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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jul. 25, 2020
Jul. 27, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 24,939 $ 25,539
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 31,701 27,290
Non-cash share-based compensation 2,958 3,098
Loss on pension settlements 1,604 441
Deferred taxes 11,190 (1,883)
Provision to value inventories at LIFO 589 278
Amortization of business acquisition inventory step-up 508 0
Gain on sale of prescription lists and property, equipment and fixtures (1,252) (102)
Changes in assets and liabilities:    
Merchandise inventories 661 1,196
Patronage dividend receivable 704 29
Accounts payable to Wakefern 18,866 4,332
Accounts payable and accrued expenses 6,210 (2,430)
Accrued wages and benefits 2,767 1,639
Income taxes receivable / payable (13,828) (241)
Other assets and liabilities (3,669) (3,398)
Net cash provided by operating activities 83,948 55,788
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (54,495) (27,988)
Proceeds from the sale of assets 1,261 102
Investment in notes receivable from Wakefern (2,800) (28,064)
Maturity of notes receivable from Wakefern 0 24,937
Business acquisitions, net of cash acquired (73,622) (5,267)
Net cash used in investing activities (129,656) (36,280)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 0 1,007
Excess tax benefit related to share-based compensation 0 34
Proceeds from issuance of long-term debt 25,500 0
Principal payments of long-term debt (1,666) (1,576)
Proceeds from revolving line of credit 61,915 0
Payments on revolving line of credit (11,915) 0
Debt issuance costs (212) 0
Dividends (12,965) (12,890)
Treasury stock purchases, including shares surrendered for withholding taxes (4,389) (1,070)
Net cash provided by (used in) financing activities 56,268 (14,495)
NET INCREASE IN CASH AND CASH EQUIVALENTS 10,560 5,013
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 101,121 96,108
CASH AND CASH EQUIVALENTS, END OF YEAR 111,681 101,121
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR:    
Interest 2,611 4,436
Income taxes 9,432 12,074
Investment in Wakefern and increase in notes payable to Wakefern 382 891
Capital expenditures included in accounts payable and accrued expenses $ 5,050 $ 7,372