0000074046-24-000043 | 10-Q | XBRL Viewer

Debt	9 Months Ended
Debt	Apr. 30, 2024
Debt Disclosure [Abstract]
Debt	DEBT We are party to an Amended and Restated Note Purchase and Private Shelf Agreement (as amended, the "Note Agreement") with PGIM, Inc. ("Prudential") and certain existing noteholders and purchasers affiliated with Prudential named therein. Pursuant to the Note Agreement, (i) on May 15, 2020 we issued $10 million in aggregate principal amount of our 3.95% Series B Senior Notes due May 15, 2030, of which $7 million aggregate principal amount remained outstanding as of April 30, 2024, (ii) on December 16, 2021, we issued an additional $25 million in aggregate principal amount of our 3.25% Series C Senior Notes due December 16, 2031, all of which remained outstanding as of April 30, 2024, and (iii) on April 30, 2024 we issued $10 million in aggregate principal amount of our 6.47% Series D Senior Notes due April 30, 2033, all of which remained outstanding as of April 30, 2024. The Note Agreement also provides us with the ability to request, from time to time, 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 Senior Notes, Series B Senior Notes, Series C Senior Notes, and Series D Senior Notes, the “Notes”) in an aggregate principal amount of up to $75 million 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 Note Agreement will be at a rate determined by Prudential and will mature no more than fifteen years after the date of original issue of such Shelf Note. On September 21, 2023, the Company entered into Amendment No. 4 to the Note Agreement extending the time frame for issuing and selling Shelf Notes to September 21, 2026. We are party to the Credit Agreement, dated as of January 27, 2006 (as previously amended, the “Credit Agreement”), among us, BMO Harris Bank N.A (“BMO”), and certain of our domestic subsidiaries. The agreement provides for a $45 million unsecured revolving credit facility, including a maximum of $10 million for letters of credit. 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. On August 30, 2022, we entered into the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”). The Sixth Amendment extended the facility termination date to August 30, 2027; replaced the LIBOR-based reference rate with an adjusted term Secured Overnight Financing Rate ("SOFR"); revised the method for calculating consolidated EBITDA and consolidated debt for purposes of the Credit Agreement; modified certain restrictive covenants, including increasing the unsecured indebtedness basket from $50 million to $75 million; and revised 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. On April 16, 2024, we entered into the Seventh Amendment to Credit Agreement (the “Seventh Amendment”). The Seventh Amendment amends the Credit Agreement to, among other things, revise the method for calculating consolidated EBITDA for purposes of financial covenant compliance under the Credit Agreement; provide specific conditions precedent to advance funds for the Transaction (as defined in Note 15 below); and modify certain covenants and other provisions to permit certain indebtedness and liens of Ultra Pet Company, Inc. (“Ultra Pet”) and facilitate the Transaction. As of April 30, 2024, and July 31, 2023, we were in compliance with the covenants. There were no borrowings during the third quarter of fiscal year 2024. However, we had $1.5 million and $1.0 million of letters of credit outstanding under the Credit Agreement as of April 30, 2024 and July 31, 2023, respectively. The Credit Agreement states that we may select a variable interest rate based on either the BMO prime rate or an adjusted SOFR-based rate, plus a margin that varies depending on our debt to earnings ratio, or a fixed rate as agreed between us and BMO. As of April 30, 2024, the variable rates would have been 8.50% for the BMO prime-based rate or 5.33% for the adjusted SOFR-based rate.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Basis of Statement Presentation Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income Attributable to Oil-Dri	$ 7,777	$ 8,535	$ 30,901	$ 17,632
Distributed and undistributed earnings on restricted shares	(404)		(1,732)
Income available to stockholders	7,373		$ 29,169
Common
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend Distribution Percentage			133.33%
Dividend Distribution Percentage Increase			33.33%
Common Stock, Voting Rights			one
Net Income Attributable to Oil-Dri	5,908		$ 23,503
Distributed and undistributed earnings on restricted shares	(252)		(1,144)
Income available to stockholders	$ 5,656		$ 22,359
Weighted Average Shares Outstanding	4,912	4,838	4,874	4,824
Basic EPS	$ 1.15	$ 1.28	$ 4.59	$ 2.66
Effect of dilution - Net Income	$ 1,717		$ 6,810
Net income assuming dilution	$ 7,373		$ 29,169
Effect of dilution - Shares	1,980		1,974
Shares assuming dilution	6,892	5,003	6,848	4,964
Diluted EPS	$ 1.07	$ 1.24	$ 4.26	$ 2.58
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Voting Rights			ten
Net Income Attributable to Oil-Dri	$ 1,869		$ 7,398
Distributed and undistributed earnings on restricted shares	(152)		(588)
Income available to stockholders	$ 1,717		$ 6,810
Weighted Average Shares Outstanding	1,980	1,964	1,974	1,957
Basic EPS	$ 0.87	$ 0.96	$ 3.45	$ 1.99
Effect of dilution - Net Income	$ 0		$ 0
Net income assuming dilution	$ 1,717		$ 6,810
Effect of dilution - Shares	0		0
Shares assuming dilution	1,980	1,999	1,974	1,984
Diluted EPS	$ 0.87	$ 0.95	$ 3.45	$ 1.97

Operating Segments (Tables)

9 Months Ended

Apr. 30, 2024

Segment Reporting [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
	For the Nine Months Ended April 30,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	178,357	$	167,841
Industrial and Sports	—		—		33,937		$	33,539
Agricultural and Horticultural	27,706		30,507		—		—
Bleaching Clay and Fluids Purification	67,437		55,012		—		$	—
Animal Health and Nutrition	16,448		18,734		—		—
Net Sales	$	111,591	$	104,253	212,294		$	201,380



	Business to Business Products Group				Retail and Wholesale Products Group
	For the Three Months Ended April 30,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	58,170	$	57,262
Industrial and Sports	—		—		12,413		12,751
Agricultural and Horticultural	8,113		10,719		—		—
Bleaching Clay and Fluids Purification	22,322		17,771		—		—
Animal Health and Nutrition	5,761		6,922		—		—
Net Sales	$	36,196	$	35,412	$	70,583	$	70,013

Operating Segments Information

We do not rely on any 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.


	Assets
	April 30, 2024		July 31, 2023
	(in thousands)
Business to Business Products Group	$	89,931	$	84,424
Retail and Wholesale Products Group	146,959		136,262
Unallocated Assets	82,262		65,549
Total Assets	$	319,152	$	286,235

Net sales and operating income for each segment are provided below. The corporate expenses line includes certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as information systems, finance, legal, human resources and customer service.


	For the Nine Months Ended April 30,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products Group	$	111,591	$	104,253	$	32,713	$	24,794
Retail and Wholesale Products Group	$	212,294	201,380		$	34,080	27,000
Net Sales	$	323,885	$	305,633
Corporate Expenses					(28,040)		(23,463)
Income from Operations					38,753		28,331
Total Other Expenses, Net					(1,103)		(6,874)
Income before Income Taxes					37,650		21,457
Income Tax Expense					(6,749)		(3,893)
Net Income					30,901		17,564
Net Loss Attributable to Noncontrolling Interest					—		(68)
Net Income Attributable to Oil-Dri					$	30,901	$	17,632

	For the Three Months Ended April 30,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products Group	$	36,196	$	35,412	$	10,605	$	9,803
Retail and Wholesale Products Group	$	70,583	70,013		$	10,872	10,744
Net Sales	$	106,779	$	105,425
Corporate Expenses					(11,045)		(6,091)
Income from Operations					10,432		14,456
Total Other Expenses, Net					(294)		(4,475)
Income before Income Taxes					10,138		9,981
Income Tax Expense					(2,361)		(1,493)
Net Income					7,777		8,488
Net Loss Attributable to Noncontrolling Interest					—		(47)
Net Income Attributable to Oil-Dri					$	7,777	$	8,535

