0000074046-24-000094 | 10-Q | XBRL Viewer

Inventories Level 3 (Tables)

3 Months Ended

Oct. 31, 2024

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


	October 31, 2024		July 31, 2024
Finished goods	$	34,130	$	31,772
Packaging	8,563		8,995
Spare parts	6,973		7,059
Other	6,359		6,410
Total Inventories	$	56,025	$	54,236

Accrued Expenses (Tables)

3 Months Ended

Oct. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accrued expenses is as follows (in thousands):


	October 31, 2024		July 31, 2024
Payables	$	9,522	$	11,586
Salaries, Wages, Commissions and Employee Benefits	8,972		20,711
Taxes	4,352		1,736
Freight	4,033		2,928
Trade promotions and advertising	3,657		2,743
Other	2,087		3,104
Georgia Landfill Modification Reserve	820		1,208
	$	33,443	$	44,016

Operating Segments Narrative (Details)	3 Months Ended
Operating Segments Narrative (Details)	Oct. 31, 2024 segment
Segment Reporting Information
Number of Reportable Segments	2

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Oct. 31, 2024

Accumulated Other Comprehensive (Loss) Income [Abstract]

Accumulated Other Comprehensive (Loss) Income by Component

The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of October 31, 2024 (in thousands):


	Postretirement Health Benefits		Cumulative Translation Adjustment		Total Accumulated Other Comprehensive Income (Loss)
Balance as of July 31, 2024	$	1,076	$	(307)	$	769
Other comprehensive income before reclassifications, net of tax	—		(21)		(21)
Amounts reclassified from accumulated other comprehensive income, net of tax	(21)		—		(21)
Net current-period other comprehensive (loss) income, net of tax	(21)		(21)		(42)
Balance as of October 31, 2024	$	1,055	$	(328)	$	727

Related Party Transactions	3 Months Ended
Related Party Transactions	Oct. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTY TRANSACTIONS One member of our Board is currently the President and Chief Executive Officer of one of our vendors. Total payments to this vendor for fees and cost reimbursements were $0.3 million and $0.1 million for the first three months of fiscal years 2025 and 2024, respectively. There were $0.1 million of outstanding accounts payable due to that vendor as of both October 31, 2024 and July 31, 2024. One member of our Board retired from the role of President and Chief Executive Officer of one of our customers on September 28, 2019 and is currently party to a post-employment consulting agreement with this customer. Total sales to that customer, including sales to its subsidiaries, were $0.1 million for the first three months of both fiscal years 2025 and 2024. There were no outstanding amounts due from that customer as of either October 31, 2024 or July 31, 2024.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Debt Instrument [Line Items]
Shelf Notes	$ 75,000
Shelf Note, Expiration Date	Sep. 21, 2026
Accordion Provision	$ 50,000
Permitted acquisitions threshold	100,000		$ 45,000
Repayments of Lines of Credit	$ 5,000	$ 0
Series B Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	May 15, 2020
Face Amount	$ 10,000
Annual Rate	3.95%
Debt Instrument, Maturity Date Range, End	May 15, 2030
Senior Notes	$ 6,000
Series C Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Dec. 16, 2021
Face Amount	$ 25,000
Annual Rate	3.25%
Debt Instrument, Maturity Date Range, End	Dec. 16, 2031
Series D Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Apr. 30, 2024
Face Amount	$ 10,000
Annual Rate	6.47%
Debt Instrument, Maturity Date Range, End	Apr. 30, 2033
Line of Credit
Debt Instrument [Line Items]
Annual Rate	6.66%
Maximum Borrowing Capacity	$ 75,000		45,000
Line of Credit Facility, Expiration Date	Sep. 30, 2029
Proceeds from Lines of Credit	$ 0
Line of Credit Amount Outstanding	5,000
Repayments of Lines of Credit	$ 5,000
Line of Credit \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate	8.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate	5.81%
Letter of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity for letters of credit	$ 20,000		10,000
Line of Credit Amount Outstanding	$ 2,900		$ 2,900

Inventories Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Inventory
Inventory reserves	$ 3.7	$ 3.8

Inventories

3 Months Ended

Oct. 31, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

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


	October 31, 2024		July 31, 2024
Finished goods	$	34,130	$	31,772
Packaging	8,563		8,995
Spare parts	6,973		7,059
Other	6,359		6,410
Total Inventories	$	56,025	$	54,236

Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor, and other overhead costs. The Company maintains reserves against inventory to reduce the carrying value to the expected net realizable value. These reserves are based upon a combination of factors including historical issues and market trends. Inventory reserves were $3.7 million and $3.8 million as of October 31, 2024 and July 31, 2024, respectively.

Basis of Statement Presentation Revenue Recognition (Details) - Payments In Advance - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
Deferred Revenue Arrangement
Liability for Payments in Advance	$ 0.2	$ 0.2
Payments in Advance, Revenue Recognized	$ 0.2

Goodwill and Other Intangibles	3 Months Ended
Goodwill and Other Intangibles	Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Our intangible assets are mainly comprised of customer lists, patents, trademarks, trade names and goodwill. During fiscal year 2024, we recorded additions of intangible assets of $37.4 million related to the acquisition of Ultra Pet Company, Inc. ("Ultra Pet"), the components of which were $20.4 million of customer list, $5.2 million of trade name and $11.8 million of goodwill. During the first quarter of fiscal year 2025 we recognized a measurement period adjustment as a result of our acquisition of Ultra Pet, which increased our goodwill by $0.2 million. We amortize customer lists and patents on a straight-line basis over periods ranging from 18 to 20 years. Estimated intangible amortization for fiscal year 2025 is $1.2 million. Estimated intangible amortization for each of the next five fiscal years is $1.2 million. Trademarks and trade names acquired via acquisitions, with a carrying value of $5.6 million, were determined to have an indefinite life and are not amortized.

