0001140361-23-045201 | 10-K | XBRL Viewer | Cracker Barrel OLD Country Store INC

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Share-Based Compensation, Nonvested Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Nonvested Stock Awards [Member]
Nonvested stock, shares [Roll Forward]
Unvested, beginning of period (in shares)	123,942
Granted (in shares)	111,117
Vested (in shares)	(33,289)
Forfeited (in shares)	(21,113)
Unvested, end of period (in shares)	180,657	123,942
Nonvested stock, weighted-average grant date fair value [Roll Forward]
Unvested, beginning of period (in dollars per share)	$ 131.21
Granted (in dollars per share)	104.95
Vested (in dollars per share)	148.6
Forfeited (in dollars per share)	108.81
Unvested, end of period (in dollars per share)	$ 114.47	$ 131.21
Total fair value of nonvested stock	$ 4,947	$ 6,166	$ 3,200
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
2023 LTPP [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Vesting period	3 years
Nonvested stock earned (in shares)	3,410
2023 LTPP [Member] \| Minimum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2023
2023 LTPP [Member] \| Maximum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2025
2022 LTPP [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Vesting period	3 years
Nonvested stock earned (in shares)	15,135
2022 LTPP [Member] \| Minimum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2022
2022 LTPP [Member] \| Maximum [Member]
Nonvested Stock Awards and Nonvested Stock Units [Abstract]
Performance period	2024

Leases, Summary (Details) $ in Thousands	Jul. 28, 2023 USD ($)
Leases [Abstract]
Undiscounted future payments for leases not yet commenced in 2024	$ 15,714
Undiscounted future payments for leases not yet commenced in 2025	$ 21,673

Debt

12 Months Ended

Jul. 28, 2023

Debt [Abstract]

Debt

4. Debt

On June 17, 2022, the Company entered into a five-year $700,000 revolving credit facility (the “2022 Revolving Credit Facility”) with substantially the same terms and financial covenants as our previous amended $800,000 revolving credit facility (the “2019 Revolving Credit Facility”), which it replaced. The 2022 Revolving Credit Facility also contains an option to increase the revolving credit facility by $200,000.

At July 28, 2023 and July 29, 2022, the Company had $120,000 and $130,000, respectively, in outstanding borrowings under the 2022 Revolving Credit Facility and 2019 Revolving Credit Facility.

At July 28, 2023, the Company had $31,896 of standby letters of credit, which reduce the Company’s borrowing availability under the 2022 Revolving Credit Facility (see Note 14). At July 28, 2023, the Company had $548,104 in borrowing availability under the 2022 Revolving Credit Facility.

In accordance with the 2022 Revolving Credit Facility, outstanding borrowings bear interest, at the Company’s election, either at Term SOFR or prime plus or a rate of 0.5% in excess of the Federal Funds Rate plus an applicable margin based on certain specified financial ratios. At July 28, 2023, the weighted average interest rate on $120,000 of the Company’s outstanding borrowings was 6.79%. At July 29, 2022, the weighted average interest rate on $130,000 of the Company’s outstanding borrowings was 3.49%.

The 2022 Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total senior secured leverage ratio and a minimum consolidated interest coverage ratio. At July 28, 2023, the Company was in compliance with all debt covenants under the 2022 Revolving Credit Facility.

The 2022 Revolving Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Under the 2022 Revolving Credit Facility, provided there is no default existing and the total of the Company’s availability under the 2022 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 senior secured leverage ratio is 2.75 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 2.75 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.

Convertible Senior Notes

On June 18, 2021, the Company completed a $300,000 principal aggregate amount private offering of 0.625% convertible Senior Notes due in 2026 (the “Notes”) which included the exercise in full of the initial purchasers’ option to purchase up to an additional $25,000 principal amount of the Notes. The Notes are governed by the terms of an indenture between the Company and U.S. Bank National Association as the Trustee. The Notes will mature on June 15, 2026, unless earlier converted, repurchased or redeemed. The Notes bear cash interest at an annual rate of 0.625%, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021.

The Notes are unsecured obligations and do not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company or any of its subsidiaries. In an event of default, the principal amount of, and all accrued and unpaid interest on, all of the notes then outstanding will immediately become due and payable. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will consist exclusively of the right of the noteholders to receive special interest on the Notes for up to 180 calendar days during which such event of default has occurred and is continuing, at a specified rate for the first 90 days of 0.25% per annum, and thereafter at a rate of 0.50% per annum, on the principal amount of the Notes.

The initial conversion rate applicable to the Notes was 5.3153 shares of the Company’s common stock per $1,000 principal amount of Notes, which represented an initial conversion price of approximately $188.14 per share of the Company’s common stock, a premium of 25.0% over the last reported sale price of $150.51 per share on June 15, 2021, the date on which the Notes were priced. The conversion rate is subject to customary adjustments upon the occurrence of certain events, including for the payment of dividends to holders of the Company’s common stock. On July 28, 2023, the conversion rate, as adjusted, was 5.8892 shares of the Company’s common stock per $1,000 principal amount of Notes. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

Net proceeds from the 2026 Notes offering were $291,125, after deducting the initial purchasers’ discounts and commissions and the Company’s offering fees and expenses.

The Notes are accounted for entirely as a liability, and the issuance costs of the Notes are accounted for wholly as debt issuance costs in the Consolidated Balance Sheets as of July 28, 2023 and July 29, 2022. The equity conversion feature that was recorded to equity, as well as the unamortized debt discount and amortization expense attributable to equity, have been derecognized.

During any calendar quarter preceding September 30, 2021, in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may in the immediate quarter following, convert all of a portion of their Notes. The holders of the Notes were not eligible to convert their Notes during 2023, 2022 or 2021. When a conversion notice is received, the Company has the option to pay or deliver the conversion amount entirely in cash or a combination of cash and shares of the Company’s common stock. Accordingly, as of July 28, 2023 and July 29, 2022, the Company could not be required to settle the Notes in cash and, therefore, the Notes are classified as long-term debt.

The following table includes the outstanding principal amount and carrying value of the Notes as of the period indicated:

	July 28, 2023		July 29, 2022
Liability component
Principal	$	300,000	$	300,000
Less: Debt issuance costs		5,171		6,901
Net carrying amount	$	294,829	$	293,099

The effective rate of the Notes over their expected life is 1.23%. The following is a summary of interest expense for the Notes for the year ended July 28, 2023 and July 29, 2022:

	Year Ended July 28, 2023		Year Ended July 29, 2022
Coupon interest	$	1,896	$	1,896
Amortization of issuance costs		1,730		1,755
Total interest expense	$	3,626	$	3,651

Convertible Note Hedge and Warrant Transactions

In connection with the offering of the Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedge Transactions”) with certain of the initial purchasers of the Notes and/or their respective affiliates and other financial institutions (in this capacity, the “Hedge Counterparties”). Concurrently with the Company’s entry into the Convertible Note Hedge Transactions, the Company also entered into separate, warrant transactions with the Hedge Counterparties collectively relating to the same number of shares of the Company’s common stock, which initially is approximately 1,600,000 shares, subject to customary anti-dilution adjustments, and for which the Company received proceeds that partially offset the cost of entering into the Convertible Note Hedge Transactions (the “Warrant Transactions”).

The Convertible Note Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially underlie the Notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the Notes. By default, the Warrant Transactions are net share settled and the Company has the option to settle in cash or shares. The Warrant Transactions could have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the Warrant Transactions. The strike price was initially $263.39 per share and is subject to certain adjustments under the terms of the Warrant Transactions. On July 28, 2023, the strike price, as adjusted, of the Warrant Transactions was adjusted to $237.73 per share as a result of dividends declared since the Notes were issued.

The portion of the net proceeds to the Company from the offering of the Notes that was used to pay the premium on the Convertible Note Hedge Transactions, net of the proceeds to the Company from the Warrant Transactions, was approximately $30,310. The net costs incurred in connection with the Convertible Note Hedge Transactions and Warrant Transactions were recorded as a reduction to additional paid-in capital on the Company’s Consolidated Balance Sheet during 2021.

As these transactions meet certain accounting criteria, the Convertible Note Hedge Transactions and Warrant Transactions were recorded in stockholders’ equity, not accounted for as derivatives and are not remeasured each reporting period.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Share and Weighted Average Shares (Tables)

12 Months Ended

Jul. 28, 2023

Net Income Per Share and Weighted Average Shares [Abstract]

Reconciliation of Components of Diluted Earnings per Share Computations

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

	2023		2022		2021
Net income per share numerator	$	99,050	$	131,880	$	254,513

Net income per share denominator:
Basic weighted average shares outstanding		22,167,875		23,164,180		23,692,063
Add potential dilution:
Nonvested stock awards and units		97,524		81,830		75,327
Diluted weighted average shares outstanding		22,265,399		23,246,010		23,767,390

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jul. 28, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	14. 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 1 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 28, 2023, the Company had $31,896 of standby letters of credit related to securing reserved claims under workers’ compensation insurance and the July 29, 2020 and August 4, 2021 sale and leaseback transactions. All standby letters of credit are renewable annually and reduce the Company’s borrowing availability under its Revolving Credit facility (see Note 4). 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.

