XML 43 R30.htm IDEA: XBRL DOCUMENT v3.22.1
DERIVATIVES (Tables)
 9 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Details of active swap contracts as of April 30, 2022, which are all pay fixed and receive floating, are as follows:
Effective DateSwap MaturityNotional Value (in millions)Pay Fixed Rate
Receive Floating Rate(2)
Floating Rate Reset Terms
August 3, 2015(1)
August 15, 2022$30 1.7950 %One-Month LIBORMonthly
October 26, 2018October 31, 2022100 2.8915 %One-Month LIBORMonthly
January 11, 2019October 31, 202250 2.4678 %One-Month LIBORMonthly
January 23, 2019October 31, 202250 2.5255 %One-Month LIBORMonthly
November 16, 2018March 31, 2023150 2.8950 %One-Month LIBORMonthly
January 23, 2019March 31, 202350 2.5292 %One-Month LIBORMonthly
November 30, 2018September 30, 202350 2.8315 %One-Month LIBORMonthly
October 26, 2018October 31, 2023100 2.9210 %One-Month LIBORMonthly
January 11, 2019March 28, 2024100 2.4770 %One-Month LIBORMonthly
January 23, 2019March 28, 2024100 2.5420 %One-Month LIBORMonthly
November 30, 2018October 31, 2024100 2.8480 %One-Month LIBORMonthly
January 11, 2019October 31, 2024100 2.5010 %One-Month LIBORMonthly
January 24, 2019October 31, 202450 2.5210 %One-Month LIBORMonthly
October 26, 2018October 22, 202550 2.9550 %One-Month LIBORMonthly
November 16, 2018October 22, 202550 2.9590 %One-Month LIBORMonthly
November 16, 2018October 22, 202550 2.9580 %One-Month LIBORMonthly
January 24, 2019October 22, 202550 2.5558 %One-Month LIBORMonthly
$1,230 
(1)The swap contract has an amortizing notional principal amount which is reduced by $1 million on a quarterly basis.
(2)Subsequent to the third quarter of fiscal 2022, the Company amended the reference rate in all of its outstanding interest rate swap contracts to replace One-Month LIBOR with One-Month Term SOFR and certain credit spread adjustments. The Company does not expect to record any gains or losses upon the conversion of the reference rates in these interest rate swap contracts, and the Company believes these amendments will not have a material impact on its Condensed Consolidated Financial Statements.
Schedule of Interest Rate Derivatives
The location and amount of gains or losses recognized in the Condensed Consolidated Statements of Operations for interest rate swap contracts for each of the periods, presented on a pre-tax basis, are as follows:
13-Week Period Ended39-Week Period Ended
April 30, 2022May 1, 2021April 30, 2022May 1, 2021
(in millions)Interest expense, netInterest expense, net
Total amounts of expense line items presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$37 $44 $121 $164 
Loss on cash flow hedging relationships:
Loss reclassified from comprehensive income into earnings$(9)$(11)$(30)$(35)