0001140361-20-003992 | 10-Q | XBRL Viewer | Cracker Barrel OLD Country Store INC

Prepaid expenses and other current assets

157,352

154,958

29,193

18,332

Total current assets

286,070

242,380

Less: Accumulated depreciation and amortization

2,362,226

2,312,815

1,185,479

1,143,850

Property and equipment - net

1,176,747

1,168,965

Operating lease right-of-use assets, net

465,685

Investment in unconsolidated subsidiary

79,536

89,100

Current operating lease liabilities

6,364

Other assets

122,514

80,780

Total assets

2,136,916

1,581,225

Current Liabilities:

Accounts payable

123,318

132,221

Deferred revenue

107,102

81,734

49,522

Other current liabilities

164,942

178,519

Total current liabilities

444,884

392,474

Long-term debt

460,000

400,000

Long-term operating lease liabilities

460,840

Long-term interest rate swap liability

13,479

10,483

Other long-term obligations

72,448

129,439

Deferred income taxes

55,335

44,119

Commitments and Contingencies (Note 13)

Shareholders' Equity:

Preferred stock - 100,000,000 shares of $0.01 par value authorized; 300,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued

Common stock - 400,000,000 shares of $0.01 par value authorized; 23,943,248 shares issued and outstanding at January 31, 2020, and 24,049,240 shares issued and outstanding at August 2, 2019

240

241

Additional paid-in capital

31,659

49,732

Accumulated other comprehensive loss

(9,400)

(6,913)

Retained earnings

607,431

561,650

Total shareholders' equity

629,930

604,710

Total liabilities and shareholders' equity

$ 2,136,916

$ 1,581,225

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jan. 31, 2020	Aug. 02, 2019
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	23,943,248	24,049,240
Common stock, shares outstanding (in shares)	23,943,248	24,049,240
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Feb. 01, 2019	Jan. 31, 2020	Feb. 01, 2019
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]
Total revenue	$ 846,143	$ 811,707	$ 1,595,183	$ 1,545,250
Cost of goods sold (exclusive of depreciation and rent)	272,207	265,179	492,021	487,472
Labor and other related expenses	284,777	276,774	548,091	534,933
Other store operating expenses	171,638	156,819	334,546	309,297
General and administrative expenses	38,386	36,224	78,017	75,159
Operating income	79,135	76,711	142,508	138,389
Interest expense	3,505	4,177	7,085	8,526
Income before income taxes	75,630	72,534	135,423	129,863
Provision for income taxes	10,878	11,779	21,468	21,901
Loss from unconsolidated subsidiary	(3,584)	0	(9,564)	0
Net income	$ 61,168	$ 60,755	$ 104,391	$ 107,962
Net income per share:
Basic (in dollars per share)	$ 2.55	$ 2.53	$ 4.35	$ 4.49
Diluted (in dollars per share)	$ 2.55	$ 2.52	$ 4.34	$ 4.48
Weighted average shares:
Basic (in shares)	23,950,811	24,040,374	23,994,583	24,031,480
Diluted (in shares)	24,005,817	24,093,725	24,054,870	24,083,723

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Feb. 01, 2019	Jan. 31, 2020	Feb. 01, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 61,168	$ 60,755	$ 104,391	$ 107,962
Other comprehensive loss before income tax benefit:
Change in fair value of interest rate swaps	(2,690)	(5,371)	(3,235)	(3,672)
Income tax benefit	(641)	(1,332)	(748)	(926)
Other comprehensive loss, net of tax	(2,049)	(4,039)	(2,487)	(2,746)
Comprehensive income (loss)	$ 59,119	$ 56,716	$ 101,904	$ 105,216

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Balance (in shares) at Aug. 03, 2018

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-In Capital [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Retained Earnings [Member]

Total

Balance at Aug. 03, 2018

$ 240

$ 44,049

$ 4,685

$ 532,807

$ 581,781

24,011,550

$ 0

47,207

1,293

1,293

47,207

48,500

(30,176)

Issuance of share-based compensation awards, net of shares withheld for employee taxes

2,089

$ 0

(2,016)

Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)

22,825

Balance at Nov. 02, 2018

$ 240

44,122

5,978

549,838

600,178

Balance (in shares) at Nov. 02, 2018

24,034,375

Balance at Aug. 03, 2018

$ 240

44,049

4,685

532,807

581,781

Balance (in shares) at Aug. 03, 2018

24,011,550

107,962

(2,746)

Balance (in shares) at Feb. 01, 2019

105,216

Balance at Feb. 01, 2019

$ 240

46,125

1,939

580,314

628,618

24,041,374

Balance at Nov. 02, 2018

$ 240

44,122

5,978

549,838

600,178

Balance (in shares) at Nov. 02, 2018

24,034,375

$ 0

60,755

(4,039)

(4,039)

60,755

56,716

(30,279)

Issuance of share-based compensation awards, net of shares withheld for employee taxes

2,044

$ 0

(41)

Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)

6,999

Balance at Feb. 01, 2019

$ 240

46,125

1,939

580,314

628,618

Balance (in shares) at Feb. 01, 2019

24,041,374

Balance at Aug. 02, 2019

$ 241

49,732

(6,913)

561,650

$ 604,710

^[1]

Balance (in shares) at Aug. 02, 2019

24,049,240

$ 0

43,223

$ 43,223

(438)

(438)

43,223

42,785

(31,452)

Issuance of share-based compensation awards, net of shares withheld for employee taxes

1,798

$ 0

(1,994)

Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)

18,466

Purchases and retirement of common stock

$ (1)

(14,187)

(14,188)

Purchases and retirement of common stock (in shares)

(91,748)

Balance at Nov. 01, 2019

$ 240

35,349

(7,351)

577,546

605,784

Balance (in shares) at Nov. 01, 2019

23,975,958

Balance at Aug. 02, 2019

$ 241

49,732

(6,913)

561,650

$ 604,710

^[1]

Balance (in shares) at Aug. 02, 2019

24,049,240

$ 104,391

(2,487)

Balance (in shares) at Jan. 31, 2020

101,904

Balance at Jan. 31, 2020

$ 240

31,659

(9,400)

607,431

$ 629,930

23,943,248

Cumulative-effect of change in accounting principle

$ 0

4,125

$ 4,125

Balance at Nov. 01, 2019

$ 240

35,349

(7,351)

577,546

605,784

Balance (in shares) at Nov. 01, 2019

23,975,958

$ 0

61,168

(2,049)

(2,049)

61,168

59,119

(31,283)

Issuance of share-based compensation awards, net of shares withheld for employee taxes

2,122

$ 0

Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)

4,867

Purchases and retirement of common stock

$ 0

(5,812)

Purchases and retirement of common stock (in shares)

(37,577)

Balance at Jan. 31, 2020

$ 240

$ 31,659

$ (9,400)

$ 607,431

$ 629,930

Balance (in shares) at Jan. 31, 2020

23,943,248

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jan. 31, 2020	Nov. 01, 2019	Feb. 01, 2019	Nov. 02, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract]
Cash dividends declared (in dollars per share)	$ 1.30	$ 1.30	$ 1.25	$ 1.25

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jan. 31, 2020

Feb. 01, 2019

Cash flows from operating activities:

Net loss from unconsolidated subsidiary

$ 104,391

$ 107,962

9,564

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

58,277

51,056

Loss on disposition of property and equipment

4,005

5,760

Impairment

664

3,920

4,133

Noncash lease expense

30,845

Changes in assets and liabilities:

Other current liabilities

(2,167)

4,851

Other current assets

(5,005)

(2,334)

Accounts payable

(10,779)

(4,447)

6,609

20,641

Other long-term assets and liabilities

(16,320)

3,241

Net cash provided by operating activities

184,004

190,863

Cash flows from investing activities:

Purchase of property and equipment

(58,371)

(70,286)

Proceeds from insurance recoveries of property and equipment

457

Proceeds from sale of property and equipment

1,565

Notes receivable from unconsolidated subsidiary

(33,000)

Acquisition of business, net of cash acquired

(32,971)

Net cash used in investing activities

(122,695)

(69,738)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

215,000

400,000

Taxes withheld from issuance of share-based compensation awards

(1,994)

(2,057)

Principal payments under long-term debt

(155,000)

(400,000)

Purchases and retirement of common stock

(20,000)

Deferred financing costs

(3,022)