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 30,901	$ 17,564
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,619	11,348
Non-cash stock-based compensation	3,591	2,326
Loss on pension termination	0	4,858
Deferred income taxes	84	(742)
Provision for bad debts and cash discounts	7	240
Impairment of patents	0	61
Loss on Impairment of Fixed Assets	0	810
Accretion of Asset Retirement Obligation	158	120
Loss on the disposals of property, plant and equipment	174	46
(Increase) Decrease in assets:
Accounts receivable	(793)	(5,604)
Inventories	(2,972)	(1,799)
Prepaid expenses	(3,708)	2,298
Other assets	913	1,490
Increase (Decrease) in liabilities:
Accounts payable	(1,006)	255
Accrued expenses	(3,940)	5,653
Deferred compensation	996	(123)
Other liabilities	(1,095)	(2,760)
Total Adjustments	6,028	18,477
Net Cash Provided by Operating Activities	36,929	36,041
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(23,717)	(16,745)
Proceeds from sale of property, plant, and equipment	181	10
Net Cash Used in Investing Activities	(23,536)	(16,735)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of notes payable	10,000	0
Payments of debt issuance costs	0	(7)
Dividends paid	(5,848)	(5,574)
Purchase of treasury stock	(2,690)	(225)
Net Cash Provided by (Used in) Financing Activities	1,462	(5,806)
Effect of exchange rate changes on Cash and Cash Equivalents	212	(52)
Net Increase in Cash and Cash Equivalents	15,067	13,448
Cash and Cash Equivalents, Beginning of Period	31,754	16,298
Cash and Cash Equivalents, End of Period	46,821	29,746
Supplemental disclosure of non-cash investing and financing activities:
Interest payments, net of amounts capitalized	545	569
Income tax payments, net of refunds	9,638	2,284
Capital expenditures accrued, but not paid	1,467	1,441
Cash dividends declared and accrued, but not paid	$ 1,958	$ 1,863

Other Contingencies	9 Months Ended
Other Contingencies	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Contingencies	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 the second quarter of fiscal year 2023, we recorded a reserve of $2.5 million for anticipated modification costs that we expected to incur to address capacity issues at our sole landfill located in Ochlocknee, Georgia. Reserves are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The amount of the reserve represented management’s best estimate of the costs for the modification with respect to this matter, at the time. Work began on the modifications in the second quarter of fiscal year 2024 at which time we increased our reserve by $0.5 million to reflect an update to our best estimate. This has been offset by $1.2 million of payments made to date. The modification work is expected to be completed during the fourth quarter of fiscal year 2024, and we have not made any additional changes to our reserve in the third quarter of fiscal year 2024. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards, and emerging technologies for handling site modification. Consequently, it is reasonably possible that modification costs in excess of amounts accrued could have a material impact on the Company’s results of operations, financial condition and cash flows.

Operating Segments Level 2 (Policies)	9 Months Ended
Operating Segments Level 2 (Policies)	Apr. 30, 2024
Segment Reporting [Abstract]
Operating Segments	We have two 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, the farm and fleet channel, 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, renewable diesel, petroleum-based oils and biodiesel fuel, manufacturers of animal feed and agricultural chemicals, and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023
Current Assets
Cash and cash equivalents	$ 46,821	$ 31,754
Accounts receivable, net of allowances of $1,094 and $1,087 at April 30, 2024 and July 31, 2023, respectively	60,003	59,287
Inventories, net	45,468	42,612
Prepaid expenses	6,554	2,854
Total Current Assets	158,846	136,507
Property, Plant and Equipment
Cost	322,526	305,851
Less accumulated depreciation and amortization	(194,580)	(184,979)
Total Property, Plant and Equipment, Net	127,946	120,872
Other Assets
Goodwill	3,618	3,618
Intangible assets, net of accumulated amortization of $8,394 and $8,341 at April 30, 2024 and July 31, 2023, respectively	1,458	1,421
Deferred income taxes	7,117	7,201
Operating lease right-of-use assets	12,981	9,386
Other	7,186	7,230
Total Other Assets	32,360	28,856
Total Assets	319,152	286,235
Current Liabilities
Current maturities of notes payable	1,000	1,000
Accounts Payable	13,728	17,101
Dividends payable	1,958	1,927
Operating lease liabilities	2,819	1,872
Accrued expenses	32,413	36,868
Total Current Liabilities	51,918	58,768
Noncurrent Liabilities
Notes payable, net of unamortized debt issuance costs of $140 and $173 at April 30, 2024 and July 31, 2023, respectively	40,860	30,827
Deferred compensation	5,508	4,512
Long-term operating lease liabilities	11,399	8,810
Other	6,518	6,242
Total Noncurrent Liabilities	64,285	50,391
Total Liabilities	116,203	109,159
Stockholders’ Equity
Additional paid-in capital	59,449	55,624
Retained earnings	225,818	200,796
Accumulated other comprehensive income	698	748
Less Treasury Stock, at cost (3,695,982 Common and 362,649 Class B shares at April 30, 2024 and 3,658,989 Common and 351,641 Class B shares at July 31, 2023)	(84,151)	(81,207)
Total Stockholders' Equity	202,949	177,076
Total Liabilities & Stockholders’ Equity	319,152	286,235
Common
Stockholders’ Equity
Common Stock, Value, Issued	883	875
Class B
Stockholders’ Equity
Common Stock, Value, Issued	$ 252	$ 240

Stock-Based Compensation

9 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments

STOCK-BASED COMPENSATION

The Amended and Restated 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 1,719,500. As of April 30, 2024, there were 636,977 shares of Common Stock or Class B Stock available for future grants under this plan.

Restricted Stock

All of our non-vested restricted stock as of April 30, 2024 was issued under the 2006 Plan with vesting periods generally between one and five years. We determined the fair value of restricted stock as of the grant date. We recognize the related compensation expense over the period from the date of grant to the date the shares vest.

There were 73,000 and 59,000 restricted shares of Common Stock granted during the first nine months of fiscal years 2024 and 2023, respectively. There were 125,000 restricted shares of Class B Stock granted during the first nine months of fiscal year 2024 and none in fiscal year 2023. Stock-based compensation expense was $0.9 million and $0.7 million for the three-months ended April 30, 2024 and 2023 respectively, and $2.7 million and $2.3 million for the nine months ended April 30, 2024 and 2023, respectively.

A summary of restricted stock transactions is shown below:


	Restricted Shares (in thousands)	Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at July 31, 2023	348	$	32.95
Granted	198	$	62.61
Vested	(147)	$	31.02
Forfeitures	(6)	$	40.41
Non-vested restricted stock outstanding at April 30, 2024	393	$	48.52

Basis of Statement Presentation Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Liabilities, Current [Abstract]
Reclamation liability	$ 4.6	$ 4.5
Postretirement health benefits	$ 1.9	$ 1.8

Stock-Based Compensation Summary of Restricted Stock Transactions (Details) - Restricted Stock shares in Thousands	9 Months Ended
	Apr. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Non-vested restricted stock outstanding, beginning balance \| shares	348
Granted, number of shares \| shares	198
Vested, number of shares \| shares	(147)
Forfeitures, number of shares \| shares	(6)
Non-vested restricted stock outstanding, ending balance \| shares	393
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance \| $ / shares	$ 32.95
Granted, weighted average grant date fair value \| $ / shares	62.61
Vested, weighted average grant date fair value \| $ / shares	31.02
Forfeitures, weighted average grant date fair value \| $ / shares	40.41
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance \| $ / shares	$ 48.52

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Net Income Attributable to Oil-Dri	$ 7,777	$ 8,535	$ 30,901	$ 17,632
Other Comprehensive (Loss) Income:
Pension and postretirement (expenses) benefits (net of tax)	(21)	2,960	(64)	2,947
Cumulative translation adjustment	(14)	(151)	14	(280)
Other Comprehensive (Loss) Income	(35)	2,809	(50)	2,667
Total Comprehensive Income	$ 7,742	$ 11,344	$ 30,851	$ 20,299

