Income Taxes

6 Months Ended

Jan. 31, 2012

Income Taxes [Abstract]

Income Taxes

6. Income Taxes

The estimated effective tax rate for fiscal year 2012 is 28.1%, as compared to the estimated tax rate of 35.9%

reported for the six months ended January 29, 2011. The reduction is mainly a result of increased income from “pass-through” entities taxable to noncontrolling partners, as well as increased income from foreign entities in countries with a lower effective tax rate than in the U.S. In addition, an income tax benefit was recognized discretely in the second quarter as a result of favorable settlements in New York and Kuwait.