0000074046-22-000072 | 10-K | XBRL Viewer

Print Document View Excel Document

Cover Page Cover Page - USD ($)	12 Months Ended
Cover Page Cover Page - USD ($)	Jul. 31, 2022	Sep. 30, 2022	Jan. 31, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 31, 2022
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			$ 180,521,731
Entity Central Index Key	0000074046
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		5,074,630
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,045,415
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Audit Information	12 Months Ended
Audit Information	Jul. 31, 2022
Auditor [Line Items]
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Chicago, Illinois

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Current Assets
Cash and cash equivalents	$ 16,298	$ 24,591
Accounts receivable, less allowance of $922 and $1,174 in 2022 and 2021, respectively	51,683	40,923
Inventories, net	35,562	23,598
Prepaid repairs expense	7,474	6,088
Prepaid expenses and other assets	3,664	6,742
Total Current Assets	114,681	101,942
Property, Plant and Equipment
Buildings and leasehold improvements	40,294	40,181
Machinery and equipment	165,350	162,930
Office furniture and equipment	17,524	21,685
Vehicles	15,470	17,543
Gross depreciable assets	238,638	242,339
Less accumulated depreciation and amortization	(175,374)	(178,885)
Net depreciable assets	63,264	63,454
Construction in progress	24,496	14,627
Land and mineral rights	20,106	17,859
Total Property, Plant and Equipment, Net	107,866	95,940
Other Assets
Goodwill	3,618	9,262
Trademarks and patents, net of accumulated amortization of $524 and $385 in 2022 and 2021, respectively	1,445	1,743
Customer list, net of accumulated amortization of $7,608 and $7,321 in 2022 and 2021, respectively	177	464
Deferred income taxes	3,677	2,096
Operating lease right-of-use assets	10,601	8,619
Other	7,546	7,500
Total Other Assets	27,064	29,684
Total Assets	249,611	227,566
Current Liabilities
Current maturities of notes payable	1,000	1,000
Accounts Payable	13,401	9,206
Dividends payable	1,851	1,865
Operating lease liabilities	2,178	2,036
Accrued Expenses	30,085	24,883
Total Current Liabilities	48,515	38,990
Noncurrent Liabilities
Notes payable, net of unamortized debt issuance costs of $202 and $122 in 2022 and 2021, respectively	31,798	7,878
Deferred compensation	4,559	4,370
Pension and postretirement benefits	798	4,922
Long-term operating lease liabilities	9,749	8,022
Other	3,843	4,152
Total Noncurrent Liabilities	50,747	29,344
Total Liabilities	99,262	68,334
Stockholders’ Equity
Additional paid-in capital	52,467	48,271
Retained earnings	178,754	180,443
Noncontrolling interest	(369)	(307)
Accumulated Other Comprehensive Loss
Pension and postretirement benefits	(2,242)	(4,428)
Cumulative translation adjustment	59	311
Total Accumulated Other Comprehensive Loss	(2,183)	(4,117)
Less treasury stock, at cost (3,609,938 Common and 351,641 Class B shares in 2022 and 3,192,702 Common and 346,491 Class B shares in 2021)	(79,428)	(66,154)
Total Stockholders’ Equity	150,349	159,232
Total Liabilities and Stockholders’ Equity	249,611	227,566
Common Stock
Stockholders’ Equity
Common Stock, par value $.10	868	856
Common Class B
Stockholders’ Equity
Common Stock, par value $.10	$ 240	$ 240

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Net Sales	$ 348,589	$ 304,981
Cost of Sales	(286,074)	(239,740)
Gross Profit	62,515	65,241
Selling, General and Administrative Expenses	(52,050)	(52,205)
Loss on impairment of goodwill	5,644	0
Income from Operations	4,821	13,036
Other Income (Expense)
Interest income	45	71
Interest expense	(1,228)	(722)
Foreign exchange loss	(303)	(93)
Other, net	2,374	1,076
Total Other Income (Expense), Net	888	332
Income Before Income Taxes	5,709	13,368
Income Tax Expense	(97)	(2,388)
Net income	5,612	10,980
Net Loss Attributable to Noncontrolling Interest	(62)	(133)
Net Income Attributable to Oil-Dri	$ 5,674	$ 11,113
Basic Common
Net Income Per Share
Basic	$ 0.83	$ 1.61
Diluted	$ 0.81	$ 1.57
Average Shares Outstanding
Basic (in shares)	4,987	5,142
Diluted (in shares)	5,099	5,253
Basic Class B Common
Net Income Per Share
Basic	$ 0.63	$ 1.20
Diluted	$ 0.62	$ 1.18
Average Shares Outstanding
Basic (in shares)	1,934	1,926
Diluted (in shares)	1,962	1,967

Consolidate Statements of Comprehensive Income Statement - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Net Income Attributable to Parent
Net Income Attributable to Oil-Dri	$ 5,674	$ 11,113
Other Comprehensive Income (Loss)
Pension and postretirement benefits (net of tax)	2,186	7,566
Cumulative translation adjustment	(252)	571
Other comprehensive income (loss)	1,934	8,137
Comprehensive Income	$ 7,608	$ 19,250

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands	Total	Common & Class B Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Total, Beginning of Period at Jul. 31, 2020	$ 147,964	$ 1,089	$ 44,993	$ 176,579	$ (62,269)	$ (12,254)	$ (174)
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2020		10,886,405
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2020					(3,426,046)
Net Income	10,980	$ 0	0		$ 0	0
Net Income Attributable to Oil-Dri	11,113			11,113
Net Loss Attributable to Noncontrolling Interest	(133)						(133)
Other comprehensive income	8,137	0	0	0	0	8,137	0
Dividends Declared	(7,249)	0	0	(7,249)	$ 0	0	0
Purchases of Treasury Stock (in shares)					(87,647)
Purchases of Treasury Stock	(3,130)	$ 0	0	0	$ (3,130)	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)	$ 7	747	0	$ (755)	0	0
Amortization of Restricted Stock	2,531	0	2,531	0	0	0	0
Total, End of Period at Jul. 31, 2021	159,232	$ 1,096	48,271	180,443	$ (66,154)	(4,117)	(307)
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)
Net Income	5,612	$ 0	0		$ 0	0
Net Income Attributable to Oil-Dri	5,674			5,674
Net Loss Attributable to Noncontrolling Interest	(62)						(62)
Other comprehensive income	1,934	0	0	0	0	1,934	0
Dividends Declared	(7,363)	0	0	(7,363)	$ 0	0	0
Purchases of Treasury Stock (in shares)					(379,586)
Purchases of Treasury Stock	(11,806)	$ 0	0	0	$ (11,806)	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		125,457			42,800
Net issuance of stock under long-term incentive plans	(1)	$ 12	1,455	0	$ (1,468)	0	0
Amortization of Restricted Stock	2,741	0	2,741	0	0	0	0
Total, End of Period at Jul. 31, 2022	$ 150,349	$ 1,108	$ 52,467	$ 178,754	$ (79,428)	$ (2,183)	$ (369)
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2022		11,083,824
Treasury Stock, End of Period (in shares) at Jul. 31, 2022					(3,961,579)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Cash Flows from Operating Activities
Net Income	$ 5,612	$ 10,980
Adjustments to reconcile net income to net cash provided by operating activites:
Depreciation and amortization	13,474	14,177
Non-cash stock compensation expense	2,741	2,531
Deferred income taxes	(2,296)	2,760
Provision for bad debts and cash discounts	(227)	147
Loss on impairment of goodwill	5,644	0
Loss on impairment of patent applications	323	0
Loss on the disposals of property, plant and equipment	334	52
(Increase) decrease in:
Accounts receivable	(10,654)	(5,955)
Inventories	(12,109)	518
Prepaid expenses	(1,014)	(4,067)
Deferred income taxes	715	2,436
Other assets	2,138	544
Increase (decrease) in:
Accounts payable	5,002	(2,411)
Accrued expenses	4,703	(4,097)
Deferred compensation	189	(770)
Pension and postretirement benefits	(1,938)	(2,652)
Other liabilities	(2,799)	(557)
Total Adjustments	4,226	2,656
Net Cash Provided by Operating Activities	9,838	13,636
Cash Flows from Investing Activities
Capital expenditures	(22,831)	(18,839)
Proceeds from sale of property, plant and equipment	21	9
Net Cash Used in Investing Activities	(22,810)	(18,830)
Cash Flows from Financing Activities
Proceeds from issuance of notes payable	25,000	0
Principal payments on notes payable	(1,000)	(1,000)
Payments of Debt Issuance Costs	(114)	0
Dividends paid	(7,377)	(7,192)
Purchase of treasury stock	(11,806)	(3,130)
Net Cash Provided by (Used in) Financing Activities	4,703	(11,322)
Effect of exchange rate changes on cash and cash equivalents	(24)	217
Net Decrease in Cash and Cash Equivalents	(8,293)	(16,299)
Cash and Cash Equivalents, Beginning of Year	24,591	40,890
Cash and Cash Equivalents, End of Year	16,298	24,591
Other cash flows:
Interest payments, net of amounts capitalized	767	400
Income tax (refunds) payments	(178)	6,151
Right-of-use assets obtained in exchange for new operating lease liabilities	4,377	1,036
Noncash investing and financing activities:
Capital expenditures accrued, but not paid	3,558	1,926
Cash dividends declared and accrued, but not paid	$ 1,851	$ 1,865

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Allowance for doubtful accounts	$ 922	$ 1,174
Trademarks and patents accumulated amortization	524	385
Customer list accumulated amortization	7,608	7,321
Unamortized debt issuance costs	$ 202	$ 122
Common Stock
Common Stock, shares issued	8,686,768	8,561,311
Common Stock, par value per share	$ 0.10	$ 0.10
Treasury Stock, shares	3,609,938	3,192,702
Common Class B
Common Stock, shares issued	2,397,056	2,397,056
Common Stock, par value per share	$ 0.10	$ 0.10
Treasury Stock, shares	351,641	346,491

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 1 (Notes)

12 Months Ended

Jul. 31, 2022

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 or cash flows.