Dividends on common stock

(63,359)

(61,138)

Net cash used in financing activities

(25,353)

(66,217)

Net increase in cash and cash equivalents

35,956

54,908

Cash and cash equivalents, beginning of period

36,884

114,656

Cash and cash equivalents, end of period

72,840

169,564

Cash paid during the period for:

Interest, net of amounts capitalized

8,564

4,217

Income taxes

5,277

20,201

Supplemental schedule of non-cash investing and financing activities:

Capital expenditures accrued in accounts payable

^[1]

3,244

7,548

Change in fair value of interest rate swaps

^[1]

(3,235)

(3,672)

Change in deferred tax asset for interest rate swaps

^[1]

748

926

Dividends declared but not yet paid

^[1]

$ 32,231

$ 31,093

[1]	*See Note 11 for additional supplemental disclosures related to leases

Condensed Consolidated Financial Statements

6 Months Ended

Jan. 31, 2020

Condensed Consolidated Financial Statements [Abstract]

Condensed Consolidated Financial Statements

1.	Condensed Consolidated Financial Statements

Cracker Barrel Old Country Store, Inc. and its affiliates (collectively, in these Notes to Condensed Consolidated Financial Statements, the “Company”) are principally engaged in the operation and development in the United States of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept.

The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) without audit. In the opinion of management, all adjustments (consisting of normal and recurring items) necessary for a fair presentation of such condensed consolidated financial statements have been made. The results of operations for any interim period are not necessarily indicative of results for a full year.

These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended August 2, 2019 (the “2019 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as described in the 2019 Form 10-K except for the newly adopted accounting guidance for leases discussed in Note 11. References to a year in these Notes to Condensed Consolidated Financial Statements are to the Company’s fiscal year unless otherwise noted.

Recent Accounting Pronouncements Adopted

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued accounting guidance which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The Company adopted this accounting guidance as of August 3, 2019, using the modified retrospective approach. Under this approach, existing leases were recorded at the adoption date rather than the beginning of the earliest comparative period presented. This approach allows for a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, and prior periods are not restated. The Company elected the transition package of practical expedients permitted under this guidance, which among other things, allows the carryforward of historical lease classifications. The Company elected to not separate lease and non-lease components for all classes of leased assets. Additionally, the Company elected to apply the short-term lease exemption to all asset classes. The Company chose not to elect the hindsight practical expedient.

Adoption of the accounting guidance for leases resulted in the recognition of right-of-use operating lease assets of $464,394 and total operating lease liabilities of $506,406 as of August 3, 2019. At adoption, the lease liabilities were measured based upon the present value of remaining rental payments for existing operating leases primarily related to real estate leases. The right-of-use assets were offset primarily by straight-line lease liabilities that existed at the adoption date. The cumulative-effect of applying the accounting guidance for leases resulted in an adjustment to retained earnings of $4,125 at August 3, 2019, related to the elimination of the deferred gains on the Company’s sale-leaseback transactions from 2000 and 2009. See Note 11 for additional information regarding leases.

Accounting for Hedging Activities

In August 2017, the FASB issued accounting guidance which amends the recognition, presentation and disclosure requirements of hedge accounting in order to better portray the economics of entities’ risk management activities, increase transparency and understandability of hedging relationships and simplify the application of hedge accounting. The adoption of this accounting guidance in the first quarter of 2020 did not have a significant impact on the Company’s consolidated financial position or results of operations, and the Company did not record a cumulative-effect adjustment to the opening balance of retained earnings. The amended presentation and disclosure requirements were applied on a prospective basis.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

On December 22, 2017, the U.S. government enacted P.L. 115-97, the Tax Cuts and Jobs Act (the “Tax Act”). In February 2018, the FASB issued accounting guidance which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. This accounting guidance was effective for the Company in the first quarter of 2020. The Company did not elect this reclassification option. As a result, this accounting guidance had no impact on the Company’s consolidated financial position or results of operations.

Share-Based Payment Arrangements With Nonemployees

In June 2018, the FASB issued accounting guidance in order to simplify the accounting for share-based payments granted to nonemployees for goods and services. This new guidance aligns most of the accounting requirements for share-based payments granted to nonemployees with the existing guidance for share-based payments granted to employees. The adoption of this accounting guidance in the first quarter of 2020 had no impact on the Company’s consolidated financial position or results of operations.

Recent Accounting Pronouncements Not Adopted

Goodwill Impairment

In January 2017, the FASB issued accounting guidance related to the subsequent measurement of goodwill. Under this new guidance, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. This guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. This guidance should be applied on a prospective basis. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2021.

Accounting for Income Taxes

In December 2019, the FASB issued accounting guidance in order to simplify the accounting for income taxes. This new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This accounting guidance is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. In general, entities will apply the new guidance on a prospective basis, except for certain items such as the guidance on franchise taxes that are partially based on income. The guidance on franchise taxes that are partially based on income will be applied either retrospectively for all periods presented or using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2022.

Acquisition

6 Months Ended

Jan. 31, 2020

Acquisition

2.	Acquisition

The Company accounts for all transactions that represent business combinations using the acquisition method of accounting, where the identifiable assets acquired and the liabilities assumed are recognized and measured at their fair values on the date the Company obtains control in the acquiree. Such fair values that are not finalized for reporting periods following the acquisition date are estimated and recorded as estimated amounts. Adjustments to these estimated amounts during the measurement period (defined as the date through which all information required to identify and measure the consideration transferred, the assets acquired and the liabilities assumed has been obtained, limited to one year from the acquisition date) are recorded when identified. Goodwill is determined as the excess of the fair value of the consideration conveyed in the acquisition over the fair value of the net assets acquired. Goodwill and other intangibles will be evaluated for impairment annually during each fourth quarter period and when an event occurs or circumstances change that, more likely than not, reduce the fair value of the reporting unit below its carrying value.

Effective October 10, 2019, the Company acquired 100% ownership of Maple Street Biscuit Company (“MSBC”), a breakfast and lunch fast casual concept, for a purchase price of $36,000, of which $32,000 was paid to the sellers in cash with the remaining $4,000 being held as security for the satisfaction of indemnification obligations. The unused portion held as security, if any, will be paid in two installments with $1,500 due to the principal seller on the one-year anniversary of closing and the remaining amount due to the sellers on the two-year anniversary of closing.

The Company believes that this investment supports its strategic initiative to extend the brand by becoming a market leader in the breakfast and lunch-focused fast casual dining segment of the restaurant industry and by providing a platform for growth. At January 31, 2020, MSBC had 28 company-owned and five franchised fast casual locations across seven states.

The goodwill of $6,364 arising from the acquisition consists largely of the Company’s determination of the value of MSBC’s future free cash flows less the value of the identifiable tangible and intangible assets and liabilities. None of the goodwill recognized is expected to be deductible for income tax purposes. Acquisition-related costs of $1,269 were recorded in general and administrative expenses in the condensed consolidated statement of income in the quarter ended November 1, 2019.

The following table summarizes the consideration paid for MSBC and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:

Fair value of total consideration transferred

36,000

Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$	96
Property and equipment		13,580
Operating lease right-of-use assets, net		14,280
Indefinite-lived intangible asset*		19,460
Other current and noncurrent assets		394
Financial liabilities		(1,876	)
Operating lease liabilities		(15,973	)
Other noncurrent liabilities		(325	)
Total identifiable net assets		29,636
Goodwill	$	6,364

*Consists entirely of MSBC’s Tradename

All amounts recorded for the assets acquired, liabilities assumed and goodwill are provisional and are subject to revision as additional information about the fair value of assets acquired and liabilities assumed becomes available. We expect the final purchase price allocation to be completed in the first quarter of 2021.

