0000074046-24-000061 | 10-K | XBRL Viewer

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PENSION AND OTHER POSTRETIREMENT BENEFITS Change in Benefit Obligation and Plan Assets, Funded Status (Details) - Postretirement Health Benefits - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Change in benefit obligation:
Benefit obligation, beginning of year	$ 1,853	$ 2,119
Service cost	74	84
Interest cost	83	73
Actuarial gain	(200)	(429)
Benefits paid	(25)	(6)
Benefit obligation, end of year	1,785	1,853
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Employer contribution	25	6
Benefits paid	(25)	(6)
Fair value of plan assets, end of year	0	0
Funded status, recorded in Consolidated Balance Sheets	$ (1,785)	$ (1,853)

ACQUISITIONS (Tables)

12 Months Ended

Jul. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The following table summarizes the consideration paid and the assets acquired and liabilities assumed at the acquisition date.


Consideration	(in thousands)
Cash, net of cash acquired and restricted cash	$	44,298

Identifiable assets acquired and liabilities assumed

Accounts receivable	4,285
Inventories	7,068
Prepaid expenses and other assets	995
Property, plant and equipment	270
Trade name	5,200
Customer list	20,400
Operating lease right-of-use assets	1,463
Trade and other liabilities	(1,654)
Operating lease right-of-use liabilities	(1,472)
Deferred tax liabilities	(4,083)
Total identifiable net assets	32,472
Goodwill	11,826
Total	$	44,298

Business Acquisition, Pro Forma Information

The following unaudited pro forma summary presents consolidated information of Oil-Dri as if the business combination had occurred on August 1, 2022.


(unaudited)	Pro forma year ended July 31,
	2024	2023
Net Sales	$455,139	$435,093
Pre-Tax Net Income	$52,999	$35,489

Business Acquisition, Pro Forma Information, Nonrecurring Adjustments

These pro forma amounts above have been calculated after applying Oil-Dri’s accounting policies and adjusting the results of Ultra Pet, including the following adjustments:


(unaudited)	Pro forma year ended July 31,
	2024	2023
Acquisition related expenses (a)	$1,172	$—
Interest expense (b)	$(1,158)	$(1,323)
Customer list amortization (c)	$(850)	$(1,133)
Inventory step up adjustment (d)	$449	$(783)

OPERATING SEGMENTS Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

OPERATING SEGMENTS [Abstract]

Operating Segments

OPERATING SEGMENTS

We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, 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. Given the similar nature of products and customers, sales of our silica gel based crystal litter are included with our cat litter products and reported as part of the Retail and Wholesale products group segment. 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.

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


	Business to Business Products Group				Retail and Wholesale Products Group
	Year Ended July 31,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	241,884	$	226,335
Industrial and Sports	—		—		45,232		44,291
Agricultural and Horticultural	33,558		40,275		—		—
Bleaching Clay and Fluids Purification	92,464		77,643		—		—
Animal Health and Nutrition	24,449		24,477		—		—
Net Sales	$	150,471	$	142,395	$	287,116	$	270,626

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

We do not rely on any operating segment asset allocations and 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.


	As of July 31,
	Assets
	2024		2023
	(in thousands)
Business to Business Products	$	92,300	$	84,424
Retail and Wholesale Products	200,187		136,262
Unallocated assets	62,118		65,549
Total Assets	$	354,605	$	286,235

Net sales and operating income for each segment are provided below. The corporate expenses line in the table below represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual. We have recast 2023 segment income to conform with current year presentation.



	Year Ended July 31,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products	$	150,471	$	142,395	$	45,589	$	37,678
Retail and Wholesale Products	287,116		270,626		43,804		33,791
Net Sales	$	437,587	$	413,021

Corporate Expenses					(37,748)		(30,429)

Income from Operations					51,645		41,040
Total Other Expense, Net					(1,994)		(6,362)
Income Before Income Taxes					49,651		34,678
Income Tax Expense					(10,225)		(5,195)
Net Income					$	39,426	$	29,483
Net Loss Attributable to Noncontrolling Interest					$	—	$	(68)
Net Income Attributable to Oil-Dri					$	39,426	$	29,551

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


	2024		2023
Sales to unaffiliated customers by:
Domestic operations	$	416,603	$	390,963
Foreign subsidiaries	$	20,984	$	22,058
Sales or transfers between geographic areas:
Domestic operations	$	6,102	$	6,436
Foreign subsidiaries	$	—	$	69
Income before income taxes:
Domestic operations	$	48,995	$	33,686
Foreign subsidiaries	$	656	$	992
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	39,729	$	28,494
Foreign subsidiaries	$	(303)	$	1,057
Identifiable assets:
Domestic operations	$	345,934	$	271,627
Foreign subsidiaries	$	8,671	$	14,608

Included within identifiable assets for our foreign subsidiaries is cash held at foreign banks of $4.5 million and $5.2 million as of July 31, 2024 and July 31, 2023, respectively.

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


	2024	2023
Net sales for the years ended July 31	20%	19%
Net accounts receivable as of July 31	23%	26%

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

INCOME TAXES Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Deferred Tax Asset
Amortization	$ 0	$ 935
Depreciation	0	0
Lease liabilities	5,105	2,747
Lease right of use assets	0	0
Accrued expenses	4,347	5,303
Federal & State NOL carryforward	2,975	0
Stock-based compensation	1,894	1,634
Foreign NOL carryforward	1,889	1,698
Deferred compensation	1,603	1,246
Capitalized R&D	783	269
Reclamation	712	627
Other assets	584	608
Postretirement benefits	454	478
Inventories	435	203
Depletion	0	0
Goodwill	109	0
Allowance for credit losses	85	135
Deferred marketing expenses	0	0
Other liabilities	0	0
Tax credits	0	301
Other liabilities - foreign	0	0
Valuation allowance	(2,470)	(1,698)
Total deferred tax assets	18,505	14,486
Deferred Tax Liability
Amortization	6,307	0
Depreciation	5,692	4,338
Lease liabilities	0	0
Lease right of use assets	4,778	2,412
Accrued expenses	0	0
Federal & State NOL carryforward	0	0
Stock-based compensation	0	0
Foreign NOL carryforward	0	0
Deferred compensation	0	0
Capitalized R&D	0	0
Reclamation	0	0
Other assets	0	0
Postretirement benefits	0	0
Inventories	0	0
Depletion	141	158
Goodwill	0	(24)
Allowance for credit losses	0	0
Deferred marketing expenses	33	11
Other liabilities	0	301
Tax credits	0	0
Other liabilities - foreign	17	41
Valuation allowance	0	0
Total deferred tax liabilities	$ 16,968	$ 7,285

Cover Page Cover Page - USD ($)	12 Months Ended
Cover Page Cover Page - USD ($)	Jul. 31, 2024	Sep. 30, 2024	Jan. 31, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	001-12622
Entity Registrant Name	OIL-DRI CORPORATION OF AMERICA
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2048898
Entity Address, Address Line One	410 North Michigan Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611-4213
City Area Code	312
Local Phone Number	321-1515
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	ODC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Financial Statements Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 315,925,055
Entity Central Index Key	0000074046
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		5,134,582
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,155,407

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details)	Jul. 31, 2024
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment
Estimated useful life	3 years
Minimum \| Machinery and Equipment - Packaging
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Machinery and Equipment - Processing
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Machinery and Equipment - Mining and Other
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Office furniture and equipment
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Vehicles
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Capital parts
Property, Plant and Equipment
Estimated useful life	3 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment
Estimated useful life	40 years
Maximum \| Machinery and Equipment - Packaging
Property, Plant and Equipment
Estimated useful life	20 years
Maximum \| Machinery and Equipment - Processing
Property, Plant and Equipment
Estimated useful life	25 years
Maximum \| Machinery and Equipment - Mining and Other
Property, Plant and Equipment
Estimated useful life	15 years
Maximum \| Office furniture and equipment
Property, Plant and Equipment
Estimated useful life	15 years
Maximum \| Vehicles
Property, Plant and Equipment
Estimated useful life	15 years
Maximum \| Capital parts
Property, Plant and Equipment
Estimated useful life	7 years

INCOME TAXES Income Tax Effective Rate Reconciliation (Details)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
U.S. federal income tax rate	21.00%	21.00%
Depletion deductions allowed for mining	(5.30%)	(7.70%)
State income tax expense, net of federal tax expense	3.50%	2.90%
Nondeductible Officer Compensation	2.20%	1.50%
Stock Based Compensation	(2.10%)	0.00%
U.S. Tax Impacts of Foreign Branch	1.30%	(0.20%)
Tax Credits	(0.20%)	(0.30%)
Valuation Allowance - Foreign	0.40%	(0.20%)
Statutory rate change of foreign subsidiaries	0.30%	0.00%
Prior year income taxes	(0.30%)	(1.30%)
Foreign Tax Differential	0.10%	(0.60%)
Other	(0.30%)	(0.10%)
Effective income tax rate	20.60%	15.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts Recognized in Consolidated Balance Sheet (Details) - Postretirement Health Benefits - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Defined Benefit Plans and Postretirement Health Benefits
Deferred income taxes	$ 454	$ 478
Other current liabilities	(125)	(100)
Other noncurrent liabilities	(1,660)	(1,753)
Accumulated other comprehensive income - net of tax, Net actuarial gain	$ (1,076)	$ (1,012)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Goodwill by operating segment(Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Goodwill [Line Items]
Goodwill	$ 15,443	$ 3,618
Business to Business Products
Goodwill [Line Items]
Goodwill	3,618	3,618
Retail and Wholesale Products
Goodwill [Line Items]
Goodwill	$ 11,825	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- 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

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

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts recognized in other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Defined Benefit Plans and Postretirement Health Benefits
Total recognized in other comprehensive income	$ (64)	$ (3,254)
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial gain	(150)	(324)
Amortization of: Prior service income	5	5
Amortization of actuarial loss	81	63
Total recognized in other comprehensive income	$ (64)	$ (256)

FINANCIAL INSTRUMENTS Level 1 (Notes)	12 Months Ended
FINANCIAL INSTRUMENTS Level 1 (Notes)	Jul. 31, 2024
FAIR VALUE [Abstract]
Fair Value	FINANCIAL INSTRUMENTS Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into one of three categories based on the lowest level of input that is significant to the fair value measurement. Categories in the hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs. Cash equivalents are classified as Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. These cash instruments are primarily money market funds and are included in cash and cash equivalents on the Consolidated Balance Sheets. We had $3.0 million cash equivalents as of July 31, 2024 and had $15.4 million cash equivalents as of July 31, 2023. Balances of accounts receivable, short-term investments and accounts payable approximated their fair values at July 31, 2024 and July 31, 2023 due to the short maturity and nature of those balances. Debt is reported at outstanding face value, less unamortized debt issuance costs. The estimated fair value of debt, including current maturities, was approximately $51.1 million as of July 31, 2024 and $29.7 million as of July 31, 2023. The fair value was estimated using the exit price notion of fair value and is classified as Level 2. See Note 4 of the Notes to the Consolidated Financial Statements for further information about such debt. We apply fair value techniques on at least an annual basis associated with: (1) valuing potential impairment loss related to goodwill, trademarks and other indefinite-lived intangible assets and (2) valuing potential impairment loss related to long-lived assets. See Note 1 of the Notes to Consolidated Financial Statements for further information about goodwill and other intangible assets. Concentration of Credit Risk Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. Our cash is held in banks which are covered by the Federal Deposit Insurance Corporation; however, our cash balances are in excess of the maximum amount that is insured. Concentrations of credit risk with respect to accounts receivable are subject to the financial condition of certain major customers, principally the customer referred to in Note 3 of the Notes to the Consolidated Financial Statements. We generally do not require collateral to secure customer receivables.