Basis of Statement Presentation Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Liabilities, Current [Abstract]
Reclamation liability	$ 4.8	$ 4.8
Postretirement health benefits	$ 1.7	$ 1.7

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Inventory
Finished goods	$ 34,130	$ 31,772
Packaging	8,563	8,995
Spare parts	6,973	7,059
Other	6,359	6,410
Total Inventories	$ 56,025	$ 54,236

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Oct. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs. Cash equivalents are 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 $0.9 million in cash equivalents as of October 31, 2024 and $3.0 million in cash equivalents as of July 31, 2024. Balances of accounts receivable, short-term investments and accounts payable approximated their fair values at October 31, 2024 and July 31, 2024 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 $47.1 million and $51.1 million as of October 31, 2024 and July 31, 2024, respectively. The fair value was estimated using the exit price notion of fair value and is classified as Level 2. See Note 8 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 5 of the Notes to the unaudited Condensed Consolidated Financial Statements for further information about goodwill and other intangible assets.

- Definition

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

+ References + Details

Inventories Level 2 (Policies)	3 Months Ended
Inventories Level 2 (Policies)	Oct. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor, and other overhead costs. The Company maintains reserves against inventory to reduce the carrying value to the expected net realizable value.

- Definition

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

+ References + Details

Stock-Based Compensation Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	41,000
2006 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number Authorized (shares)	1,719,500
Number Available (shares)	560,724
2006 Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Expense	$ 0.9	$ 0.8
2006 Plan \| Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period (years)	1 year
2006 Plan \| Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period (years)	5 years
2006 Plan \| Common \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	40,800	57,000
2006 Plan \| Class B \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	0	125,000

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Net Sales	$ 127,945	$ 111,438
Cost of Goods Sold	(87,165)	(80,447)
Gross Profit	40,780	30,991
Selling, General and Administrative Expenses	(19,590)	(17,835)
Income from Operations	21,190	13,156
Other (Expense) Income
Interest expense	(734)	(361)
Interest income	150	175
Other, net	(404)	(140)
Total Other Expense, Net	(988)	(326)
Income Before Income Taxes	20,202	12,830
Income Tax Expense	(3,826)	(2,088)
Net Income	$ 16,376	$ 10,742
Average Shares Outstanding
Dividends Declared Per Share (in dollars per share)	$ 0.310	$ 0.290
Common
Other (Expense) Income
Net Income	$ 12,456	$ 8,236
Net Income Per Share
Basic Common (in dollars per share)	$ 2.43	$ 1.61
Diluted Common (in dollars per share)	$ 2.25	$ 1.50
Average Shares Outstanding
Basic Common (in shares)	4,922	4,827
Diluted Common (in shares)	6,906	6,794
Class B
Other (Expense) Income
Net Income	$ 3,920	$ 2,506
Net Income Per Share
Basic Common (in dollars per share)	$ 1.82	$ 1.21
Diluted Common (in dollars per share)	$ 1.82	$ 1.21
Average Shares Outstanding
Basic Common (in shares)	1,984	1,967
Diluted Common (in shares)	1,984	1,967
Dividends Declared Per Share (in dollars per share)	$ 0.233	$ 0.218

Earnings Per Share

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

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 Three Months Ended October 31, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	16,376	$	12,456	$	3,920
Distributed and undistributed earnings on restricted shares	(817)		(517)		(300)
Income available to stockholders	$	15,559	$	11,939	$	3,620

Net Income (Numerator)			$	11,939	$	3,620
Weighted Average Shares Outstanding (Denominator)			4,922		1,984
Basic EPS			$	2.43	$	1.82

Effect of dilution - Net Income (1)			$	3,620	$	—
Net income assuming dilution (Numerator)			$	15,559	$	3,620

Effect of dilution - Shares (1)			1,984		$	—
Shares assuming dilution (Denominator)			6,906		$	1,984
Diluted EPS			$	2.25	$	1.82
(1) The impact of 131,525 shares of unvested Common Stock and 62,663 shares of unvested Class B Stock was anti-dilutive therefore not included in the calculation of diluted EPS

	For the Three Months Ended October 31, 2023
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	10,742	$	8,236	$	2,506
Distributed and undistributed earnings on restricted shares	(570)		(453)		(117)
Income available to stockholders	$	10,172	$	7,783	$	2,389

Net Income (Numerator)			$	7,783	$	2,389
Weighted Average Shares Outstanding (Denominator)			4,827		1,967
Basic EPS			$	1.61	$	1.21

Effect of dilution - Net Income (1)			$	2,389	$	—
Net income assuming dilution (Numerator)			$	10,172	$	2,389

Effect of dilution - Shares (1)			1,967		$	—
Shares assuming dilution (Denominator)			6,794		$	1,967
Diluted EPS			$	1.50	$	1.21
(1) The impact of 210,675 shares of unvested Common Stock and 54,370 shares of unvested Class B Stock was anti-dilutive therefore not included in the calculation of diluted EPS

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 31, 2024	Nov. 30, 2024
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-12622
Entity Registrant Name	OIL-DRI CORPORATION OF AMERICA
Entity Central Index Key	0000074046
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2048898
Entity Address, Address Line One	410 North Michigan Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611-4213
City Area Code	312
Local Phone Number	321-1515
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	ODC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common
Entity Information
Entity Common Stock, Shares Outstanding		5,159,843
Class B
Entity Information
Entity Common Stock, Shares Outstanding		2,137,428

Operating Segments

3 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Operating Segment Disclosure

OPERATING SEGMENTS

We have two operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, the farm and fleet channel, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies, sports field product users and marketers of consumer products. The Business to Business Products Group customers include: processors and refiners of edible oils, renewable diesel, petroleum-based oils and biodiesel fuel, manufacturers of animal feed and agricultural chemicals, and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024.

