0001140361-20-021571 | 10-K | XBRL Viewer | Cracker Barrel OLD Country Store INC

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jul. 31, 2020	Sep. 16, 2020	Jan. 31, 2020
Cover [Abstract]
Entity Registrant Name	Cracker Barrel Old Country Store, Inc.
Entity Central Index Key	0001067294
Current Fiscal Year End Date	--07-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 3,632,632,777
Entity Common Stock, Shares Outstanding		23,697,396
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-25225
Entity Tax Identification Number	62-0812904
Entity Incorporation, State or Country Code	TN
Entity Address, Address Line One	305 Hartmann Drive
Entity Address, City or Town	Lebanon
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37087
City Area Code	615
Local Phone Number	444-5533
Title of 12(b) Security	Common Stock (Par Value $0.01)
Trading Symbol	CBRL
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2020	Aug. 02, 2019
Current Assets:
Cash and cash equivalents	$ 436,996	$ 36,884
Accounts receivable	20,157	22,757
Income taxes receivable	28,852	9,449
Inventories	139,091	154,958
Prepaid expenses and other current assets	17,916	18,332
Total current assets	643,012	242,380
Property and Equipment:
Land	306,201	307,238
Buildings and improvements	897,120	881,705
Buildings under capital leases	0	3,289
Restaurant and other equipment	748,606	723,851
Leasehold improvements	394,461	385,340
Construction in progress	17,130	11,392
Total	2,363,518	2,312,815
Less: Accumulated depreciation and amortization	1,233,457	1,143,850
Property and equipment - net	1,130,061	1,168,965
Operating lease right-of-use assets, net	691,949	0
Investment in unconsolidated subsidiary	0	89,100
Goodwill	4,690	0
Intangible assets	20,960	0
Other assets	53,586	80,780
Total	2,544,258	1,581,225
Current Liabilities:
Accounts payable	103,504	132,221
Current portion of long-term debt	39,395	0
Current operating lease liabilities	42,301	0
Taxes withheld and accrued	31,177	38,196
Accrued employee compensation	56,315	67,879
Accrued employee benefits	24,377	24,927
Deferred revenues	94,762	81,734
Dividend payable	31,598	32,144
Other current liabilities	27,627	15,373
Total current liabilities	451,056	392,474
Long-term debt	910,000	400,000
Long-term operating lease liabilities	632,630	0
Long-term interest rate swap liability	23,860	10,483
Other long-term obligations	80,605	129,439
Deferred income taxes	27,718	44,119
Commitments and Contingencies (Notes 11 and 17)
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	0	0
Common stock - 400,000,000 shares of $0.01 par value authorized; 2020 - 23,697,396 shares issued and outstanding; 2019 - 24,049,240 shares issued and outstanding	237	241
Additional paid-in capital	0	49,732
Accumulated other comprehensive loss	(20,346)	(6,913)
Retained earnings	438,498	561,650
Total shareholders' equity	418,389	604,710
Total	$ 2,544,258	$ 1,581,225

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 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)	23,697,396	24,049,240
Common stock, shares outstanding (in shares)	23,697,396	24,049,240
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) [Abstract]
Total revenue	$ 2,522,792	$ 3,071,951	$ 3,030,445
Cost of goods sold (exclusive of depreciation and rent)	779,937	931,077	935,397
Labor and other related expenses	924,994	1,078,751	1,055,811
Other store operating expenses	614,733	626,453	601,889
General and administrative expenses	146,975	152,826	143,756
Gain on sale and leaseback transaction	(69,954)	0	0
Impairment	22,496	0	0
Operating income	103,611	282,844	293,592
Interest expense	22,327	16,488	15,169
Income before income taxes	81,284	266,356	278,423
Provision for income taxes (income tax benefit)	(28,683)	42,955	30,803
Loss from unconsolidated subsidiary	(142,442)	0	0
Net income (loss)	$ (32,475)	$ 223,401	$ 247,620
Net income (loss) per share - basic (in dollars per share)	$ (1.36)	$ 9.29	$ 10.31
Net income (loss) per share - diluted (in dollars per share)	$ (1.36)	$ 9.27	$ 10.29
Basic weighted average shares outstanding (in shares)	23,865,367	24,037,272	24,011,161
Diluted weighted average shares outstanding (in shares)	23,865,367	24,096,396	24,075,614

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ (32,475)	$ 223,401	$ 247,620
Other comprehensive income (loss) before income tax expense (benefit):
Change in fair value of interest rate swaps	(17,740)	(15,466)	13,103
Income tax expense (benefit)	(4,307)	(3,868)	4,189
Other comprehensive income (loss), net of tax	(13,433)	(11,598)	8,914
Comprehensive income (loss)	$ (45,908)	$ 211,803	$ 256,534

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-In Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Jul. 28, 2017	$ 241	$ 55,659	$ (4,229)	$ 492,836	$ 544,507
Balance (in shares) at Jul. 28, 2017	24,055,682
Comprehensive Income:
Net income (loss)	$ 0	0	0	247,620	247,620
Other comprehensive income (loss), net of tax	0	0	8,914	0	8,914
Comprehensive income (loss)	0	0	8,914	247,620	256,534
Cash dividends declared	0	0	0	(207,649)	(207,649)
Share-based compensation	0	6,977	0	0	6,977
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(3,816)	0	0	(3,816)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	55,868
Purchases and retirement of common stock	$ (1)	(14,771)	0	0	(14,772)
Purchases and retirement of common stock (in shares)	(100,000)
Balance at Aug. 03, 2018	$ 240	44,049	4,685	532,807	581,781
Balance (in shares) at Aug. 03, 2018	24,011,550
Comprehensive Income:
Net income (loss)	$ 0	0	0	223,401	223,401
Other comprehensive income (loss), net of tax	0	0	(11,598)	0	(11,598)
Comprehensive income (loss)	0	0	(11,598)	223,401	211,803
Cash dividends declared	0	0	0	(194,558)	(194,558)
Share-based compensation	0	8,181	0	0	8,181
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 1	(2,498)	0	0	(2,497)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	37,690
Purchases and retirement of common stock	$ 0	0	0	0	0
Purchases and retirement of common stock (in shares)	0
Balance at Aug. 02, 2019	$ 241	49,732	(6,913)	561,650	$ 604,710
Balance (Adjustments for New Accounting Pronouncement [Member]) at Aug. 02, 2019						$ 0	$ 0	$ 0	$ 4,125	$ 4,125
Balance (in shares) at Aug. 02, 2019	24,049,240				24,049,240
Comprehensive Income:
Net income (loss)	$ 0	0	0	(32,475)	$ (32,475)
Other comprehensive income (loss), net of tax	0	0	(13,433)	0	(13,433)
Comprehensive income (loss)	0	0	(13,433)	(32,475)	(45,908)
Cash dividends declared	0	0	0	(93,757)	(93,757)
Share-based compensation	0	6,386	0	0	6,386
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(2,160)	0	0	$ (2,160)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	27,130				27,130
Purchases and retirement of common stock	$ (4)	(53,958)	0	(1,045)	$ (55,007)
Purchases and retirement of common stock (in shares)	(378,974)
Balance at Jul. 31, 2020	$ 237	$ 0	$ (20,346)	$ 438,498	$ 418,389
Balance (in shares) at Jul. 31, 2020	23,697,396				23,697,396

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract]
Cash dividends declared (in dollars per share)	$ 3.90	$ 8.05	$ 8.60

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Jul. 31, 2020 USD ($)	Aug. 02, 2019 USD ($)	Aug. 03, 2018 USD ($)
Cash flows from operating activities:
Net income (loss)	$ (32,475)	$ 223,401	$ 247,620
Net loss from unconsolidated subsidiary	142,442	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	118,178	107,537	93,692
Loss on disposition of property and equipment	6,469	10,265	7,119
Gain on sale and leaseback transaction	(69,954)	0	0
Impairment	23,160	0	0
Share-based compensation	6,386	8,181	6,977
Noncash lease expense	63,442	0	0
Changes in assets and liabilities:
Accounts receivable	3,124	(3,261)	(1,380)
Income taxes receivable	(19,403)	(9,449)	4,265
Inventories	16,094	1,295	114
Prepaid expenses and other current assets	401	(1,985)	(500)
Other assets	(5,638)	2,852	(1,400)
Accounts payable	(30,593)	9,889	3,937
Current operating lease liabilities	(11,269)	0	0
Taxes withheld and accrued	(7,019)	1,127	344
Accrued employee compensation	(11,573)	7,311	(10,389)
Accrued employee benefits	(550)	(489)	(1,343)
Deferred revenues	13,028	5,442	3,916
Other current liabilities	6,868	3,492	(8,121)
Long-term operating lease liabilities	(48,854)	0	0
Other long-term obligations	10,673	1,362	157
Deferred income taxes	(11,935)	(4,174)	(14,388)
Net cash provided by operating activities	161,002	362,796	330,620
Cash flows from investing activities:
Purchase of property and equipment	(297,328)	(138,293)	(152,249)
Proceeds from insurance recoveries of property and equipment	1,320	753	616
Proceeds from sale of property and equipment	207,253	151	411
Purchase of investment in unconsolidated subsidiary	0	(89,100)	0
Notes receivable from unconsolidated subsidiary	(35,500)	(15,085)	0
Acquisition of business, net of cash acquired	(32,971)	0	0
Net cash used in investing activities	(157,226)	(241,574)	(151,222)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	801,395	400,000	0
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net	(2,160)	(2,497)	(3,816)
Principal payments under long-term debt	(252,000)	(400,000)	0
Purchases and retirement of common stock	(55,007)	0	(14,772)
Deferred financing costs	(1,348)	(3,022)	0
Dividends on common stock	(94,544)	(193,475)	(207,155)
Net cash provided by (used in) financing activities	396,336	(198,994)	(225,743)
Net increase (decrease) in cash and cash equivalents	400,112	(77,772)	(46,345)
Cash and cash equivalents, beginning of year	36,884	114,656	161,001
Cash and cash equivalents, end of year	436,996	36,884	114,656
Cash paid during the year for:
Interest, net of amounts capitalized	20,268	12,100	17,272
Income taxes	5,666	56,450	43,471
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures accrued in accounts payable	1,691	9,508	8,183
Change in fair value of interest rate swaps	(17,740)	(15,466)	13,103
Change in deferred tax asset for interest rate swaps	4,307	3,868	(4,189)
Dividends declared but not yet paid	$ 32,063	$ 32,859	$ 31,784

Description of the Business	12 Months Ended
Description of the Business	Jul. 31, 2020
Description of the Business [Abstract]
Description of the Business	1. Description of the Business Cracker Barrel Old Country Store, Inc. and its affiliates (collectively, in the Notes, the “Company”) are principally engaged in the operation and development in the United States (“U.S.”) of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept. COVID-19 Impact and Company Response In March 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) to be a pandemic. In an effort to contain and mitigate the spread of COVID-19, federal, state and local governmental authorities have imposed unprecedented restrictions on travel, group gatherings and non-essential activities, such as “social distancing” guidance, shelter-in-place orders and limitations on or full prohibitions of dine-in services. In response to the business disruption caused by the COVID-19 pandemic, the Company has taken the following actions. Operating Initiatives In response to the COVID-19 pandemic and the orders and guidance from U.S. federal and applicable state and local governmental authorities, in March 2020, the Company temporarily closed the dining rooms in all of its restaurants and operated with pick-up and delivery only. In order to support its off-premise business model, the Company implemented various changes to its Cracker Barrel offerings, including a limited menu and multi-serving takeout family meal baskets, the expansion of third-party delivery services and the implementation of various operating model changes, including contactless curbside delivery. For a portion of the third quarter of 2020, all of the Company’s restaurant operations were limited to pick-up and delivery orders with no dine-in service. Thereafter, the Company was able to resume dine-in services at a limited number of restaurants, but with continuing limitations on capacity. The Company’s dine-in services have been and continue to be limited to occupancy levels well below capacity, and some locations are not currently open at all for dine-in service. As of September 16, 2020, thirteen of the Company’s restaurants had not opened dine-in services to some extent. The Company has taken a cautious approach to reopening dining rooms and has instituted operational protocols to comply with applicable regulatory requirements and to monitor developing health authority recommendations in order to protect the health and foster the confidence of employees and guests. The adverse impacts of the COVID-19 pandemic resulted in the Company testing its restaurant long-lived assets for recoverability. As a result of this analysis, the Company recorded impairment charges of $22,496 due to the deterioration in operating performance of certain Cracker Barrel and Maple Street Biscuit Company (“MSBC”) locations. Expense Reductions The Company made significant reductions in operating expenses to reflect reduced operations and sales levels as well as eliminating non-essential spending where feasible. The Company furloughed employees and eliminated a significant number of positions at all levels both at the corporate headquarters and in the field. The Company recorded severance expenses of $3,956 related to the elimination of 469 positions in 2020. The Company also implemented pay reductions for the remainder of the fiscal year for corporate officers, reduced cash retainers payable to the Company’s Board of Directors and temporarily suspended matches to its defined contribution plans through the end of fiscal 2020. Additionally, the Company adapted its labor model, instituted inventory management measures and negotiated revised terms with landlords and vendors. Liquidity Initiatives As a precautionary measure and in order to increase its cash position and provide financial flexibility given the uncertainty in the market caused by the COVID-19 pandemic, in March 2020, the Company borrowed the remaining availability under its revolving credit facility (approximately $471,700, including $6,700 of standby letters of credit) and, in May 2020, the Company exercised the accordion feature under the revolving credit facility in order to borrow an additional amount of $39,395. To further preserve available cash, the payment of the dividend that was declared on March 3, 2020 was deferred until September 2, 2020. On that date, the Company paid an aggregate amount of $30,807 in respect of the deferred dividend. Other than the payment of the deferred dividend, the Company suspended all further dividend payments until further notice. The Company also temporarily suspended all share repurchases under its previously announced $25,000 share repurchase program. In keeping with the Company’s strategy of concentrating its resources on its core business during the COVID-19 pandemic, the Company decided not to invest further resources or otherwise provide additional funding to PBS HoldCo, LLC (see Note 3, “Equity Investment” for further information regarding the Company’s strategic relationship with PBS HoldCo, LLC). On March 27, 2020, P.L. 116-136, the Coronavirus Aid, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, contains several provisions offering liquidity to businesses. The Company has benefited and will continue to benefit from two of these provisions that allowed the Company to recover a portion of qualifying retention pay and health expenses paid to furloughed employees and to defer a portion of employment taxes until calendar 2021 and calendar 2022. As a result of the actions taken by management, the Company had $436,996 in cash and cash equivalents at July 31, 2020. In order to maintain and bolster its cash reserves and further strengthen its balance sheet in response to the COVID-19 pandemic, in July 2020, the Company entered into an agreement with the original lessor and a third party financier to obtain ownership of 64 Cracker Barrel properties and simultaneously entered into a sale and leaseback transaction with the financier and, in August 2020, the Company completed a sale and leaseback transaction pursuant to which the Company sold a total of 62 Cracker Barrel owned properties and received net proceeds, after fees and expenses, of $146,357. See Note 11, “Leases” for additional information regarding these sale and leaseback transactions.

