INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2019

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense

The provision for income tax expense by fiscal year consists of the following (in thousands):

	2019			2018
Current
Federal	$	(529	)	$	4,490
Foreign	(5		)	57
State	1,416			149
Current Income Tax Total	882			4,696
Deferred
Federal	1,344			1,491
Foreign	113			94
State	(406		)	363
Deferred Income Tax Total	1,051			1,948
Total Income Tax Expense	$	1,933		$	6,644

Schedule of Effective Income Tax Rate Reconciliation

Principal reasons for variations between the statutory federal rate and the effective rates by fiscal year were as follows:

	2019		2018
U.S. federal income tax rate	21.0	%	26.9	%
Depletion deductions allowed for mining	(8.2	)	(10.1	)
State income tax expense, net of federal tax expense	2.5		2.5
Difference in effective tax rate of foreign subsidiaries	0.2		0.1
Prior year income taxes	(1.9	)	0.2
Change in federal tax rate applied to deferred tax assets and liabilities	—		26.8
Deduction for domestic production activities	—		(1.4	)
Other	(0.3	)	(0.3	)
Effective income tax rate	13.3	%	44.7	%

Schedule of Deferred Tax Assets and Liabilities

The Consolidated Balance Sheets included the following tax effects of cumulative temporary differences as of July 31 (in thousands):

`

	2019					2018
	Assets			Liabilities		Assets			Liabilities
Depreciation	$	—		$	3,995	$	—		$	3,284
Deferred compensation	2,121			—		2,057			—
Postretirement benefits	6,100			—		4,164			—
Allowance for doubtful accounts	81			—		118			—
Deferred marketing expenses	—			326		—			13
Other assets	390			—		374			—
Accrued expenses	2,076			—		2,131			—
Tax credits	250			—		683			—
Amortization	166			—		200			—
Inventories	264			—		570			—
Depletion	—			173		—			293
Stock-based compensation	556			—		367			—
Reclamation	392			—		309			—
Other assets – foreign	585			—		755			—
Valuation allowance	(732		)	—		(789		)	—
Total deferred taxes	$	12,249		$	4,494	$	10,939		$	3,590