Shareholder Rights Plan

12 Months Ended

Jul. 28, 2023

Shareholder Rights Plan [Abstract]

Shareholder Rights Plan

10. Shareholder Rights Plan

On April 9, 2021, 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, 2021 (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, 2021 to the shareholders of record on April 19, 2021. The Rights Agreement replaced the Company’s previous shareholder rights plan adopted in 2018 (the “2018 Plan”), and it became effective immediately following the expiration of the 2018 Plan at the close of business on April 9, 2021. The 2018 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 2018 Plan.

The Rights

The Rights initially trade with, and are inseparable from, the Company’s common stock. The Rights are evidenced only by certificates or book entries that represent shares of common stock. New Rights will accompany any new shares of common stock the Company issues after April 19, 2021 until the Distribution Date 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 ten 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.

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 of 1934, as amended (the “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 28, 2023, none of the Rights were exercisable.

Consequences of a Person or Group Becoming an Acquiring Person

●

Flip in. If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for $600.00, purchase shares of the Company’s common stock with a market value of $1,200.00, based on the market price of the common stock prior to such acquisition.

●

Flip Over. If the Company is later acquired in a merger or similar transaction after the Distribution Date, all holders of Rights except the Acquiring Person may, for $600.00, purchase shares of the acquiring corporation with a market value of $1,200.00, based on the market price of the acquiring corporation’s stock prior to such transaction.

●

Notional Shares. 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.

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 any all-cash, fully financed tender offer, exchange offer of common stock of the offeror meeting certain terms and conditions further described below, or a combination thereof, in each case for all shares of common stock that remain open for a minimum of 60 business days and 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”). If an offer includes shares of common stock of the offeror, the Rights would not interfere with such offer if such consideration consists solely of freely-tradeable common stock of a publicly-owned United States corporation; such common stock is listed or admitted to trading on the New York Stock Exchange, Nasdaq Global Select Market or Nasdaq Global Market; the offeror has already received stockholder approval to issue such common stock prior to the commencement of such offer or no such approval is or will be required; the offeror has no other class of voting stock outstanding; no person (including such person’s affiliated and associated persons) beneficially owns twenty percent (20%) or more of the shares of common stock of the offeror then outstanding at the time of commencement of the offer or at any time during the term of the offer; and the offeror meets the registrant eligibility requirements for use of a registration statement on Form S-3 for registering securities under the Securities Act of 1933, as amended, including the filing of all reports required to be filed pursuant to the Exchange Act in a timely manner during the twelve (12) calendar months prior to the date of commencement, and throughout the term, of such offer. 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 will expire on April 9, 2024.

Nature of Operations and Summary of Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Jul. 28, 2023

USD ($)

Location

Segment

Period

$ / shares

Jul. 29, 2022

USD ($)

Jul. 30, 2021

USD ($)

Jun. 18, 2021

USD ($)

$ / shares

Inventories [Abstract]

Percentage of retail inventories valued using the retail inventory method

60.00%

Average period of physical inventory used for estimating shrinkage

2 years

Property and equipment [Abstract]

Total depreciation expense

$ 103,691

$ 102,297

$ 107,090

Depreciation expense related to store operations

^[1]

$ 96,339

96,243

100,054

Impairment of Long-Lived Assets [Abstract]

Number of locations determined to be impaired | Location

Impairment charge

$ 11,692

Goodwill and Other Intangible Assets [Abstract]

Goodwill

4,690

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

$ 10,713

9,572

6,349

Revenue recognized for redemption of gift cards

40,103

42,169

42,266

Deferred revenue related to gift cards

88,566

93,569

Insurance [Abstract]

Threshold amount for workers' compensation insurance Level 1

750

Threshold amount for workers' compensation insurance Level 2

1,000

Threshold amount for general liability insurance

$ 500

Leases [Abstract]

Initial lease term

20 years

Advertising [Abstract]

Advertising expense

$ 89,798

89,850

$ 83,630

Maximum [Member]

Leases [Abstract]

Lease renewal option

50 years

Maple Street Biscuit Company [Member]

Goodwill and Other Intangible Assets [Abstract]

Goodwill

$ 4,690

Ownership interest acquired

100.00%

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

MSBC Tradename [Member]

Goodwill and Other Intangible Assets [Abstract]

Indefinite-lived intangible asset

$ 20,960

Liquor Licenses [Member]

Goodwill and Other Intangible Assets [Abstract]

Indefinite-lived intangible asset

2,290

105

0.625% Convertible Senior Notes Due 2026 [Member]

Convertible Senior Notes [Abstract]

Principal

$ 300,000

Interest rate

0.625%

Net Income Per Share [Abstract]

Conversion price (in dollars per share) | $ / shares

$ 188.14

Adjusted strike price (in dollars per share) | $ / shares

$ 237.73

Convertible Senior Notes [Member]

Net Income Per Share [Abstract]

Conversion price (in dollars per share) | $ / shares

169.8

Warrants [Member]

Net Income Per Share [Abstract]

Adjusted strike price (in dollars per share) | $ / shares

$ 237.73

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 28, 2023	Jul. 29, 2022
Current Assets:
Cash and cash equivalents	$ 25,147	$ 45,105
Accounts receivable	30,446	32,246
Income taxes receivable	2,062	2,451
Inventories	189,364	213,249
Prepaid expenses and other current assets	35,268	24,225
Total current assets	282,287	317,276
Property and Equipment:
Land	254,813	255,238
Buildings and improvements	807,585	792,211
Restaurant and other equipment	852,442	817,240
Leasehold improvements	438,495	422,485
Construction in progress	26,978	22,404
Total	2,380,313	2,309,578
Less: Accumulated depreciation and amortization	1,408,368	1,339,969
Property and equipment - net	971,945	969,609
Operating lease right-of-use assets, net	889,306	933,524
Goodwill	4,690	4,690
Intangible assets	23,426	21,210
Other assets	46,440	48,602
Total	2,218,094	2,294,911
Current Liabilities:
Accounts payable	165,484	169,871
Current portion of long-term debt	75	124
Current operating lease liabilities	46,336	54,571
Taxes withheld and accrued	38,835	60,212
Accrued employee compensation	64,821	51,670
Accrued employee benefits	24,417	25,002
Deferred revenues	95,016	93,615
Dividend payable	29,491	29,960
Other current liabilities	24,491	17,299
Total current liabilities	488,966	502,324
Long-term debt	414,904	423,249
Long-term operating lease liabilities	702,413	722,159
Other long-term obligations	53,730	55,507
Deferred income taxes	74,256	80,193
Commitments and Contingencies (Notes 8 and 14)
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; 2023 - 22,153,625 shares issued and outstanding; 2022 - 22,281,443 shares issued and outstanding	221	223
Additional paid-in capital	3,886	0
Retained earnings	479,718	511,256
Total shareholders' equity	483,825	511,479
Total	$ 2,218,094	$ 2,294,911

Share-Based Compensation, Stock Compensation Plans (Details) - shares	12 Months Ended
	Jul. 28, 2023	Nov. 19, 2020
Share-Based Payments [Abstract]
Number of shares granted (in shares)	43,974
Prior Plan [Member]
Share-Based Payments [Abstract]
Number of shares granted (in shares)	0
Number of outstanding awards (in shares)	37,464
2020 Omnibus Plan [Member]
Share-Based Payments [Abstract]
Number of shares of the Company's common stock originally authorized for issuance (in shares)		1,033,441
Common stock reserved for future issuance (in shares)	1,016,341
Number of outstanding awards (in shares)	161,738

Inventories (Tables)

12 Months Ended

Jul. 28, 2023

Inventories [Abstract]

Inventories

Inventories were comprised of the following at:

	July 28, 2023		July 29, 2022
Retail	$	145,175	$	170,846
Restaurant		24,427		25,284
Supplies		19,762		17,119
Total	$	189,364	$	213,249

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 28, 2023	Jul. 29, 2022
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)	22,153,625	22,281,443
Common stock, shares outstanding (in shares)	22,153,625	22,281,443
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

Fair Value Measurements (Details)
$ in Thousands

12 Months Ended

Jul. 28, 2023

USD ($)

Location

Jul. 29, 2022

USD ($)

Jun. 18, 2021

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

Number of locations determined to be impaired | Location

Impairment charge

$ 11,692

0.625% Convertible Senior Notes Due 2026 [Member]

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

Interest rate

0.625%

Level 2 [Member] | 0.625% Convertible Senior Notes Due 2026 [Member] | Estimated Fair Value [Member]

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

Fair value of notes

$ 259,311

$ 255,894

Recurring [Member]

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

Cash equivalents

^[1]

9,001

18,001

Total

9,001

18,001

Deferred compensation plan assets measured at net asset value

^[2]

27,129

27,843

Total assets at fair value

36,130

45,844

Liabilities at fair value

Recurring [Member] | Level 1 [Member]

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

Cash equivalents

^[1]

9,001

18,001

Total

9,001

18,001

Recurring [Member] | Level 2 [Member]

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

Cash equivalents

^[1]

Total

Recurring [Member] | Level 3 [Member]

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

Cash equivalents

^[1]

Total

$ 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 11).

