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New Accounting Standards
3 Months Ended
Oct. 31, 2013
New Accounting Standards [Abstract]  
New Accounting Standards

Note PNew Accounting Standards

In February 2013, the FASB updated the disclosure requirements for accumulated other comprehensive income (AOCI). The updated guidance requires companies to disclose amounts reclassified out of AOCI by component. The updated guidance does not affect how net income or other comprehensive income are calculated or presented.  The updated guidance was effective for the Company beginning in the first quarter of Fiscal 2014.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.  For additional information, refer to Note F.

In February 2013, the FASB issued guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date.  This guidance is effective for the Company beginning the first quarter of Fiscal 2015.  The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.