Summary of Significant Accounting Policies

12 Months Ended

Jul. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

GAAP – The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”).

Fiscal year – The Company’s fiscal year ends on the Friday nearest July 31st and each quarter consists of thirteen weeks unless noted otherwise. The Company’s fiscal year ended August 3, 2018 consisted of 53 weeks and the fourth quarter of 2018 consisted of fourteen weeks. References in these Notes to a year or quarter are to the Company’s fiscal year or quarter unless noted otherwise.

Principles of consolidation – The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated.

Investment in unconsolidated subsidiary – 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”). Since the Company has the ability to exercise significant influence, but not control, over PBS HC, the Company accounts for its investment in PBS HC under the equity method. Accordingly, beginning in the first quarter of 2020, the Company recognized its proportionate share of the reported losses of PBS HC adjusted for basis differences on its consolidated statement of income and as an adjustment to the Company’s investment in unconsolidated subsidiary on the consolidated balance sheet. The Company assesses 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. See Note 3 for additional information regarding PBS HC and the related impairment the Company recorded in 2020.

Cash and cash equivalents – The Company’s policy is to consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts receivable – Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible.

Inventories – Cost of restaurant inventory is determined by the first-in, first-out (“FIFO”) method. Retail inventories are valued using the retail inventory method (“RIM”) except at the retail distribution center which are valued using moving average cost. Approximately 70% of retail inventories are valued using RIM. Retail inventories valued using RIM are stated at the lower of cost or market. Cost of restaurant inventory and retail inventory valued using moving average cost are stated at the lower of cost and net realizable value. See Note 6 for additional information regarding the components of inventory.

Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. The estimate of retail inventory shrinkage is adjusted upon physical inventory counts. Annual physical inventory counts are conducted based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a two-year average of the physical inventories’ results on a store-by-store basis.

Property and equipment – Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight-line and double-declining balance methods over the estimated useful lives of the respective assets, as follows:

	Years
Buildings and improvements	30-45
Restaurant and other equipment	2-10
Leasehold improvements	1-35

Accelerated depreciation methods are generally used for income tax purposes.

Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows:

	2020		2019		2018
Total depreciation expense	$	117,259	$	107,294	$	93,266
Depreciation expense related to store operations*		109,362		100,366		86,913

*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.

Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts.

Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized.

Impairment of long-lived assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. See Note 5 for information related to the impairment charges recorded in 2020 for certain Cracker Barrel and MSBC locations.

Goodwill and other intangible assets – 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 on June 1 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. At July 31, 2020, the Company does not have any reporting units that are at risk of failing step one of the impairment test.

Derivative instruments and hedging activities – The Company is exposed to market risk, such as changes in interest rates and commodity prices. The Company has interest rate risk relative to its outstanding borrowings, which bear interest at the Company’s election either at the prime rate or LIBOR plus a percentage point spread based on certain specified financial ratios under its revolving credit facility (see Note 7). 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.

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 (loss) 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 (loss) line item as the earnings effect of the hedged item. The Company did not elect to reclassify income tax effects resulting from the Tax Cuts and Jobs Act to retained earnings; income tax effects are released on an individual basis to income tax expense (benefit).

Companies may elect whether or not 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.

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. See Note 8 for additional information on the Company’s derivative and hedging activities.

Segment reporting – Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Using these criteria, the Company manages its business on the basis of one reportable operating segment (see Note 10 for additional information regarding segment reporting).

Unredeemed gift cards and certificates – Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. For those states that exempt gift cards and certificates from their escheat laws, the Company makes estimates of the ultimate unredeemed (“breakage”) gift cards and certificates in the period of the original sale and amortizes this breakage over the redemption period that other gift cards and certificates historically have been redeemed by reducing its liability and recording revenue accordingly. For those states that do not exempt gift cards and certificates from their escheat laws, the Company records breakage in the period that gift cards and certificates are remitted to the state and reduces its liability accordingly. Any amounts remitted to states under escheat or similar laws reduce the Company’s deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. See “Revenue recognition” section in this Note for further information regarding breakage.

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 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. 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, the Company provides for estimated returns based on return history and sales levels. The Company’s policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax.

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 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 2020, 2019 and 2018, gift card breakage was $6,288, $6,814, and $6,535, respectively. Revenue recognized in the Consolidated Statements of Income for 2020, 2019 and 2018, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $36,756, $42,292, and $40,221, respectively. Deferred revenue related to the Company’s gift cards was $94,754 and $80,073, respectively, at July 31, 2020 and August 2, 2019.

Insurance – The Company self-insures a significant portion of its workers’ compensation and general liability programs. The Company purchases insurance for individual workers’ compensation claims that exceed $250, $750 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500.

The Company records a reserve for workers’ compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims (“IBNR”). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually at the end of the Company’s third quarter and is adjusted by the actuarially determined losses and actual claims payments for the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company’s reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower half of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves.

The Company’s group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience.

Store pre-opening costs – Start-up costs of a new store are expensed when incurred.

Leases – In 2020, the Company adopted new accounting guidance for leases which requires the recognition of lease assets and lease liabilities on the balance sheet and certain disclosures (see Note 11). Under this accounting guidance, leases are classified as either finance or operating leases. Upon adoption of this accounting guidance, the Company elected to apply the short-term lease exemption to all asset classes which exempts the Company from recognizing lease assets and liabilities for these short-term leases. Additionally, the Company elected to not separate lease and non-lease components for all classes of leased assets. See “Leases” section under “Recent Accounting Pronouncements Adopted” in this Note for further information regarding the Company’s adoption of this lease accounting guidance.

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 its advertising billboards, vehicle fleets and certain equipment under various non-cancellable operating leases. 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. During rent holiday periods, which include the pre-opening period during construction, the Company has possession of and access to the property, but is not obligated to, and normally does not, make rent payments. 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. Contingent rent is determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and corresponding rent expense when it is probable sales have been achieved in amounts in excess of the specified levels. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Advertising – The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred.

Advertising expense for each of the three years was as follows:

		2020				2019				2018
Advertising expense		$	79,155			$	81,855			$	83,448

Share-based compensation – The Company’s share-based compensation consists of nonvested stock awards and units. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income (Loss). Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award’s vesting period, or to the date on which retirement eligibility is achieved, if shorter.

Certain nonvested stock awards and units contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed.

If a share-based compensation award is modified after the grant date, incremental compensation expense is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period.

Additionally, the Company’s policy is to issue shares of common stock to satisfy exercises of share-based compensation awards.

Income taxes – The Company’s provision for income taxes includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits are accounted for by the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes. See Note 15 for additional information regarding income taxes.

Comprehensive income (loss) – Comprehensive income (loss) includes net income (loss) and the effective unrealized portion of the changes in the fair value of the Company’s interest rate swaps.

Net income (loss) per share – Basic consolidated net income per share is computed by dividing consolidated net income (loss) to common shareholders by the weighted average number of common shares 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 common stock were exercised or converted into common stock and is based upon the weighted average number of common and common equivalent shares outstanding during the year. 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. See Note 16 for additional information regarding net income (loss) per share.

Use of estimates – Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates.

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.

Rate Reform

In March 2020, the FASB issued optional accounting guidance in order to ease the potential burden in accounting for contracts, hedging relationships and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by this accounting guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 if certain criteria are met. The Company has certain contracts and hedging relationships which reference LIBOR for which the Company has elected to use the optional accounting guidance. The Company elected to apply this accounting guidance for contract modifications prospectively as of February 1, 2020. Additionally, the Company elected to apply this accounting guidance to eligible hedging relationships existing as of February 1, 2020 and to any new hedging relationships entered into during the effective period of the accounting guidance. The adoption of this accounting guidance in the third quarter of 2020 had no impact on the Company’s consolidated financial position or results of operations.

Recent Accounting Pronouncements Not Yet 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 currently does not expect that the adoption of this accounting guidance in the first quarter of 2021 will have a significant impact on the Company’s consolidated financial position or results of operations.

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.

Equity Method Investment	12 Months Ended
Equity Method Investment	Jul. 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 ownership interest, in PBS HC for $89,100, which was included on the Company’s consolidated balance sheet as an investment in unconsolidated subsidiary at August 2, 2019. 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. See section entitled “Investment in unconsolidated subsidiary” in Note 2 for further information regarding the accounting for equity method investments. Additionally, as part of the transaction, the Company purchased promissory notes 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. These promissory notes and related interest are included in other assets on the consolidated balance sheet. 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 funded $48,000 and $12,500, respectively, as of July 31, 2020 and August 2, 2019. 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. The Company assesses 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. During the onset of the COVID-19 pandemic, PBS HC’s wholly-owned subsidiary, PBS BrandCo, LLC (“Brandco”) suffered unsustainable disruption to its business across the chain and suspended all operations at each of its 19 locations and laid off substantially all restaurant and corporate employees. On March 20, 2020, the primary lender under Brandco’s secured credit facility provided notice of the lender’s intention to foreclose on its collateral interest in Brandco unless the Company repaid or unconditionally guaranteed the indebtedness. In keeping with the Company’s strategy of concentrating its resources on its core business during the COVID-19 pandemic, and in light of the substantial uncertainties surrounding PBS business coming out of the COVID-19 pandemic, the Company decided not to invest further resources to prevent foreclosure or otherwise provide additional capital to PBS HC. The Company recorded a loss of $132,878, which represented the Company’s equity investment in PBS HC and the principal and accumulated interest under the outstanding unsecured indebtedness of PBS HC held by the Company. This loss is recorded in the net loss in unconsolidated subsidiary line on the Company’s Consolidated Statement of Income (Loss) in 2020.

Acquisition of Business

12 Months Ended

Jul. 31, 2020

Acquisition of Business [Abstract]

Acquisition of Business

4. Acquisition of Business

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 of the sellers. 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. In 2020, the Company converted its six Holler & Dash locations into MSBC locations. At July 31, 2020, MSBC had 35 company-owned and six franchised fast casual locations across seven states.

The goodwill of $4,690 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 the general and administrative expenses line in the Consolidated Statement of Income (Loss) in 2020.

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		14,454
Indefinite-lived intangible asset*		20,960
Other current and noncurrent assets		394
Financial liabilities		(1,876	)
Operating lease liabilities		(15,973	)
Other noncurrent liabilities		(325	)
Total identifiable net assets		31,310
Goodwill	$	4,690

*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. The Company expects the final purchase price allocation to be completed in the first quarter of 2021.

Fair Value Measurements

12 Months Ended

Jul. 31, 2020

Fair Value Measurements [Abstract]

Fair Value Measurements

5. Fair Value Measurements

Fair value for certain of the Company’s assets and liabilities is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, a three level hierarchy for inputs is used. These levels are:

●	Quoted Prices in Active Markets for Identical Assets (“Level 1”) – quoted prices (unadjusted) for an identical asset or liability in an active market.

●	Significant Other Observable Inputs (“Level 2”) – quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability.

●	Significant Unobservable Inputs (“Level 3”) – unobservable and significant to the fair value measurement of the asset or liability.

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

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	132,001	$	—	$	—	$	132,001
Total	$	132,001	$	—	$	—	$	132,001
Deferred compensation plan assets** measured at net asset value	aa		aa		aa			28,530
Total assets at fair value	aa		aa		aa		$	160,531
	aa		aa		aa
Interest rate swap liability (see Note 8)	$	—	$	27,746	$	—	$	27,746
Total liabilities at fair value	$	—	$	27,746	$	—	$	27,746

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
Total	$	46	$	—	$	—	$	46
Deferred compensation plan assets** measured at net asset value	aaa		aaa		aaa			30,593
Total assets at fair value	aa		aa		aaa		$	30,639
	aa		aa		aaa
Interest rate swap liability (see Note 8)	$	—	$	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 Consolidated Balance Sheets as other assets (see Note 14).

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 Company’s interest rate swap values 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. Nonperformance 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 nonperformance 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 accounts receivable and accounts payable at July 31, 2020 and August 2, 2019, 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 amounts at July 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*		—		—		20,960		20,960
Goodwill		—		—		4,690		4,690
Total	$	—	$	—	$	39,230	$	39,230

*Included in the Consolidated Balance Sheets as intangible assets.

As noted in Note 4 above, the amounts recorded for these assets are estimated. See Notes 2 and 4 for further information in regard 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%.

During 2020, certain Cracker Barrel and MSBC locations were determined to be impaired. Fair value of these locations was determined by sales prices of comparable assets or estimates of discounted future cash flows considering their highest and best use. Assumptions used in the cash flow model included projected annual revenue growth rates and projected cash flows, which can be affected by economic conditions and management’s expectations. Additionally, changes in the local economies and overall market can impact the sales prices of the assets. The Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs, and thus, are considered Level 3 inputs. Based on its analysis, the Company recorded an estimated impairment charge of $22,496, which is included in the impairment line on the Consolidated Statement of Income (Loss).

- Definition

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.

