0000074046-21-000082 | 10-K | XBRL Viewer

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Cover Page Cover Page - USD ($)	12 Months Ended
Cover Page Cover Page - USD ($)	Jul. 31, 2021	Sep. 30, 2021	Jan. 31, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	001-12622
Entity Registrant Name	OIL-DRI CORPORATION OF AMERICA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2048898
Entity Address, Address Line One	410 North Michigan Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611-4213
City Area Code	312
Local Phone Number	321-1515
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	ODC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 185,586,233
Entity Central Index Key	0000074046
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		5,329,859
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,050,565
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Current Assets
Cash and cash equivalents	$ 24,591	$ 40,890
Accounts receivable, less allowance of $1,174 and $1,078 in 2021 and 2020, respectively	40,923	34,911
Inventories, net	23,598	23,893
Prepaid repairs expense	6,088	5,662
Prepaid expenses and other assets	6,742	3,064
Total Current Assets	101,942	108,420
Property, Plant and Equipment
Buildings and leasehold improvements	40,181	39,274
Machinery and equipment	162,930	152,583
Office furniture and equipment	21,685	21,502
Vehicles	17,543	17,863
Gross depreciable assets	242,339	231,222
Less accumulated depreciation and amortization	(178,885)	(169,040)
Net depreciable assets	63,454	62,182
Construction in progress	14,627	13,717
Land and mineral rights	17,859	17,049
Total Property, Plant and Equipment, Net	95,940	92,948
Other Assets
Goodwill	9,262	9,262
Trademarks and patents, net of accumulated amortization of $385 and $457 in 2021 and 2020, respectively	1,743	1,566
Customer list, net of accumulated amortization of $7,321 and $6,887 in 2021 and 2020, respectively	464	898
Deferred income taxes	2,096	7,302
Operating lease right-of-use assets	8,619	9,816
Other	7,500	5,670
Total Other Assets	29,684	34,514
Total Assets	227,566	235,882
Current Liabilities
Current maturities of notes payable	1,000	1,000
Accounts Payable	9,206	12,529
Dividends payable	1,865	1,808
Operating lease liabilities	2,036	2,170
Accrued Expenses	24,883	28,700
Total Current Liabilities	38,990	46,207
Noncurrent Liabilities
Notes payable, net of unamortized debt issuance costs of $122 and $150 in 2021 and 2020, respectively	7,878	8,848
Deferred compensation	4,370	5,140
Pension and postretirement benefits	4,922	15,140
Long-term operating lease liabilities	8,022	9,135
Other	4,152	3,448
Total Noncurrent Liabilities	29,344	41,711
Total Liabilities	68,334	87,918
Stockholders’ Equity
Additional paid-in capital	48,271	44,993
Retained earnings	180,443	176,579
Noncontrolling interest	(307)	(174)
Accumulated Other Comprehensive Loss
Pension and postretirement benefits	(4,428)	(11,994)
Cumulative translation adjustment	311	(260)
Total Accumulated Other Comprehensive Loss	(4,117)	(12,254)
Less treasury stock, at cost (3,192,702 Common and 346,491 Class B shares in 2021 and 3,090,230 Common and 335,816 Class B shares in 2020)	(66,154)	(62,269)
Total Stockholders’ Equity	159,232	147,964
Total Liabilities and Stockholders’ Equity	227,566	235,882
Common Stock
Stockholders’ Equity
Common Stock, par value $.10	856	845
Common Class B
Stockholders’ Equity
Common Stock, par value $.10	$ 240	$ 244

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Net Sales	$ 304,981	$ 283,227
Cost of Sales	(239,740)	(214,521)
Gross Profit	65,241	68,706
Other Operating Income	0	13,000
Selling, General and Administrative Expenses	(52,205)	(56,879)
Income from Operations	13,036	24,827
Other Income (Expense)
Interest income	71	259
Interest expense	(722)	(518)
Foreign exchange loss	(93)	(161)
Other, net	1,076	(1,387)
Total Other Income (Expense), Net	332	(1,807)
Income Before Income Taxes	13,368	23,020
Income Tax Expense	(2,388)	(4,280)
Net income	10,980	18,740
Net Loss Attributable to Noncontrolling Interest	(133)	(160)
Net Income Attributable to Oil-Dri	$ 11,113	$ 18,900
Basic Common
Net Income Per Share
Basic	$ 1.61	$ 2.70
Diluted	$ 1.57	$ 2.65
Average Shares Outstanding
Basic (in shares)	5,142	5,149
Diluted (in shares)	5,253	5,246
Basic Class B Common
Net Income Per Share
Basic	$ 1.20	$ 2.02
Diluted	$ 1.18	$ 1.99
Average Shares Outstanding
Basic (in shares)	1,926	2,020
Diluted (in shares)	1,967	2,049

Consolidate Statements of Comprehensive Income Statement - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Net Income Attributable to Parent
Net Income Attributable to Oil-Dri	$ 11,113	$ 18,900
Other Comprehensive Income (Loss)
Pension and postretirement benefits (net of tax)	7,566	2,897
Cumulative translation adjustment	571	(112)
Other Comprehensive Income	8,137	2,785
Comprehensive Income	$ 19,250	$ 21,685

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Stockholders Equity Statement - USD ($)	Total	Common & Class B Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Noncontrolling Interest Agromex	Parent Oil-Dri Corporation of America
Total, Beginning of Period at Jul. 31, 2019	$ 135,546,000	$ 1,086,000	$ 41,300,000	$ 164,756,000	$ (56,543,000)	$ (15,039,000)	$ (14,000)
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2019		10,860,678
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2019					(3,251,288)
Net Income	18,740,000	$ 0	0		$ 0	0
Net Income Attributable to Oil-Dri	18,900,000			18,900,000
Net Loss Attributable to Noncontrolling Interest	(160,000)						(160,000)
Other Comprehensive Income	2,785,000	0	0	0	0	2,785,000	0
Dividends Declared	(7,077,000)	0	0	(7,077,000)	$ 0	0	0
Purchases of Treasury Stock (in shares)					(169,058)
Purchases of Treasury Stock	(5,541,000)	$ 0	0	0	$ (5,541,000)	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		25,727			5,700
Net issuance of stock under long-term incentive plans	1,000	$ 3,000	183,000	0	$ (185,000)	0	0
Amortization of Restricted Stock	3,368,000	0	3,368,000	0	0	0	0
Contributions from noncontrolling interests	142,000	0	142,000	0	0	0	0
Total, End of Period at Jul. 31, 2020	147,964,000	$ 1,089,000	44,993,000	176,579,000	$ (62,269,000)	(12,254,000)	(174,000)
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2020		10,886,405
Treasury Stock, End of Period (in shares) at Jul. 31, 2020					(3,426,046)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent									$ 724,000
Noncontrolling Interest, Parent Ownership Percentage Prior to Purchase of Additional Interest									52.00%
Noncontrolling Interest, Ownership Percentage by Parent									78.40%
Noncontrolling Interest Ownership Percentage Prior to Parent's Purchase of Additional Interest								48.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners								21.60%
Net Income	10,980,000	$ 0	0		$ 0	0
Net Income Attributable to Oil-Dri	11,113,000			11,113,000
Net Loss Attributable to Noncontrolling Interest	(133,000)						(133,000)
Other Comprehensive Income	8,137,000	0	0	0	0	8,137,000	0
Dividends Declared	(7,249,000)	0	0	(7,249,000)	$ 0	0	0
Purchases of Treasury Stock (in shares)					(87,647)
Purchases of Treasury Stock	(3,130,000)	$ 0	0	0	$ (3,130,000)	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		71,962			25,500
Net issuance of stock under long-term incentive plans	(1,000)	$ 7,000	747,000	0	$ (755,000)	0	0
Amortization of Restricted Stock	2,531,000	0	2,531,000	0	0	0	0
Total, End of Period at Jul. 31, 2021	$ 159,232,000	$ 1,096,000	$ 48,271,000	$ 180,443,000	$ (66,154,000)	$ (4,117,000)	$ (307,000)
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2021		10,958,367
Treasury Stock, End of Period (in shares) at Jul. 31, 2021					(3,539,193)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Cash Flows from Operating Activities
Net Income	$ 10,980	$ 18,740
Adjustments to reconcile net income to net cash provided by operating activites:
Depreciation and amortization	14,177	13,923
Non-cash stock compensation expense	2,531	3,368
Deferred income taxes	2,760	(492)
Provision for bad debts and cash discounts	147	423
Loss on the disposals of property, plant and equipment	52	114
Curtailment gain on SERP Plan	0	(1,296)
(Increase) decrease in:
Accounts receivable	(5,955)	(12)
Inventories	518	213
Prepaid expenses	(4,067)	(949)
Deferred income taxes	2,436	945
Other assets	544	(1,242)
Increase (decrease) in:
Accounts payable	(2,411)	4,238
Accrued expenses	(4,097)	8,632
Deferred compensation	(770)	421
Pension and postretirement benefits	(2,652)	(5,684)
Other liabilities	(557)	1,120
Total Adjustments	2,656	23,722
Net Cash Provided by Operating Activities	13,636	42,462
Cash Flows from Investing Activities
Capital expenditures	(18,839)	(14,740)
Proceeds from sale of property, plant and equipment	9	63
Net Cash Used in Investing Activities	(18,830)	(14,677)
Cash Flows from Financing Activities
Proceeds from issuance of notes payable	0	10,000
Principal payments on notes payable	(1,000)	(6,321)
Dividends paid	(7,192)	(7,030)
Purchase of treasury stock	(3,130)	(5,541)
Contributions from noncontrolling interests	0	142
Net Cash Used in Financing Activities	(11,322)	(8,750)
Effect of exchange rate changes on cash and cash equivalents	217	(7)
Net (Decrease) Increase in Cash and Cash Equivalents	(16,299)	19,028
Cash and Cash Equivalents, Beginning of Year	40,890	21,862
Cash and Cash Equivalents, End of Year	24,591	40,890
Other cash flows:
Interest payments, net of amounts capitalized	400	273
Income tax payments	6,151	2,319
Noncash investing and financing activities:
Capital expenditures accrued, but not paid	1,926	2,990
Cash dividends declared and accrued, but not paid	$ 1,865	$ 1,808

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Allowance for doubtful accounts	$ 1,174	$ 1,078
Trademarks and patents accumulated amortization	385	457
Customer list accumulated amortization	7,321	6,887
Unamortized debt issuance costs	$ 122	$ 150
Common Stock
Common Stock, shares issued	8,561,311	8,449,003
Common Stock, par value per share	$ 0.10	$ 0.10
Treasury Stock, shares	3,192,702	3,090,230
Common Class B
Common Stock, shares issued	2,397,056	2,437,402
Common Stock, par value per share	$ 0.10	$ 0.10
Treasury Stock, shares	346,491	335,816

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

We are a leader in developing, manufacturing and/or marketing sorbent products. Our sorbent products are principally produced from clay minerals. Our absorbent clay products include cat litter, industrial floor absorbents, agricultural chemical carriers and animal feed additives. Our adsorbent products include bleaching clays, which are used for filtration of edible oils and for purification of petroleum-based oils. We also sell synthetic sorbents, which are used for industrial cleanup.

PRINCIPLES OF CONSOLIDATION

The Consolidated Financial Statements include the accounts of Oil-Dri Corporation of America and its subsidiaries. All significant intercompany balances and transactions have been eliminated from the Consolidated Financial Statements.

RECLASSIFICATION

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These immaterial reclassifications had no effect on the previously reported net income.

IMMATERIAL CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Subsequent to the issuance of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020, we identified an error in our historical financial statements related to the classification of certain costs as selling, general and administrative expenses relating to the production of our inventory that should be classified as cost of sales. These costs generally relate to our annual discretionary bonus and 401(k) employer match for our manufacturing teammates, teammate salaries for individuals in our support functions that spend a portion of their time related to our manufacturing operations such as IT, and other costs mostly related to consultants and outside services.

In accordance with FASB Accounting Standards Codification 250, Accounting Changes and Error Corrections, we evaluated the materiality of the error from both a quantitative and qualitative perspective, and concluded that the error was immaterial to our prior period interim and annual financial statements. Since the error was not material to any prior period interim or annual financial statements, no amendments to previously filed interim or annual periodic reports are required. Consequently, we have adjusted for these errors by revising our historical consolidated financial statements presented herein. The revision to our historical consolidated financial statements did not result in any impact to our consolidated net income.

The effects of the corrections to each of the individual affected line items in our Consolidated Statements of Operations were as follows (in thousands):


	Year Ended July 31, 2020
	As Previously Reported		Corrections		As Corrected
Cost of Sales	$	(207,404)	$	(7,117)	$	(214,521)

Selling, General and Administrative Expenses	$	(63,996)	$	7,117	$	(56,879)

The related impacts to Inventory in our Consolidated Balance Sheets were not considered material and hence, were not adjusted. The effects of the corrections to our Notes to the Consolidated Financial Statements for Operating Segments were as follows (in thousands):


	Year Ended July 31, 2020

	Income

	As Previously Reported		Corrections		As Corrected

Business to Business Products	$	31,218	$	(2,781)	$	28,437

Retail and Wholesale Products	$	15,859	$	(4,336)	$	11,523

Corporate Expenses	$	(35,250)	$	7,117	$	(28,133)

MANAGEMENT USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period as well as the related disclosures. Estimates and assumptions about future events cannot be made with certainty, including the potential impacts and duration of COVID-19 and its aftermath. All of our estimates and assumptions are revised periodically. Actual results could differ from these estimates. For more information see Critical Accounting Policies and Estimates in Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations.”

The COVID-19 pandemic continues to impact business activity across industries in the U.S. and worldwide, including, but not limited to, workforce and supply chain disruptions. The Company remains committed to taking actions to address the health, safety and welfare of its employees, customers, agents and suppliers. Future developments, such as the actions taken by governmental authorities in response to future outbreaks that are highly uncertain and unpredictable, will determine the extent to which COVID-19 continues to impact the Company’s results of operations and financial conditions. See the risk factor captioned “Our business could be adversely affected by a widespread threat to public health," in Item 1A, Risk Factors, included in Part I of this Annual Report on Form 10-K for an additional discussion of risks related to COVID-19.

CASH AND CASH EQUIVALENTS

Cash equivalents are highly liquid investments with maturities of three months or less.