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


	Business to Business Products Group				Retail and Wholesale Products Group
	For the Three Months Ended October 31,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	67,676	$	60,861
Industrial and Sports	—		—		11,854		$	11,416
Agricultural and Horticultural	11,582		10,315		—		—
Fluids Purification	30,603		22,406		—		$	—
Animal Health & Nutrition	6,230		6,440		—		—
Net Sales	$	48,415	$	39,161	$	79,530	$	72,277

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


	Assets
	October 31, 2024		July 31, 2024
	(in thousands)
Business to Business Products Group	$	100,325	$	92,300
Retail and Wholesale Products Group	200,545		200,187
Unallocated Assets	49,301		62,118
Total Assets	$	350,171	$	354,605

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


	For the Three Months Ended October 31,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products Group	$	48,415	$	39,161	$	17,110	$	11,123
Retail and Wholesale Products Group	$	79,530	72,277		$	13,377	11,331
Net Sales	$	127,945	$	111,438
Corporate Expenses					(9,297)		(9,298)
Income from Operations					21,190		13,156
Total Other Expenses, Net					(988)		(326)
Income before Income Taxes					20,202		12,830
Income Tax Expense					(3,826)		(2,088)
Net Income					16,376		10,742

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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+ Details

Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands	Total	Common & Class B Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Total, Beginning of Period at Jul. 31, 2023	$ 177,076	$ 1,115	$ 55,624	$ 200,796	$ (81,207)	$ 748
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2023		11,147,279
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2023					(4,010,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	10,742	$ 0	0	10,742	$ 0	0
Other Comprehensive Loss	(185)	0	0	0	0	(185)
Dividends Declared	(1,953)	0	0	(1,953)	0	0
Purchases of Treasury Stock	(872)	0	0	0	$ (872)	0
Purchases of Treasury Stock (in shares)					(15,329)
Net issuance of stock under long-term incentive plans	0	$ 18	14	0	$ 32	0
Net issuance of stock under long-term incentive plans (in shares)		(182,000)			(500)
Amortization of Restricted Stock	1,108	$ 0	1,108	0	$ 0	0
Total, End of Period at Oct. 31, 2023	185,916	$ 1,133	56,746	209,585	$ (82,111)	563
Common Stock & Class B Stock, End of Period (in shares) at Oct. 31, 2023		11,329,279
Treasury Stock, End of Period (in shares) at Oct. 31, 2023					(4,026,459)
Total, Beginning of Period at Jul. 31, 2024	210,588	$ 1,136	60,877	232,247	$ (84,441)	769
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2024		11,361,729
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2024					(4,064,834)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	16,376	$ 0	0	16,376	$ 0	0
Other Comprehensive Loss	(42)	0	0	0	0	(42)
Dividends Declared	(2,098)	0	0	(2,098)	0	0
Purchases of Treasury Stock	(1,984)	0	0	0	$ (1,984)	0
Purchases of Treasury Stock (in shares)					(29,002)
Net issuance of stock under long-term incentive plans	0	$ 4	572	0	$ 576	0
Net issuance of stock under long-term incentive plans (in shares)		(40,800)			(10,739)
Amortization of Restricted Stock	1,152	$ 0	1,152	0	$ 0	0
Total, End of Period at Oct. 31, 2024	$ 223,992	$ 1,140	$ 62,601	$ 246,525	$ (87,001)	$ 727
Common Stock & Class B Stock, End of Period (in shares) at Oct. 31, 2024		11,402,529
Treasury Stock, End of Period (in shares) at Oct. 31, 2024					(4,104,575)

Earnings Per Share (Policies)	3 Months Ended
Earnings Per Share (Policies)	Oct. 31, 2024
Earnings Per Share [Abstract]
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.

Leases (Tables)

3 Months Ended

Oct. 31, 2024

Leases [Abstract]

Lease cost

We have no material finance leases, and variable costs for operating leases are immaterial for the three months ended October 31, 2024. Operating lease costs are included in Cost of Goods Sold or SG&A expenses based on the nature of the lease. The following table summarizes total lease costs for our operating leases (in thousands):


	For the Three Months Ended October 31,

	2024		2023

Operating lease cost	$	1,370	$	546

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


	For the Three Months Ended October 31,

		2024		2023

Cash paid for amounts included in the measurement of operating lease liabilities:		$	1,136	$	461
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—	$	—

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


	October 31, 2024	July 31, 2024









Weighted-average remaining lease term - operating leases	5.3 years	5.4 years


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

Operating lease payments due within next fiscal year as of October 31, 2024

Lease liability maturities as of October 31, 2024, are as follows (in thousands):




Fiscal year 2025 (remaining nine months)	$	4,061
Fiscal year 2026	4,724
Fiscal year 2027	3,758
Fiscal year 2028	2,949
Fiscal year 2029	2,356
Thereafter	3,480
Total	21,328
Less: imputed interest	(2,558)
Net lease obligation	$	18,770