+ References + Details

Inventories

12 Months Ended

Jul. 31, 2020

Inventories [Abstract]

Inventories

6. Inventories

Inventories were comprised of the following at:

	July 31, 2020		August 2, 2019
Retail	$	105,502	$	116,990
Restaurant		19,636		20,648
Supplies		13,953		17,320
Total	$	139,091	$	154,958

Debt	12 Months Ended
Debt	Jul. 31, 2020
Debt [Abstract]
Debt	7. Debt On September 5, 2018, the Company entered into a five-year $950,000 revolving credit facility (“2019 Revolving Credit Facility”) with substantially the same terms and financial covenants as the Company’s $750,000 revolving credit facility, which it replaced. The 2019 Revolving Credit Facility also contains an option to increase the revolving credit facility by $300,000. In the fourth quarter of 2020, the Company drew an additional $39,395 under this option for a one-year period. Loan acquisition costs associated with the 2019 Revolving Credit Facility and subsequent amendment to the revolving credit facility were capitalized in the amount of $1,348 and $3,022, respectively, in 2020 and 2019, and will be amortized over the five-year term of the 2019 Revolving Credit Facility. Loan acquisition costs of $166 associated with the Prior Credit Facility were written off in the first quarter of 2019 and are recorded in interest expense in the Consolidated Statement of Income. At July 31, 2020 and August 2, 2019, the Company had $949,395 and $400,000 respectively, in outstanding borrowings under the 2019 Revolving Credit Facility. At July 31, 2020, the Company had $21,528 of standby letters of credit, which reduce the Company’s borrowing availability under the 2019 Revolving Credit Facility (see Note 17). At July 31, 2020, the Company had $18,472 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. At July 31, 2020, $400,000 of the Company’s outstanding borrowings were swapped at a weighted average interest rate of 5.36%; the weighted average interest rate on the remaining $549,395 of the Company’s outstanding borrowings was 3.79%. At August 2, 2019, $350,000 of our outstanding borrowings under the 2019 Revolving Credit Facility were swapped at a weighted average interest rate of 3.49%; the weighted average interest rate on the remaining $50,000 of our outstanding borrowings was 3.58%. See Note 8 for information on the Company’s interest rate swaps. 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. The Company was in compliance with all debt covenants under the 2019 Revolving Credit Facility in the first, second and third quarters of 2020 and at August 2, 2019. As a result of the negative impact of the COVID-19 pandemic on the Company’s financial position and results of operations, the Company obtained a waiver for the financial covenants for the fourth quarter of 2020 and the first and second quarters of 2021 (“Covenant Relief Period”). During this Covenant Relief period, the Company is required to maintain liquidity (defined as the availability under the 2019 Revolving Credit Facility plus unrestricted cash and cash equivalents) of at least $140,000. Additionally, during this Covenant Relief Period, the Company’s cash payments with respect to capital expenditures may not exceed $60,000 in the aggregate. 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. During the Covenant Relief Period described above, the Company is subject to restrictions on its ability to pay dividends (other than the deferred dividend payment that the Company paid on September 2, 2020). Following the Covenant Relief Period, 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

12 Months Ended

Jul. 31, 2020

Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

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 was 3.00% and 1.00%, respectively, at July 31, 2020 and August 2, 2019. All of the Company’s interest rate swaps are accounted for as cash flow hedges.

A summary of the Company’s interest rate swaps at July 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 values of the Company’s derivative instruments were as follows:

(See Note 5)	Balance Sheet Location	July 31, 2020		August 2, 2019
Interest rate swaps	Other current liabilities	$	3,886	$	—
Interest rate swaps	Long-term interest rate swap liability		23,860		10,483
Total liabilities		$	27,746	$	10,483

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

The estimated fair values of the Company’s interest rate swap liabilities incorporate the Company’s non-performance risk (see Note 5). The adjustment related to the Company’s non-performance risk at July 31, 2020 and August 2, 2019 resulted in reductions of $978 and $399, respectively, in the total fair value of the interest rate swap assets and liabilities. The offset to the interest rate swap assets and liabilities is recorded in accumulated other comprehensive income (loss) (“AOCIL”), net of the deferred tax assets, and will be reclassified into earnings over the term of the underlying debt. As of July 31, 2020, the estimated pre-tax portion of AOCIL that is expected to be reclassified into earnings over the next twelve months is $5,886. Cash flows related to the interest rate swaps are included in the interest expense line in the Consolidated Statements of Income (Loss) and in operating activities in the Consolidated Statements of Cash Flows.

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCIL for each of the three years:

	Amount of Income (Loss) Recognized in AOCIL on Derivatives (Effective Portion)
	2020			2019			2018
Cash flow hedges:
Interest rate swaps	$	(17,740	)	$	(15,466	)	$	13,103

The following table summarizes the changes in AOCIL, net of tax, related to the Company’s interest rate swaps for the years ended July 31, 2020, August 2, 2019 and August 3, 2018:

	July 31, 2020			August 2, 2019			August 3, 2018
Beginning AOCIL balance	$	(6,913	)	$	4,685		$	(4,229	)

Other comprehensive income (loss) before reclassifications		(12,559	)		(11,752	)		11,274
Amounts reclassified from AOCIL into earnings		(874	)		154			(2,360	)
Other comprehensive income (loss), net of tax		(13,433	)		(11,598	)		8,914
Ending AOCIL balance	$	(20,346	)	$	(6,913	)	$	4,685

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for each of the three years:

Location of (Income) Loss Reclassified from AOCIL into Income (Effective Portion)		Amount of (Income) Loss Reclassified from AOCIL into Income (Effective Portion)
		2020			2019			2018
Cash flow hedges:
Interest rate swaps	Interest expense	$	(1,165	)	$	(206	)	$	3,398

The following table summarizes the amounts reclassified out of AOCIL related to the Company’s interest rate swaps for the years ended July 31, 2020, August 2, 2019 and August 3, 2018:


Details about AOCIL	July 31, 2020			August 2, 2019			August 3, 2018			Affected Line Item in the Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(1,165	)	$	206		$	(3,398	)	Interest expense
Tax benefit		291			(52	)		1,038		Provision for income taxes
	$	(874	)	$	154		$	(2,360	)	Net of tax

No gains or losses representing amounts excluded from the assessment of effectiveness were recognized in earnings in 2020. No ineffectiveness has been recorded in 2019 and 2018.

Share Repurchases	12 Months Ended
Share Repurchases	Jul. 31, 2020
Share Repurchases [Abstract]
Share Repurchases	9. Share Repurchases Subject to a maximum amount approved by the Company’s Board of Directors and the limits imposed by its credit facility, the Company was authorized to repurchase shares at management’s discretion in 2020, 2019 and 2018. In 2019 and 2018, the Company’s Board of Directors approved share repurchase authorizations up to a maximum of $25,000. Additionally, in the fourth quarter of 2019, the Company’s Board of Directors increased the share repurchase authorization to $50,000. In the third quarter of 2020, the Company’s Board of Directors approved the repurchase of up to an additional $25,000. This authorization was effective immediately and replaced the $50,000 share repurchase authorization which had been expended. In response to the COVID-19 pandemic, however, the Company temporarily suspended all share repurchases. In 2020, the Company repurchased 378,974 shares of its common stock in the open market at an aggregate cost of $55,007. The Company did not repurchase any shares of its common stock in 2019. In 2018, the Company repurchased 100,000 shares of its common stock in the open market at an aggregate cost of $14,772.

Segment Information

12 Months Ended

Jul. 31, 2020

Segment Information [Abstract]

Segment Information

10. 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 manages its business on the basis of one reportable operating segment. All of the Company’s operations are located within the United States.

Disaggregation of revenue

Total revenue was comprised of the following at:

	2020		2019		2018
Restaurant	$	2,032,030	$	2,482,377	$	2,439,389
Retail		490,762		589,574		591,056
Total revenue	$	2,522,792	$	3,071,951	$	3,030,445

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Leases

12 Months Ended

Jul. 31, 2020

Leases [Abstract]

Leases

11. Leases

As further discussed in Note 2 under the “Lease” discussion in the “Recent Accounting Standards Adopted” section, in 2020, the Company adopted new accounting guidance for leases. As part of the adoption of the new accounting guidance for leases, the Company elected to not separate lease and non-lease components. Additionally, the Company 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, the Company 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 Company has entered into agreements for real estate leases that are not recorded as right-of-use assets or lease liabilities as it has not yet taken possession. These leases are expected to commence in 2021 with undiscounted future payments of $246,622. This amount includes the sale and leaseback transaction completed in August 2020 discussed below.

The following table summarizes the components of lease cost for operating leases for the year ended July 31, 2020:

	Year Ended July 31, 2020
Operating lease cost	$	82,963
Short term lease cost		2,896
Variable lease cost		1,719
Total lease cost	$	87,578

Prior to the adoption of the new lease accounting guidance in 2020, rent expense under operating leases, including the sale-leaseback transactions discussed below, for 2019 and 2018 was:

Year	Minimum		Contingent		Total
2019	$	78,044	$	280	$	78,324
2018		76,445		255		76,700

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

	Year Ended July 31, 2020
Operating cash flow information:
Gain on sale and leaseback transaction	$	69,954
Cash paid for amounts included in the measurement of lease liabilities		80,265
Noncash information:
Right-of-use assets obtained in exchange for new operating lease liabilities		267,266
Lease modifications or reassessments increasing or decreasing right-of-use assets		29,793
Lease modifications removing right-of-use assets		(19,939	)

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

Weighted-average remaining lease term	19.05 Years
Weighted-average discount rate	4.50%

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

Year	Total
2021	$	71,184
2022		57,183
2023		52,785
2024		50,886
2025		49,768
Thereafter		762,624
Total future minimum lease payments		1,044,430
Less imputed remaining interest		(369,499	)
Total present value of operating lease liabilities	$	674,931

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 the Company’s Form 10-K for the fiscal year ended August 2, 2019:

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

Sale and Leaseback Transactions

In 2009, the Company completed sale and 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 and leaseback transaction involving 65 of its owned Cracker Barrel 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 included specified renewal options for up to 20 additional years. On July 29, 2020, the Company entered into an agreement with the original lessor and a third party financier to obtain ownership of 64 of the 65 Cracker Barrel properties and simultaneously entered into a sale and leaseback transaction with the financier for an aggregate purchase price, net of closing costs, of $198,083. The Company purchased the remaining property for approximately $3,200. In connection with the sale and leaseback transaction, the Company entered into lease agreements for each of the properties for initial terms of 20 years and renewal options up to 50 years. The aggregate initial annual rent payment for the properties is approximately $14,379 and includes 1% annual rent increases over the initial lease terms. All the properties qualified for sale and leaseback and operating lease accounting classification and the Company recorded a gain on the sale and leaseback transaction of $69,954 which is recorded in the gain on sale and leaseback transaction line in the Consolidated Statements of Income (Loss). The Company also recorded operating lease right-of-use assets and corresponding operating lease liabilities of $261,698 and $182,649, respectively.

Subsequent to July 31, 2020, the Company completed a sale and leaseback transaction involving 62 of its owned Cracker Barrel stores for an aggregate purchase price, net of closing costs, of $146,357. Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for initial terms of 20 years and renewal options up to 50 years. The aggregate initial annual rent payment for the properties is approximately $10,393 and includes 1% annual rent increases over the initial lease terms. All of the properties qualified for sale and leaseback and operating lease accounting classification, and the Company recorded total gains of $217,722. The Company also recorded operating lease right-of-use assets and corresponding operating lease liabilities of $309,656 and $133,695, respectively.

Share-Based Compensation

12 Months Ended

Jul. 31, 2020

Share-Based Compensation [Abstract]

Share-Based Compensation

12. Share-Based Compensation

Stock Compensation Plans

The Company’s employee compensation plans are administered by the Compensation Committee of the Company’s Board of Directors (the “Committee”). The Committee is authorized to determine, at time periods within its discretion and subject to the direction of the Board of Directors, which employees will be granted awards, the number of shares covered by any awards granted, and within applicable limits, the terms and provisions relating to the exercise and vesting of any awards.

The Company has one active compensation plan, the 2010 Omnibus Incentive Compensation Plan (the “2010 Omnibus Plan”), for employees and non-employee directors which authorizes the granting of nonvested stock awards and units, stock options and other types of share-based awards.

The 2010 Omnibus Plan allows the Committee to grant awards for an aggregate of 1,500,000 shares of the Company’s common stock. However, this share reserve is increased by shares awarded under this and prior plans which are forfeited, expired, settled for cash and shares withheld by the Company in payment of a tax withholding obligation. Additionally, this share reserve was decreased by shares granted from prior plans after July 30, 2010 until December 1, 2010. At July 31, 2020, the number of shares authorized for future issuance under the Company’s active plan is 948,857. At July 31, 2020, the number of outstanding awards under the 2010 Omnibus Plan was 110,339.

Types of Share-Based Awards

Nonvested Stock Awards

Nonvested stock awards consist of the Company’s common stock, generally accrue dividend equivalents and vest over 1–5 years. The fair value of the Company’s nonvested stock awards which accrue dividends is equal to the market price of the Company’s stock at the date of the grant. Dividends are forfeited for any nonvested stock awards that do not vest.

The Company’s nonvested stock awards include its long-term performance plans which were established by the Committee for the purpose of rewarding certain officers with shares of the Company’s common stock if the Company achieved certain performance targets. The stock awards under the long-term performance plans are calculated or estimated based on achievement of financial performance measures.

The following table summarizes the performance periods and vesting periods for the Company’s nonvested stock awards under its long-term performance plans at July 31, 2020:

Long-Term Performance Plan (“LTPP”)	Performance Period	Vesting Period (in Years)
2020 LTPP	2020 – 2021	2 or 3
2019 LTPP	2019 – 2020	2 or 3

The following table summarizes the shares that have been accrued under the 2020 LTPP and 2019 LTPP at July 31, 2020:


2020 LTPP			10,451
2019 LTPP			22,767

A summary of the Company’s nonvested stock activity as of July 31, 2020, and changes during 2020 are presented in the following table:


Nonvested Stock	Shares			Weighted-Average Grant Date Fair Value
Unvested at August 2, 2019		52,583		$	147.17
Granted		27,779			161.92
Vested		(20,307	)		151.88
Forfeited		(300	)		164.29
Unvested at July 31, 2020		59,755		$	152.34

The following table summarizes the total fair value of nonvested stock that vested for each of the three years:

		2020				2019				2018
Total fair value of nonvested stock		$	3,084			$	5,119			$	5,976

Nonvested Stock Units

Beginning in 2017, the Company adopted long-term incentive plans that award nonvested stock units based upon relative total shareholder return (“rTSR RSUs”). The number of nonvested stock units that will ultimately be awarded and will vest at the end of the applicable three-year performance period is based on relative total shareholder return, which is defined as increases in the Company’s stock price plus dividends paid during the performance period as compared to the total shareholder return of a group of peer companies determined by the Committee. The number of shares awarded at the end of the performance period for each nonvested stock unit may range from 75% to 125% of the target award. The probability of the actual shares expected to be earned is considered in the grant date valuation; therefore, the expense will not be adjusted to reflect the actual units earned. In addition to a service requirement, the vesting of the 2018 rTSR RSUs is also subject to the achievement of a specified level of operating income during the performance period. If this performance goal is not met, no nonvested stock units will be awarded and no compensation expense will be recorded.