- Definition

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

+ References + Details

OTHER CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
OTHER CONTINGENCIES (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Georgia Landfill Modification Reserve	$ 1,208	$ 2,469
Georgia Landfill Modification Reserve, Period Increase (Decrease)	600
Georgia Landfill Modification Reserve, Payments	$ 1,900

STOCK-BASED COMPENSATION (Notes)

12 Months Ended

Jul. 31, 2024

STOCK-BASED COMPENSATION [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (the “2006 Plan”), permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 1,719,500. As of July 31, 2024, there were 626,730 shares of Common Stock or Class B Stock available for future grants under this plan.

RESTRICTED STOCK

All non-vested restricted stock as of July 31, 2024 was issued under the 2006 Plan with vesting periods generally from one to five years. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. Fair value of shares vested in fiscal year 2024 and 2023 is $9.8 million and $2.2 million, respectively as of their vesting dates.

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


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2022	382	$	33.63	3.0	$	7,064
Granted	63	$	29.88
Vested	(73)	$	35.06
Forfeited	(24)	$	29.22
Non-vested restricted stock outstanding at July 31, 2023	348	$	32.95	2.3	$	5,129
Granted	214	$	63.06
Vested	(153)	$	31.30
Forfeited	(11)	$	39.08
Non-vested restricted stock outstanding at July 31, 2024	398	$	49.63	3.4	$	13,360

Stock-based compensation for restricted stock of $3.7 million and $2.4 million, net of related tax effect, was recognized in fiscal years 2024 and 2023, respectively. The total restricted stock compensation related tax benefit was $1.2 million and $0.8 million in fiscal years 2024 and 2023, respectively.

ACQUISTIONS Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

NOTE 2 – ACQUISITION

Ultra Pet acquisition

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, in order to enter into the crystal cat litter segment. Ultra Pet became a wholly owned and consolidated subsidiary of Oil-Dri within the Retail and Wholesale Products Group operating segment, upon the closing of the acquisition on May 1, 2024.

The purchase 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. Debt issuance costs of $0.1 million were deferred and are being amortized over the life of the note. Refer to Note 4 of the Consolidated Financial Statements for additional details regarding the debt used in funding the acquisition.

As of July 31, 2024, the Company has completed a preliminary assessment to assign fair values to all tangible and intangible assets acquired and liabilities assumed. However, the preliminary purchase price allocation will be subject to further refinement and may change over the measurement period, particularly as it relates to inventory and tax related balances. These changes may relate to the allocation of purchase consideration to all tangible and intangible assets acquired and identified liabilities assumed.

The following table summarizes the consideration paid and the assets acquired and liabilities assumed at the acquisition date.


Consideration	(in thousands)
Cash, net of cash acquired and restricted cash	$	44,298

Identifiable assets acquired and liabilities assumed

Accounts receivable	4,285
Inventories	7,068
Prepaid expenses and other assets	995
Property, plant and equipment	270
Trade name	5,200
Customer list	20,400
Operating lease right-of-use assets	1,463
Trade and other liabilities	(1,654)
Operating lease right-of-use liabilities	(1,472)
Deferred tax liabilities	(4,083)
Total identifiable net assets	32,472
Goodwill	11,826
Total	$	44,298

Various fair value methodologies were used for the valuation of identifiable intangibles including the 'excess earnings method' used for the valuation of the customer list and 'relief from royalty' method use for the valuation of the trade name. Our fair value was based on the projected financial information and unobservable inputs including revenue growth rate, weighted average cost of capital, royalty rate, and customer attrition rates. Finished goods inventory was valued using the net realizable value approach and approximate the selling price less disposal costs and allowance for a reasonable profit. The goodwill of $11.8 million arising from the acquisition consists largely of intangible assets that do not qualify for separate recognition and were fully assigned to our Retail and Wholesale Products Group. None of the goodwill recognized is expected to be deductible for income tax purposes.

Ultra Pet contributed net sales of $4.8 million and pre-tax income of $0.2 million for the period from May 1, 2024, to July 31, 2024, net of acquisition adjustments including non-cash inventory fair value step up amortization included in cost of goods sold and customer list amortization included in SG&A. The total fair value step up adjustment to inventory was $0.8 million of which $0.4 million was amortized in fiscal year 2024. The following unaudited pro forma summary presents consolidated information of Oil-Dri as if the business combination had occurred on August 1, 2022.


(unaudited)	Pro forma year ended July 31,
	2024	2023
Net Sales	$455,139	$435,093
Pre-Tax Net Income	$52,999	$35,489

These pro forma amounts above have been calculated after applying Oil-Dri’s accounting policies and adjusting the results of Ultra Pet, including the following adjustments:


(unaudited)	Pro forma year ended July 31,
	2024	2023
Acquisition related expenses (a)	$1,172	$—
Interest expense (b)	$(1,158)	$(1,323)
Customer list amortization (c)	$(850)	$(1,133)
Inventory step up adjustment (d)	$449	$(783)

(a) Adjustment for acquisition related expenses reflects the reversal of legal and other professional fees and integration costs incurred in fiscal year 2024. These expenses are included in general and administrative expense on Oil-Dri consolidated income statement.

(b) Interest expense adjustments reflects higher interest expense associated with financing the Ultra Pet acquisition assuming financing occurred August 1, 2022.

(c) Customer list amortization adjustment reflects additional amortization assuming amortization began at August 1, 2022.

(d) Inventory step up adjustment reflects the reversal of the amortization recognized in fiscal year 2024 and recognition of the full step up adjustment in fiscal year 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 2 (Policies)

12 Months Ended

Jul. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

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

Management Use of Estimates

MANAGEMENT USE OF ESTIMATES

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

Cash and Cash Equivalents

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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

The following table provides a reconciliation of cash, cash equivalents and restricted cash as of July 31, 2024 and 2023 reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows (in thousands):


	2024		2023
Cash and cash equivalents	$	23,481	$	31,754
Restricted cash included in prepaid expenses and other assets	1,000		—
Cash, cash equivalents, and restricted cash	$	24,481	$	31,754

Trade Receivables

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. We also include an allowance for expected cash discounts to be taken.

Inventories

INVENTORIES

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


	2024		2023
Finished goods	$	31,772	$	21,943
Packaging	8,995		8,007
Spare parts	7,059		$	5,981
Other	6,410		6,681
Inventories, net	$	54,236	$	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. We performed a detailed review of our inventory items to determine if an obsolescence reserve adjustment was necessary. The review surveyed all of our operating facilities and sales groups to ensure that both historical issues and new market trends were considered. The obsolescence reserve not only considers specific items, but also takes into consideration the overall value of the inventory as of the balance sheet date. We recorded inventory reserves of approximately $3.8 million as of July 31, 2024, and $3.6 million as of July 31, 2023. The other category of inventories includes a variety of items including clay, additives, fragrances and other supplies. Spare parts in inventory is recorded net of a valuation reserve based on aging.

Translation of Foreign Currencies

TRANSLATION OF FOREIGN CURRENCIES

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

Intangibles and Goodwill

INTANGIBLES AND GOODWILL

Our intangible assets are mainly comprised of customer lists, patents, trademarks, trade names and goodwill. We amortize customer lists and patents on a straight-line basis over periods ranging from 18 to 20 years. During fiscal year 2024 we recorded additions of intangible assets of $37.4 million related to the acquisition of Ultra Pet, the components of which are customer list of $20.4 million amortized over a useful life of 18 years, $5.2 million of trade name and $11.8 million of goodwill.

Intangible amortization was $0.5 million in fiscal year 2024 and $0.3 million in fiscal year 2023.

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


2025	$	1,204
2026	$	1,204
2027	$	1,204
2028	$	1,204
2029	$	1,204

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


			Weighted Average Amortization Period
Patents			10.1
Customer list			17.8
Total intangible assets subject to amortization			17.6

Trademarks and trade names acquired through acquisition were determined to have indefinite lives. We had $5.6 million and $0.4 million of indefinite life trademarks and trade names as of July 31, 2024 and 2023, respectively.

Goodwill by operating segment was as follows as of July 31 (in thousands):


	2024		2023
Business to Business	3,618		3,618
Retail and Wholesale	$	11,825	—
Total	$	15,443	$	3,618

We review indefinite-lived intangibles and goodwill to assess for impairment on the first day of our fiscal fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We also perform a review for indicators of impairment each quarter to assess whether an interim impairment review is required for any reporting unit. Our review entails a qualitative analysis of triggering events and, if identified, a further analysis is performed based on cash flow considerations and other approaches that require significant judgment with respect to volume, revenue, expenses and allocations. Impairment occurs when the carrying value exceeds the fair value. We performed our impairment assessment and identified no triggering events in that would indicate the need for impairment of indefinite intangible assets or goodwill in either 2024 or 2023.

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are depreciated using the straight-line method over their estimated useful lives which are listed below. Depreciation expense was $18.8 million and $15.3 million in fiscal years 2024 and 2023, respectively. Major improvements and betterments are capitalized, while maintenance and repairs that do not extend the useful life or increase functionality of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use. There was no capitalized interest in fiscal years 2024 and 2023.


	Years
Buildings and leasehold improvements	3	-	40
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	2	-	15
Office furniture and equipment	2	-	15
Vehicles	2	-	15
Capital parts	3	-	7

Property, plant and equipment are carried at cost on the Consolidated Balance Sheets and are reviewed for possible impairment on an annual basis or when circumstances indicate that an asset may be 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. In fiscal year 2024, we recognized $0.1 million in impairment for fixed assets no longer in use, and $0.9 million in fiscal year 2023. Impairment is included in cost of goods sold on the Consolidated Statement of Operations.

Land and Mining Assets

LAND AND MINING ASSETS

Our mining assets include mining properties, mineral rights and reclamation asset. We surface mine sorbent minerals on property that we either own or lease. A significant part of our mining cost is incurred during the process of removing the overburden from the mine site, thus exposing the sorbent material used in a majority of our production processes. Pre-production overburden removal costs associated with opening a new mine during the development phase are deferred. There were no capitalized pre-production costs incurred in fiscal year 2024. In fiscal year 2023, $0.1 million of pre-production costs, including overburden removal costs, were capitalized. Capitalized development costs are amortized when the sorbent material is removed from the mine and used to produce product for sale. At the end of fiscal year 2024, the amount of development costs that are being amortized is $4.0 million. Stripping costs incurred during production are treated as a variable inventory production cost and are included in cost of goods sold. Stripping costs included in cost of goods sold were approximately $5.4 million and $4.0 million for fiscal years 2024 and 2023, respectively.

Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal, survey, and real estate fees. The costs of obtaining mineral rights, including legal fees and drilling expenses, are also

capitalized. As of both fiscal years ending July 31, 2024 and July 31, 2023 we had $13.6 million of land and $2.2 million of gross mineral rights. Any prepaid royalties that may be offset against future royalties due upon extraction of the mineral are also capitalized. Prepaid royalties included in current prepaid expenses and in non-current other assets on the Consolidated Balance Sheets were approximately $2.3 million as of July 31, 2024 and $2.0 million as of July 31, 2023.

Reclamation

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 the 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. Reclamation assets are depreciated over the estimated useful lives of the various mines. Reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the mines.

We recorded an estimated net reclamation asset of $2.2 million as of both July 31, 2024 and 2023, and a corresponding estimated reclamation liability of $4.8 million as of July 31, 2024 and $4.5 million as of July 31, 2023. These values represent the discounted present value of the estimated future mining reclamation and landfill closure costs at the production plants. Additional mining activity, disturbance of land, and higher costs account for a majority of the increase in the reclamation liability.