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 16,376	$ 10,742
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,381	4,368
Non-cash stock-based compensation	1,152	1,108
Provision for bad debts and cash discounts	628	28
Loss on impairment of patent applications	48	0
Accretion of Asset Retirement Obligation	47	53
Loss on the disposals of property, plant and equipment	80	26
(Increase) Decrease in assets:
Accounts receivable	(9,020)	(1,487)
Inventories	(2,033)	(1,374)
Prepaid expenses	2,228	154
Deferred income taxes	462	174
Other assets	962	341
Increase (Decrease) in liabilities:
Accounts payable	1,889	(1,289)
Accrued expenses	(6,117)	(4,365)
Deferred compensation	(3)	512
Other liabilities	(1,161)	(427)
Total Adjustments	(5,457)	(2,178)
Net Cash Provided by Operating Activities	10,919	8,564
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(12,817)	(8,064)
Net Cash Used in Investing Activities	(12,817)	(8,064)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on revolving credit facility	(5,000)	0
Dividends paid	(2,096)	(1,927)
Purchase of treasury stock	(1,984)	(872)
Net Cash Used in Financing Activities	(9,080)	(2,799)
Effect of exchange rate changes on Cash and Cash Equivalents	3	124
Net Decrease in Cash and Cash Equivalents	(10,975)	(2,175)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	24,481	31,754
Cash, Cash Equivalents and Restricted Cash, End of Period	13,506	29,579
Supplemental disclosure of non-cash investing and financing activities:
Cash and cash equivalents	12,506	29,579
Restricted cash in prepaid expenses and other assets	1,000	0
Interest payments, net of amounts capitalized	324	0
Income tax payments, net of refunds	265	12
Change in capital expenditures in accounts payable	(2,962)	(843)
Change in capital expenditures in accrued expenses	(4,540)	96
Cash dividends declared and accrued, but not paid	$ 2,098	$ 1,953

Basis of Statement Presentation Level 2 (Policies)

3 Months Ended

Oct. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Trade Receivables

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

Property, Plant and Equipment, Policy

Property, plant and equipment includes depreciable assets such as building, machinery, equipment, furniture, vehicles, and capitalized spare parts. These assets are depreciated using the straight-line method over their estimated useful lives. Major improvements are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use.

These assets are carried at cost on the Consolidated Balance Sheets and are reviewed for possible impairment on an annual basis or when circumstances indicate impairment that an asset may become impaired. We take into consideration idle and

underutilized equipment and review business plans for possible impairment. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value.

The composition of property, plant and equipment is as follows (in thousands):


	October 31, 2024		July 31, 2024
Gross property, plant and equipment	335,921		333,561
Accumulated depreciation and amortization	(197,974)		(195,765)
Total Property, Plant and Equipment, Net	$	137,947	$	137,796

Land, Mining Property and Mineral Rights

We surface mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of goods sold in the period they are incurred. We defer and amortize the pre-production overburden removal costs during the development phase associated with opening a new mine.

Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred.

Reclamation

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

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

Leases

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

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

Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all

asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis.

Revenue Recognition

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

We have an unconditional right to consideration under the payment terms specified in the contracts upon completion of the

performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a

liability for these advance payments of $0.2 million as of both October 31, 2024 and July 31, 2024. This liability is reported in Other within Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. There was $0.2 million revenue recognized during the three months ended October 31, 2024, that was included in the liability for advance payments at the beginning of the period.

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

Selling, General and Administrative Expenses

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

Other Current and Noncurrent Liabilities

Other liabilities include the accruals for general expenses not yet paid, cash collected not yet vouchered, legal reserves, postretirement health benefit obligations, and reclamation liability accrual. Current liabilities are due to be paid within the next 12 months. Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet includes $4.8 million for the reclamation liability as of both October 31, 2024 and July 31, 2024 and $1.7 million for postretirement health benefit as of both October 31, 2024 and July 31, 2024, respectively.

New Accounting Pronouncements, Policy

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.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)." These amendments primarily require disaggregated disclosure, in the notes to the financial statements, of prescribed categories of expenses within relevant income statement captions. The requirements will be applied prospectively, with the option to apply the standard retrospectively, for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is 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	3 Months Ended
Debt	Oct. 31, 2024
Debt Disclosure [Abstract]
Debt	DEBT We are party to an Amended and Restated Note Purchase and Private Shelf Agreement (as amended, the "Note Agreement") with PGIM, Inc. ("Prudential") and certain existing noteholders and purchasers affiliated with Prudential named therein. Pursuant to the Note Agreement, (i) on May 15, 2020 we issued $10 million in aggregate principal amount of our 3.95% Series B Senior Notes due May 15, 2030, of which $6 million aggregate principal amount remained outstanding as of October 31, 2024, (ii) on December 16, 2021, we issued an additional $25 million in aggregate principal amount of our 3.25% Series C Senior Notes due December 16, 2031, all of which remained outstanding as of October 31, 2024, and (iii) on April 30, 2024 we issued $10 million in aggregate principal amount of our 6.47% Series D Senior Notes due April 30, 2033, all of which remained outstanding as of October 31, 2024. The Note Agreement also provides us with the ability to request, from time to time, that Prudential affiliate(s) purchase, at Prudential’s discretion and on an uncommitted basis, additional senior unsecured notes of Oil-Dri (the “Shelf Notes,” and collectively with the Series A Senior Notes, Series B Senior Notes, Series C Senior Notes, and Series D Senior Notes, the “Notes”) in an aggregate principal amount of up to $75 million minus the aggregate principal amount of Notes then outstanding and Shelf Notes that have been accepted for purchase. Interest payable on any Shelf Note agreed to be purchased under the Note Agreement will be at a rate determined by Prudential and will mature no more than fifteen years after the date of original issue of such Shelf Note. On September 21, 2023, the Company entered into Amendment No. 4 to the Note Agreement extending the time frame for issuing and selling Shelf Notes to September 21, 2026. We are party to the Credit Agreement, dated as of January 27, 2006 (as previously amended, the “Credit Agreement”), among us, BMO Harris Bank N.A (“BMO”), and certain of our domestic subsidiaries. The Credit Agreement provides for a $75 million unsecured revolving credit facility, including a maximum of $20 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. These restrictive covenants include certain financial covenants such as a covenant to maintain a maximum debt to earnings ratio and to maintain a certain fixed charge coverage ratio. On September 30, 2024, the Company entered into the Eighth Amendment to Credit Agreement (the “Eighth Amendment”). The Eighth Amendment amends the Credit Agreement to, among other things: increase the amount the Company may borrow from BMO from time to time pursuant to its revolving line of credit from up to $45 million to up to $75 million and to increase the aggregate maximum amount of letters of credit from up to $10 million to up to $20 million; add an accordion provision to allow the Company to increase the revolving line of credit by up to an additional $50 million, subject to the terms and conditions set forth in the Eighth Amendment; extend the termination date to September 30, 2029; and increase certain restrictive covenant thresholds, including but not limited to, an increase to the permitted acquisitions threshold in the restricted covenants from a cumulative total of $45 million to $100 million. As of October 31, 2024, and July 31, 2024, we were in compliance with the covenants. There were no new borrowings during the first quarter of fiscal year 2025, however, on October 30, 2024 we elected to pay down $5 million of our total borrowings under the Credit Agreement. As of October 31, 2024 we had $5 million drawn at a 6.66% interest rate. We also had $2.9 million of letters of credit outstanding under the Credit Agreement as of both October 31, 2024 and July 31, 2024. The Credit Agreement states that we may select a variable interest rate based on either the BMO prime rate or an adjusted SOFR-based rate, plus a margin that varies depending on our debt to earnings ratio, or a fixed rate as agreed between us and BMO. As of October 31, 2024, the variable rates would have been 8.00% for the BMO prime-based rate or 5.81% 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