TRADE RECEIVABLES

We recognize trade receivables when control of finished products are transferred to our customers. We record an allowance for doubtful accounts based on our historical experience and a periodic review of our accounts receivable, including a review of the overall aging of accounts, consideration of customer credit risk and analysis of facts and circumstances about specific accounts. A customer account is determined to be uncollectible when it is probable that a loss will be incurred after we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment. We retain outside collection agencies to facilitate our collection efforts. Past due status is determined based on contractual terms and customer payment history.

INVENTORIES

The composition of inventories was as follows as of July 31 (in thousands):


	2021		2020
Finished goods	$	14,179	$	14,500
Packaging	5,084		4,587
Other	4,335		4,806
Inventories	$	23,598	$	23,893

Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor and other overhead costs. We performed a detailed review of our inventory items to determine if an obsolescence reserve adjustment was necessary. The review surveyed all of our operating facilities and sales groups to ensure that both historical issues and new market trends were considered. The obsolescence reserve not only considered specific items, but also took into consideration the overall value of the inventory as of the balance sheet date. We recorded inventory obsolescence reserves of approximately $641,000 and $926,000 as of July 31, 2021 and 2020, respectively. The lower obsolescence reserve is attributed to our focus on inventory management. The other category of inventories includes a variety of items including clay, additives, fragrances and other supplies and decreased from July 31, 2020 due to increased production. Finished goods inventory decreased due to sales volume. Conversely, packaging inventories increased from July 31, 2020 due to anticipated sales demand as well as an increase in the cost of packaging.

TRANSLATION OF FOREIGN CURRENCIES

Assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated to U.S. Dollars at the exchange rates in effect at period end. Income statement items are translated at the average exchange rate on a monthly basis. Resulting translation adjustments are recorded as a separate component of stockholders’ equity.

INTANGIBLES AND GOODWILL

We amortize most of our intangibles on a straight-line basis over periods ranging from 4 to 20 years. Our customer list intangible asset is amortized at an accelerated amortization rate in the earlier years to reflect the expected pattern of decline in the related benefits over time. Intangible amortization was $680,000 in fiscal year 2021 and $804,000 in fiscal year 2020. Some intangible assets were determined to have indefinite lives and are not amortized, specifically one acquired trademark recorded at $376,000.

Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands):


2022	$	447
2023	$	244
2024	$	108
2025	$	83
2026	$	80

The weighted average amortization period of our intangibles subject to amortization is as follows (in years):


			Weighted Average Amortization Period
Trademarks and patents			13.0
Customer list			2.3
Total intangible assets subject to amortization			8.4

We periodically review indefinite-lived intangibles and goodwill to assess for impairment. Our review is based on cash flow considerations and other approaches that require significant judgment with respect to volume, revenue, expenses and allocations. Impairment occurs when the carrying value exceeds the fair value. Much of our goodwill cannot be specifically assigned to one of our operating segments because of the shared nature of our production facilities; however, for purposes of our most recent impairment analysis we estimated the goodwill allocation and assigned $5,497,000 to the Retail and Wholesale Products Group and $3,765,000 to the Business to Business Products Group.

We performed our annual impairment testing in the fourth quarter of fiscal years 2021 and 2020. There was no impairment required based on our analysis for fiscal years 2021 or 2020. We will continue to consider the need to re-perform impairment testing throughout the year when circumstances such as unexpected adverse economic factors, unanticipated technological changes, competitive activities and acts by governments and courts indicate that an asset may become impaired. In addition, although we have not identified any triggering events relating to goodwill or our intangibles, the ultimate effects of COVID-19 could change this assessment in the future, as outlined under Item 1A, Risk Factors, discussed above.

OVERBURDEN REMOVAL AND MINING COSTS

We surface mine sorbent minerals on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs incurred during production are treated as a variable inventory production cost and are included in cost of sales in the period they are incurred. Stripping costs included in cost of sales were approximately $1,920,000 and $1,722,000 for fiscal years 2021 and 2020, respectively. Pre-production overburden removal costs associated with opening a new mine during the development phase are deferred. Total pre-production costs, including the overburden removal costs, that were capitalized in fiscal years 2021 and 2020 were $1,810,000 and $535,000 respectively. Capitalized development costs are amortized when the sorbent material is removed from the mine and used to produce product for sale. At the end of fiscal year 2021, the amount of development costs that are being amortized is $478,000.

Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral rights, including legal fees and drilling expenses, are also capitalized. The amount of land and mineral rights included in land on the Consolidated Balance Sheets were approximately $13,637,000 and $2,165,000, respectively, as of July 31, 2021, and were $13,570,000 and $2,165,000, respectively, as of July 31, 2020. Any prepaid royalties that may be offset against future royalties due upon extraction of the mineral are also capitalized. Prepaid royalties included in current prepaid expenses and in non-current other assets on the Consolidated Balance Sheets were approximately $1,605,000 and $1,232,000 as of July 31, 2021 and 2020, respectively.

RECLAMATION

We perform ongoing reclamation activities during the normal course of our overburden removal. As overburden is removed from a mine site, it is hauled to previously mined sites and is used to refill older sites. This process allows us to continuously reclaim older mine sites and dispose of overburden simultaneously, therefore minimizing the costs associated with the reclamation process.

On an annual basis we evaluate our potential reclamation liability in accordance with ASC 410, Asset Retirement and Environmental Obligations. The reclamation assets are depreciated over the estimated useful lives of the various mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the mines.

As of July 31, 2021 and 2020, we have recorded an estimated net reclamation asset of $1,152,000 and $932,000, respectively, and a corresponding estimated reclamation liability of $2,965,000 as of July 31, 2021 and $2,554,000 as of July 31, 2020. These values represent the discounted present value of the estimated future mining reclamation costs at the production plants. Additional mining activity in fiscal year 2021 and disturbance of land accounts for the increase in the reclamation liability.

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are generally depreciated using the straight-line method over their estimated useful lives which are listed below. Depreciation expense was $13,497,000 and $13,119,000 in fiscal years 2021 and 2020, respectively. Major improvements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use. There was no capitalized interest in fiscal years 2021 and 2020.


	Years
Buildings and leasehold improvements	3	-	40
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	2	-	15
Office furniture and equipment	2	-	15
Vehicles	2	-	15

Property, plant and equipment are carried at cost on the Consolidated Balance Sheets and are reviewed for possible impairment on an annual basis or when circumstances indicate impairment that an asset may become impaired. We take into consideration idle and underutilized equipment and review business plans for possible impairment. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value. No impairment was recorded in either fiscal year 2021 or 2020.

OTHER CURRENT AND NONCURRENT LIABILITIES

On March 27, 2020, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into U.S. law. The CARES Act provides for, among other things, deferral of the employer portion of social security taxes incurred through the end of calendar 2020. As permitted by the CARES Act, we deferred approximately $2,300,000 in payroll taxes in calendar year 2020. The $2,300,000 will be paid equally in the fourth quarters of calendar years 2021 and 2022; $1,150,000 in 2021 and $1,150,000 in 2022. The current portion of the accrual for these payroll taxes is included in Other within Accrued Expenses and the noncurrent portion of the accrual is included in Other within Noncurrent Liabilities on the Consolidated Balance Sheet.

TRADE PROMOTIONS

We routinely commit to one-time or ongoing trade promotion programs, primarily in our Retail and Wholesale Products Group. All such costs are netted against sales. We have accrued liabilities at the end of each period for the estimated expenses incurred but not yet paid for these programs. Promotional reserves are provided for sales incentives made directly to consumers, such as coupons, and sales incentives made to customers, such as slotting, discounts based on sales volume, cooperative marketing programs and other arrangements. We use judgment for estimates to determine our trade spending liabilities. We rely on our historical experience of trade spending patterns and that of the industry, current trends and forecast data.

ADVERTISING

Advertising costs for the development of printed materials, television commercials, web-based digital banners, web-based social media and sales videos are deferred and expensed upon the first use of the materials, unless such amounts are immaterial. Costs paid for communicating advertising over a period of time, such as television air time, radio commercials and print media advertising space, are deferred and expensed on a pro-rata basis. All other advertising costs, including participation in industry conventions and shows and market research, are expensed when incurred. All advertising costs are part of selling, general and administrative expenses. Advertising expenses were approximately $8,651,000 and $9,674,000 in fiscal years 2021 and 2020, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Non-derivative financial instruments included in the Consolidated Balance Sheets are cash and cash equivalents and notes payable. These instruments, except for notes payable, were carried at amounts approximating fair value as of July 31, 2021 and 2020. See Note 4 of the Notes to the Consolidated Financial Statements for additional information regarding the fair value of our financial instruments, including notes payable.

REVENUE RECOGNITION

We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Sales returns are not material nor are warranties and any related obligations.

We have an unconditional right to consideration under the payment terms specified in the contract upon completion of the performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a liability for these advance payments of $256,000 and $247,000 as of July 31, 2021 and July 31, 2020, respectively. This liability is reported in Other Accrued Expenses on the Consolidated Balance Sheets. Revenue recognized during fiscal year 2021 that was included in the liability for advance payments at the beginning of the year was $200,000.

COST OF SALES

Cost of sales consists of all manufacturing costs, including depreciation and amortization related to assets used in the manufacturing and distribution process, inbound and outbound freight, inspection costs, purchasing costs associated with materials and packaging used in the production process and warehouse and distribution costs.

SHIPPING AND HANDLING COSTS

Shipping and handling costs are included in cost of sales and were approximately $46,500,000 and $39,865,000 for fiscal years 2021 and 2020, respectively. The increase in fiscal year 2021 relates to the increase in freight due to higher transportation rates from tight truck availability.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses.

RESEARCH AND DEVELOPMENT

Research and development costs of approximately $2,539,000 and $2,765,000 were charged to expense as incurred for fiscal years 2021 and 2020, respectively, and are recorded in selling, general and administrative expenses.

PENSION AND POSTRETIREMENT BENEFIT COSTS

We provide a defined benefit pension plan for eligible salaried and hourly employees and we make contributions to fund the plan. We also provide a postretirement health benefit plan to domestic salaried employees who qualify under the plan’s provisions. The postretirement health benefit plan is unfunded. Our pension and postretirement health benefit plans are accounted for using actuarial valuations required by ASC 715, Compensation – Retirement Benefits. The funded status of our defined pension and postretirement health benefit plans are recognized on the Consolidated Balance Sheets. Changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost are recognized within other comprehensive income, net of income tax. In fiscal year 2020 we amended the defined benefit pension plan and the plan is now closed to new entrants. See Note 8 of the Notes to the Consolidated Financial Statements for additional information.

STOCK-BASED COMPENSATION

We account for stock options and restricted stock issued under our long term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. Forfeitures are recognized as they occur. See Note 7 of the Notes to the Consolidated Financial Statements for additional information.

INCOME TAXES

Deferred income tax assets and liabilities are recorded for the impact of temporary differences between the tax basis of assets and liabilities and the amounts recognized for financial reporting purposes. Deferred tax assets are reviewed and a valuation allowance is established if management believes that it is more likely than not that some portion of our deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change.

In addition to existing valuation allowances, we provide for uncertain tax positions, if necessary, when such tax positions do not meet the recognition thresholds or measurement standards prescribed by ASC 740, Income Taxes. Amounts for uncertain tax positions are adjusted when new information becomes available or when positions are effectively settled. We recognize interest and penalties accrued related to uncertain tax positions in income tax expense.

U.S. income tax expense and foreign withholding taxes are provided on remittances of foreign earnings and on unremitted foreign earnings that are not indefinitely reinvested. Where unremitted foreign earnings are indefinitely reinvested, no provision for federal or state tax expense is recorded. When circumstances change and we determine that some or all of the

undistributed earnings will be remitted in the foreseeable future, a corresponding expense is accrued in the current period. See Note 5 of the Notes to the Consolidated Financial Statements for additional information about income taxes.

OTHER OPERATING INCOME

Included within Other Operating Income in fiscal year 2020 is revenue earned from a confidential license agreement. Pursuant to this agreement, the Company granted a non-exclusive, perpetual license to develop, manufacture, use, distribute and sell products produced using formulations under certain of our patents until their expiration and agreed to certain limitations on the ability of the parties to bring forth patent infringement claims or challenges relating to certain products in exchange for a one-time payment of $13,000,000. This revenue is recognized at a point in time as it is considered functional intellectual property.

NEW ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards

In March 2020, the FASB issued guidance under ASC 848, Reference Rate Reform. This guidance provides optional expedients and exceptions to account for debt, leases, contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. The guidance is effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We have debt agreements that reference LIBOR and to the extent that those agreements are modified to replace LIBOR with another interest rate index, ASC 848 will allow us to account for the modification as a continuation of the existing contract without additional analysis. We are currently evaluating the potential effects of the adoption of this guidance on our Consolidated Financial Statements.

In December 2019, the FASB issued guidance under ASC 740, Income Taxes, which simplifies the accounting for income taxes. The guidance removes several specific exceptions to the general principles in ASC 740 and clarifies and makes amendments to improve consistent application of and simplify existing accounting for other areas in ASC 740. This guidance is effective for our first quarter of fiscal year 2022, with early adoption permitted. We have performed an initial analysis of the impacts of adopting this requirement and do not anticipate that it will be material to our Consolidated Financial Statements.

In June 2016, the FASB issued guidance under ASC 326, Financial Instruments-Credit Losses, which requires companies to utilize an impairment model for most financial assets measured at amortized cost and certain other financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses. In addition, this new guidance changes the recognition method for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk, as well as additional disclosures. In general, this guidance will require modified retrospective adoption for all outstanding instruments that fall under this guidance. This guidance is effective for our first quarter of fiscal year 2023. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements.

There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our Consolidated Financial Statements.

OPERATING SEGMENTS Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

OPERATING SEGMENTS [Abstract]

Operating Segments

OPERATING SEGMENTS

We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, wholesale clubs, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies and sports field product users. The Business to Business Products Group customers include: processors and refiners of edible oils, petroleum-based oils and biodiesel fuel; manufacturers of animal feed and agricultural chemicals; distributors of animal health and nutrition products; and marketers of consumer products.

