Cracker Barrel 2015 Annual Report Download - page 40

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underlying debt. As of July 31, 2015, the estimated pre-tax
portion of AOCL that is expected to be reclassied into
earnings over the next twelve months is $3,866. Cash ows
related to the interest rate swapsare included in interest
expense andin operating activities.
e following table summarizesthe pre-tax eects of
the Company’s derivative instruments on AOCL for each of
the three years:
Amount of Income Recognized in
AOCL on Derivatives (Eective Portion)
2015 2014 2013
Cash ow hedges:
Interest rate swaps $1,641 $3,058 $23,620
e following table summarizesthe changes in AOCL,
net of tax,related to the Company’s interest rate swapsfor
the years ended July 31, 2015 and August 1, 2014:
July 31, August 1,
2015 2014
Beginning AOCL balance $(4,733) $(6,612)
Other comprehensive income
before reclassications5,955 6,836
Amounts reclassied from AOCL
into earnings(4,947) (4,957)
Other comprehensive income, net of tax 1,008 1,879
Ending AOCLbalance $(3,725) $(4,733)
e following table summarizesthe pre-tax eects of the
Company’sderivative instruments on income for eachof the
three years:
Location of Loss
Reclassied from Amountof LossReclassied from
AOCL into Income AOCL into Income (Eective Portion)
(Eective Portion)2015 2014 2013
Cash ow hedges:
Interest rate swapsInterest expense $8,052 $8,068 $20,773
e following table summarizesthe amounts reclassied
out of AOCL related to the Company’s interest rate swapsfor
the years ended July 31, 2015 and August 1, 2014:
Aected Line Item in
the
Consolidated
Details about AOCLJuly 31, 2015 August 1, 2014 Statement of Income
Loss on cash ow hedges:
Interest rate swaps $(8,052) $(8,068) Interest expense
Ta xbenet 3,105 3,111 Provision for
income taxes
$(4,947) $(4,957) Netof tax
Anyportion of the fair value of the interestrate swaps
determined to be ineective will be recognized currently in
earnings. No ineectiveness has been recorded in 2015,
2014 and 2013.
7SHARE REPURCHASES
In 2015, 2014 and 2013, subject to a maximum amount as
specied in the table below and the limits imposed by the
Revolving Credit Facility and Prior Credit Facility, the
Company was authorizedto repurchase shares at manage-
ment’sdiscretion. On September 25, 2015, the Company’s
Board of Directors extended the $25,000 repurchase
authorization for an additional year from its original expira-
tion date of October 3, 2015.
e following table summarizesour share repurchases for
the last three years:
2015 2014 2013
Maximum aggregate
purchase price $25,000 $50,000 $100,000
Cost of sharesrepurchased $ — $ 12,473 $3,570
Sharesof common stock
repurchased — 120,000 44,300
8SEGMENT INFORMATION
Cracker Barrel storesrepresent a single, integrated operation
with two related andsubstantially integrated product lines.
e operating expenses of the restaurant andretail product
lines of a Cracker Barrelstore are sharedand are indis-
tinguishablein many respects. Accordingly,the Company
managesits business on the basis of one reportable operating
segment. All of the Company’s operationsarelocated
within the United States.
Total revenue was comprisedof the following at:
2015 2014 2013
Restaurant $2,269,610 $2,137,405 $2,104,768
Retail572,674 546,272 539,862
Total revenue $2,842,284 $2,683,677 $2,644,630
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