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 1
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+ Details

- Definition

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

+ References

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+ Details

Debt (Details) - USD ($) $ in Millions	9 Months Ended
Debt (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Debt Instrument [Line Items]
Shelf Notes	$ 75.0
Shelf Note, Expiration Date	Sep. 21, 2026
Unsecured Debt	$ 75.0	$ 50.0
Letters of Credit Outstanding, Amount	$ 1.5	1.0
Series B Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	May 15, 2020
Face Amount	$ 10.0
Annual Rate	3.95%
Debt Instrument, Maturity Date Range, End	May 15, 2030
Senior Notes	$ 7.0
Series C Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Dec. 16, 2021
Face Amount	$ 25.0
Annual Rate	3.25%
Debt Instrument, Maturity Date Range, End	Dec. 16, 2031
Series D Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Apr. 30, 2024
Face Amount	$ 10.0
Annual Rate	6.47%
Debt Instrument, Maturity Date Range, End	Apr. 30, 2033
Line of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 45.0
Maximum Borrowing Capacity for letters of credit	$ 10.0
Line of Credit Facility, Expiration Date	Aug. 30, 2027
Line of credit amount outstanding	$ 0.0	$ 0.0
Line of Credit \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate	8.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate	5.33%

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Apr. 30, 2024

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive (Loss) Income by Component

The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of April 30, 2024 (in thousands):


	Pension and Postretirement Health Benefits		Cumulative Translation Adjustment		Total Accumulated Other Comprehensive Income (Loss)
Balance as of July 31, 2023	$	1,012	$	(264)	$	748
Other comprehensive income before reclassifications, net of tax	—		14		14
Amounts reclassified from accumulated other comprehensive income, net of tax	(64)		—		(64)
Net current-period other comprehensive (loss) income, net of tax	(64)		14		(50)
Balance as of April 30, 2024	$	948	$	(250)	$	698

Pension and Other Postretirement Benefits

9 Months Ended

Apr. 30, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension and Other Postretirement Benefits Disclosure

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Oil-Dri Corporation of America Pension Plan ("Pension Plan") was a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits were 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, Oil-Dri 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 was closed to new participants and existing participants no longer earned additional benefits on or after March 1, 2020. On September 20, 2022, the Company's Board of Directors (the "Board") approved a resolution to terminate the Company's defined benefit pension plan. The pension obligations were fully settled in April 2023.

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. The postretirement health plan is an unfunded plan. We pay insurance premiums and claims from our assets.

The components of net periodic pension and postretirement health benefit costs were as follows:


	Pension Benefits
	(in thousands)
	For the Three Months Ended April 30,				For the Nine Months Ended April 30,
	2024		2023		2024		2023
Interest cost	$	—	$	336	$	—	$	1,009
Expected return on plan assets	—		(557)		—		(1,673)
Amortization of:
Other actuarial loss	—		14		—		42
Loss on pension termination	$	—	$	4,858	$	—	$	4,858
Net periodic benefit cost	$	—	$	4,651	$	—	$	4,236

	Postretirement Health Benefits
	(in thousands)
	For the Three Months Ended April 30,				For the Nine Months Ended April 30,
	2024		2023		2024		2023
Service cost	$	19	$	21	$	56	$	63
Interest cost	21		19		62		55
Amortization of:
Other actuarial loss	(27)		(21)		(80)		(62)
Prior service costs	(2)		(2)		(5)		(5)
Net periodic benefit cost	$	11	$	17	$	33	$	51

The non-service cost components of net periodic benefit cost are included in Other Income (Expense) in the line item Other, net on the unaudited Condensed Consolidated Statements of Income.

The discount rate for the net periodic benefit cost used in the calculation of the postretirement health benefits was 4.90% for the three and nine months ended April 30, 2024, and 3.82% for the three and nine months ended 2023. The medical cost trend assumption for postretirement health benefits was 8.20%. The graded trend rate is expected to decrease to an ultimate rate of 4.90% in fiscal year 2044.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Inventories Level 3 (Tables)

9 Months Ended

Apr. 30, 2024

Inventory Disclosure [Abstract]

Inventories

The composition of inventories is as follows (in thousands):


	April 30, 2024		July 31, 2023
Finished goods	$	24,837	$	21,943
Packaging	7,666		8,007
Spare parts	7,016		5,981
Other	5,949		6,681
Total Inventories	$	45,468	$	42,612

Stock-Based Compensation (Tables)

9 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Transactions

A summary of restricted stock transactions is shown below:


	Restricted Shares (in thousands)	Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at July 31, 2023	348	$	32.95
Granted	198	$	62.61
Vested	(147)	$	31.02
Forfeitures	(6)	$	40.41
Non-vested restricted stock outstanding at April 30, 2024	393	$	48.52

Goodwill and Other Intangibles Narrative (Details) $ in Millions	9 Months Ended
	Apr. 30, 2024 USD ($)
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 0.1
Indefinite-lived trademarks	$ 0.4

Goodwill and Other Intangibles (Notes)	9 Months Ended
Goodwill and Other Intangibles (Notes)	Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets, other than goodwill, include trademarks, patents, and customer lists. Estimated intangible amortization for fiscal year 2024 is $0.1 million. Estimated intangible amortization for each of the next five fiscal years is $0.1 million. We have one acquired trademark recorded at a cost of $0.4 million that was determined to have an indefinite life and is not amortized. There have been no triggering events in fiscal years 2024 or 2023 that would indicate a new impairment analysis is needed.

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Apr. 30, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Benefit Costs

The components of net periodic pension and postretirement health benefit costs were as follows:


	Pension Benefits
	(in thousands)
	For the Three Months Ended April 30,				For the Nine Months Ended April 30,
	2024		2023		2024		2023
Interest cost	$	—	$	336	$	—	$	1,009
Expected return on plan assets	—		(557)		—		(1,673)
Amortization of:
Other actuarial loss	—		14		—		42
Loss on pension termination	$	—	$	4,858	$	—	$	4,858
Net periodic benefit cost	$	—	$	4,651	$	—	$	4,236

	Postretirement Health Benefits
	(in thousands)
	For the Three Months Ended April 30,				For the Nine Months Ended April 30,
	2024		2023		2024		2023
Service cost	$	19	$	21	$	56	$	63
Interest cost	21		19		62		55
Amortization of:
Other actuarial loss	(27)		(21)		(80)		(62)
Prior service costs	(2)		(2)		(5)		(5)
Net periodic benefit cost	$	11	$	17	$	33	$	51

Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Operating Segments (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Segment Reporting Information
Assets	$ 319,152		$ 319,152		$ 286,235
Net Sales	106,779	$ 105,425	323,885	$ 305,633
Corporate Expenses	(11,045)	(6,091)	(28,040)	(23,463)
Income from Operations	10,432	14,456	38,753	28,331
Total Other Expenses, Net	(294)	(4,475)	(1,103)	(6,874)
Income Before Income Taxes	10,138	9,981	37,650	21,457
Income Tax Expense	(2,361)	(1,493)	(6,749)	(3,893)
Net Income	7,777	8,488	30,901	17,564
Net Loss Attributable to Noncontrolling Interest	0	(47)	0	(68)
Net Income Attributable to Oil-Dri	7,777	8,535	30,901	17,632
Business to Business Products
Segment Reporting Information
Assets	89,931		89,931		84,424
Net Sales	36,196	35,412	111,591	104,253
Segment Income	10,605	9,803	32,713	24,794
Retail and Wholesale Products
Segment Reporting Information
Assets	146,959		146,959		136,262
Net Sales	70,583	70,013	212,294	201,380
Segment Income	10,872	$ 10,744	34,080	$ 27,000
Unallocated Assets
Segment Reporting Information
Assets	$ 82,262		$ 82,262		$ 65,549