The fair value of the nonvested stock units is determined using the Monte-Carlo simulation model, which simulates a range of possible future stock prices and estimates the probabilities of the potential payouts. This model uses the average prices for the 60 consecutive calendar days beginning 30 days prior to and ending 30 days after the first business day of the performance period. This model also incorporates the following ranges of assumptions:

●	The expected volatilities are the historical volatilities of the Company’s stock and the members of the peer group over the period commensurate with the three-year performance period.

●

The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period. The risk-free rate for the nonvested stock units granted in 2020 was 1.6%. The risk-free interest rates for the nonvested stock units granted in 2018 and 2019 were 1.6% and 2.9%, respectively.

●	The expected dividend yield is assumed to be zero since the award holders are entitled to any dividends paid over the performance period.

Dividends accrue on the nonvested stock units. Dividends will be forfeited for nonvested stock units that do not vest.

The following table summarizes the shares that have been accrued for rTSR RSUs awards under the 2020, 2019 and 2018 long-term incentive plans at July 31, 2020:

	Shares
2020 rTSR RSUs		2,167
2019 rTSR RSUs		6,383
2018 rTSR RSUs		8,816

Compensation Expense

The following table highlights the components of share-based compensation expense for each of the three years:

		2020				2019				2018
Total compensation expense		$	6,386			$	8,181			$	6,977

The following table highlights the total unrecognized compensation expense related to the outstanding nonvested stock awards and nonvested stock units and the weighted-average periods over which the expense is expected to be recognized as of July 31, 2020:

	Nonvested Stock Awards		Nonvested Stock Units
Total unrecognized compensation	$	3,852	$	1,503
Weighted-average period in years		1.67		1.66

The following table highlights the total income tax benefit recognized in the Consolidated Statements of Income for each of the three years:

		2020				2019				2018
Total income tax benefit		$	1,120			$	1,317			$	774

During 2020, the Company issued 27,130 shares of its common stock resulting from the vesting of share-based compensation awards. Related tax withholding payments on these share-based compensation awards resulted in a net reduction to shareholders’ equity of $2,160.

Shareholder Rights Plan

12 Months Ended

Jul. 31, 2020

Shareholder Rights Plan [Abstract]

Shareholder Rights Plan

13. Shareholder Rights Plan

On April 9, 2018, the Company’s Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, and adopted a shareholder rights plan, as set forth in the Rights Agreement dated as of April 9, 2018 (the “Rights Agreement”), by and between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The dividend was payable on April 19, 2018 to the shareholders of record on April 19, 2018. The Rights Agreement replaced the Company’s previous shareholder rights plan adopted in 2015 (the “2015 Plan”), and it became effective immediately following the expiration of the 2015 Plan at the close of business on April 9, 2018. The 2015 Plan and the preferred share purchase rights issued thereunder expired by their own terms and shareholders of the Company were not entitled to any payment as a result of the expiration of the 2015 Plan.

The Rights

The Rights initially trade with, and are inseparable from, the Company’s common stock. The Rights are evidenced only by the balances indicated in the book-entry account system of the transfer agent for the Company’s common stock or, in the case of certificated shares, by certificates that represent shares of the Company’s common stock. New Rights will accompany any new shares of common stock the Company issues after April 19, 2018 until the earlier to occur of the Distribution Date, redemption of the Rights by the Company’s Board of Directors or the final expiration of the Rights Agreement, each as described below.

Exercise Price

Each Right will allow its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock (“Preferred Share”) for $600.00 (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend and liquidation rights as would one share of common stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.

Exercisability

The Rights will not be exercisable until 10 days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 20% or more of the Company’s outstanding common stock.

Shares held by affiliates and associates of an Acquiring Person, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. Certain synthetic interests in securities created by derivative positions – whether or not such interests are considered to be ownership of the underlying common stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act – are treated as beneficial ownership of the number of shares of the Company’s common stock equivalent to the economic exposure created by the derivative.

The date when the Rights become exercisable is the “Distribution Date.” Until the Distribution Date, the common stock certificates will also evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After that date, the Rights will separate from the common stock and will be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of common stock. Any Rights held by an Acquiring Person will be void and may not be exercised.

At July 31, 2020, none of the Rights were exercisable.

Consequences of a Person or Group Becoming an Acquiring Person

If a person or group becomes an Acquiring Person, after the Distribution Date, each Right will generally entitle the holder, except the Acquiring Person or any associate or affiliate thereof, to acquire, for the exercise price of $600.00 per Right (subject to adjustment as provided in the Rights Agreement), shares of the Company’s common stock (or, in certain circumstances, Preferred Shares) having a market value equal to twice the Right’s then-current exercise price (initially $1,200.00 per Right).

In addition, if the Company is later acquired in a merger or similar transaction after the Distribution Date, each Right will generally entitle the holder, except the Acquiring Person or any associate or affiliate thereof, to acquire, for the exercise price of $600.00 per Right (subject to adjustment as provided in the Rights Agreement), shares of the acquiring corporation having a market value equal to twice the Right’s then-current exercise price (initially $1,200.00 per Right).

Preferred Share Provisions

Each one one-hundredth of a Preferred Share, if issued:

●

will not be redeemable;

●

will entitle holders to quarterly dividend payments of $0.01 per share, or an amount equal to the dividend paid on one share of common stock, whichever is greater;

●

will entitle holders upon liquidation either to receive $1.00 per share or an amount equal to the payment made on one share of common stock, whichever is greater;

●

will have the same voting power as one share of common stock; and

●

if shares of the Company’s common stock are exchanged via merger, consolidation, or a similar transaction, will entitle holders to a per share payment equal to the payment made on one share of common stock.

The value of one one-hundredth of a Preferred Share will generally approximate the value of one share of common stock.

Redemption

The Board of Directors may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If the Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company has a stock split or stock dividends of its common stock.

Qualifying Offer Provision

The Rights would also not interfere with all-cash, fully financed tender offers for all shares of common stock that remain open for a minimum of 60 business days, are subject to a minimum condition of a majority of the outstanding shares and provide for a 20-business day “subsequent offering period” after consummation (such offers are referred to as “qualifying offers”). In the event the Company receives a qualifying offer and the Board of Directors has not redeemed the Rights prior to the consummation of such offer, the consummation of the qualifying offer will not cause the offeror or its affiliates to become an Acquiring Person, and the Rights will immediately expire upon consummation of the qualifying offer.

Exchange

After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Company’s outstanding common stock, the Board of Directors may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person.

Anti-Dilution Provisions

The Board of Directors may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, a reclassification of the Preferred Shares or common stock. No adjustments to the Exercise Price of less than 1% will be made.

Amendments

The terms of the Rights Agreement may be amended by the Board of Directors without the consent of the holders of the Rights. After a person or group becomes an Acquiring Person, the Board of Directors may not amend the agreement in a way that adversely affects holders of the Rights.

Expiration

The Rights Agreement expires on April 9, 2021.

Employee Savings Plans

12 Months Ended

Jul. 31, 2020

Employee Savings Plans [Abstract]

Employee Savings Plans

14. Employee Savings Plans

The Company sponsors a qualified defined contribution retirement plan (“401(k) Savings Plan”) covering salaried and hourly employees who have completed ninety days of service and have attained the age of twenty-one. This plan allows eligible employees to defer receipt of up to 50% of their compensation, as defined in the plan. The Company also sponsors a non-qualified defined contribution retirement plan (“Non-Qualified Savings Plan”) covering highly compensated employees, as defined in the plan. This plan allows eligible employees to defer receipt of up to 50% of their base compensation and 100% of their eligible bonuses, as defined in the plan.

Contributions under both plans may be invested in various investment funds at the employee’s discretion. Such contributions, including the Company’s matching contributions described below, may not be invested in the Company’s common stock. In 2020 (prior to the COVID-19 pandemic), 2019 and 2018, the Company matched 50% of employee contributions for each participant in the 401(k) Savings Plan up to a total of 5% of the employee’s compensation and matched 25% of employee contributions in the Non-Qualified Savings Plan up to a total of 6% of the employee’s compensation. In response to the COVID-19 pandemic, the Company temporarily suspended matches to the 401(k) Savings Plan and the Non-Qualified Savings Plan through the end of fiscal 2020. Employee contributions vest immediately while Company contributions vest 20% annually beginning on the first anniversary of a contribution date and are vested 100% on the fifth anniversary of such contribution date.

At the inception of the Non-Qualified Savings Plan, the Company established a Rabbi Trust to fund the plan’s obligations. The market value of the trust assets for the Non-Qualified Savings Plan of $28,530 is included in other assets and the related liability to the participants of $28,530 is included in other long-term obligations in the Consolidated Balance Sheets. Company contributions under both plans are recorded as either labor and other related expenses or general and administrative expenses in the Consolidated Statements of Income.

The following table summarizes the Company’s contributions for each plan for each of the three years:

	2020		2019		2018
401(k) Savings Plan	$	3,271	$	4,553	$	3,812
Non-Qualified Savings Plan		239		320		342

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes

12 Months Ended

Jul. 31, 2020

Income Taxes [Abstract]

Income Taxes

15. Income Taxes

The components of the provision for income taxes (income tax benefit) for each of the three years were as follows:

	2020			2019			2018
Current:
Federal	$	(15,375	)	$	38,831		$	40,761
State		(2,115	)		8,310			6,099
Deferred:
Federal		(13,467	)		(1,427	)		(16,779	)
State		2,274			(2,759	)		722
Total provision for income taxes (income tax benefit)	$	(28,683	)	$	42,955		$	30,803

A reconciliation of the Company’s provision for income taxes (income tax benefit) and income taxes based on the statutory U.S. federal rate of 21.0%, 21.0% and 26.9% in 2020, 2019 and 2018, respectively, was as follows:

	2020			2019			2018
Provision computed at federal statutory income tax rate	$	17,070		$	55,935		$	74,859
State and local income taxes, net of federal benefit		(263	)		4,248			5,066
Loss on unconsolidated subsidiary		(29,913	)		—			—
Federal net operating loss benefit		(1,573	)		—			—
Revaluation of deferred taxes due to a reduction in the federal tax rate at the enactment date of the Tax Act		—			—			(26,772	)
Revaluation of deferred taxes due to the impact of the change in rate on 2018 temporary items		—			—			(3,710	)
Employer tax credits for FICA taxes paid on employee tip income		(11,489	)		(15,107	)		(13,707	)
Other employer tax credits		(3,606	)		(3,537	)		(4,476	)
Other-net		1,091			1,416			(457	)
Total provision for income taxes (income tax benefit)	$	(28,683	)	$	42,955		$	30,803

The decrease in the Company’s provision for income taxes (income tax benefit) from 2020 to 2019 is primarily due to the reduction in income due to the business interruption caused by the COVID-19 pandemic and the corresponding reduction in taxable income, partially offset by changes due to the Tax Act.

The increase in the Company’s provision for income taxes from 2018 to 2019 reflected the significant impact of the Tax Act. The Tax Act made broad and complex changes to the U.S. tax code, including, but not limited to, reducing the U.S. federal corporate tax rate from 35% to 21%. This rate reduction lowered deferred tax liabilities, the tax benefit of which was recognized in 2018.

Significant components of the Company’s net deferred tax liability consisted of the following at:

	July 31, 2020		August 2, 2019
Deferred tax assets:
Compensation and employee benefits	$	6,559	$	6,496
Deferred rent		—		13,424
Accrued liabilities		9,587		21,379
Operating lease liabilities		168,395		—
Insurance reserves		6,772		7,571
Inventory		3,104		2,873
Deferred tax credits		19,419		—
Deferred loss on equity investment		35,281		—
Other		8,076		536
Deferred tax assets	$	257,193	$	52,279

Deferred tax liabilities:
Property and equipment	$	99,452	$	85,379
Inventory		7,144		7,363
Operating lease right-of-use asset		172,641		—
Other		5,674		3,656
Deferred tax liabilities		284,911		96,398
Net deferred tax liability	$	27,718	$	44,119

The Company believes that adequate amounts of tax, interest and penalties have been provided for potential tax uncertainties; these amounts are included in other long-term liabilities in the Consolidated Balance Sheets. As of July 31, 2020 and August 2, 2019, the Company’s gross liability for uncertain tax positions, exclusive of interest and penalties, was $17,835 and $18,006, respectively.

Summarized below is a tabular reconciliation of the beginning and ending balance of the Company’s total gross liability for uncertain tax positions exclusive of interest and penalties:

	July 31, 2020			August 2, 2019			August 3, 2018
Balance at beginning of year	$	18,006		$	18,634		$	20,731
Tax positions related to the current year:
Additions		1,407			2,742			3,029
Reductions		—			—			—
Tax positions related to the prior year:
Additions		202			203			610
Reductions		(256	)		(348	)		(575	)
Settlements		(138	)		(1,784	)		(3,878	)
Expiration of statute of limitations		(1,386	)		(1,441	)		(1,283	)
Balance at end of year	$	17,835		$	18,006		$	18,634

If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would be a tax benefit to the Company and impact the effective tax rate. The following table highlights the amount of uncertain tax positions, exclusive of interest and penalties, which, if recognized, would affect the effective tax rate for each of the three years:

		2020				2019				2018
Uncertain tax positions		$	14,090			$	14,225			$	14,721

The Company had $7,210, $6,297, and $5,681 in interest and penalties accrued as of July 31, 2020, August 2, 2019, and August 3, 2018, respectively.

The Company recognized accrued interest and penalties related to unrecognized tax benefits of $913, $616 and $(447) in its provision for income taxes on July 31, 2020, August 2, 2019 and August 3, 2018, respectively. The increase from 2018 to 2019 was primarily attributable to additional accruals in excess of settlements and expirations.

