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INCOME TAXES | 12 Months Ended
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Jul. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of the provision for income taxes are:
| 2021 |  | 2020 |  |
Federal: |  |  |  |  |
Current | $ | 7,172 |  |  | $ | (8,023) |  |  |
Deferred | (2,037) |  |  | 10,846 |  |  |
State: |  |  |  |  |
Current | 4,229 |  |  | 3,627 |  |  |
Deferred | (505) |  |  | 344 |  |  |
| $ | 8,859 |  |  | $ | 6,794 |  |  |
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. Significant components of the Company’s deferred tax assets and liabilities are as follows:
| July 31, 2021 |  | July 25, 2020
Deferred tax assets: |  |  |
Lease liabilities | $ | 106,615 |  |  | $ | 98,149 |
Tax credit carryforward | — |  |  | 508 |
Compensation related costs | 4,377 |  |  | 2,945 |
Pension costs | 3,248 |  |  | 1,881 |
Other | 552 |  |  | 752 |
Total deferred tax assets | 114,792 |  |  | 104,235 |
Deferred tax liabilities: |  |  |
Tax over book depreciation | 22,653 |  |  | 23,626 |
Lease assets | 98,994 |  |  | 92,021 |
Patronage dividend receivable | 4,162 |  |  | 3,133 |
Investment in partnerships | 1,162 |  |  | 1,076 |
Other | 611 |  |  | 178 |
Total deferred tax liabilities | 127,582 |  |  | 120,034 |
Net deferred tax liability | $ | (12,790) |  |  | $ | (15,799) |
Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 31, 2021 and July 25, 2020:
| 2021 |  | 2020
Other assets | 1,642 |  |  | 702 |
Other liabilities | (14,432) |  |  | (16,501) |
A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In management’s opinion, in view of the Company’s previous, current and projected taxable income and reversal of deferred tax liabilities, such tax assets will more likely than not be fully realized. Accordingly, no valuation allowance was deemed to be required at July 31, 2021 and July 25, 2020. The effective income tax rate differs from the statutory federal income tax rate as follows:
| 2021 |  | 2020 |  |
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  |
State income taxes, net of federal tax benefit | 10.3 | % |  | 9.9 | % |  |
Federal net operating loss carryback | — | % |  | (7.9) | % |  |
Other | (0.6) | % |  | (1.6) | % |  |
Effective income tax rate | 30.7 | % |  | 21.4 | % |  |
Fiscal 2020 includes a $2,512 incremental benefit from a federal net operating loss carryback at a rate higher than the current statutory tax rate. The Company is not currently under audit by any tax authorities, but is open to examination with varying statutes of limitations, generally ranging from three to four years.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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