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Derivative Instruments | 4 Months Ended
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Jan. 21, 2018
Derivative Instruments and Hedges, Assets [Abstract] |
Derivative Instruments | DERIVATIVE INSTRUMENTS Objectives and strategies — We are exposed to interest rate volatility with regard to our variable rate debt. In April 2014, to reduce our exposure to rising interest rates, we entered into nine forward-starting interest rate swap agreements that effectively converted $300.0 million of our variable rate borrowings to a fixed-rate basis from October 2014 through October 2018. Additionally, in June 2015, we entered into eleven forward-starting interest rate swap agreements that effectively converted an additional $200.0 million of our variable rate borrowings to a fixed rate from October 2015 through October 2018, and $500.0 million from October 2018 through October 2022. These agreements have been designated as cash flow hedges under the terms of the FASB authoritative guidance for derivatives and hedging. To the extent that they are effective in offsetting the variability of the hedged cash flows, changes in the fair values of the derivatives are not included in earnings, but are included in other comprehensive income (“OCI”). These changes in fair value are subsequently reclassified into net earnings as a component of interest expense as the hedged interest payments are made on our variable rate debt. Financial position — The following derivative instruments were outstanding as of the end of each period (in thousands):
| Balance Sheet Location |  | Fair Value
|  | January 21, 2018 |  | October 1, 2017
Derivatives designated as cash flow hedging instruments: |  |  |  |  |
Interest rate swaps | Accrued liabilities |  | $ | (2,422 | ) |  | $ | (4,777 | )
Interest rate swaps | Other long-term liabilities |  | (8,540 | ) |  | (18,150 | )
Total derivatives (Note 4) |  |  | $ | (10,962 | ) |  | $ | (22,927 | )
Financial performance — The following table summarizes the OCI activity related to our interest rate swap derivative instruments (in thousands):
| Location in Income |  | Sixteen Weeks Ended
|  | January 21, 2018 |  | January 22, 2017
Gain recognized in OCI | N/A |  | $ | 10,291 |  |  | $ | 23,086 |
Loss reclassified from accumulated OCI into net earnings | Interest expense, net |  | $ | 1,674 |  |  | $ | 2,066 |
Amounts reclassified from accumulated OCI into interest expense represent payments made to the counterparties for the effective portions of the interest rate swaps. During the periods presented, our interest rate swaps had no hedge ineffectiveness.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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