Net sales for our principal products by segment are as follows (in thousands):


	Business to Business Products Group				Retail and Wholesale Products Group
	Year Ended July 31,
Product	2021		2020		2021		2020
Cat Litter	$	14,868	$	14,528	$	161,251	$	147,503
Industrial and Sports	—		—		31,724		29,035
Agricultural and Horticultural	26,035		21,886		—		—
Bleaching Clay and Fluids Purification	51,451		50,117		1,886		2,429
Animal Health and Nutrition	17,766		17,729		—		—
Net Sales	$	110,120	$	104,260	$	194,861	$	178,967

Net sales and operating income for each segment are provided below. The accounting policies of the segments are the same as those described in the Note 1 of the Notes to the Consolidated Financial Statements.

We do not rely on any operating segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance.

The corporate expenses line in the table below represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual. Other operating income in fiscal year 2020 relates to revenue earned from a license arrangement of our intellectual property. In addition, Income from our Business to Business and Retail and Wholesale Products as well as Corporate Expenses for the year ended July 31, 2020 were adjusted for an immaterial correction of an error. See Note 1 of the Notes to the Consolidated Financial Statements.


	July 31,
	Assets
	2021		2020
	(in thousands)
Business to Business Products	$	69,023	$	66,955
Retail and Wholesale Products	103,268		95,592
Unallocated assets	55,275		73,335
Total Assets	$	227,566	$	235,882











	Year Ended July 31,
	Net Sales				Income
	2021		2020		2021		2020
	(in thousands)
Business to Business Products	$	110,120	$	104,260	$	25,086	$	28,437
Retail and Wholesale Products	194,861		178,967		11,916		11,523
Net Sales	$	304,981	$	283,227
Other Operating Income					—		13,000
Corporate Expenses					(23,966)		(28,133)

Income from Operations					13,036		24,827
Total Other Income (Expense), Net					332		(1,807)
Income Before Income Taxes					13,368		23,020
Income Tax Expense					(2,388)		(4,280)
Net Income					$	10,980	$	18,740
Net Loss Attributable to Noncontrolling Interest					$	(133)	$	(160)
Net Income Attributable to Oil-Dri					$	11,113	$	18,900

The following is a summary by fiscal year of financial information by geographic region (in thousands):


	2021		2020
Sales to unaffiliated customers by:
Domestic operations	$	287,575	$	268,007
Foreign subsidiaries	$	17,406	$	15,220
Sales or transfers between geographic areas:
Domestic operations	$	5,347	$	6,457
Foreign subsidiaries	$	112	$	109
Income (Loss) before income taxes:
Domestic operations	$	14,144	$	24,494
Foreign subsidiaries	$	(776)	$	(1,474)
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	11,710	$	20,208
Foreign subsidiaries	$	(597)	$	(1,308)
Identifiable assets:
Domestic operations	$	214,994	$	223,296
Foreign subsidiaries	$	12,572	$	12,586

Included within identifiable assets for our foreign subsidiaries is cash held at foreign banks of $3,054,000 as of July 31, 2021.

Sales to Walmart, our largest customer, are included in our Retail and Wholesale Products Group. The percentage of consolidated net sales and net accounts receivable attributed to Walmart are shown in the table below:


	2021	2020
Net sales for the years ended July 31	18%	19%
Net accounts receivable as of July 31	20%	18%

There are no other customers with sales equal to or greater than 10% of our total sales.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

DEBT Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

Notes Payable [Abstract]

Debt

DEBT

The composition of notes payable is as follows as of July 31 (in thousands):


	2021		2020
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on May 15: $1,000 in each fiscal year 2021 through 2030. Interest is payable semi-annually at an annual rate of 3.95%	$	9,000	$	10,000
Less current maturities of notes payable	(1,000)		(1,000)
Less unamortized debt issuance costs	$	(122)	$	(152)
Noncurrent notes payable	$	7,878	$	8,848

We issued senior promissory notes in November 2010 for $18,500,000. The note agreement provided that the proceeds could be used to fund future principal payments on debt, acquisitions, stock repurchases, capital expenditures, and working capital purposes. The note agreement contained restrictions against certain activities, among other things and under various conditions, further described below, these notes were amended in May 2020 and paid in full in July 2020.

On May 15, 2020 (the “Effective Date”), we entered into an Amended and Restated Note Purchase and Private Shelf Agreement (the “Amended and Restated Note Agreement”) with PGIM, Inc. (“Prudential”) and certain existing noteholders and purchasers affiliated with Prudential named therein. The Amended Note Agreement amends and restates the Note Agreement between Oil-Dri, Prudential and certain existing noteholders named therein, dated as of November 12, 2010 (the “Prior Note Agreement”), under which our 3.96% Series A Senior Notes (the “Series A Notes”) were previously issued in an original aggregate principal amount of $18,500,000.

Pursuant to the Amended Note Agreement, (i) the Series A Notes, in an aggregate principal amount of $3,100,000 as of immediately prior to the Effective Date, were paid in full in July 2020 and (ii) we issued $10,000,000 in aggregate principal amount of our 3.95% Series B Senior Notes due May 15, 2030 (the “Series B Notes”). In addition, the Amended Note Agreement provided us with the ability to request, from time to time until May 15, 2023 (or such earlier date as provided for in the Amended Note Agreement), that Prudential affiliate(s) purchase, at Prudential’s discretion and on an uncommitted basis, additional senior unsecured notes of Oil-Dri (the “Shelf Notes,” and collectively with the Series A Notes and Series B Notes, the “Notes”) in an aggregate principal amount of up to $75,000,000 minus the aggregate principal amount of Notes then outstanding and Shelf Notes that have been accepted for purchase. Interest payable on any Shelf Note agreed to be purchased under the Amended Note Agreement will be at a rate determined by Prudential and will mature not more than fifteen years after the date of original issue of such Shelf Note.

Like the Prior Note Agreement, the Amended Note Agreement is guaranteed, on an unsecured basis, by certain U.S. subsidiaries of Oil-Dri, and contains customary covenants, including but not limited to, limitations on our and certain of our subsidiaries’ ability to incur indebtedness, incur liens, engage in mergers, and sell or transfer assets and stock, as well as financial covenants, including a minimum fixed charges coverage ratio and consolidated debt ratio that remain the same as those contained in the Prior Note Agreement. Upon the occurrence of certain events of default, our obligations under the Amended Note Agreement may be accelerated. Such events of default include payment defaults, covenant defaults and other enumerated defaults.

We have a credit agreement with BMO Harris that expires on January 31, 2024. The agreement provides for a $45,000,000 unsecured revolving credit agreement, including a maximum of $10,000,000 for letters of credit. Under the credit agreement, we may select a variable rate based on either BMO Harris’ prime rate or a LIBOR-based rate, plus a margin which varies depending on our debt to earnings ratio, or a fixed rate as agreed between us and BMO Harris. As of July 31, 2021, the variable rates would have been 3.50% for the BMO Harris’ prime-based rate or 1.38% for the LIBOR-based rate.

As of July 31, 2021 and 2020, there were no outstanding borrowings under this credit agreement. However, we had outstanding letters of credit of $964,000 and $1,284,000 as of July 31, 2021 and 2020, respectively, under this agreement.

The credit agreement contains restrictive covenants that, among other things and under various conditions, limit our ability to incur additional indebtedness or to dispose of assets. The agreement also requires us to maintain a minimum fixed coverage ratio, a minimum consolidated net worth and a minimum consolidated debt ratio. Our debt agreements also contain provisions such that if we default on one debt agreement, the others will automatically default. If we default on any guaranteed debt with a balance greater than $1,000,000, our unsecured revolving credit agreement with BMO Harris will be considered in

default. If we default on any debt with a balance greater than $5,000,000 we will also be considered in default with the senior promissory notes. We were in compliance with all restrictive covenants and limitations as of July 31, 2021.

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2021 (in thousands):


2022	$	1,000
2023	1,000
2024	1,000
2025	1,000
2026	1,000

FINANCIAL INSTRUMENTS Level 1 (Notes)	12 Months Ended
FINANCIAL INSTRUMENTS Level 1 (Notes)	Jul. 31, 2021
FAIR VALUE [Abstract]
Fair Value	FINANCIAL INSTRUMENTS Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into one of three categories based on the lowest level of input that is significant to the fair value measurement. Categories in the hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs. Cash equivalents are classified as Level 1 of the fair value hierarchy because they were valued using quoted market prices in active markets. There were no cash equivalents as of July 31, 2021 and cash equivalents of $6,000 as of July 31, 2020. These cash instruments are primarily money market funds and are included in cash and cash equivalents on the Consolidated Balance Sheets. Accounts receivable and accounts payable balances on the Consolidated Balance Sheets approximate their fair values as of July 31, 2021 and 2020 due to the short maturity and nature of those balances. Notes payable on the Consolidated Balance Sheets are carried at the face amount of future maturities. The estimated fair value of notes payable was approximately $10,231,000 as of July 31, 2021 and $11,631,000 as of July 31, 2020. The fair value was estimated using the exit price notion of fair value and is classified as Level 2. The increase in fair value is attributable to the Amended and Restated Note Purchase and Private Shelf Agreement entered into in May 2020. See Note 3 of the Notes to the Consolidated Financial Statements for further information about the new debt. We apply fair value techniques on at least an annual basis associated with: (1) valuing potential impairment loss related to goodwill, trademarks and other indefinite-lived intangible assets and (2) valuing potential impairment loss related to long-lived assets. See Note 1 of the Notes to Consolidated Financial Statements for further information about goodwill and other intangible assets. Concentration of Credit Risk Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. Our cash is held in banks which are covered by the Federal Deposit Insurance Corporation; however, our cash balances are in excess of the maximum amount that is insured. Concentrations of credit risk with respect to accounts receivable are subject to the financial condition of certain major customers, principally the customer referred to in Note 2 of the Notes to the Consolidated Financial Statements. We generally do not require collateral to secure customer receivables.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCOME TAXES Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

INCOME TAXES [Abstract]

Income Taxes

INCOME TAXES

The provision for income tax expense by fiscal year consists of the following (in thousands):


	2021		2020
Current
Federal	$	(683)	$	3,768
Foreign	2		5
State	309		999
Current Income Tax Total	(372)		4,772
Deferred
Federal	2,440		(610)
Foreign	(48)		(3)
State	368		121
Deferred Income Tax Total	2,760		(492)
Total Income Tax Expense	$	2,388	$	4,280

Principal reasons for variations between the statutory federal rate and the effective rates by fiscal year were as follows:


	2021		2020
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(5.4)		(4.8)
State income tax expense, net of federal tax expense	5.1		4.3
Nondeductible Officer Compensation	4.0		0.5
Tax Credits	(2.5)		(1.1)
Statutory rate change of foreign subsidiaries	(0.7)		—
Valuation Allowance - Foreign	2.5		1.3
Foreign Tax Differential	(1.5)		(0.1)
Prior year income taxes	(4.0)		(1.0)
Other	(0.8)		(1.5)
Effective income tax rate	17.7	%	18.6	%

The U.S. effective tax rate for the year ended July 31, 2021 and July 31, 2020 were 17.7% and 18.6%, based on income before taxes. The items impacting the effective tax rate were permanent items, return to provision adjustments, a deferred tax asset true-up and an increase in the foreign valuation allowance. The tax impact of the items comprising the permanent adjustments primarily consisted of depletion, stock-based compensation and tax credits.

The Consolidated Balance Sheets included the following tax effects of cumulative temporary differences as of July 31 (in thousands):


	2021				2020
	Assets		Liabilities		Assets		Liabilities
Depreciation	$	—	$	5,870	$	—	$	3,926
Deferred compensation	1,593		—		1,779		—
Postretirement benefits	1,296		—		3,293		—
Goodwill	—		1,073		—		1,000
Lease right of use assets	—		2,160		—		2,534
Lease liabilities	2,524		—		2,918		—
Allowance for doubtful accounts	176		—		178		—
Deferred marketing expenses	—		133		—		194
Other assets	289		—		—		9
Accrued expenses	2,402		—		4,131		—
Tax credits	87		—		147		—
Amortization	1,028		—		1,048		—
Inventories	351		—		343		—
Depletion	—		166		—		173
Stock-based compensation	1,340		—		987		—
Reclamation	498		—		447		—
Other liabilities - foreign	—		86		—		133
Other assets – foreign	1,362		—		1,029		—
Valuation allowance	(1,362)		—		(1,029)		—
Total deferred taxes	$	11,584	$	9,488	$	15,271	$	7,969

Deferred tax liabilities for depreciation increased due to the election of bonus depreciation that the Company took in fiscal year 2021. Deferred tax assets for post retirement benefits were affected by the freeze of our pension plan as well as the Lump Sum Option both of which significantly reduced our pension liability. See Note 8 of the Notes to the Consolidated Financial Statements for further information about postretirement benefits. Deferred tax assets and liabilities related to lease decreased as leases are expiring. Deferred tax assets for accrued expenses reflected a lower accrual for the annual discretionary bonus.

We recorded a valuation allowance of $1,362,000 and $1,029,000 as of July 31, 2021 and 2020, respectively, for the amount of the deferred tax benefit related to our foreign net operating loss carryforwards since we believe it is unlikely we will realize the benefit of these tax attributes in the future. As of July 31, 2021, we have total net operating loss carryforwards from state jurisdictions of approximately $4,000,000. The carryforward expiration dates vary by state. No valuation allowance has been established for these carryforwards since we expect our future profitability will allow us to fully realize these tax benefits.

With the exception of our foreign subsidiary in Canada, none of our foreign subsidiaries have generated any untaxed foreign income, therefore we have not provided for any related income taxes for these subsidiaries.

We had no material liability for unrecognized tax benefits based on tax positions related to the current and prior fiscal years as of July 31, 2021 and 2020; correspondingly, no related interest and penalties were recognized as income tax expense and there were no accruals for such items in either of these fiscal years.