Related Party Transactions (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Related Party Transaction
Accounts Payable To Related Parties	$ 13,728		$ 17,101
Director
Related Party Transaction
Payments to related party	1,200	$ 100
Accounts Payable To Related Parties	$ 0		$ 0

Operating Segments Narrative (Details)	9 Months Ended
Operating Segments Narrative (Details)	Apr. 30, 2024 segment
Segment Reporting Information
Number of Reportable Segments	2

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Lease, Cost
Operating lease cost	$ 856	$ 689	$ 2,486	$ 2,072
Short-term operating lease cost	257	0	754	1
Cash paid for amounts included in the measurement of operating lease liabilities	860	592	2,546	1,772
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 996	$ 552	$ 4,695	$ 575
Weighted-average remaining lease term - operating leaes	6 years 2 months 12 days		6 years 2 months 12 days		7 years 8 months 12 days
Weighted-average discount rate - operating leases	4.93%		4.93%		4.03%
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity
Fiscal year 2024 (remaining three months)	$ 852		$ 852
Fiscal year 2025	3,387		3,387
Fiscal year 2026	3,029		3,029
Fiscal year 2027	2,581		2,581
Fiscal year 2028	1,772		1,772
Thereafter	4,830		4,830
Total	16,451		16,451
Less: imputed interest	(2,233)		(2,233)
Net lease obligation	$ 14,218		$ 14,218

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Net Sales	$ 106,779	$ 105,425	$ 323,885	$ 305,633
Cost of Goods Sold	(76,642)	(77,958)	(231,815)	(232,840)
Gross Profit	30,137	27,467	92,070	72,793
Selling, General and Administrative Expenses	(19,705)	(13,011)	(53,317)	(44,462)
Income from Operations	10,432	14,456	38,753	28,331
Other (Expense) Income
Interest expense	(379)	(363)	(1,102)	(1,094)
Interest income	285	97	757	212
Loss on pension termination	0	(4,858)	0	(4,858)
Other, net	(200)	649	(758)	(1,134)
Total Other Expense, Net	(294)	(4,475)	(1,103)	(6,874)
Income Before Income Taxes	10,138	9,981	37,650	21,457
Income Tax Expense	(2,361)	(1,493)	(6,749)	(3,893)
Net Income	7,777	8,488	30,901	17,564
Net Loss Attributable to Noncontrolling Interest	0	(47)	0	(68)
Net Income Attributable to Oil-Dri	7,777	$ 8,535	30,901	$ 17,632
Common
Other (Expense) Income
Net Income Attributable to Oil-Dri	$ 5,908		$ 23,503
Net Income Per Share
Basic Common (in dollars per share)	$ 1.15	$ 1.28	$ 4.59	$ 2.66
Diluted Common (in dollars per share)	$ 1.07	$ 1.24	$ 4.26	$ 2.58
Average Shares Outstanding
Basic Common (in shares)	4,912	4,838	4,874	4,824
Diluted Common (in shares)	6,892	5,003	6,848	4,964
Dividends Declared Per Share (in dollars per share)	$ 0.290	$ 0.280	$ 0.870	$ 0.840
Class B
Other (Expense) Income
Net Income Attributable to Oil-Dri	$ 1,869		$ 7,398
Net Income Per Share
Basic Common (in dollars per share)	$ 0.87	0.96	$ 3.45	1.99
Diluted Common (in dollars per share)	$ 0.87	$ 0.95	$ 3.45	$ 1.97
Average Shares Outstanding
Basic Common (in shares)	1,980	1,964	1,974	1,957
Diluted Common (in shares)	1,980	1,999	1,974	1,984
Dividends Declared Per Share (in dollars per share)	$ 0.218	$ 0.210	$ 0.654	$ 0.630

Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023
Allowance for doubtful accounts	$ 1,094	$ 1,087
Accumulated amortization of other intangibles	8,394	8,341
Net unamortized debt issuance costs	$ 140	$ 173
Common
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	8,827,223	8,750,223
Treasury stock, common shares	3,695,982	3,658,989
Class B
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	2,518,056	2,397,056
Treasury stock, common shares	362,649	351,641

Inventories Level 2 (Policies)	9 Months Ended
Inventories Level 2 (Policies)	Apr. 30, 2024
Inventory Disclosure [Abstract]
Inventories	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.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Leases (Tables)

9 Months Ended

Apr. 30, 2024

Leases [Abstract]

Lease cost

We have no material finance leases, and variable costs for operating leases are immaterial for the three and nine months ended April 30, 2024. Operating lease costs are included in Cost of Goods Sold 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 Three Months Ended April 30,				For the Nine Months Ended April 30,

	2024		2023		2024		2023
Operating Lease Cost
Operating lease cost	$	856	$	689	$	2,486	$	2,072
Short-term operating lease cost	257		—		754		1

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


	For the Three Months Ended April 30,				For the Nine Months Ended April 30,

	2024		2023		2024		2023

Cash paid for amounts included in the measurement of operating lease liabilities:	$	860	$	592	$	2,546	$	1,772
Right-of-use assets obtained in exchange for new operating lease liabilities	$	996	$	552	$	4,695	$	575

Operating lease ROU assets and operating lease liabilities are separately presented on the unaudited Condensed 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:


	April 30, 2024	July 31, 2023









Weighted-average remaining lease term - operating leases	6.2 years	7.7 years


Weighted-average discount rate - operating leases	4.93%	4.03%

Operating lease payments due within next fiscal year as of April 30, 2024

April 30, 2024, are as follows (in thousands):




Fiscal year 2024 (remaining three months)	$	852
Fiscal year 2025	3,387
Fiscal year 2026	3,029
Fiscal year 2027	2,581
Fiscal year 2028	1,772
Thereafter	4,830
Total	16,451
Less: imputed interest	(2,233)
Net lease obligation	$	14,218

Inventories Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Inventory
Inventory reserves	$ 3.8	$ 3.6

Accrued Expenses (Tables)

9 Months Ended

Apr. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accrued expenses is as follows (in thousands):


	April 30, 2024		July 31, 2023
Salaries, Wages, Commissions and Employee Benefits	$	16,808	$	19,054
Freight	2,490		3,078
Trade Promotions and Advertising	1,813		2,292
Georgia Landfill Modification Reserve	1,787		2,469
Real Estate Tax	802		1,038

Other	8,713		8,937
	$	32,413	$	36,868

Inventories

9 Months Ended

Apr. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The composition of inventories is as follows (in thousands):


	April 30, 2024		July 31, 2023
Finished goods	$	24,837	$	21,943
Packaging	7,666		8,007
Spare parts	7,016		5,981
Other	5,949		6,681
Total Inventories	$	45,468	$	42,612

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. The Company maintains reserves against inventory to reduce the carrying value to the expected net realizable value. These reserves are based upon a combination of factors including historical issues and market trends. Inventory reserves were $3.8 million and $3.6 million as of April 30, 2024 and July 31, 2023, respectively.

Leases (Notes)

9 Months Ended

Apr. 30, 2024

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 unaudited Condensed Consolidated Financial Statements.


