Income Taxes Income Taxes (Tables)

6 Months Ended

Jan. 27, 2018

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the (benefit) provision for income taxes were as follows (dollars in thousands):



	Six Months Ended			Fiscal Year Ended
	January 27, 2018			July 29, 2017			July 30, 2016			July 25, 2015
Current:
Federal	$	(4,384	)	$	62,455		$	42,096		$	42,516
Foreign	598			176			310			502
State	1,166			12,344			8,399			6,998
	(2,620		)	74,975			50,805			50,016
Deferred:
Federal	(21,332		)	17,051			26,467			305
Foreign	(37		)	(35		)	(296		)	268
State	1,704			1,217			611			671
	(19,665		)	18,233			26,782			1,244
Total (benefit) provision for income taxes	$	(22,285	)	$	93,208		$	77,587		$	51,260

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the amount computed by applying the Company’s blended statutory income tax rate to pre-tax income to the total tax provision is as follows (dollars in thousands):



	Six Months Ended			Fiscal Year Ended
	January 27, 2018			July 29, 2017			July 30, 2016			July 25, 2015
Statutory rate applied to pre-tax income	$	15,334		$	87,649		$	72,214		$	47,454
State taxes, net of federal tax benefit	1,406			9,868			7,398			5,159
Tax Reform and related effects	(32,249		)	—			—			—
Federal benefit of vesting and exercise of share-based awards	(7,067		)	—			—			—
Non-deductible and non-taxable items, net	1,585			(4,686		)	(2,013		)	(1,220		)
Change in accruals for uncertain tax positions	250			632			113			(74		)
Tax credits	(1,596		)	—			—			—
Other items, net	52			(255		)	(125		)	(59		)
Total (benefit) provision for income taxes	$	(22,285	)	$	93,208		$	77,587		$	51,260

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands):



	January 27, 2018			July 29, 2017			July 30, 2016
Deferred tax assets:
Insurance and other reserves	$	22,368		$	36,955		$	33,847
Allowance for doubtful accounts and reserves	1,081			1,975			1,013
Net operating loss carryforwards	822			765			1,151
Stock-based compensation	3,405			8,022			6,424
Other	1,174			1,750			1,363
Total deferred tax assets	28,850			49,467			43,798
Valuation allowance	(148		)	(122		)	(358		)
Deferred tax assets, net of valuation allowance	$	28,702		$	49,345		$	43,440
Deferred tax liabilities:
Property and equipment	$	59,933		$	87,581		$	63,926
Goodwill and intangibles	25,852			38,125			32,632
Other	345			741			736
Deferred tax liabilities	$	86,130		$	126,447		$	97,294

Net deferred tax liabilities	$	57,428		$	77,102		$	53,854