We are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. We have no income tax returns under examination as of July 31, 2021 and federal tax returns for fiscal years 2018-2020 remain open for examination. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from three to five years. The state impact of any federal income tax changes remains subject to examination by various states for a period of up to one year after formal notification to the states. There are a limited number of open state and local income tax audits in which no material issues have been preliminarily identified. There are no material open or unsettled foreign income tax audits. We believe our accrual for tax liabilities is adequate for all open audit years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

Stockholders' Equity Attributable to Parent [Abstract]

Accumulated Other Comprehensive (Loss) Income

The following table summarizes the changes in accumulated other comprehensive income by component (in thousands):


	Pension and Postretirement Health Benefits			Cumulative Translation Adjustment		Total Accumulated Other Comprehensive (Loss) Income
Balance as of July 31, 2019	$	(14,891)		$	(148)	(15,039)
Other comprehensive (loss) before reclassifications, net of tax	(4,431)		a)	(112)		(4,543)
Amounts reclassified from accumulated other comprehensive income, net of tax	758		b)	—		758
Curtailment/Settlement on Pension Plan	6,570		c)	—		6,570
Net current-period other comprehensive income (loss), net of tax	2,897			(112)		2,785
Balance as of July 31, 2020	$	(11,994)		$	(260)	$	(12,254)
Other comprehensive income before reclassifications, net of tax	6,592		a)	571		7,163
Amounts reclassified from accumulated other comprehensive income, net of tax	494		b)	—		494
Settlement on Pension Plan	480		c)	—		480
Net current-period other comprehensive income, net of tax	7,566			571		8,137
Balance as of July 31, 2021	$	(4,428)		$	311	$	(4,117)

a) Amounts are net of taxes of $2,095,000 and $1,359,000 in fiscal years 2021 and 2020, respectively, and are included in Other Comprehensive Loss.

b) Amounts are net of taxes of $156,000 and $242,000 in fiscal years 2021 and 2020, respectively. Amounts are included in the components of net periodic benefit cost for the pension and postretirement health plans.

c) Amount is net of taxes of $151,000 and $2,075,000 in fiscal years 2021 and 2020, respectively. Amounts are included in the components of net periodic benefit cost for the pension and postretirement health plans.

See Note 8 of the Notes to the Consolidated Financial Statements for further information about pension and postretirement health benefits.

STOCK-BASED COMPENSATION (Notes)

12 Months Ended

Jul. 31, 2021

STOCK-BASED COMPENSATION [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (as amended, the “2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 1,219,500. As of July 31, 2021, there were 340,786 shares available for future grants under this plan.

RESTRICTED STOCK

All non-vested restricted stock as of July 31, 2021 was issued under the 2006 Plan with vesting periods generally from two to five years. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted.

A summary of restricted stock transactions under the plans is shown below.


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2019	414	$	33.09	4.5	$	10,474
Granted	26	$	33.57
Vested	(44)	$	32.53
Forfeited	(6)	$	32.46
Non-vested restricted stock outstanding at July 31, 2020	390	$	33.19	4.0	$	7,784
Granted	72	$	35.76
Vested	(67)	$	33.11
Forfeited	(25)	$	29.58
Non-vested restricted stock outstanding at July 31, 2021	370	$	33.96	3.3	$	7,073

Stock-based compensation for restricted stock of $1,924,000 and $2,560,000, net of related tax effect, was recognized in fiscal years 2021 and 2020, respectively. The total restricted stock compensation related tax benefit was $607,000 and $808,000 in fiscal years 2021 and 2020, respectively.

PENSION AND OTHER POSTRETIREMENT BENEFITS Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

EMPLOYEE BENEFIT PLANS [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Oil-Dri Corporation of America Pension Plan (“Pension Plan”) is a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits are based on a formula of years of credited service and levels of compensation or stated amounts for each year of credited service. On January 9, 2020, we amended the Pension Plan to freeze participation, all future benefit accruals and accrual of benefit service, including consideration of compensation increases, effective March 1, 2020. Consequently, the Pension Plan is closed to new participants and current participants will no longer earn additional benefits on or after March 1, 2020. The amendment of the Pension Plan triggered a pension curtailment, which required a remeasurement of the Pension Plan's obligation. The remeasurement resulted in a decrease in the benefit obligation of approximately $6,632,000, which was recorded in Other Comprehensive Income, net of taxes of $1,592,000 in the second quarter of fiscal year 2020. During the third quarter of fiscal 2020 we offered terminated participants with vested benefits who have not yet begun receipt of benefits under the Plan the opportunity to receive their pension benefits in a single payment (the “Lump Sum Option”). We made payments in the fourth quarter of fiscal year 2020 to those participants who elected the Lump Sum Option by the May 15, 2020 election deadline. The settlement expense was $2,012,000 and was recorded net of tax in Other, net in the Consolidated Statements of Operations. On May 4, 2021 we purchased an annuity for $8,530,000 which decreased both our projected benefit obligation and the fair value of plan assets and resulted in no change in the funded status of the pension plan. The settlement expense related to the annuity purchase was $631,000 and was recorded net of tax in Other, net in the Consolidated Statements of Operations.

A postretirement health benefits plan is also provided to domestic salaried employees who meet specific age, participation and length of service requirements at the time of retirement. Eligible employees may elect to continue their health care coverage under the Oil-Dri Corporation of America Employee Benefits Plan until the date certain criteria are met, including attaining the age of Medicare eligibility. We have the right to modify or terminate the postretirement health benefit plan at any time.

A 401(k) savings plan is maintained under which we match a portion of employee contributions. This plan is available to essentially all domestic employees following a specific number of days of employment. Our contributions to this plan, and to similar plans maintained by our foreign subsidiaries, were $2,784,000 and $2,035,000 for fiscal years 2021 and 2020, respectively. During fiscal year 2020, we changed the percentage of employer matching contributions from 50% of every employee dollar contributed up to 4% of earnings to 100% of every employee dollar contributed up to 6% of earnings.

Obligations and Funded Status

The following tables provide a reconciliation of changes in the plans’ benefit obligations, asset fair values and funded status by fiscal year (in thousands):


	Pension Benefits				Postretirement Health Benefits
	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation, beginning of year	$	57,280	$	61,553	$	3,291	$	2,958
Service cost	—		1,096		139		116
Interest cost	1,168		1,900		51		82
Actuarial (gain)/loss	(6,091)		8,570		(313)		247
Benefits paid	(1,603)		(1,663)		(43)		(112)
Curtailments	—		(6,632)		—		—
Settlements	(8,487)		(7,544)		—		—
Benefit obligation, end of year	42,267		57,280		3,125		3,291

Change in plan assets:
Fair value of plan assets, beginning of year	45,334		40,725		—		—
Actual return on plan assets	5,144		5,816		—		—
Employer contribution	—		8,000		43		8
Benefits paid	(1,603)		(1,663)		(43)		(8)
Settlements	(8,487)		(7,544)		—		—
Fair value of plan assets, end of year	40,388		45,334		—		—
Funded status, recorded in Consolidated Balance Sheets	$	(1,879)	$	(11,946)	$	(3,125)	$	(3,291)

The change in actuarial (gain)/loss from fiscal year 2020 to fiscal year 2021 relates to a change in discount rate as well as actual participant demographic experience vs. assumed experience.

See “Cash Flows” below for further information about employer contributions and benefits payments.

The accumulated benefit obligation for the Pension Plan was $42,267,000 and $57,280,000 as of July 31, 2021 and July 31, 2020, respectively.

The following table shows amounts recognized in the Consolidated Balance Sheets as of July 31 (in thousands):


	Pension Benefits				Postretirement Health Benefits
	2021		2020		2021		2020
Deferred income taxes	$	504	$	2,443	$	792	$	850
Other current liabilities	$	—	$	—	$	(82)	$	(97)
Other noncurrent liabilities	$	(1,879)	$	(11,946)	$	(3,043)	$	(3,194)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss	$	4,311	$	11,642	$	117	$	352

Benefit Costs and Amortizations

The following table shows the components of the net periodic pension and postretirement health benefit costs by fiscal year (in thousands):


	Pension Cost				Postretirement Health Benefit Cost
	2021		2020		2021		2020
Service cost	$	—	$	1,096	$	139	$	116
Interest cost	1,168		1,900		51		82
Expected return on plan assets	(2,816)		(2,790)		—		—
Amortization of:
Prior service costs (income)	—		—		(6)		(6)
Other actuarial loss	653		1,005		3		—
Settlement cost	631		2,012		—		—
Net periodic benefit cost	$	(364)	$	3,223	$	187	$	192

Service cost is recorded in Other, net within Other Income (Expense) in the Consolidated Statements of Operations. As the pension plan is frozen, there was no service cost recorded in fiscal year 2021.

The following table shows amounts, net of tax, that are recognized in other comprehensive income by fiscal year (in thousands):


	Pension Benefits				Postretirement Health Benefits
	2021		2020		2021		2020
Net actuarial (gain) loss	$	(6,355)	$	4,243	$	(237)	$	188
Amortization of:
Prior service income	—		—		5		5
Amortization of actuarial loss	(496)		(763)		(3)		—
Curtailment/Settlement	$	(480)	$	(6,570)	$	—	$	—
Total recognized in other comprehensive (income) loss	$	(7,331)	$	(3,090)	$	(235)	$	193

Cash Flows

We have funded the Pension Plan based upon actuarially determined contributions that take into account the amount deductible for income tax purposes, the normal cost and the minimum contribution required and the maximum contribution allowed under applicable regulations. During fiscal year 2020, we made two voluntary contributions for $5,000,000 and $3,000,000 in excess of the minimum required amount. The voluntary contributions improved our funded status and contributed to a lower net periodic benefit expense. We made no contributions in fiscal year 2021 and we do not expect to make a contribution to the Pension Plan in fiscal year 2022. The postretirement health plan is an unfunded plan. Our policy is to pay health insurance premiums and claims from our assets.

The following table shows the estimated future benefit payments by fiscal year (in thousands):


	Pension Benefits		Postretirement Health Benefits
2022	$	1,181	$	82
2023	$	1,192	$	108
2024	$	1,225	$	173
2025	$	1,315	$	214
2026	$	1,445	$	210
2027-31	$	8,780	$	1,360

Assumptions

Our pension benefit and postretirement health benefit obligations and the related effects on operations are calculated using actuarial models. Critical assumptions that are important elements of plan expenses and asset/liability measurements include discount rate and expected return on assets for the Pension Plan and health care cost trend for the postretirement health plan. We evaluate these critical assumptions at least annually. Other assumptions involving demographic factors such as retirement age, mortality and turnover are evaluated periodically and are updated to reflect our experience and to meet regulatory requirements. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. The assumptions used in the previous calculations by fiscal year were as follows:


	Pension Benefits		Postretirement Health Benefits
	2021	2020	2021	2020
Discount rate for net periodic benefit costs	2.14%	3.35%	1.63%	2.93%
Discount rate for year-end obligations	2.57%	2.14%	2.10%	1.63%
Rate of increase in compensation levels for net periodic benefit costs	—%	—%	—%	—%
Rate of increase in compensation levels for year-end obligations	—%	—%	—%	—%
Long-term expected rate of return on assets	6.50%	7.00%	—%	—%

The discount rate was based on the FTSE Pension Discount Curve to determine separately for the Pension Plan and the postretirement health plan, the single equivalent rate that would yield the same present value as the specific plan’s expected cash flows.

Our expected rate of return on Pension Plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment managers and investment advisors), and long-term inflation assumptions.

For fiscal year 2021, the medical cost trend assumption used for the postretirement health benefit cost was 7.1%. The graded trend rate is expected to decrease to an ultimate rate of 4.5% in fiscal year 2038.

Pension Plan Assets

The investment objective for the Pension Plan assets is to optimize long-term return at a moderate level of risk in order to secure the benefit obligations to participants at a reasonable cost. To reach this goal, our investment structure includes various asset classes, asset allocations and investment management styles that, in total, have a reasonable likelihood of producing a sufficient level of overall diversification that balances expected return with expected risk over the long-term. The Pension Plan does not invest directly in Company stock.

We measure and monitor the plan’s asset investment performance and the allocation of assets through quarterly investment portfolio reviews. Investment performance is measured by absolute returns, returns relative to benchmark indices and any other appropriate basis of comparison. The targeted allocation percentages of plan assets is shown below for fiscal year 2022 and the actual allocation as of July 31:


Asset Allocation	Target fiscal 2022	2021	2020
Cash and accrued income	2%	—%	1%
Fixed income	38%	38%	68%
Equity	60%	62%	31%

In anticipation of the Lump Sum Option payments we adjusted our asset allocation in fiscal year 2020 and reverted back to our historical asset allocations in fiscal year 2021.

The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets carried at fair value (in thousands):


	Fair Value At July 31, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	16	$	16	$	—
Equity securities(b):
U.S. companies	15,241		4,290		10,951
International companies	806		806		—
Equity securities - international mutual funds:
Developed market(c)	5,622		—		5,622
Emerging markets(d)	2,389		—		2,389
Commodities(e)	829		—		829
Fixed Income:
U.S. Treasuries	1,543		—		1,543
Debt securities(f)	2,258		—		2,258

Government sponsored entities(g)	1,730		—		1,730
Multi-strategy bond fund(h)	8,257		—		8,257
Money market fund(i)	718		—		718
Other(j)	979		—		979
Total	$	40,388	$	5,112	$	35,276


	Fair Value At July 31, 2020
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	557	$	557	$	—
Equity securities(b):
U.S. companies	9,401		2,093		7,308
International companies	495		495		—
Equity securities - international mutual funds:
Developed market(c)	2,867		—		2,867
Emerging markets(d)	1,022		—		1,022
Commodities(e)	—		—		—
Fixed Income:
U.S. Treasuries	3,014		—		3,014
Debt securities(f)	10,131		—		10,131

Government sponsored entities(g)	5,131		—		5,131
Multi-strategy bond fund(h)	10,547		—		10,547
Money market fund(i)	486		—		486
Other(j)	1,683		—		1,683
Total	$	45,334	$	3,145	$	42,189

(a)Cash and cash equivalents consists of highly liquid investments which are traded in active markets.

(b)This class represents equities traded on regulated exchanges, as well as funds that invest in a portfolio of such stocks.

(c)These mutual funds seek long-term capital growth by investing no less than 80% of their assets in stocks of non- U.S. companies that are primarily in developed markets, but also may invest in emerging and less developed markets.

(d)These mutual funds seek to track the performance of a benchmark index that measures the investment return of stock issued by companies located in emerging market countries.

(e)These investments seek attractive total return by investing primarily in a diversified portfolio of commodity futures contracts and fixed income investments.

(f)This class includes bonds and loans of U.S. and non-U.S. corporate issuers from diverse industries and bonds of domestic and foreign municipalities.

