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INCOME TAXES (Tables)

12 Months Ended

Jul. 28, 2018

Income Tax Disclosure [Abstract]

Schedule of federal and state income tax (benefit) expense

Total federal and state income tax (benefit) expense consists of the following:

	Current				Deferred				Total
	(In thousands)
Fiscal year ended July 28, 2018
U.S. Federal	$	46,210			$	(16,648	)		$	29,562
State & Local	13,310				1,878				15,188
Foreign	2,374				(49		)		2,325
	$	61,894			$	(14,819	)		$	47,075
Fiscal year ended July 29, 2017
U.S. Federal	$	70,669			$	(1,874	)		$	68,795
State & Local	14,653				(82		)		14,571
Foreign	837				65				902
	$	86,159			$	(1,891	)		$	84,268
Fiscal year ended July 30, 2016
U.S. Federal	$	57,157			$	11,383			$	68,540
State & Local	12,718				1,310				14,028
Foreign	101				(213		)		(112		)
	$	69,976			$	12,480			$	82,456

Schedule reconciling expected tax expense under the U.S. statutory rate to total income tax expense (benefit)

Total income tax expense (benefit) was different than the amounts computed by applying the statutory federal income tax rate to income before income taxes because of the following:

	Fiscal year ended
	July 28, 2018				July 29, 2017				July 30, 2016
	(In thousands)
Computed "expected" tax expense	$	57,359			$	75,048			$	72,878
State and local income tax, net of Federal income tax benefit	10,501				9,694				9,412
Non-deductible expenses	955				1,951				1,549
Tax effect of share-based compensation	149				29				86
General business credits	(552		)		(915		)		(135		)
Impacts related to the TCJA	(21,719		)		—				—
Other, net	382				(1,539		)		(1,334		)
Total income tax expense	$	47,075			$	84,268			$	82,456

Schedule of income tax (benefit) allocation

The income tax expense (benefit) for the years ended July 28, 2018, July 29, 2017 and July 30, 2016 was allocated as follows:

	July 28, 2018				July 29, 2017				July 30, 2016
	(In thousands)
Income tax expense	$	47,075			$	84,268			$	82,456
Stockholders' equity, difference between compensation expense for tax purposes and amounts recognized for financial statement purposes	—				1,320				83
Other comprehensive income	1,561				3,222				(2,050		)
	$	48,636			$	88,810			$	80,489

Schedule of net deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets and deferred tax liabilities at July 28, 2018 and July 29, 2017 are presented below:

	July 28, 2018				July 29, 2017
	(In thousands)
Deferred tax assets:
Inventories, principally due to additional costs inventoried for tax purposes	$	7,265			$	9,416
Compensation and benefits related	25,740				35,482
Accounts receivable, principally due to allowances for uncollectible accounts	4,269				5,639
Accrued expenses	119				4,466
Net operating loss carryforwards	482				940
Foreign tax credits	445				—
Other deferred tax assets	117				—
Total gross deferred tax assets	38,437				55,943
Less valuation allowance	(445		)		—
Net deferred tax assets	$	37,992			$	55,943
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	39,978			$	59,414
Intangible assets	36,544				53,633
Interest rate swap agreements	2,000				876
Accrued expenses	3,854				—
Other	—				218
Total deferred tax liabilities	82,376				114,141
Net deferred tax liabilities	$	(44,384	)		$	(58,198	)
Current deferred income tax assets	$	—			$	40,635
Non-current deferred income tax liabilities	(44,384		)		(98,833		)
	$	(44,384	)		$	(58,198	)

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Tabular disclosure of the allocation of income tax expense (benefit) in the financial statements.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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