	For the Three Months Ended April 30,				For the Nine Months Ended April 30,

	2024		2023		2024		2023
Operating Lease Cost
Operating lease cost	$	856	$	689	$	2,486	$	2,072
Short-term operating lease cost	257		—		754		1

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


	For the Three Months Ended April 30,				For the Nine Months Ended April 30,

	2024		2023		2024		2023

Cash paid for amounts included in the measurement of operating lease liabilities:	$	860	$	592	$	2,546	$	1,772
Right-of-use assets obtained in exchange for new operating lease liabilities	$	996	$	552	$	4,695	$	575


	April 30, 2024	July 31, 2023









Weighted-average remaining lease term - operating leases	6.2 years	7.7 years


Weighted-average discount rate - operating leases	4.93%	4.03%

Lease liability maturities as of April 30, 2024, are as follows (in thousands):




Fiscal year 2024 (remaining three months)	$	852
Fiscal year 2025	3,387
Fiscal year 2026	3,029
Fiscal year 2027	2,581
Fiscal year 2028	1,772
Thereafter	4,830
Total	16,451
Less: imputed interest	(2,233)
Net lease obligation	$	14,218

Accumulated Other Comprehensive (Loss) Income (Notes)

9 Months Ended

Apr. 30, 2024

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive (Loss) Income

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of April 30, 2024 (in thousands):


	Pension and Postretirement Health Benefits		Cumulative Translation Adjustment		Total Accumulated Other Comprehensive Income (Loss)
Balance as of July 31, 2023	$	1,012	$	(264)	$	748
Other comprehensive income before reclassifications, net of tax	—		14		14
Amounts reclassified from accumulated other comprehensive income, net of tax	(64)		—		(64)
Net current-period other comprehensive (loss) income, net of tax	(64)		14		(50)
Balance as of April 30, 2024	$	948	$	(250)	$	698

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents	$ 0.9	$ 15.4
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes Payable, Fair Value	$ 41.1	$ 29.7

Subsequent Events (Details) $ in Millions	9 Months Ended
Subsequent Events (Details) $ in Millions	Apr. 30, 2024 USD ($)
Subsequent Events [Abstract]
Business Combination, Price of Acquisition, Expected	$ 46
Series D Senior Notes
Debt Instrument [Line Items]
Face Amount	$ 10
Annual Rate	6.47%
Debt Instrument, Maturity Date Range, End	Apr. 30, 2033
Line of Credit
Debt Instrument [Line Items]
Proceeds from Lines of Credit	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events (Notes)	9 Months Ended
Subsequent Events (Notes)	Apr. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On May 1, 2024, pursuant to a Stock Purchase Agreement (the “Purchase Agreement”), dated April 16, 2024, we acquired all of the issued and outstanding shares of capital stock of Ultra Pet for an aggregate cash consideration of approximately $46 million, subject to certain adjustments set forth in the Purchase Agreement, in order to enter into the crystal cat litter segment (the “Transaction”). The purchase price was financed through cash on hand, a $10 million advance under the Credit Agreement, and the issuance of $10 million in aggregate principal amount of 6.47% Series D Senior Notes due April 30, 2033 pursuant to the shelf facility provisions of the Note Agreement. Going forward, Ultra Pet will operate as a wholly-owned subsidiary of Oil-Dri. For additional information about the Purchase Agreement and the Transaction, please see the Current Reports on Form 8-K we filed with the SEC on April 16, 2024 and May 1, 2024.

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, 2022	$ 150,349	$ 1,108	$ 52,467	$ 178,754	$ (79,428)	$ (2,183)	$ (369)
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2022		11,083,824
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2022					(3,961,579)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	17,632	$ 0	0	17,632	$ 0	0
Net Loss Attributable to Noncontrolling Interest	(68)						(68)
Net Income, Including Portion Attributable to Noncontrolling Interest	17,564
Other Comprehensive (Loss) Income	2,667	0	0	0	0	2,667	0
Dividends Declared	(5,586)	0	0	(5,586)	0	0	0
Purchases of Treasury Stock	(225)	0	0	0	$ (225)	0	0
Purchases of Treasury Stock (in shares)					(7,493)
Net issuance of stock under long-term incentive plans	0	$ 6	695	0	$ 701	0	0
Net issuance of stock under long-term incentive plans (in shares)		(58,755)			(23,996)
Amortization of Restricted Stock	2,326	$ 0	2,326	0	$ 0	0	0
Total, End of Period at Apr. 30, 2023	167,095	$ 1,114	55,488	190,800	$ (80,354)	484	(437)
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2023		11,142,579
Treasury Stock, End of Period (in shares) at Apr. 30, 2023					(3,993,068)
Total, Beginning of Period at Jan. 31, 2023	156,974	$ 1,114	54,328	184,133	$ (79,886)	(2,325)	(390)
Common & Class B Stock, Beginning of Period (in shares) at Jan. 31, 2023		11,141,279
Treasury Stock, Beginning of Period (in shares) at Jan. 31, 2023					(3,976,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	8,535	$ 0	0	8,535	$ 0	0
Net Loss Attributable to Noncontrolling Interest	(47)						(47)
Net Income, Including Portion Attributable to Noncontrolling Interest	8,488
Other Comprehensive (Loss) Income	2,809	0	0	0	0	2,809	0
Dividends Declared	(1,868)	0	0	(1,868)	0	0	0
Purchases of Treasury Stock	0	0	0	0	$ 0	0	0
Purchases of Treasury Stock (in shares)					0
Net issuance of stock under long-term incentive plans	0	$ 0	468	0	$ 468	0	0
Net issuance of stock under long-term incentive plans (in shares)		(1,300)			(16,750)
Amortization of Restricted Stock	692	$ 0	692	0	$ 0	0	0
Total, End of Period at Apr. 30, 2023	167,095	$ 1,114	55,488	190,800	$ (80,354)	484	(437)
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2023		11,142,579
Treasury Stock, End of Period (in shares) at Apr. 30, 2023					(3,993,068)
Total, Beginning of Period at Jul. 31, 2023	177,076	$ 1,115	55,624	200,796	$ (81,207)	748	0
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2023		11,147,279
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2023					(4,010,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	30,901	$ 0	0	30,901	$ 0	0
Net Loss Attributable to Noncontrolling Interest	0						0
Net Income, Including Portion Attributable to Noncontrolling Interest	30,901
Other Comprehensive (Loss) Income	(50)	0	0	0	0	(50)	0
Dividends Declared	(5,879)	0	0	(5,879)	0	0	0
Purchases of Treasury Stock	(2,690)	0	0	0	$ (2,690)	0	0
Purchases of Treasury Stock (in shares)					(41,726)
Net issuance of stock under long-term incentive plans	0	$ 20	234	0	$ 254	0	0
Net issuance of stock under long-term incentive plans (in shares)		(198,000)			(6,275)
Amortization of Restricted Stock	3,591	$ 0	3,591	0	$ 0	0	0
Total, End of Period at Apr. 30, 2024	202,949	$ 1,135	59,449	225,818	$ (84,151)	698	0
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2024		11,345,279
Treasury Stock, End of Period (in shares) at Apr. 30, 2024					(4,058,631)
Total, Beginning of Period at Jan. 31, 2024	196,038	$ 1,134	58,205	219,995	$ (84,029)	733	0
Common & Class B Stock, Beginning of Period (in shares) at Jan. 31, 2024		11,342,279
Treasury Stock, Beginning of Period (in shares) at Jan. 31, 2024					(4,056,730)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	7,777	$ 0	0	7,777	$ 0	0
Net Loss Attributable to Noncontrolling Interest	0						0
Net Income, Including Portion Attributable to Noncontrolling Interest	7,777
Other Comprehensive (Loss) Income	(35)	0	0	0	0	(35)	0
Dividends Declared	(1,954)	0	0	(1,954)	0	0	0
Purchases of Treasury Stock	(115)	0	0	0	$ (115)	0	0
Purchases of Treasury Stock (in shares)					(1,651)
Net issuance of stock under long-term incentive plans	1	$ 1	7	0	$ 7	0	0
Net issuance of stock under long-term incentive plans (in shares)		(3,000)			(250)
Amortization of Restricted Stock	1,237	$ 0	1,237	0	$ 0	0	0
Total, End of Period at Apr. 30, 2024	$ 202,949	$ 1,135	$ 59,449	$ 225,818	$ (84,151)	$ 698	$ 0
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2024		11,345,279
Treasury Stock, End of Period (in shares) at Apr. 30, 2024					(4,058,631)

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans
Loss on pension termination	$ 0	$ (4,858)	$ 0	$ (4,858)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Interest cost	0	336	0	1,009
Expected return on plan assets	0	(557)	0	(1,673)
Amortization of Other actuarial loss	0	14	0	42
Loss on pension termination	0	4,858	0	4,858
Net periodic benefit cost	0	4,651	0	4,236
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	19	21	56	63
Interest cost	21	19	62	55
Amortization of Other actuarial loss	(27)	(21)	(80)	(62)
Amortization of Prior service costs	(2)	(2)	(5)	(5)
Net periodic benefit cost	$ 11	$ 17	$ 33	$ 51

Fair Value Measurements Fair Value Measurements (Policies)	9 Months Ended
	Apr. 30, 2024
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 categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value 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.