Equity Method Investment

6 Months Ended

Jan. 31, 2020

Equity Method Investment [Abstract]

Equity Method Investment

3.	Equity Method Investment

Effective July 18, 2019, the Company purchased approximately 58.6% of the economic ownership interest, and approximately 49.7% of the voting interest, in PBS HoldCo, LLC (“PBS HC”). PBS HC and its subsidiaries develop, own, and operate food, beverage and entertainment establishments under the name of Punch Bowl Social (“PBS”). The Company does not have the power to unilaterally direct any activities of PBS HC, a variable interest entity, that most significantly impact PBS HC’s economic performance. As a result, the Company’s investment in PBS HC, for which it has the ability to exercise significant influence, but not control and is not the primary beneficiary, is accounted for using the equity method. Accordingly, the Company recognizes its proportionate share of the reported earnings or losses of PBS HC adjusted for basis differences on its consolidated statements of income and as an adjustment to the Company’s investment in unconsolidated subsidiary on the consolidated balance sheet. The Company will assess the impairment of its equity investment whenever events or changes in circumstances indicate that a decrease in value of the investment has occurred that is other than temporary. The Company’s investment in PBS HC was valued at $79,536 and $89,100, respectively at January 31, 2020 and August 2, 2019, and is recorded on the Company’s condensed consolidated balance sheet as investment in unconsolidated subsidiary.

Additionally, as part of the purchase transaction, the Company purchased promissory notes of PBS HC in principal amount of $6,900 along with the related interest on the notes and provided additional funding of $8,000 to PBS HC in exchange for a promissory note. As part of the purchase agreement with PBS HC, the Company agreed to fund PBS HC up to $51,000 through calendar 2020, of which the Company has funded $45,500 and $12,500, respectively, as of January 31, 2020 and August 2, 2019. The related promissory notes are included in other assets on the condensed consolidated balance sheet. The Company’s exposure to risk of loss in PBS HC is generally limited to its investment in the ownership interest and its receivable related to the promissory notes.

Fair Value Measurements

6 Months Ended

Jan. 31, 2020

Fair Value Measurements [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s assets and liabilities measured at fair value on a recurring basis at January 31, 2020 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	34,401	$	—	$	—	$	34,401
Deferred compensation plan assets**								32,758
Total assets at fair value							$	67,159

Interest rate swap liability (see Note 7)	$	—	$	13,479	$	—	$	13,479
Total liabilities at fair value	$	—	$	13,479	$	—	$	13,479

The Company’s assets and liabilities measured at fair value on a recurring basis at August 2, 2019 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	46	$	—	$	—	$	46
Deferred compensation plan assets**								30,593
Total assets at fair value							$	30,639

Interest rate swap liability (see Note 7)	$	—	$	10,483	$	—	$	10,483
Total liabilities at fair value	$	—	$	10,483	$	—	$	10,483

*Consists of money market fund investments.

**Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s non-qualified savings plan and is included in the Condensed Consolidated Balance Sheets as other assets.

The Company’s money market fund investments are measured at fair value using quoted market prices. The fair values of the Company’s interest rate swap liabilities are determined based on the present value of expected future cash flows. Since the values of the Company’s interest rate swaps are based on the LIBOR forward curve, which is observable at commonly quoted intervals for the full terms of the swaps, it is considered a Level 2 input. Non-performance risk is reflected in determining the fair value of the interest rate swaps by using the Company’s credit spread less the risk-free interest rate, both of which are observable at commonly quoted intervals for the terms of the swaps. Thus, the adjustment for non-performance risk is also considered a Level 2 input. The Company’s deferred compensation plan assets are measured based on net asset value per share as a practical expedient to estimate fair value.

The fair values of the Company’s accounts receivable and accounts payable approximate their carrying amounts because of their short duration. The fair value of the Company’s variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amount at January 31, 2020 and August 2, 2019.

Assets Measured at Fair Value on a Nonrecurring Basis

As part of the Company’s acquisition of MSBC effective October 10, 2019, the Company recorded MSBC’s property and equipment and the MSBC tradename at fair value. The remaining identifiable assets and liabilities acquired were recorded at carrying value, which approximated their fair value at October 10, 2019. Additionally, goodwill was recorded as the excess of fair value of the consideration conveyed in the acquisition over the fair value of the net assets acquired. The fair value of MSBC’s property and equipment, tradename and the related goodwill are considered Level 3 inputs. The valuation method used by the Company depends on the type of asset and the availability of data.

The Company’s assets measured at fair value on a nonrecurring basis as of October 10, 2019 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Property and equipment	$	—	$	—	$	13,580	$	13,580
Tradename*		—		—		19,460		19,460
Goodwill		—		—		6,364		6,364
Total	$	—	$	—	$	39,404	$	39,404

*Included in the Condensed Consolidated Balance Sheets as other assets.

As noted in Note 2 above, the amounts recorded for these assets are estimated. See Note 2 for further information in regards to the determination of goodwill.

The fair value of the property and equipment was determined by using the cost approach. Assumptions used in the cost method included estimates of replacement costs for similar property and equipment. Replacement cost was estimated to be approximately $500 per MSBC store.

The fair value of MSBC’s tradename was determined by using the present value of estimated cash flows from comparable industry royalty rates for MSBC’s estimated future revenue streams. Assumptions used under this approach included an approximate 2.5% royalty rate and a discount rate of 12.0%.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Inventories

6 Months Ended

Jan. 31, 2020

Inventories [Abstract]

Derivative Instruments and Hedging Activities [Abstract]

5.	Inventories

Inventories were comprised of the following at:

	January 31, 2020		August 2, 2019
Retail	$	116,389	$	116,990
Restaurant		22,817		20,648
Supplies		18,146		17,320
Total	$	157,352	$	154,958

Debt

6 Months Ended

Jan. 31, 2020

Debt [Abstract]

Debt

On September 5, 2018, the Company entered into a five-year $950,000 revolving credit facility (“2019 Revolving Credit Facility”). The 2019 Revolving Credit Facility also contains an option to increase the revolving credit facility by $300,000.

At January 31, 2020 and August 2, 2019, the Company had $460,000 and $400,000, respectively, of outstanding borrowings under the 2019 Revolving Credit Facility. At January 31, 2020, the Company had $6,879 of standby letters of credit, which reduce the Company’s borrowing availability under the 2019 Revolving Credit Facility (see Note 13 for more information on the Company’s standby letters of credit). At January 31, 2020, the Company had $483,121 in borrowing availability under the 2019 Revolving Credit Facility.

In accordance with the 2019 Revolving Credit Facility, outstanding borrowings bear interest, at the Company’s election, either at LIBOR or prime plus a percentage point spread based on certain specified financial ratios under the 2019 Revolving Credit Facility. At January 31, 2020, $400,000 of the Company’s outstanding borrowings were swapped at a weighted average interest rate of 3.61% (see Note 7 for information on the Company’s interest rate swaps). At January 31, 2020, the weighted average interest rate on the remaining $60,000 of the Company’s outstanding borrowings was 3.13%.

The 2019 Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. At January 31, 2020, the Company was in compliance with all financial covenants.

The 2019 Revolving Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Under the 2019 Revolving Credit Facility, provided there is no default existing and the total of the Company’s availability under the 2019 Revolving Credit Facility plus the Company’s cash and cash equivalents on hand is at least $100,000 (the “cash availability”), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock (1) in an unlimited amount if, at the time such dividend or repurchase is made, the Company’s consolidated total leverage ratio is 3.00 to 1.00 or less and (2) in an aggregate amount not to exceed $100,000 in any fiscal year if the Company’s consolidated total leverage ratio is greater than 3.00 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1) and (2), so long as immediately after giving effect to the payment of any such dividends, cash availability is at least $100,000, the Company may declare and pay cash dividends on shares of its common stock in an aggregate amount not to exceed in any fiscal year the product of the aggregate amount of dividends declared in the fourth quarter of the immediately preceding fiscal year multiplied by four.

Derivative Instruments and Hedging Activities

6 Months Ended

Jan. 31, 2020

Derivative Instruments and Hedging Activities

7.	Derivative Instruments and Hedging Activities

The Company has interest rate risk relative to its outstanding borrowings (see Note 6 for information on the Company’s outstanding borrowings). The Company’s policy has been to manage interest cost using a mix of fixed and variable rate debt. To manage this risk in a cost-efficient manner, the Company uses derivative instruments, specifically interest rate swaps.

For each of the Company’s interest rate swaps, the Company has agreed to exchange with a counterparty the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. The interest rates on the portion of the Company’s outstanding debt covered by its interest rate swaps are fixed at the rates in the table below plus the Company’s credit spread. The Company’s credit spread at January 31, 2020 was 1.25%.

All of the Company’s interest rate swaps are accounted for as cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same statement of income line item as the earnings effect of the hedged item. Gains and losses on the derivative instrument representing hedge components excluded from the assessment of effectiveness, if any, will be recognized currently in earnings in the same statement of income line item as the earnings effect of the hedged item.