Nature of Operations and Summary of Significant Accounting Policies

12 Months Ended

Jul. 28, 2023

Nature of Operations and Summary of Significant Accounting Policies [Abstract]

Nature of Operations and Summary of Significant Accounting Policies

1. Nature of Operations and Summary of Significant Accounting Policies

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.

Basis of Presentation

Fiscal year – The Company’s fiscal year ends on the Friday nearest July 31st and each quarter consists of thirteen weeks unless noted otherwise. References in these Notes to a year or quarter are to the Company’s fiscal year or quarter unless noted otherwise.

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

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.

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.

External impacts to the Company’s operating environment – The Company’s operating results have been impacted by the COVID-19 pandemic and other macroeconomic conditions. During 2021, the Company’s business began recovering from the COVID-19 pandemic, but the Company continued to see negative impacts on the Company’s sales and traffic as a result of both changes in consumer behavior and federal, state and local governmental authorities’ continuation of various restrictions on travel, group gatherings and dine-in services. Dining room service was operational to varying degrees, yet most locations were impacted at times by capacity restrictions, social distancing guidelines, and decreased consumer demand for in-person dining. In 2022, the Company continued to recover from the COVID-19 pandemic; however, the Company believes outbreaks of new variants adversely impacted consumer demand in 2022. While the Company’s dining rooms operated without COVID-related restrictions in 2023, it is possible that renewed outbreaks, increases in cases and/or new variants of the disease, either as part of a national trend or on a more localized basis, could result in COVID-19-related restrictions including capacity restrictions or otherwise limit the Company’s dine-in services, or negatively affect consumer demand. In 2023 and 2022, the Company experienced inflationary conditions with respect to the cost for food, ingredients, retail merchandise, transportation, distribution, labor and utilities resulting, in part, from economic pressures related to the COVID-19 pandemic.

Summary of Significant Accounting Policies

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 60% 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 3 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:

	2023		2022		2021
Total depreciation expense	$	103,691	$	102,297	$	107,090
Depreciation expense related to store operations*		96,339		96,243		100,054

*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. During 2023, six Cracker Barrel locations were determined to be impaired and the Company recorded an impairment charge of $11,692, which is included in the impairment and store closing costs line on the Consolidated Statement of Income.

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 are evaluated for impairment annually on June 1 or more frequently if events occur or circumstances change that, more likely than not, reduce the fair value of the reporting unit below its carrying value. At July 28, 2023 and July 29, 2022, the Company does not have any reporting units that are at risk of failing step one of the impairment test. At both July 28, 2023 and July 29, 2022, goodwill of $4,690 consisted of the Company’s acquisition of its 100% ownership of Maple Street Biscuit Company (“MSBC”), a breakfast and lunch fast casual concept.

Other intangibles primarily consist of the MSBC tradename and liquor licenses. The MSBC tradename was capitalized as an indefinite-lived intangible asset and, at both July 28, 2023 and July 29, 2022, was $20,960. The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Liquor licenses capitalized as intangible assets were $2,290 and $105, respectively, at July 28, 2023 and July 29, 2022.

Convertible Senior Notes – In June 2021, the Company completed a $300,000 principal aggregate amount private offering of 0.625% convertible Senior Notes due in 2026 (the “Notes”). In accordance with accounting guidance on embedded conversion features indexed to and settled in equity, the Company valued and bifurcated the conversion option associated with the Notes from the respective host debt instrument. The carrying amount of the equity is recorded as a debt discount and represents the difference between the proceeds from the issuance of the Notes and the fair value of the liability component of the Notes. The significant assumptions used in the fair value of the liability component of the Notes were risk-free rate, discount rate based on the Company’s implied credit spread and term of the Notes, expected volatility of the Company’s stock price and dividend yield. The resulting debt discount on the Notes is amortized to interest expense using the effective interest method over the contractual term of the Notes. In addition, the debt issuance costs related to the issuance of the Notes were allocated between the liability and equity components based on their relative values. Debt issuance costs attributable to the liability component were recorded as a contra-liability and are presented net against the Notes balance on the Company’s consolidated balance sheets. These costs are amortized to interest expense using the effective interest method over the term of the Notes.

Due to the Company’s adoption of new accounting guidance for convertible instruments on July 31, 2021, the Company no longer bifurcates the Notes into a liability and an equity component in the Company’s Consolidated Balance Sheets. Upon adoption of this new accounting guidance, the Notes are accounted for entirely as a liability, and the issuance costs of the Notes are accounted for wholly as debt issuance costs. The equity conversion feature that was recorded to equity, as well as the unamortized debt discount and amortization expense attributable to equity, have been derecognized.

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 under the revolving credit facility (see Note 4). 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, prior to 2022, the Company used derivative instruments, specifically interest rate swaps. In the fourth quarter of 2021, the Company terminated all of its interest rate swaps and issued the Notes (see discussion above under “Convertible Senior Notes” and Note 5 for further information).

Prior to the termination of the interest rate swaps in the fourth quarter of 2021, all of the Company’s interest rate swaps were accounted for as cash flow hedges. For derivative instruments that were designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument was reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affected earnings and was presented in the same statement of income line item as the earnings effect of the hedged item. Gains and losses on the derivative instrument representing hedge components excluded from the assessment of effectiveness, if any, are recognized currently in earnings in the same statement of income 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.

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 5 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 7 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. 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 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 2023, 2022 and 2021, gift card breakage was $10,713, $9,572, and $6,349, respectively. Revenue recognized in the Consolidated Statements of Income for 2023, 2022 and 2021, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $40,103, $42,169, and $42,266, respectively. Deferred revenue related to the Company’s gift cards was $88,566 and $93,569, respectively, at July 28, 2023 and July 29, 2022.

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 $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 – The Company’s leases are classified as either finance or operating leases. The Company has ground leases for its leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases. The Company also leases 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 2058. 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:

		2023				2022				2021
Advertising expense		$	89,798			$	89,850			$	83,630

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. 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 12 for additional information regarding income taxes.

Comprehensive income – Comprehensive income includes net income and the effective unrealized portion of the changes in the fair value of the Company’s interest rate swaps. The Company terminated all of its interest rate swaps in 2021.

Net income per share – Basic consolidated net income per share is computed by dividing consolidated net income available 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 reporting period. Common equivalent shares related to nonvested stock awards and units issued by the Company are calculated using the treasury stock method. The outstanding nonvested stock awards and units issued by the Company represent the only dilutive effects on diluted consolidated net income per share. Prior to the adoption of new accounting guidance for convertible instruments in 2022, the Company’s convertible senior notes and related warrants were calculated using the treasury stock method. Beginning in 2022, the convertible senior notes and related warrants are calculated using the net share settlement option under the if-converted method. Because the principal amount of the convertible senior notes will be settled in cash with any excess conversion value settled in cash or shares of common stock, the convertible senior notes have been excluded from the computation of diluted earnings per share because the average market price of the Company’s common stock during the reporting period did not exceed the conversion price of $169.80 as of July 28, 2023. Warrants were excluded from the computation of diluted earnings per share since the warrants’ strike price of $237.73 was greater than the average market price of the Company’s common stock during the period. See Note 13 for additional information regarding net income per share and Note 4 for additional information regarding the Company’s convertible senior notes.

Share-Based Compensation (Tables)

12 Months Ended

Jul. 28, 2023

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 28, 2023:

Long-Term Performance Plan (“LTPP”)	Performance Period	Vesting Period (in Years)
2023 LTPP	2023 – 2025	3
2022 LTPP	2022 – 2024	3

Outstanding Awards under LTPP

The following table summarizes the shares that have been accrued under the 2023 LTPP and 2022 LTPP at July 28, 2023:


2023 LTPP			3,410
2022 LTPP			15,135

Nonvested Stock Activity

A summary of the Company’s nonvested stock activity as of July 28, 2023, and changes during 2023 are presented in the following table:


Nonvested Stock	Shares			Weighted-Average Grant Date Fair Value
Unvested at July 29, 2022		123,942		$	131.21
Granted		111,117			104.95
Vested		(33,289	)		148.60
Forfeited		(21,113	)		108.81
Unvested at July 28, 2023		180,657		$	114.47

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:

		2023				2022				2021
Total fair value of nonvested stock		$	4,947			$	6,166			$	3,200

Components of Share-based Compensation Expense

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

		2023				2022				2021
Total compensation expense		$	9,045			$	8,198			$	8,729

Unrecognized Compensation Cost, Nonvested Awards

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 28, 2023:

	Nonvested Stock Awards
Total unrecognized compensation	$	8,038
Weighted-average period in years		1.82

Net Income Per Share and Weighted Average Shares

12 Months Ended

Jul. 28, 2023

Net Income Per Share and Weighted Average Shares [Abstract]