Trade Promotions

TRADE PROMOTIONS

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

Advertising

ADVERTISING

Advertising costs for the development of printed materials, television commercials, web-based digital banners, web-based social media and sales videos are deferred and expensed upon the first use of the materials. Costs paid for communicating advertising over a period of time, such as television air time, radio commercials and print media advertising space, are deferred and expensed on a pro-rata basis. All other advertising costs, including participation in industry conventions and shows and market research, are expensed when incurred. All advertising costs are part of selling, general and administrative expenses. Advertising expenses were approximately $9.1 million and $7.4 million in fiscal years 2024 and 2023, respectively.

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Non-derivative financial instruments included in the Consolidated Balance Sheets are cash and cash equivalents, short-term investments, credit facilities, and notes payable. These instruments, except for debt, were carried at amounts approximating fair value as of July 31, 2024 and 2023. See Note 5 of the Notes to the Consolidated Financial Statements for additional information regarding the fair value of our financial instruments, including notes payable.

Revenue Recognition

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, 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 or any related obligations.

We have an unconditional right to consideration under the payment terms specified in the contract upon completion of the performance obligation. We may require certain customers to provide payment in advance of product shipment. We

recorded a liability of $0.2 million as of July 31, 2024 for these advance payments. There is no liability for advance payments as of July 31, 2023. This liability is reported in Other Accrued Expenses on the Consolidated Balance Sheets. There is no revenue recognized during fiscal year 2024 that was included in the liability for advance payments at the beginning of the year.

Cost of Sales

COST OF GOODS SOLD

Cost of goods sold consists of all manufacturing costs, including depreciation and amortization related to assets used in the manufacturing and distribution process, inbound and outbound freight, inspection costs, purchasing costs associated with materials and packaging used in the production process and warehouse and distribution costs. Natural gas forward contracts are accounted for as normal purchases.

Shipping and Handling Costs

SHIPPING AND HANDLING COSTS

Shipping and handling costs are included in cost of goods sold and were approximately $59.2 million and $57.4 million for fiscal years 2024 and 2023, respectively.

Selling, General and Administrative Expenses

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

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

Research and Development

RESEARCH AND DEVELOPMENT

Research and development costs of approximately $2.1 million and $1.2 million were charged to expense as incurred for fiscal years 2024 and 2023, respectively, and are recorded in selling, general and administrative expenses.

Pension and Postretirement Benefit Costs

PENSION AND POSTRETIREMENT BENEFIT COSTS

We historically provided a defined benefit pension plan for eligible salaried and hourly employees and we made contributions to fund the plan. We also provide a postretirement health benefit plan to domestic salaried employees who qualify under the plan’s provisions. The postretirement health benefit plan is unfunded. Our pension and postretirement health benefit plans are accounted for using actuarial valuations required by ASC 715, Compensation – Retirement Benefits. The funded status of our defined pension and postretirement health benefit plans are recognized on the Consolidated Balance Sheets. Changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost are recognized within other comprehensive income, net of income tax. In fiscal year 2023 we terminated the pension plan. See Note 9 of the Notes to the Consolidated Financial Statements for additional information.

Stock-Based Compensation

STOCK-BASED COMPENSATION

We account for stock options and restricted stock issued under our long-term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. Forfeitures are recognized as they occur. See Note 8 of the Notes to the Consolidated Financial Statements for additional information.

The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. Fair value of shares vested in fiscal year 2024 and 2023 is $9.8 million and $2.2 million, respectively as of their vesting dates.

Income Taxes

INCOME TAXES

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

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

U.S. income tax expense and foreign withholding taxes are provided on remittances of foreign earnings and on unremitted foreign earnings that are not indefinitely reinvested. Where unremitted foreign earnings are indefinitely reinvested, no provision for federal or state tax expense is recorded. When circumstances change and we determine that some or all of the undistributed earnings will be remitted in the foreseeable future, a corresponding expense is accrued in the current period. See Note 6 of the Notes to the Consolidated Financial Statements for additional information about income taxes.

Earnings Per Share

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 shares of Common Stock than to 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 have no conversion rights. Class B Stock is convertible by the holders thereof 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 common stock. 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 Stock 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 year ended July 31, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	39,426	$	29,981	$	9,445
Distributed and undistributed earnings on restricted shares	(2,165)		(1,410)		(755)
Income available to stockholders	$	37,261	$	28,571	$	8,690

Net Income (Numerator)			$	28,571	$	8,690
Weighted Average Shares Outstanding (Denominator)			4,885		1,976
Basic EPS			$	5.85	$	4.40

Effect of dilution - Net Income (1)			$	8,690	$	—
Net income assuming dilution (Numerator)			$	37,261	$	8,690

Effect of dilution - Shares (1)			1,976		$	—
Shares assuming dilution (Denominator)			6,861		$	1,976
Diluted EPS			$	5.43	$	4.40
(1) The impact of 158,861 shares of unvested Common Stock and 54,370 shares of unvested Class B Stock, restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS.


	For the year ended July 31, 2023
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	29,551	$	22,712	$	6,839
Distributed and undistributed earnings on restricted shares	(1,518)		(1,232)		(286)
Income available to stockholders	$	28,033	$	21,480	$	6,553

Net Income (Numerator)			$	21,480	$	6,553
Weighted Average Shares Outstanding (Denominator)			4,825		1,959
Basic EPS			$	4.45	$	3.35

Effect of dilution - Net Income (2)			$	6,553	$	—
Net income assuming dilution (Numerator)			$	28,033	$	6,553

Effect of dilution - Shares (2)			1,959		$	—
Shares assuming dilution (Denominator)			6,784		$	1,959
Diluted EPS			$	4.13	$	3.35
(2) The impact of 157,032 shares of unvested Common Stock and 35,695 shares of unvested Class B Stock, restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS.

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

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.

DEBT Maturities of Notes Payable (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Notes Payable Maturities
2025	$ 1,000
2026	1,000
2027	1,000
2028	6,000
2029	$ 6,000

- 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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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/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 69C
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Amortization Expense (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Estimated Intangible Amortization Expense
2025	$ 1,204
2026	1,204
2027	1,204
2028	1,204
2029	$ 1,204

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Restricted Stock
Share-based Compensation Award Disclosure
Fair value of shares vested	$ 9.8	$ 2.2
Share-based compensation expense	3.7	2.4
Tax benefit from compensation expense	$ 1.2	$ 0.8
2006 Plan
Share-based Compensation Award Disclosure
Number of shares authorized	1,719,500
Number of shares available for grant	626,730
2006 Plan - Restricted Stock \| Minimum
Share-based Compensation Award Disclosure
Award vesting period (years)	1 year
2006 Plan - Restricted Stock \| Maximum
Share-based Compensation Award Disclosure
Award vesting period (years)	5 years

Consolidate Statements of Comprehensive Income Statement - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Net Income Attributable to Parent
Net Income Attributable to Oil-Dri	$ 39,426	$ 29,551
Other Comprehensive Income (Loss)
Pension and postretirement benefits (net of tax)	64	3,254
Cumulative translation adjustment	(43)	(323)
Other Comprehensive Income	21	2,931
Comprehensive Income	$ 39,447	$ 32,482

- Definition

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

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- Definition

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

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+ Details

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

12 Months Ended

Jul. 31, 2024

Accumulated Other Comprehensive Income [Abstract]

Comprehensive (Loss) Income

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


	Pension and Postretirement Health Benefits			Cumulative Translation Adjustment		Total Accumulated Other Comprehensive (Loss) Income
Balance as of July 31, 2022	$	(2,242)		$	59	$	(2,183)
Other comprehensive income (loss) before reclassifications, net of tax	1,736		a)	(323)		1,413
Amounts reclassified from accumulated other comprehensive income, net of tax	(36)			—		(36)
Curtailment/Settlement on Pension Plan	1,554		b)	—		1,554
Net current-period other comprehensive income (loss), net of tax	3,254			(323)		2,931
Balance as of July 31, 2023	$	1,012		$	(264)	$	748
Other comprehensive income (loss) before reclassifications, net of tax	150			—		150
Amounts reclassified from accumulated other comprehensive income, net of tax	(86)			(43)		(129)
Net current-period other comprehensive income (loss), net of tax	64			(43)		21
Balance as of July 31, 2024	$	1,076		$	(307)	$	769

a) Amount is net of $0.4 million of tax in fiscal years 2023.

b) Amount is net of $0.5 million of tax in fiscal year 2023. Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Weighted Average Amortization Period (Details)	12 Months Ended
	Jul. 31, 2024
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	17 years 7 months 6 days
Patents
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	10 years 1 month 6 days
Customer list
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	17 years 9 months 18 days

ACQUISITIONS Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
ACQUISITIONS Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Business Acquisition [Line Items]
Unamortized debt issuance costs	$ 226	$ 173
Goodwill	15,443	3,618
Line of Credit [Member]
Business Acquisition [Line Items]
Long-Term Debt	$ 10,000	0
Annual rate	6.66%
Series D Senior Notes
Business Acquisition [Line Items]
Long-Term Debt	$ 10,000	$ 0
Face amount	$ 10,000
Annual rate	6.47%
Ending payments	Apr. 30, 2033
Ultra Pet
Business Acquisition [Line Items]
Unamortized debt issuance costs	$ 100
Goodwill	11,826
Ultra Pet contributed net sales	4,800
Ultra Pet contributed pre-tax income	200
Fair value step up adjustment to inventory	800
Fair value step up adjustment to inventory, amortization	400
Ultra Pet \| Line of Credit [Member]
Business Acquisition [Line Items]
Long-Term Debt	10,000
Ultra Pet \| Series D Senior Notes
Business Acquisition [Line Items]
Face amount	$ 10,000
Annual rate	6.47%
Ending payments	Apr. 30, 2033

Payables and Accruals (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
ACCRUED EXPENSES [Abstract]
Salaries, Wages, Commissions and Employee Benefits	$ 20,711	$ 19,054
Accrued Payables	11,586	5,658
Freight	2,928	3,078
Trade promotions and advertising	2,743	2,292
Taxes	1,736	1,776
Georgia Landfill Modification Reserve	1,208	2,469
Other	3,104	2,541
Accrued Expenses	$ 44,016	$ 36,868

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Allowance for doubtful accounts	$ 934	$ 1,087
Trademarks and patents accumulated amortization	625	578
Customer list accumulated amortization	8,149	7,763
Unamortized debt issuance costs	$ 226	$ 173
Common Stock
Common Stock, shares issued	8,843,673	8,750,223
Common Stock, par value per share	$ 0.10	$ 0.10
Treasury Stock, shares	3,702,185	3,658,989
Class B
Common Stock, shares issued	2,518,056	2,397,056
Common Stock, par value per share	$ 0.10	$ 0.10
Treasury Stock, shares	362,649	351,641

DEBT Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT Notes Payable (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Debt Instrument
Current maturities of notes payable	$ (1,000)	$ (1,000)
Less unamortized debt issuance costs	(226)	(173)
Noncurrent Notes payable	49,774	30,827
Series B Senior Notes
Debt Instrument
Long-Term Debt	6,000	7,000
Annual Principal Installments	$ 1,000
Annual rate	3.95%
Series C Senior Notes
Debt Instrument
Long-Term Debt	$ 25,000	25,000
Annual Principal Installments	$ 5,000
Annual rate	3.25%
Series D Senior Notes
Debt Instrument
Long-Term Debt	$ 10,000	0
Annual Principal Installments	$ 5,000
Annual rate	6.47%
Line of Credit, BMO Harris
Debt Instrument
Long-Term Debt	$ 10,000	$ 0
Annual rate	6.66%