The Company does not hold or use derivative instruments for trading purposes. The Company also does not have any derivatives not designated as hedging instruments and has not designated any non-derivatives as hedging instruments.

Companies may elect to offset related assets and liabilities and report the net amount on their financial statements if the right of setoff exists. Under a master netting agreement, the Company has the legal right to offset the amounts owed to the Company against amounts owed by the Company under a derivative instrument that exists between the Company and a counterparty. When the Company is engaged in more than one outstanding derivative transaction with the same counterparty and also has a legally enforceable master netting agreement with that counterparty, its credit risk exposure is based on the net exposure under the master netting agreement. If, on a net basis, the Company owes the counterparty, the Company regards its credit exposure to the counterparty as being zero.

A summary of the Company’s interest rate swaps at January 31, 2020 is as follows:

Trade Date	Effective Date	Term (in Years)		Notional Amount		Fixed Rate
January 30, 2015	May 3, 2019		2.0	$	60,000		2.16	%
January 30, 2015	May 4, 2021		3.0		120,000		2.41	%
January 30, 2015	May 3, 2019		2.0		60,000		2.15	%
January 30, 2015	May 4, 2021		3.0		80,000		2.40	%
January 16, 2019	May 3, 2019		3.0		115,000		2.63	%
January 16, 2019	May 3, 2019		2.0		115,000		2.68	%
August 6, 2019	November 4, 2019		2.5		50,000		1.50	%
August 7, 2019	May 3, 2021		1.0		35,000		1.32	%
August 7, 2019	May 3, 2022		2.0		100,000		1.40	%
August 7, 2019	May 3, 2022		2.0		100,000		1.36	%

The estimated fair value of the Company’s derivative instruments as of January 31, 2020 and August 2, 2019 were as follows:

(See Note 4)	Balance Sheet Location	January 31, 2020		August 2, 2019
Interest rate swaps	Long-term interest rate swap liability	$	13,479	$	10,483
Total liabilities		$	13,479	$	10,483

**These interest rate swap liabilities are recorded gross at both January 31, 2020 and August 2, 2019 since there were no offsetting assets under the Company’s master netting agreements.

The estimated fair value of the Company’s interest rate swap liabilities incorporate the Company’s non-performance risk (see Note 4). The adjustment related to the Company’s non-performance risk at January 31, 2020 and August 2, 2019 resulted in reductions of $358 and $399, respectively, in the fair value of the interest rate swap liabilities. The offset to the interest rate swap liabilities are recorded in accumulated other comprehensive loss (“AOCL”), net of the deferred tax asset, and will be reclassified into earnings over the term of the underlying debt. As of January 31, 2020, the estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months is $1,721. Cash flows related to the interest rate swaps are included in interest expense in the Condensed Consolidated Statements of Income and in operating activities in the Condensed Consolidated Statements of Cash Flows.

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for the six months ended January 31, 2020 and the year ended August 2, 2019:

	Amount of Loss Recognized in AOCL on Derivatives
	Six Months Ended January 31, 2020			Year Ended August 2, 2019
Cash flow hedges:
Interest rate swaps	$	(3,235	)	$	(15,466	)

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and six-month periods ended January 31, 2020 and February 1, 2019:

	Location of Loss Reclassified from AOCL into Income (Effective Portion)	Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		Quarter Ended				Six Months Ended
		January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
Cash flow hedges:
Interest rate swaps	Interest expense	$	176	$	141	$	94	$	141

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and six months ended January 31, 2020:

	Amount Reclassified from AOCL						Affected Line Item in the
	Quarter Ended			Six Months Ended			Condensed Consolidated Financial Statements
Loss on cash flow hedges:
Interest rate swaps	$	(176	)	$	(94	)	Interest expense
Tax benefit		44			24		Provision for income taxes
	$	(132	)	$	(70	)	Net of tax

No gains or losses representing amounts excluded from the assessment of effectiveness were recognized in earnings for the six months ended January 31, 2020.

The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the six months ended January 31, 2020:

	Changes in AOCL
AOCL balance at August 2, 2019	$	(6,913	)
Other comprehensive loss before reclassifications		(2,417	)
Amounts reclassified from AOCL		(70	)
Other comprehensive loss, net of tax		(2,487	)
AOCL balance at January 31, 2020	$	(9,400	)

Seasonality

6 Months Ended

Jan. 31, 2020

Seasonality [Abstract]

Seasonality

8.	Seasonality

Historically, the net income of the Company has been lower in the first and third quarters and higher in the second and fourth quarters. Management attributes these variations to the holiday shopping season and the summer vacation and travel season. The Company's retail sales, which are made substantially to the Company’s restaurant customers, historically have been highest in the Company's second quarter, which includes the holiday shopping season. Historically, interstate tourist traffic and the propensity to dine out have been higher during the summer months, thereby contributing to higher profits in the Company’s fourth quarter. The Company generally opens additional new locations throughout the year. Therefore, the results of operations for any interim period cannot be considered indicative of the operating results for an entire year.

Segment Information

6 Months Ended

Jan. 31, 2020

Segment Information [Abstract]

Segment Information

9.	Segment Information

Cracker Barrel stores represent a single, integrated operation with two related and substantially integrated product lines. The operating expenses of the restaurant and retail product lines of a Cracker Barrel store are shared and are indistinguishable in many respects. Accordingly, the Company currently manages its business on the basis of one reportable operating segment. All of the Company’s operations are located within the United States.

Revenue Recognition

6 Months Ended

Jan. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

10.	Revenue Recognition

Revenue consists primarily of sales from restaurant and retail operations. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a restaurant guest, retail customer or other customer. The Company’s policy is to present sales in the Condensed Consolidated Statements of Income on a net presentation basis after deducting sales tax.

Disaggregation of revenue

Total revenue was comprised of the following for the specified periods:

	Quarter Ended				Six Months Ended
	January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
Revenue:
Restaurant	$	663,043	$	631,175	$	1,270,122	$	1,222,153
Retail		183,100		180,532		325,061		323,097
Total revenue	$	846,143	$	811,707	$	1,595,183	$	1,545,250

Restaurant Revenue

The Company recognizes revenues from restaurant sales when payment is tendered at the point of sale, as the Company’s performance obligation to provide food and beverages is satisfied.

Retail Revenue

The Company recognizes revenues from retail sales when payment is tendered at the point of sale, as the Company’s performance obligation to provide merchandise is satisfied. Ecommerce sales, including shipping revenue, are recorded upon delivery to the customer. Additionally, estimated sales returns are calculated based on return history and sales levels.

Gift Card Breakage

Included in restaurant and retail revenue is gift card breakage. Customer purchases of gift cards, to be utilized at the Company's stores, are not recognized as sales until the card is redeemed and the customer purchases food and/or merchandise. Gift cards do not carry an expiration date; therefore, customers can redeem their gift cards indefinitely. A certain number of gift cards will not be fully redeemed. Management estimates unredeemed balances and recognizes gift card breakage revenue for these amounts in the Company's Condensed Consolidated Statements of Income over the expected redemption period. Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines that there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company’s specific historical redemption patterns. The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage over the period of estimated redemption. For the quarter and six months ended January 31, 2020, gift card breakage was $2,422 and $3,660. For the quarter and six months ended February 1, 2019, gift card breakage was $2,451 and $3,656.

Deferred revenue related to the Company’s gift cards was $106,959 and $80,073, respectively, at January 31, 2020 and August 2, 2019. Revenue recognized in the Condensed Consolidated Statements of Income for the six months ended January 31, 2020 and February 1, 2019, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $29,751 and $52,696.

Leases

6 Months Ended

Jan. 31, 2020

Leases [Abstract]

Leases

11. Leases

The Company has ground leases for its leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases. The Company also leases advertising billboards, vehicle fleets, and certain equipment under various non-cancellable operating leases. Additionally, the Company also completed sale-leaseback transactions in 2000 and 2009. In 2009, the Company completed sale-leaseback transactions involving 15 of its owned stores and its retail distribution center. Under the transactions, the land, buildings and improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. Equipment was not included. The leases include specified renewal options for up to 20 additional years. In 2000, the Company completed a sale-leaseback transaction involving 65 of its owned stores. Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for a term of 21 years. The leases for these stores include specified renewal options for up to 20 additional years and certain financial covenants which include maintenance of a minimum fixed charge coverage for the leased stores. At January 31, 2020 and August 2, 2019, the Company was in compliance with these covenants.