Net Income Per Share and Weighted Average Shares

13. Net Income Per Share and Weighted Average Shares

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

	2023		2022		2021
Net income per share numerator	$	99,050	$	131,880	$	254,513

Net income per share denominator:
Basic weighted average shares outstanding		22,167,875		23,164,180		23,692,063
Add potential dilution:
Nonvested stock awards and units		97,524		81,830		75,327
Diluted weighted average shares outstanding		22,265,399		23,246,010		23,767,390

Employee Savings Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Savings Plans (Details) - USD ($) $ in Thousands	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
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	$ 4,963	$ 4,713	$ 4,071
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	$ 27,129
Liability obligations to participants	27,129
Company's contributions to the plan	$ 230	$ 285	$ 259
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%

Leases, Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability (Details) - USD ($) $ in Thousands	Jul. 28, 2023	Aug. 04, 2020
Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability [Abstract]
2024	$ 82,360
2025	73,888
2026	70,198
2027	67,451
2028	66,858
Thereafter	773,692
Total future minimum lease payments	1,134,447
Less imputed remaining interest	(385,698)
Total present value of operating lease liabilities	$ 748,749	$ 133,663

Debt, Convertible Note Hedge and Warrant Transactions (Details) - Convertible Note Hedge Transactions [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 28, 2023 USD ($) $ / shares shares
Convertible Note Hedge and Warrant Transactions [Abstract]
Number of shares of common stock included in Warrant Transactions (in shares) \| shares	1,600,000
Strike price (in dollars per share)	$ 263.39
Adjusted strike price (in dollars per share)	$ 237.73
Portion of net proceeds from offering of Notes used to pay the premium on Convertible Note Hedge Transactions, net of proceeds from Warrant Transactions \| $	$ 30,310

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jul. 28, 2023	Sep. 13, 2023	Jan. 27, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Jul. 28, 2023
Current Fiscal Year End Date	--07-28
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	000-25225
Entity Registrant Name	Cracker Barrel Old Country Store, Inc
Entity Central Index Key	0001067294
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-0812904
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	37087-4779
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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,404,698,473
Entity Common Stock, Shares Outstanding		22,157,665
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Nashville, Tennessee

Inventories

12 Months Ended

Jul. 28, 2023

Inventories [Abstract]

Inventories

3. Inventories

Inventories were comprised of the following at:

	July 28, 2023		July 29, 2022
Retail	$	145,175	$	170,846
Restaurant		24,427		25,284
Supplies		19,762		17,119
Total	$	189,364	$	213,249

Segment Information

12 Months Ended

Jul. 28, 2023

Segment Information [Abstract]

Segment Information

7. 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:

	2023		2022		2021
Restaurant	$	2,740,866	$	2,565,628	$	2,227,246
Retail		701,942		702,158		594,198
Total revenue	$	3,442,808	$	3,267,786	$	2,821,444

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 28, 2023

Nature of Operations and 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:

	2023		2022		2021
Total depreciation expense	$	103,691	$	102,297	$	107,090
Depreciation expense related to store operations*		96,339		96,243		100,054

*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:

		2023				2022				2021
Advertising expense		$	89,798			$	89,850			$	83,630

Fair Value Measurements (Policies)

12 Months Ended

Jul. 28, 2023

Fair Value Measurements [Abstract]

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 did not have any liabilities measured at fair value on a recurring basis at July 28, 2023 and July 29, 2022. The Company’s money market fund investments are measured at fair value using quoted market prices. 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 28, 2023 and July 29, 2022, 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 28, 2023 and July 29, 2022.

The Company’s financial instruments that are not remeasured at fair value include the 0.625% convertible Senior Notes (see Note 4). The Company estimates the fair value of the Notes through consideration of quoted market prices of similar instruments, classified as Level 2 as described above. The estimated fair value of the Notes was $259,311 and $255,894 as of July 28, 2023 and July 29, 2022, respectively.

Assets Measured at Fair Value on a Nonrecurring Basis

During 2023, six Cracker Barrel locations were determined to be impaired because of declining operating performance. 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 and national economies and markets for real estate and other assets 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 impairment charge of $11,692, which is included in the impairment and store closing costs line on the Consolidated Statement of Income.

Leases, Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Components of Lease Cost for Operating Leases [Abstract]
Operating lease cost	$ 109,908	$ 108,903	$ 106,266
Short term lease cost	2,947	2,409	2,363
Variable lease cost	3,669	2,673	2,248
Total lease cost	$ 116,524	$ 113,985	$ 110,877

Fair Value Measurements (Tables)

12 Months Ended

Jul. 28, 2023

Fair Value Measurements [Abstract]

Assets 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 28, 2023 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	9,001	$	—	$	—	$	9,001
Total	$	9,001	$	—	$	—	$	9,001
Deferred compensation plan assets** measured at net asset value								27,129
Total assets at fair value	aa		aa		aa		$	36,130

The Company’s assets and liabilities measured at fair value on a recurring basis at July 29, 2022 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	18,001	$	—	$	—	$	18,001
Total	$	18,001	$	—	$	—	$	18,001
Deferred compensation plan assets** measured at net asset value								27,843
Total assets at fair value	aa		aa		aaa		$	45,844

*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 11).

Fair Value Measurements

12 Months Ended

Jul. 28, 2023

Fair Value Measurements [Abstract]

Fair Value Measurements

2. 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.

The Company’s assets and liabilities measured at fair value on a recurring basis at July 28, 2023 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	9,001	$	—	$	—	$	9,001
Total	$	9,001	$	—	$	—	$	9,001
Deferred compensation plan assets** measured at net asset value								27,129
Total assets at fair value	aa		aa		aa		$	36,130

The Company’s assets and liabilities measured at fair value on a recurring basis at July 29, 2022 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents*	$	18,001	$	—	$	—	$	18,001
Total	$	18,001	$	—	$	—	$	18,001
Deferred compensation plan assets** measured at net asset value								27,843
Total assets at fair value	aa		aa		aaa		$	45,844

*Consists of money market fund investments.

Assets Measured at Fair Value on a Nonrecurring Basis

- 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

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Jul. 28, 2023 USD ($) Segment Line	Jul. 29, 2022 USD ($)	Jul. 30, 2021 USD ($)
Segment Information [Abstract]
Number of product lines \| Line	2
Number of reportable operating segments \| Segment	1
Disaggregation of Revenue [Abstract]
Revenue	$ 3,442,808	$ 3,267,786	$ 2,821,444
Restaurant [Member]
Disaggregation of Revenue [Abstract]
Revenue	2,740,866	2,565,628	2,227,246
Retail [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 701,942	$ 702,158	$ 594,198

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract]
Cash dividends declared (in dollars per share)	$ 5.2	$ 5.2	$ 1