In many cases, the Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. Based on the outcome of these examinations or as a result of the expiration of the statutes of limitations for specific taxing jurisdictions, it is reasonably possible that the related uncertain tax positions taken regarding previously filed tax returns could decrease from those recorded as liabilities for uncertain tax positions in the Company’s financial statements at July 31, 2020 by approximately $2,000 to $3,000 within the next twelve months. At July 31, 2020, the Company was subject to income tax examinations for its U.S. federal income taxes after 2017 and for state and local income taxes generally after 2017.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income (Loss) Per Share and Weighted Average Shares

12 Months Ended

Jul. 31, 2020

Net Income (Loss) Per Share and Weighted Average Shares [Abstract]

Net Income (Loss) Per Share and Weighted Average Shares

16. Net Income (Loss) Per Share and Weighted Average Shares

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

	2020			2019		2018
Net income (loss) per share numerator	$	(32,475	)	$	223,401	$	247,620

Net income (loss) per share denominator:
Basic weighted average shares outstanding		23,865,367			24,037,272		24,011,161
Add potential dilution:
Nonvested stock awards and units		—			59,124		64,453
Diluted weighted average shares outstanding		23,865,367			24,096,396		24,075,614

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jul. 31, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	17. 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 proceedings and claims will not materially affect the Company’s consolidated results of operations or financial position. The Company maintains insurance coverage for various aspects of its business and operations. The Company has elected, however, to retain all or a portion of losses that occur through the use of various deductibles, limits and retentions under its insurance programs. This situation may subject the Company to some future liability for which it is only partially insured, or completely uninsured. The Company intends to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of its contracts. See Note 2 for a further discussion of insurance and insurance reserves. Related to its insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of July 31, 2020, the Company had $21,528 of standby letters of credit related to securing reserved claims under workers’ compensation insurance and the July 29, 2020 sale and leaseback transaction. All standby letters of credit are renewable annually and reduce the Company’s borrowing availability under its Revolving Credit facility (see Note 7). As of July 31, 2020, the Company is secondarily liable for lease payments associated with two properties. Prior to 2020, the Company was 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 Consolidated Balance Sheet at August 2, 2019 for amounts to be paid in case of non-performance by the third party by the primary obligor under such lease agreements. During 2020, the Company received notice regarding non-performance by the primary obligor under these lease arrangements. At July 31 2020, the Company has recorded a provision of $344 in the Consolidated Balance Sheet for amounts to be paid as of result of non-performance by the primary obligor. 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 other indemnification agreements is sufficiently remote so that no liability has been recorded in the Consolidated Balance Sheet.

Quarterly Financial Data (Unaudited)

12 Months Ended

Jul. 31, 2020

Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Data (Unaudited)

18. Quarterly Financial Data (Unaudited)

Quarterly financial data for 2020 and 2019 are summarized as follows:

	1^st Quarter		2^nd Quarter		3^rd Quarter^{(a) (b)}			4^th Quarter^{(b) (c)}
2020
Total revenue	$	749,040	$	846,143	$	432,544		$	495,065
Income before income taxes		59,793		75,630		(84,274	)		30,135
Net income (loss)		43,223		61,168		(161,932	)		25,066
Net income (loss) per share – basic		1.80		2.55		(6.81	)		1.06
Net income (loss) per share – diluted		1.79		2.55		(6.81	)		1.05
2019
Total revenue	$	733,543	$	811,707	$	739,603		$	787,098
Income before income taxes		57,329		72,534		60,974			75,519
Net income		47,207		60,755		50,414			65,025
Net income per share – basic		1.97		2.53		2.10			2.70
Net income per share – diluted		1.96		2.52		2.09			2.70

(a)

In the third quarter of 2020, the Company recorded a loss of $132,878, which represented its equity investment in PBS HC and its receivable related to the principal and accumulated interest amounts on PBS HC promissory notes. See Note 3 for further information regarding the Company’s investment in PBS HC.

(b)

The Company’s operating results were adversely affected by the impact of the COVID-19 pandemic.

(c)

In the fourth quarter of 2020, the Company completed a sale and leaseback transaction and recorded a gain on the sale and leaseback transaction of $69,954.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jul. 31, 2020

Summary of Significant Accounting Policies [Abstract]

GAAP

GAAP – The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”).

Fiscal year

Principles of consolidation

Investment in unconsolidated subsidiary

Cash and cash equivalents

Cash and cash equivalents – The Company’s policy is to consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts receivable

Accounts receivable – Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible.

Inventories

Property and equipment

	Years
Buildings and improvements	30-45
Restaurant and other equipment	2-10
Leasehold improvements	1-35

Accelerated depreciation methods are generally used for income tax purposes.

Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows:

	2020		2019		2018
Total depreciation expense	$	117,259	$	107,294	$	93,266
Depreciation expense related to store operations*		109,362		100,366		86,913

*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.

Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts.

Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized.

Impairment of long-lived assets

Goodwill and other intangible assets

Derivative instruments and hedging activities

Segment reporting

Unredeemed gift cards and certificates

Revenue recognition

Insurance

Store pre-opening costs

Store pre-opening costs – Start-up costs of a new store are expensed when incurred.

Leases

Advertising

Advertising – The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred.

Advertising expense for each of the three years was as follows:

		2020				2019				2018
Advertising expense		$	79,155			$	81,855			$	83,448

Share-based compensation

Additionally, the Company’s policy is to issue shares of common stock to satisfy exercises of share-based compensation awards.

Income taxes

Comprehensive income (loss)

Comprehensive income (loss) – Comprehensive income (loss) includes net income (loss) and the effective unrealized portion of the changes in the fair value of the Company’s interest rate swaps.

Net income (loss) per share

Use of estimates

Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted

Leases

Accounting for Hedging Activities

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

Share-Based Payment Arrangements with Nonemployees

Rate Reform

Recent Accounting Pronouncements Not Yet Adopted

Goodwill Impairment

Accounting for Income Taxes

Fair Value Measurements (Policies)

12 Months Ended

Jul. 31, 2020

Fair Value Measurements [Abstract]

Fair value measurements

●	Quoted Prices in Active Markets for Identical Assets (“Level 1”) – quoted prices (unadjusted) for an identical asset or liability in an active market.

●	Significant Other Observable Inputs (“Level 2”) – quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability.

●	Significant Unobservable Inputs (“Level 3”) – unobservable and significant to the fair value measurement of the asset or liability.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Estimated Useful Lives of Assets

	Years
Buildings and improvements	30-45
Restaurant and other equipment	2-10
Leasehold improvements	1-35

Total Depreciation Expense and Depreciation Expense Related to Store Operations

Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows:

	2020		2019		2018
Total depreciation expense	$	117,259	$	107,294	$	93,266
Depreciation expense related to store operations*		109,362		100,366		86,913

*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.

Advertising Expense

Advertising expense for each of the three years was as follows:

		2020				2019				2018
Advertising expense		$	79,155			$	81,855			$	83,448

Acquisition of Business (Tables)

12 Months Ended

Jul. 31, 2020

Acquisition of Business [Abstract]

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		14,454
Indefinite-lived intangible asset*		20,960
Other current and noncurrent assets		394
Financial liabilities		(1,876	)
Operating lease liabilities		(15,973	)
Other noncurrent liabilities		(325	)
Total identifiable net assets		31,310
Goodwill	$	4,690

*Consists entirely of MSBC’s Tradename

Fair Value Measurements (Tables)

12 Months Ended

Jul. 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 July 31, 2020 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	132,001	$	—	$	—	$	132,001
Total	$	132,001	$	—	$	—	$	132,001
Deferred compensation plan assets** measured at net asset value	aa		aa		aa			28,530
Total assets at fair value	aa		aa		aa		$	160,531
	aa		aa		aa
Interest rate swap liability (see Note 8)	$	—	$	27,746	$	—	$	27,746
Total liabilities at fair value	$	—	$	27,746	$	—	$	27,746

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
Total	$	46	$	—	$	—	$	46
Deferred compensation plan assets** measured at net asset value	aaa		aaa		aaa			30,593
Total assets at fair value	aa		aa		aaa		$	30,639
	aa		aa		aaa
Interest rate swap liability (see Note 8)	$	—	$	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*		—		—		20,960		20,960
Goodwill		—		—		4,690		4,690
Total	$	—	$	—	$	39,230	$	39,230

*Included in the Consolidated Balance Sheets as intangible assets.

Inventories (Tables)

12 Months Ended

Jul. 31, 2020

Inventories [Abstract]

Inventories

Inventories were comprised of the following at:

	July 31, 2020		August 2, 2019
Retail	$	105,502	$	116,990
Restaurant		19,636		20,648
Supplies		13,953		17,320
Total	$	139,091	$	154,958

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jul. 31, 2020

Derivative Instruments and Hedging Activities [Abstract]

Interest Rate Swaps

A summary of the Company’s interest rate swaps at July 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 values of the Company’s derivative instruments were as follows:

(See Note 5)	Balance Sheet Location	July 31, 2020		August 2, 2019
Interest rate swaps	Other current liabilities	$	3,886	$	—
Interest rate swaps	Long-term interest rate swap liability		23,860		10,483
Total liabilities		$	27,746	$	10,483

**These interest rate swap liabilities are recorded gross at both July 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 AOCIL for each of the three years:

	Amount of Income (Loss) Recognized in AOCIL on Derivatives (Effective Portion)
	2020			2019			2018
Cash flow hedges:
Interest rate swaps	$	(17,740	)	$	(15,466	)	$	13,103

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for each of the three years:

Location of (Income) Loss Reclassified from AOCIL into Income (Effective Portion)		Amount of (Income) Loss Reclassified from AOCIL into Income (Effective Portion)
		2020			2019			2018
Cash flow hedges:
Interest rate swaps	Interest expense	$	(1,165	)	$	(206	)	$	3,398

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

The following table summarizes the changes in AOCIL, net of tax, related to the Company’s interest rate swaps for the years ended July 31, 2020, August 2, 2019 and August 3, 2018:

	July 31, 2020			August 2, 2019			August 3, 2018
Beginning AOCIL balance	$	(6,913	)	$	4,685		$	(4,229	)

Other comprehensive income (loss) before reclassifications		(12,559	)		(11,752	)		11,274
Amounts reclassified from AOCIL into earnings		(874	)		154			(2,360	)
Other comprehensive income (loss), net of tax		(13,433	)		(11,598	)		8,914
Ending AOCIL balance	$	(20,346	)	$	(6,913	)	$	4,685

Amounts Reclassified Out of AOCL Related to Interest Rate Swaps

The following table summarizes the amounts reclassified out of AOCIL related to the Company’s interest rate swaps for the years ended July 31, 2020, August 2, 2019 and August 3, 2018:


Details about AOCIL	July 31, 2020			August 2, 2019			August 3, 2018			Affected Line Item in the Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(1,165	)	$	206		$	(3,398	)	Interest expense
Tax benefit		291			(52	)		1,038		Provision for income taxes
	$	(874	)	$	154		$	(2,360	)	Net of tax

- Definition

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
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Segment Information (Tables)

12 Months Ended

Jul. 31, 2020

Segment Information [Abstract]

Composition of Total Revenue

Total revenue was comprised of the following at:

	2020		2019		2018
Restaurant	$	2,032,030	$	2,482,377	$	2,439,389
Retail		490,762		589,574		591,056
Total revenue	$	2,522,792	$	3,071,951	$	3,030,445

Leases (Tables)

12 Months Ended

Jul. 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 year ended July 31, 2020:

	Year Ended July 31, 2020
Operating lease cost	$	82,963
Short term lease cost		2,896
Variable lease cost		1,719
Total lease cost	$	87,578

Rent Expense under Operating Leases

Prior to the adoption of the new lease accounting guidance in 2020, rent expense under operating leases, including the sale-leaseback transactions discussed below, for 2019 and 2018 was:

Year	Minimum		Contingent		Total
2019	$	78,044	$	280	$	78,324
2018		76,445		255		76,700

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 year ended July 31, 2020:

	Year Ended July 31, 2020
Operating cash flow information:
Gain on sale and leaseback transaction	$	69,954
Cash paid for amounts included in the measurement of lease liabilities		80,265
Noncash information:
Right-of-use assets obtained in exchange for new operating lease liabilities		267,266
Lease modifications or reassessments increasing or decreasing right-of-use assets		29,793
Lease modifications removing right-of-use assets		(19,939	)

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 July 31, 2020:

Weighted-average remaining lease term	19.05 Years
Weighted-average discount rate	4.50%

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 July 31, 2020:

Year	Total
2021	$	71,184
2022		57,183
2023		52,785
2024		50,886
2025		49,768
Thereafter		762,624
Total future minimum lease payments		1,044,430
Less imputed remaining interest		(369,499	)
Total present value of operating lease liabilities	$	674,931

Future Minimum Operating Lease Payments

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

Share-Based Compensation (Tables)

12 Months Ended

Jul. 31, 2020

Share-Based Compensation [Abstract]

LTPP Performance and Vesting Period

The following table summarizes the performance periods and vesting periods for the Company’s nonvested stock awards under its long-term performance plans at July 31, 2020:

Long-Term Performance Plan (“LTPP”)	Performance Period	Vesting Period (in Years)
2020 LTPP	2020 – 2021	2 or 3
2019 LTPP	2019 – 2020	2 or 3

Outstanding Awards under LTPP

The following table summarizes the shares that have been accrued under the 2020 LTPP and 2019 LTPP at July 31, 2020:


2020 LTPP			10,451
2019 LTPP			22,767

Nonvested Stock Activity

A summary of the Company’s nonvested stock activity as of July 31, 2020, and changes during 2020 are presented in the following table:


Nonvested Stock	Shares			Weighted-Average Grant Date Fair Value
Unvested at August 2, 2019		52,583		$	147.17
Granted		27,779			161.92
Vested		(20,307	)		151.88
Forfeited		(300	)		164.29
Unvested at July 31, 2020		59,755		$	152.34

Aggregate Fair Value of Non Vested Stock

The following table summarizes the total fair value of nonvested stock that vested for each of the three years:

		2020				2019				2018
Total fair value of nonvested stock		$	3,084			$	5,119			$	5,976

Shares Accrued Under TSR RSUs Awards

The following table summarizes the shares that have been accrued for rTSR RSUs awards under the 2020, 2019 and 2018 long-term incentive plans at July 31, 2020:

	Shares
2020 rTSR RSUs		2,167
2019 rTSR RSUs		6,383
2018 rTSR RSUs		8,816

Components of Share-based Compensation Expense

The following table highlights the components of share-based compensation expense for each of the three years:

		2020				2019				2018
Total compensation expense		$	6,386			$	8,181			$	6,977

Unrecognized Compensation Cost, Nonvested Awards

	Nonvested Stock Awards		Nonvested Stock Units
Total unrecognized compensation	$	3,852	$	1,503
Weighted-average period in years		1.67		1.66

