INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes are:

	2021		2020
Federal:
Current	$	7,172	$	(8,023)
Deferred	(2,037)		10,846
State:
Current	4,229		3,627
Deferred	(505)		344
	$	8,859	$	6,794

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	July 31, 2021		July 25, 2020
Deferred tax assets:
Lease liabilities	$	106,615	$	98,149
Tax credit carryforward	—		508
Compensation related costs	4,377		2,945
Pension costs	3,248		1,881
Other	552		752
Total deferred tax assets	114,792		104,235
Deferred tax liabilities:
Tax over book depreciation	22,653		23,626
Lease assets	98,994		92,021
Patronage dividend receivable	4,162		3,133
Investment in partnerships	1,162		1,076
Other	611		178
Total deferred tax liabilities	127,582		120,034
Net deferred tax liability	$	(12,790)	$	(15,799)

Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 31, 2021 and July 25, 2020:

	2021	2020
Other assets	1,642	702
Other liabilities	(14,432)	(16,501)

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differs from the statutory federal income tax rate as follows:

	2021		2020
Statutory federal income tax rate	21.0	%	21.0	%
State income taxes, net of federal tax benefit	10.3	%	9.9	%
Federal net operating loss carryback	—	%	(7.9)	%
Other	(0.6)	%	(1.6)	%
Effective income tax rate	30.7	%	21.4	%