(g)This class represents a beneficial ownership interest in a pool of single-family residential mortgage loans. These investments are generally not backed by the full faith and credit of the United States government, except for securities valued at $176,000 in our portfolio as of July 31, 2021 and $289,000 as of July 31, 2020.

(h)This class invests at least 80% of its net assets in bonds and other fixed income instruments issued by governmental or private-sector entities. More than 50% of its net assets are invested in asset-backed and mortgage-backed securities. The fund may invest up to 20% of its net assets in securities below investment grade.

(i)These money market mutual funds seek to provide current income consistent with liquidity and stability of principal by investing in a diversified portfolio of high quality, short-term, dollar-denominated debt securities. These funds may include securities issued or guaranteed as to principal and interest by the U.S. government or its agencies, short-term securities issued by domestic or foreign banks, domestic and dollar-denominated foreign commercial papers, and other short-term corporate obligations and obligations issued or guaranteed by one or more foreign governments.

(j)This class includes funds that use a number of other strategies, including arbitrage, to obtain long-term positive returns. The portfolio of instruments may include equities, debt securities, real estate properties, warrants, options, swaps, future contracts, forwards or other types of derivative instruments.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

DEFERRED COMPENSATION Level 1 (Notes)	12 Months Ended
DEFERRED COMPENSATION Level 1 (Notes)	Jul. 31, 2021
DEFERRED COMPENSATION [Abstract]
Deferred Compensation	DEFERRED COMPENSATION Oil-Dri's deferred compensation plans permit directors and certain management employees to defer portions of their compensation and to earn interest on the deferred amounts. Participants have deferred $1,158,000 and $266,000 into these plans in fiscal years 2021 and 2020, respectively. We recorded $187,000 and $171,000 of interest expense associated with these plans in fiscal years 2021 and 2020, respectively. Payments to participants were $480,000 and $440,000 in fiscal years 2021 and 2020, respectively, and the total liability recorded for deferred compensation was $4,354,000 and $4,017,000 as of July 31, 2021 and 2020, respectively. The Oil-Dri Corporation of America Annual Incentive Plan provides certain executives with the opportunity to receive a deferred executive bonus award if certain financial goals are met. No executive bonus was awarded for fiscal year 2021 as financial targets under the provisions of the plan were not achieved. $1,352,000 was awarded to certain executives for fiscal year 2020. These awards will vest and accrue interest over a three-year period. Our deferred compensation plans are unfunded. We fund these benefits when payments are made, and the timing and amount of the payments are determined according to the plans' provisions and, for certain plans, according to individual employee agreements. Our SERP, which was terminated in fiscal year 2020, provided certain retired participants in the Pension Plan with the amount of benefits that would have been provided under the Pension Plan but for: (1) the limitations on benefits imposed by Section 415 of the Internal Revenue Code (“Code”), and/or (2) the limitation on compensation for purposes of calculating benefits under the Pension Plan imposed by Section 401(a)(17) of the Code. The SERP liability was actuarially determined at the end of each fiscal year using assumptions similar to those used for the Pension Plan, see Note 8 of the Notes to the Consolidated Financial Statements. The SERP liability was $1,447,000 as of July 31, 2020, and we recorded expense related to the SERP of $34,000 in fiscal year 2020. On January 9, 2020, we amended the SERP to freeze participation and any excess benefit, supplemental benefit or additional benefit effective March 1, 2020. Consequently, the SERP was closed to new participants and current participants no longer earned additional benefits on or after March 1, 2020. The amendment of the SERP triggered a curtailment which required a remeasurement of the SERP's obligation. The remeasurement resulted in a decrease in the SERP liability and recognition of a curtailment gain of approximately $1,296,000 in fiscal year 2020, which was recorded in Selling, General & Administrative Expenses. Subsequent to the curtailment, the SERP was terminated effective June 30, 2020 and all participants were paid in the form of one lump sum in July 2021.

ACCRUED EXPENSES Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

NOTE 10 - ACCRUED EXPENSES

Accrued expenses is as follows (in thousands):


	July 31, 2021		July 31, 2020
Salaries, Wages, Commissions and Employee Benefits	10,806		$	14,798
Trade promotions and advertising	1,653		2,349
Freight	2,845		1,313
Real Estate Tax	1,002		1,658
Other	8,577		8,582
	$	24,883	$	28,700

The decrease in salaries, wages, commissions and employee benefits relates primarily to the payment of annual discretionary bonuses related to fiscal year 2020 during the first quarter of fiscal year 2021 and a lower discretionary bonus as of the end of fiscal year 2021. The accrual for trade promotions and advertising is lower at July 31, 2021 than at July 31, 2020 due to a shift in timing of advertising programs and expense. Freight rates increased during fiscal year 2021 resulting in a higher accrual at July 31, 2021 than at July 31, 2020. Accrued real estate tax at July 31, 2021 is lower than at July 31, 2020 due to timing of payments as well as an adjustment to account for lower real estate taxes for one of our facilities.

OTHER CONTINGENCIES Level 1 (Notes)	12 Months Ended
OTHER CONTINGENCIES Level 1 (Notes)	Jul. 31, 2021
OTHER CONTINGENCIES [Abstract]
Other Contingencies Disclosure	OTHER CONTINGENCIES We are party to various legal actions from time to time that are ordinary in nature and incidental to the operation of our business, including ongoing litigation. While it is not possible at this time to determine with certainty the ultimate outcome of these or other lawsuits, we believe that none of the pending proceedings will have a material adverse effect on our business, financial condition, results of operations or cash flows. In June 2020, the Company received notice from a former service provider alleging a breach of contract regarding the payment of a contingency fee. Such party subsequently, in July 2020, filed a lawsuit seeking to require the Company to participate in binding mediation regarding this matter. Although we believe this claim to be without merit, as of July 31, 2021, we have determined a reasonable estimate of this liability within a range, with no amount within that range being a better estimate than any other amount, and have therefore recorded that estimate within Other accrued expenses. We believe that any loss related to this matter is unlikely to be material. However, the outcome of this legal matter is subject to significant uncertainties. The ability to predict the ultimate outcome of this legal matter involves judgments, estimates and inherent uncertainties. The actual outcome could differ materially from management’s estimates.

LEASES Level 1 (Notes)

12 Months Ended

Jul. 31, 2021

Leases [Abstract]

Lessee, Operating Leases

LEASES

We have operating leases primarily for real estate properties, including corporate headquarters, customer service and sales offices, manufacturing and packaging facilities, warehouses, and research and development facilities, as well as for rail tracks, railcars and office equipment. Certain of our leases for a shared warehouse and office facility, rail track and railcars have options to extend which we are reasonably certain we will exercise and, accordingly, have been considered in the lease term used to recognize our ROU assets and lease liabilities. To determine the present value of the lease liability, we use an incremental borrowing rate, which is defined as the rate of interest that the Company would have to pay to borrow (on a collateralized basis over a similar term) an amount equal to the lease payments in similar economic environments. Further information about our accounting policy for leases is included in Note 1 of the Notes to the Consolidated Financial Statements.

We have no material finance leases, and variable costs for operating leases are immaterial. Operating lease costs are included in Cost of Sales or SG&A expenses based on the nature of the lease. The following table summarizes total lease costs for our operating leases (in thousands):


	For the Twelve Months Ended July 31,		For the Twelve Months Ended July 31,
	2021		2020
Operating Lease Cost
Operating lease cost	$	2,658	$	2,219
Short-term operating lease cost	721		788

Supplemental cash flow information related to leases was as follows (in thousands):


	For the Twelve Months Ended July 31,		For the Twelve Months Ended July 31,
	2021		2020
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,303	$	1,878

Operating lease ROU assets and operating lease liabilities are separately presented on the Consolidated Balance Sheet, excluding leases with an initial term of twelve months or less. Other supplemental balance sheet information related to leases was as follows:


	For the Twelve Months Ended July 31,	For the Twelve Months Ended July 31,
	2021	2020









Weighted-average remaining lease term - operating leases	9.1 years	9.4 years


Weighted-average discount rate - operating leases	3.88%	3.87%

The following table summarizes scheduled minimum future lease payments due within twelve months for operating leases with terms longer than one year for which cash flows are fixed and determinable as of July 31, 2021 (in thousands):




2022	$	2,334
2023	1,329
2024	1,173
2025	1,090
2026	849
Thereafter	5,355
Total	12,130
Less: imputed interest	(2,072)
Net lease obligation	$	10,058

SUBSEQUENT EVENTS Level 1 (Notes)	12 Months Ended
SUBSEQUENT EVENTS Level 1 (Notes)	Jul. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements.

RELATED PARTY TRANSACTIONS (Notes)	12 Months Ended
RELATED PARTY TRANSACTIONS (Notes)	Jul. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTIES One member of our Board of Directors retired from the role of President and Chief Executive Officer of a customer of ours on September 28, 2019 and is currently party to a post-employment consulting agreement with the customer. Total net sales to that customer, including sales to subsidiaries of that customer, were $327,000 and $388,000 for fiscal years 2021 and 2020, respectively. There was $4,000 of outstanding accounts receivable due from that customer, and its subsidiaries, as of July 31, 2021 and no outstanding accounts receivable as of July 31, 2020. One member of our Board of Directors is currently the President and Chief Executive Officer of a vendor of ours. Total payments to this vendor for fees and cost reimbursements were $703,000 and $420,000 for fiscal years 2021 and 2020, respectively. There were no outstanding amounts due to that vendor as of July 31, 2021 or July 31, 2020.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 2 (Policies)

12 Months Ended

Jul. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Management Use of Estimates

MANAGEMENT USE OF ESTIMATES

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Cash equivalents are highly liquid investments with maturities of three months or less.

Trade Receivables

TRADE RECEIVABLES

Inventories

INVENTORIES

The composition of inventories was as follows as of July 31 (in thousands):


	2021		2020
Finished goods	$	14,179	$	14,500
Packaging	5,084		4,587
Other	4,335		4,806
Inventories	$	23,598	$	23,893

Translation of Foreign Currencies

TRANSLATION OF FOREIGN CURRENCIES

Intangibles and Goodwill

INTANGIBLES AND GOODWILL

Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands):


2022	$	447
2023	$	244
2024	$	108
2025	$	83
2026	$	80

The weighted average amortization period of our intangibles subject to amortization is as follows (in years):


			Weighted Average Amortization Period
Trademarks and patents			13.0
Customer list			2.3
Total intangible assets subject to amortization			8.4

Overburden Removal and Mining Costs

OVERBURDEN REMOVAL AND MINING COSTS

Reclamation

RECLAMATION

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT


	Years
Buildings and leasehold improvements	3	-	40
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	2	-	15
Office furniture and equipment	2	-	15
Vehicles	2	-	15

Other Current and Noncurrent Liabilities

OTHER CURRENT AND NONCURRENT LIABILITIES

Trade Promotions

TRADE PROMOTIONS

Advertising

ADVERTISING

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Revenue Recognition

REVENUE RECOGNITION

Cost of Sales

COST OF SALES

Shipping and Handling Costs

SHIPPING AND HANDLING COSTS

Selling, General and Administrative Expenses

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Research and Development

RESEARCH AND DEVELOPMENT

Pension and Postretirement Benefit Costs

PENSION AND POSTRETIREMENT BENEFIT COSTS

Stock-Based Compensation

STOCK-BASED COMPENSATION

The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted.

Income Taxes

INCOME TAXES

Other Operating Income

OTHER OPERATING INCOME

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards

There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our Consolidated Financial Statements.

OPERATING SEGMENTS Level 2 (Policy)	12 Months Ended
OPERATING SEGMENTS Level 2 (Policy)	Jul. 31, 2021
Accounting Policies [Abstract]
Segment Reporting	We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, wholesale clubs, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies and sports field product users. The Business to Business Products Group customers include: processors and refiners of edible oils, petroleum-based oils and biodiesel fuel; manufacturers of animal feed and agricultural chemicals; distributors of animal health and nutrition products; and marketers of consumer products.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

FINANCIAL INSTRUMENTS Fair Value (Policies)	12 Months Ended
FINANCIAL INSTRUMENTS Fair Value (Policies)	Jul. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into one of three categories based on the lowest level of input that is significant to the fair value measurement. Categories in the hierarchy are as follows:

STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Policies)	12 Months Ended
	Jul. 31, 2021
Accounting Policies [Abstract]
Share-based Payment Arrangement [Policy Text Block]	STOCK-BASED COMPENSATION We account for stock options and restricted stock issued under our long term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. Forfeitures are recognized as they occur. See Note 7 of the Notes to the Consolidated Financial Statements for additional information. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 3 (Tables)

12 Months Ended

Jul. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effects of the corrections to each of the individual affected line items in our Consolidated Statements of Operations were as follows (in thousands):


	Year Ended July 31, 2020
	As Previously Reported		Corrections		As Corrected
Cost of Sales	$	(207,404)	$	(7,117)	$	(214,521)

Selling, General and Administrative Expenses	$	(63,996)	$	7,117	$	(56,879)


	Year Ended July 31, 2020

	Income

	As Previously Reported		Corrections		As Corrected

Business to Business Products	$	31,218	$	(2,781)	$	28,437

Retail and Wholesale Products	$	15,859	$	(4,336)	$	11,523

Corporate Expenses	$	(35,250)	$	7,117	$	(28,133)

Inventories

The composition of inventories was as follows as of July 31 (in thousands):


	2021		2020
Finished goods	$	14,179	$	14,500
Packaging	5,084		4,587
Other	4,335		4,806
Inventories	$	23,598	$	23,893

Estimated Intangible Amortization Expense

Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands):


2022	$	447
2023	$	244
2024	$	108
2025	$	83
2026	$	80

Acquired Finite-Lived Intangible Assets Weighted Average Amortization Period

The weighted average amortization period of our intangibles subject to amortization is as follows (in years):


			Weighted Average Amortization Period
Trademarks and patents			13.0
Customer list			2.3
Total intangible assets subject to amortization			8.4

Property, Plant and Equipment Estimated Useful Lives


	Years
Buildings and leasehold improvements	3	-	40
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	2	-	15
Office furniture and equipment	2	-	15
Vehicles	2	-	15

OPERATING SEGMENTS (Tables)

12 Months Ended

Jul. 31, 2021

OPERATING SEGMENTS [Abstract]