Operating Segments (Tables)

3 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Revenue by Principal Product by Operating Segment

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


	Business to Business Products Group				Retail and Wholesale Products Group
	For the Three Months Ended October 31,
Product	2024		2023		2024		2023
Cat Litter	$	—	$	—	$	67,676	$	60,861
Industrial and Sports	—		—		11,854		$	11,416
Agricultural and Horticultural	11,582		10,315		—		—
Fluids Purification	30,603		22,406		—		$	—
Animal Health & Nutrition	6,230		6,440		—		—
Net Sales	$	48,415	$	39,161	$	79,530	$	72,277

Operating Segments Information


	Assets
	October 31, 2024		July 31, 2024
	(in thousands)
Business to Business Products Group	$	100,325	$	92,300
Retail and Wholesale Products Group	200,545		200,187
Unallocated Assets	49,301		62,118
Total Assets	$	350,171	$	354,605


	For the Three Months Ended October 31,
	Net Sales				Income
	2024		2023		2024		2023
	(in thousands)
Business to Business Products Group	$	48,415	$	39,161	$	17,110	$	11,123
Retail and Wholesale Products Group	$	79,530	72,277		$	13,377	11,331
Net Sales	$	127,945	$	111,438
Corporate Expenses					(9,297)		(9,298)
Income from Operations					21,190		13,156
Total Other Expenses, Net					(988)		(326)
Income before Income Taxes					20,202		12,830
Income Tax Expense					(3,826)		(2,088)
Net Income					16,376		10,742

Stock-Based Compensation Summary of Restricted Stock Transactions (Details) - Restricted Stock shares in Thousands	3 Months Ended
	Oct. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Non-vested restricted stock outstanding, beginning balance \| shares	398
Granted, number of shares \| shares	41
Vested, number of shares \| shares	(78)
Forfeitures, number of shares \| shares	(11)
Non-vested restricted stock outstanding, ending balance \| shares	350
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance \| $ / shares	$ 49.63
Granted, weighted average grant date fair value \| $ / shares	68.41
Vested, weighted average grant date fair value \| $ / shares	40.50
Forfeitures, weighted average grant date fair value \| $ / shares	53.66
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance \| $ / shares	$ 53.75

Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Allowance for doubtful accounts	$ 1,562	$ 934
Accumulated amortization of other intangibles	647	625
Accumulated amortization of customer list	8,431	8,149
Net unamortized debt issuance costs	$ 223	$ 226
Common
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	8,884,473	8,843,673
Treasury stock, common shares	3,723,947	3,702,185
Class B
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	2,518,056	2,518,056
Treasury stock, common shares	380,628	362,649

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Current Assets
Cash and cash equivalents	$ 12,506	$ 23,481
Accounts receivable, net of allowances of $1,562 and $934 at October 31, 2024 and July 31, 2024, respectively	70,544	62,171
Inventories, net	56,025	54,236
Prepaid expenses and other assets	5,040	7,270
Total Current Assets	144,115	147,158
Other Assets
Property, plant and equipment, net	137,947	137,796
Goodwill	15,674	15,443
Trademarks, trade names and patents, net of accumulated amortization of $647 and $625 at October 31, 2024 and July 31, 2024, respectively	6,632	6,662
Customer list, net of accumulated amortization of $8,431 and $8,149 at October 31, 2024 and July 31, 2024, respectively	19,754	20,036
Deferred income taxes	1,075	1,537
Operating lease right-of-use assets	17,552	18,667
Other	7,422	7,306
Total Other Assets	206,056	207,447
Total Assets	350,171	354,605
Current Liabilities
Current maturities of notes payable	1,000	1,000
Accounts Payable	13,824	15,009
Dividends payable	2,098	2,096
Operating lease liabilities	4,476	4,556
Accrued expenses	33,443	44,016
Total Current Liabilities	54,841	66,677
Noncurrent Liabilities
Long-term debt, net of unamortized debt issuance costs of $223 and $226 at October 31, 2024 and July 31, 2024, respectively	44,777	49,774
Deferred compensation	5,664	5,667
Long-term operating lease liabilities	14,294	15,391
Other	6,603	6,508
Total Noncurrent Liabilities	71,338	77,340
Total Liabilities	126,179	144,017
Stockholders’ Equity
Additional paid-in capital	62,601	60,877
Retained earnings	246,525	232,247
Accumulated other comprehensive income	727	769
Less Treasury Stock, at cost (3,723,947 Common and 380,628 Class B shares at October 31, 2024 and 3,702,185 Common and 362,649 Class B shares at July 31, 2024)	(87,001)	(84,441)
Total Stockholders' Equity	223,992	210,588
Total Liabilities & Stockholders’ Equity	350,171	354,605
Common
Stockholders’ Equity
Common Stock, Value, Issued	888	884
Class B
Stockholders’ Equity
Common Stock, Value, Issued	$ 252	$ 252

Stock-Based Compensation

3 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments

STOCK-BASED COMPENSATION

The Amended and Restated Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (the "2006 Plan"), permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 1,719,500. As of October 31, 2024, there were 560,724 shares of Common Stock or Class B Stock available for future grants under this plan.