DEFERRED COMPENSATION Level 1 (Notes)	12 Months Ended
DEFERRED COMPENSATION Level 1 (Notes)	Jul. 31, 2024
DEFERRED COMPENSATION [Abstract]
Deferred Compensation	DEFERRED COMPENSATION Oil-Dri's deferred compensation plans permit directors and certain management employees to defer portions of their compensation and to earn interest on the deferred amounts. Participants deferred $0.3 million and $0.6 million into these plans in fiscal years 2024 and 2023, respectively. We recorded $0.2 million of interest expense associated with these plans in both fiscal years 2024 and 2023. Payments to participants were $0.4 million and $0.9 million in fiscal years 2024 and 2023, respectively, and the total liability recorded for deferred compensation was $5.0 million and $4.6 million as of July 31, 2024 and 2023, respectively. The Oil-Dri Corporation of America Annual Incentive Plan provides certain executives with the opportunity to receive a deferred executive bonus award if certain financial goals are met. Deferred executive bonus awards of $1.9 million and $1.4 million were awarded for fiscal year 2024 and fiscal year 2023, respectively as financial targets under the provisions of the plan were achieved. These awards will vest and accrue interest over a 3-year period. Our deferred compensation plans are unfunded. We fund these benefits when payments are made, and the timing and amount of the payments are determined according to the plans' provisions and, for certain plans, according to individual employee agreements.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Net Sales	$ 437,587	$ 413,021
Cost of Goods Sold	(312,493)	(309,794)
Gross Profit	125,094	103,227
Selling, General and Administrative Expenses	(73,449)	(62,187)
Income from Operations	51,645	41,040
Other (Expense) Income
Interest income	873	465
Interest expense	(1,804)	(1,464)
Loss on pension termination	0	(4,652)
Foreign exchange (loss) gain	(628)	105
Other, net	(435)	(816)
Total Other Expense, Net	(1,994)	(6,362)
Income Before Income Taxes	49,651	34,678
Income Tax Expense	(10,225)	(5,195)
Net income	39,426	29,483
Net Loss Attributable to Noncontrolling Interest	0	(68)
Net Income Attributable to Oil-Dri	$ 39,426	$ 29,551
Dividends Declared Per Share
Common Stock, Dividends, Per Share, Declared	$ 1.180	$ 1.130
Basic Common
Other (Expense) Income
Net Income Attributable to Oil-Dri	$ 29,981	$ 22,712
Net Income Per Share
Earnings Per Share, Basic	$ 5.85	$ 4.45
Earnings per Share, Diluted	$ 5.43	$ 4.13
Average Shares Outstanding
Earnings Per Share, Basic (in shares)	4,885	4,825
Earnings Per Share, Diluted (in shares)	6,861	6,784
Basic Class B
Other (Expense) Income
Net Income Attributable to Oil-Dri	$ 9,445	$ 6,839
Net Income Per Share
Earnings Per Share, Basic	$ 4.40	$ 3.35
Earnings per Share, Diluted	$ 4.40	$ 3.35
Average Shares Outstanding
Earnings Per Share, Basic (in shares)	1,976	1,959
Earnings Per Share, Diluted (in shares)	1,976	1,959
Dividends Declared Per Share
Common Stock, Dividends, Per Share, Declared	$ 0.887	$ 0.848

ACCRUED EXPENSES (Tables)

12 Months Ended

Jul. 31, 2024

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses is as follows (in thousands):


	July 31, 2024		July 31, 2023
Salaries, Wages, Commissions and Employee Benefits	$	20,711	$	19,054
Payables	11,586		5,658
Freight	2,928		3,078
Trade promotions and advertising	2,743		2,292
Taxes	1,736		1,776
Georgia Landfill Modification Reserve	1,208		2,469
Other	3,104		2,541
	$	44,016	$	36,868

INCOME TAXES Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

INCOME TAXES [Abstract]

Income Taxes

INCOME TAXES

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


	2024		2023
Current
Federal	$	6,059	$	7,503
State	2,243		2,119
Foreign	226		4
Current Income Tax Total	8,528		9,626
Deferred
Federal	934		(3,864)
State	778		(567)
Foreign	(15)		—
Deferred Income Tax Total	1,697		(4,431)
Total Income Tax Expense	$	10,225	$	5,195

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


	2024		2023
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(5.3)		(7.7)
State income tax expense, net of federal tax expense	3.5		2.9
Nondeductible officer compensation	2.2		1.5
Stock Based Compensation	(2.1)		—
U.S. Tax Impacts of Foreign Branch	1.3		(0.2)
Tax credits	(0.2)		(0.3)
Valuation allowance - foreign	0.4		(0.2)
Statutory rate change of foreign subsidiaries	0.3		—
Prior year income taxes	(0.3)		(1.3)
Foreign tax differential	0.1		(0.6)
Other	(0.3)		(0.1)
Effective income tax rate	20.6	%	15.0	%

The U.S. effective tax rate for the year ended July 31, 2024 and July 31, 2023 were 20.6% and 15.0%, respectively, based on income before taxes. The items contributing to a higher effective tax rate in fiscal 2024 were a higher net income and certain permanent items.

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


	2024				2023
	Assets		Liabilities		Assets		Liabilities
Amortization	$	—	$	6,307	$	935	$	—
Depreciation	—		5,692		—		4,338
Lease liabilities	5,105		—		2,747		—
Lease right of use assets	—		4,778		—		2,412
Accrued expenses	4,347		—		5,303		—
Federal & State NOL carryforward	2,975		—		—		—
Stock-based compensation	1,894		—		1,634		—
Foreign NOL carryforward	1,889		—		1,698		—
Deferred compensation	1,603		—		1,246		—
Capitalized R&D	783		—		269		—
Reclamation	712		—		627		—
Other assets	584		—		608		—
Postretirement benefits	454		—		478		—
Inventories	435		—		203		—
Depletion	—		141		—		158
Goodwill	109		—		—		24
Allowance for credit losses	85		—		135		—
Deferred marketing expenses	—		33		—		11
Other liabilities	—		—		—		301
Tax credits	—		—		301		—
Other liabilities - foreign	—		17		—		41
Valuation allowance	(2,470)		—		(1,698)		—
Total deferred taxes	$	18,505	$	16,968	$	14,486	$	7,285

Deferred tax assets for postretirement benefits were affected by the termination of our pension plan. See Note 9 of the Notes to the Consolidated Financial Statements for further information about postretirement benefits. Deferred tax assets and liabilities related to leases decrease as leases expire. Deferred tax assets for accrued expenses reflected a higher accrual for the annual discretionary bonus.

We recorded a valuation allowance of $2.5 million and $1.7 million as of July 31, 2024 and July 31, 2023, respectively, for the amount of the deferred tax benefit related to our foreign net operating loss carryforwards and certain state net operating loss carryforwards since we believe it is unlikely we will realize the benefit of these tax attributes in the future. As of July 31, 2024, we have total net operating loss carryforwards from state jurisdictions of approximately $12.6 million. The carryforward expiration dates vary by state.

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

We had no liabilities for unrecognized tax benefits based on tax positions related to the current and prior fiscal years as of July 31, 2024 and 2023; correspondingly, no related interest and penalties were recognized as income tax expense and there were no accruals for such items in either of these fiscal years.

We are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. We were audited by the Internal Revenue Service ("IRS") for fiscal year 2020 with no adjustments upon closure of the audit. The federal tax returns for fiscal years 2021-2023 remain open for examination. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from three to five years. The state impact of any federal income tax changes remains subject to examination by various states for a period of up to one year after formal notification to the states. There are a limited number of

open state and local income tax audits in which no material issues have been preliminarily identified. There are no material open or unsettled foreign income tax audits. We believe our accrual for tax liabilities is adequate for all open audit years.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

EMPLOYEE BENEFIT PLANS [Abstract]

Pension and Other Postretirement Benefits

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. On April 20, 2023, Oil-Dri settled $14 million of the pension obligation through the purchase of an annuity. The remaining $16 million of the pension obligation was settled on April 28, 2023, via lump-sum payments. All pension assets were remeasured immediately before settlement resulting in a net surplus amount of $3.6 million and net unrealized loss of $1.9 million included in accumulated other comprehensive income. Upon settlement of the pension obligations Oil-Dri recognized through net income all unrealized losses resulting in a $1.9 million reduction to net income included in "Loss on pension termination" within "Other Income (Expense), Net."

On April 27, 2023, the Executive Committee of the Company's Board of Directors approved the distribution of the surplus to a qualified defined contribution retirement fund. A portion of the surplus to be distributed to pension participants was irrevocably distributed to the 401(k) plan on April 28, 2023, which resulted in an additional $2.8 million charge to net income included in "Loss on pension termination" within "Other Income (Expense), Net." The remaining $0.8 million to be held by the 401(k) plan to cover qualified future plan expenses was recognized as a prepaid asset.

During fiscal year 2024 we did not have an active pension plan, therefore there was no accumulated benefit obligation for the Pension Plan as of July 31, 2024 or July 31, 2023.

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

A 401(k) savings plan is maintained under which we match a portion of employee contributions. This plan is available to essentially all domestic employees following a specific number of days of employment. Our contributions to this plan, and to similar plans maintained by our foreign subsidiaries, were $3.9 million and $3.2 million for fiscal years 2024 and 2023, respectively.

Obligations and Funded Status

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


	Postretirement Health Benefits
	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	1,853	$	2,119
Service cost	74		84
Interest cost	83		73
Actuarial gain	(200)		(429)
Benefits paid	(25)		6

Benefit obligation, end of year	1,785		1,853

Change in plan assets:
Fair value of plan assets, beginning of year	—		—

Employer contribution	25		6
Benefits paid	(25)		(6)

Fair value of plan assets, end of year	—		—
Funded status, recorded in Consolidated Balance Sheets	$	(1,785)	$	(1,853)

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

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


	Postretirement Health Benefits
	2024		2023
Deferred income taxes	$	454	$	478
Other current liabilities	$	(125)	$	(100)
Other noncurrent liabilities	$	(1,660)	$	(1,753)
Accumulated other comprehensive loss – net of tax:
Net actuarial gain	$	(1,076)	$	(1,012)

Benefit Costs and Amortizations

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


	Postretirement Health Benefit Cost
	2024		2023
Service cost	$	74	$	84
Interest cost	83		73

Amortization of:
Prior service income	(6)		(6)
Other actuarial gain	(107)		(83)

Net periodic benefit cost	$	44	$	68

Service cost is recorded in Other, net within Other Income (Expense) in the Consolidated Statements of Operations.

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


	Postretirement Health Benefits
	2024		2023
Net actuarial gain	$	(150)	$	(324)
Amortization of:
Prior service income	5		5
Amortization of actuarial loss	81		63

Total recognized in other comprehensive income	$	(64)	$	(256)

Cash Flows

The postretirement health plan is an unfunded plan. Our policy is to pay health insurance premiums and claims from our assets. The following table shows the estimated future benefit payments by fiscal year (in thousands):


	Postretirement Health Benefits
2025	$	125
2026	$	108
2027	$	114
2028	$	118
2029	$	166
2030-2034	$	809

Assumptions

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

The discount rate was based on the FTSE Pension Discount Curve to determine the single equivalent rate that would yield the same present value as the specific plan’s expected cash flows. The discount rates for net periodic benefit costs were 4.90% and 3.82% in fiscal years 2024 and 2023, respectively. The discount rates for year-end obligations were 5.03% and 4.90% as of July 31, 2024 and 2023, respectively.