Revenue by Principal Product by Operating Segment

Net sales for our principal products by segment are as follows (in thousands):


	Business to Business Products Group				Retail and Wholesale Products Group
	Year Ended July 31,
Product	2021		2020		2021		2020
Cat Litter	$	14,868	$	14,528	$	161,251	$	147,503
Industrial and Sports	—		—		31,724		29,035
Agricultural and Horticultural	26,035		21,886		—		—
Bleaching Clay and Fluids Purification	51,451		50,117		1,886		2,429
Animal Health and Nutrition	17,766		17,729		—		—
Net Sales	$	110,120	$	104,260	$	194,861	$	178,967

Segment Reporting Information


	July 31,
	Assets
	2021		2020
	(in thousands)
Business to Business Products	$	69,023	$	66,955
Retail and Wholesale Products	103,268		95,592
Unallocated assets	55,275		73,335
Total Assets	$	227,566	$	235,882











	Year Ended July 31,
	Net Sales				Income
	2021		2020		2021		2020
	(in thousands)
Business to Business Products	$	110,120	$	104,260	$	25,086	$	28,437
Retail and Wholesale Products	194,861		178,967		11,916		11,523
Net Sales	$	304,981	$	283,227
Other Operating Income					—		13,000
Corporate Expenses					(23,966)		(28,133)

Income from Operations					13,036		24,827
Total Other Income (Expense), Net					332		(1,807)
Income Before Income Taxes					13,368		23,020
Income Tax Expense					(2,388)		(4,280)
Net Income					$	10,980	$	18,740
Net Loss Attributable to Noncontrolling Interest					$	(133)	$	(160)
Net Income Attributable to Oil-Dri					$	11,113	$	18,900

Financial Information by Geographic Region

The following is a summary by fiscal year of financial information by geographic region (in thousands):


	2021		2020
Sales to unaffiliated customers by:
Domestic operations	$	287,575	$	268,007
Foreign subsidiaries	$	17,406	$	15,220
Sales or transfers between geographic areas:
Domestic operations	$	5,347	$	6,457
Foreign subsidiaries	$	112	$	109
Income (Loss) before income taxes:
Domestic operations	$	14,144	$	24,494
Foreign subsidiaries	$	(776)	$	(1,474)
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	11,710	$	20,208
Foreign subsidiaries	$	(597)	$	(1,308)
Identifiable assets:
Domestic operations	$	214,994	$	223,296
Foreign subsidiaries	$	12,572	$	12,586

Largest Customer Information


	2021	2020
Net sales for the years ended July 31	18%	19%
Net accounts receivable as of July 31	20%	18%

DEBT (Tables)

12 Months Ended

Jul. 31, 2021

Notes Payable [Abstract]

Schedule of Notes Payable

The composition of notes payable is as follows as of July 31 (in thousands):


	2021		2020
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on May 15: $1,000 in each fiscal year 2021 through 2030. Interest is payable semi-annually at an annual rate of 3.95%	$	9,000	$	10,000
Less current maturities of notes payable	(1,000)		(1,000)
Less unamortized debt issuance costs	$	(122)	$	(152)
Noncurrent notes payable	$	7,878	$	8,848

Schedule of Maturities

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2021 (in thousands):


2022	$	1,000
2023	1,000
2024	1,000
2025	1,000
2026	1,000

INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2021

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):


	2021		2020
Current
Federal	$	(683)	$	3,768
Foreign	2		5
State	309		999
Current Income Tax Total	(372)		4,772
Deferred
Federal	2,440		(610)
Foreign	(48)		(3)
State	368		121
Deferred Income Tax Total	2,760		(492)
Total Income Tax Expense	$	2,388	$	4,280

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:


	2021		2020
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(5.4)		(4.8)
State income tax expense, net of federal tax expense	5.1		4.3
Nondeductible Officer Compensation	4.0		0.5
Tax Credits	(2.5)		(1.1)
Statutory rate change of foreign subsidiaries	(0.7)		—
Valuation Allowance - Foreign	2.5		1.3
Foreign Tax Differential	(1.5)		(0.1)
Prior year income taxes	(4.0)		(1.0)
Other	(0.8)		(1.5)
Effective income tax rate	17.7	%	18.6	%

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):`


	2021				2020
	Assets		Liabilities		Assets		Liabilities
Depreciation	$	—	$	5,870	$	—	$	3,926
Deferred compensation	1,593		—		1,779		—
Postretirement benefits	1,296		—		3,293		—
Goodwill	—		1,073		—		1,000
Lease right of use assets	—		2,160		—		2,534
Lease liabilities	2,524		—		2,918		—
Allowance for doubtful accounts	176		—		178		—
Deferred marketing expenses	—		133		—		194
Other assets	289		—		—		9
Accrued expenses	2,402		—		4,131		—
Tax credits	87		—		147		—
Amortization	1,028		—		1,048		—
Inventories	351		—		343		—
Depletion	—		166		—		173
Stock-based compensation	1,340		—		987		—
Reclamation	498		—		447		—
Other liabilities - foreign	—		86		—		133
Other assets – foreign	1,362		—		1,029		—
Valuation allowance	(1,362)		—		(1,029)		—
Total deferred taxes	$	11,584	$	9,488	$	15,271	$	7,969

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Jul. 31, 2021

Accumulated Other Comprehensive Income [Abstract]

Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income by component (in thousands):


	Pension and Postretirement Health Benefits			Cumulative Translation Adjustment		Total Accumulated Other Comprehensive (Loss) Income
Balance as of July 31, 2019	$	(14,891)		$	(148)	(15,039)
Other comprehensive (loss) before reclassifications, net of tax	(4,431)		a)	(112)		(4,543)
Amounts reclassified from accumulated other comprehensive income, net of tax	758		b)	—		758
Curtailment/Settlement on Pension Plan	6,570		c)	—		6,570
Net current-period other comprehensive income (loss), net of tax	2,897			(112)		2,785
Balance as of July 31, 2020	$	(11,994)		$	(260)	$	(12,254)
Other comprehensive income before reclassifications, net of tax	6,592		a)	571		7,163
Amounts reclassified from accumulated other comprehensive income, net of tax	494		b)	—		494
Settlement on Pension Plan	480		c)	—		480
Net current-period other comprehensive income, net of tax	7,566			571		8,137
Balance as of July 31, 2021	$	(4,428)		$	311	$	(4,117)

a) Amounts are net of taxes of $2,095,000 and $1,359,000 in fiscal years 2021 and 2020, respectively, and are included in Other Comprehensive Loss.

See Note 8 of the Notes to the Consolidated Financial Statements for further information about pension and postretirement health benefits.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jul. 31, 2021

STOCK-BASED COMPENSATION [Abstract]

Schedule of summary of restricted stock

A summary of restricted stock transactions under the plans is shown below.


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2019	414	$	33.09	4.5	$	10,474
Granted	26	$	33.57
Vested	(44)	$	32.53
Forfeited	(6)	$	32.46
Non-vested restricted stock outstanding at July 31, 2020	390	$	33.19	4.0	$	7,784
Granted	72	$	35.76
Vested	(67)	$	33.11
Forfeited	(25)	$	29.58
Non-vested restricted stock outstanding at July 31, 2021	370	$	33.96	3.3	$	7,073

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Jul. 31, 2021

EMPLOYEE BENEFIT PLANS [Abstract]

Schedule of Obligations and Funded Status

The following tables provide a reconciliation of changes in the plans’ benefit obligations, asset fair values and funded status by fiscal year (in thousands):


	Pension Benefits				Postretirement Health Benefits
	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation, beginning of year	$	57,280	$	61,553	$	3,291	$	2,958
Service cost	—		1,096		139		116
Interest cost	1,168		1,900		51		82
Actuarial (gain)/loss	(6,091)		8,570		(313)		247
Benefits paid	(1,603)		(1,663)		(43)		(112)
Curtailments	—		(6,632)		—		—
Settlements	(8,487)		(7,544)		—		—
Benefit obligation, end of year	42,267		57,280		3,125		3,291

Change in plan assets:
Fair value of plan assets, beginning of year	45,334		40,725		—		—
Actual return on plan assets	5,144		5,816		—		—
Employer contribution	—		8,000		43		8
Benefits paid	(1,603)		(1,663)		(43)		(8)
Settlements	(8,487)		(7,544)		—		—
Fair value of plan assets, end of year	40,388		45,334		—		—
Funded status, recorded in Consolidated Balance Sheets	$	(1,879)	$	(11,946)	$	(3,125)	$	(3,291)

Schedule of Amounts Recognized in Balance Sheet

The following table shows amounts recognized in the Consolidated Balance Sheets as of July 31 (in thousands):


	Pension Benefits				Postretirement Health Benefits
	2021		2020		2021		2020
Deferred income taxes	$	504	$	2,443	$	792	$	850
Other current liabilities	$	—	$	—	$	(82)	$	(97)
Other noncurrent liabilities	$	(1,879)	$	(11,946)	$	(3,043)	$	(3,194)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss	$	4,311	$	11,642	$	117	$	352

Schedule of Net Benefit Costs

The following table shows the components of the net periodic pension and postretirement health benefit costs by fiscal year (in thousands):


	Pension Cost				Postretirement Health Benefit Cost
	2021		2020		2021		2020
Service cost	$	—	$	1,096	$	139	$	116
Interest cost	1,168		1,900		51		82
Expected return on plan assets	(2,816)		(2,790)		—		—
Amortization of:
Prior service costs (income)	—		—		(6)		(6)
Other actuarial loss	653		1,005		3		—
Settlement cost	631		2,012		—		—
Net periodic benefit cost	$	(364)	$	3,223	$	187	$	192

Schedule of Amounts Recognized in Other Comprehensive Income

The following table shows amounts, net of tax, that are recognized in other comprehensive income by fiscal year (in thousands):


	Pension Benefits				Postretirement Health Benefits
	2021		2020		2021		2020
Net actuarial (gain) loss	$	(6,355)	$	4,243	$	(237)	$	188
Amortization of:
Prior service income	—		—		5		5
Amortization of actuarial loss	(496)		(763)		(3)		—
Curtailment/Settlement	$	(480)	$	(6,570)	$	—	$	—
Total recognized in other comprehensive (income) loss	$	(7,331)	$	(3,090)	$	(235)	$	193

Schedule of Expected Benefit Payments

The following table shows the estimated future benefit payments by fiscal year (in thousands):


	Pension Benefits		Postretirement Health Benefits
2022	$	1,181	$	82
2023	$	1,192	$	108
2024	$	1,225	$	173
2025	$	1,315	$	214
2026	$	1,445	$	210
2027-31	$	8,780	$	1,360

Schedule of Assumptions Used

The assumptions used in the previous calculations by fiscal year were as follows:


	Pension Benefits		Postretirement Health Benefits
	2021	2020	2021	2020
Discount rate for net periodic benefit costs	2.14%	3.35%	1.63%	2.93%
Discount rate for year-end obligations	2.57%	2.14%	2.10%	1.63%
Rate of increase in compensation levels for net periodic benefit costs	—%	—%	—%	—%
Rate of increase in compensation levels for year-end obligations	—%	—%	—%	—%
Long-term expected rate of return on assets	6.50%	7.00%	—%	—%

Schedule of Allocation of Plan Assets

The targeted allocation percentages of plan assets is shown below for fiscal year 2022 and the actual allocation as of July 31:


Asset Allocation	Target fiscal 2022	2021	2020
Cash and accrued income	2%	—%	1%
Fixed income	38%	38%	68%
Equity	60%	62%	31%

In anticipation of the Lump Sum Option payments we adjusted our asset allocation in fiscal year 2020 and reverted back to our historical asset allocations in fiscal year 2021.

The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets carried at fair value (in thousands):


	Fair Value At July 31, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	16	$	16	$	—
Equity securities(b):
U.S. companies	15,241		4,290		10,951
International companies	806		806		—
Equity securities - international mutual funds:
Developed market(c)	5,622		—		5,622
Emerging markets(d)	2,389		—		2,389
Commodities(e)	829		—		829
Fixed Income:
U.S. Treasuries	1,543		—		1,543
Debt securities(f)	2,258		—		2,258

Government sponsored entities(g)	1,730		—		1,730
Multi-strategy bond fund(h)	8,257		—		8,257
Money market fund(i)	718		—		718
Other(j)	979		—		979
Total	$	40,388	$	5,112	$	35,276


	Fair Value At July 31, 2020
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	557	$	557	$	—
Equity securities(b):
U.S. companies	9,401		2,093		7,308
International companies	495		495		—
Equity securities - international mutual funds:
Developed market(c)	2,867		—		2,867
Emerging markets(d)	1,022		—		1,022
Commodities(e)	—		—		—
Fixed Income:
U.S. Treasuries	3,014		—		3,014
Debt securities(f)	10,131		—		10,131

Government sponsored entities(g)	5,131		—		5,131
Multi-strategy bond fund(h)	10,547		—		10,547
Money market fund(i)	486		—		486
Other(j)	1,683		—		1,683
Total	$	45,334	$	3,145	$	42,189

(a)Cash and cash equivalents consists of highly liquid investments which are traded in active markets.

(b)This class represents equities traded on regulated exchanges, as well as funds that invest in a portfolio of such stocks.

(d)These mutual funds seek to track the performance of a benchmark index that measures the investment return of stock issued by companies located in emerging market countries.

(e)These investments seek attractive total return by investing primarily in a diversified portfolio of commodity futures contracts and fixed income investments.

(f)This class includes bonds and loans of U.S. and non-U.S. corporate issuers from diverse industries and bonds of domestic and foreign municipalities.