Restricted Stock

All of our non-vested restricted stock as of October 31, 2024 was issued under the 2006 Plan with vesting periods generally between one and five years. We determined the fair value of restricted stock as of the grant date. We recognize the related compensation expense over the period from the date of grant to the date the shares vest.

There were 40,800 and 57,000 restricted shares of Common Stock granted during the three months ended October 31, 2024 and 2023, respectively. There were no restricted shares of Class B Stock granted during the three months ended October 31, 2024 and 125,000 in the three months ended October 31, 2023. Stock-based compensation expense was $0.9 million and $0.8 million for the three months ended October 31, 2024 and 2023, respectively.

A summary of restricted stock transactions is shown below:


	Restricted Shares (in thousands)	Weighted Average Grant Date Fair Value (per share)
Non-vested restricted stock outstanding at July 31, 2024	398	$	49.63
Granted	41	$	68.41
Vested	(78)	$	40.50
Forfeitures	(11)	$	53.66
Non-vested restricted stock outstanding at October 31, 2024	350	$	53.75

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Related Party Transaction
Accounts Payable To Related Parties	$ 13,824		$ 15,009
Net Sales	127,945	$ 111,438
Director
Related Party Transaction
Payments to related party	300	100
Accounts Payable To Related Parties	100		100
Net Sales	100	$ 100
Accounts Receivable, after Allowance for Credit Loss	$ 0		$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Earnings Per Share (Tables)

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Below is a reconciliation of the calculation of basic and diluted EPS.


	For the Three Months Ended October 31, 2024
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	16,376	$	12,456	$	3,920
Distributed and undistributed earnings on restricted shares	(817)		(517)		(300)
Income available to stockholders	$	15,559	$	11,939	$	3,620

Net Income (Numerator)			$	11,939	$	3,620
Weighted Average Shares Outstanding (Denominator)			4,922		1,984
Basic EPS			$	2.43	$	1.82

Effect of dilution - Net Income (1)			$	3,620	$	—
Net income assuming dilution (Numerator)			$	15,559	$	3,620

Effect of dilution - Shares (1)			1,984		$	—
Shares assuming dilution (Denominator)			6,906		$	1,984
Diluted EPS			$	2.25	$	1.82
(1) The impact of 131,525 shares of unvested Common Stock and 62,663 shares of unvested Class B Stock was anti-dilutive therefore not included in the calculation of diluted EPS

	For the Three Months Ended October 31, 2023
	(in thousands, except for per share data)
	Total		Common		Class B
Net income	$	10,742	$	8,236	$	2,506
Distributed and undistributed earnings on restricted shares	(570)		(453)		(117)
Income available to stockholders	$	10,172	$	7,783	$	2,389

Net Income (Numerator)			$	7,783	$	2,389
Weighted Average Shares Outstanding (Denominator)			4,827		1,967
Basic EPS			$	1.61	$	1.21

Effect of dilution - Net Income (1)			$	2,389	$	—
Net income assuming dilution (Numerator)			$	10,172	$	2,389

Effect of dilution - Shares (1)			1,967		$	—
Shares assuming dilution (Denominator)			6,794		$	1,967
Diluted EPS			$	1.50	$	1.21
(1) The impact of 210,675 shares of unvested Common Stock and 54,370 shares of unvested Class B Stock was anti-dilutive therefore not included in the calculation of diluted EPS

Goodwill and Other Intangibles Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
Finite-Lived Intangible Assets, Future Amortization Expense
Customer List	$ 19,754	$ 20,036
Goodwill	15,674	15,443
Goodwill, period adjustment	200
Amortization of intangible assets	1,200
2026	1,200
2027	1,200
2028	1,200
2029	1,200
2030	1,200
Indefinite-Lived Trademarks and Trade Names	$ 5,600
Minimum
Finite-Lived Intangible Assets, Future Amortization Expense
Finite-Lived Intangible Asset, Useful Life	18 years
Maximum
Finite-Lived Intangible Assets, Future Amortization Expense
Finite-Lived Intangible Asset, Useful Life	20 years
Ultra Pet
Finite-Lived Intangible Assets, Future Amortization Expense
Intangible Assets		37,400
Customer List		20,400
Indefinite-Lived Trade Names		5,200
Goodwill		$ 11,800

Operating Segments Level 2 (Policies)	3 Months Ended
Operating Segments Level 2 (Policies)	Oct. 31, 2024
Segment Reporting [Abstract]
Operating Segments	We have two operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, the farm and fleet channel, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies, sports field product users and marketers of consumer products. The Business to Business Products Group customers include: processors and refiners of edible oils, renewable diesel, petroleum-based oils and biodiesel fuel, manufacturers of animal feed and agricultural chemicals, and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Earnings Per Share (Details) - Restricted Stock - shares	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Common
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	131,525	210,675
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	62,663	54,370

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Oct. 31, 2024

Accumulated Other Comprehensive (Loss) Income [Abstract]

Accumulated Other Comprehensive (Loss) Income

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of October 31, 2024 (in thousands):


	Postretirement Health Benefits		Cumulative Translation Adjustment		Total Accumulated Other Comprehensive Income (Loss)
Balance as of July 31, 2024	$	1,076	$	(307)	$	769
Other comprehensive income before reclassifications, net of tax	—		(21)		(21)
Amounts reclassified from accumulated other comprehensive income, net of tax	(21)		—		(21)
Net current-period other comprehensive (loss) income, net of tax	(21)		(21)		(42)
Balance as of October 31, 2024	$	1,055	$	(328)	$	727