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 effects of 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 and its effects continue 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 credit losses based on our expectations 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):


	2022		2021
Finished goods	$	18,142	$	14,179
Packaging	9,515		5,084
Other	7,905		4,335
Inventories	$	35,562	$	23,598

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 $842,000 and $641,000 as of July 31, 2022 and 2021, respectively. The higher 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 increased from July 31, 2021 due to increased supply chain issues. Finished goods inventory increased due to sales volume. Packaging inventories increased from July 31, 2021 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 $490,000 in fiscal year 2022 and $680,000 in fiscal year 2021. 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):


2023	$	265
2024	$	129
2025	$	104
2026	$	101
2027	$	99

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


			Weighted Average Amortization Period
Trademarks and patents			12.0
Customer list			1.3
Total intangible assets subject to amortization			9.4

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 $0 to the Retail and Wholesale Products Group and $3,618,000 to the Business to Business Products Group.

During the third quarter of fiscal 2022, we determined, as a result of lower share prices and the continued adverse impacts of rising costs and additional expenses to prevent supply chain disruptions, that we had a triggering event that necessitated a goodwill impairment test. In the third quarter, we performed a goodwill impairment test on our Retail and Wholesale Products Group and Business to Business Products Group reporting units and determined that the carrying value of our Retail and Wholesale Products Group reporting unit was higher than its fair value. As a result, we recorded goodwill impairment of $5,644,000, which left no remaining goodwill in the Retail and Wholesale Products Group reporting unit. We performed our annual impairment testing in the fourth quarter of fiscal years 2022 and 2021. There was no additional impairment required based on our analysis for the fourth quarter of fiscal year 2022. 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 $2,703,000 and $1,920,000 for fiscal years 2022 and 2021, 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 2022 and 2021 were $1,279,000 and $1,810,000 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 2022, the amount of development costs that are being amortized is $2,037,000.

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 $13,628,000 and $2,165,000, respectively, as of July 31, 2022, and were $13,637,000 and $2,165,000, respectively, as of July 31, 2021. 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 $2,003,000 and $1,605,000 as of July 31, 2022 and 2021, 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, 2022 and 2021, we have recorded an estimated net reclamation asset of $1,799,000 and $1,152,000, respectively, and a corresponding estimated reclamation liability of $3,807,000 as of July 31, 2022 and $2,965,000 as of July 31, 2021. These values represent the discounted present value of the estimated future mining reclamation costs at the production plants. Additional mining activity in fiscal year 2022 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 $12,984,000 and $13,497,000 in fiscal years 2022 and 2021, 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 2022 and 2021.


	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 2022 or 2021.

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, $1,150,000 was paid in December 2021 and $1,150,000 will be paid in December 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, as applicable, 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 $4,032,000 and $8,651,000 in fiscal years 2022 and 2021, 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, 2022 and 2021. 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 $527,000 and $256,000 as of July 31, 2022 and July 31, 2021, respectively. This liability is reported in Other Accrued Expenses on the Consolidated Balance Sheets. Revenue recognized during fiscal year 2022 that was included in the liability for advance payments at the beginning of the year was $151,000.

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 $48,487,000 and $46,500,000 for fiscal years 2022 and 2021, respectively. The increase in fiscal year 2022 relates to the increase in freight due to higher transportation rates from tight truck availability offset by freight we no longer incur related to a significant customer who now picks up its own purchases.

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 $2,106,000 and $2,539,000 were charged to expense as incurred for fiscal years 2022 and 2021, 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.

NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASC 350). The standard eliminates the requirement to measure the implied fair value of goodwill by assigning the fair value of a reporting unit to all assets and liabilities within that unit (the Step 2 test) from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited by the amount of goodwill in that reporting unit. The guidance is effective for us beginning with the first quarter of fiscal year 2023. Early adoption is permitted. We adopted this standard for our goodwill impairment test performed on May 1, 2022. See Note 5 for additional information regarding the results of the impairment test performed.

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. We implemented this guidance effective for our first quarter of fiscal year 2022. The impact of adopting this requirement is not 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. Early adoption is permitted and we adopted this standard for the evaluation of bad debt reserves at July 31, 2022. Accordingly, this guidance is effective for our first quarter of fiscal year 2023. The impact of adopting this requirement is not material to our Consolidated Financial Statements.

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. On August 30, 2022 we amended our debt agreements to replace the LIBOR-based reference rate with an adjusted term Secured Overnight Financing Rate (SOFR). See Note 13 for additional information on the debt amendment subsequent event.

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, 2022

OPERATING SEGMENTS [Abstract]

Operating Segments

OPERATING SEGMENTS

As a result of a change in management organization during fiscal year 2022 and as part of our routine assessments of our segments, our wholly owned subsidiary located in the United Kingdom is now included in our Business to Business Products Group and our co-packaged coarse cat litter is now included in the Retail and Wholesale Products Group. Prior year net sales and operating income have also been reclassified to reflect these changes. The organization change was intended to better serve our customers and the segment information presented reflects the information regularly reviewed by our chief operating decision maker.

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, sports field product users and marketers of consumer products. 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; and distributors of animal health and nutrition 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	2022		2021		2022		2021
Cat Litter	$	—	$	—	$	196,278	$	176,119
Industrial and Sports	—		—		38,932		31,724
Agricultural and Horticultural	30,419		26,035		—		—
Bleaching Clay and Fluids Purification	62,051		53,337		—		—
Animal Health and Nutrition	20,909		17,766		—		—
Net Sales	$	113,379	$	97,138	$	235,210	$	207,843

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.


	July 31,
	Assets
	2022		2021
	(in thousands)
Business to Business Products	$	75,644	$	62,124
Retail and Wholesale Products	125,293		110,167
Unallocated assets	48,674		55,275
Total Assets	$	249,611	$	227,566



	Year Ended July 31,
	Net Sales				Income
	2022		2021		2022		2021
	(in thousands)
Business to Business Products	$	113,379	$	97,138	$	24,344	$	25,914
Retail and Wholesale Products	235,210		207,843		6,252		11,088
Net Sales	$	348,589	$	304,981

Corporate Expenses					(25,775)		(23,966)

Income from Operations					4,821		13,036
Total Other Income, Net					888		332
Income Before Income Taxes					5,709		13,368
Income Tax Expense					(97)		(2,388)
Net Income					$	5,612	$	10,980
Net Loss Attributable to Noncontrolling Interest					$	(62)	$	(133)
Net Income Attributable to Oil-Dri					$	5,674	$	11,113

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


	2022		2021
Sales to unaffiliated customers by:
Domestic operations	$	328,696	$	287,575
Foreign subsidiaries	$	19,893	$	17,406
Sales or transfers between geographic areas:
Domestic operations	$	6,418	$	5,347
Foreign subsidiaries	$	161	$	112
Income (Loss) before income taxes:
Domestic operations	$	6,552	$	14,144
Foreign subsidiaries	$	(843)	$	(776)
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	6,430	$	11,710
Foreign subsidiaries	$	(756)	$	(597)
Identifiable assets:
Domestic operations	$	236,622	$	214,994
Foreign subsidiaries	$	12,989	$	12,572

Included within identifiable assets for our foreign subsidiaries is cash held at foreign banks of $3,260 and $3,054 as of July 31, 2022 and July 31, 2021, respectively.

