet, of which $9.9 million and $10.2 million remained unamortized as of October 29, 2016 and July 30, 2016, respectively. Debt issuance costs attributable to the liability component are amortized to interest expense on the effective interest rate method over the term of the Notes. During the three months ended October 29, 2016 and October 24, 2015, the Company recorded $0.4 million and $0.1 million, respectively, related to the amortization of debt issuance costs of the Notes. (2) Approximately $3.6 million of issuance costs paid to the initial purchasers of the Notes and third parties was allocated to the equity component and recorded net against the equity component in stockholders’ equity on the condensed consolidated balance sheets.
Schedule Interest Rates for the Credit Agreement | Borrowings under the Credit Agreement bear interest at rates described below based upon the Company’s consolidated leverage ratio, which is the ratio of the Company’s consolidated total funded debt to its trailing twelve month consolidated EBITDA, as defined by the Credit Agreement. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio:
Borrowings - Eurodollar Rate Loans | 1.25% - 2.00% plus LIBOR
Borrowings - Base Rate Loans | 0.25% - 1.00% plus administrative agent’s base rate(1)
Unused Revolver Commitment | 0.25% - 0.40%
Standby Letters of Credit | 1.25% - 2.00%
Commercial Letters of Credit | 0.625% - 1.00%
(1) The agent’s base rate is described in the Credit Agreement as the highest of (i) the administrative agent’s prime rate, (ii) the Federal Funds Rate plus 0.50%, and (iii) the Eurodollar rate plus 1.00%, plus an applicable margin. The weighted average interest rates and fees for balances under the Credit Agreement as of October 29, 2016 and July 30, 2016 were as follows:
| Weighted Average Rate End of Period
| October 29, 2016 |  | July 30, 2016
Borrowings - Term loan facilities | 2.52% |  | 2.49%
Borrowings - Revolving facility(1) | 3.05% |  | —%
Standby Letters of Credit | 2.00% |  | 2.00%
Unused Revolver | 0.40% |  | 0.40%

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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