To determine whether a contract is or contains a lease, the Company determines at contract inception whether it contains the right to control the use of an identified asset for a period of time in exchange for consideration. If the contract has the right to obtain substantially all of the economic benefit from use of the identified asset and the right to direct the use of the identified asset, the Company recognizes a right-of-use asset and lease liability. The Company’s leases all have varying terms and expire at various dates through 2055. Restaurant leases typically have base terms of ten years with four to five optional renewal periods of five years each. The Company uses a lease life that generally begins on the commencement date, including the rent holiday periods, and generally extends through certain renewal periods that can be exercised at the Company’s option. The Company has included lease renewal options in the lease term for calculations of the right-of-use asset and liability for which at the commencement of the lease it is reasonably certain that the Company will exercise those renewal options. Additionally, some of the leases have contingent rent provisions and others require adjustments for inflation or index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company has entered into agreements for real estate leases that are not recorded as right-of-use assets or lease liabilities as we have not yet taken possession. These leases are expected to commence in the in 2021 with undiscounted future payments of $15,900.

As further discussed in Note 1 under the lease discussion in the “Recent Accounting Standards Adopted” section, the Company has elected to not separate lease and non-lease components. Additionally, the Company has elected to apply the short term lease exemption to all asset classes and the short term lease expense for the period reasonably reflects the short term lease commitments. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the time of commencement or modification date in determining the present value of lease payments. For operating leases that commenced prior to the date of adoption of the new lease accounting guidance, we used the incremental borrowing rate as of the adoption date. Assumptions used in determining the Company’s incremental borrowing rate include the Company’s implied credit rating and an estimate of secured borrowing rates based on comparable market data.

The following table summarizes the components of lease cost for operating leases for the quarter and six months ended January 31, 2020:

	Quarter Ended January 31, 2020		Six Months Ended January 31, 2020
Operating lease cost	$	20,462	$	40,318
Short term lease cost		1,892		2,276
Variable lease cost		479		930
Total lease cost	$	22,833	$	43,524

The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for the quarter and six months ended January 31, 2020:

	Quarter Ended January 31, 2020			Six Months Ended January 31, 2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	20,286		$	39,832
Noncash information:
Right-of-use assets obtained in exchange for new operating lease liabilities		601			4,439
Lease modifications granting additional right-of-use assets		5,691			12,517
Lease modifications removing right-of-use assets		(280	)		(929	)

The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of January 31, 2020:

Weighted-average remaining lease term		18.04 Years
Weighted-average discount rate			3.86	%

The following table summarizes the maturities of undiscounted cash flows reconciled to the total lease liability as of January 31, 2020:

Year	Total
Remainder of 2020	$	39,873
2021		50,982
2022		41,429
2023		37,390
2024		36,726
Thereafter		533,084
Total future minimum lease payments		739,484
Less imputed remaining interest		(229,122	)
Total present value of operating lease liabilities	$	510,362

The following table summarizes the maturities of lease commitments as of August 2, 2019, prior to the adoption of the new lease guidance, as previously disclosed in our 2019 Form 10-K:

Year	Total
2020	$	69,249
2021		40,962
2022		36,280
2023		33,639
2024		34,020
Thereafter		515,169
Total	$	729,319

Net Income Per Share and Weighted Average Shares

6 Months Ended

Jan. 31, 2020

Net Income Per Share and Weighted Average Shares [Abstract]

Net Income Per Share and Weighted Average Shares

12.	Net Income Per Share and Weighted Average Shares

Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue shares of common stock were exercised or converted into shares of common stock and is based upon the weighted average number of shares of common stock and common equivalent shares outstanding during the reporting period. Common equivalent shares related to nonvested stock awards and units issued by the Company are calculated using the treasury stock method. The outstanding nonvested stock awards and units issued by the Company represent the only dilutive effects on diluted consolidated net income per share.

The following table reconciles the components of diluted earnings per share computations:

	Quarter Ended				Six Months Ended
	January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
Net income per share numerator	$	61,168	$	60,755	$	104,391	$	107,962

Net income per share denominator:
Weighted average shares		23,950,811		24,040,374		23,994,583		24,031,480
Add potential dilution:
Nonvested stock awards and units		55,006		53,351		60,287		52,243
Diluted weighted average shares		24,005,817		24,093,725		24,054,870		24,083,723

Commitments and Contingencies

6 Months Ended

Jan. 31, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies

13.	Commitments and Contingencies

The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. In the opinion of management, based upon information currently available, the ultimate liability with respect to these contingencies will not materially affect the Company’s financial statements.

Related to its workers’ compensation insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of January 31, 2020, the Company had $6,879 of standby letters of credit related to securing reserved claims under workers’ compensation insurance. All standby letters of credit are renewable annually and reduce the Company’s borrowing availability under its 2019 Revolving Credit Facility (see Note 6).

At January 31, 2020, the Company is secondarily liable for lease payments associated with two properties occupied by a third party. The Company is not aware of any non-performance under these lease arrangements that would result in the Company having to perform in accordance with the terms of these guarantees; and therefore, no provision has been recorded in the Condensed Consolidated Balance Sheets for amounts to be paid in case of non-performance by the primary obligor under such lease arrangements.

The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. The Company believes that the probability of incurring an actual liability under such indemnification agreements is sufficiently remote that no such liability has been recorded in the Condensed Consolidated Balance Sheet as of January 31, 2020.

Condensed Consolidated Financial Statements (Policies)	6 Months Ended
Condensed Consolidated Financial Statements (Policies)	Jan. 31, 2020
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued accounting guidance which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The Company adopted this accounting guidance as of August 3, 2019, using the modified retrospective approach. Under this approach, existing leases were recorded at the adoption date rather than the beginning of the earliest comparative period presented. This approach allows for a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, and prior periods are not restated. The Company elected the transition package of practical expedients permitted under this guidance, which among other things, allows the carryforward of historical lease classifications. The Company elected to not separate lease and non-lease components for all classes of leased assets. Additionally, the Company elected to apply the short-term lease exemption to all asset classes. The Company chose not to elect the hindsight practical expedient. Adoption of the accounting guidance for leases resulted in the recognition of right-of-use operating lease assets of $464,394 and total operating lease liabilities of $506,406 as of August 3, 2019. At adoption, the lease liabilities were measured based upon the present value of remaining rental payments for existing operating leases primarily related to real estate leases. The right-of-use assets were offset primarily by straight-line lease liabilities that existed at the adoption date. The cumulative-effect of applying the accounting guidance for leases resulted in an adjustment to retained earnings of $4,125 at August 3, 2019, related to the elimination of the deferred gains on the Company’s sale-leaseback transactions from 2000 and 2009. See Note 11 for additional information regarding leases. Accounting for Hedging Activities In August 2017, the FASB issued accounting guidance which amends the recognition, presentation and disclosure requirements of hedge accounting in order to better portray the economics of entities’ risk management activities, increase transparency and understandability of hedging relationships and simplify the application of hedge accounting. The adoption of this accounting guidance in the first quarter of 2020 did not have a significant impact on the Company’s consolidated financial position or results of operations, and the Company did not record a cumulative-effect adjustment to the opening balance of retained earnings. The amended presentation and disclosure requirements were applied on a prospective basis. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On December 22, 2017, the U.S. government enacted P.L. 115-97, the Tax Cuts and Jobs Act (the “Tax Act”). In February 2018, the FASB issued accounting guidance which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. This accounting guidance was effective for the Company in the first quarter of 2020. The Company did not elect this reclassification option. As a result, this accounting guidance had no impact on the Company’s consolidated financial position or results of operations. Share-Based Payment Arrangements With Nonemployees In June 2018, the FASB issued accounting guidance in order to simplify the accounting for share-based payments granted to nonemployees for goods and services. This new guidance aligns most of the accounting requirements for share-based payments granted to nonemployees with the existing guidance for share-based payments granted to employees. The adoption of this accounting guidance in the first quarter of 2020 had no impact on the Company’s consolidated financial position or results of operations. Recent Accounting Pronouncements Not Adopted Goodwill Impairment In January 2017, the FASB issued accounting guidance related to the subsequent measurement of goodwill. Under this new guidance, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. This guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. This guidance should be applied on a prospective basis. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2021. Accounting for Income Taxes In December 2019, the FASB issued accounting guidance in order to simplify the accounting for income taxes. This new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This accounting guidance is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. In general, entities will apply the new guidance on a prospective basis, except for certain items such as the guidance on franchise taxes that are partially based on income. The guidance on franchise taxes that are partially based on income will be applied either retrospectively for all periods presented or using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2022.