For fiscal year 2024, the medical cost trend assumption used for the postretirement health benefit cost was 7.9%. The graded trend rate is expected to decrease to an ultimate rate of 4.9% in fiscal year 2044.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

DEBT (Tables)

12 Months Ended

Jul. 31, 2024

Notes Payable [Abstract]

Schedule of Long-Term Debt

The composition of long-term debt is as follows as of July 31 (in thousands):


	2024		2023
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on May 15: $1,000 in each fiscal year 2021 through 2030. Interest is payable semi-annually at an annual rate of 3.95% [Series B]	$	6,000	$	7,000
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on Dec 15: $5,000 in each fiscal year 2028 through 2032. Interest is payable semi-annually at an annual rate of 3.25% [Series C]	25,000		25,000
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on April 30: $5,000 in each fiscal year 2032 through 2033. Interest is payable semi-annually at an annual rate of 6.47% [Series D]	10,000		—
Seventh Amendment to Credit Agreement. Full principal amount is due on May 1, 2026	10,000		—
Less current maturities of notes payable	(1,000)		(1,000)
Less unamortized debt issuance costs	(226)		(173)
Long-term debt	$	49,774	$	30,827

Schedule of Maturities

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2024 (in thousands):


2025	$	1,000
2026	1,000
2027	1,000
2028	6,000
2029	6,000

FINANCIAL INSTRUMENTS Fair Value (Policies)	12 Months Ended
FINANCIAL INSTRUMENTS Fair Value (Policies)	Jul. 31, 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 one of three categories based on the lowest level of input that is significant to the fair value measurement. Categories in the hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs.

OPERATING SEGMENTS Largest Customer (Details) - Customer, Walmart - Retail and Wholesale Products	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Net sales for the years ended July 31
Revenue, Major customer
Concentration risk, percentage	20.00%	19.00%
Net accounts receivable as of July 31
Revenue, Major customer
Concentration risk, percentage	23.00%	26.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Earnings Per Share(Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income attributable to Oil-Dri	$ 39,426	$ 29,551
Distributed and undistributed earnings on restricted shares	(2,165)	(1,518)
Income available to stockholders	37,261	28,033
Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income attributable to Oil-Dri	29,981	22,712
Distributed and undistributed earnings on restricted shares	(1,410)	(1,232)
Income available to stockholders	$ 28,571	$ 21,480
Earnings Per Share, Basic (in shares)	4,885,000	4,825,000
Earnings Per Share, Basic	$ 5.85	$ 4.45
Effect of dilution - Net Income	$ 8,690	$ 6,553
Net income assuming dilution	$ 37,261	$ 28,033
Effect of dilution - Shares	1,976,000	1,959,000
Shares assuming dilution	6,861,000	6,784,000
Earnings per Share, Diluted	$ 5.43	$ 4.13
Common Stock \| Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	158,861	157,032
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income attributable to Oil-Dri	$ 9,445	$ 6,839
Distributed and undistributed earnings on restricted shares	(755)	(286)
Income available to stockholders	$ 8,690	$ 6,553
Earnings Per Share, Basic (in shares)	1,976,000	1,959,000
Earnings Per Share, Basic	$ 4.40	$ 3.35
Effect of dilution - Net Income	$ 0	$ 0
Net income assuming dilution	$ 8,690	$ 6,553
Effect of dilution - Shares	0	0
Shares assuming dilution	1,976,000	1,959,000
Earnings per Share, Diluted	$ 4.40	$ 3.35
Class B \| Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	54,370	35,695

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 23,481	$ 31,754
Restricted cash in prepaid expenses and other assets	1,000	0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 24,481	$ 31,754	$ 16,298

OPERATING SEGMENTS Financial Information by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Financial Information by Geographic Region
Sales to unaffiliated customers	$ 437,587	$ 413,021
Net Income attributable to Oil-Dri	39,426	29,551
Identifiable assets	354,605	286,235
Domestic Operations
Financial Information by Geographic Region
Sales to unaffiliated customers	416,603	390,963
Sales or transfers between geographic areas	6,102	6,436
Income (Loss) before income taxes	48,995	33,686
Net Income attributable to Oil-Dri	39,729	28,494
Identifiable assets	345,934	271,627
Foreign subsidiaries
Financial Information by Geographic Region
Sales to unaffiliated customers	20,984	22,058
Sales or transfers between geographic areas	0	69
Income (Loss) before income taxes	656	992
Net Income attributable to Oil-Dri	(303)	1,057
Identifiable assets	$ 8,671	$ 14,608

- Definition

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

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- Definition

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

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- 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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+ Details

STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Policies)	12 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Share-based Payment Arrangement [Policy Text Block]	STOCK-BASED COMPENSATION We account for stock options and restricted stock issued under our long-term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. Forfeitures are recognized as they occur. See Note 8 of the Notes to the Consolidated Financial Statements for additional information. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. Fair value of shares vested in fiscal year 2024 and 2023 is $9.8 million and $2.2 million, respectively as of their vesting dates.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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+ Details

OPERATING SEGMENTS Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Revenue by Principal Product
Net Sales	$ 437,587	$ 413,021
Business to Business Products
Revenue by Principal Product
Net Sales	150,471	142,395
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	287,116	270,626
Cat Litter \| Business to Business Products
Revenue by Principal Product
Net Sales	0	0
Cat Litter \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	241,884	226,335
Industrial and Sports \| Business to Business Products
Revenue by Principal Product
Net Sales	0	0
Industrial and Sports \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	45,232	44,291
Agricultural and Horticultural \| Business to Business Products
Revenue by Principal Product
Net Sales	33,558	40,275
Agricultural and Horticultural \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	0	0
Bleaching Clay and Fluids Purification \| Business to Business Products
Revenue by Principal Product
Net Sales	92,464	77,643
Bleaching Clay and Fluids Purification \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	0	0
Animal Health and Nutrition \| Business to Business Products
Revenue by Principal Product
Net Sales	24,449	24,477
Animal Health and Nutrition \| Retail and Wholesale Products
Revenue by Principal Product
Net Sales	$ 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

+ References

+ Details

OPERATING SEGMENTS (Tables)

12 Months Ended

Jul. 31, 2024

OPERATING SEGMENTS [Abstract]

Revenue by Principal Product by Operating Segment

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


	Business to Business Products Group				Retail and Wholesale Products Group
	Year Ended July 31,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	241,884	$	226,335
Industrial and Sports	—		—		45,232		44,291
Agricultural and Horticultural	33,558		40,275		—		—
Bleaching Clay and Fluids Purification	92,464		77,643		—		—
Animal Health and Nutrition	24,449		24,477		—		—
Net Sales	$	150,471	$	142,395	$	287,116	$	270,626

Segment Reporting Information


	As of July 31,
	Assets
	2024		2023
	(in thousands)
Business to Business Products	$	92,300	$	84,424
Retail and Wholesale Products	200,187		136,262
Unallocated assets	62,118		65,549
Total Assets	$	354,605	$	286,235



	Year Ended July 31,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products	$	150,471	$	142,395	$	45,589	$	37,678
Retail and Wholesale Products	287,116		270,626		43,804		33,791
Net Sales	$	437,587	$	413,021

Corporate Expenses					(37,748)		(30,429)

Income from Operations					51,645		41,040
Total Other Expense, Net					(1,994)		(6,362)
Income Before Income Taxes					49,651		34,678
Income Tax Expense					(10,225)		(5,195)
Net Income					$	39,426	$	29,483
Net Loss Attributable to Noncontrolling Interest					$	—	$	(68)
Net Income Attributable to Oil-Dri					$	39,426	$	29,551

Financial Information by Geographic Region

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


	2024		2023
Sales to unaffiliated customers by:
Domestic operations	$	416,603	$	390,963
Foreign subsidiaries	$	20,984	$	22,058
Sales or transfers between geographic areas:
Domestic operations	$	6,102	$	6,436
Foreign subsidiaries	$	—	$	69
Income before income taxes:
Domestic operations	$	48,995	$	33,686
Foreign subsidiaries	$	656	$	992
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	39,729	$	28,494
Foreign subsidiaries	$	(303)	$	1,057
Identifiable assets:
Domestic operations	$	345,934	$	271,627
Foreign subsidiaries	$	8,671	$	14,608

Largest Customer Information


	2024	2023
Net sales for the years ended July 31	20%	19%
Net accounts receivable as of July 31	23%	26%

STOCK-BASED COMPENSATION (Summary of Restricted Stock Activity) (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Summary of Restricted Stock Activity
Nonvested restricted stock outstanding, Number	398	348	382
Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value	$ 49.63	$ 32.95	$ 33.63
Nonvested restricted stock outstanding, Weighted Average Remaining Contractual Term (Years)	3 years 4 months 24 days	2 years 3 months 18 days	3 years
Nonvested retricted stock outstanding, Unamortized Expense	$ 13,360	$ 5,129	$ 7,064
Granted, Number	214	63
Granted, Weighted Average Grant Date Fair Value	$ 63.06	$ 29.88
Vested, Number	(153)	(73)
Vested, Weighted Average Grant Date Fair Value	$ 31.30	$ 35.06
Forfeitures, Number	(11)	(24)
Forfeitures, Weighted Average Grant Date Fair Value	$ 39.08	$ 29.22

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jul. 31, 2024

STOCK-BASED COMPENSATION [Abstract]

Schedule of summary of restricted stock

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


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2022	382	$	33.63	3.0	$	7,064
Granted	63	$	29.88
Vested	(73)	$	35.06
Forfeited	(24)	$	29.22
Non-vested restricted stock outstanding at July 31, 2023	348	$	32.95	2.3	$	5,129
Granted	214	$	63.06
Vested	(153)	$	31.30
Forfeited	(11)	$	39.08
Non-vested restricted stock outstanding at July 31, 2024	398	$	49.63	3.4	$	13,360

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 3 (Tables)

12 Months Ended

Jul. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Cash and Cash Equivalents


	2024		2023
Cash and cash equivalents	$	23,481	$	31,754
Restricted cash included in prepaid expenses and other assets	1,000		—
Cash, cash equivalents, and restricted cash	$	24,481	$	31,754

Inventories

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


	2024		2023
Finished goods	$	31,772	$	21,943
Packaging	8,995		8,007
Spare parts	7,059		$	5,981
Other	6,410		6,681
Inventories, net	$	54,236	$	42,612

Estimated Intangible Amortization Expense

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


2025	$	1,204
2026	$	1,204
2027	$	1,204
2028	$	1,204
2029	$	1,204

Acquired Finite-Lived Intangible Assets Weighted Average Amortization Period

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


			Weighted Average Amortization Period
Patents			10.1
Customer list			17.8
Total intangible assets subject to amortization			17.6

Schedule of Goodwill

Goodwill by operating segment was as follows as of July 31 (in thousands):


	2024		2023
Business to Business	3,618		3,618
Retail and Wholesale	$	11,825	—
Total	$	15,443	$	3,618

Property, Plant and Equipment Estimated Useful Lives


	Years
Buildings and leasehold improvements	3	-	40
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	2	-	15
Office furniture and equipment	2	-	15
Vehicles	2	-	15
Capital parts	3	-	7

Schedule of Earnings Per Share, Basic and Diluted


	For the year ended July 31, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	39,426	$	29,981	$	9,445
Distributed and undistributed earnings on restricted shares	(2,165)		(1,410)		(755)
Income available to stockholders	$	37,261	$	28,571	$	8,690

Net Income (Numerator)			$	28,571	$	8,690
Weighted Average Shares Outstanding (Denominator)			4,885		1,976
Basic EPS			$	5.85	$	4.40

Effect of dilution - Net Income (1)			$	8,690	$	—
Net income assuming dilution (Numerator)			$	37,261	$	8,690

Effect of dilution - Shares (1)			1,976		$	—
Shares assuming dilution (Denominator)			6,861		$	1,976
Diluted EPS			$	5.43	$	4.40
(1) The impact of 158,861 shares of unvested Common Stock and 54,370 shares of unvested Class B Stock, restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS.