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:


	2022	2021
Net sales for the years ended July 31	16%	18%
Net accounts receivable as of July 31	21%	20%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

DEBT Level 1 (Notes)

12 Months Ended

Jul. 31, 2022

Notes Payable [Abstract]

Debt

DEBT

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


	2022		2021
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%	$	8,000	$	9,000
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on Dec 15: $5,000 in each fiscal year 2028 through 2032. Interest is payable semi-annually at an annual rate of 3.25%	25,000		—
Less current maturities of notes payable	(1,000)		(1,000)
Less unamortized debt issuance costs	$	(202)	$	(122)
Noncurrent notes payable	$	31,798	$	7,878

On May 15, 2020 (the “Effective Date”), we entered into an Amended and Restated Note Purchase and Private Shelf Agreement (the “Amended 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”) and (iii) we issued $25,000,000 in aggregate principal amount of our 3.25% Series C Senior Notes due December 16, 2031 (the “Series C 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, and Series C 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.

Effective June 3, 2022, we entered into Amendment No. 2 (the “Amendment”) to the Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Agreement”) with PGIM, Inc. (“Prudential”) and certain existing noteholders affiliated with Prudential named therein. The Amendment, among other things, revises the definition of Consolidated EBITDA (Earnings Before Interest, Depreciation, and Amortization) within the Note Agreement.

The revised definitions of Consolidated EBITDA are relevant to our covenant calculations based on the amended definitions noted above. The goodwill impairment recorded in the third quarter was excluded from the quarterly covenant calculations based on the amended definitions summarized above. See Note 1 of the Notes to the Consolidated Financial Statements for additional information on goodwill impairment.

We have a credit agreement with BMO Harris that expires on January 31, 2024 (the "Credit Agreement"). 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, 2022, the variable rates would have been 5.75% for the BMO Harris’ prime-based rate or 4.04% for the LIBOR-based rate.

Effective June 6, 2022, we entered into a modification (the “Modification”) to the credit agreement (the “Credit Agreement”) with BMO Harris N.A. The Modification, among other things, revises the definition of Consolidated EBITDA and Consolidated EBITR (Earnings Before Interest, Taxes, and Rent) within the Credit Agreement.

The revised definitions of Consolidated EBITDA and consolidated EBITR are relevant to our covenant calculations based on the amended definitions noted above. The goodwill impairment recorded in the third quarter was excluded from the quarterly covenant calculations based on the amended definitions summarized above. See Note 1 of the Notes to the Consolidated Financial Statements for additional information on goodwill impairment.

As of July 31, 2022 and 2021, there were no outstanding borrowings under this credit agreement. However, we had $964,000 of letters of credit outstanding at July 31, 2022 and 2021 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, 2022.

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2022 (in thousands):


2023	$	1,000
2024	1,000
2025	1,000
2026	1,000
2027	1,000

On August 30, 2022, the Company entered into (i) the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”), which amends the Credit Agreement, among BMO Harris, the Company and certain domestic subsidiaries of the Company; and (ii) Amendment No. 3 (the “Third Amendment”) to the Amended Note Agreement with Prudential and certain existing noteholders affiliated with Prudential named therein. See Note 13 of the Notes to the Consolidated Financial Statements for additional information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

FINANCIAL INSTRUMENTS Level 1 (Notes)	12 Months Ended
FINANCIAL INSTRUMENTS Level 1 (Notes)	Jul. 31, 2022
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 are valued using quoted market prices in active markets. These cash instruments are primarily money market funds and are included in cash and cash equivalents on the Consolidated Balance Sheets. There were no cash equivalents as of July 31, 2022 and July 31, 2021. Accounts receivable and accounts payable balances on the Consolidated Balance Sheets approximate their fair values as of July 31, 2022 and 2021 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 $31,784,000 as of July 31, 2022 and $10,231,000 as of July 31, 2021. 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 Note Agreement entered into in December 2021. See Note 3 of the Notes to the Consolidated Financial Statements for further information about such 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, including the goodwill impairment recorded during fiscal year 2022 at our Retail and Wholesale Products Group. 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, 2022

INCOME TAXES [Abstract]

Income Taxes

INCOME TAXES

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


	2022		2021
Current
Federal	$	1,681	$	(683)
Foreign	16		2
State	696		309
Current Income Tax Total	2,393		(372)
Deferred
Federal	(1,868)		2,440
Foreign	(41)		(48)
State	(387)		368
Deferred Income Tax Total	(2,296)		2,760
Total Income Tax Expense	$	97	$	2,388

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


	2022		2021
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(20.1)		(5.4)
State income tax expense, net of federal tax expense	4.5		5.1
Nondeductible officer compensation	2.4		4.0
Tax credits	(3.1)		(2.5)
Statutory rate change of foreign subsidiaries	—		(0.7)
Valuation allowance - foreign	6.9		2.5
Foreign tax differential	(5.3)		(1.5)
Prior year income taxes	(9.5)		(4.0)
Goodwill impairment	3.1		—
Other	1.8		(0.8)
Effective income tax rate	1.7	%	17.7	%

The U.S. effective tax rate for the year ended July 31, 2022 and July 31, 2021 were 1.7% and 17.7%, respectively, based on income before taxes. The items impacting the effective tax rate were permanent items and the return to provision adjustments. The tax impact of the items comprising the permanent adjustments primarily consisted of depletion, stock-based compensation and goodwill impairment.

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


	2022				2021
	Assets		Liabilities		Assets		Liabilities
Depreciation	$	—	$	4,356	$	—	$	5,870
Deferred compensation	1,499		—		1,593		—
Postretirement benefits	209		—		1,296		—
Goodwill	62		—		—		1,073
Lease right of use assets	—		2,700		—		2,160
Lease liabilities	3,040		—		2,524		—
Allowance for doubtful accounts	95		—		176		—
Deferred marketing expenses	—		22		—		133
Other assets	1		—		289		—
Other liabilities	—		23		—		—
Accrued expenses	2,362		—		2,402		—
Tax credits	223		—		87		—
Amortization	1,046		—		1,028		—
Inventories	366		—		351		—
Depletion	—		154		—		166
Stock-based compensation	1,522		—		1,340		—
Reclamation	549		—		498		—
Other liabilities - foreign	—		42		—		86
Other assets – foreign	1,761		—		1,362		—
Valuation allowance	(1,761)		—		(1,362)		—
Total deferred taxes	$	10,974	$	7,297	$	11,584	$	9,488

Deferred tax liabilities for depreciation decreased due to the election out 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 $1,761,000 and $1,362,000 as of July 31, 2022 and 2021, 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, 2022, we have total net operating loss carryforwards from state jurisdictions of approximately $7,000,000. 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, 2022 and 2021; 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, 2022 and federal tax returns for fiscal years 2019-2021 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

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

12 Months Ended

Jul. 31, 2022

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, 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
Curtailment/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)
Other comprehensive income (loss) before reclassifications, net of tax	2,081		a)	(252)		1,829
Amounts reclassified from accumulated other comprehensive income, net of tax	105		b)	—		105
Net current-period other comprehensive income (loss), net of tax	2,186			(252)		1,934
Balance as of July 31, 2022	$	(2,242)		$	59	$	(2,183)

a) Amounts are net of taxes of $684,000 and $2,095,000 in fiscal years 2022 and 2021, respectively, and are included in Other Comprehensive Loss.

b) Amounts are net of taxes of $34,000 and $156,000 in fiscal years 2022 and 2021, 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 in fiscal year 2021. Amount is 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

STOCK-BASED COMPENSATION (Notes)

12 Months Ended

Jul. 31, 2022

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, 2022, there were 272,475 shares available for future grants under this plan.

RESTRICTED STOCK

All non-vested restricted stock as of July 31, 2022 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, 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
Granted	126	$	33.48
Vested	(71)	$	34.64
Forfeited	(43)	$	34.29
Non-vested restricted stock outstanding at July 31, 2022	382	$	33.63	3.0	$	7,064

Stock-based compensation for restricted stock of $2,083,000 and $1,924,000, net of related tax effect, was recognized in fiscal years 2022 and 2021, respectively. The total restricted stock compensation related tax benefit was $658,000 and $607,000 in fiscal years 2022 and 2021, respectively.

PENSION AND OTHER POSTRETIREMENT BENEFITS Level 1 (Notes)

12 Months Ended

Jul. 31, 2022

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. 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 $2,936,000 and $2,784,000 for fiscal years 2022 and 2021, respectively.

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
	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation, beginning of year	$	42,267	$	57,280	$	3,125	$	3,291
Service cost	—		—		123		139
Interest cost	1,068		1,168		58		51
Actuarial gain	(8,386)		(6,091)		(1,155)		(313)
Benefits paid	(1,208)		(1,603)		(32)		(43)

Settlements	—		(8,487)		—		—
Benefit obligation, end of year	33,741		42,267		2,119		3,125

Change in plan assets:
Fair value of plan assets, beginning of year	40,388		45,334		—		—
Actual return on plan assets	(4,191)		5,144		—		—
Employer contribution	—		—		32		43
Benefits paid	(1,208)		(1,603)		(32)		(43)
Settlements	—		(8,487)		—		—
Fair value of plan assets, end of year	34,989		40,388		—		—
Funded status, recorded in Consolidated Balance Sheets	$	1,248	$	(1,879)	$	(2,119)	$	(3,125)

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

The accumulated benefit obligation for the Pension Plan was $33,741,000 and $42,267,000 as of July 31, 2022 and July 31, 2021, respectively.