Acquisition (Tables)

6 Months Ended

Jan. 31, 2020

Considerations Paid and Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for MSBC and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:

Fair value of total consideration transferred

36,000

Recognized amounts of identifiable assets acquired and liabilities assumed
Financial assets	$	96
Property and equipment		13,580
Operating lease right-of-use assets, net		14,280
Indefinite-lived intangible asset*		19,460
Other current and noncurrent assets		394
Financial liabilities		(1,876	)
Operating lease liabilities		(15,973	)
Other noncurrent liabilities		(325	)
Total identifiable net assets		29,636
Goodwill	$	6,364

*Consists entirely of MSBC’s Tradename

Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2020

Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at January 31, 2020 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	34,401	$	—	$	—	$	34,401
Deferred compensation plan assets**								32,758
Total assets at fair value							$	67,159

Interest rate swap liability (see Note 7)	$	—	$	13,479	$	—	$	13,479
Total liabilities at fair value	$	—	$	13,479	$	—	$	13,479

The Company’s assets and liabilities measured at fair value on a recurring basis at August 2, 2019 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	46	$	—	$	—	$	46
Deferred compensation plan assets**								30,593
Total assets at fair value							$	30,639

Interest rate swap liability (see Note 7)	$	—	$	10,483	$	—	$	10,483
Total liabilities at fair value	$	—	$	10,483	$	—	$	10,483

*Consists of money market fund investments.

Assets Measured at Fair Value on a Nonrecurring Basis

The Company’s assets measured at fair value on a nonrecurring basis as of October 10, 2019 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Property and equipment	$	—	$	—	$	13,580	$	13,580
Tradename*		—		—		19,460		19,460
Goodwill		—		—		6,364		6,364
Total	$	—	$	—	$	39,404	$	39,404

*Included in the Condensed Consolidated Balance Sheets as other assets.

Inventories (Tables)

6 Months Ended

Jan. 31, 2020

Inventories [Abstract]

Derivative Instruments and Hedging Activities [Abstract]

Inventories were comprised of the following at:

	January 31, 2020		August 2, 2019
Retail	$	116,389	$	116,990
Restaurant		22,817		20,648
Supplies		18,146		17,320
Total	$	157,352	$	154,958

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jan. 31, 2020

Interest Rate Swaps

A summary of the Company’s interest rate swaps at January 31, 2020 is as follows:

Trade Date	Effective Date	Term (in Years)		Notional Amount		Fixed Rate
January 30, 2015	May 3, 2019		2.0	$	60,000		2.16	%
January 30, 2015	May 4, 2021		3.0		120,000		2.41	%
January 30, 2015	May 3, 2019		2.0		60,000		2.15	%
January 30, 2015	May 4, 2021		3.0		80,000		2.40	%
January 16, 2019	May 3, 2019		3.0		115,000		2.63	%
January 16, 2019	May 3, 2019		2.0		115,000		2.68	%
August 6, 2019	November 4, 2019		2.5		50,000		1.50	%
August 7, 2019	May 3, 2021		1.0		35,000		1.32	%
August 7, 2019	May 3, 2022		2.0		100,000		1.40	%
August 7, 2019	May 3, 2022		2.0		100,000		1.36	%

Estimated Fair Value of Derivative Instruments

The estimated fair value of the Company’s derivative instruments as of January 31, 2020 and August 2, 2019 were as follows:

(See Note 4)	Balance Sheet Location	January 31, 2020		August 2, 2019
Interest rate swaps	Long-term interest rate swap liability	$	13,479	$	10,483
Total liabilities		$	13,479	$	10,483

**These interest rate swap liabilities are recorded gross at both January 31, 2020 and August 2, 2019 since there were no offsetting assets under the Company’s master netting agreements.

Pre-tax Effects of Derivative Instruments on AOCL and Income

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for the six months ended January 31, 2020 and the year ended August 2, 2019:

	Amount of Loss Recognized in AOCL on Derivatives
	Six Months Ended January 31, 2020			Year Ended August 2, 2019
Cash flow hedges:
Interest rate swaps	$	(3,235	)	$	(15,466	)

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and six-month periods ended January 31, 2020 and February 1, 2019:

	Location of Loss Reclassified from AOCL into Income (Effective Portion)	Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		Quarter Ended				Six Months Ended
		January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
Cash flow hedges:
Interest rate swaps	Interest expense	$	176	$	141	$	94	$	141

Amounts Reclassified Out of AOCL Related to Interest Rate Swaps

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and six months ended January 31, 2020:

	Amount Reclassified from AOCL						Affected Line Item in the
	Quarter Ended			Six Months Ended			Condensed Consolidated Financial Statements
Loss on cash flow hedges:
Interest rate swaps	$	(176	)	$	(94	)	Interest expense
Tax benefit		44			24		Provision for income taxes
	$	(132	)	$	(70	)	Net of tax

Changes in AOCL, Net of Tax, Related to Interest Rate Swaps

The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the six months ended January 31, 2020:

	Changes in AOCL
AOCL balance at August 2, 2019	$	(6,913	)
Other comprehensive loss before reclassifications		(2,417	)
Amounts reclassified from AOCL		(70	)
Other comprehensive loss, net of tax		(2,487	)
AOCL balance at January 31, 2020	$	(9,400	)

Disaggregation of Revenue

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Revenue Recognition (Tables)

6 Months Ended

Jan. 31, 2020

Revenue Recognition [Abstract]

Total revenue was comprised of the following for the specified periods:

	Quarter Ended				Six Months Ended
	January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
Revenue:
Restaurant	$	663,043	$	631,175	$	1,270,122	$	1,222,153
Retail		183,100		180,532		325,061		323,097
Total revenue	$	846,143	$	811,707	$	1,595,183	$	1,545,250

Leases (Tables)

6 Months Ended

Jan. 31, 2020

Leases [Abstract]

Components of Lease Cost for Operating Leases

The following table summarizes the components of lease cost for operating leases for the quarter and six months ended January 31, 2020:

	Quarter Ended January 31, 2020		Six Months Ended January 31, 2020
Operating lease cost	$	20,462	$	40,318
Short term lease cost		1,892		2,276
Variable lease cost		479		930
Total lease cost	$	22,833	$	43,524

Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases

The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for the quarter and six months ended January 31, 2020:

	Quarter Ended January 31, 2020			Six Months Ended January 31, 2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	20,286		$	39,832
Noncash information:
Right-of-use assets obtained in exchange for new operating lease liabilities		601			4,439
Lease modifications granting additional right-of-use assets		5,691			12,517
Lease modifications removing right-of-use assets		(280	)		(929	)

Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases

The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of January 31, 2020:

Weighted-average remaining lease term		18.04 Years
Weighted-average discount rate			3.86	%

Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability

The following table summarizes the maturities of undiscounted cash flows reconciled to the total lease liability as of January 31, 2020:

Year	Total
Remainder of 2020	$	39,873
2021		50,982
2022		41,429
2023		37,390
2024		36,726
Thereafter		533,084
Total future minimum lease payments		739,484
Less imputed remaining interest		(229,122	)
Total present value of operating lease liabilities	$	510,362

Maturities of Lease Commitments Prior to Adoption of New Lease Guidance

The following table summarizes the maturities of lease commitments as of August 2, 2019, prior to the adoption of the new lease guidance, as previously disclosed in our 2019 Form 10-K:

Year	Total
2020	$	69,249
2021		40,962
2022		36,280
2023		33,639
2024		34,020
Thereafter		515,169
Total	$	729,319

Net Income Per Share and Weighted Average Shares (Tables)

6 Months Ended

Jan. 31, 2020

Net Income Per Share and Weighted Average Shares [Abstract]

Reconciliation of Components of Diluted Earnings per Share Computations

The following table reconciles the components of diluted earnings per share computations:

	Quarter Ended				Six Months Ended
	January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
Net income per share numerator	$	61,168	$	60,755	$	104,391	$	107,962

Net income per share denominator:
Weighted average shares		23,950,811		24,040,374		23,994,583		24,031,480
Add potential dilution:
Nonvested stock awards and units		55,006		53,351		60,287		52,243
Diluted weighted average shares		24,005,817		24,093,725		24,054,870		24,083,723

Condensed Consolidated Financial Statements (Details) - USD ($)
$ in Thousands

Jan. 31, 2020

Nov. 01, 2019

Aug. 02, 2019

Recent Accounting Pronouncements Adopted [Abstract]

Operating lease right-of-use assets

$ 465,685

$ 0

^[1]

Operating lease liabilities

$ 510,362

Cumulative-effect of change in accounting principle

$ 4,125

Retained Earnings [Member]

Recent Accounting Pronouncements Adopted [Abstract]

Cumulative-effect of change in accounting principle

$ 4,125

ASU 2016-02 [Member]

Recent Accounting Pronouncements Adopted [Abstract]

Operating lease right-of-use assets

464,394

Operating lease liabilities

506,406

ASU 2016-02 [Member] | Retained Earnings [Member]

Recent Accounting Pronouncements Adopted [Abstract]

Cumulative-effect of change in accounting principle

$ 4,125

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.

