XML 58 R41.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt (Tables) | 6 Months Ended
--- | ---
Jan. 27, 2018
Debt Disclosure [Abstract] |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands):
| January 27, 2018 |  | July 29, 2017 |  | July 30, 2016
Credit Agreement - Revolving facility (matures April 2020) | $ | — |  |  | $ | — |  |  | $ | — |
Credit Agreement - Term loan facilities (mature April 2020) | 358,063 |  |  | 367,688 |  |  | 346,250 |
0.75% convertible senior notes, net (mature September 2021) | 402,249 |  |  | 392,233 |  |  | 373,077 |
| 760,312 |  |  | 759,921 |  |  | 719,327 |
Less: current portion | (26,469 | ) |  | (21,656 | ) |  | (13,125 | )
Long-term debt | $ | 733,843 |  |  | $ | 738,265 |  |  | $ | 706,202 |
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 January 27, 2018, July 29, 2017, and July 30, 2016 were as follows:
| Weighted Average Rate End of Period
| January 27, 2018 |  | July 29, 2017 |  | July 30, 2016
Borrowings - Term loan facilities | 3.30% |  | 2.98% |  | 2.49%
Borrowings - Revolving facility(1) | —% |  | —% |  | —%
Standby Letters of Credit | 1.75% |  | 1.75% |  | 2.00%
Unused Revolver Commitment | 0.35% |  | 0.35% |  | 0.40%
(1) There were no outstanding borrowings under the revolving facility as of January 27, 2018, July 29, 2017
Convertible Debt | The liability component of the Notes consisted of the following (dollars in thousands):
| January 27, 2018 |  | July 29, 2017 |  | July 30, 2016
Liability component |  |  |  |  |
Principal amount of 0.75% convertible senior notes due September 2021 | $ | 485,000 |  |  | $ | 485,000 |  |  | $ | 485,000 |
Less: Debt discount | (74,899 | ) |  | (84,069 | ) |  | (101,679 | )
Less: Debt issuance costs | (7,852 | ) |  | (8,698 | ) |  | (10,244 | )
Net carrying amount of Notes | $ | 402,249 |  |  | $ | 392,233 |  |  | $ | 373,077 |
The following table summarizes the carrying amount and fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $136.01, $116.96, and $117.65 as of January 27, 2018, July 29, 2017, and July 30, 2016, respectively (dollars in thousands):
| January 27, 2018 |  | July 29, 2017 |  | July 30, 2016
Net carrying amount of Notes | $ | 402,249 |  |  | $ | 392,233 |  |  | $ | 373,077 |
Fair value of principal amount of Notes | $ | 659,649 |  |  | $ | 567,256 |  |  | $ | 570,603 |
Less: Debt discount and debt issuance costs | (82,751 | ) |  | (92,767 | ) |  | (111,923 | )
Fair value of Notes | $ | 576,898 |  |  | $ | 474,489 |  |  | $ | 458,680 |

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