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


	Pension Benefits				Postretirement Health Benefits
	2022		2021		2022		2021
Deferred income taxes	$	(335)	$	504	$	544	$	792
Other current liabilities	$	—	$	—	$	(73)	$	(82)
Other noncurrent liabilities	$	1,248	$	(1,879)	$	(2,046)	$	(3,043)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss (gain)	$	2,998	$	4,311	$	(756)	$	117

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
	2022		2021		2022		2021
Service cost	$	—	$	—	$	123	$	139
Interest cost	1,068		1,168		58		51
Expected return on plan assets	(2,586)		(2,816)		—		—
Amortization of:
Prior service income	—		—		(6)		(6)
Other actuarial loss	145		653		—		3
Settlement cost	—		631		—		—
Net periodic benefit (income) cost	$	(1,373)	$	(364)	$	175	$	187

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 years 2021 or 2022.

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
	2022		2021		2022		2021
Net actuarial gain	$	(1,203)	$	(6,355)	$	(878)	$	(237)
Amortization of:
Prior service income	—		—		5		5
Amortization of actuarial loss	(110)		(496)		—		(3)
Curtailment/Settlement	$	—	$	(480)	$	—	$	—
Total recognized in other comprehensive income	$	(1,313)	$	(7,331)	$	(873)	$	(235)

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. We made no contributions in fiscal years 2021 or 2022 and we do not expect to make a contribution to the Pension Plan in fiscal year 2023. 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
2023	$	1,226	$	73
2024	$	1,258	$	123
2025	$	1,342	$	154
2026	$	1,476	$	147
2027	$	1,596	$	157
2028-32	$	9,209	$	977

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
	2022	2021	2022	2021
Discount rate for net periodic benefit costs	2.57%	2.14%	2.10%	1.63%
Discount rate for year-end obligations	4.05%	2.57%	3.82%	2.10%
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%	6.50%	—%	—%

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 2022, the medical cost trend assumption used for the postretirement health benefit cost was 8.5%. The graded trend rate is expected to decrease to an ultimate rate of 4.9% in fiscal year 2044.

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 2023 and the actual allocation as of July 31:


Asset Allocation	Target fiscal 2023	2022	2021
Cash and accrued income	64%	—%	—%
Fixed income	36%	36%	38%
Equity	—%	64%	62%

In anticipation of a termination of the pension plan (See Note 13 of the Notes to Consolidated Financial Statements), we adjusted our asset allocation target for fiscal year 2023.

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, 2022
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	51	$	51	$	—
Equity securities(b):
U.S. companies	15,389		10,387		5,002
International companies	521		521		—
Equity securities - international mutual funds:
Developed market(c)	4,025		923		3,102
Emerging markets(d)	1,517		1,149		368
Commodities(e)	1,137		1,137		—
Fixed Income:
U.S. Treasuries	3,019		904		2,115
Debt securities(f)	1,656		—		1,656

Government sponsored entities(g)	1,256		—		1,256
Multi-strategy bond fund(h)	5,079		—		5,079
Money market fund(i)	389		—		389
Other(j)	950		—		950
Total	$	34,989	$	15,072	$	19,917


	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

(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 $114,000 in our portfolio as of July 31, 2022 and $176,000 as of July 31, 2021.

(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 30% 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
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

DEFERRED COMPENSATION Level 1 (Notes)	12 Months Ended
DEFERRED COMPENSATION Level 1 (Notes)	Jul. 31, 2022
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 $680,000 and $1,158,000 into these plans in fiscal years 2022 and 2021, respectively. We recorded $218,000 and $187,000 of interest expense associated with these plans in fiscal years 2022 and 2021, respectively. Payments to participants were $440,000 and $480,000 in fiscal years 2022 and 2021, respectively, and the total liability recorded for deferred compensation was $4,812,000 and $4,354,000 as of July 31, 2022 and 2021, 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. Deferred executive bonus awards of $818,000 were awarded for fiscal year 2022. No executive bonus was awarded for fiscal year 2021 as financial targets under the provisions of the plan were not achieved. 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 $0 as of July 31, 2021, and we recorded expense related to the SERP of $0 in fiscal year 2021. 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, 2022

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

Accrued expenses is as follows (in thousands):


	July 31, 2022		July 31, 2021
Salaries, Wages, Commissions and Employee Benefits	13,439		$	10,806
Trade promotions and advertising	1,180		1,653
Freight	4,022		2,845
Real Estate Tax	1,006		1,002
Other	10,438		8,577
	$	30,085	$	24,883

The increase in salaries, wages, commissions and employee benefits relates primarily to the accrual of annual discretionary bonuses related to fiscal year 2022 that will be paid during the first quarter of fiscal year 2023 and a higher discretionary bonus accrual as of the end of fiscal year 2022 when compared to fiscal year 2021. The accrual for trade promotions and advertising is lower at July 31, 2022 than at July 31, 2021 due to a shift in timing of advertising programs and expense. Freight rates increased during fiscal year 2022 resulting in a higher accrual at July 31, 2022 than at July 31, 2021. Accrued real estate tax at July 31, 2022 is higher than at July 31, 2021 due to the timing of payments. Other accrued expenses are higher due to an increase in natural gas costs in fiscal year 2022 that will be paid during the first quarter of fiscal year 2023.

OTHER CONTINGENCIES Level 1 (Notes)	12 Months Ended
OTHER CONTINGENCIES Level 1 (Notes)	Jul. 31, 2022
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, 2022, 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, 2022

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,
	2022		2021
Operating Lease Cost
Operating lease cost	$	2,776	$	2,658
Short-term operating lease cost	553		721

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,
	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,490	$	2,303

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,
	2022	2021









Weighted-average remaining lease term - operating leases	7.7 years	9.1 years


Weighted-average discount rate - operating leases	3.91%	3.88%

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, 2022 (in thousands):




2023	$	2,576
2024	2,046
2025	1,913
2026	1,623
2027	1,214
Thereafter	4,577
Total	13,949
Less: imputed interest	(2,022)
Net lease obligation	$	11,927

SUBSEQUENT EVENTS Level 1 (Notes)	12 Months Ended
SUBSEQUENT EVENTS Level 1 (Notes)	Jul. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On August 30, 2022, the Company entered into (i) the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”), which amends the Credit Agreement, among BMO Harris, the Company and certain domestic subsidiaries of the Company; and (ii) Amendment No. 3 (the “Third Amendment”) to the Amended Note Agreement with Prudential and certain existing noteholders affiliated with Prudential named therein. The Sixth Amendment amends the Credit Agreement to, among other things to extend the expiration of the agreement until August 20, 2027; to replace the LIBOR-based reference rate with an adjusted term Secured Overnight Financing Rate ("SOFR"); revise the method for calculating consolidated EBITDA and consolidated debt for purposes of the Credit Agreement; modify certain restrictive covenants, including increasing the unsecured indebtedness basket from $50 million to $75 million; and revise the existing financial covenants by replacing the consolidated debt covenant with a covenant to maintain a maximum debt to earnings ratio, lowering the minimum fixed charge coverage ratio level and revising the method for calculating the fixed charge coverage ratio. The Third Amendment amends the Amended Note Agreement to, among other things, modify the existing fixed charge coverage financial covenant and replace the existing consolidated debt financial covenant with a maximum debt to earnings ratio and effect certain changes consistent with the Sixth Amendment, including modifying the method for calculating consolidated EBITDA and the excess leverage fee. On September 20, 2022, subsequent to the end of the fiscal year, the Company's Board of Directors approved a resolution to terminate the Company's defined benefit pension plan. During the first quarter of fiscal year 2023, the Company commenced the plan termination process and expects to complete the termination over a period of eighteen months. The decision to terminate the Plan follows the 2020 decision to amend and freeze the plan, pursuant to which participation, all future benefit accruals and accrual of benefit service, including consideration of compensation increases, were frozen effective March 1, 2020.