ACCRUED EXPENSES (Tables)

12 Months Ended

Jul. 31, 2021

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses is as follows (in thousands):


	July 31, 2021		July 31, 2020
Salaries, Wages, Commissions and Employee Benefits	10,806		$	14,798
Trade promotions and advertising	1,653		2,349
Freight	2,845		1,313
Real Estate Tax	1,002		1,658
Other	8,577		8,582
	$	24,883	$	28,700

LEASES (Tables)

12 Months Ended

Jul. 31, 2021

Leases [Abstract]

Operating lease costs


	For the Twelve Months Ended July 31,		For the Twelve Months Ended July 31,
	2021		2020
Operating Lease Cost
Operating lease cost	$	2,658	$	2,219
Short-term operating lease cost	721		788

Supplemental cash flow information related to leases was as follows (in thousands):


	For the Twelve Months Ended July 31,		For the Twelve Months Ended July 31,
	2021		2020
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,303	$	1,878


	For the Twelve Months Ended July 31,	For the Twelve Months Ended July 31,
	2021	2020









Weighted-average remaining lease term - operating leases	9.1 years	9.4 years


Weighted-average discount rate - operating leases	3.88%	3.87%

Scheduled minimum future lease payments




2022	$	2,334
2023	1,329
2024	1,173
2025	1,090
2026	849
Thereafter	5,355
Total	12,130
Less: imputed interest	(2,072)
Net lease obligation	$	10,058

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Prior Period (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of Sales	$ (239,740)	$ (214,521)
Selling, General and Administrative Expenses	(52,205)	(56,879)
Corporate Expenses	(23,966)	(28,133)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of Sales		(207,404)
Selling, General and Administrative Expenses		(63,996)
Corporate Expenses		(35,250)
Corrections
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of Sales		(7,117)
Selling, General and Administrative Expenses		7,117
Corporate Expenses		7,117
Business to Business Products
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment Income	25,086	28,437
Business to Business Products \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment Income		31,218
Business to Business Products \| Corrections
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment Income		(2,781)
Retail and Wholesale Products
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment Income	$ 11,916	11,523
Retail and Wholesale Products \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment Income		15,859
Retail and Wholesale Products \| Corrections
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment Income		$ (4,336)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Finished goods	$ 14,179	$ 14,500
Packaging	5,084	4,587
Other	4,335	4,806
Inventories	$ 23,598	$ 23,893

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Amortization Expense (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Estimated Intangible Amortization Expense
2022	$ 447
2023	244
2024	108
2025	83
2026	$ 80

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Weighted Average Amortization Period (Details)	12 Months Ended
	Jul. 31, 2021
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	8 years 4 months 24 days
Trademarks and patents
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	13 years
Customer list
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	2 years 3 months 18 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details)	12 Months Ended
	Jul. 31, 2021
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment
Estimated useful life	3 years
Minimum \| Machinery and Equipment - Packaging
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Machinery and Equipment - Processing
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Machinery and Equipment - Mining and Other
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Office furniture and equipment
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Vehicles
Property, Plant and Equipment
Estimated useful life	2 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment
Estimated useful life	40 years
Maximum \| Machinery and Equipment - Packaging
Property, Plant and Equipment
Estimated useful life	20 years
Maximum \| Machinery and Equipment - Processing
Property, Plant and Equipment
Estimated useful life	25 years
Maximum \| Machinery and Equipment - Mining and Other
Property, Plant and Equipment
Estimated useful life	15 years
Maximum \| Office furniture and equipment
Property, Plant and Equipment
Estimated useful life	15 years
Maximum \| Vehicles
Property, Plant and Equipment
Estimated useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Maximum maturity of cash equivalents		3 months	3 months
Inventory obsolescence reserves		$ 641,000	$ 926,000
Amortization of intangibles		680,000	804,000
Indefinite-lived trademarks		376,000	376,000
Goodwill		9,262,000	9,262,000
Goodwill impairment		0	0
Stripping costs		1,920,000	1,722,000
Pre-production overburden removal costs		1,810,000	535,000
Pre-production development costs		478,000
Land		13,637,000	13,570,000
Mineral rights		2,165,000	2,165,000
Prepaid royalties		1,605,000	1,232,000
Estimated net reclamation asset		1,152,000	932,000
Estimated reclamation liability		2,965,000	2,554,000
Depreciation		13,497,000	13,119,000
Interest Costs Capitalized		0	0
Impairment of property, plant and equipment		0	0
CARES Act, Current Payroll Tax Deferral	$ 2,300,000
CARES Act, 2021 Deferred Payroll Tax Payment		1,150,000
CARES Act, 2022 Deferred Payroll Tax Payment		1,150,000
Advertising expense		8,651,000	9,674,000
Shipping and Handling Costs		46,500,000	39,865,000
Research and development costs		$ 2,539,000	2,765,000
Other Operating Income			$ 13,000,000
Minimum
Amortization period of intangible assets (years)		4 years
Maximum
Amortization period of intangible assets (years)		20 years
Retail and Wholesale Products
Goodwill		$ 5,497,000
Business to Business Products
Goodwill		$ 3,765,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition (Details) - Payments in Advance - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Deferred Revenue Arrangement
Liability for Payments in Advance	$ 256,000	$ 247,000
Payments in Advance, Revenue Recognized	$ 200,000

OPERATING SEGMENTS Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Revenue by Principal Product
Net Sales	$ 304,981	$ 283,227
Business to Business Products
Revenue by Principal Product
Net Sales	110,120	104,260
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	194,861	178,967
Cat Litter \| Business to Business Products
Revenue by Principal Product
Net Sales	14,868	14,528
Cat Litter \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	161,251	147,503
Industrial and Sports \| Business to Business Products
Revenue by Principal Product
Net Sales	0	0
Industrial and Sports \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	31,724	29,035
Agricultural and Horticultural \| Business to Business Products
Revenue by Principal Product
Net Sales	26,035	21,886
Agricultural and Horticultural \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	0	0
Bleaching Clay and Fluids Purification \| Business to Business Products
Revenue by Principal Product
Net Sales	51,451	50,117
Bleaching Clay and Fluids Purification \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	1,886	2,429
Animal Health and Nutrition \| Business to Business Products
Revenue by Principal Product
Net Sales	17,766	17,729
Animal Health and Nutrition \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting Information
Assets	$ 227,566	$ 235,882
Net Sales	304,981	283,227
Other Operating Income	0	13,000
Corporate Expenses	(23,966)	(28,133)
Income from Operations	13,036	24,827
Total Other Income (Expense), Net	332	(1,807)
Income Before Income Taxes	13,368	23,020
Income Tax Expense	(2,388)	(4,280)
Net Income	10,980	18,740
Net Loss Attributable to Noncontrolling Interest	(133)	(160)
Net Income Attributable to Oil-Dri	11,113	18,900
Business to Business Products
Segment Reporting Information
Assets	69,023	66,955
Segment Net Sales	110,120	104,260
Net Sales	110,120	104,260
Segment Income	25,086	28,437
Retail and Wholesale Products
Segment Reporting Information
Assets	103,268	95,592
Segment Net Sales	194,861	178,967
Net Sales	194,861	178,967
Segment Income	11,916	11,523
Unallocated assets
Segment Reporting Information
Assets	$ 55,275	$ 73,335

OPERATING SEGMENTS Financial Information by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Financial Information by Geographic Region
Sales to unaffiliated customers	$ 304,981	$ 283,227
Net Income (Loss) attributable to Oil-Dr	11,113	18,900
Identifiable assets	227,566	235,882
Domestic Operations
Financial Information by Geographic Region
Sales to unaffiliated customers	287,575	268,007
Sales or transfers between geographic areas	5,347	6,457
Income before income taxes	14,144	24,494
Net Income (Loss) attributable to Oil-Dr	11,710	20,208
Identifiable assets	214,994	223,296
Foreign subsidiaries
Financial Information by Geographic Region
Sales to unaffiliated customers	17,406	15,220
Sales or transfers between geographic areas	112	109
Income before income taxes	(776)	(1,474)
Net Income (Loss) attributable to Oil-Dr	(597)	(1,308)
Identifiable assets	$ 12,572	$ 12,586

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

OPERATING SEGMENTS Largest Customer (Details) - Customer, Walmart - Retail and Wholesale Products	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Net sales for the years ended July 31
Revenue, Major customer
Concentration risk, percentage	18.00%	19.00%
Net accounts receivable as of July 31
Revenue, Major customer
Concentration risk, percentage	20.00%	18.00%

OPERATING SEGMENTS Narrative (Details)	12 Months Ended
OPERATING SEGMENTS Narrative (Details)	Jul. 31, 2021 USD ($) segment
Segment Reporting Information
Number of Reportable Segments \| segment	2
Foreign subsidiaries
Segment Reporting Information
Cash held at foreign banks \| $	$ 3,054,000

DEBT Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT Notes Payable (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Debt Instrument
Current maturities of notes payable	$ (1,000)	$ (1,000)
Notes payable, net of unamortized debt issuance costs of $122 and $150 in 2021 and 2020, respectively	7,878	$ 8,848
Series A Senior Notes
Debt Instrument
Starting payments		Aug. 01, 2019
Ending payments		Jul. 31, 2020
Annual rate		3.96%
Series B Senior Notes
Debt Instrument
Notes Payable	9,000	$ 10,000
Current maturities of notes payable	(1,000)	(1,000)
Less unamortized debt issuance costs	(122)	(152)
Notes payable, net of unamortized debt issuance costs of $122 and $150 in 2021 and 2020, respectively	7,878	$ 8,848
Annual Principal Installments	$ 1,000
Starting payments	May 15, 2021
Ending payments	May 15, 2030
Annual rate	3.95%

DEBT Maturities of Notes Payable (Details) - Series B Senior Notes $ in Thousands	Jul. 31, 2021 USD ($)
Notes Payable Maturities
2022	$ 1,000
2023	1,000
2024	1,000
2025	1,000
2026	$ 1,000

DEBT Debt (Narrative) (Details) - USD ($)	12 Months Ended
DEBT Debt (Narrative) (Details) - USD ($)	Jul. 31, 2021	Jul. 31, 2020
Debt Instrument
Shelf Notes	$ 75,000,000
Letters of Credit Outstanding, Amount	964,000	$ 1,284,000
Series A Senior Notes
Debt Instrument
Face amount		18,500,000
Repayments of Debt		$ 3,100,000
Minimum overdue financial obligation considered as default	5,000,000
Debt Instrument, Maturity Date Range, Start		Aug. 01, 2019
Debt Instrument, Maturity Date Range, End		Jul. 31, 2020
Debt Instrument, Interest Rate, Stated Percentage		3.96%
Series B Senior Notes
Debt Instrument
Face amount	10,000,000
Minimum overdue financial obligation considered as default	5,000,000
Annual Principal Installments	$ 1,000,000
Debt Instrument, Maturity Date Range, Start	May 15, 2021
Debt Instrument, Maturity Date Range, End	May 15, 2030
Debt Instrument, Interest Rate, Stated Percentage	3.95%
Line of Credit, BMO Harris
Debt Instrument
Expiration date	Jan. 31, 2024
Maximum borrowing capacity	$ 45,000,000
Maximum borrowing capacity for letters of credit	$ 10,000,000
Variable interest rate, prime based	3.50%
Variable interest rate, LIBOR based	1.38%
Line of credit amount outstanding	$ 0	$ 0
Minimum overdue financial obligation considered as default	$ 1,000,000

FINANCIAL INSTRUMENTS Narrative (Details) - USD ($)	Jul. 31, 2021	Jul. 31, 2020
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents, Fair Value	$ 0	$ 6,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 10,231,000	$ 11,631,000

INCOME TAXES Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Current - Federal	$ (683)	$ 3,768
Current - Foreign	2	5
Current - State	309	999
Current Income Tax Total	(372)	4,772
Deferred - Federal	2,440	(610)
Deferred - Foreign	(48)	(3)
Deferred - State	368	121
Deferred Income Tax Total	2,760	(492)
Total Income Tax Expense	$ 2,388	$ 4,280

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES Income Tax Effective Rate Reconciliation (Details)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
U.S. federal income tax rate	21.00%	21.00%
Depletion deductions allowed for mining	(5.40%)	(4.80%)
State income tax expense, net of federal tax expense	5.10%	4.30%
Nondeductible Officer Compensation	4.00%	0.50%
Tax Credits	(2.50%)	(1.10%)
Statutory rate change of foreign subsidiaries	(0.70%)	0.00%
Valuation Allowance - Foreign	2.50%	1.30%
Foreign Tax Differential	(1.50%)	(0.10%)
Prior year income taxes	(4.00%)	(1.00%)
Other	(0.80%)	(1.50%)
Effective income tax rate	17.70%	18.60%

INCOME TAXES Components of Deferred Tax Assets and Liabilities (Details) - USD ($)	Jul. 31, 2021	Jul. 31, 2020
Deferred Tax Asset
Depreciation	$ 0	$ 0
Deferred compensation	1,593,000	1,779,000
Postretirement benefits	1,296,000	3,293,000
Goodwill	0	0
Lease right of use assets	0	0
Lease liabilities	2,524,000	2,918,000
Allowance for doubtful accounts	176,000	178,000
Other assets	289,000	0
Deferred marketing expenses	0	0
Accrued expenses	2,402,000	4,131,000
Tax credits	87,000	147,000
Amortization	1,028,000	1,048,000
Inventories	351,000	343,000
Depletion	0	0
Stock-based compensation	1,340,000	987,000
Reclamation	498,000	447,000
Other liabilities - foreign	0	0
Other assets - foreign	1,362,000	1,029,000
Valuation allowance	(1,362,000)	(1,029,000)
Total deferred tax assets	11,584,000	15,271,000
Deferred Tax Liability
Depreciation	5,870,000	3,926,000
Deferred compensation	0	0
Postretirement benefits	0	0
Goodwill	1,073,000	1,000,000
Lease right of use assets	2,160,000	2,534,000
Lease liabilities	0	0
Allowance for doubtful accounts	0	0
Other assets	0	9,000
Deferred marketing expenses	133,000	194,000
Accrued expenses	0	0
Tax credits	0	0
Amortization	0	0
Inventories	0	0
Depletion	166,000	173,000
Stock-based compensation	0	0
Reclamation	0	0
Other liabilities - foreign	86,000	133,000
Other assets - foreign	0	0
Valuation allowance	0	0
Total deferred tax liabilities	$ 9,488,000	$ 7,969,000

INCOME TAXES Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES Narrative (Details) - USD ($)	Jul. 31, 2021	Jul. 31, 2020
Effective Income Tax Rate Reconciliation, Percent	17.70%	18.60%
Operating Loss Carryforwards	$ 4,000,000
Unrecognized tax benefits, liability	0	$ 0
Unrecognized tax benefits, penalties and interest expense	0	0
Unrecognized tax benefits, penalties and interest accrued	$ 0	0
Minimum
Foreign and U.S. state tax statute of limitations (years)	3 years
Maximum
Foreign and U.S. state tax statute of limitations (years)	5 years
Deferred Tax Asset
Deferred Tax Assets, Valuation Allowance	$ 1,362,000	$ 1,029,000