Debt, Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 18, 2021 USD ($) $ / shares shares	Jul. 28, 2023 USD ($) d shares	Jul. 29, 2022 USD ($)	Jul. 30, 2021 USD ($)	Jun. 15, 2021 $ / shares
Convertible Senior Notes [Abstract]
Net proceeds from notes offering		$ 0	$ 0	$ 291,605
0.625% Convertible Senior Notes Due 2026 [Member]
Convertible Senior Notes [Abstract]
Interest rate	0.625%	0.625%
Maturity date		Jun. 15, 2026
Periodic interest payment frequency		semi-annually
Period of special interest to be received in the event of default		180 days
Special interest rate to be received for first 90 days	0.25%
Special Interest rate to be received thereafter	0.50%
Conversion rate of common stock (in shares) \| shares	5.3153	5.8892
Debt instrument, converted amount	$ 1,000	$ 1,000
Conversion price per share (in dollars per share) \| $ / shares	$ 188.14
Common stock premium percentage	25.00%
Sale price per share (in dollars per share) \| $ / shares					$ 150.51
Net proceeds from notes offering		$ 291,125
Threshold percentage of stock price trigger		130.00%
Threshold trading days \| d		20
Threshold consecutive trading days \| d		30
Liability component [Abstract]
Principal	$ 300,000	$ 300,000	300,000
Less: Debt issuance costs		5,171	6,901
Net carrying amount		$ 294,829	$ 293,099
0.625% Convertible Senior Notes Due 2026 [Member] \| Maximum [Member]
Convertible Senior Notes [Abstract]
Additional principal amount	$ 25,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Cash flows from operating activities:
Net income	$ 99,050	$ 131,880	$ 254,513
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	104,485	103,568	108,604
Amortization of debt discount and issuance costs	1,730	1,755	864
Loss on disposition of property and equipment	6,600	5,637	4,064
Gain on sale and leaseback transactions	0	0	(217,722)
Impairment	11,692	0	0
Share-based compensation	9,045	8,198	8,729
Noncash lease expense	59,767	58,498	55,817
Amortization of asset recognized from gain on sale and leaseback transactions	12,735	12,735	12,735
Changes in assets and liabilities:
Accounts receivable	3,404	(2,039)	(7,016)
Income taxes receivable	389	18,672	7,729
Inventories	23,885	(74,929)	771
Prepaid expenses and other current assets	(11,043)	(2,771)	(3,538)
Other assets	(848)	8,459	(3,997)
Accounts payable	(4,387)	34,695	31,672
Current operating lease liabilities	(8,235)	4,120	8,150
Taxes withheld and accrued	(21,377)	12,181	16,854
Accrued employee compensation	13,151	(13,129)	8,472
Accrued employee benefits	(585)	1,278	(653)
Deferred revenues	1,401	458	(1,605)
Other current liabilities	7,192	(6,591)	2,791
Long-term operating lease liabilities	(49,634)	(59,227)	(59,388)
Other long-term obligations	(2,023)	(32,048)	6,919
Deferred income taxes	(5,937)	(6,147)	67,138
Net cash provided by operating activities	250,457	205,253	301,903
Cash flows from investing activities:
Purchase of property and equipment	(126,987)	(98,341)	(71,409)
Proceeds from insurance recoveries of property and equipment	1,600	1,237	1,279
Proceeds from sale of property and equipment	1,068	105	149,960
Acquisition of business, net of cash acquired	0	(1,500)	(1,500)
Net cash provided by (used in) investing activities	(124,319)	(98,499)	78,330
Cash flows from financing activities:
Proceeds from issuance of long-term debt	180,000	230,000	60,000
Proceeds from issuance of convertible senior notes	0	0	291,605
Taxes withheld from issuance of share-based compensation awards	(2,448)	(2,599)	(2,282)
Principal payments under long-term debt	(190,124)	(185,124)	(924,572)
Proceeds from issuance of warrants	0	0	31,710
Purchase of convertible note hedge	0	0	(62,010)
Purchases and retirement of common stock	(17,449)	(131,542)	(35,000)
Deferred financing costs	0	(2,148)	(420)
Dividends on common stock	(116,075)	(114,829)	(31,667)
Net cash used in financing activities	(146,096)	(206,242)	(672,636)
Net decrease in cash and cash equivalents	(19,958)	(99,488)	(292,403)
Cash and cash equivalents, beginning of year	45,105	144,593	436,996
Cash and cash equivalents, end of year	25,147	45,105	144,593
Cash paid during the year for:
Interest, net of amounts capitalized	13,596	7,698	40,802
Income taxes	6,486	25,948	2,907
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures accrued in accounts payable	9,633	7,421	5,806
Change in fair value of interest rate swaps	0	0	27,110
Change in deferred tax asset for interest rate swaps	0	0	(6,764)
Dividends declared but not yet paid	$ 30,233	$ 30,456	$ 24,157

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 of Change in Accounting Principle, Net of Taxes [Member] Common Stock [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes [Member] Additional Paid-In Capital [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes [Member] Retained Earnings [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes [Member]
Balances at Jul. 31, 2020	$ 237	$ 0	$ (20,346)	$ 438,498	$ 418,389
Balances (in shares) at Jul. 31, 2020	23,697,396
Comprehensive Income:
Net income	$ 0	0	0	254,513	254,513
Other comprehensive income, net of tax	0	0	20,346	0	20,346
Comprehensive income	0	0	20,346	254,513	274,859
Cash dividends declared	0	0	0	(23,766)	(23,766)
Share-based compensation	0	8,729	0	0	8,729
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(2,282)	0	0	(2,282)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	32,313
Purchases and retirement of common stock	$ (2)	(29,151)	0	(5,847)	(35,000)
Purchases and retirement of common stock (in shares)	(232,543)
Equity component value of convertible note issuance, net of tax	$ 0	53,004	0	0	53,004
Sale of common stock warrant	0	31,710	0	0	31,710
Purchase of convertible note hedge	0	(62,010)	0	0	(62,010)
Balances at Jul. 30, 2021	$ 235	0	0	663,398	663,633
Balances (in shares) at Jul. 30, 2021	23,497,166
Comprehensive Income:
Net income	$ 0	0	0	131,880	131,880
Other comprehensive income, net of tax	0	0	0	0	0
Comprehensive income	0	0	0	131,880	131,880
Cash dividends declared	0	0	0	(121,135)	(121,135)
Share-based compensation	0	8,198	0	0	8,198
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(2,599)	0	0	(2,599)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	32,461
Purchases and retirement of common stock	$ (12)	(5,599)	0	(125,931)	(131,542)
Purchases and retirement of common stock (in shares)	(1,248,184)
Balances at Jul. 29, 2022	$ 223	0	0	511,256	$ 511,479	$ 0	$ 0	$ 0	$ (36,956)	$ (36,956)
Balances (in shares) at Jul. 29, 2022	22,281,443				22,281,443
Comprehensive Income:
Net income	$ 0	0	0	99,050	$ 99,050
Other comprehensive income, net of tax	0	0	0	0	0
Comprehensive income	0	0	0	99,050	99,050
Cash dividends declared	0	0	0	(115,852)	(115,852)
Share-based compensation	0	9,045	0	0	9,045
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(2,448)	0	0	$ (2,448)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	43,974				43,974
Purchases and retirement of common stock	$ (2)	(2,711)	0	(14,736)	$ (17,449)
Purchases and retirement of common stock (in shares)	(171,792)
Balances at Jul. 28, 2023	$ 221	$ 3,886	$ 0	$ 479,718	$ 483,825
Balances (in shares) at Jul. 28, 2023	22,153,625				22,153,625

Debt, Summary of Interest Expense (Details) - 0.625% Convertible Senior Notes Due 2026 [Member] - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022
Interest Expense [Abstract]
Interest rate effective percentage	1.23%
Coupon interest	$ 1,896	$ 1,896
Amortization of issuance costs	1,730	1,755
Total interest expense	$ 3,626	$ 3,651

Debt, Revolving Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jun. 17, 2022	Jun. 16, 2022
2022 Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Line of credit facility, term	5 years
Maximum borrowing capacity			$ 700,000
Option to increase revolving credit facility			$ 200,000
Outstanding borrowings	$ 120,000
Amount of standby letters of credit	31,896
Remaining borrowing capacity	$ 548,104
Weighted average interest rates	6.79%
Liquidity requirements	$ 100,000
Leverage ratio, maximum	2.75
Dividends threshold	$ 100,000
Multiplier used in calculating aggregate amount of cash dividends on shares of common stock in any fiscal year	4
2022 Revolving Credit Facility [Member] \| Federal Funds Rate [Member]
Line of Credit Facility [Abstract]
Debt instrument, basis spread on variable rate	0.50%
2019 Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Maximum borrowing capacity				$ 800,000
Outstanding borrowings		$ 130,000
Weighted average interest rates		3.49%

Shareholder Rights Plan (Details)	12 Months Ended
Shareholder Rights Plan (Details)	Jul. 28, 2023 $ / shares Right shares	Jul. 29, 2022 $ / 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, 2021
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, 2021
Dividend payment date	Apr. 19, 2021
Rights expiration date	Apr. 09, 2024
Exercise price of each right (in dollars per share)	$ 600
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
Market value of each right If a person or group becomes an acquiring person (in dollars per share)	1,200
Exercise price of each right, if the company is later acquired in a merger (in dollars per share)	600
Market value of each right, if the company is later acquired in a merger (in dollars per share)	1,200
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
Shares of a Preferred Share used in Provisions	0.01
2018 Plan [Member]
Shareholder Rights Plan [Abstract]
Rights expiration date	Apr. 09, 2021

Inventories (Details) - USD ($) $ in Thousands	Jul. 28, 2023	Jul. 29, 2022
Inventories [Abstract]
Retail	$ 145,175	$ 170,846
Restaurant	24,427	25,284
Supplies	19,762	17,119
Total	$ 189,364	$ 213,249

Derivative Instruments and Hedging Activities, Pre-Tax Effects of Derivative Instruments on AOCL and Income (Details) - Interest Rate Swaps [Member] - Cash Flow Hedging [Member] $ in Thousands	12 Months Ended
	Jul. 30, 2021 USD ($)
Interest Rate Cash Flow Hedges [Abstract]
Amount of income recognized in AOCL on derivatives (effective portion)	$ 27,110
Interest Expense [Member]
Interest Rate Cash Flow Hedges [Abstract]
Amount of loss reclassified from AOCL into income (effective portion)	$ 25,420

Debt (Tables)

12 Months Ended

Jul. 28, 2023

Debt [Abstract]

Outstanding Principal Amount and Carrying Value of the Notes

The following table includes the outstanding principal amount and carrying value of the Notes as of the period indicated:

	July 28, 2023		July 29, 2022
Liability component
Principal	$	300,000	$	300,000
Less: Debt issuance costs		5,171		6,901
Net carrying amount	$	294,829	$	293,099

Summary of Interest Expense

The effective rate of the Notes over their expected life is 1.23%. The following is a summary of interest expense for the Notes for the year ended July 28, 2023 and July 29, 2022:

