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INCOME TAXES | 12 Months Ended
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Jul. 27, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of the provision for income taxes are:
| Years ended |  |
| July 27, 2024 |  | July 29, 2023 |  |
Federal: |  |  |  |  |
Current | $ | 12,348 |  |  | $ | 14,749 |  |  |
Deferred | 1,148 |  |  | (1,274) |  |  |
State: |  |  |  |  |
Current | 10,077 |  |  | 10,348 |  |  |
Deferred | (1,318) |  |  | (814) |  |  |
| $ | 22,255 |  |  | $ | 23,009 |  |  |
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 27, 2024 |  | July 29, 2023
Deferred tax assets: |  |  |
Lease liabilities | $ | 91,188 |  |  | $ | 89,638 |
Compensation related costs | 5,513 |  |  | 4,705 |
Pension costs | 1,691 |  |  | 1,544 |
Other | 814 |  |  | 730 |
Total deferred tax assets | 99,206 |  |  | 96,617 |
Deferred tax liabilities: |  |  |
Tax over book depreciation | 21,947 |  |  | 20,242 |
Lease assets | 81,404 |  |  | 81,676 |
Patronage dividend receivable | 4,615 |  |  | 3,457 |
Investment in partnerships | 775 |  |  | 1,107 |
Other | 2,794 |  |  | 3,079 |
Total deferred tax liabilities | 111,535 |  |  | 109,561 |
Net deferred tax liability | $ | (12,329) |  |  | $ | (12,944) |
Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 27, 2024 and July 29, 2023:
| July 27, 2024 |  | July 29, 2023
Other assets | 2,584 |  |  | 1,245 |
Other liabilities | (14,913) |  |  | (14,189) |
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 27, 2024 and July 29, 2023. The effective income tax rate differs from the statutory federal income tax rate as follows:
| Years ended |  |
| July 27, 2024 |  | July 29, 2023 |  |
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  |
State income taxes, net of federal tax benefit | 10.2 | % |  | 9.9 | % |  |
Other | (0.6) | % |  | 0.7 | % |  |
Effective income tax rate | 30.6 | % |  | 31.6 | % |  |
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 -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
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