INCOME TAXES (Tables)

12 Months Ended

Jul. 29, 2017

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 July 29, 2017
U.S. Federal	$	70,669	$	(1,874	)	$	68,795
State & Local	14,653		(82		)	14,571
Foreign	837		65			902
	$	86,159	$	(1,891	)	$	84,268
Fiscal year ended July 30, 2016
U.S. Federal	$	57,157	$	11,383		$	68,540
State & Local	12,718		1,310			14,028
Foreign	101		(213		)	(112		)
	$	69,976	$	12,480		$	82,456
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

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
	July 29, 2017			July 30, 2016			August 1, 2015
	(In thousands)
Computed "expected" tax expense	$	75,048		$	72,878		$	80,419
State and local income tax, net of Federal income tax benefit	9,694			9,412			10,547
Non-deductible expenses	1,951			1,549			1,551
Tax effect of share-based compensation	29			86			165
General business credits	(915		)	(135		)	(365		)
Other, net	(1,539		)	(1,334		)	(1,282		)
Total income tax expense	$	84,268		$	82,456		$	91,035

Schedule of income tax (benefit) allocation

The income tax expense (benefit) for the years ended July 29, 2017 , July 30, 2016 and August 1, 2015 was allocated as follows:



	July 29, 2017		July 30, 2016			August 1, 2015
	(In thousands)
Income tax expense	$	84,268	$	82,456		$	91,035
Stockholders' equity, difference between compensation expense for tax purposes and amounts recognized for financial statement purposes	1,320		83			(2,746		)
Other comprehensive income	3,222		(2,050		)	(293		)
	$	88,810	$	80,489		$	87,996

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 July 29, 2017 and July 30, 2016 are presented below:



	July 29, 2017			July 30, 2016
	(In thousands)
Deferred tax assets:
Inventories, principally due to additional costs inventoried for tax purposes	$	9,416		$	10,682
Compensation and benefits related	35,482			25,453
Accounts receivable, principally due to allowances for uncollectible accounts	5,639			4,734
Accrued expenses	4,466			7,519
Net operating loss carryforwards	940			1,059
Interest rate swap agreements	—			2,343
Other deferred tax assets	—			29
Total gross deferred tax assets	55,943			51,819
Less valuation allowance	—			—
Net deferred tax assets	$	55,943		$	51,819
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	59,414		$	62,030
Intangible assets	53,633			48,996
Interest rate swap agreements	876			—
Other	218			785
Total deferred tax liabilities	114,141			111,811
Net deferred tax liabilities	$	(58,198	)	$	(59,992	)
Current deferred income tax assets	$	40,635		$	35,228
Non-current deferred income tax liabilities	(98,833		)	(95,220		)
	$	(58,198	)	$	(59,992	)