Total Share-based Compensation Income Tax Benefit

The following table highlights the total income tax benefit recognized in the Consolidated Statements of Income for each of the three years:

		2020				2019				2018
Total income tax benefit		$	1,120			$	1,317			$	774

Employee Savings Plans (Tables)

12 Months Ended

Jul. 31, 2020

Employee Savings Plans [Abstract]

Contributions for Employee Savings Plans

The following table summarizes the Company’s contributions for each plan for each of the three years:

	2020		2019		2018
401(k) Savings Plan	$	3,271	$	4,553	$	3,812
Non-Qualified Savings Plan		239		320		342

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2020

Income Taxes [Abstract]

Components of Provision for Income Taxes (Income Tax Benefit)

The components of the provision for income taxes (income tax benefit) for each of the three years were as follows:

	2020			2019			2018
Current:
Federal	$	(15,375	)	$	38,831		$	40,761
State		(2,115	)		8,310			6,099
Deferred:
Federal		(13,467	)		(1,427	)		(16,779	)
State		2,274			(2,759	)		722
Total provision for income taxes (income tax benefit)	$	(28,683	)	$	42,955		$	30,803

Reconciliation of Provision for Income Taxes (Income Tax Benefit) and Income Taxes Based on Statutory U.S. Federal Rate

	2020			2019			2018
Provision computed at federal statutory income tax rate	$	17,070		$	55,935		$	74,859
State and local income taxes, net of federal benefit		(263	)		4,248			5,066
Loss on unconsolidated subsidiary		(29,913	)		—			—
Federal net operating loss benefit		(1,573	)		—			—
Revaluation of deferred taxes due to a reduction in the federal tax rate at the enactment date of the Tax Act		—			—			(26,772	)
Revaluation of deferred taxes due to the impact of the change in rate on 2018 temporary items		—			—			(3,710	)
Employer tax credits for FICA taxes paid on employee tip income		(11,489	)		(15,107	)		(13,707	)
Other employer tax credits		(3,606	)		(3,537	)		(4,476	)
Other-net		1,091			1,416			(457	)
Total provision for income taxes (income tax benefit)	$	(28,683	)	$	42,955		$	30,803

Significant Components of Net Deferred Tax Liability

Significant components of the Company’s net deferred tax liability consisted of the following at:

	July 31, 2020		August 2, 2019
Deferred tax assets:
Compensation and employee benefits	$	6,559	$	6,496
Deferred rent		—		13,424
Accrued liabilities		9,587		21,379
Operating lease liabilities		168,395		—
Insurance reserves		6,772		7,571
Inventory		3,104		2,873
Deferred tax credits		19,419		—
Deferred loss on equity investment		35,281		—
Other		8,076		536
Deferred tax assets	$	257,193	$	52,279

Deferred tax liabilities:
Property and equipment	$	99,452	$	85,379
Inventory		7,144		7,363
Operating lease right-of-use asset		172,641		—
Other		5,674		3,656
Deferred tax liabilities		284,911		96,398
Net deferred tax liability	$	27,718	$	44,119

Total Gross Liability for Uncertain Tax Positions Exclusive of Interest and Penalties

Summarized below is a tabular reconciliation of the beginning and ending balance of the Company’s total gross liability for uncertain tax positions exclusive of interest and penalties:

	July 31, 2020			August 2, 2019			August 3, 2018
Balance at beginning of year	$	18,006		$	18,634		$	20,731
Tax positions related to the current year:
Additions		1,407			2,742			3,029
Reductions		—			—			—
Tax positions related to the prior year:
Additions		202			203			610
Reductions		(256	)		(348	)		(575	)
Settlements		(138	)		(1,784	)		(3,878	)
Expiration of statute of limitations		(1,386	)		(1,441	)		(1,283	)
Balance at end of year	$	17,835		$	18,006		$	18,634

Uncertain Tax Positions that, if Recognized, Would Affect Effective Tax Rate

		2020				2019				2018
Uncertain tax positions		$	14,090			$	14,225			$	14,721

Net Income (Loss) Per Share and Weighted Average Shares (Tables)

12 Months Ended

Jul. 31, 2020

Net Income (Loss) 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:

	2020			2019		2018
Net income (loss) per share numerator	$	(32,475	)	$	223,401	$	247,620

Net income (loss) per share denominator:
Basic weighted average shares outstanding		23,865,367			24,037,272		24,011,161
Add potential dilution:
Nonvested stock awards and units		—			59,124		64,453
Diluted weighted average shares outstanding		23,865,367			24,096,396		24,075,614

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jul. 31, 2020

Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Data

Quarterly financial data for 2020 and 2019 are summarized as follows:

	1^st Quarter		2^nd Quarter		3^rd Quarter^{(a) (b)}			4^th Quarter^{(b) (c)}
2020
Total revenue	$	749,040	$	846,143	$	432,544		$	495,065
Income before income taxes		59,793		75,630		(84,274	)		30,135
Net income (loss)		43,223		61,168		(161,932	)		25,066
Net income (loss) per share – basic		1.80		2.55		(6.81	)		1.06
Net income (loss) per share – diluted		1.79		2.55		(6.81	)		1.05
2019
Total revenue	$	733,543	$	811,707	$	739,603		$	787,098
Income before income taxes		57,329		72,534		60,974			75,519
Net income		47,207		60,755		50,414			65,025
Net income per share – basic		1.97		2.53		2.10			2.70
Net income per share – diluted		1.96		2.52		2.09			2.70

(a)

(b)

The Company’s operating results were adversely affected by the impact of the COVID-19 pandemic.

(c)

In the fourth quarter of 2020, the Company completed a sale and leaseback transaction and recorded a gain on the sale and leaseback transaction of $69,954.

Description of the Business (Details) $ in Thousands		1 Months Ended			12 Months Ended
Description of the Business (Details) $ in Thousands	Sep. 02, 2020 USD ($)	Aug. 31, 2020 USD ($) Property	May 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jul. 31, 2020 USD ($) Property Position	Aug. 02, 2019 USD ($)	Aug. 03, 2018 USD ($)	Sep. 16, 2020 Restaurant	May 01, 2020 USD ($)
Operating Initiatives [Abstract]
Impairment charges					$ 22,496	$ 0	$ 0
Liquidity Initiatives [Abstract]
Dividend paid					94,544	193,475	207,155
Suspended share repurchase program, authorized amount						25,000	25,000		$ 50,000
Cash and cash equivalents					436,996	36,884
Net proceeds from sale of properties					207,253	$ 151	$ 411
COVID-19 Impact and Company Response [Member]
Operating Initiatives [Abstract]
Impairment charges					22,496
Expense Reductions [Abstract]
Severance expenses					$ 3,956
Number of positions eliminated \| Position					469
Liquidity Initiatives [Abstract]
Cash and cash equivalents					$ 436,996
Sale and leaseback transaction, lease term					20 years
Number of properties involved in sale and leaseback transaction \| Property					64
COVID-19 Impact and Company Response [Member] \| Subsequent Event [Member]
Operating Initiatives [Abstract]
Number of restaurants not opened for dine-in services \| Restaurant								13
Liquidity Initiatives [Abstract]
Dividend paid	$ 30,807
Suspended share repurchase program, authorized amount	$ 25,000
Number of properties sold under sale and leaseback transaction \| Property		62
Net proceeds from sale of properties		$ 146,357
COVID-19 Impact and Company Response [Member] \| Revolving Credit Facility [Member]
Liquidity Initiatives [Abstract]
Proceeds from line of credit			$ 39,395	$ 471,700
COVID-19 Impact and Company Response [Member] \| Letter of Credit [Member]
Liquidity Initiatives [Abstract]
Proceeds from line of credit				$ 6,700

Summary of Significant Accounting Policies (Details)
$ in Thousands

12 Months Ended

Jul. 31, 2020

USD ($)

Period

Segment

Aug. 02, 2019

USD ($)

Aug. 03, 2018

USD ($)

Jul. 18, 2019

Inventories [Abstract]

Percentage of retail inventories valued using the retail inventory method

70.00%

Average period of physical inventory used for estimating shrinkage

2 years

Property and equipment [Abstract]

Total depreciation expense

$ 117,259

$ 107,294

$ 93,266

Depreciation expense related to store operations

^[1]

109,362

100,366

86,913

Derivative instruments and hedging activities [Abstract]

Credit exposure to the counterparty if the company owes the counterparty

$ 0

Segment reporting [Abstract]

Number of reportable operating segments | Segment

Revenue Recognition [Abstract]

Gift card breakage

$ 6,288

6,814

6,535

Revenue recognized for redemption of gift cards

36,756

42,292

40,221

Deferred revenue related to gift cards

94,754

80,073

Insurance [Abstract]

Threshold amount for workers' compensation insurance Level 1

250

Threshold amount for workers' compensation insurance Level 2

750

Threshold amount for workers' compensation insurance Level 3

1,000

Threshold amount for general liability insurance

500

Advertising [Abstract]

Advertising expense

79,155

81,855

$ 83,448

Recent Accounting Pronouncements Adopted [Abstract]

Operating lease right-of-use assets

691,949

Operating lease liabilities

674,931

Retained earnings

$ 438,498

561,650

Buildings and Improvements [Member] | Minimum [Member]

Property and equipment [Abstract]

Estimated useful life

30 years

Buildings and Improvements [Member] | Maximum [Member]

Property and equipment [Abstract]

Estimated useful life

45 years

Restaurant and Other Equipment [Member] | Minimum [Member]

Property and equipment [Abstract]

Estimated useful life

2 years

Restaurant and Other Equipment [Member] | Maximum [Member]

Property and equipment [Abstract]

Estimated useful life

10 years

Leasehold Improvements [Member] | Minimum [Member]

Property and equipment [Abstract]

Estimated useful life

1 year

Leasehold Improvements [Member] | Maximum [Member]

Property and equipment [Abstract]

Estimated useful life

35 years

Restaurant Stores [Member]

Leases [Abstract]

Initial lease term

10 years

Lease renewal option

5 years

Restaurant Stores [Member] | Minimum [Member]

Leases [Abstract]

Number of optional renewal periods | Period

Restaurant Stores [Member] | Maximum [Member]

Leases [Abstract]

Number of optional renewal periods | Period

PBS HC [Member]

Investment in unconsolidated subsidiary [Abstract]

Percentage of ownership interest acquired

58.60%

Percentage of voting interest acquired

49.70%

Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-02 [Member]

Recent Accounting Pronouncements Adopted [Abstract]

Operating lease right-of-use assets

464,394

Operating lease liabilities

506,406

Retained earnings

$ 4,125

[1]	Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.

Equity Method Investment (Details) $ in Thousands		3 Months Ended	12 Months Ended
Equity Method Investment (Details) $ in Thousands	Jul. 18, 2019 USD ($)	May 01, 2020 USD ($)	Jul. 31, 2020 USD ($) Location	Aug. 02, 2019 USD ($)	Aug. 03, 2018 USD ($)
Equity method investments [Abstract]
Investment in unconsolidated subsidiary			$ 0	$ 89,100
Loss from unconsolidated subsidiary			(142,442)	0	$ 0
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				89,100
Purchase of promissory notes	$ 6,900
Additional funding provided	8,000
Funding amount paid			$ 48,000	$ 12,500
Number of locations where all operations were suspended \| Location			19
Loss from unconsolidated subsidiary		$ (132,878)	$ (132,878)
PBS HC [Member] \| Maximum [Member]
Equity method investments [Abstract]
Agreed funding amount	$ 51,000

Acquisition of Business (Details)
$ in Thousands

12 Months Ended

Oct. 10, 2019

USD ($)

Installment

Jul. 31, 2020

USD ($)

Location

State

Aug. 02, 2019

USD ($)

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

Goodwill

$ 4,690

$ 0

Maple Street Biscuit Company [Member]

Acquisition [Abstract]

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 business locations converted | 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

Property and equipment

13,580

Operating lease right-of-use assets, net

14,454

Indefinite-lived intangible asset

^[1]

20,960

Other current and noncurrent assets

394

Financial liabilities

(1,876)

Operating lease liabilities

(15,973)

Other noncurrent liabilities

(325)

Total identifiable net assets

31,310

Goodwill

$ 4,690

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

Acquisition [Abstract]

Number of locations opened | Location

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

Acquisition [Abstract]

Number of locations opened | Location

[1]	Consists entirely of MSBC’s Tradename

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

Jul. 31, 2020

Aug. 02, 2019

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

Cash equivalents

^[1]

$ 132,001

$ 46

Total

132,001

Deferred compensation plan assets

^[2]

28,530

30,593

Total assets at fair value

160,531

30,639

Interest rate swap liability (see Note 8)

27,746

10,483

Total liabilities at fair value

27,746

10,483

Level 1 [Member]

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

Cash equivalents

^[1]

132,001

Total

132,001

Interest rate swap liability (see Note 8)

Total liabilities at fair value

Level 2 [Member]

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

Cash equivalents

^[1]

Total

Interest rate swap liability (see Note 8)

27,746

10,483

Total liabilities at fair value

27,746

10,483

Level 3 [Member]

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

Cash equivalents

^[1]

Total

Interest rate swap liability (see Note 8)

Total liabilities at fair value

$ 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 Consolidated Balance Sheets as other assets (see Note 14).