	For the year ended July 31, 2023
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	29,551	$	22,712	$	6,839
Distributed and undistributed earnings on restricted shares	(1,518)		(1,232)		(286)
Income available to stockholders	$	28,033	$	21,480	$	6,553

Net Income (Numerator)			$	21,480	$	6,553
Weighted Average Shares Outstanding (Denominator)			4,825		1,959
Basic EPS			$	4.45	$	3.35

Effect of dilution - Net Income (2)			$	6,553	$	—
Net income assuming dilution (Numerator)			$	28,033	$	6,553

Effect of dilution - Shares (2)			1,959		$	—
Shares assuming dilution (Denominator)			6,784		$	1,959
Diluted EPS			$	4.13	$	3.35
(2) The impact of 157,032 shares of unvested Common Stock and 35,695 shares of unvested Class B Stock, restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

RELATED PARTY TRANSACTIONS (Notes)	12 Months Ended
RELATED PARTY TRANSACTIONS (Notes)	Jul. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTIES One member of our Board of Directors is currently the President and Chief Executive Officer of a vendor of ours. Total payments to this vendor for fees and cost reimbursements were $2.0 million and $0.2 million for fiscal years 2024 and 2023, respectively. There were $0.1 million of outstanding fees due to that vendor as of July 31, 2024. There were no outstanding amounts due to that vendor as of July 31, 2023. One member of our Board of Directors retired from the role of President and Chief Executive Officer of a customer of ours on September 28, 2019 and is currently party to a post-employment consulting agreement with the customer. Total sales to that customer, including sales to subsidiaries of that customer, were $0.2 million for both fiscal year 2024 and 2023. There were no outstanding amounts due from that customer as of July 31, 2024 or 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
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-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

OPERATING SEGMENTS Level 2 (Policy)	12 Months Ended
OPERATING SEGMENTS Level 2 (Policy)	Jul. 31, 2024
Accounting Policies [Abstract]
Segment Reporting	We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, 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. Given the similar nature of products and customers, sales of our silica gel based crystal litter are included with our cat litter products and reported as part of the Retail and Wholesale products group segment. 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands	Total	Common & Class B Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	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)
Net Income	29,483	$ 0	0		$ 0	0
Net Income Attributable to Oil-Dri	29,551			29,551
Net Loss Attributable to Noncontrolling Interest	68						(68)
Other comprehensive income	2,931	0	0	0	0	2,931	0
Dividends Declared	(7,509)	0	0	(7,509)	$ 0	0	0
Purchases of Treasury Stock (in shares)					(25,055)
Purchases of Treasury Stock	(1,078)	$ 0	0	0	$ (1,078)	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		63,455			23,996
Net issuance of stock under long-term incentive plans	1	$ 7	695	0	$ (701)	0	0
Amortization of Restricted Stock	3,147	0	3,147	0	0	0	0
Contributions from noncontrolling interests	(248)	0	(685)	0	0	0	437
Total, End of Period at Jul. 31, 2023	177,076	$ 1,115	55,624	200,796	$ (81,207)	748	0
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2023		11,147,279
Treasury Stock, End of Period (in shares) at Jul. 31, 2023					(4,010,630)
Net Income	39,426	$ 0	0		$ 0	0
Net Income Attributable to Oil-Dri	39,426			39,426
Net Loss Attributable to Noncontrolling Interest	0						0
Other comprehensive income	21	0	0	0	0	21	0
Dividends Declared	(7,975)	0	0	(7,975)	$ 0	0	0
Purchases of Treasury Stock (in shares)					(42,554)
Purchases of Treasury Stock	(2,778)	$ 0	0	0	$ (2,778)	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		214,450			11,650
Net issuance of stock under long-term incentive plans	(1)	$ 21	434	0	$ (456)	0	0
Amortization of Restricted Stock	4,819	0	4,819	0	0	0	0
Total, End of Period at Jul. 31, 2024	$ 210,588	$ 1,136	$ 60,877	$ 232,247	$ (84,441)	$ 769	$ 0
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2024		11,361,729
Treasury Stock, End of Period (in shares) at Jul. 31, 2024					(4,064,834)

PENSION AND OTHER POSTRETIREMENT BENEFITS Estimated future benefit payments (Details) - Postretirement Health Benefits $ in Thousands	Jul. 31, 2024 USD ($)
Defined Benefit Plans and Postretirement Health Benefits
2025	$ 125
2026	108
2027	114
2028	118
2029	166
2030-2034	$ 809

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Current Assets
Cash and cash equivalents	$ 23,481	$ 31,754
Accounts receivable, less allowance of $934 and $1,087 in 2024 and 2023, respectively	62,171	59,287
Inventories, net	54,236	42,612
Prepaid expenses and other assets	7,270	2,854
Total Current Assets	147,158	136,507
Property, Plant and Equipment
Land	13,550	13,619
Buildings and leasehold improvements	41,648	40,940
Machinery and equipment	192,788	184,471
Office furniture and equipment	22,530	18,744
Vehicles	24,617	17,663
Construction in progress	20,974	15,856
Mining assets	9,966	9,286
Capital Parts	7,488	5,271
Less accumulated depreciation and amortization	(195,765)	(184,978)
Total Property, Plant and Equipment, Net	137,796	120,872
Other Assets
Goodwill	15,443	3,618
Trademarks, trade names and patents, net of accumulated amortization of $625 and $578 in 2024 and 2023, respectively	6,662	1,399
Customer list, net of accumulated amortization of $8,149 and $7,763 in 2024 and 2023, respectively	20,036	22
Deferred income taxes	1,537	7,201
Operating lease right-of-use assets	18,667	9,386
Other	7,306	7,230
Total Other Assets	69,651	28,856
Total Assets	354,605	286,235
Current Liabilities
Current maturities of notes payable	1,000	1,000
Accounts Payable	15,009	17,101
Dividends payable	2,096	1,927
Operating lease liabilities	4,556	1,872
Accrued expenses	44,016	36,868
Total Current Liabilities	66,677	58,768
Noncurrent Liabilities
Long-term debt, net of unamortized debt issuance costs of $226 and $173 in 2024 and 2023, respectively	49,774	30,827
Deferred compensation	5,667	4,512
Long-term operating lease liabilities	15,391	8,810
Other	6,508	6,242
Total Noncurrent Liabilities	77,340	50,391
Total Liabilities	144,017	109,159
Stockholders’ Equity
Additional paid-in capital	60,877	55,624
Retained earnings	232,247	200,796
Accumulated other comprehensive income	769	748
Less treasury stock, at cost (3,702,185 Common and 362,649 Class B shares in 2024 and 3,658,989 Common and 351,641 Class B shares in 2023)	(84,441)	(81,207)
Total Stockholders’ Equity	210,588	177,076
Total Liabilities and Stockholders’ Equity	354,605	286,235
Common Stock
Stockholders’ Equity
Common Stock, par value $.10	884	875
Class B
Stockholders’ Equity
Common Stock, par value $.10	$ 252	$ 240

ACCRUED EXPENSES Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

Accrued expenses is as follows (in thousands):


	July 31, 2024		July 31, 2023
Salaries, Wages, Commissions and Employee Benefits	$	20,711	$	19,054
Payables	11,586		5,658
Freight	2,928		3,078
Trade promotions and advertising	2,743		2,292
Taxes	1,736		1,776
Georgia Landfill Modification Reserve	1,208		2,469
Other	3,104		2,541
	$	44,016	$	36,868

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

12 Months Ended

Jul. 31, 2024

Equity, Attributable to Parent [Abstract]

Accumulated Other Comprehensive (Loss) Income

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


	Pension and Postretirement Health Benefits			Cumulative Translation Adjustment		Total Accumulated Other Comprehensive (Loss) Income
Balance as of July 31, 2022	$	(2,242)		$	59	$	(2,183)
Other comprehensive income (loss) before reclassifications, net of tax	1,736		a)	(323)		1,413
Amounts reclassified from accumulated other comprehensive income, net of tax	(36)			—		(36)
Curtailment/Settlement on Pension Plan	1,554		b)	—		1,554
Net current-period other comprehensive income (loss), net of tax	3,254			(323)		2,931
Balance as of July 31, 2023	$	1,012		$	(264)	$	748
Other comprehensive income (loss) before reclassifications, net of tax	150			—		150
Amounts reclassified from accumulated other comprehensive income, net of tax	(86)			(43)		(129)
Net current-period other comprehensive income (loss), net of tax	64			(43)		21
Balance as of July 31, 2024	$	1,076		$	(307)	$	769

a) Amount is net of $0.4 million of tax in fiscal years 2023.

b) Amount is net of $0.5 million of tax in fiscal year 2023. Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans.

See Note 9 of the Notes to the Consolidated Financial Statements for further information about pension and postretirement health benefits.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Audit Information	12 Months Ended
Audit Information	Jul. 31, 2024
Auditor Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Chicago, Illinois

PENSION AND OTHER POSTRETIREMENT BENEFITS Narrative (Details) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Defined Contribution Plan Disclosure
401 (k) administrative expenses		$ 800,000
Contribution to defined contribution plans	$ 3,900,000	3,200,000
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement		3,600,000
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax		1,900,000
Defined Benefit Plan, Actuarial Gain (Loss), Immediate Recognition as Component in Net Periodic Benefit (Cost) Credit		1,900,000
Defined Contribution Plan, Employer Discretionary Contribution Amount		2,800,000
Accumulated benefit obligation	$ 0	0
Pension Benefits \| Annuity Purchase
Defined Benefit Plans and Other Postretirement Benefit Plans
Settlements		14,000,000
Pension Benefits \| Lump-Sum Payment
Defined Benefit Plans and Other Postretirement Benefit Plans
Settlements		$ 16,000,000
Postretirement Health Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Health care cost trend rate assumed	7.90%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	4.90%
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate	2044

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Segment Reporting Information
Assets	$ 354,605	$ 286,235
Net Sales	437,587	413,021
Corporate Expenses	(37,748)	(30,429)
Income from Operations	51,645	41,040
Total Other Expense, Net	(1,994)	(6,362)
Income Before Income Taxes	49,651	34,678
Income Tax Expense	(10,225)	(5,195)
Net Income	39,426	29,483
Net Loss Attributable to Noncontrolling Interest	0	(68)
Net Income Attributable to Oil-Dri	39,426	29,551
Business to Business Products
Segment Reporting Information
Assets	92,300	84,424
Segment Net Sales	150,471	142,395
Net Sales	150,471	142,395
Segment Income	45,589	37,678
Retail and Wholesale Products
Segment Reporting Information
Assets	200,187	136,262
Segment Net Sales	287,116	270,626
Net Sales	287,116	270,626
Segment Income	43,804	33,791
Unallocated assets
Segment Reporting Information
Assets	$ 62,118	$ 65,549

DEBT Debt (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT Debt (Narrative) (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Debt Instrument
Shelf Notes	$ 75,000
Unsecured Debt	75,000	$ 50,000
Letters of Credit Outstanding, Amount	2,900	1,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 32,100	44,000
Line of Credit [Member]
Debt Instrument
Annual rate	6.66%
Long-Term Debt	$ 10,000	0
Maximum borrowing capacity	45,000
Maximum borrowing capacity for letters of credit	$ 10,000
Expiration date	Aug. 30, 2027
Series B Senior Notes
Debt Instrument
Starting payments	May 15, 2020
Face amount	$ 10,000
Annual rate	3.95%
Ending payments	May 15, 2030
Long-Term Debt	$ 6,000	7,000
Series C Senior Notes
Debt Instrument
Starting payments	Dec. 16, 2021
Face amount	$ 25,000
Annual rate	3.25%
Ending payments	Dec. 16, 2031
Long-Term Debt	$ 25,000	25,000
Series D Senior Notes
Debt Instrument
Starting payments	Apr. 30, 2024
Face amount	$ 10,000
Annual rate	6.47%
Ending payments	Apr. 30, 2033
Long-Term Debt	$ 10,000	$ 0
Prime Rate \| Line of Credit [Member]
Debt Instrument
Variable interest rate	8.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Line of Credit [Member]
Debt Instrument
Variable interest rate	6.49%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Related Party Transaction
Accounts payable due to related party vendor	$ 15,009	$ 17,101
Revenue from related party vendor	(437,587)	(413,021)
Director
Related Party Transaction
Purchases from related party vendor	2,000	200
Accounts payable due to related party vendor	100	0
Revenue from related party vendor	(200)	(200)
Accounts receivable from related party vendor	$ 0	$ 0