Basis of Statement Presentation

9 Months Ended

Apr. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Statement Presentation

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in compliance with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements and the related notes are condensed and should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023.

The unaudited Condensed Consolidated Financial Statements include the accounts of Oil-Dri Corporation of America and its subsidiaries. All significant intercompany transactions are eliminated. Except as otherwise indicated herein or as the context otherwise requires, references to "Oil-Dri," the "Company," "we," "us" or "our" refer to Oil-Dri Corporation of America and its subsidiaries.

The unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals and reclassifications which are, in the opinion of management, necessary for a fair presentation of the statements contained herein. Operating results for the three and nine months ended April 30, 2024 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2024.

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.

Management Use of Estimates

The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period, as well as the related disclosures. Estimates and assumptions about future events cannot be made with certainty. All of our estimates and assumptions are revised periodically. Actual results could differ from these estimates.

Summary of Significant Accounting Policies

Our significant accounting policies, which are summarized in detail in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023, have not materially changed. The following is a description of certain of our significant accounting policies:

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.

Property, Plant and Equipment. Property, plant and equipment includes depreciable assets such as building, machinery, equipment, furniture, vehicles, and capitalized spare parts. These assets are depreciated using the straight-line method over their estimated useful lives. Major improvements 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.

These assets 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.

Land, Mining Property and Mineral Rights. We surface mine sorbent materials 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 (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of goods sold in the period they are incurred. We defer and amortize the pre-production overburden removal costs during the development phase associated with opening a new mine.

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 patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred.

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 respective mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the respective mines.

Leases. ASC 842, Leases, provides that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset and, accordingly, a lease liability and a related right-of-use ("ROU") asset is recognized at the commencement date on our consolidated balance sheet. As provided in ASC 842, we have elected not to apply these measurement and recognition requirements to short-term leases (i.e., leases with a term of 12 months or less). Short-term leases will not be recorded as ROU assets or lease liabilities on our consolidated balance sheet, and the related lease payments will be recognized in net earnings on a straight-line basis over the lease term. For leases other than short-term leases, the lease liability is equal to the present value of unpaid lease payments over the remaining lease term. The lease term may reflect options to extend or terminate the lease when it is reasonably certain that such options will be exercised. To determine the present value of the lease liability, we used an incremental borrowing rate, which is defined as the rate of interest we 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. The ROU asset is based on the corresponding lease liability adjusted for certain costs such as initial direct costs, prepaid lease payments and lease incentives received. Both operating and finance lease ROU assets are reviewed for impairment, consistent with other long-lived assets, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. After a ROU asset is impaired, any remaining balance of the ROU asset is amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful life. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change in the accounting for leases.

Certain of our leases provide for variable lease payments that vary due to changes in facts and circumstances occurring after the commencement date, other than the passage of time. Variable lease payments that are dependent on an index or rate (e.g., the Consumer Price Index) are included in the initial measurement of the lease liability and the ROU asset. Variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset, are expensed as incurred. Our variable lease payments primarily include common area maintenance charges based on the percentage of the total square footage leased and the usage of assets, such as photocopiers.

Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis.

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 contracts 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 $0.1 million as of April 30, 2024, and no liability as of July 31, 2023. This liability is reported in Other within Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. There was no revenue recognized during the nine months ended April 30, 2024, that was included in the liability for advance payments at the beginning of the period.

We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and with customers, such as volume discounts, cooperative marketing and other arrangements. We estimate and accrue the expected costs of these programs. These costs are considered variable consideration under ASC 606, Revenue from Contracts with Customers, and are netted against sales when revenue is recorded. The accruals are based on our best estimate of the amounts necessary to settle future and existing obligations on products sold as of the balance sheet date. To estimate these accruals, we rely on our historical experience of trade spending patterns and that of the industry, current trends and forecasted data.

Selling, General and Administrative Expenses. Selling, general and administrative expenses ("SG&A") 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.

Other Current and Noncurrent Liabilities. Other liabilities include the accruals for general expenses not yet paid, cash collected not yet vouchered, legal reserves, postretirement health benefit obligations, and reclamation liability accrual. Current liabilities are due to be paid within the next 12 months. Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet includes $4.6 million for the reclamation liability as of April 30, 2024 and $4.5 million as of July 31, 2023 and $1.9 million for postretirement health benefit as of April 30, 2024 and $1.8 million as of July 31, 2023, respectively.

Earnings Per Share. We utilize the two-class method to report our earnings per share ("EPS"). The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Common Stock is entitled to cash dividends equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. In computing earnings per share, the Company has allocated dividends declared to shares of Common Stock and Class B Stock based on amounts actually declared for each class of stock and 33.33% more of the undistributed earnings have been allocated to the shares of Common Stock than to the shares of Class B Stock on a per share basis. Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share. Common Stock has no conversion rights. Class B Stock is convertible on a share-by-share basis into Common Stock at any time and is subject to mandatory conversion under certain circumstances. Basic EPS is computed by dividing net earnings, reduced for any distributed and undistributed earnings allocated to unvested restricted shares, by the weighted-average number of shares outstanding during the period for each class of share. Diluted EPS, for each class of common stock, is computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period. Dilution for Common Stock takes into consideration the effect of both unvested restricted shares and convertible shares of Class B Stock, if the effect is dilutive. Dilution for Class B takes into consideration the effect of unvested restricted shares, if the effect is dilutive. Below is a reconciliation of the calculation of basic and diluted EPS.


	For the Nine Months Ended April 30, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	30,901	$	23,503	$	7,398
Distributed and undistributed earnings on restricted shares	(1,732)		(1,144)		(588)
Income available to stockholders	$	29,169	$	22,359	$	6,810

Net Income (Numerator)			$	22,359	$	6,810
Weighted Average Shares Outstanding (Denominator)			4,874		1,974
Basic EPS			$	4.59	$	3.45

Effect of dilution - Net Income (1)			$	6,810	$	—
Net income assuming dilution (Numerator)			$	29,169	$	6,810

Effect of dilution - Shares (1)			1,974		$	—
Shares assuming dilution (Denominator)			6,848		$	1,974
Diluted EPS			$	4.26	$	3.45

	For the Three Months Ended April 30, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	7,777	$	5,908	$	1,869
Distributed and undistributed earnings on restricted shares	(404)		(252)		(152)
Income available to stockholders	$	7,373	$	5,656	$	1,717

Net Income (Numerator)			$	5,656	$	1,717
Weighted Average Shares Outstanding (Denominator)			4,912		1,980
Basic EPS			$	1.15	$	0.87

Effect of dilution - Net Income (1)			$	1,717	$	—
Net income assuming dilution (Numerator)			$	7,373	$	1,717