	Year Ended July 28, 2023		Year Ended July 29, 2022
Coupon interest	$	1,896	$	1,896
Amortization of issuance costs		1,730		1,755
Total interest expense	$	3,626	$	3,651

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Current [Abstract]
Federal	$ 6,925	$ 16,462	$ (13,505)
State	3,573	1,188	2,405
Deferred [Abstract]
Federal	(4,902)	(4,543)	57,580
State	(1,035)	(1,604)	9,558
Total provision for income taxes	$ 4,561	$ 11,503	$ 56,038
Reconciliation of provision for income taxes and income taxes [Abstract]
U.S. federal statutory rate used	21.00%	21.00%	21.00%
Provision computed at federal statutory income tax rate	$ 21,758	$ 30,110	$ 65,216
State and local income taxes, net of federal benefit	2,069	1,452	10,589
Federal net operating loss benefit	0	0	(5,402)
Employer tax credits for FICA taxes paid on employee tip income	(16,772)	(15,395)	(12,323)
Other employer tax credits	(3,673)	(4,929)	(3,234)
Tax audit settlement	0	(1,939)	0
Other-net	1,179	2,204	1,192
Total provision for income taxes	4,561	11,503	56,038
Deferred tax assets [Abstract]
Compensation and employee benefits	6,406	7,329
Accrued liabilities	15,843	15,770
Operating lease liabilities	186,813	193,794
Insurance reserves	7,360	7,115
Inventory	3,204	3,002
Deferred tax credits and carryforwards	30,720	24,896
Other	11,057	13,875
Deferred tax assets	261,403	265,781
Deferred tax liabilities [Abstract]
Property and equipment	100,185	101,268
Inventory	6,028	5,517
Operating lease right-of-use asset	221,882	232,914
Other	7,564	6,275
Deferred tax liabilities	335,659	345,974
Net deferred tax liability	74,256	80,193
Federal income tax credit carryforwards	20,508
State income tax net operating loss carryforwards	84,630
Deferred tax asset	4,762
Reconciliation of gross liability for uncertain tax positions [Roll Forward]
Balance at beginning of year	10,858	14,477	17,835
Tax positions related to the current year [Abstract]
Additions	710	1,152	1,596
Reductions	0	0	0
Tax positions related to the prior year [Abstract]
Additions	52	17	0
Reductions	(298)	(1,241)	(1,045)
Settlements	0	(1,942)	(1,786)
Expiration of statute of limitations	(1,647)	(1,605)	(2,123)
Balance at end of year	9,675	10,858	14,477
Uncertain tax positions	7,644	8,578	11,437
Potential interest and penalties [Abstract]
Interest and penalties	7,896	7,133	7,755
Interest and penalties [Abstract]
Interest and penalties related to uncertain tax positions	764	$ (622)	$ 545
Minimum [Member]
Uncertain Tax Positions [Abstract]
Potential decrease of liabilities for uncertain tax positions within the next twelve months	3,000
Maximum [Member]
Uncertain Tax Positions [Abstract]
Potential decrease of liabilities for uncertain tax positions within the next twelve months	$ 5,000

Share Repurchases	12 Months Ended
Share Repurchases	Jul. 28, 2023
Share Repurchases [Abstract]
Share Repurchases	6. Share Repurchases Subject to the limits imposed by the Company’s revolving credit facility, in September 2021, the Company was authorized by its Board of Directors to repurchase shares at the discretion of management up to $100,000. In the fourth quarter of 2022, the Company was authorized by its Board of Directors to repurchase shares of the Company’s outstanding common stock at management’s discretion up to a total value of $200,000; this authorization replaced the previous unused portion of the previous $100,000 authorization. In 2023, the Company repurchased 171,792 shares of its common stock in the open market at an aggregate cost of $17,449. In 2022, the Company repurchased 1,248,184 shares of its common stock in the open market at an aggregate cost of $131,542. In 2021, the Company repurchased 232,543 shares of its common stock in conjunction with the Company’s offering and sale of the Notes (see Note 4 for further information regarding the Notes) at an aggregate cost of $35,000.

Derivative Instruments and Hedging Activities, Amounts Reclassified out of AOCL Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Interest expense	$ 17,006	$ 9,620	$ 56,108
Provision for income taxes	4,561	11,503	56,038
Net of tax	$ 99,050	$ 131,880	254,513
Interest Rate Swaps [Member] \| Cash Flow Hedging [Member]
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Ineffectiveness recorded in earnings on interest rate cash flow hedge			0
Loss on Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedging [Member]
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Provision for income taxes			6,342
Net of tax			(19,078)
Loss on Cash Flow Hedges [Member] \| Interest Rate Swaps [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedging [Member]
Amounts Reclassified Out of AOCL Related to Interest Rate Swaps [Abstract]
Interest expense			$ (25,420)

- 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

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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Commitments and Contingencies (Details) $ in Thousands	Jul. 28, 2023 USD ($)
Standby Letters of Credit [Member] \| Revolving Credit Facility [Member]
Loss Contingencies [Abstract]
Letters of credit outstanding	$ 31,896

Income Taxes

12 Months Ended

Jul. 28, 2023

Income Taxes [Abstract]

Income Taxes

12. Income Taxes

The components of the provision for income taxes for each of the three years were as follows:

	2023			2022			2021
Current:
Federal	$	6,925		$	16,462		$	(13,505	)
State		3,573			1,188			2,405
Deferred:
Federal		(4,902	)		(4,543	)		57,580
State		(1,035	)		(1,604	)		9,558
Total provision for income taxes	$	4,561		$	11,503		$	56,038

A reconciliation of the Company’s provision for income taxes and income taxes based on the statutory U.S. federal rate of 21.0% in 2023, 2022 and 2021 was as follows:

	2023			2022			2021
Provision computed at federal statutory income tax rate	$	21,758		$	30,110		$	65,216
State and local income taxes, net of federal benefit		2,069			1,452			10,589
Federal net operating loss benefit		—			—			(5,402	)
Employer tax credits for FICA taxes paid on employee tip income		(16,772	)		(15,395	)		(12,323	)
Other employer tax credits		(3,673	)		(4,929	)		(3,234	)
Tax audit settlement		—			(1,939	)		—
Other-net		1,179			2,204			1,192
Total provision for income taxes	$	4,561		$	11,503		$	56,038

The decrease in the Company’s provision for income taxes in 2023 as compared to 2022 is primarily due to the decrease in income before income taxes. The decrease in the Company’s provision for income taxes in 2022 as compared to 2021 is primarily due to the decrease in income before income taxes and the benefit of higher income tax credits.

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

	July 28, 2023		July 29, 2022
Deferred tax assets:
Compensation and employee benefits	$	6,406	$	7,329
Accrued liabilities		15,843		15,770
Operating lease liabilities		186,813		193,794
Insurance reserves		7,360		7,115
Inventory		3,204		3,002
Deferred tax credits and carryforwards		30,720		24,896
Other		11,057		13,875
Deferred tax assets	$	261,403	$	265,781

Deferred tax liabilities:
Property and equipment	$	100,185	$	101,268
Inventory		6,028		5,517
Operating lease right-of-use asset		221,882		232,914
Other		7,564		6,275
Deferred tax liabilities		335,659		345,974
Net deferred tax liability	$	74,256	$	80,193

The Company has a deferred tax asset of $20,508 reflecting federal income tax credit carryforwards that expire in 2043. The Company has state income tax net operating loss carryforwards (“NOL”) of $84,630 and has recorded a deferred tax asset of $4,762 reflecting this benefit. These state NOLs generally expire in years beginning 2037 and after.

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 28, 2023 and July 29, 2022, the Company’s gross liability for uncertain tax positions, exclusive of interest and penalties, was $9,675 and $10,858, 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 28, 2023			July 29, 2022			July 30, 2021
Balance at beginning of year	$	10,858		$	14,477		$	17,835
Tax positions related to the current year: Additions		710			1,152			1,596
Reductions		—			—			—
Tax positions related to the prior year: Additions		52			17			—
Reductions		(298	)		(1,241	)		(1,045	)
Settlements		—			(1,942	)		(1,786	)
Expiration of statute of limitations		(1,647	)		(1,605	)		(2,123	)
Balance at end of year	$	9,675		$	10,858		$	14,477

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:

		2023				2022				2021
Uncertain tax positions		$	7,644			$	8,578			$	11,437

The Company had $7,896, $7,133, and $7,755 in interest and penalties accrued as of July 28, 2023, July 29, 2022, and July 30, 2021, respectively.

The Company recognized accrued interest and penalties related to unrecognized tax benefits of $764, $(622) and $545 in its provision for income taxes on July 28, 2023, July 29, 2022 and July 30, 2021, respectively.