Acquisition (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Oct. 10, 2019

USD ($)

Installment

Nov. 01, 2019

USD ($)

Jan. 31, 2020

USD ($)

Location

State

Aug. 02, 2019

USD ($)

^[1]

Recognized amounts of identifiable assets acquired and liabilities assumed [Abstract]

Maple Street Biscuit Company [Member]

$ 6,364

$ 0

Ownership interest acquired

100.00%

Cash paid to sellers

$ 32,000

Cash held for satisfaction of indemnification obligations

$ 4,000

Number of installments for unused portion held as security | Installment

Amount of first installment payment of unused portion held as security due to principal seller

$ 1,500

Period of first installment payment for unused portion held as security

1 year

Period of remaining installment payment for unused portion held as security

2 years

Number of locations | Location

Number of states in which the entity operates | State

Goodwill expected to be deductible for income tax purposes

$ 0

Acquisition-related costs

$ 1,269

Fair value of total consideration transferred

36,000

Recognized amounts of identifiable assets acquired and liabilities assumed [Abstract]

Financial assets

Operating lease right-of-use assets, net

13,580

14,280

Indefinite-lived intangible asset

^[2]

19,460

Other current and noncurrent assets

394

Financial liabilities

(1,876)

Operating lease liabilities

(15,973)

Other noncurrent liabilities

(325)

Total identifiable net assets

29,636

Maple Street Biscuit Company [Member] | Company-Owned Fast Food Casual Locations [Member]

$ 6,364

Number of locations | Location

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.
[2]	Consists entirely of MSBC’s Tradename

Equity Method Investment (Details) - USD ($)
$ in Thousands

Jul. 18, 2019

Jan. 31, 2020

Aug. 02, 2019

Equity method investments [Abstract]

Investment in unconsolidated subsidiary

$ 79,536

$ 89,100

^[1]

PBS HC [Member]

Equity method investments [Abstract]

Percentage of economic ownership interest

58.60%

Percentage of voting ownership Interest

49.70%

Investment in unconsolidated subsidiary

79,536

89,100

Purchase of promissory notes

$ 6,900

Additional funding provided

8,000

Funding amount paid

$ 45,500

$ 12,500

PBS HC [Member] | Maximum [Member]

Equity method investments [Abstract]

Agreed funding amount

$ 51,000

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring [Member] - USD ($)
$ in Thousands

Jan. 31, 2020

Aug. 02, 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]

Deferred compensation plan assets

^[1]

$ 34,401

$ 46

^[2]

32,758

30,593

67,159

30,639

13,479

10,483

Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]

13,479

10,483

Level 1 [Member]

^[1]

34,401

Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]

Level 2 [Member]

^[1]

13,479

10,483

Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]

13,479

10,483

Level 3 [Member]

^[1]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

$ 0

[1]	Consists of money market fund investments.
[2]	Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s non-qualified savings plan and is included in the Condensed Consolidated Balance Sheets as other assets.

Fair Value Measurements, Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Maple Street Biscuit Company [Member] - Nonrecurring [Member]
$ in Thousands

Oct. 10, 2019

USD ($)

$ 13,580

19,460

^[1]

6,364

^[1]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

39,404

Cost Approach [Member]

Estimated replacement cost per store

$ 500

Present Value of Estimated Cash Flow [Member] | Royalty Rate [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Tradename, measurement input

0.025

Present Value of Estimated Cash Flow [Member] | Discount Rate [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Tradename, measurement input

0.120

Level 1 [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

$ 0

^[1]

^[1]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Level 2 [Member]

^[1]

^[1]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Level 3 [Member]

13,580

19,460

^[1]

6,364

^[1]

Estimated Fair Value of Derivative Instruments [Abstract]

$ 39,404

[1]	Included in the Condensed Consolidated Balance Sheets as other assets.

Inventories (Details) - USD ($)
$ in Thousands

Jan. 31, 2020

Aug. 02, 2019

Inventories [Abstract]

Retail

$ 116,389

$ 116,990

Restaurant

22,817

20,648

Supplies

18,146

17,320

Total

$ 157,352

$ 154,958

^[1]

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.

Debt (Details) $ in Thousands	6 Months Ended
Debt (Details) $ in Thousands	Jan. 31, 2020 USD ($)	Aug. 02, 2019 USD ($)	Sep. 05, 2018 USD ($)
2019 Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Line of credit facility, term	5 years
Maximum borrowing capacity			$ 950,000
Option to increase revolving credit facility			$ 300,000
Outstanding borrowings	$ 460,000	$ 400,000
Amount of standby letters of credit	6,879
Current borrowing capacity	483,121
Liquidity requirements	100,000
Dividends threshold	$ 100,000
Leverage ratio, maximum	3.00
Multiplier used in calculating aggregate amount of cash dividends on shares of common stock in any fiscal year	4
2019 Revolving Credit Facility, Swapped Portion [Member]
Line of Credit Facility [Abstract]
Outstanding borrowings	$ 400,000
Weighted average interest rates	3.61%
2019 Revolving Credit Facility, Remaining Portion [Member]
Line of Credit Facility [Abstract]
Outstanding borrowings	$ 60,000
Weighted average interest rates	3.13%

Derivative Instruments and Hedging Activities (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2020 USD ($)
Derivative Instruments [Abstract]
Company's credit spread	1.25%
Interest Rate Swap One January 30, 2015 [Member]
Derivative Instruments [Abstract]
Trade date	Jan. 30, 2015
Effective date	May 03, 2019
Term	2 years
Notional amount	$ 60,000
Fixed rate	2.16%
Interest Rate Swap Two January 30, 2015 [Member]
Derivative Instruments [Abstract]
Trade date	Jan. 30, 2015
Effective date	May 04, 2021
Term	3 years
Notional amount	$ 120,000
Fixed rate	2.41%
Interest Rate Swap Three January 30, 2015 [Member]
Derivative Instruments [Abstract]
Trade date	Jan. 30, 2015
Effective date	May 03, 2019
Term	2 years
Notional amount	$ 60,000
Fixed rate	2.15%
Interest Rate Swap Four January 30, 2015 [Member]
Derivative Instruments [Abstract]
Trade date	Jan. 30, 2015
Effective date	May 04, 2021
Term	3 years
Notional amount	$ 80,000
Fixed rate	2.40%
Interest Rate Swap Five January 16, 2019 [Member]
Derivative Instruments [Abstract]
Trade date	Jan. 16, 2019
Effective date	May 03, 2019
Term	3 years
Notional amount	$ 115,000
Fixed rate	2.63%
Interest Rate Swap Six January 16, 2019 [Member]
Derivative Instruments [Abstract]
Trade date	Jan. 16, 2019
Effective date	May 03, 2019
Term	2 years
Notional amount	$ 115,000
Fixed rate	2.68%
Interest Rate Swap Seven August 6, 2019 [Member]
Derivative Instruments [Abstract]
Trade date	Aug. 06, 2019
Effective date	Nov. 04, 2019
Term	2 years 6 months
Notional amount	$ 50,000
Fixed rate	1.50%
Interest Rate Swap Eight August 7, 2019 [Member]
Derivative Instruments [Abstract]
Trade date	Aug. 07, 2019
Effective date	May 03, 2021
Term	1 year
Notional amount	$ 35,000
Fixed rate	1.32%
Interest Rate Swap Nine August 7, 2019 [Member]
Derivative Instruments [Abstract]
Trade date	Aug. 07, 2019
Effective date	May 03, 2022
Term	2 years
Notional amount	$ 100,000
Fixed rate	1.40%
Interest Rate Swap Ten August 7, 2019 [Member]
Derivative Instruments [Abstract]
Trade date	Aug. 07, 2019
Effective date	May 03, 2022
Term	2 years
Notional amount	$ 100,000
Fixed rate	1.36%