Effect of dilution - Shares (1)			1,980		$	—
Shares assuming dilution (Denominator)			6,892		$	1,980
Diluted EPS			$	1.07	$	0.87
(1) The impact of unvested restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Apr. 30, 2024
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS AND REGULATIONS Recently Issued Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." These amendments primarily require enhanced disclosures and disaggregation of income tax information by jurisdiction in the annual income tax reconciliation and quantitative disclosures regarding income taxes paid. These amendments are to be applied prospectively, with the option to apply the standard retrospectively, for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that the adoption of this guidance will have on our disclosures. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." These amendments primarily require enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. In addition, ASU No. 2023-07 also requires all annual disclosures currently required by Topic 280 to be included in interim periods. These amendments are to be applied retrospectively for all periods presented in the financial statements and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that the adoption of this guidance will have on our disclosures. Recently Adopted Accounting Standards There have been no new accounting pronouncements adopted in the period.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
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-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 2
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangibles (Details) $ in Millions	Apr. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense
2025	$ 0.1
2026	0.1
2027	0.1
2028	0.1
2029	$ 0.1

Basis of Statement Presentation Level 3 (Tables)

9 Months Ended

Apr. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	For the Nine Months Ended April 30, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	30,901	$	23,503	$	7,398
Distributed and undistributed earnings on restricted shares	(1,732)		(1,144)		(588)
Income available to stockholders	$	29,169	$	22,359	$	6,810

Net Income (Numerator)			$	22,359	$	6,810
Weighted Average Shares Outstanding (Denominator)			4,874		1,974
Basic EPS			$	4.59	$	3.45

Effect of dilution - Net Income (1)			$	6,810	$	—
Net income assuming dilution (Numerator)			$	29,169	$	6,810

Effect of dilution - Shares (1)			1,974		$	—
Shares assuming dilution (Denominator)			6,848		$	1,974
Diluted EPS			$	4.26	$	3.45

	For the Three Months Ended April 30, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	7,777	$	5,908	$	1,869
Distributed and undistributed earnings on restricted shares	(404)		(252)		(152)
Income available to stockholders	$	7,373	$	5,656	$	1,717

Net Income (Numerator)			$	5,656	$	1,717
Weighted Average Shares Outstanding (Denominator)			4,912		1,980
Basic EPS			$	1.15	$	0.87

Effect of dilution - Net Income (1)			$	1,717	$	—
Net income assuming dilution (Numerator)			$	7,373	$	1,717

Effect of dilution - Shares (1)			1,980		$	—
Shares assuming dilution (Denominator)			6,892		$	1,980
Diluted EPS			$	1.07	$	0.87
(1) The impact of unvested restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS

Commitment and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2024	Jul. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Georgia Landfill Modification Reserve	$ 1,787	$ 2,469
Georgia Landfill Modification Reserve, Period Increase	500
Georgia Landfill Modification Reserve Payments	$ 1,200

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance, beginning			$ 748
Other comprehensive income before reclassifications, net of tax			14
Amounts reclassified from accumulated other comprehensive income, net of tax			(64)
Net current-period other comprehensive (loss) income, net of tax	$ 35	$ (2,809)	50	$ (2,667)
Accumulated Other Comprehensive Income (Loss), Balance, ending	698		698
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance, beginning			1,012
Other comprehensive income before reclassifications, net of tax			0
Amounts reclassified from accumulated other comprehensive income, net of tax			(64)
Net current-period other comprehensive (loss) income, net of tax			64
Accumulated Other Comprehensive Income (Loss), Balance, ending	948		948
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance, beginning			(264)
Other comprehensive income before reclassifications, net of tax			14
Amounts reclassified from accumulated other comprehensive income, net of tax			0
Net current-period other comprehensive (loss) income, net of tax			(14)
Accumulated Other Comprehensive Income (Loss), Balance, ending	$ (250)		$ (250)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

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

+ References

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Apr. 30, 2024	May 31, 2024
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	001-12622
Entity Registrant Name	OIL-DRI CORPORATION OF AMERICA
Entity Central Index Key	0000074046
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common
Entity Information
Entity Common Stock, Shares Outstanding		5,130,916
Class B
Entity Information
Entity Common Stock, Shares Outstanding		2,155,407

Stock-Based Compensation Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares			198,000
2006 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number Authorized (shares)	1,719,500		1,719,500
Number Available (shares)	636,977		636,977
2006 Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Expense	$ 0.9	$ 0.7	$ 2.7	$ 2.3
2006 Plan \| Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period (years)			1 year
2006 Plan \| Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period (years)			5 years
2006 Plan \| Common \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares			73,000	59,000
2006 Plan \| Class B \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares			125,000	0

Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023
Inventory
Finished goods	$ 24,837	$ 21,943
Packaging	7,666	8,007
Spare parts	7,016	5,981
Other	5,949	6,681
Total Inventories	$ 45,468	$ 42,612

Operating Segments

9 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Operating Segment Disclosure

OPERATING SEGMENTS

We have two 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, the farm and fleet channel, 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, renewable diesel, petroleum-based oils and biodiesel fuel, manufacturers of animal feed and agricultural chemicals, and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023.

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


	Business to Business Products Group				Retail and Wholesale Products Group
	For the Nine Months Ended April 30,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	178,357	$	167,841
Industrial and Sports	—		—		33,937		$	33,539
Agricultural and Horticultural	27,706		30,507		—		—
Bleaching Clay and Fluids Purification	67,437		55,012		—		$	—
Animal Health and Nutrition	16,448		18,734		—		—
Net Sales	$	111,591	$	104,253	212,294		$	201,380



	Business to Business Products Group				Retail and Wholesale Products Group
	For the Three Months Ended April 30,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	58,170	$	57,262
Industrial and Sports	—		—		12,413		12,751
Agricultural and Horticultural	8,113		10,719		—		—
Bleaching Clay and Fluids Purification	22,322		17,771		—		—
Animal Health and Nutrition	5,761		6,922		—		—
Net Sales	$	36,196	$	35,412	$	70,583	$	70,013


	Assets
	April 30, 2024		July 31, 2023
	(in thousands)
Business to Business Products Group	$	89,931	$	84,424
Retail and Wholesale Products Group	146,959		136,262
Unallocated Assets	82,262		65,549
Total Assets	$	319,152	$	286,235


	For the Nine Months Ended April 30,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products Group	$	111,591	$	104,253	$	32,713	$	24,794
Retail and Wholesale Products Group	$	212,294	201,380		$	34,080	27,000
Net Sales	$	323,885	$	305,633
Corporate Expenses					(28,040)		(23,463)
Income from Operations					38,753		28,331
Total Other Expenses, Net					(1,103)		(6,874)
Income before Income Taxes					37,650		21,457
Income Tax Expense					(6,749)		(3,893)
Net Income					30,901		17,564
Net Loss Attributable to Noncontrolling Interest					—		(68)
Net Income Attributable to Oil-Dri					$	30,901	$	17,632

	For the Three Months Ended April 30,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products Group	$	36,196	$	35,412	$	10,605	$	9,803
Retail and Wholesale Products Group	$	70,583	70,013		$	10,872	10,744
Net Sales	$	106,779	$	105,425
Corporate Expenses					(11,045)		(6,091)
Income from Operations					10,432		14,456
Total Other Expenses, Net					(294)		(4,475)
Income before Income Taxes					10,138		9,981
Income Tax Expense					(2,361)		(1,493)
Net Income					7,777		8,488
Net Loss Attributable to Noncontrolling Interest					—		(47)
Net Income Attributable to Oil-Dri					$	7,777	$	8,535