Operating Segments Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Revenue by Principal Product
Net Sales	$ 127,945	$ 111,438
Business to Business Products
Revenue by Principal Product
Net Sales	48,415	39,161
Business to Business Products \| Cat Litter
Revenue by Principal Product
Net Sales	0	0
Business to Business Products \| Industrial and Sports
Revenue by Principal Product
Net Sales	0	0
Business to Business Products \| Agricultural and Horticultural
Revenue by Principal Product
Net Sales	11,582	10,315
Business to Business Products \| Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	30,603	22,406
Business to Business Products \| Animal Health and Nutrition
Revenue by Principal Product
Net Sales	6,230	6,440
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	79,530	72,277
Retail and Wholesale Products \| Cat Litter
Revenue by Principal Product
Net Sales	67,676	60,861
Retail and Wholesale Products \| Industrial and Sports
Revenue by Principal Product
Net Sales	11,854	11,416
Retail and Wholesale Products \| Agricultural and Horticultural
Revenue by Principal Product
Net Sales	0	0
Retail and Wholesale Products \| Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	0	0
Retail and Wholesale Products \| Animal Health and Nutrition
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

Basis of Statement Presentation Level 3 (Tables)

3 Months Ended

Oct. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property, Plant and Equipment

The composition of property, plant and equipment is as follows (in thousands):


	October 31, 2024		July 31, 2024
Gross property, plant and equipment	335,921		333,561
Accumulated depreciation and amortization	(197,974)		(195,765)
Total Property, Plant and Equipment, Net	$	137,947	$	137,796

Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Operating Segments (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Segment Reporting Information
Assets	$ 350,171		$ 354,605
Net Sales	127,945	$ 111,438
Corporate Expenses	(9,297)	(9,298)
Income from Operations	21,190	13,156
Total Other Expenses, Net	(988)	(326)
Income Before Income Taxes	20,202	12,830
Income Tax Expense	(3,826)	(2,088)
Net Income	16,376	10,742
Business to Business Products
Segment Reporting Information
Assets	100,325		92,300
Net Sales	48,415	39,161
Segment Income	17,110	11,123
Retail and Wholesale Products
Segment Reporting Information
Assets	200,545		200,187
Net Sales	79,530	72,277
Segment Income	13,377	$ 11,331
Unallocated Assets
Segment Reporting Information
Assets	$ 49,301		$ 62,118

Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Transactions

A summary of restricted stock transactions is shown below:


	Restricted Shares (in thousands)	Weighted Average Grant Date Fair Value (per share)
Non-vested restricted stock outstanding at July 31, 2024	398	$	49.63
Granted	41	$	68.41
Vested	(78)	$	40.50
Forfeitures	(11)	$	53.66
Non-vested restricted stock outstanding at October 31, 2024	350	$	53.75

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Other Comprehensive (Loss) Income:
Net Income	$ 16,376	$ 10,742
Postretirement expenses (net of tax)	(21)	(19)
Cumulative translation adjustment	(21)	(166)
Other Comprehensive Loss	(42)	(185)
Total Comprehensive Income	$ 16,334	$ 10,557

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
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+ Details

- Definition

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

+ References

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+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Payables and Accruals [Abstract]
Accrued Payables	$ 9,522	$ 11,586
Salaries, Wages, Commissions and Employee Benefits	8,972	20,711
Taxes	4,352	1,736
Freight	4,033	2,928
Trade promotions and advertising	3,657	2,743
Other	2,087	3,104
Georgia Landfill Modification Reserve	820	1,208
Accrued expenses	$ 33,443	$ 44,016

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents	$ 0.9	$ 3.0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes Payable, Fair Value	$ 47.1	$ 51.1

Basis of Statement Presentation Property, Plant, & Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gross property, plant and equipment	$ 335,921	$ 333,561
Accumulated depreciation and amortization	197,974	195,765
Total Property, Plant and Equipment, Net	$ 137,947	$ 137,796

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Lease, Cost
Operating lease cost	$ 1,370	$ 546
Cash paid for amounts included in the measurement of operating lease liabilities	1,136	461
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 0
Weighted-average remaining lease term - operating leaes	5 years 3 months 18 days		5 years 4 months 24 days
Weighted-average discount rate - operating leases	5.10%		5.10%
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity
Fiscal year 2025 (remaining nine months)	$ 4,061
Fiscal year 2026	4,724
Fiscal year 2027	3,758
Fiscal year 2028	2,949
Fiscal year 2029	2,356
Thereafter	3,480
Total	21,328
Less: imputed interest	(2,558)
Net lease obligation	$ 18,770

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance, beginning	$ 769
Other comprehensive income before reclassifications, net of tax	(21)
Amounts reclassified from accumulated other comprehensive income, net of tax	(21)
Net current-period other comprehensive (loss) income, net of tax	42	$ 185
Accumulated Other Comprehensive Income (Loss), Balance, ending	727
Postretirement Health Benefits
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance, beginning	1,076
Other comprehensive income before reclassifications, net of tax	0
Amounts reclassified from accumulated other comprehensive income, net of tax	(21)
Net current-period other comprehensive (loss) income, net of tax	21
Accumulated Other Comprehensive Income (Loss), Balance, ending	1,055
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance, beginning	(307)
Other comprehensive income before reclassifications, net of tax	(21)
Amounts reclassified from accumulated other comprehensive income, net of tax	0
Net current-period other comprehensive (loss) income, net of tax	21
Accumulated Other Comprehensive Income (Loss), Balance, ending	$ (328)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Accrued Expenses

3 Months Ended

Oct. 31, 2024

Payables and Accruals [Abstract]

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

ACCRUED EXPENSES

Accrued expenses is as follows (in thousands):


	October 31, 2024		July 31, 2024
Payables	$	9,522	$	11,586
Salaries, Wages, Commissions and Employee Benefits	8,972		20,711
Taxes	4,352		1,736
Freight	4,033		2,928
Trade promotions and advertising	3,657		2,743
Other	2,087		3,104
Georgia Landfill Modification Reserve	820		1,208
	$	33,443	$	44,016

Leases

3 Months Ended

Oct. 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. Further information about our accounting policy for leases is included in Note 1 of the Notes to the unaudited Condensed Consolidated Financial Statements.


