INCOME TAXES (Tables)

12 Months Ended

Aug. 01, 2015

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 1, 2015
U.S. Federal	$	60,848	$	13,209		$	74,057
State & Local	14,119		2,098			$	16,217
Foreign	729		32			$	761
	$	75,696	$	15,339		$	91,035
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

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 1, 2015			August 2, 2014			August 3, 2013
	(In thousands)
Computed "expected" tax expense	$	80,419		$	72,593		$	60,940
State and local income tax, net of Federal income tax benefit	10,547			9,135			7,501
Non-deductible expenses	1,551			1,333			1,516
Tax effect of share-based compensation	165			160			134
General business credits	(365		)	(114		)	(1,374		)
Other, net	(1,282		)	(1,181		)	(2,455		)
Total income tax expense	$	91,035		$	81,926		$	66,262

Schedule of income tax (benefit) allocation

Total income tax expense (benefit) for the years ended August 1, 2015, August 2, 2014 and August 3, 2013 was allocated as follows:



	August 1, 2015			August 2, 2014			August 3, 2013
	(In thousands)
Income tax expense	$	91,035		$	81,926		$	66,262
Stockholders' equity, difference between compensation expense for tax purposes and amounts recognized for financial statement purposes	(2,746		)	(2,601		)	(1,952		)
Other comprehensive income	(293		)	—			—
	$	87,996		$	79,325		$	64,310

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 1, 2015 and August 2, 2014 are presented below:



	2015			2014
	(In thousands)
Deferred tax assets:
Inventories, principally due to additional costs inventoried for tax purposes	$	9,034		$	7,532
Compensation and benefits related	23,651			24,129
Accounts receivable, principally due to allowances for uncollectible accounts	3,279			3,000
Accrued expenses	9,077			10,438
Net operating loss carryforwards	1,177			1,295
Other deferred tax assets	313			21
Total gross deferred tax assets	46,531			46,415
Less valuation allowance	—			—
Net deferred tax assets	$	46,531		$	46,415
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	47,872		$	36,494
Intangible assets	31,955			28,124
Other	15			274
Total deferred tax liabilities	79,842			64,892
Net deferred tax liabilities	$	(33,311	)	$	(18,477	)
Current deferred income tax assets	$	32,333		$	32,518
Non-current deferred income tax liabilities	(65,644		)	(50,995		)
	$	(33,311	)	$	(18,477	)