RELATED PARTY TRANSACTIONS (Notes)	12 Months Ended
RELATED PARTY TRANSACTIONS (Notes)	Jul. 31, 2022
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 $348,827 and $326,692 for fiscal years 2022 and 2021, respectively. There was $5,608 of outstanding accounts receivable due from that customer, and its subsidiaries, as of July 31, 2022 and $4,256 outstanding accounts receivable as of July 31, 2021. 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 $689,668 and $703,098 for fiscal years 2022 and 2021, respectively. There were no outstanding amounts due to that vendor as of July 31, 2022 or July 31, 2021.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 2 (Policies)

12 Months Ended

Jul. 31, 2022

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):


	2022		2021
Finished goods	$	18,142	$	14,179
Packaging	9,515		5,084
Other	7,905		4,335
Inventories	$	35,562	$	23,598

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):


2023	$	265
2024	$	129
2025	$	104
2026	$	101
2027	$	99

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


			Weighted Average Amortization Period
Trademarks and patents			12.0
Customer list			1.3
Total intangible assets subject to amortization			9.4

our most recent impairment analysis we estimated the goodwill allocation and assigned $0 to the Retail and Wholesale Products Group and $3,618,000 to the Business to Business Products Group.

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

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted 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, 2022
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, sports field product users and marketers of consumer products. 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; and distributors of animal health and nutrition products.

FINANCIAL INSTRUMENTS Fair Value (Policies)	12 Months Ended
FINANCIAL INSTRUMENTS Fair Value (Policies)	Jul. 31, 2022
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: 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.

STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Policies)	12 Months Ended
	Jul. 31, 2022
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, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Inventories

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


	2022		2021
Finished goods	$	18,142	$	14,179
Packaging	9,515		5,084
Other	7,905		4,335
Inventories	$	35,562	$	23,598

Estimated Intangible Amortization Expense

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


2023	$	265
2024	$	129
2025	$	104
2026	$	101
2027	$	99

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			12.0
Customer list			1.3
Total intangible assets subject to amortization			9.4

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, 2022

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	2022		2021		2022		2021
Cat Litter	$	—	$	—	$	196,278	$	176,119
Industrial and Sports	—		—		38,932		31,724
Agricultural and Horticultural	30,419		26,035		—		—
Bleaching Clay and Fluids Purification	62,051		53,337		—		—
Animal Health and Nutrition	20,909		17,766		—		—
Net Sales	$	113,379	$	97,138	$	235,210	$	207,843

Segment Reporting Information


	July 31,
	Assets
	2022		2021
	(in thousands)
Business to Business Products	$	75,644	$	62,124
Retail and Wholesale Products	125,293		110,167
Unallocated assets	48,674		55,275
Total Assets	$	249,611	$	227,566



	Year Ended July 31,
	Net Sales				Income
	2022		2021		2022		2021
	(in thousands)
Business to Business Products	$	113,379	$	97,138	$	24,344	$	25,914
Retail and Wholesale Products	235,210		207,843		6,252		11,088
Net Sales	$	348,589	$	304,981

Corporate Expenses					(25,775)		(23,966)

Income from Operations					4,821		13,036
Total Other Income, Net					888		332
Income Before Income Taxes					5,709		13,368
Income Tax Expense					(97)		(2,388)
Net Income					$	5,612	$	10,980
Net Loss Attributable to Noncontrolling Interest					$	(62)	$	(133)
Net Income Attributable to Oil-Dri					$	5,674	$	11,113

Financial Information by Geographic Region

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


	2022		2021
Sales to unaffiliated customers by:
Domestic operations	$	328,696	$	287,575
Foreign subsidiaries	$	19,893	$	17,406
Sales or transfers between geographic areas:
Domestic operations	$	6,418	$	5,347
Foreign subsidiaries	$	161	$	112
Income (Loss) before income taxes:
Domestic operations	$	6,552	$	14,144
Foreign subsidiaries	$	(843)	$	(776)
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	6,430	$	11,710
Foreign subsidiaries	$	(756)	$	(597)
Identifiable assets:
Domestic operations	$	236,622	$	214,994
Foreign subsidiaries	$	12,989	$	12,572

Largest Customer Information


	2022	2021
Net sales for the years ended July 31	16%	18%
Net accounts receivable as of July 31	21%	20%

DEBT (Tables)

12 Months Ended

Jul. 31, 2022

Notes Payable [Abstract]

Schedule of Notes Payable

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


	2022		2021
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%	$	8,000	$	9,000
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on Dec 15: $5,000 in each fiscal year 2028 through 2032. Interest is payable semi-annually at an annual rate of 3.25%	25,000		—
Less current maturities of notes payable	(1,000)		(1,000)
Less unamortized debt issuance costs	$	(202)	$	(122)
Noncurrent notes payable	$	31,798	$	7,878

Schedule of Maturities

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2022 (in thousands):


2023	$	1,000
2024	1,000
2025	1,000
2026	1,000
2027	1,000

INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2022

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):


	2022		2021
Current
Federal	$	1,681	$	(683)
Foreign	16		2
State	696		309
Current Income Tax Total	2,393		(372)
Deferred
Federal	(1,868)		2,440
Foreign	(41)		(48)
State	(387)		368
Deferred Income Tax Total	(2,296)		2,760
Total Income Tax Expense	$	97	$	2,388

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:


	2022		2021
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(20.1)		(5.4)
State income tax expense, net of federal tax expense	4.5		5.1
Nondeductible officer compensation	2.4		4.0
Tax credits	(3.1)		(2.5)
Statutory rate change of foreign subsidiaries	—		(0.7)
Valuation allowance - foreign	6.9		2.5
Foreign tax differential	(5.3)		(1.5)
Prior year income taxes	(9.5)		(4.0)
Goodwill impairment	3.1		—
Other	1.8		(0.8)
Effective income tax rate	1.7	%	17.7	%

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):`


	2022				2021
	Assets		Liabilities		Assets		Liabilities
Depreciation	$	—	$	4,356	$	—	$	5,870
Deferred compensation	1,499		—		1,593		—
Postretirement benefits	209		—		1,296		—
Goodwill	62		—		—		1,073
Lease right of use assets	—		2,700		—		2,160
Lease liabilities	3,040		—		2,524		—
Allowance for doubtful accounts	95		—		176		—
Deferred marketing expenses	—		22		—		133
Other assets	1		—		289		—
Other liabilities	—		23		—		—
Accrued expenses	2,362		—		2,402		—
Tax credits	223		—		87		—
Amortization	1,046		—		1,028		—
Inventories	366		—		351		—
Depletion	—		154		—		166
Stock-based compensation	1,522		—		1,340		—
Reclamation	549		—		498		—
Other liabilities - foreign	—		42		—		86
Other assets – foreign	1,761		—		1,362		—
Valuation allowance	(1,761)		—		(1,362)		—
Total deferred taxes	$	10,974	$	7,297	$	11,584	$	9,488

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

12 Months Ended

Jul. 31, 2022

Accumulated Other Comprehensive Income [Abstract]

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, 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
Curtailment/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)
Other comprehensive income (loss) before reclassifications, net of tax	2,081		a)	(252)		1,829
Amounts reclassified from accumulated other comprehensive income, net of tax	105		b)	—		105
Net current-period other comprehensive income (loss), net of tax	2,186			(252)		1,934
Balance as of July 31, 2022	$	(2,242)		$	59	$	(2,183)

a) Amounts are net of taxes of $684,000 and $2,095,000 in fiscal years 2022 and 2021, respectively, and are included in Other Comprehensive Loss.

c) Amount is net of taxes of $151,000 in fiscal year 2021. Amount is 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 (Tables)

12 Months Ended

Jul. 31, 2022

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, 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
Granted	126	$	33.48
Vested	(71)	$	34.64
Forfeited	(43)	$	34.29
Non-vested restricted stock outstanding at July 31, 2022	382	$	33.63	3.0	$	7,064

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Jul. 31, 2022

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
	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation, beginning of year	$	42,267	$	57,280	$	3,125	$	3,291
Service cost	—		—		123		139
Interest cost	1,068		1,168		58		51
Actuarial gain	(8,386)		(6,091)		(1,155)		(313)
Benefits paid	(1,208)		(1,603)		(32)		(43)

Settlements	—		(8,487)		—		—
Benefit obligation, end of year	33,741		42,267		2,119		3,125

Change in plan assets:
Fair value of plan assets, beginning of year	40,388		45,334		—		—
Actual return on plan assets	(4,191)		5,144		—		—
Employer contribution	—		—		32		43
Benefits paid	(1,208)		(1,603)		(32)		(43)
Settlements	—		(8,487)		—		—
Fair value of plan assets, end of year	34,989		40,388		—		—
Funded status, recorded in Consolidated Balance Sheets	$	1,248	$	(1,879)	$	(2,119)	$	(3,125)

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
	2022		2021		2022		2021
Deferred income taxes	$	(335)	$	504	$	544	$	792
Other current liabilities	$	—	$	—	$	(73)	$	(82)
Other noncurrent liabilities	$	1,248	$	(1,879)	$	(2,046)	$	(3,043)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss (gain)	$	2,998	$	4,311	$	(756)	$	117