Fair Value Measurements, Assets Measured at Fair Value on a Nonrecurring Basis (Details)
$ in Thousands

12 Months Ended

Jul. 31, 2020

USD ($)

Aug. 02, 2019

USD ($)

Aug. 03, 2018

USD ($)

Oct. 10, 2019

USD ($)

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Impairment charge

$ 22,496

$ 0

Maple Street Biscuit Company [Member] | Nonrecurring [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Property and equipment

$ 13,580

Tradename

^[1]

20,960

Goodwill

4,690

Total assets at fair value

39,230

Maple Street Biscuit Company [Member] | Nonrecurring [Member] | Cost Approach [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Estimated replacement cost per store

$ 500

Maple Street Biscuit Company [Member] | Nonrecurring [Member] | Present Value of Estimated Cash Flow [Member] | Royalty Rate [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Tradename, measurement input

0.025

Maple Street Biscuit Company [Member] | Nonrecurring [Member] | Present Value of Estimated Cash Flow [Member] | Discount Rate [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Tradename, measurement input

0.120

Maple Street Biscuit Company [Member] | Nonrecurring [Member] | Level 1 [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Property and equipment

$ 0

Tradename

^[1]

Goodwill

Total assets at fair value

Maple Street Biscuit Company [Member] | Nonrecurring [Member] | Level 2 [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Property and equipment

Tradename

^[1]

Goodwill

Total assets at fair value

Maple Street Biscuit Company [Member] | Nonrecurring [Member] | Level 3 [Member]

Fair Value Assets Measured on Nonrecurring Basis [Abstract]

Property and equipment

13,580

Tradename

^[1]

20,960

Goodwill

4,690

Total assets at fair value

$ 39,230

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

Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Aug. 02, 2019
Inventories [Abstract]
Retail	$ 105,502	$ 116,990
Restaurant	19,636	20,648
Supplies	13,953	17,320
Total	$ 139,091	$ 154,958

Debt (Details) $ in Thousands	3 Months Ended		12 Months Ended
Debt (Details) $ in Thousands	Jul. 31, 2020 USD ($)	Aug. 02, 2019 USD ($)	Jul. 31, 2020 USD ($)	Sep. 05, 2018 USD ($)
Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Maximum borrowing capacity				$ 750,000
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
Amount drawn from debt instrument	$ 39,395
Debt instrument, term of option	1 year
Loan acquisition costs	$ 1,348	$ 3,022	$ 1,348
Outstanding borrowings	949,395	400,000	949,395
Amount of standby letters of credit	21,528		21,528
Remaining borrowing capacity	$ 18,472		18,472
Liquidity requirements			100,000
Dividends threshold			$ 100,000
Leverage ratio, maximum	3.00		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 [Member] \| Covid-19 [Member]
Line of Credit Facility [Abstract]
Liquidity amount	$ 140,000		$ 140,000
Maximum cash payments for capital expenditures			60,000
2019 Revolving Credit Facility, Swapped Portion [Member]
Line of Credit Facility [Abstract]
Outstanding borrowings	$ 400,000	$ 350,000	$ 400,000
Weighted average interest rates	5.36%	3.49%	5.36%
2019 Revolving Credit Facility, Remaining Portion [Member]
Line of Credit Facility [Abstract]
Outstanding borrowings	$ 549,395	$ 50,000	$ 549,395
Weighted average interest rates	3.79%	3.58%	3.79%
Prior Credit Facility [Member]
Line of Credit Facility [Abstract]
Write off of loan acquisition costs		$ 166

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019
Derivative Instruments [Abstract]
Credit spread	3.00%	1.00%
Interest Rate Swap 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 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 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 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 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 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 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 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 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 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 Values of Derivative Instruments (Details) - Interest Rate Swaps [Member] - USD ($)
$ in Thousands

Jul. 31, 2020

Aug. 02, 2019

Estimated Fair Value of Derivative Instruments [Abstract]

Fair value, liability

^[1]

$ 27,746

$ 10,483

Other Current Liabilities [Member]

Estimated Fair Value of Derivative Instruments [Abstract]

Fair value, liability

^[1]

3,886

Long-term Interest Rate Swap Liability [Member]

Estimated Fair Value of Derivative Instruments [Abstract]

Fair value, liability

^[1]

$ 23,860

$ 10,483

[1]	**These interest rate swap liabilities are recorded gross at both July 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 and Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Aug. 02, 2019
Derivative Instruments by Risk Exposure [Abstract]
Estimated pre-tax portion of AOCI that is expected to be reclassified into earnings over the next twelve months	$ 5,886
Interest Rate Swaps [Member]
Derivative Instruments by Risk Exposure [Abstract]
Offsetting assets	0	$ 0
Reduction in fair value of interest rate swap liabilities due to adjustment related to non-performance risk	$ 978	$ 399

Derivative Instruments and Hedging Activities, Pre-Tax Effects of Derivative Instruments on AOCIL and Income (Details) - Interest Rate Swaps [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
Interest Rate Cash Flow Hedges [Abstract]
Amount of income (loss) recognized in AOCIL on derivatives (effective portion)	$ (17,740)	$ (15,466)	$ 13,103
Interest Expense [Member]
Interest Rate Cash Flow Hedges [Abstract]
Amount of loss reclassified from AOCL into income	$ (1,165)	$ (206)	$ 3,398

Derivative Instruments and Hedging Activities, Changes in AOCIL, Net of Tax, Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
Changes in AOCIL, net of tax, related to interest rate swaps [Roll Forward]
Balance	$ 604,710	$ 581,781	$ 544,507
Other comprehensive income (loss) before reclassifications	(12,559)	(11,752)	11,274
Amounts reclassified from AOCIL into earnings	(874)	154	(2,360)
Other comprehensive income (loss), net of tax	(13,433)	(11,598)	8,914
Balance	418,389	604,710	581,781
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in AOCIL, net of tax, related to interest rate swaps [Roll Forward]
Balance	(6,913)	4,685	(4,229)
Other comprehensive income (loss), net of tax	(13,433)	(11,598)	8,914
Balance	$ (20,346)	$ (6,913)	$ 4,685

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Derivative Instruments and Hedging Activities, Amounts Reclassified out of AOCIL Related to Interest Rate Swaps (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jul. 31, 2020

^[1],[2]

May 01, 2020

^[2],[3]

Jan. 31, 2020

Nov. 01, 2019

Aug. 02, 2019

^[1],[2]

May 03, 2019

^[2],[3]

Feb. 01, 2019

Nov. 02, 2018

Jul. 31, 2020

Aug. 02, 2019

Aug. 03, 2018

Amounts Reclassified Out of AOCIL Related to Interest Rate Swaps [Abstract]

Interest expense

$ 22,327

$ 16,488

$ 15,169

Tax benefit

(28,683)

42,955

30,803

Net of tax

$ 25,066

$ (161,932)

$ 61,168

$ 43,223

$ 65,025

$ 50,414

$ 60,755

$ 47,207

(32,475)

223,401

247,620

Interest Rate Swaps [Member] | Cash Flow Hedging [Member]

Amounts Reclassified Out of AOCIL Related to Interest Rate Swaps [Abstract]

Ineffectiveness recorded in earnings on interest rate cash flow hedge

Loss on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member]

Amounts Reclassified Out of AOCIL Related to Interest Rate Swaps [Abstract]

Tax benefit

291

(52)

1,038

Net of tax

(874)

154

(2,360)

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 AOCIL Related to Interest Rate Swaps [Abstract]

Interest expense

$ (1,165)

$ 206

$ (3,398)

[1]	In the fourth quarter of 2020, the Company completed a sale and leaseback transaction and recorded a gain on the sale and leaseback transaction of $69,954.
[2]	The Company’s operating results were adversely affected by the impact of the COVID-19 pandemic.
[3]	In the third quarter of 2020, the Company recorded a loss of $132,878, which represented its equity investment in PBS HC and its receivable related to the principal and accumulated interest amounts on PBS HC promissory notes. See Note 3 for further information regarding the Company’s investment in PBS HC.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

+ Details

Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Share Repurchases (Details) - USD ($) $ in Thousands	May 01, 2020	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
Share Repurchases [Abstract]
Maximum amount of share repurchase authorization	$ 50,000		$ 25,000	$ 25,000
Additional amount of share repurchase authorized	$ 25,000
Shares of common stock repurchased (in shares)		378,974	0	100,000
Cost of shares repurchased		$ 55,007		$ 14,772

Segment Information (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Jul. 31, 2020

USD ($)

^[1],[2]

May 01, 2020

USD ($)

^[2],[3]

Jan. 31, 2020

USD ($)

Nov. 01, 2019

USD ($)

Aug. 02, 2019

USD ($)

^[1],[2]

May 03, 2019

USD ($)

^[2],[3]

Feb. 01, 2019

USD ($)

Nov. 02, 2018

USD ($)

Jul. 31, 2020

USD ($)

Line

Segment

Aug. 02, 2019

USD ($)

Aug. 03, 2018

USD ($)

Segment Information [Abstract]

Number of product lines | Line

Number of reportable operating segments | Segment

Disaggregation of Revenue [Abstract]

Revenue

$ 495,065

$ 432,544

$ 846,143

$ 749,040

$ 787,098

$ 739,603

$ 811,707

$ 733,543

$ 2,522,792

$ 3,071,951

$ 3,030,445

Restaurant [Member]

Disaggregation of Revenue [Abstract]

Revenue

2,032,030

2,482,377

2,439,389

Retail [Member]

Disaggregation of Revenue [Abstract]

Revenue

$ 490,762

$ 589,574

$ 591,056

[1]	In the fourth quarter of 2020, the Company completed a sale and leaseback transaction and recorded a gain on the sale and leaseback transaction of $69,954.
[2]	The Company’s operating results were adversely affected by the impact of the COVID-19 pandemic.
[3]	In the third quarter of 2020, the Company recorded a loss of $132,878, which represented its equity investment in PBS HC and its receivable related to the principal and accumulated interest amounts on PBS HC promissory notes. See Note 3 for further information regarding the Company’s investment in PBS HC.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Leases (Details) $ in Thousands	Jul. 31, 2020 USD ($)
Leases [Abstract]
Undiscounted future payments for leases not yet commenced	$ 246,622

Leases, Components of Lease Cost for Operating Leases (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2020 USD ($)
Components of Lease Cost for Operating Leases [Abstract]
Operating lease cost	$ 82,963
Short term lease cost	2,896
Variable lease cost	1,719
Total lease cost	$ 87,578

Leases, Rent Expense under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019
Rent Expense under Operating Leases [Abstract]
Minimum lease payments	$ 78,044	$ 76,445
Contingent lease payments	280	255
Total lease payments	$ 78,324	$ 76,700

- Definition

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

+ References + Details

Leases, Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
Operating cash flow information [Abstract]
Gain on sale and leaseback transaction	$ 69,954	$ 69,954	$ 0	$ 0
Cash paid for amounts included in the measurement of lease liabilities		80,265
Noncash information [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities		267,266
Lease modifications granting additional right-of-use assets		29,793
Lease modifications removing right-of-use assets		$ (19,939)

Leases, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details)	Jul. 31, 2020
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases [Abstract]
Weighted-average remaining lease term	19 years 18 days
Weighted-average discount rate	4.50%

Leases, Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability (Details) $ in Thousands	Jul. 31, 2020 USD ($)
Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability [Abstract]
2021	$ 71,184
2022	57,183
2023	52,785
2024	50,886
2025	49,768
Thereafter	762,624
Total future minimum lease payments	1,044,430
Less imputed remaining interest	(369,499)
Total present value of operating lease liabilities	$ 674,931

Leases, Maturities of Lease Commitments (Details) $ in Thousands	Aug. 02, 2019 USD ($)
Future minimum rental payments, operating leases [Abstract]
2020	$ 69,249
2021	40,962
2022	36,280
2023	33,639
2024	34,020
Thereafter	515,169
Total	$ 729,319

Leases, Sale and Leaseback Transactions (Details) $ in Thousands		2 Months Ended	3 Months Ended	12 Months Ended
	Jul. 29, 2020 USD ($) Store	Sep. 25, 2020 USD ($) Store	Jul. 31, 2020 USD ($)	Jul. 31, 2020 USD ($)	Aug. 02, 2019 USD ($)	Aug. 03, 2018 USD ($)	Jul. 31, 2009 Store	Jul. 28, 2000 Store
Sale Leaseback Transactions [Abstract]
Gain on sale and leaseback transaction			$ 69,954	$ 69,954	$ 0	$ 0
Operating lease right-of-use assets			691,949	691,949	$ 0
Operating lease liabilities			$ 674,931	$ 674,931
Subsequent Event [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term		20 years
Aggregate purchase price, net of closing costs		$ 146,357
Aggregate initial annual rent payment for lease properties		$ 10,393
Percentage of increase in annual rental payments in initial terms		1.00%
Gain on sale and leaseback transaction		$ 217,722
Operating lease right-of-use assets		309,656
Operating lease liabilities		$ 133,695
Maximum [Member] \| Subsequent Event [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option		50 years
Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Aggregate purchase price, net of closing costs	$ 198,083
Owned Stores [Member] \| Subsequent Event [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions \| Store		62
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]
Sale Leaseback Transactions [Abstract]
Initial lease term			20 years	20 years
Remaining property purchased			$ 3,200	$ 3,200
Aggregate initial annual rent payment for lease properties				$ 14,379
Percentage of increase in annual rental payments in initial terms				1.00%
Gain on sale and leaseback transaction				$ 69,954
Operating lease right-of-use assets			261,698	261,698
Operating lease liabilities			$ 182,649	$ 182,649
Sale-leaseback Transactions in 2000 [Member] \| Maximum [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option			50 years	50 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
Number of stores completed in sale leaseback transaction \| Store	64
Initial lease term			21 years	21 years
Lease renewal option			20 years	20 years

Share-Based Compensation, Stock Compensation Plans (Details)	Jul. 31, 2020 Plan shares
Share-Based Payments [Abstract]
Number of active compensation plans \| Plan	1
2010 Omnibus Plan [Member]
Share-Based Payments [Abstract]
Number of shares of the Company's common stock originally authorized for issuance (in shares)	1,500,000
Common stock reserved for future issuance (in shares)	948,857
Number of outstanding awards (in shares)	110,339

Share-Based Compensation, Nonvested Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
Nonvested Stock Awards [Member]
Nonvested stock, shares [Roll Forward]
Unvested, beginning of period (in shares)	52,583
Granted (in shares)	27,779
Vested (in shares)	(20,307)
Forfeited (in shares)	(300)
Unvested, end of period (in shares)	59,755	52,583
Nonvested stock, weighted-average grant date fair value [Roll Forward]
Unvested, beginning of period (in dollars per share)	$ 147.17
Granted (in dollars per share)	161.92
Vested (in dollars per share)	151.88
Forfeited (in dollars per share)	164.29
Unvested, end of period (in dollars per share)	$ 152.34	$ 147.17
Total fair value of nonvested stock	$ 3,084	$ 5,119	$ 5,976
Nonvested Stock Awards [Member] \| Minimum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Vesting period	1 year
Nonvested Stock Awards [Member] \| Maximum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Vesting period	5 years
2020 LTPP [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Nonvested stock earned (in shares)	10,451
2020 LTPP [Member] \| Minimum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2020
Vesting period	2 years
2020 LTPP [Member] \| Maximum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2021
Vesting period	3 years
2019 LTPP [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Nonvested stock earned (in shares)	22,767
2019 LTPP [Member] \| Minimum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2019
Vesting period	2 years
2019 LTPP [Member] \| Maximum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2020
Vesting period	3 years
Omnibus Plan 2010 [Member] \| Nonvested Stock Units [Member]
Nonvested stock, weighted-average grant date fair value [Roll Forward]
Award performance period	3 years
Measurement period for average stock prices in consecutive calendar days	60 days
Measurement period for average stock prices prior to first business day of performance period	30 days
Measurement period for average stock prices after first business day of performance period	30 days
Risk-free interest rate for nonvested stock units granted	1.60%	2.90%	1.60%
Omnibus Plan 2010 [Member] \| Nonvested Stock Units [Member] \| Minimum [Member]
Nonvested stock, weighted-average grant date fair value [Roll Forward]
Percentage of shares of target award that may be awarded	75.00%
Omnibus Plan 2010 [Member] \| Nonvested Stock Units [Member] \| Maximum [Member]
Nonvested stock, weighted-average grant date fair value [Roll Forward]
Percentage of shares of target award that may be awarded	125.00%