	For the Three Months Ended October 31,

	2024		2023

Operating lease cost	$	1,370	$	546

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


	For the Three Months Ended October 31,

		2024		2023

Cash paid for amounts included in the measurement of operating lease liabilities:		$	1,136	$	461
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—	$	—


	October 31, 2024	July 31, 2024









Weighted-average remaining lease term - operating leases	5.3 years	5.4 years


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

Lease liability maturities as of October 31, 2024, are as follows (in thousands):




Fiscal year 2025 (remaining nine months)	$	4,061
Fiscal year 2026	4,724
Fiscal year 2027	3,758
Fiscal year 2028	2,949
Fiscal year 2029	2,356
Thereafter	3,480
Total	21,328
Less: imputed interest	(2,558)
Net lease obligation	$	18,770

Other Contingencies	3 Months Ended
Other Contingencies	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Contingencies	OTHER CONTINGENCIES We are party to various legal actions from time to time that are ordinary in nature and incidental to the operation of our business, including ongoing litigation. While it is not possible at this time to determine with certainty the ultimate outcome of these or other lawsuits, we believe that none of the pending proceedings will have a material adverse effect on our business, financial condition, results of operations or cash flows. In fiscal year 2023, we recorded a reserve for anticipated modification costs that we expected to incur to address capacity issues at our sole landfill located in Ochlocknee, Georgia. Reserves are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The amount of the reserve represented management’s best estimate of the costs for the modification with respect to this matter, at the time. Work began on the modifications during fiscal year 2024. During the first quarter of fiscal year 2025, we increased the total estimated cost by $0.4 million resulting in a total $3.5 million expense related to this matter. 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.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income	$ 16,376	$ 10,742
Distributed and undistributed earnings on restricted shares	(817)	(570)
Income available to stockholders	15,559	10,172
Common
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income	12,456	8,236
Distributed and undistributed earnings on restricted shares	(517)	(453)
Income available to stockholders	$ 11,939	$ 7,783
Weighted Average Shares Outstanding (Denominator)	4,922	4,827
Basic EPS	$ 2.43	$ 1.61
Effect of dilution - Net Income	$ 3,620	$ 2,389
Net income assuming dilution	$ 15,559	$ 10,172
Effect of dilution - Shares	1,984	1,967
Diluted Common (in shares)	6,906	6,794
Diluted EPS	$ 2.25	$ 1.50
Dividend Distribution Percentage	133.33%
Common Stock, Voting Rights	one
Dividend Distribution Percentage Increase	33.33%
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income	$ 3,920	$ 2,506
Distributed and undistributed earnings on restricted shares	(300)	(117)
Income available to stockholders	$ 3,620	$ 2,389
Weighted Average Shares Outstanding (Denominator)	1,984	1,967
Basic EPS	$ 1.82	$ 1.21
Effect of dilution - Net Income	$ 0	$ 0
Net income assuming dilution	$ 3,620	$ 2,389
Effect of dilution - Shares	0	0
Diluted Common (in shares)	1,984	1,967
Diluted EPS	$ 1.82	$ 1.21
Common Stock, Voting Rights	ten

Commitment and Contingencies (Details) $ in Millions	3 Months Ended
Commitment and Contingencies (Details) $ in Millions	Oct. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Georgia Landfill Modification Reserve, Period Increase	$ 0.4
Georgia Landfill Modification Reserve	$ 3.5

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

Basis of Statement Presentation

3 Months Ended

Oct. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Statement Presentation

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in compliance with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements and the related notes are condensed and should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024.

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

The unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals and reclassifications which are, in the opinion of management, necessary for a fair presentation of the statements contained herein. Operating results for the three months ended October 31, 2024 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2025.

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

Management Use of Estimates

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

Summary of Significant Accounting Policies

Our significant accounting policies, which are summarized in detail in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, have not materially changed. The following is a description of certain of our significant accounting policies:

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

Property, Plant and Equipment. Property, plant and equipment includes depreciable assets such as building, machinery, equipment, furniture, vehicles, and capitalized spare parts. These assets are depreciated using the straight-line method over their estimated useful lives. Major improvements are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use.

The composition of property, plant and equipment is as follows (in thousands):


	October 31, 2024		July 31, 2024
Gross property, plant and equipment	335,921		333,561
Accumulated depreciation and amortization	(197,974)		(195,765)
Total Property, Plant and Equipment, Net	$	137,947	$	137,796

Land, Mining Property and Mineral Rights. We surface mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of goods sold in the period they are incurred. We defer and amortize the pre-production overburden removal costs during the development phase associated with opening a new mine.

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

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

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

We have an unconditional right to consideration under the payment terms specified in the contracts upon completion of the

performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a

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

Other Current and Noncurrent Liabilities. Other liabilities include the accruals for general expenses not yet paid, cash collected not yet vouchered, legal reserves, postretirement health benefit obligations, and reclamation liability accrual. Current liabilities are due to be paid within the next 12 months. Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet includes $4.8 million for the reclamation liability as of both October 31, 2024 and July 31, 2024 and $1.7 million for postretirement health benefit as of both October 31, 2024 and July 31, 2024, respectively.

New Accounting Pronouncements and Regulations.

Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards

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