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
	2022		2021		2022		2021
Service cost	$	—	$	—	$	123	$	139
Interest cost	1,068		1,168		58		51
Expected return on plan assets	(2,586)		(2,816)		—		—
Amortization of:
Prior service income	—		—		(6)		(6)
Other actuarial loss	145		653		—		3
Settlement cost	—		631		—		—
Net periodic benefit (income) cost	$	(1,373)	$	(364)	$	175	$	187

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
	2022		2021		2022		2021
Net actuarial gain	$	(1,203)	$	(6,355)	$	(878)	$	(237)
Amortization of:
Prior service income	—		—		5		5
Amortization of actuarial loss	(110)		(496)		—		(3)
Curtailment/Settlement	$	—	$	(480)	$	—	$	—
Total recognized in other comprehensive income	$	(1,313)	$	(7,331)	$	(873)	$	(235)

Schedule of Expected Benefit Payments

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


	Pension Benefits		Postretirement Health Benefits
2023	$	1,226	$	73
2024	$	1,258	$	123
2025	$	1,342	$	154
2026	$	1,476	$	147
2027	$	1,596	$	157
2028-32	$	9,209	$	977

Schedule of Assumptions Used

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


	Pension Benefits		Postretirement Health Benefits
	2022	2021	2022	2021
Discount rate for net periodic benefit costs	2.57%	2.14%	2.10%	1.63%
Discount rate for year-end obligations	4.05%	2.57%	3.82%	2.10%
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%	6.50%	—%	—%

Schedule of Allocation of Plan Assets

The targeted allocation percentages of plan assets is shown below for fiscal year 2023 and the actual allocation as of July 31:


Asset Allocation	Target fiscal 2023	2022	2021
Cash and accrued income	64%	—%	—%
Fixed income	36%	36%	38%
Equity	—%	64%	62%

In anticipation of a termination of the pension plan (See Note 13 of the Notes to Consolidated Financial Statements), we adjusted our asset allocation target for fiscal year 2023.

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, 2022
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents(a)	$	51	$	51	$	—
Equity securities(b):
U.S. companies	15,389		10,387		5,002
International companies	521		521		—
Equity securities - international mutual funds:
Developed market(c)	4,025		923		3,102
Emerging markets(d)	1,517		1,149		368
Commodities(e)	1,137		1,137		—
Fixed Income:
U.S. Treasuries	3,019		904		2,115
Debt securities(f)	1,656		—		1,656

Government sponsored entities(g)	1,256		—		1,256
Multi-strategy bond fund(h)	5,079		—		5,079
Money market fund(i)	389		—		389
Other(j)	950		—		950
Total	$	34,989	$	15,072	$	19,917


	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

(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, 2022

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses is as follows (in thousands):


	July 31, 2022		July 31, 2021
Salaries, Wages, Commissions and Employee Benefits	13,439		$	10,806
Trade promotions and advertising	1,180		1,653
Freight	4,022		2,845
Real Estate Tax	1,006		1,002
Other	10,438		8,577
	$	30,085	$	24,883

LEASES (Tables)

12 Months Ended

Jul. 31, 2022

Leases [Abstract]

Operating lease costs


	For the Twelve Months Ended July 31,		For the Twelve Months Ended July 31,
	2022		2021
Operating Lease Cost
Operating lease cost	$	2,776	$	2,658
Short-term operating lease cost	553		721

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,
	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,490	$	2,303


	For the Twelve Months Ended July 31,	For the Twelve Months Ended July 31,
	2022	2021









Weighted-average remaining lease term - operating leases	7.7 years	9.1 years


Weighted-average discount rate - operating leases	3.91%	3.88%

Scheduled minimum future lease payments




2023	$	2,576
2024	2,046
2025	1,913
2026	1,623
2027	1,214
Thereafter	4,577
Total	13,949
Less: imputed interest	(2,022)
Net lease obligation	$	11,927

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Finished goods	$ 18,142	$ 14,179
Packaging	9,515	5,084
Other	7,905	4,335
Inventories	$ 35,562	$ 23,598

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Amortization Expense (Details) $ in Thousands	Jul. 31, 2022 USD ($)
Estimated Intangible Amortization Expense
2023	$ 265
2024	129
2025	104
2026	101
2027	$ 99

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Weighted Average Amortization Period (Details)	12 Months Ended
	Jul. 31, 2022
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	9 years 4 months 24 days
Trademarks and patents
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	12 years
Customer list
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	1 year 3 months 18 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details)	12 Months Ended
	Jul. 31, 2022
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 Revenue Recognition (Details) - Payments in Advance - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Deferred Revenue Arrangement
Liability for Payments in Advance	$ 527,000	$ 256,000
Payments in Advance, Revenue Recognized	$ 151,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Jul. 31, 2022	Jul. 31, 2021
Maximum maturity of cash equivalents		3 months	3 months
Inventory obsolescence reserves		$ 842,000	$ 641,000
Amortization of intangibles		490,000	680,000
Indefinite-lived trademarks		376,000	376,000
Goodwill		3,618,000	9,262,000
Goodwill impairment		5,644,000	0
Stripping costs		2,703,000	1,920,000
Pre-production overburden removal costs		1,279,000	1,810,000
Pre-production development costs		2,037,000
Land		13,628,000	13,637,000
Mineral rights		2,165,000	2,165,000
Prepaid royalties		2,003,000	1,605,000
Estimated net reclamation asset		1,799,000	1,152,000
Estimated reclamation liability		3,807,000	2,965,000
Depreciation		12,984,000	13,497,000
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		4,032,000	8,651,000
Shipping and Handling Costs		48,487,000	46,500,000
Research and development costs		$ 2,106,000	$ 2,539,000
Minimum
Amortization period of intangible assets (years)		4 years
Maximum
Amortization period of intangible assets (years)		20 years
Retail and Wholesale Products
Goodwill		$ 0
Goodwill impairment		5,644,000
Business to Business Products
Goodwill		$ 3,618,000

OPERATING SEGMENTS Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Revenue by Principal Product
Net Sales	$ 348,589	$ 304,981
Business to Business Products
Revenue by Principal Product
Net Sales	113,379	97,138
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	235,210	207,843
Cat Litter \| Business to Business Products
Revenue by Principal Product
Net Sales	0	0
Cat Litter \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	196,278	176,119
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	38,932	31,724
Agricultural and Horticultural \| Business to Business Products
Revenue by Principal Product
Net Sales	30,419	26,035
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	62,051	53,337
Bleaching Clay and Fluids Purification \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	0	0
Animal Health and Nutrition \| Business to Business Products
Revenue by Principal Product
Net Sales	20,909	17,766
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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Segment Reporting Information
Assets	$ 249,611	$ 227,566
Net Sales	348,589	304,981
Corporate Expenses	(25,775)	(23,966)
Income from Operations	4,821	13,036
Total Other Income, Net	888	332
Income Before Income Taxes	5,709	13,368
Income Tax Expense	(97)	(2,388)
Net Income	5,612	10,980
Net Loss Attributable to Noncontrolling Interest	(62)	(133)
Net Income Attributable to Oil-Dri	5,674	11,113
Business to Business Products
Segment Reporting Information
Assets	75,644	62,124
Segment Net Sales	113,379	97,138
Net Sales	113,379	97,138
Segment Income	24,344	25,914
Retail and Wholesale Products
Segment Reporting Information
Assets	125,293	110,167
Segment Net Sales	235,210	207,843
Net Sales	235,210	207,843
Segment Income	6,252	11,088
Unallocated assets
Segment Reporting Information
Assets	$ 48,674	$ 55,275

OPERATING SEGMENTS Financial Information by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Financial Information by Geographic Region
Sales to unaffiliated customers	$ 348,589	$ 304,981
Net Income (Loss) attributable to Oil-Dr	5,674	11,113
Identifiable assets	249,611	227,566
Domestic Operations
Financial Information by Geographic Region
Sales to unaffiliated customers	328,696	287,575
Sales or transfers between geographic areas	6,418	5,347
Income (Loss) before income taxes	6,552	14,144
Net Income (Loss) attributable to Oil-Dr	6,430	11,710
Identifiable assets	236,622	214,994
Foreign subsidiaries
Financial Information by Geographic Region
Sales to unaffiliated customers	19,893	17,406
Sales or transfers between geographic areas	161	112
Income (Loss) before income taxes	(843)	(776)
Net Income (Loss) attributable to Oil-Dr	(756)	(597)
Identifiable assets	$ 12,989	$ 12,572

- 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
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ 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, 2022	Jul. 31, 2021
Net sales for the years ended July 31
Revenue, Major customer
Concentration risk, percentage	16.00%	18.00%
Net accounts receivable as of July 31
Revenue, Major customer
Concentration risk, percentage	21.00%	20.00%

OPERATING SEGMENTS Narrative (Details) $ in Thousands	12 Months Ended
OPERATING SEGMENTS Narrative (Details) $ in Thousands	Jul. 31, 2022 USD ($) segment	Jul. 31, 2021 USD ($)
Segment Reporting Information
Number of Reportable Segments \| segment	2
Foreign subsidiaries
Segment Reporting Information
Cash held at foreign banks \| $	$ 3,260	$ 3,054