Share-Based Compensation, Performance-Based Market Stock Units (Details)	12 Months Ended
	Jul. 31, 2020 shares
2020 rTSR RSUs [Member]
Performance-Based Market Stock Units [Abstract]
Number of shares accrued (in shares)	2,167
2019 rTSR RSUs [Member]
Performance-Based Market Stock Units [Abstract]
Number of shares accrued (in shares)	6,383
2018 rTSR RSUs [Member]
Performance-Based Market Stock Units [Abstract]
Number of shares accrued (in shares)	8,816

Share-Based Compensation, Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
Compensation Expense [Abstract]
Total compensation expense	$ 6,386	$ 8,181	$ 6,977
Total income tax benefit recognized [Abstract]
Total income tax benefit	$ 1,120	1,317	774
Number of shares issued from vesting of share-based compensation awards (in shares)	27,130
Tax withholding payment net of cash received from issuance of share based compensation awards	$ (2,160)	$ (2,497)	$ (3,816)
Nonvested Stock Awards [Member]
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized [Abstract]
Total unrecognized compensation	$ 3,852
Weighted average period in years	1 year 8 months 1 day
Nonvested Stock Units [Member]
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized [Abstract]
Total unrecognized compensation	$ 1,503
Weighted average period in years	1 year 7 months 28 days

Shareholder Rights Plan (Details)	12 Months Ended
Shareholder Rights Plan (Details)	Jul. 31, 2020 Right $ / shares shares	Aug. 02, 2019 $ / shares
Shareholder Rights Plan [Abstract]
Par value of common share outstanding (in dollars per share)	$ 0.01	$ 0.01
Rights Agreement [Member]
Shareholder Rights Plan [Abstract]
Dividend declaration date	Apr. 09, 2018
Number of preferred share purchase right declared as dividend for each share of common stock outstanding \| Right	1
Par value of common share outstanding (in dollars per share)	$ 0.01
Dividend record date	Apr. 19, 2018
Dividend payment date	Apr. 19, 2018
Rights expiration date	Apr. 09, 2021
Exercise price of each right (in dollars per share)	$ 600.00
Rights exercisable (in shares) \| shares	0
Exercise price of each right, if a person or group becomes an acquiring person (in dollars per share)	$ 600.00
Market value expressed in multiple of exercise price, if a person or group becomes an acquiring person	2
Market value of each right If a person or group becomes an acquiring person (in dollars per share)	$ 1,200.00
Exercise price of each right, if the company is later acquired in a merger (in dollars per share)	$ 600.00
Market value expressed in multiple of exercise price, if the company is later acquired in a merger	2
Market value of each right, if the company is later acquired in a merger (in dollars per share)	$ 1,200.00
Redemption price of the right (in dollars per share)	$ 0.01
Subsequent offering period	20 days
Number of common stock shares that can be exchanged for each right if rights were extinguished (in shares) \| shares	1
Rights Agreement [Member] \| Minimum [Member]
Shareholder Rights Plan [Abstract]
Period before rights can be exercised	10 days
Percentage of outstanding common stock ownership required to qualify for an "Acquiring Person"	20.00%
Offering period	60 days
Percentage of an ownership of common stock by an Acquiring Person before board of directors may extinguish right	50.00%
Percentage of adjustment to exercise price	1.00%
Rights Agreement [Member] \| Series A Junior Participating Preferred Stock [Member]
Shareholder Rights Plan [Abstract]
Common share equivalent for each preferred share portion (in shares) \| shares	1
Quarterly dividends payments per share (in dollars per share)	$ 0.01
Amount entitled to receive per share upon liquidation of preferred share (in dollars per share)	$ 1.00
2015 Plan [Member]
Shareholder Rights Plan [Abstract]
Rights expiration date	Apr. 09, 2018

Employee Savings Plans (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
Employee Savings Plans (Details) - USD ($) $ in Thousands	Mar. 15, 2020	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018
401(k) Savings Plan [Member]
Employee Savings Plans [Abstract]
Defined contribution plan, type [Extensible List]		us-gaap:PensionPlansDefinedBenefitMember
Defined contribution plan, tax status [Extensible List]		us-gaap:QualifiedPlanMember
Requisite service period		90 days
Minimum age of eligible employees required		21 years
Percentage of compensation allowed to be deferred by eligible employees		50.00%
Percentage of company match to employee contribution	50.00%		50.00%	50.00%
Percentage of company contributions that vests annually	20.00%		20.00%	20.00%
Percentage of company contribution that vests on employee's fifth anniversary of employment	100.00%		100.00%	100.00%
Company's contributions to the plan		$ 3,271	$ 4,553	$ 3,812
401(k) Savings Plan [Member] \| Maximum [Member]
Employee Savings Plans [Abstract]
Percentage of employee's compensation matched by company	5.00%		5.00%	5.00%
Non-Qualified Savings Plan [Member]
Employee Savings Plans [Abstract]
Defined contribution plan, type [Extensible List]		us-gaap:PensionPlansDefinedBenefitMember
Defined contribution plan, tax status [Extensible List]		us-gaap:NonqualifiedPlanMember
Percentage of compensation allowed to be deferred by eligible employees		50.00%
Percentage of eligible bonuses allowed to be deferred		100.00%
Percentage of company match to employee contribution	25.00%		25.00%	25.00%
Percentage of company contributions that vests annually	20.00%		20.00%	20.00%
Percentage of company contribution that vests on employee's fifth anniversary of employment	100.00%		100.00%	100.00%
Market value of the trust assets		$ 28,530
Liability obligations to participants		28,530
Company's contributions to the plan		$ 239	$ 320	$ 342
Non-Qualified Savings Plan [Member] \| Maximum [Member]
Employee Savings Plans [Abstract]
Percentage of employee's compensation matched by company	6.00%		6.00%	6.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Aug. 02, 2019	Aug. 03, 2018	Jul. 28, 2017
Current [Abstract]
Federal	$ (15,375)	$ 38,831	$ 40,761
State	(2,115)	8,310	6,099
Deferred [Abstract]
Federal	(13,467)	(1,427)	(16,779)
State	2,274	(2,759)	722
Total provision for income taxes (income tax benefit)	$ (28,683)	$ 42,955	$ 30,803
Reconciliation of provision for income taxes (income tax benefit) and income taxes [Abstract]
U.S. federal statutory rate used	21.00%	21.00%	26.90%	35.00%
Provision computed at federal statutory income tax rate	$ 17,070	$ 55,935	$ 74,859
State and local income taxes, net of federal benefit	(263)	4,248	5,066
Loss on unconsolidated subsidiary	(29,913)	0	0
Federal net operating loss benefit	(1,573)	0	0
Revaluation of deferred taxes due to a reduction in the federal tax rate at the enactment date of the Tax Act	0	0	(26,772)
Revaluation of deferred taxes due to the impact of the change in rate on 2018 temporary items	0	0	(3,710)
Employer tax credits for FICA taxes paid on employee tip income	(11,489)	(15,107)	(13,707)
Other employer tax credits	(3,606)	(3,537)	(4,476)
Other-net	1,091	1,416	(457)
Total provision for income taxes (income tax benefit)	(28,683)	42,955	30,803
Deferred tax assets [Abstract]
Compensation and employee benefits	6,559	6,496
Deferred rent	0	13,424
Accrued liabilities	9,587	21,379
Operating lease liabilities	168,395	0
Insurance reserves	6,772	7,571
Inventory	3,104	2,873
Deferred tax credits	19,419	0
Deferred loss on equity investment	35,281	0
Other	8,076	536
Deferred tax assets	257,193	52,279
Deferred tax liabilities [Abstract]
Property and equipment	99,452	85,379
Inventory	7,144	7,363
Operating lease right-of-use asset	172,641	0
Other	5,674	3,656
Deferred tax liabilities	284,911	96,398
Net deferred tax liability	27,718	44,119
Reconciliation of gross liability for uncertain tax positions [Roll Forward]
Balance at beginning of year	18,006	18,634	20,731
Tax positions related to the current year [Abstract]
Additions	1,407	2,742	3,029
Reductions	0	0	0
Tax positions related to prior year [Abstract]
Additions	202	203	610
Reductions	(256)	(348)	(575)
Settlements	(138)	(1,784)	(3,878)
Expiration of statute of limitations	(1,386)	(1,441)	(1,283)
Balance at end of year	17,835	18,006	18,634	$ 20,731
Uncertain tax positions	14,090	14,225	14,721
Potential interest and penalties [Abstract]
Interest and penalties	7,210	6,297	5,681
Interest and penalties [Abstract]
Interest and penalties related to uncertain tax positions	913	$ 616	$ (447)
Minimum [Member]
Uncertain Tax Positions [Abstract]
Potential decrease of liabilities for uncertain tax positions within the next twelve months	2,000
Maximum [Member]
Uncertain Tax Positions [Abstract]
Potential decrease of liabilities for uncertain tax positions within the next twelve months	$ 3,000

Net Income (Loss) Per Share and Weighted Average Shares (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jul. 31, 2020

^[1],[2]

May 01, 2020

^[2],[3]

Jan. 31, 2020

Nov. 01, 2019

Aug. 02, 2019

^[1],[2]

May 03, 2019

^[2],[3]

Feb. 01, 2019

Nov. 02, 2018

Jul. 31, 2020

Aug. 02, 2019

Aug. 03, 2018

Net Income (Loss) Per Share and Weighted Average Shares [Abstract]

Net income (loss) per share numerator

$ 25,066

$ (161,932)

$ 61,168

$ 43,223

$ 65,025

$ 50,414

$ 60,755

$ 47,207

$ (32,475)

$ 223,401

$ 247,620

Net income (loss) per share denominator [Abstract]

Basic weighted average shares outstanding (in shares)

23,865,367

24,037,272

24,011,161

Add potential dilution [Abstract]

Nonvested stock awards and units (in shares)

59,124

64,453

Diluted weighted average shares outstanding (in shares)

23,865,367

24,096,396

24,075,614

[1]	In the fourth quarter of 2020, the Company completed a sale and leaseback transaction and recorded a gain on the sale and leaseback transaction of $69,954.
[2]	The Company’s operating results were adversely affected by the impact of the COVID-19 pandemic.
[3]	In the third quarter of 2020, the Company recorded a loss of $132,878, which represented its equity investment in PBS HC and its receivable related to the principal and accumulated interest amounts on PBS HC promissory notes. See Note 3 for further information regarding the Company’s investment in PBS HC.

- Definition

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

+ References

+ Details

Commitments and Contingencies (Details) $ in Thousands	Jul. 31, 2020 USD ($) Property
Loss Contingencies [Abstract]
Provision for non-performance by primary obligor under lease arrangements	$ 344
Standby Letters of Credit [Member] \| Revolving Credit Facility [Member]
Loss Contingencies [Abstract]
Letters of credit outstanding	$ 21,528
Lease Performance Guarantee [Member]
Loss Contingencies [Abstract]
Number of properties for which the company is secondarily liable for lease payments \| Property	2

Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jul. 31, 2020

May 01, 2020

Jan. 31, 2020

Nov. 01, 2019

Aug. 02, 2019

^[1],[2]

May 03, 2019

^[2],[3]

Feb. 01, 2019

Nov. 02, 2018

Jul. 31, 2020

Aug. 02, 2019

Aug. 03, 2018

Quarterly Financial Data (Unaudited) [Abstract]

Total revenue

$ 495,065

^[1],[2]

$ 432,544

^[2],[3]

$ 846,143

$ 749,040

$ 787,098

$ 739,603

$ 811,707

$ 733,543

$ 2,522,792

$ 3,071,951

$ 3,030,445

Income before income taxes

30,135

^[1],[2]

(84,274)

^[2],[3]

75,630

59,793

75,519

60,974

72,534

57,329

81,284

266,356

278,423

Net income (loss)

$ 25,066

^[1],[2]

$ (161,932)

^[2],[3]

$ 61,168

$ 43,223

$ 65,025

$ 50,414

$ 60,755

$ 47,207

$ (32,475)

$ 223,401

$ 247,620

Net income (loss) per share - basic (in dollars per share)

$ 1.06

^[1],[2]

$ (6.81)

^[2],[3]

$ 2.55

$ 1.80

$ 2.70

$ 2.10

$ 2.53

$ 1.97

$ (1.36)

$ 9.29

$ 10.31

Net income (loss) per share - diluted (in dollars per share)

$ 1.05

^[1],[2]

$ (6.81)

^[2],[3]

$ 2.55

$ 1.79

$ 2.70

$ 2.09

$ 2.52

$ 1.96

$ (1.36)

$ 9.27

$ 10.29

Gain on sale lease back transactions

$ 69,954

$ 0

Equity method investments [Abstract]

Loss from unconsolidated subsidiary

(142,442)

$ 0

PBS HC [Member]

Equity method investments [Abstract]

Loss from unconsolidated subsidiary

$ (132,878)

[1]	In the fourth quarter of 2020, the Company completed a sale and leaseback transaction and recorded a gain on the sale and leaseback transaction of $69,954.
[2]	The Company’s operating results were adversely affected by the impact of the COVID-19 pandemic.
[3]	In the third quarter of 2020, the Company recorded a loss of $132,878, which represented its equity investment in PBS HC and its receivable related to the principal and accumulated interest amounts on PBS HC promissory notes. See Note 3 for further information regarding the Company’s investment in PBS HC.