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INCOME TAXES | 12 Months Ended
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Jul. 26, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of the provision for income taxes are:
| Years ended |  |
| July 26, 2025 |  | July 27, 2024 |  |
Federal: |  |  |  |  |
Current | $ | 11,372 |  |  | $ | 12,348 |  |  |
Deferred | 3,803 |  |  | 1,148 |  |  |
State: |  |  |  |  |
Current | 10,557 |  |  | 10,077 |  |  |
Deferred | (293) |  |  | (1,318) |  |  |
| $ | 25,439 |  |  | $ | 22,255 |  |  |
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 26, 2025 |  | July 27, 2024
Deferred tax assets: |  |  |
Lease liabilities | $ | 86,132 |  |  | $ | 91,188 |
Compensation related costs | 6,282 |  |  | 5,513 |
Pension costs | 1,127 |  |  | 1,691 |
Other | 849 |  |  | 814 |
Total deferred tax assets | 94,390 |  |  | 99,206 |
Deferred tax liabilities: |  |  |
Tax over book depreciation | 25,770 |  |  | 21,947 |
Lease assets | 76,329 |  |  | 81,404 |
Patronage dividend receivable | 4,022 |  |  | 4,615 |
Investment in partnerships | 1,437 |  |  | 775 |
Other | 1,731 |  |  | 2,794 |
Total deferred tax liabilities | 109,289 |  |  | 111,535 |
Net deferred tax liability | $ | (14,899) |  |  | $ | (12,329) |
Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 26, 2025 and July 27, 2024:
| July 26, 2025 |  | July 27, 2024
Other assets | 3,252 |  |  | 2,584 |
Other liabilities | (18,151) |  |  | (14,913) |
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 26, 2025 and July 27, 2024. The effective income tax rate differs from the statutory federal income tax rate as follows:
| Years ended |  |
| July 26, 2025 |  | July 27, 2024 |  |
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  |
State income taxes, net of federal tax benefit | 9.9 | % |  | 10.2 | % |  |
Other | 0.2 | % |  | (0.6) | % |  |
Effective income tax rate | 31.1 | % |  | 30.6 | % |  |
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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