- Definition

+ References

+ Details

ACQUISITION Pro Forma Information (Details) - Ultra Pet - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
business acquisitions, Pro Forma Information [Line Items]
Net Sales	$ 455,139	$ 435,093
Pre-Tax Net Income	$ 52,999	$ 35,489

DEBT Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

Notes Payable [Abstract]

Debt

DEBT

The composition of long-term debt is as follows as of July 31 (in thousands):


	2024		2023
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on May 15: $1,000 in each fiscal year 2021 through 2030. Interest is payable semi-annually at an annual rate of 3.95% [Series B]	$	6,000	$	7,000
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on Dec 15: $5,000 in each fiscal year 2028 through 2032. Interest is payable semi-annually at an annual rate of 3.25% [Series C]	25,000		25,000
Amended and Restated Note Purchase and Private Shelf Agreement. Annual principal installments on April 30: $5,000 in each fiscal year 2032 through 2033. Interest is payable semi-annually at an annual rate of 6.47% [Series D]	10,000		—
Seventh Amendment to Credit Agreement. Full principal amount is due on May 1, 2026	10,000		—
Less current maturities of notes payable	(1,000)		(1,000)
Less unamortized debt issuance costs	(226)		(173)
Long-term debt	$	49,774	$	30,827

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 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 $6 million aggregate principal amount remained outstanding as of July 31, 2024. On December 16, 2021, under the Note Agreement 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 July 31, 2024. 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 July 31, 2024. The Amended 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 Notes, Series B Notes, Series C Notes, and Series D 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 August 30, 2022, we entered into Amendment No. 3 (the "Third Amendment") to the Note Agreement. The Third Amendment modified the existing fixed charge coverage financial covenant and replaced the existing consolidated debt financial covenant with a maximum debt to earnings ratio and effected certain changes consistent with the Sixth Amendment to the Credit Agreement (defined below), including modifying the method for calculating consolidated EBITDA and the excess leverage fee.

On September 21, 2023, the Company entered into Amendment No. 4 (the “Fourth Amendment”) to the Note Agreement. The Fourth Amendment extended the time frame for issuing and selling Shelf Notes to September 21, 2026.

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2024 (in thousands):


2025	$	1,000
2026	1,000
2027	1,000
2028	6,000
2029	6,000

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 the 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 acquisition of Ultra Pet, and modify certain covenants and other provisions to permit certain indebtedness and liens of Ultra Pet and facilitate the acquisition. As of July 31, 2024, and 2023, we were in compliance with the covenants. As of July 31, 2024 we had $10 million drawn at a 6.66% interest rate, $2.9 million in outstanding letters of credit and $32.1 million remaining available under the revolving credit facility. As of July 31, 2023 we had $1 million in outstanding letters of credit and $44.0 million remaining available under the revolving credit facility.

The Credit Agreement states that we may select a variable interest rate based on either the BMO Harris 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 Harris. As of July 31, 2024, the variable rates would have been 8.50% for the BMO Harris prime-based rate or 6.49% 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
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-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
-Subparagraph (b)
-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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-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
-SubTopic 20
-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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 1 (Notes)

12 Months Ended

Jul. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

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

PRINCIPLES OF CONSOLIDATION

RECLASSIFICATION

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

MANAGEMENT USE OF ESTIMATES

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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


	2024		2023
Cash and cash equivalents	$	23,481	$	31,754
Restricted cash included in prepaid expenses and other assets	1,000		—
Cash, cash equivalents, and restricted cash	$	24,481	$	31,754

TRADE RECEIVABLES

INVENTORIES

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


	2024		2023
Finished goods	$	31,772	$	21,943
Packaging	8,995		8,007
Spare parts	7,059		$	5,981
Other	6,410		6,681
Inventories, net	$	54,236	$	42,612

TRANSLATION OF FOREIGN CURRENCIES

INTANGIBLES AND GOODWILL

Intangible amortization was $0.5 million in fiscal year 2024 and $0.3 million in fiscal year 2023.

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


2025	$	1,204
2026	$	1,204
2027	$	1,204
2028	$	1,204
2029	$	1,204

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


			Weighted Average Amortization Period
Patents			10.1
Customer list			17.8
Total intangible assets subject to amortization			17.6

Goodwill by operating segment was as follows as of July 31 (in thousands):


	2024		2023
Business to Business	3,618		3,618
Retail and Wholesale	$	11,825	—
Total	$	15,443	$	3,618

PROPERTY, PLANT AND EQUIPMENT


	Years
Buildings and leasehold improvements	3	-	40
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	2	-	15
Office furniture and equipment	2	-	15
Vehicles	2	-	15
Capital parts	3	-	7

LAND AND MINING ASSETS

RECLAMATION

TRADE PROMOTIONS

ADVERTISING

FAIR VALUE OF FINANCIAL INSTRUMENTS

REVENUE RECOGNITION

COST OF GOODS SOLD

SHIPPING AND HANDLING COSTS

Shipping and handling costs are included in cost of goods sold and were approximately $59.2 million and $57.4 million for fiscal years 2024 and 2023, respectively.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

RESEARCH AND DEVELOPMENT

PENSION AND POSTRETIREMENT BENEFIT COSTS

STOCK-BASED COMPENSATION

INCOME TAXES

EARNINGS PER SHARE


	For the year ended July 31, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	39,426	$	29,981	$	9,445
Distributed and undistributed earnings on restricted shares	(2,165)		(1,410)		(755)
Income available to stockholders	$	37,261	$	28,571	$	8,690

Net Income (Numerator)			$	28,571	$	8,690
Weighted Average Shares Outstanding (Denominator)			4,885		1,976
Basic EPS			$	5.85	$	4.40

Effect of dilution - Net Income (1)			$	8,690	$	—
Net income assuming dilution (Numerator)			$	37,261	$	8,690

Effect of dilution - Shares (1)			1,976		$	—
Shares assuming dilution (Denominator)			6,861		$	1,976
Diluted EPS			$	5.43	$	4.40
(1) The impact of 158,861 shares of unvested Common Stock and 54,370 shares of unvested Class B Stock, restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS.


	For the year ended July 31, 2023
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	29,551	$	22,712	$	6,839
Distributed and undistributed earnings on restricted shares	(1,518)		(1,232)		(286)
Income available to stockholders	$	28,033	$	21,480	$	6,553

Net Income (Numerator)			$	21,480	$	6,553
Weighted Average Shares Outstanding (Denominator)			4,825		1,959
Basic EPS			$	4.45	$	3.35

Effect of dilution - Net Income (2)			$	6,553	$	—
Net income assuming dilution (Numerator)			$	28,033	$	6,553

Effect of dilution - Shares (2)			1,959		$	—
Shares assuming dilution (Denominator)			6,784		$	1,959
Diluted EPS			$	4.13	$	3.35
(2) The impact of 157,032 shares of unvested Common Stock and 35,695 shares of unvested Class B Stock, restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS.

NEW ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards

There have been no new accounting pronouncements adopted in the period.

LEASES Lessee, Operating Lease, Liability, Payment Due, Rolling Maturity (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 5,441
2026	4,724
2027	3,758
2028	2,949
2029	2,356
Thereafter	3,480
Total	22,708
Less: imputed interest	(2,761)
Net lease obligation	$ 19,947

LEASES Level 1 (Notes)

12 Months Ended

Jul. 31, 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. 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.

We have no material finance leases, and variable costs for operating leases are immaterial. 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 Twelve Months Ended July 31,
	2024		2023

Operating lease cost	$	3,791	$	2,640

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


	For the Twelve Months Ended July 31,
	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:	$	3,112	$	2,229
Right-of-use assets obtained in exchange for new operating lease liabilities	11,471		983

Operating lease ROU assets and operating lease liabilities are separately presented on the Consolidated Balance Sheets. Other supplemental balance sheet information related to leases was as follows:


	For the Twelve Months Ended July 31,
	2024	2023









Weighted-average remaining lease term - operating leases	5.4 years	7.7 years


Weighted-average discount rate - operating leases	5.10%	4.03%

The following table summarizes scheduled minimum future lease payments due within twelve months for operating leases with terms longer than one year for which cash flows are fixed and determinable as of July 31, 2024 (in thousands):




2025	$	5,441
2026	4,724
2027	3,758
2028	2,949
2029	2,356
Thereafter	3,480
Total	22,708
Less: imputed interest	(2,761)
Net lease obligation	$	19,947

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Maximum maturity of cash equivalents	3 months	3 months
Inventory obsolescence reserves	$ 3,800	$ 3,600
Customer list	20,036	22
Goodwill	15,443	3,618
Amortization of intangibles	500	300
Indefinite-lived trademarks and trade names	5,600	400
Depreciation	18,800	15,300
Interest Costs Capitalized	0	0
Impairment of property, plant and equipment	100	900
Pre-production overburden removal costs	0	100
Pre-production development costs	4,000
Stripping costs	5,400	4,000
Land	13,550	13,619
Mineral rights	2,200	2,200
Prepaid royalties	2,300	2,000
Estimated net reclamation asset	2,200	2,200
Estimated reclamation liability	4,800	4,500
Advertising expense	9,100	7,400
Shipping and Handling Costs	59,200	57,400
Research and development costs	$ 2,100	1,200
Common Stock
Dividend Distribution Percentage	133.33%
Dividend Distribution Percentage Increase	33.33%
Common Stock, Voting Rights	one
Class B
Common Stock, Voting Rights	ten
Payments in Advance
Liability for Payments in Advance	$ 200	$ 0
Payments in Advance, Revenue Recognized	$ 0
Minimum
Amortization period of intangible assets (years)	18 years
Maximum
Amortization period of intangible assets (years)	20 years
Ultra Pet
Intangible Assets	$ 37,400
Customer list	20,400
Trade Names	5,200
Goodwill	$ 11,826

ACQUISITION Nonrecurring Adjustments(Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Acquisition-related Costs
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Net Income (Loss)	$ 1,172	$ 0
Interest Expense
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Net Income (Loss)	(1,158)	(1,323)
Customer list amortization
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Net Income (Loss)	(850)	(1,133)
Inventory step up adjustment
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Net Income (Loss)	$ 449	$ (783)

DEFERRED COMPENSATION Deferred Comp and Bonus (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Deferred Compensation
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Annual Total Amount Deferred	$ 0.3	$ 0.6
Deferred Compensation Interest Expense	0.2	0.2
Deferred Compensation Payments to Participants	0.4	0.9
Deferred Compensation Recorded Liability	5.0	4.6
Executive Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 1.9	$ 1.4
Deferred Compensation Arrangement with Individual, Requisite Service Period	3 years