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 28, 2023 by approximately $3,000 to $5,000 within the next twelve months. At July 28, 2023, the Company was subject to income tax examinations for its U.S. federal income taxes after 2018 and for state and local income taxes generally after 2018.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Savings Plans (Tables)

12 Months Ended

Jul. 28, 2023

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:

	2023		2022		2021
401(k) Savings Plan	$	4,963	$	4,713	$	4,071
Non-Qualified Savings Plan		230		285		259

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 99,050	$ 131,880	$ 254,513
Other comprehensive income before income tax expense:
Change in fair value of interest rate swaps	0	0	27,110
Income tax expense	0	0	6,764
Other comprehensive income, net of tax	0	0	20,346
Comprehensive income	$ 99,050	$ 131,880	$ 274,859

- Definition

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

+ References

+ Details

Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Net Income Per Share and Weighted Average Shares [Abstract]
Net income per share numerator	$ 99,050	$ 131,880	$ 254,513
Net income per share denominator [Abstract]
Basic weighted average shares outstanding (in shares)	22,167,875	23,164,180	23,692,063
Add potential dilution [Abstract]
Nonvested stock awards and units (in shares)	97,524	81,830	75,327
Diluted weighted average shares outstanding (in shares)	22,265,399	23,246,010	23,767,390

- Definition

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

+ References

+ Details

Leases, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details)	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases [Abstract]
Weighted-average remaining lease term	16 years 10 months 17 days	17 years 4 months 17 days	18 years 2 months 1 day
Weighted-average discount rate	5.09%	4.90%	4.84%

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Total revenue	$ 3,442,808	$ 3,267,786	$ 2,821,444
Cost of goods sold (exclusive of depreciation and rent)	1,127,617	1,049,884	865,261
Labor and other related expenses	1,208,669	1,149,077	983,120
Other store operating expenses	797,815	758,389	676,301
General and administrative expenses	174,091	157,433	147,825
Gain on sale and leaseback transactions	0	0	(217,722)
Impairment and store closing costs	13,999	0	0
Operating income	120,617	153,003	366,659
Interest expense	17,006	9,620	56,108
Income before income taxes	103,611	143,383	310,551
Provision for income taxes	4,561	11,503	56,038
Net income	$ 99,050	$ 131,880	$ 254,513
Net income per share - basic (in dollars per share)	$ 4.47	$ 5.69	$ 10.74
Net income per share - diluted (in dollars per share)	$ 4.45	$ 5.67	$ 10.71
Basic weighted average shares outstanding (in shares)	22,167,875	23,164,180	23,692,063
Diluted weighted average shares outstanding (in shares)	22,265,399	23,246,010	23,767,390

Employee Savings Plans

12 Months Ended

Jul. 28, 2023

Employee Savings Plans [Abstract]

Employee Savings Plans

11. 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 2023, 2022 and 2021, 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. 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 $27,129 is included in other assets and the related liability to the participants of $27,129 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:

	2023		2022		2021
401(k) Savings Plan	$	4,963	$	4,713	$	4,071
Non-Qualified Savings Plan		230		285		259

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Segment Information (Tables)

12 Months Ended

Jul. 28, 2023

Segment Information [Abstract]

Composition of Total Revenue

Total revenue was comprised of the following at:

	2023		2022		2021
Restaurant	$	2,740,866	$	2,565,628	$	2,227,246
Retail		701,942		702,158		594,198
Total revenue	$	3,442,808	$	3,267,786	$	2,821,444

Income Taxes (Tables)

12 Months Ended

Jul. 28, 2023

Income Taxes [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes for each of the three years were as follows:

	2023			2022			2021
Current:
Federal	$	6,925		$	16,462		$	(13,505	)
State		3,573			1,188			2,405
Deferred:
Federal		(4,902	)		(4,543	)		57,580
State		(1,035	)		(1,604	)		9,558
Total provision for income taxes	$	4,561		$	11,503		$	56,038

Reconciliation of Provision for Income Taxes and Income Taxes Based on Statutory U.S. Federal Rate

A reconciliation of the Company’s provision for income taxes and income taxes based on the statutory U.S. federal rate of 21.0% in 2023, 2022 and 2021 was as follows:

	2023			2022			2021
Provision computed at federal statutory income tax rate	$	21,758		$	30,110		$	65,216
State and local income taxes, net of federal benefit		2,069			1,452			10,589
Federal net operating loss benefit		—			—			(5,402	)
Employer tax credits for FICA taxes paid on employee tip income		(16,772	)		(15,395	)		(12,323	)
Other employer tax credits		(3,673	)		(4,929	)		(3,234	)
Tax audit settlement		—			(1,939	)		—
Other-net		1,179			2,204			1,192
Total provision for income taxes	$	4,561		$	11,503		$	56,038

Significant Components of Net Deferred Tax Liability

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

	July 28, 2023		July 29, 2022
Deferred tax assets:
Compensation and employee benefits	$	6,406	$	7,329
Accrued liabilities		15,843		15,770
Operating lease liabilities		186,813		193,794
Insurance reserves		7,360		7,115
Inventory		3,204		3,002
Deferred tax credits and carryforwards		30,720		24,896
Other		11,057		13,875
Deferred tax assets	$	261,403	$	265,781

Deferred tax liabilities:
Property and equipment	$	100,185	$	101,268
Inventory		6,028		5,517
Operating lease right-of-use asset		221,882		232,914
Other		7,564		6,275
Deferred tax liabilities		335,659		345,974
Net deferred tax liability	$	74,256	$	80,193

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 28, 2023			July 29, 2022			July 30, 2021
Balance at beginning of year	$	10,858		$	14,477		$	17,835
Tax positions related to the current year: Additions		710			1,152			1,596
Reductions		—			—			—
Tax positions related to the prior year: Additions		52			17			—
Reductions		(298	)		(1,241	)		(1,045	)
Settlements		—			(1,942	)		(1,786	)
Expiration of statute of limitations		(1,647	)		(1,605	)		(2,123	)
Balance at end of year	$	9,675		$	10,858		$	14,477

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

		2023				2022				2021
Uncertain tax positions		$	7,644			$	8,578			$	11,437

Leases, Sale and Leaseback Transactions (Details) $ in Thousands			12 Months Ended
	Aug. 04, 2020 USD ($) Store	Jul. 29, 2020 USD ($) Store	Jul. 28, 2023 USD ($)	Jul. 29, 2022 USD ($)	Jul. 30, 2021 USD ($)	Jul. 31, 2009 Store
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		$ 0	$ 0	$ 217,722
Right-of-use assets, non-cash	175,960
Operating lease right-of-use assets	309,624		889,306	$ 933,524
Operating lease liabilities	$ 133,663		$ 748,749
Maximum [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option			50 years
Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions \| Store	62
Aggregate purchase price, net of closing costs		$ 198,083
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
Sale-leaseback Transactions in 2009 [Member] \| Owned Stores [Member] \| Maximum [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option			20 years
Sale-leaseback Transactions in 2009 [Member] \| Retail Distribution Center [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term			15 years
Lease renewal option			20 years
Sale-leaseback Transactions in 2000 [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term			20 years
Remaining property purchased			$ 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
Operating lease liabilities			$ 182,649
Sale-leaseback Transactions in 2000 [Member] \| Maximum [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option			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
Lease renewal option			20 years

Share-Based Compensation, Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Compensation Expense [Abstract]
Total compensation expense	$ 9,045	$ 8,198	$ 8,729
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized [Abstract]
Number of shares issued from vesting of share-based compensation awards (in shares)	43,974
Tax withholding payment net of cash received from issuance of share based compensation awards	$ (2,448)	$ (2,599)	$ (2,282)
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	$ 8,038
Weighted average period in years	1 year 9 months 25 days

Leases, Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 04, 2020	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Operating cash flow information [Abstract]
Gain on sale and leaseback transactions	$ 217,722	$ 0	$ 0	$ 217,722
Cash paid for amounts included in the measurement of lease liabilities		95,294	92,600	89,264
Noncash information [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities		17,378	19,143	316,563
Lease modifications or reassessments increasing or decreasing right-of-use assets		11,320	11,978	35,059
Lease modifications removing right-of-use assets		$ (413)	$ (670)	$ (544)

Derivative Instruments and Hedging Activities

12 Months Ended

Jul. 28, 2023

Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

5. Derivative Instruments and Hedging Activities

During the fourth quarter of 2021, in conjunction with paying down debt under the revolving credit facility, the Company terminated all of its interest rate swap agreements which resulted in the reclassification of the remaining losses from accumulated other comprehensive loss (“AOCL”) to the Consolidated Statements of Income as part of interest expense. The determination of the amounts reclassified from AOCL to interest expense was based on the Company’s assessment that the forecasted transactions under the hedging relationships were no longer probable.

Prior to the termination of the interest rate swaps, for each of the Company’s interest rate swaps, the Company had 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 were fixed at the rates specified in the interest rate swap agreements plus the Company’s credit spread. All of the Company’s interest rate swaps were accounted for as cash flow hedges.

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for 2021:

	Amount of Income Recognized in AOCL on Derivatives (Effective Portion)
	2021
Cash flow hedges:
Interest rate swaps	$	27,110

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for 2021:

	Location of Loss Reclassified from AOCL into Income (Effective Portion)	Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		2021
Cash flow hedges:
Interest rate swaps	Interest expense	$	25,420

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the years ended July 30, 2021:

Details about AOCL	July 30, 2021			Affected Line Item in the Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(25,420	)	Interest expense
Tax benefit		6,342		Provision for income taxes
	$	(19,078	)	Net of tax

No gains or losses representing amounts excluded from the assessment of effectiveness were recognized in earnings in 2021.

