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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jul. 27, 2019
Jul. 28, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 25,539 $ 25,080
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,290 24,999
Non-cash share-based compensation 3,098 3,715
Deferred taxes (1,883) (1,050)
Provision to value inventories at LIFO 278 (176)
Gain on sale of property, equipment and fixtures (102) (150)
Changes in assets and liabilities:    
Merchandise inventories 1,196 2,615
Patronage dividend receivable 29 718
Accounts payable to Wakefern 4,332 2,242
Accounts payable and accrued expenses (2,430) 2,139
Accrued wages and benefits 1,639 810
Income taxes receivable / payable (241) 2,377
Other assets and liabilities (2,957) (4,435)
Net cash provided by operating activities 55,788 58,884
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (27,988) (35,464)
Proceeds from the sale of assets 102 150
Investment in notes receivable from Wakefern (28,064) (24,573)
Maturity of notes receivable from Wakefern 24,937 22,172
Investment in notes receivable related to New Markets Tax Credit financing 0 (4,835)
Acquisition of Gourmet Garage, net of cash acquired (5,267) 0
Net cash used in investing activities (36,280) (42,550)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 1,007 225
Excess tax benefit related to share-based compensation 34 5
Proceeds from New Markets Tax Credit financing 0 6,860
Debt issuance costs 0 (297)
Principal payments of long-term debt (1,576) (944)
Dividends (12,890) (12,878)
Treasury stock purchases, including shares surrendered for withholding taxes (1,070) (632)
Net cash used in financing activities (14,495) (7,661)
NET INCREASE IN CASH AND CASH EQUIVALENTS 5,013 8,673
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 96,108 87,435
CASH AND CASH EQUIVALENTS, END OF YEAR 101,121 96,108
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR:    
Interest 4,436 4,460
Income taxes 12,074 6,420
Investment in Wakefern and increase in notes payable to Wakefern 891 0
Capital expenditures included in accounts payable and accrued expenses $ 7,372 $ 1,233