INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2020

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):

	2020			2019
Current
Federal	$	3,768		$	(529	)
Foreign	5			(5		)
State	999			1,416
Current Income Tax Total	4,772			882
Deferred
Federal	(610		)	1,344
Foreign	(3		)	113
State	121			(406		)
Deferred Income Tax Total	(492		)	1,051
Total Income Tax Expense	$	4,280		$	1,933

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:

	2020		2019
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(4.8	)	(8.2	)
State income tax expense, net of federal tax expense	4.3		2.5
Difference in effective tax rate of foreign subsidiaries	1.2		0.2
Prior year income taxes	(1.0	)	(1.9	)
Other	(2.1	)	(0.3	)
Effective income tax rate	18.6	%	13.3	%

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):

`

	2020					2019
	Assets			Liabilities		Assets			Liabilities
Depreciation	$	—		$	3,926	$	—		$	3,995
Deferred compensation	1,779			—		2,121			—
Postretirement benefits	3,293			—		6,100			—
Lease right of use assets	—			2,534		—			—
Lease liabilities	2,918			—		—			—
Allowance for doubtful accounts	178			—		81			—
Deferred marketing expenses	—			194		—			326
Other assets	—			9		390			—
Accrued expenses	4,131			—		2,076			—
Tax credits	147			—		250			—
Amortization	48			—		166			—
Inventories	343			—		264			—
Depletion	—			173		—			173
Stock-based compensation	987			—		556			—
Reclamation	447			—		392			—
Other assets – foreign	790			—		585			—
Valuation allowance	(923		)	—		(732		)	—
Total deferred taxes	$	14,138		$	6,836	$	12,249		$	4,494