DEBT Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT Notes Payable (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Debt Instrument
Current maturities of notes payable	$ (1,000)	$ (1,000)
Less unamortized debt issuance costs	(202)	(122)
Notes payable, net of unamortized debt issuance costs of $202 and $122 in 2022 and 2021, respectively	31,798	$ 7,878
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	8,000	$ 9,000
Annual Principal Installments	$ 1,000
Starting payments	May 15, 2021
Ending payments	May 15, 2030
Annual rate	3.95%
Series C Senior Notes
Debt Instrument
Notes Payable	$ 25,000	$ 0
Annual Principal Installments	$ 5,000
Starting payments	Dec. 16, 2021
Ending payments	Dec. 16, 2031
Annual rate	3.25%

DEBT Maturities of Notes Payable (Details) - Series B Senior Notes $ in Thousands	Jul. 31, 2022 USD ($)
Notes Payable Maturities
2023	$ 1,000
2024	1,000
2025	1,000
2026	1,000
2027	$ 1,000

DEBT Debt (Narrative) (Details) - USD ($)	12 Months Ended
DEBT Debt (Narrative) (Details) - USD ($)	Jul. 31, 2022	Jul. 31, 2021
Debt Instrument
Shelf Notes	$ 75,000,000
Letters of Credit Outstanding, Amount	964,000	$ 964,000
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%
Series C Senior Notes
Debt Instrument
Face amount	$ 25,000,000
Annual Principal Installments	$ 5,000,000
Debt Instrument, Maturity Date Range, Start	Dec. 16, 2021
Debt Instrument, Maturity Date Range, End	Dec. 16, 2031
Debt Instrument, Interest Rate, Stated Percentage	3.25%
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	5.75%
Variable interest rate, LIBOR based	4.04%
Line of credit amount outstanding	$ 0	$ 0
Minimum overdue financial obligation considered as default	$ 1,000,000

FINANCIAL INSTRUMENTS Narrative (Details) - USD ($)	Jul. 31, 2022	Jul. 31, 2021
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents, Fair Value	$ 0	$ 0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 31,784,000	$ 10,231,000

INCOME TAXES Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Current - Federal	$ 1,681	$ (683)
Current - Foreign	16	2
Current - State	696	309
Current Income Tax Total	2,393	(372)
Deferred - Federal	(1,868)	2,440
Deferred - Foreign	(41)	(48)
Deferred - State	(387)	368
Deferred Income Tax Total	(2,296)	2,760
Total Income Tax Expense	$ 97	$ 2,388

- 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, 2022	Jul. 31, 2021
U.S. federal income tax rate	21.00%	21.00%
Depletion deductions allowed for mining	(20.10%)	(5.40%)
State income tax expense, net of federal tax expense	4.50%	5.10%
Nondeductible Officer Compensation	2.40%	4.00%
Tax Credits	(3.10%)	(2.50%)
Statutory rate change of foreign subsidiaries	0.00%	(0.70%)
Valuation Allowance - Foreign	6.90%	2.50%
Foreign Tax Differential	(5.30%)	(1.50%)
Prior year income taxes	(9.50%)	(4.00%)
Goodwill impairment	3.10%	0.00%
Other	1.80%	(0.80%)
Effective income tax rate	1.70%	17.70%

INCOME TAXES Components of Deferred Tax Assets and Liabilities (Details) - USD ($)	Jul. 31, 2022	Jul. 31, 2021
Deferred Tax Asset
Depreciation	$ 0	$ 0
Deferred compensation	1,499,000	1,593,000
Postretirement benefits	209,000	1,296,000
Goodwill	62,000	0
Lease right of use assets	0	0
Lease liabilities	3,040,000	2,524,000
Allowance for doubtful accounts	95,000	176,000
Deferred marketing expenses	0	0
Other assets	1,000	289,000
Other liabilities	0	0
Accrued expenses	2,362,000	2,402,000
Tax credits	223,000	87,000
Amortization	1,046,000	1,028,000
Inventories	366,000	351,000
Depletion	0	0
Stock-based compensation	1,522,000	1,340,000
Reclamation	549,000	498,000
Other liabilities - foreign	0	0
Other assets - foreign	1,761,000	1,362,000
Valuation allowance	(1,761,000)	(1,362,000)
Total deferred tax assets	10,974,000	11,584,000
Deferred Tax Liability
Depreciation	4,356,000	5,870,000
Deferred compensation	0	0
Postretirement benefits	0	0
Goodwill	0	(1,073,000)
Lease right of use assets	2,700,000	2,160,000
Lease liabilities	0	0
Allowance for doubtful accounts	0	0
Deferred marketing expenses	22,000	133,000
Other assets	0	0
Other liabilities	23,000	0
Accrued expenses	0	0
Tax credits	0	0
Amortization	0	0
Inventories	0	0
Depletion	154,000	166,000
Stock-based compensation	0	0
Reclamation	0	0
Other liabilities - foreign	42,000	86,000
Other assets - foreign	0	0
Valuation allowance	0	0
Total deferred tax liabilities	$ 7,297,000	$ 9,488,000

INCOME TAXES Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES Narrative (Details) - USD ($)	Jul. 31, 2022	Jul. 31, 2021
Effective Income Tax Rate Reconciliation, Percent	1.70%	17.70%
Operating Loss Carryforwards	$ 7,000,000
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	$ 1,761,000	$ 1,362,000

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	$ (4,117)
Other comprehensive income (loss)	1,934	$ 8,137
Accumulated Other Comprehensive (Loss) Income, ending balance	(2,183)	(4,117)
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(4,428)	(11,994)
Other comprehensive income (loss), before reclassifications, net of tax	2,081	6,592
Amounts reclassified from accumulated other comprehensive income, net of tax	105	494
Curtailment/Settlement on Pension Plan		480
Other comprehensive income (loss)	2,186	7,566
Accumulated Other Comprehensive (Loss) Income, ending balance	(2,242)	(4,428)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	311	(260)
Other comprehensive income (loss), before reclassifications, net of tax	(252)	571
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Curtailment/Settlement on Pension Plan		0
Other comprehensive income (loss)	(252)	571
Accumulated Other Comprehensive (Loss) Income, ending balance	59	311
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(4,117)	(12,254)
Other comprehensive income (loss), before reclassifications, net of tax	1,829	7,163
Amounts reclassified from accumulated other comprehensive income, net of tax	105	494
Curtailment/Settlement on Pension Plan		480
Other comprehensive income (loss)	1,934	8,137
Accumulated Other Comprehensive (Loss) Income, ending balance	$ (2,183)	$ (4,117)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

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

+ References

+ Details

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Narrative (Details) - Pension and Postretirement Health Benefits - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Stockholders' Equity
Tax on Other comprehensive income, Pension and postretirement benefit Plans before reclassifications	$ 684,000	$ 2,095,000
Tax on amount reclassified from accumulated other comprehensive income, Pension and postretirement health benefits	$ 34,000	156,000
Tax on amount reclassified from accumulated other comprehensive income, Pension and postretirement health benefits for settlement or curtailment Gain (Loss), Tax		$ 151,000

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, 2022	Jul. 31, 2021	Jul. 31, 2020
Summary of Restricted Stock Activity
Nonvested restricted stock outstanding, Number	382	370	390
Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value	$ 33.63	$ 33.96	$ 33.19
Nonvested restricted stock outstanding, Weighted Average Remaining Contractual Term (Years)	3 years	3 years 3 months 18 days	4 years
Nonvested retricted stock outstanding, Unamortized Expense	$ 7,064	$ 7,073	$ 7,784
Granted, Number	126	72
Granted, Weighted Average Grant Date Fair Value	$ 33.48	$ 35.76
Vested, Number	(71)	(67)
Vested, Weighted Average Grant Date Fair Value	$ 34.64	$ 33.11
Forfeitures, Number	(43)	(25)
Forfeitures, Weighted Average Grant Date Fair Value	$ 34.29	$ 29.58

