INCOME TAXES (Tables)

12 Months Ended

Aug. 02, 2014

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 August 2, 2014
U.S. Federal	$	66,953	$	(894	)	$	66,059
State & Local	12,660		1,452			$	14,112
Foreign	1,432		323			$	1,755
	$	81,045	$	881		$	81,926
Fiscal year ended August 3, 2013
U.S. Federal	$	44,095	$	7,029		$	51,124
State & Local	13,366		(364		)	13,002
Foreign	2,021		115			2,136
	$	59,482	$	6,780		$	66,262
Fiscal year ended July 28, 2012
U.S. Federal	$	55,083	$	(7,506	)	$	47,577
State & Local	9,002		462			9,464
Foreign	1,471		929			2,400
	$	65,556	$	(6,115	)	$	59,441

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 using the United States statutory income tax rate of 35% applied to income before income taxes as a result of the following:



	Fiscal year ended
	August 2, 2014			August 3, 2013			July 28, 2012
	(In thousands)
Computed "expected" tax expense	$	72,593		$	60,940		$	52,774
State and local income tax, net of Federal income tax benefit	9,135			7,501			6,152
Non-deductible expenses	1,333			1,516			1,260
Tax effect of share-based compensation	160			134			(140		)
General business credits	(114		)	(1,374		)	(231		)
Other, net	(1,181		)	(2,455		)	(374		)
Total income tax expense	$	81,926		$	66,262		$	59,441

Schedule of income tax (benefit) allocation

Total income tax expense (benefit) for the years ended August 2, 2014, August 3, 2013 and July 28, 2012 was allocated as follows:



	August 2, 2014			August 3, 2013			July 28, 2012
	(In thousands)
Income tax expense	$	81,926		$	66,262		$	59,441
Stockholders' equity, difference between compensation expense for tax purposes and amounts recognized for financial statement purposes	(2,601		)	(1,952		)	(2,804		)
Other comprehensive income	—			—			495
	$	79,325		$	64,310		$	57,132

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 August 2, 2014 and August 3, 2013 are presented below:



	2014			2013
	(In thousands)
Deferred tax assets:
Inventories, principally due to additional costs inventoried for tax purposes	$	7,532		$	6,906
Compensation and benefits related	24,129			21,224
Accounts receivable, principally due to allowances for uncollectible accounts	3,000			3,861
Accrued expenses	10,438			8,914
Net operating loss carryforwards	1,295			2,374
Other deferred tax assets	21			179
Total gross deferred tax assets	46,415			43,458
Less valuation allowance	—			819
Net deferred tax assets	$	46,415		$	42,639
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	36,494		$	34,222
Intangible assets	28,124			25,766
Other	274			303
Total deferred tax liabilities	64,892			60,291
Net deferred tax liabilities	$	(18,477	)	$	(17,652	)
Current deferred income tax assets	$	32,518		$	23,822
Non-current deferred income tax liabilities	(50,995		)	(41,474		)
	$	(18,477	)	$	(17,652	)