Accrued Expenses

9 Months Ended

Apr. 30, 2024

Accrued expenses were comprised of the following:


(in thousands)	April 30, 2024		July 31, 2023
Trade spend(a)	$	10,835	$	12,721
Income taxes payable(b)	1,522		11,019
Deferred compensation liability(c)	3,615		3,261
Barrel purchases	707		2,589
Accrued professional fees	595		599
Bulk wine and other received not invoiced	1,499		529
Accrued invoices and other accrued expenses	12,142		7,528

Accrued expenses	$	30,915	$	38,246

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(a) Trade spend refers to estimated amounts the Company owes to distributors for depletion-based incentives.

(b) Effective March 2023, as revised in October 2023, the IRS postponed certain tax filings and payment deadlines, until November 2023, in areas designated with eligible Federal Emergency Management Agency declarations. During the third fiscal quarter of 2023, the Company deferred federal and state tax payments which were paid in full during the nine months ended April 30, 2024.

(c) The Company intends to use the cash surrender value of life insurance policies to partially settle its deferred compensation plan liability. The cash surrender value of the life insurance policies was $3.4 million and $2.7 million at April 30, 2024 and July 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Statements of Financial Position.