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash Flows from Operating Activities
Net Income	$ 39,426	$ 29,483
Adjustments to reconcile net income to net cash provided by operating activites:
Depreciation and amortization	19,281	15,528
Non-cash stock compensation expense	4,819	3,147
Loss on pension termination	0	4,652
Deferred income tax expense (provision)	1,697	(4,431)
Net (decrease) increase to provision for bad debts and cash discounts	(153)	284
Loss on impairment of patent applications	0	61
Accretion for asset retirement obligation	211	161
Loss on the disposals of property, plant and equipment	314	1,044
(Increase) decrease in:
Accounts receivable	1,453	(7,899)
Inventories	(4,682)	(2,204)
Prepaid expenses	(2,431)	1,082
Deferred income taxes	(115)	510
Other assets	3,404	59
Increase (decrease) in:
Accounts payable	(2,794)	3,241
Accrued expenses	2,449	6,455
Deferred compensation	1,155	(47)
Other liabilities	(3,721)	(1,362)
Total Adjustments	20,887	20,281
Net Cash Provided by Operating Activities	60,313	49,764
Cash Flows from Investing Activities
Capital expenditures	(32,000)	(24,368)
Proceeds from sale of property, plant and equipment	182	70
Acquisition of business	(44,298)	0
Acquisition of equity in Agromex	0	(269)
Net Cash Used in Investing Activities	(76,116)	(24,567)
Cash Flows from Financing Activities
Proceeds from long-term debt	20,000	0
Principal payments on notes payable	(1,000)	(1,000)
Payment of debt issuance costs	(90)	(7)
Dividends paid	(7,806)	(7,433)
Purchase of treasury stock	(2,778)	(1,078)
Net Cash Provided by (Used in) Financing Activities	8,326	(9,518)
Effect of exchange rate changes on cash and cash equivalents	204	(223)
Net (Decrease) Increase in Cash and Cash Equivalents	(7,273)	15,456
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	31,754	16,298
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	24,481	31,754
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	23,481	31,754
Restricted cash in prepaid expenses and other assets	1,000	0
Other cash flows:
Interest payments, net of amounts capitalized	1,089	1,135
Income tax payments	10,006	7,367
Noncash investing and financing activities:
Capital expenditures accrued, but not paid	7,892	4,279
Cash dividends declared and accrued, but not paid	$ 2,096	$ 1,927

INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2024

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense

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


	2024		2023
Current
Federal	$	6,059	$	7,503
State	2,243		2,119
Foreign	226		4
Current Income Tax Total	8,528		9,626
Deferred
Federal	934		(3,864)
State	778		(567)
Foreign	(15)		—
Deferred Income Tax Total	1,697		(4,431)
Total Income Tax Expense	$	10,225	$	5,195

Schedule of Effective Income Tax Rate Reconciliation

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


	2024		2023
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(5.3)		(7.7)
State income tax expense, net of federal tax expense	3.5		2.9
Nondeductible officer compensation	2.2		1.5
Stock Based Compensation	(2.1)		—
U.S. Tax Impacts of Foreign Branch	1.3		(0.2)
Tax credits	(0.2)		(0.3)
Valuation allowance - foreign	0.4		(0.2)
Statutory rate change of foreign subsidiaries	0.3		—
Prior year income taxes	(0.3)		(1.3)
Foreign tax differential	0.1		(0.6)
Other	(0.3)		(0.1)
Effective income tax rate	20.6	%	15.0	%

Schedule of Deferred Tax Assets and Liabilities

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


	2024				2023
	Assets		Liabilities		Assets		Liabilities
Amortization	$	—	$	6,307	$	935	$	—
Depreciation	—		5,692		—		4,338
Lease liabilities	5,105		—		2,747		—
Lease right of use assets	—		4,778		—		2,412
Accrued expenses	4,347		—		5,303		—
Federal & State NOL carryforward	2,975		—		—		—
Stock-based compensation	1,894		—		1,634		—
Foreign NOL carryforward	1,889		—		1,698		—
Deferred compensation	1,603		—		1,246		—
Capitalized R&D	783		—		269		—
Reclamation	712		—		627		—
Other assets	584		—		608		—
Postretirement benefits	454		—		478		—
Inventories	435		—		203		—
Depletion	—		141		—		158
Goodwill	109		—		—		24
Allowance for credit losses	85		—		135		—
Deferred marketing expenses	—		33		—		11
Other liabilities	—		—		—		301
Tax credits	—		—		301		—
Other liabilities - foreign	—		17		—		41
Valuation allowance	(2,470)		—		(1,698)		—
Total deferred taxes	$	18,505	$	16,968	$	14,486	$	7,285

INCOME TAXES Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	20.60%	15.00%
Operating Loss Carryforwards	$ 12,600
Unrecognized tax benefits, liability	0	$ 0
Unrecognized tax benefits, penalties and interest expense	0	0
Unrecognized tax benefits, penalties and interest accrued	$ 0	0
Minimum
Foreign and U.S. state tax statute of limitations (years)	3 years
Maximum
Foreign and U.S. state tax statute of limitations (years)	5 years
Deferred Tax Asset
Deferred Tax Assets, Valuation Allowance	$ 2,470	$ 1,698

INCOME TAXES Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Current - Federal	$ 6,059	$ 7,503
Current - State	2,243	2,119
Current - Foreign	226	4
Current Income Tax Total	8,528	9,626
Deferred - Federal	934	(3,864)
Deferred - State	778	(567)
Deferred - Foreign	(15)	0
Deferred Income Tax Total	1,697	(4,431)
Total Income Tax Expense	$ 10,225	$ 5,195

- Definition

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

+ References + Details

OTHER CONTINGENCIES Level 1 (Notes)	12 Months Ended
OTHER CONTINGENCIES Level 1 (Notes)	Jul. 31, 2024
OTHER CONTINGENCIES [Abstract]
Other Contingencies Disclosure	OTHER CONTINGENCIES We are party to various legal actions that arise 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. During fiscal year 2024, work began on the modifications and we recorded an additional reserve of $0.6 million to reflect an update to our best estimate. This has been offset by $1.9 million of payments made to date. The modification work is expected to be completed during fiscal year 2025. 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.

FINANCIAL INSTRUMENTS Narrative (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jul. 31, 2023
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents, Fair Value	$ 3.0	$ 15.4
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 51.1	$ 29.7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Finished goods	$ 31,772	$ 21,943
Packaging	8,995	8,007
Spare parts	7,059	5,981
Other	6,410	6,681
Inventories, net	$ 54,236	$ 42,612

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	$ 748
Other Comprehensive Income	21	$ 2,931
Accumulated Other Comprehensive (Loss) Income, ending balance	769	748
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	1,012	(2,242)
Other comprehensive income (loss), before reclassifications, net of tax	150	1,736
Amounts reclassified from accumulated other comprehensive income, net of tax	(86)	(36)
Curtailment/Settlement on Pension Plan		1,554
Other Comprehensive Income	64	3,254
Accumulated Other Comprehensive (Loss) Income, ending balance	1,076	1,012
Tax on Other comprehensive income, Pension and postretirement benefit Plans before reclassifications		400
Tax on amount reclassified from accumulated other comprehensive income, Pension and postretirement health benefits for settlement or curtailment Gain (Loss), Tax		500
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(264)	59
Other comprehensive income (loss), before reclassifications, net of tax	0	(323)
Amounts reclassified from accumulated other comprehensive income, net of tax	(43)	0
Curtailment/Settlement on Pension Plan		0
Other Comprehensive Income	(43)	(323)
Accumulated Other Comprehensive (Loss) Income, ending balance	(307)	(264)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	748	(2,183)
Other comprehensive income (loss), before reclassifications, net of tax	150	1,413
Amounts reclassified from accumulated other comprehensive income, net of tax	(129)	(36)
Curtailment/Settlement on Pension Plan		1,554
Other Comprehensive Income	21	2,931
Accumulated Other Comprehensive (Loss) Income, ending balance	$ 769	$ 748

PENSION AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (Details) - Postretirement Health Benefits - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Defined Benefit Plans and Postretirement Health Benefits
Service cost	$ 74	$ 84
Interest cost	83	73
Amortization of: Prior service income	(6)	(6)
Amortization of: Other actuarial loss	(107)	(83)
Net periodic benefit cost	$ 44	$ 68

LEASES (Tables)

12 Months Ended

Jul. 31, 2024

Leases [Abstract]

Operating lease costs


	For the Twelve Months Ended July 31,
	2024		2023

Operating lease cost	$	3,791	$	2,640

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


	For the Twelve Months Ended July 31,
	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:	$	3,112	$	2,229
Right-of-use assets obtained in exchange for new operating lease liabilities	11,471		983

Operating lease ROU assets and operating lease liabilities are separately presented on the Consolidated Balance Sheets. Other supplemental balance sheet information related to leases was as follows:


	For the Twelve Months Ended July 31,
	2024	2023









Weighted-average remaining lease term - operating leases	5.4 years	7.7 years


Weighted-average discount rate - operating leases	5.10%	4.03%

Scheduled minimum future lease payments




2025	$	5,441
2026	4,724
2027	3,758
2028	2,949
2029	2,356
Thereafter	3,480
Total	22,708
Less: imputed interest	(2,761)
Net lease obligation	$	19,947

PENSION AND OTHER POSTRETIREMENT BENEFITS Assumptions used in calculations (Details) - Postretirement Health Benefits	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	4.90%	3.82%
Discount rate for year-end obligations	5.03%	4.90%

LEASES Lease, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES Lease, Cost (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,791	$ 2,640
Cash paid for amounts included in the measurement of lease liabilities	3,112	2,229
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 11,471	$ 983
Weighted-average remaining lease term - operating leases	5 years 4 months 24 days	7 years 8 months 12 days
Weighted-average discount rate - operating leases	5.10%	4.03%

OPERATING SEGMENTS Narrative (Details) $ in Millions	12 Months Ended
OPERATING SEGMENTS Narrative (Details) $ in Millions	Jul. 31, 2024 USD ($) segment	Jul. 31, 2023 USD ($)
Segment Reporting Information
Number of Reportable Segments \| segment	2
Foreign subsidiaries
Segment Reporting Information
Cash held at foreign banks \| $	$ 4.5	$ 5.2

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Jul. 31, 2024

EMPLOYEE BENEFIT PLANS [Abstract]

Schedule of Obligations and Funded Status

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


	Postretirement Health Benefits
	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	1,853	$	2,119
Service cost	74		84
Interest cost	83		73
Actuarial gain	(200)		(429)
Benefits paid	(25)		6

Benefit obligation, end of year	1,785		1,853

Change in plan assets:
Fair value of plan assets, beginning of year	—		—

Employer contribution	25		6
Benefits paid	(25)		(6)

Fair value of plan assets, end of year	—		—
Funded status, recorded in Consolidated Balance Sheets	$	(1,785)	$	(1,853)

Schedule of Amounts Recognized in Balance Sheet

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


	Postretirement Health Benefits
	2024		2023
Deferred income taxes	$	454	$	478
Other current liabilities	$	(125)	$	(100)
Other noncurrent liabilities	$	(1,660)	$	(1,753)
Accumulated other comprehensive loss – net of tax:
Net actuarial gain	$	(1,076)	$	(1,012)

Schedule of Net Benefit Costs

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


	Postretirement Health Benefit Cost
	2024		2023
Service cost	$	74	$	84
Interest cost	83		73

Amortization of:
Prior service income	(6)		(6)
Other actuarial gain	(107)		(83)

Net periodic benefit cost	$	44	$	68

Service cost is recorded in Other, net within Other Income (Expense) in the Consolidated Statements of Operations.

Schedule of Amounts Recognized in Other Comprehensive Income

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


	Postretirement Health Benefits
	2024		2023
Net actuarial gain	$	(150)	$	(324)
Amortization of:
Prior service income	5		5
Amortization of actuarial loss	81		63

Total recognized in other comprehensive income	$	(64)	$	(256)

Schedule of Expected Benefit Payments

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


	Postretirement Health Benefits
2025	$	125
2026	$	108
2027	$	114
2028	$	118
2029	$	166
2030-2034	$	809

ACQUISITION Asset Acquisition(Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Asset Acquisition [Line Items]
Cash, net of cash acquired and restricted cash	$ 44,298	$ 0
Goodwill	15,443	$ 3,618
Ultra Pet
Asset Acquisition [Line Items]
Cash, net of cash acquired and restricted cash	44,298
Accounts receivable	4,285
Inventories	7,068
Prepaid expenses and other assets	995
Property, plant and equipment	270
Trade name	5,200
Customer list	20,400
Operating lease right-of-use assets	1,463
Trade and other liabilities	(1,654)
Operating lease right-of-use liabilities	(1,472)
Deferred tax liabilities	(4,083)
Total identifiable net assets	32,472
Goodwill	11,826
Total	$ 44,298