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Restricted Stock
Share-based Compensation Award Disclosure
Share-based compensation expense	$ 2,083,000	$ 1,924,000
Tax benefit from compensation expense	$ 658,000	$ 607,000
2006 Plan
Share-based Compensation Award Disclosure
Number of shares authorized	1,219,500
Number of shares available for grant	272,475
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, 2022	Jul. 31, 2021
Pension Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ 42,267,000	$ 57,280,000
Service cost	0	0
Interest cost	1,068,000	1,168,000
Actuarial gain	(8,386,000)	(6,091,000)
Benefits paid	(1,208,000)	(1,603,000)
Settlements	0	(8,487,000)
Benefit obligation, end of year	33,741,000	42,267,000
Change in plan assets:
Fair value of plan assets, beginning of year	40,388,000	45,334,000
Actual return on plan assets	(4,191,000)	5,144,000
Employer contribution	0	0
Benefits paid	(1,208,000)	(1,603,000)
Settlements	0	(8,487,000)
Fair value of plan assets, end of year	34,989,000	40,388,000
Funded status, recorded in Consolidated Balance Sheets	1,248,000	(1,879,000)
Postretirement Health Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	3,125,000	3,291,000
Service cost	123,000	139,000
Interest cost	58,000	51,000
Actuarial gain	(1,155,000)	(313,000)
Benefits paid	(32,000)	(43,000)
Settlements	0	0
Benefit obligation, end of year	2,119,000	3,125,000
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Employer contribution	32,000	43,000
Benefits paid	(32,000)	(43,000)
Settlements	0	0
Fair value of plan assets, end of year	0	0
Funded status, recorded in Consolidated Balance Sheets	$ (2,119,000)	$ (3,125,000)

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Defined Benefit Plans and Postretirement Health Benefits
Other noncurrent liabilities	$ (798)	$ (4,922)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Deferred income taxes	(335)	504
Other current liabilities	0	0
Other noncurrent liabilities	1,248	(1,879)
Accumulated other comprehensive income - net of tax, Net actuarial loss (gain)	2,998	4,311
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Deferred income taxes	544	792
Other current liabilities	(73)	(82)
Other noncurrent liabilities	(2,046)	(3,043)
Accumulated other comprehensive income - net of tax, Net actuarial loss (gain)	$ (756)	$ 117

PENSION AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (Details) - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Service cost	$ 0	$ 0
Interest cost	1,068,000	1,168,000
Expected return on plan assets	(2,586,000)	(2,816,000)
Amortization of: Prior service income	0	0
Amortization of: Other actuarial loss	145,000	653,000
Settlement cost	0	631,000
Net periodic benefit (income) cost	(1,373,000)	(364,000)
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Service cost	123,000	139,000
Interest cost	58,000	51,000
Expected return on plan assets	0	0
Amortization of: Prior service income	(6,000)	(6,000)
Amortization of: Other actuarial loss	0	3,000
Settlement cost	0	0
Net periodic benefit (income) cost	$ 175,000	$ 187,000

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts recognized in other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Defined Benefit Plans and Postretirement Health Benefits
Total recognized in other comprehensive income	$ (2,186)	$ (7,566)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial gain	(1,203)	(6,355)
Amortization of: Prior service income	0	0
Amortization of actuarial loss	(110)	(496)
Curtailment/Settlement	0	(480)
Total recognized in other comprehensive income	(1,313)	(7,331)
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial gain	(878)	(237)
Amortization of: Prior service income	5	5
Amortization of actuarial loss	0	(3)
Curtailment/Settlement	0	0
Total recognized in other comprehensive income	$ (873)	$ (235)

PENSION AND OTHER POSTRETIREMENT BENEFITS Estimated future benefit payments (Details) $ in Thousands	Jul. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
2023	$ 1,226
2024	1,258
2025	1,342
2026	1,476
2027	1,596
2028-32	9,209
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
2023	73
2024	123
2025	154
2026	147
2027	157
2028-32	$ 977

PENSION AND OTHER POSTRETIREMENT BENEFITS Assumptions used in calculations (Details)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	2.57%	2.14%
Discount rate for year-end obligations	4.05%	2.57%
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%	6.50%
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	2.10%	1.63%
Discount rate for year-end obligations	3.82%	2.10%
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, 2022	Jul. 31, 2021
Cash and accrued income
Defined Benefit Plan Disclosure
Target Allocation %	64.00%
Actual Allocation %	0.00%	0.00%
Fixed income
Defined Benefit Plan Disclosure
Target Allocation %	36.00%
Actual Allocation %	36.00%	38.00%
Equity
Defined Benefit Plan Disclosure
Target Allocation %	0.00%
Actual Allocation %	64.00%	62.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS Fair value level of pension plan assets (Details) - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
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	$ 114,000	$ 176,000
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	34,989,000	40,388,000	$ 45,334,000
Pension Benefits \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	15,072,000	5,112,000
Pension Benefits \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	19,917,000	35,276,000
Pension Benefits \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	51,000	16,000
Pension Benefits \| Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	51,000	16,000
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	15,389,000	15,241,000
Pension Benefits \| Equity securities U.S. companies \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	10,387,000	4,290,000
Pension Benefits \| Equity securities U.S. companies \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	5,002,000	10,951,000
Pension Benefits \| Equity securities International companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	521,000	806,000
Pension Benefits \| Equity securities International companies \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	521,000	806,000
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	4,025,000	5,622,000
Pension Benefits \| Equity securities - international mutual funds: Developed market \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	923,000	0
Pension Benefits \| Equity securities - international mutual funds: Developed market \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	3,102,000	5,622,000
Pension Benefits \| Equity securities - international mutual funds: Emerging market
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,517,000	2,389,000
Pension Benefits \| Equity securities - international mutual funds: Emerging market \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,149,000	0
Pension Benefits \| Equity securities - international mutual funds: Emerging market \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	368,000	2,389,000
Pension Benefits \| Commodities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,137,000	829,000
Pension Benefits \| Commodities \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,137,000	0
Pension Benefits \| Commodities \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	0	829,000
Pension Benefits \| Fixed Income: U.S. Treasuries
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	3,019,000	1,543,000
Pension Benefits \| Fixed Income: U.S. Treasuries \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	904,000	0
Pension Benefits \| Fixed Income: U.S. Treasuries \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	2,115,000	1,543,000
Pension Benefits \| Fixed Income: Debt securities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,656,000	2,258,000
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	1,656,000	2,258,000
Pension Benefits \| Fixed Income: Government sponsored entities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	1,256,000	1,730,000
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	1,256,000	1,730,000
Pension Benefits \| Fixed Income: Multi-strategy bond fund
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	5,079,000	8,257,000
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	5,079,000	8,257,000
Pension Benefits \| Money Market Fund
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	389,000	718,000
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	389,000	718,000
Pension Benefits \| Other
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Amount	950,000	979,000
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	$ 950,000	$ 979,000

PENSION AND OTHER POSTRETIREMENT BENEFITS Narrative (Details) - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
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
Settlement cost	$ 0	631,000
Accumulated benefit obligation	33,741,000	42,267,000
Employer contribution	0	0
Pension plan estimated employer contributions in next fiscal year	0
Postretirement Health Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Settlement cost	0	0
Employer contribution	$ 32,000	43,000
Health care cost trend rate assumed	8.50%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	4.90%
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate	2044
401K Plan
Defined Contribution Plan Disclosure
Contribution to defined contribution plans	$ 2,936,000	$ 2,784,000

DEFERRED COMPENSATION Deferred Comp and Bonus (Details) - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Deferred Compensation
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Annual Total Amount Deferred	$ 680,000	$ 1,158,000
Deferred Compensation Interest Expense	218,000	187,000
Deferred Compensation Payments to Participants	440,000	480,000
Deferred Compensation Recorded Liability	4,812,000	4,354,000
Executive Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 818,000	$ 0
Deferred Compensation Arrangement with Individual, Requisite Service Period	3 years

DEFERRED COMPENSATION SERP (Details) - Supplemental Employee Retirement Plan - USD ($)	12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
SERP Disclosure
SERP, benefit obligation	$ 0
SERP expense	$ 0
Curtailment gain		$ 1,296,000

Payables and Accruals (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
ACCRUED EXPENSES [Abstract]
Salaries, Wages, Commissions and Employee Benefits	$ 13,439	$ 10,806
Trade promotions and advertising	1,180	1,653
Freight	4,022	2,845
Real Estate Tax	1,006	1,002
Other	10,438	8,577
Accrued Expenses	$ 30,085	$ 24,883

LEASES Lease, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES Lease, Cost (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jul. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,776	$ 2,658
Short-term operating lease cost	553	721
Operating cash flows from operating leases	$ 2,490	$ 2,303
Weighted-average remaining lease term - operating leases	7 years 8 months 12 days	9 years 1 month 6 days
Weighted-average discount rate - operating leases	3.91%	3.88%

LEASES Lessee, Operating Lease, Liability, Payment Due, Rolling Maturity (Details) $ in Thousands	Jul. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 2,576
2024	2,046
2025	1,913
2026	1,623
2027	1,214
Thereafter	4,577
Total	13,949
Less: imputed interest	(2,022)
Net Lease Obligation	$ 11,927

RELATED PARTY TRANSACTIONS (Details) - Director - USD ($)	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Related Party Transaction
Net sales to related party customer	$ 348,827	$ 326,692
Accounts receivable due from related party customer	5,608	4,256
Purchases from related party vendor	689,668	703,098
Accounts payable due to related party vendor	$ 0	$ 0

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details