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	$ (12,254,000)
Other Comprehensive Income	8,137,000	$ 2,785,000
Accumulated Other Comprehensive (Loss) Income, ending balance	(4,117,000)	(12,254,000)
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(11,994,000)	(14,891,000)
Other comprehensive income (loss), before reclassifications, net of tax	6,592,000	(4,431,000)
Amounts reclassified from accumulated other comprehensive income, net of tax	494,000	758,000
Curtailment/Settlement on Pension Plan	480,000	6,570,000
Other Comprehensive Income	7,566,000	2,897,000
Accumulated Other Comprehensive (Loss) Income, ending balance	(4,428,000)	(11,994,000)
Tax on Other comprehensive (loss) income, Pension and postretirement benefit Plans before reclassifications	2,095,000	1,359,000
Tax on amount reclassified from accumulated other comprehensive income, Pension and postretirement health benefits	156,000	242,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax	151,000	2,075,000
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(260,000)	(148,000)
Other comprehensive income (loss), before reclassifications, net of tax	571,000	(112,000)
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Curtailment/Settlement on Pension Plan	0	0
Other Comprehensive Income	571,000	(112,000)
Accumulated Other Comprehensive (Loss) Income, ending balance	311,000	(260,000)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(12,254,000)	(15,039,000)
Other comprehensive income (loss), before reclassifications, net of tax	7,163,000	(4,543,000)
Amounts reclassified from accumulated other comprehensive income, net of tax	494,000	758,000
Curtailment/Settlement on Pension Plan	480,000	6,570,000
Other Comprehensive Income	8,137,000	2,785,000
Accumulated Other Comprehensive (Loss) Income, ending balance	$ (4,117,000)	$ (12,254,000)

STOCK-BASED COMPENSATION (Summary of Restricted Stock Activity) (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2019
Summary of Restricted Stock Activity
Nonvested restricted stock outstanding, Number	370	390	414
Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value	$ 33.96	$ 33.19	$ 33.09
Nonvested restricted stock outstanding, Weighted Average Remaining Contractual Term (Years)	3 years 3 months 18 days	4 years	4 years 6 months
Nonvested retricted stock outstanding, Unamortized Expense	$ 7,073	$ 7,784	$ 10,474
Granted, Number	72	26
Granted, Weighted Average Grant Date Fair Value	$ 35.76	$ 33.57
Vested, Number	(67)	(44)
Vested, Weighted Average Grant Date Fair Value	$ 33.11	$ 32.53
Forfeitures, Number	(25)	(6)
Forfeitures, Weighted Average Grant Date Fair Value	$ 29.58	$ 32.46

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Restricted Stock
Share-based Compensation Award Disclosure
Share-based compensation expense	$ 1,924,000	$ 2,560,000
Tax benefit from compensation expense	$ 607,000	$ 808,000
2006 Plan
Share-based Compensation Award Disclosure
Number of shares authorized	1,219,500
Number of shares available for grant	340,786
2006 Plan - Restricted Stock \| Minimum
Share-based Compensation Award Disclosure
Award vesting period (years)	2 years
2006 Plan - Restricted Stock \| Maximum
Share-based Compensation Award Disclosure
Award vesting period (years)	5 years

PENSION AND OTHER POSTRETIREMENT BENEFITS Change in Benefit Obligation and Plan Assets, Funded Status (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Pension Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ 57,280,000	$ 61,553,000
Service cost	0	1,096,000
Interest cost	1,168,000	1,900,000
Actuarial (gain)/loss	(6,091,000)	8,570,000
Benefits paid	(1,603,000)	(1,663,000)
Curtailments	0	(6,632,000)
Settlements	(8,487,000)	(7,544,000)
Benefit obligation, end of year	42,267,000	57,280,000
Change in plan assets:
Fair value of plan assets, beginning of year	45,334,000	40,725,000
Actual return on plan assets	5,144,000	5,816,000
Employer contribution	0	8,000,000
Benefits paid	(1,603,000)	(1,663,000)
Settlements	(8,487,000)	(7,544,000)
Fair value of plan assets, end of year	40,388,000	45,334,000
Funded status, recorded in Consolidated Balance Sheets	(1,879,000)	(11,946,000)
Postretirement Health Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	3,291,000	2,958,000
Service cost	139,000	116,000
Interest cost	51,000	82,000
Actuarial (gain)/loss	(313,000)	247,000
Benefits paid	(43,000)	(112,000)
Curtailments	0	0
Settlements	0	0
Benefit obligation, end of year	3,125,000	3,291,000
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Employer contribution	43,000	8,000
Benefits paid	(43,000)	(8,000)
Settlements	0	0
Fair value of plan assets, end of year	0	0
Funded status, recorded in Consolidated Balance Sheets	$ (3,125,000)	$ (3,291,000)

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Defined Benefit Plans and Postretirement Health Benefits
Other noncurrent liabilities	$ (4,922)	$ (15,140)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Deferred income taxes	504	2,443
Other current liabilities	0	0
Other noncurrent liabilities	(1,879)	(11,946)
Accumulated other comprehensive income - net of tax, Net actuarial loss	4,311	11,642
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Deferred income taxes	792	850
Other current liabilities	(82)	(97)
Other noncurrent liabilities	(3,043)	(3,194)
Accumulated other comprehensive income - net of tax, Net actuarial loss	$ 117	$ 352

PENSION AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Service cost	$ 0	$ 1,096,000
Interest cost	1,168,000	1,900,000
Expected return on plan assets	(2,816,000)	(2,790,000)
Amortization of: Prior service costs (income)	0	0
Amortization of: Other actuarial loss	653,000	1,005,000
Settlement cost	631,000	2,012,000
Net periodic benefit cost	(364,000)	3,223,000
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Service cost	139,000	116,000
Interest cost	51,000	82,000
Expected return on plan assets	0	0
Amortization of: Prior service costs (income)	(6,000)	(6,000)
Amortization of: Other actuarial loss	3,000	0
Settlement cost	0	0
Net periodic benefit cost	$ 187,000	$ 192,000

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts recognized in other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Defined Benefit Plans and Postretirement Health Benefits
Total recognized in other comprehensive loss (income)	$ (7,566)	$ (2,897)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial (gain) loss	(6,355)	4,243
Amortization of: Prior service (cost) income	0	0
Amortization of actuarial loss	(496)	(763)
Curtailment/Settlement	(480)	(6,570)
Total recognized in other comprehensive loss (income)	(7,331)	(3,090)
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial (gain) loss	(237)	188
Amortization of: Prior service (cost) income	5	5
Amortization of actuarial loss	(3)	0
Curtailment/Settlement	0	0
Total recognized in other comprehensive loss (income)	$ (235)	$ 193

PENSION AND OTHER POSTRETIREMENT BENEFITS Estimated future benefit payments (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
2022	$ 1,181
2023	1,192
2024	1,225
2025	1,315
2026	1,445
2027-31	8,780
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
2022	82
2023	108
2024	173
2025	214
2026	210
2027-31	$ 1,360

PENSION AND OTHER POSTRETIREMENT BENEFITS Assumptions used in calculations (Details)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	2.14%	3.35%
Discount rate for year-end obligations	2.57%	2.14%
Rate of increase in compensation levels for net periodic benefit costs	0.00%	0.00%
Rate of increase in compensation levels for year-end obligations	0.00%	0.00%
Long-term expected rate of return on assets	6.50%	7.00%
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	1.63%	2.93%
Discount rate for year-end obligations	2.10%	1.63%
Rate of increase in compensation levels for net periodic benefit costs	0.00%	0.00%
Rate of increase in compensation levels for year-end obligations	0.00%	0.00%
Long-term expected rate of return on assets	0.00%	0.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS Plan Assets Allocation Percentages (Details)	Jul. 31, 2021	Jul. 31, 2020
Cash and accrued income
Defined Benefit Plan Disclosure
Target Allocation %	2.00%
Actual Allocation %	0.00%	1.00%
Fixed income
Defined Benefit Plan Disclosure
Target Allocation %	38.00%
Actual Allocation %	38.00%	68.00%
Equity
Defined Benefit Plan Disclosure
Target Allocation %	60.00%
Actual Allocation %	62.00%	31.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS Fair value level of pension plan assets (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2019
Equity securities - international mutual funds: Developed market
Defined Benefit Plan Disclosure
Minimum % of Fund Assets Invested in Non-US Stocks Developed Market	80.00%	80.00%
Fixed Income: Government sponsored entities
Defined Benefit Plan Disclosure
Amount Backed by US Government	$ 176,000	$ 289,000
Fixed Income: Multi-strategy bond fund \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount		0
Pension Benefits
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	40,388,000	45,334,000	$ 40,725,000
Pension Benefits \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	5,112,000	3,145,000
Pension Benefits \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	35,276,000	42,189,000
Pension Benefits \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	16,000	557,000
Pension Benefits \| Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	16,000	557,000
Pension Benefits \| Cash and Cash Equivalents \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Equity securities U.S. companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	15,241,000	9,401,000
Pension Benefits \| Equity securities U.S. companies \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	4,290,000	2,093,000
Pension Benefits \| Equity securities U.S. companies \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	10,951,000	7,308,000
Pension Benefits \| Equity securities International companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	806,000	495,000
Pension Benefits \| Equity securities International companies \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	806,000	495,000
Pension Benefits \| Equity securities International companies \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Equity securities - international mutual funds: Developed market
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	5,622,000	2,867,000
Pension Benefits \| Equity securities - international mutual funds: Developed market \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Equity securities - international mutual funds: Developed market \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	5,622,000	2,867,000
Pension Benefits \| Equity securities - international mutual funds: Emerging market
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	2,389,000	1,022,000
Pension Benefits \| Equity securities - international mutual funds: Emerging market \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Equity securities - international mutual funds: Emerging market \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	2,389,000	1,022,000
Pension Benefits \| Commodities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	829,000	0
Pension Benefits \| Commodities \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Commodities \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	829,000	0
Pension Benefits \| Fixed Income: U.S. Treasuries
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,543,000	3,014,000
Pension Benefits \| Fixed Income: U.S. Treasuries \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Fixed Income: U.S. Treasuries \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,543,000	3,014,000
Pension Benefits \| Fixed Income: Debt securities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	2,258,000	10,131,000
Pension Benefits \| Fixed Income: Debt securities \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Fixed Income: Debt securities \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	2,258,000	10,131,000
Pension Benefits \| Fixed Income: Government sponsored entities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,730,000	5,131,000
Pension Benefits \| Fixed Income: Government sponsored entities \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Fixed Income: Government sponsored entities \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,730,000	5,131,000
Pension Benefits \| Fixed Income: Multi-strategy bond fund
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	8,257,000	10,547,000
Pension Benefits \| Fixed Income: Multi-strategy bond fund \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0
Pension Benefits \| Fixed Income: Multi-strategy bond fund \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	8,257,000	10,547,000
Pension Benefits \| Money Market Fund
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	718,000	486,000
Pension Benefits \| Money Market Fund \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Money Market Fund \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	718,000	486,000
Pension Benefits \| Other
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	979,000	1,683,000
Pension Benefits \| Other \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	0
Pension Benefits \| Other \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	$ 979,000	$ 1,683,000

PENSION AND OTHER POSTRETIREMENT BENEFITS Narrative (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	$ 8,530,000	$ 6,632,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax		1,592,000
Accumulated benefit obligation	42,267,000	57,280,000
Defined Benefit Plan First Voluntary Contribution		5,000,000
Defined Benefit Plan Second Voluntary Contribution		3,000,000
Employer contribution	0	8,000,000
Pension plan estimated employer contributions in next fiscal year	0
Settlement cost	631,000	2,012,000
Postretirement Health Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Employer contribution	$ 43,000	8,000
Health care cost trend rate assumed	7.10%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	4.50%
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate	2038
Settlement cost	$ 0	0
401K Plan
Defined Contribution Plan Disclosure
Contribution to defined contribution plans	$ 2,784,000	$ 2,035,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Match Before Change	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Before Change	4.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6.00%

DEFERRED COMPENSATION Deferred Comp and Bonus (Details) - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Deferred Compensation
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Annual Total Amount Deferred	$ 1,158,000	$ 266,000
Deferred Compensation Interest Expense	187,000	171,000
Deferred Compensation Payments to Participants	480,000	440,000
Deferred Compensation Recorded Liability	4,354,000	4,017,000
Executive Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 0	$ 1,352,000
Deferred Compensation Arrangement with Individual, Requisite Service Period	3 years

DEFERRED COMPENSATION SERP (Details) - Supplemental Employee Retirement Plan	12 Months Ended
	Jul. 31, 2020 USD ($)
SERP Disclosure
SERP, benefit obligation	$ 1,447,000
SERP expense	34,000
Curtailment gain	$ 1,296,000

Payables and Accruals (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
ACCRUED EXPENSES [Abstract]
Salaries, Wages, Commissions and Employee Benefits	$ 10,806	$ 14,798
Trade promotions and advertising	1,653	2,349
Freight	2,845	1,313
Real Estate Tax	1,002	1,658
Other	8,577	8,582
Accrued Expenses	$ 24,883	$ 28,700

LEASES Lease, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES Lease, Cost (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Leases [Abstract]
Operating lease cost	$ 2,658	$ 2,219
Short-term operating lease cost	721	788
Operating cash flows from operating leases	$ 2,303	$ 1,878
Weighted-average remaining lease term - operating leases	9 years 1 month 6 days	9 years 4 months 24 days
Weighted-average discount rate - operating leases	3.88%	3.87%

LEASES Lessee, Operating Lease, Liability, Payment Due, Rolling Maturity (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 2,334
2023	1,329
2024	1,173
2025	1,090
2026	849
Thereafter	5,355
Total	12,130
Less: imputed interest	(2,072)
Net Lease Obligation	$ 10,058

RELATED PARTY TRANSACTIONS (Details) - Director - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Related Party Transaction
Net sales to related party customer	$ 327,000	$ 388,000
Accounts receivable due from related party customer	4,000	0
Purchases from related party vendor	703,000	420,000
Accounts payable due to related party vendor	$ 0	$ 0