Share-Based Compensation

12 Months Ended

Jul. 28, 2023

Share-Based Compensation [Abstract]

Share-Based Compensation

9. 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.

On November 19, 2020, the Company’s shareholders approved the 2020 Omnibus Incentive Plan (the “2020 Omnibus Plan”) which became effective on that date. The 2020 Omnibus Plan authorizes the following types of awards for employees and non-employee directors: stock options, stock appreciation rights, nonvested stock, restricted stock units, other share-based awards and performance awards. After the effective date of the 2020 Omnibus Plan, no additional awards could be granted under the Company’s 2010 Omnibus Incentive Stock and Incentive Plan (the “Prior Plan”).

The 2020 Omnibus Plan allows the Committee to grant awards for an aggregate of 1,033,441 shares, the number of shares that were available for issuance as of September 24, 2020 (the “Cutoff Date”) pursuant to the Prior Plan, plus the number of shares that became available for issuance pursuant to the terms of the Prior Plan following the Cutoff Date and prior to the effective date. However, this share reserve is increased by shares awarded under this and the Prior Plan which are forfeited, expired, settled for cash and shares withheld by the Company in payment of a tax withholding obligation after the effective date of the 2020 Omnibus Plan. Additionally, this share reserve was decreased by shares granted from the 2020 Omnibus Plan after the effective date. At July 28, 2023, the number of shares authorized for future issuance under the Company’s active plan is 1,016,341. At July 28, 2023, the number of outstanding awards under the 2020 Omnibus Plan and the Prior Plan was 161,738 and 37,464, respectively.

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 one to five 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 28, 2023:

Long-Term Performance Plan (“LTPP”)	Performance Period	Vesting Period (in Years)
2023 LTPP	2023 – 2025	3
2022 LTPP	2022 – 2024	3

The following table summarizes the shares that have been accrued under the 2023 LTPP and 2022 LTPP at July 28, 2023:


2023 LTPP			3,410
2022 LTPP			15,135

A summary of the Company’s nonvested stock activity as of July 28, 2023, and changes during 2023 are presented in the following table:


Nonvested Stock	Shares			Weighted-Average Grant Date Fair Value
Unvested at July 29, 2022		123,942		$	131.21
Granted		111,117			104.95
Vested		(33,289	)		148.60
Forfeited		(21,113	)		108.81
Unvested at July 28, 2023		180,657		$	114.47

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

		2023				2022				2021
Total fair value of nonvested stock		$	4,947			$	6,166			$	3,200

Compensation Expense

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

		2023				2022				2021
Total compensation expense		$	9,045			$	8,198			$	8,729

	Nonvested Stock Awards
Total unrecognized compensation	$	8,038
Weighted-average period in years		1.82

During 2023, the Company issued 43,974 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 $2,448.

Leases

12 Months Ended

Jul. 28, 2023

Leases [Abstract]

Leases

8. Leases

In 2020, the Company adopted new accounting guidance for leases. As part of the adoption of this 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 2024 and 2025 with undiscounted future payments of $15,714 and $21,673, respectively.

The following table summarizes the components of lease cost for operating leases for the years ended July 28, 2023, July 29, 2022 and July 30, 2021:

	2023		2022		2021
Operating lease cost	$	109,908	$	108,903	$	106,266
Short term lease cost		2,947		2,409		2,363
Variable lease cost		3,669		2,673		2,248
Total lease cost	$	116,524	$	113,985	$	110,877

The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for the years ended July 28, 2023, July 29, 2022 and July 30, 2021:

	2023			2022			2021
Operating cash flow information:
Gain on sale and leaseback transactions	$	—		$	—		$	217,722
Cash paid for amounts included in the measurement of lease liabilities		95,294			92,600			89,264
Noncash information:
Right-of-use assets obtained in exchange for new operating lease liabilities		17,378			19,143			316,563
Lease modifications or reassessments increasing or decreasing right-of-use assets		11,320			11,978			35,059
Lease modifications removing right-of-use assets		(413	)		(670	)		(544	)

The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of July 28, 2023, July 29, 2022 and July 30, 2021:

	2023			2022			2021
Weighted-average remaining lease term	16.88 Years			17.38 Years				18.17 Years
Weighted-average discount rate		5.09	%		4.90	%		4.84	%

The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of July 28, 2023:

Year	Total
2024	$	82,360
2025		73,888
2026		70,198
2027		67,451
2028		66,858
Thereafter		773,692
Total future minimum lease payments		1,134,447
Less imputed remaining interest		(385,698	)
Total present value of operating lease liabilities	$	748,749

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 transactions line in the Consolidated Statements of Income. The Company also recorded operating lease right-of-use assets and corresponding operating lease liabilities of $261,698 and $182,649, respectively.

On August 4, 2020, the Company completed a subsequent 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 a gain of $217,722 which is recorded in the gain on sale and leaseback transaction line in the Consolidated Statement of Income in the first quarter of 2021. The Company also recorded operating lease right-of-use assets, including a non-cash asset recognized as part of accounting for the transaction of $175,960, and corresponding operating lease liabilities of $309,624 and $133,663, respectively.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jul. 28, 2023

Derivative Instruments and Hedging Activities [Abstract]

Pre-tax Effects of Derivative Instruments on AOCL and Income

The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for 2021:

	Amount of Income Recognized in AOCL on Derivatives (Effective Portion)
	2021
Cash flow hedges:
Interest rate swaps	$	27,110

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

The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for 2021:

	Location of Loss Reclassified from AOCL into Income (Effective Portion)	Amount of Loss Reclassified from AOCL into Income (Effective Portion)
		2021
Cash flow hedges:
Interest rate swaps	Interest expense	$	25,420

Amounts Reclassified Out of AOCL Related to Interest Rate Swaps

The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the years ended July 30, 2021:

Details about AOCL	July 30, 2021			Affected Line Item in the Consolidated Statement of Income
Loss on cash flow hedges:
Interest rate swaps	$	(25,420	)	Interest expense
Tax benefit		6,342		Provision for income taxes
	$	(19,078	)	Net of tax

Share Repurchases (Details) - USD ($) $ in Thousands	12 Months Ended
Share Repurchases (Details) - USD ($) $ in Thousands	Jul. 28, 2023	Jul. 29, 2022	Jul. 30, 2021
Share Repurchases [Abstract]
Maximum amount of share repurchase authorization		$ 200,000	$ 100,000
Shares of common stock repurchased (in shares)	171,792	1,248,184	232,543
Cost of shares repurchased	$ 17,449	$ 131,542	$ 35,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Leases (Tables)

12 Months Ended

Jul. 28, 2023

Leases [Abstract]

Components of Lease Cost for Operating Leases

The following table summarizes the components of lease cost for operating leases for the years ended July 28, 2023, July 29, 2022 and July 30, 2021:

	2023		2022		2021
Operating lease cost	$	109,908	$	108,903	$	106,266
Short term lease cost		2,947		2,409		2,363
Variable lease cost		3,669		2,673		2,248
Total lease cost	$	116,524	$	113,985	$	110,877

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 years ended July 28, 2023, July 29, 2022 and July 30, 2021:

	2023			2022			2021
Operating cash flow information:
Gain on sale and leaseback transactions	$	—		$	—		$	217,722
Cash paid for amounts included in the measurement of lease liabilities		95,294			92,600			89,264
Noncash information:
Right-of-use assets obtained in exchange for new operating lease liabilities		17,378			19,143			316,563
Lease modifications or reassessments increasing or decreasing right-of-use assets		11,320			11,978			35,059
Lease modifications removing right-of-use assets		(413	)		(670	)		(544	)

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 28, 2023, July 29, 2022 and July 30, 2021:

	2023			2022			2021
Weighted-average remaining lease term	16.88 Years			17.38 Years				18.17 Years
Weighted-average discount rate		5.09	%		4.90	%		4.84	%

Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability

The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of July 28, 2023:

Year	Total
2024	$	82,360
2025		73,888
2026		70,198
2027		67,451
2028		66,858
Thereafter		773,692
Total future minimum lease payments		1,134,447
Less imputed remaining interest		(385,698	)
Total present value of operating lease liabilities	$	748,749

Nature of Operations and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jul. 28, 2023

Nature of Operations and Summary of Significant Accounting Policies [Abstract]

Fiscal year

GAAP

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

Principles of consolidation

Use of estimates

External impacts to the Company's operating environment

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:

	2023		2022		2021
Total depreciation expense	$	103,691	$	102,297	$	107,090
Depreciation expense related to store operations*		96,339		96,243		100,054

*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

Convertible Senior Notes

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:

		2023				2022				2021
Advertising expense		$	89,798			$	89,850			$	83,630

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

Net income per share