XML 47 R34.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Debt (Tables) | 6 Months Ended
--- | ---
Jan. 28, 2017
Debt Disclosure [Abstract] |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands):
| January 28, 2017 |  | July 30, 2016
Credit Agreement - Revolving facility (matures April 2020) | $ | — |  |  | $ | — |
Credit Agreement - Term loan facilities (mature April 2020) | 376,875 |  |  | 346,250 |
0.75% convertible senior notes, net (mature September 2021) | 382,513 |  |  | 373,077 |
| 759,388 |  |  | 719,327 |
Less: current portion | (18,813 | ) |  | (13,125 | )
Long-term debt | $ | 740,575 |  |  | $ | 706,202 |
Convertible Debt | The Notes consist of the following components (dollars in thousands):
| January 28, 2017 |  | July 30, 2016
Liability component |  |  |
Principal amount of 0.75% convertible senior notes due September 2021 | $ | 485,000 |  |  | $ | 485,000 |
Less: Debt discount | (92,993 | ) |  | (101,679 | )
Less: Debt issuance costs(1) | (9,494 | ) |  | (10,244 | )
Net carrying amount of Notes | $ | 382,513 |  |  | $ | 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 $9.5 million and $10.2 million remained unamortized as of January 28, 2017 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 and the expense was not material in all periods presented. (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. Standby letters of credit of approximately $57.6 million, issued as part of the Company’s insurance program, were outstanding under the Credit Agreement as of both January 28, 2017 and July 30, 2016. The weighted average interest rates and fees for balances under the Credit Agreement as of January 28, 2017 and July 30, 2016 were as follows:
| Weighted Average Rate End of Period
| January 28, 2017 |  | July 30, 2016
Borrowings - Term loan facilities | 2.53% |  | 2.49%
Borrowings - Revolving facility(1) | —% |  | —%
Standby Letters of Credit | 1.75% |  | 2.00%
Unused Revolver | 0.35% |  | 0.40%
(1) There were no outstanding borrowings under the revolving facility as of January 28, 2017 or July 30, 2016.

X
- 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
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration