INCOME TAXES (Tables)

12 Months Ended

Jul. 28, 2012

INCOME TAXES

Schedule of federal and state income tax (benefit) expense

	Current			Deferred			Total
	(In thousands)
Fiscal year ended July 28, 2012:
U.S. Federal	$	55,083		$	(7,506	)	$	47,577
State & Local		9,002			462			9,464
Foreign		1,471			929			2,400
	$	65,556		$	(6,115	)	$	59,441
Fiscal year ended July 30, 2011:
U.S. Federal	$	24,971		$	14,273		$	39,244
State & Local		7,091			1,207			8,298
Foreign		2,180			40			2,220
	$	34,242		$	15,520		$	49,762
Fiscal year ended July 31, 2010:
U.S. Federal	$	31,818		$	5,488		$	37,306
State & Local		7,147			(427	)		6,720
Foreign		(345	)		—			(345	)
	$	38,620		$	5,061		$	43,681

Schedule reconciling expected tax expense under the U.S. statutory rate to total income tax expense (benefit)

	Fiscal year ended
	July 28, 2012			July 30, 2011			July 31, 2010
	(In thousands)
Computed "expected" tax expense	$	52,774		$	44,252		$	39,201
State and local income tax, net of Federal income tax benefit		6,152			5,394			4,368
Non-deductible expenses		1,260			1,111			872
Tax effect of share-based compensation		(140	)		(440	)		78
General business credits		(231	)		(1,021	)		(215	)
Other, net		(374	)		466			(623	)
Total income tax expense	$	59,441		$	49,762		$	43,681

Schedule of income tax (benefit) allocation

	July 28, 2012			July 30, 2011			July 31, 2010
	(In thousands)
Income tax expense	$	59,441		$	49,762		$	43,681
Stockholders' equity, difference between compensation expense for tax purposes and amounts recognized for financial statement purposes		(2,804	)		(1,545	)		(1,822	)
Other comprehensive income		495			502			97
	$	57,132		$	48,719		$	41,956

Schedule of net deferred tax assets and deferred tax liabilities

	2012			2011
	(In thousands)
Deferred tax assets:
Inventories, principally due to additional costs inventoried for tax purposes	$	6,431		$	5,638
Compensation and benefits related		18,471			16,701
Accounts receivable, principally due to allowances for uncollectible accounts		2,817			2,286
Accrued expenses		8,294			7,037
Other comprehensive income		—			495
Net operating loss carryforwards		2,778			7,381
Other deferred tax assets		221			71
Total gross deferred tax assets		39,012			39,609
Less valuation allowance		990			5,071
Net deferred tax assets	$	38,022		$	34,538
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation	$	23,828		$	30,333
Intangible assets		24,825			20,530
Other		276			203
Total deferred tax liabilities		48,929			51,066
Net deferred tax liabilities	$	(10,907	)	$	(16,528	)
Current deferred income tax assets	$	25,353		$	22,023
Non-current deferred income tax liabilities		(36,260	)		(38,551	)
	$	(10,907	)	$	(16,528	)