Derivative Instruments and Hedging Activities, Estimated Fair Value of Derivative Instruments (Details) - Interest Rate Swaps [Member] - USD ($)
$ in Thousands

Jan. 31, 2020

Aug. 02, 2019

Fair value, liability

^[1]

$ 13,479

$ 10,483

Long-term Interest Rate Swap Liability [Member]

Estimated Fair Value of Derivative Instruments [Abstract]

Fair value, liability

^[1]

$ 13,479

$ 10,483

[1]	These interest rate swap liabilities are recorded gross at both January 31, 2020 and August 2, 2019 since there were no offsetting assets under the Company’s master netting agreements.

Derivative Instruments and Hedging Activities, Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Aug. 02, 2019
Offsetting of derivative assets [Abstract]
Estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months	$ 1,721
Interest Rate Swaps [Member]
Offsetting of derivative assets [Abstract]
Reduction in fair value of interest rate swap liabilities due to adjustment related to non-performance risk	$ 358	$ 399

Derivative Instruments and Hedging Activities, Pre-tax Effects of Derivative Instruments on AOCL and Income (Details) - Interest Rate Swaps [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2020	Feb. 01, 2019	Jan. 31, 2020	Feb. 01, 2019	Aug. 02, 2019
Interest Rate Cash Flow Hedges [Abstract]
Amount of loss recognized in AOCL on derivatives			$ (3,235)		$ (15,466)
Interest Expense [Member]
Interest Rate Cash Flow Hedges [Abstract]
Amount of loss reclassified from AOCL into income	$ 176	$ 141	$ 94	$ 141

Derivative Instruments and Hedging Activities, Amounts Reclassified out of AOCL Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 31, 2020	Nov. 01, 2019	Feb. 01, 2019	Nov. 02, 2018	Jan. 31, 2020	Feb. 01, 2019
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Interest expense	$ 3,505		$ 4,177		$ 7,085	$ 8,526
Provision for income taxes	10,878		11,779		21,468	21,901
Net of tax	61,168	$ 43,223	$ 60,755	$ 47,207	104,391	$ 107,962
Interest Rate Swaps [Member] \| Cash Flow Hedging [Member]
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Gains or losses representing amounts excluded from assessment of effectiveness					0
Loss on Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedging [Member]
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Provision for income taxes	44				24
Net of tax	(132)				(70)
Loss on Cash Flow Hedges [Member] \| Interest Rate Swaps [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedging [Member]
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Interest expense	$ (176)				$ (94)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Changes in AOCL, net of tax, related to interest rate swaps [Roll Forward]

Derivative Instruments and Hedging Activities, Changes in AOCL, Net of Tax, Related to Interest Rate Swaps (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jan. 31, 2020

Nov. 01, 2019

Feb. 01, 2019

Nov. 02, 2018

Jan. 31, 2020

Feb. 01, 2019

Other comprehensive loss before reclassifications

$ 605,784

$ 604,710

^[1]

$ 600,178

$ 581,781

$ 604,710

^[1]

$ 581,781

(2,417)

Amounts reclassified from AOCL

(70)

Other comprehensive loss, net of tax

(2,049)

(438)

(4,039)

1,293

(2,487)

(2,746)

Accumulated Other Comprehensive Income (Loss) [Member]

629,930

605,784

628,618

600,178

629,930

628,618

Changes in AOCL, net of tax, related to interest rate swaps [Roll Forward]

Other comprehensive loss, net of tax

(7,351)

(6,913)

5,978

4,685

(6,913)

4,685

(2,049)

(438)

(4,039)

1,293

$ (9,400)

$ (7,351)

$ 1,939

$ 5,978

$ (9,400)

$ 1,939

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of August 2, 2019, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended August 2, 2019.

Segment Information (Details)	6 Months Ended
Segment Information (Details)	Jan. 31, 2020 Line Segment
Segment Information [Abstract]
Number of product lines \| Line	2
Number of reportable operating segments \| Segment	1

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Feb. 01, 2019	Jan. 31, 2020	Feb. 01, 2019	Aug. 02, 2019
Disaggregation of Revenue [Abstract]
Revenue	$ 846,143	$ 811,707	$ 1,595,183	$ 1,545,250
Gift card breakage	2,422	2,451	3,660	3,656
Deferred revenue related to gift cards	106,959		106,959		$ 80,073
Revenue recognized for redemption of gift cards			29,751	52,696
Restaurant [Member]
Disaggregation of Revenue [Abstract]
Revenue	663,043	631,175	1,270,122	1,222,153
Retail [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 183,100	$ 180,532	$ 325,061	$ 323,097

Leases (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
Leases (Details) $ in Thousands	Jan. 31, 2020 USD ($)	Jan. 31, 2020 USD ($) Period	Jul. 31, 2009 Store	Jul. 28, 2000 Store	Aug. 02, 2019 USD ($)
Components of Lease Cost for Operating Leases [Abstract]
Operating lease cost	$ 20,462	$ 40,318
Short term lease cost	1,892	2,276
Variable lease cost	479	930
Total lease cost	22,833	43,524
Operating cash flow information [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	20,286	39,832
Noncash information [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	601	4,439
Lease modifications granting additional right-of-use assets	5,691	12,517
Lease modifications removing right-of-use assets	$ (280)	$ (929)
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases [Abstract]
Weighted-average remaining lease term	18 years 14 days	18 years 14 days
Weighted-average discount rate	3.86%	3.86%
Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability [Abstract]
Remainder of 2020	$ 39,873	$ 39,873
2021	50,982	50,982
2022	41,429	41,429
2023	37,390	37,390
2024	36,726	36,726
Thereafter	533,084	533,084
Total future minimum lease payments	739,484	739,484
Less imputed remaining interest	(229,122)	(229,122)
Total present value of operating lease liabilities	$ 510,362	$ 510,362
Maturities of Lease Commitments Prior to Adoption of New Lease Guidance [Abstract]
2020					$ 69,249
2021					40,962
2022					36,280
2023					33,639
2024					34,020
Thereafter					515,169
Total					$ 729,319
Restaurant [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term	10 years	10 years
Lease renewal option	5 years	5 years
Undiscounted future payments for leases not yet commenced	$ 15,900	$ 15,900
Restaurant [Member] \| Minimum [Member]
Sale Leaseback Transactions [Abstract]
Number of optional renewal periods \| Period		4
Restaurant [Member] \| Maximum [Member]
Sale Leaseback Transactions [Abstract]
Number of optional renewal periods \| Period		5
Sale-leaseback Transactions in 2009 [Member] \| Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions \| Store			15
Initial lease term	20 years	20 years
Lease renewal option	20 years	20 years
Sale-leaseback Transactions in 2009 [Member] \| Retail Distribution Center [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term	15 years	15 years
Lease renewal option	20 years	20 years
Sale-leaseback Transactions in 2000 [Member] \| Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions \| Store				65
Initial lease term	21 years	21 years
Lease renewal option	20 years	20 years

Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 31, 2020	Nov. 01, 2019	Feb. 01, 2019	Nov. 02, 2018	Jan. 31, 2020	Feb. 01, 2019
Net Income Per Share and Weighted Average Shares [Abstract]
Net income per share numerator	$ 61,168	$ 43,223	$ 60,755	$ 47,207	$ 104,391	$ 107,962
Net income per share denominator [Abstract]
Weighted average shares (in shares)	23,950,811		24,040,374		23,994,583	24,031,480
Add potential dilution [Abstract]
Nonvested stock awards and units (in shares)	55,006		53,351		60,287	52,243
Diluted weighted average shares (in shares)	24,005,817		24,093,725		24,054,870	24,083,723

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.