Income Taxes (Tables)

12 Months Ended

Jul. 31, 2019

The provision for income taxes consists of the following:



	Year Ended July 31,
	2019					2018					2017
	Current		Deferred			Current		Deferred			Current		Deferred
United States:
Federal	$	13,494	$	683		$	24,288	$	(7,308	)	$	28,900	$	2,020
State	3,976		(15		)	5,078		491			4,352		261
International	4,869		(2,730		)	4,626		(703		)	1,545		(2,223		)
Total	$	22,339	$	(2,062	)	$	33,992	$	(7,520	)	$	34,797	$	58

Schedule of geographic components of income before income taxes

The geographic components of income (loss) before income taxes are as follows:



	Year Ended July 31,
	2019		2018		2017
United States	$	68,342	$	115,697	$	108,329
International	6,977		1,816		(2,096		)
Total	$	75,319	$	117,513	$	106,233

Schedule of reconciliation of differences in effective tax rate from the United States statutory tax rate

The consolidated effective income tax rate differed from the U.S. statutory tax rate of 21.0% in fiscal 2019, 26.9% in fiscal 2018 and 35.0% in 2017 due to the following:



	Year Ended July 31,
	2019		2018		2017
Expected statutory tax⁽¹⁾	21.0	%	26.9	%	35.0	%
Differential attributable to:
Foreign operations	0.8	%	0.6	%	—	%
State and local taxes	4.8	%	3.7	%	3.9	%
Domestic production deduction	—	%	(1.8	)%	(2.7	)%
Acquisition-related items, net	0.1	%	—	%	0.1	%
Impact of tax legislation on deferred taxes	(0.1	)%	(7.4	)%	—	%
R&E tax credit	(1.0	)%	(0.7	)%	(1.4	)%
Executive compensation	1.4	%	0.2	%	0.3	%
Excess tax benefits	(0.7	)%	(1.7	)%	(2.2	)%
Valuation allowance	0.1	%	2.4	%	—	%
Other	0.5	%	0.3	%	(0.2	)%
Consolidated effective income tax rate	26.9	%	22.5	%	32.8	%

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(1)	During fiscal 2018, we revised our estimated annual rate to reflect a blended U.S. federal statutory rate of 26.9% as compared to 35.0%.

Schedule of deferred income tax assets and liabilities

Tax assets and liabilities, shown before and after jurisdictional netting of deferred tax assets (liabilities), are comprised of the following:



	July 31,
	2019			2018
Deferred tax assets:
Accrued expenses	$	4,175		$	5,354
Inventories	5,408			3,165
Accounts receivable	593			306
Other long-term liabilities	211			103
Stock-based compensation	3,586			2,700
Capital investment	426			426
Domestic NOLs	137			—
Foreign NOLs	10,284			8,605
Subtotal	24,820			20,659
Valuation allowance	(5,701		)	(6,358		)
	19,119			14,301
Deferred tax liabilities:
Property and equipment	(11,342		)	(7,352		)
Intangible assets	(21,156		)	(21,300		)
Goodwill	(11,618		)	(10,362		)
	(44,116		)	(39,014		)
Net deferred income taxes	$	(24,997	)	$	(24,713	)

Reported in Consolidated Balance Sheets as:
Deferred income taxes (assets)	$	4,281		$	2,911
Deferred income taxes (liabilities)	(29,278		)	(27,624		)
	$	(24,997	)	$	(24,713	)