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating Segments Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Revenue by Principal Product
Net Sales	$ 106,779	$ 105,425	$ 323,885	$ 305,633
Business to Business Products
Revenue by Principal Product
Net Sales	36,196	35,412	111,591	104,253
Business to Business Products \| Cat Litter
Revenue by Principal Product
Net Sales	0	0	0	0
Business to Business Products \| Industrial and Sports
Revenue by Principal Product
Net Sales	0	0	0	0
Business to Business Products \| Agricultural and Horticultural
Revenue by Principal Product
Net Sales	8,113	10,719	27,706	30,507
Business to Business Products \| Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	22,322	17,771	67,437	55,012
Business to Business Products \| Animal Health and Nutrition
Revenue by Principal Product
Net Sales	5,761	6,922	16,448	18,734
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	70,583	70,013	212,294	201,380
Retail and Wholesale Products \| Cat Litter
Revenue by Principal Product
Net Sales	58,170	57,262	178,357	167,841
Retail and Wholesale Products \| Industrial and Sports
Revenue by Principal Product
Net Sales	12,413	12,751	33,937	33,539
Retail and Wholesale Products \| Agricultural and Horticultural
Revenue by Principal Product
Net Sales	0	0	0	0
Retail and Wholesale Products \| Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	0	0	0	0
Retail and Wholesale Products \| Animal Health and Nutrition
Revenue by Principal Product
Net Sales	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Basis of Statement Presentation Level 2 (Policies)	9 Months Ended
Basis of Statement Presentation Level 2 (Policies)	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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.
Property, Plant and Equipment, Policy	Property, plant and equipment includes depreciable assets such as building, machinery, equipment, furniture, vehicles, and capitalized spare parts. These assets are depreciated using the straight-line method over their estimated useful lives. Major improvements 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. These assets 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.
Land, Mining Property and Mineral Rights	We surface mine sorbent materials 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 (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of goods sold in the period they are incurred. We defer and amortize the pre-production overburden removal costs during the development phase associated with opening a new mine. 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 patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred.
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 respective mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the respective mines.
Leases	ASC 842, Leases, provides that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset and, accordingly, a lease liability and a related right-of-use ("ROU") asset is recognized at the commencement date on our consolidated balance sheet. As provided in ASC 842, we have elected not to apply these measurement and recognition requirements to short-term leases (i.e., leases with a term of 12 months or less). Short-term leases will not be recorded as ROU assets or lease liabilities on our consolidated balance sheet, and the related lease payments will be recognized in net earnings on a straight-line basis over the lease term. For leases other than short-term leases, the lease liability is equal to the present value of unpaid lease payments over the remaining lease term. The lease term may reflect options to extend or terminate the lease when it is reasonably certain that such options will be exercised. To determine the present value of the lease liability, we used an incremental borrowing rate, which is defined as the rate of interest we 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. The ROU asset is based on the corresponding lease liability adjusted for certain costs such as initial direct costs, prepaid lease payments and lease incentives received. Both operating and finance lease ROU assets are reviewed for impairment, consistent with other long-lived assets, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. After a ROU asset is impaired, any remaining balance of the ROU asset is amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful life. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change in the accounting for leases. Certain of our leases provide for variable lease payments that vary due to changes in facts and circumstances occurring after the commencement date, other than the passage of time. Variable lease payments that are dependent on an index or rate (e.g., the Consumer Price Index) are included in the initial measurement of the lease liability and the ROU asset. Variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset, are expensed as incurred. Our variable lease payments primarily include common area maintenance charges based on the percentage of the total square footage leased and the usage of assets, such as photocopiers. Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis.
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 contracts 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 $0.1 million as of April 30, 2024, and no liability as of July 31, 2023. This liability is reported in Other within Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. There was no revenue recognized during the nine months ended April 30, 2024, that was included in the liability for advance payments at the beginning of the period. We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and with customers, such as volume discounts, cooperative marketing and other arrangements. We estimate and accrue the expected costs of these programs. These costs are considered variable consideration under ASC 606, Revenue from Contracts with Customers, and are netted against sales when revenue is recorded. The accruals are based on our best estimate of the amounts necessary to settle future and existing obligations on products sold as of the balance sheet date. To estimate these accruals, we rely on our historical experience of trade spending patterns and that of the industry, current trends and forecasted data.
Selling, General and Administrative Expenses	Selling, general and administrative expenses ("SG&A") 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.
Other Current and Noncurrent Liabilities	Other liabilities include the accruals for general expenses not yet paid, cash collected not yet vouchered, legal reserves, postretirement health benefit obligations, and reclamation liability accrual. Current liabilities are due to be paid within the next 12 months. Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet includes $4.6 million for the reclamation liability as of April 30, 2024 and $4.5 million as of July 31, 2023 and $1.9 million for postretirement health benefit as of April 30, 2024 and $1.8 million as of July 31, 2023, respectively.
Earnings Per Share	We utilize the two-class method to report our earnings per share ("EPS"). The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Common Stock is entitled to cash dividends equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. In computing earnings per share, the Company has allocated dividends declared to shares of Common Stock and Class B Stock based on amounts actually declared for each class of stock and 33.33% more of the undistributed earnings have been allocated to the shares of Common Stock than to the shares of Class B Stock on a per share basis. Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share. Common Stock has no conversion rights. Class B Stock is convertible on a share-by-share basis into Common Stock at any time and is subject to mandatory conversion under certain circumstances. Basic EPS is computed by dividing net earnings, reduced for any distributed and undistributed earnings allocated to unvested restricted shares, by the weighted-average number of shares outstanding during the period for each class of share. Diluted EPS, for each class of common stock, is computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period. Dilution for Common Stock takes into consideration the effect of both unvested restricted shares and convertible shares of Class B Stock, if the effect is dilutive. Dilution for Class B takes into consideration the effect of unvested restricted shares, if the effect is dilutive.

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Apr. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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 categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value 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 primarily money market mutual funds classified as Level 1. We had $0.9 million in cash equivalents as of April 30, 2024 and $15.4 million in cash equivalents as of July 31, 2023. Balances of accounts receivable and accounts payable approximated their fair values at April 30, 2024 and July 31, 2023 due to the short maturity and nature of those balances. Notes payable are reported at the face amount of future maturities. The estimated fair value of notes payable, including current maturities, was $41.1 million and $29.7 million as of April 30, 2024 and July 31, 2023, respectively, and are classified as Level 2. The fair value was estimated using the exit price notion by discounting future cash flows based on an observable market rate. 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 5 of the Notes to the unaudited Condensed Consolidated Financial Statements for further information about goodwill and other intangible assets.

- 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

Related Party Transactions (Notes)	9 Months Ended
Related Party Transactions (Notes)	Apr. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTY TRANSACTIONS One member of our Board is currently the President and Chief Executive Officer of a vendor of ours. Total payments to this vendor for fees and cost reimbursements were $1.2 million and $0.1 million for the first nine months of fiscal years 2024 and 2023, respectively. There were no outstanding accounts payable to that vendor as of April 30, 2024 or July 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Accrued Expenses

9 Months Ended

Apr. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current

ACCRUED EXPENSES

Accrued expenses is as follows (in thousands):


	April 30, 2024		July 31, 2023
Salaries, Wages, Commissions and Employee Benefits	$	16,808	$	19,054
Freight	2,490		3,078
Trade Promotions and Advertising	1,813		2,292
Georgia Landfill Modification Reserve	1,787		2,469
Real Estate Tax	802		1,038

Other	8,713		8,937
	$	32,413	$	36,868

Basis of Statement Presentation Revenue Recognition (Details) - Payments In Advance - USD ($) $ in Millions	9 Months Ended
	Apr. 30, 2024	Jul. 31, 2023
Deferred Revenue Arrangement
Liability for Payments in Advance	$ 0.1	$ 0.0
Payments in Advance, Revenue Recognized	$ 0.0

Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jul. 31, 2023
Payables and Accruals [Abstract]
Salaries, Wages, Commissions and Employee Benefits	$ 16,808	$ 19,054
Freight	2,490	3,078
Trade Promotions and Advertising	1,813	2,292
Georgia Landfill Modification Reserve	1,787	2,469
Real Estate Tax	802	1,038
Other	8,713	8,937
Accrued expenses	$ 32,413	$ 36,868

Pension and Other Postretirement Benefits Narrative (Details) - Postretirement Health Plan	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans
Discount rate for net periodic benefit cost	4.90%	3.82%
Medical Cost Trend Assumption	8.20%
Ultimate Health Care Cost Trend Rate	4.90%
Year that Rate Reaches Ultimate Trend Rate	2044