Income Taxes

9 Months Ended

Apr. 30, 2012

Income Taxes [Abstract]

Income Taxes

6. Income Taxes

The estimated effective tax rate, excluding discrete items recognized during the nine-month period ended April 30, 2012, is 31.1%, as compared to the estimated tax rate of 36.0% reported for the nine months ended April 30, 2011.  The reduction in the estimated effective tax rate is mainly a result of increased income in the corporate partnerships as well as increased income from foreign entities in countries with a lower effective tax rate than in the U.S.  During the three and nine month periods ended April 30, 2012 an income tax benefit from discrete items of $.4 million and $.7 million, respectively, was recognized as  result of favorable Kuwait and state related tax settlements.