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Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Jul. 31, 2018	Sep. 28, 2018	Jan. 31, 2018
Entity Information [Line Items]
Entity Registrant Name	Oil-Dri Corp of America
Entity Central Index Key	0000074046
Current Fiscal Year End Date	--07-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Jul. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 193,369,000
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		5,172,007
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,269,238

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Current Assets
Cash and cash equivalents	$ 12,757	$ 9,095
Short-term investments	7,124	23,576
Accounts receivable, less allowance of $817 and $748 in 2018 and 2017, respectively	33,602	32,750
Inventories	22,521	22,615
Prepaid repairs expense	4,111	3,890
Prepaid expenses and other assets	2,899	2,304
Total Current Assets	83,014	94,230
Property, Plant and Equipment
Buildings and leasehold improvements	38,534	37,284
Machinery and equipment	141,530	136,900
Office furniture and equipment	11,089	10,356
Vehicles	14,151	13,615
Gross depreciable assets	205,304	198,155
Less accumulated depreciation and amortization	(149,385)	(140,411)
Net depreciable assets	55,919	57,744
Construction in progress	13,985	9,649
Land and mineral rights	16,802	16,640
Total Property, Plant and Equipment, Net	86,706	84,033
Other Assets
Goodwill	9,262	9,034
Trademarks and patents, net of accumulated amortization of $267 and $238 in 2018 and 2017, respectively	1,220	1,223
Customer list, net of accumulated amortization of $5,540 and $4,601 in 2018 and 2017, respectively	2,245	3,184
Deferred income taxes	7,349	14,396
Other	4,886	6,475
Total Other Assets	24,962	34,312
Total Assets	194,682	212,575
Current Liabilities
Current maturities of notes payable	3,083	3,083
Accounts payable	6,543	9,594
Dividends payable	1,627	1,553
Accrued expenses
Salaries, wages and commissions	8,974	7,917
Trade promotions and advertising	1,280	2,253
Freight	1,767	1,606
Other	7,675	6,948
Total Current Liabilities	30,949	32,954
Noncurrent Liabilities
Notes payable, net of unamortized debt issuance costs of $60 and $89 in 2018 and 2017, respectively	6,107	9,161
Deferred compensation	6,100	11,537
Pension and postretirement benefits	15,906	29,161
Other	3,735	3,725
Total Noncurrent Liabilities	31,848	53,584
Total Liabilities	62,797	86,538
Stockholders’ Equity
Additional paid-in capital	38,473	36,242
Retained earnings	158,935	154,735
Noncontrolling interest	(18)	0
Accumulated Other Comprehensive Loss
Pension and postretirement benefits	(10,384)	(10,327)
Cumulative translation adjustment	(231)	35
Total Accumulated Other Comprehensive Loss	(10,615)	(10,292)
Less Treasury Stock, at cost (2,914,092 Common and 324,741 Class B shares in 2018 and 2,907,307 Common and 324,741 Class B shares in 2017)	(55,946)	(55,701)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	131,885	126,037
Total Liabilities and Stockholders’ Equity	194,682	212,575
Common Stock
Stockholders’ Equity
Common Stock, par value $.10	809	802
Common Class B
Stockholders’ Equity
Common Stock, par value $.10	$ 247	$ 251

Condensed Consolidated Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Current Assets
Allowance for doubtful accounts	$ 817	$ 748
Other Assets
Trademarks and patents accumulated amortization	267	238
Customer list accumulated amortization	5,540	4,601
Noncurrent Liabilities
Debt Issuance Costs, Noncurrent, Net	$ 60	$ 89
Stockholders’ Equity
Common Stock, par value per share	$ 0.10	$ 0.10
Common Stock
Stockholders’ Equity
Common Stock, par value per share	$ 0.10	$ 0.10
Common Stock, shares issued	8,086,849	8,015,166
Treasury Stock, shares	2,914,092	2,907,370
Common Class B
Stockholders’ Equity
Common Stock, par value per share	$ 0.10	$ 0.10
Common Stock, shares issued	2,468,979	2,513,512
Treasury Stock, shares	324,741	324,741

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Net Sales	$ 266,000	$ 262,307
Cost of Sales	(193,998)	(188,595)
Gross Profit	72,002	73,712
Selling, General and Administrative Expenses	(57,332)	(58,482)
Income from Operations	14,670	15,230
Other Income (Expense)
Interest income	259	95
Interest expense	(676)	(888)
Foreign exchange loss	0	(184)
Other, net	613	292
Total Other Income (Expense), Net	196	(685)
Income Before Income Taxes	14,866	14,545
Income Tax Expense	(6,644)	(3,753)
Net income	8,222	10,792
Net Loss Attributable to Noncontrolling Interest	(18)	0
Net Income Attributable to Oil-Dri	$ 8,240	$ 10,792
Net Income Per Share
Diluted Common	$ 1.11	$ 1.47
Average Shares Outstanding
Diluted Common (in shares)	7,222	7,158
Basic Common
Net Income Per Share
Basic	$ 1.22	$ 1.60
Average Shares Outstanding
Basic (in shares)	5,036	5,017
Basic Class B Common
Net Income Per Share
Basic	$ 0.91	$ 1.20
Average Shares Outstanding
Basic (in shares)	2,097	2,083

Consolidate Statements of Comprehensive Income Statement - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Net Income Attributable to Oil-Dri	$ 8,240	$ 10,792
Other Comprehensive Income (Loss):
Pension and postretirement benefits (net of tax)	2,207	3,540
Cumulative translation adjustment	(266)	190
Other Comprehensive Loss	1,941	3,730
Comprehensive Income	$ 10,181	$ 14,522

Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands	Total	Common & Class B Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Total, Beginning of Period at Jul. 31, 2016	$ 115,551	$ 1,050	$ 34,294	$ 149,945	$ (55,716)	$ (14,022)	$ 0
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2016		10,497,978
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2016					(3,237,694)
Net Income	10,792	$ 0	0	10,792	$ 0	0	0
Other Comprehensive Income	3,730	0	0	0	0	3,730	0
Dividends Declared	(6,002)	0	0	(6,002)	0	0	0
Purchases of Treasury Stock	(135)	0	0	0	$ (135)	0	0
Purchases of Treasury Stock (in shares)					(3,917)
Net Issuance of Stock Under Long-Term Incentive Plans	170	$ 3	17	0	$ 150	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		30,700			9,500
Share-based Compensation	424	$ 0	424	0	$ 0	0	0
Amortization of Restricted Stock	1,507	0	1,507	0	0	0	0
Total, End of Period at Jul. 31, 2017	126,037	$ 1,053	36,242	154,735	$ (55,701)	(10,292)	0
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2017		10,528,678
Treasury Stock, End of Period (in shares) at Jul. 31, 2017					(3,232,111)
Net Income	8,222	$ 0	0	8,240	$ 0	0	(18)
Other Comprehensive Income	1,941	0	0	0	0	1,941	0
Reclassification upon adoption of accounting standard	0	0	0	2,264	0	(2,264)	0
Dividends Declared	(6,304)	0	0	(6,304)	0	0	0
Purchases of Treasury Stock	(27)	0	0	0	$ (27)	0	0
Purchases of Treasury Stock (in shares)					(622)
Net Issuance of Stock Under Long-Term Incentive Plans	241	$ 3	456	0	$ (218)	0	0
Net Issuance of Stock Under Long-Term Incentive Plans (in shares)		27,150			(6,100)
Amortization of Restricted Stock	1,775	$ 0	1,775	0	$ 0	0	0
Total, End of Period at Jul. 31, 2018	$ 131,885	$ 1,056	$ 38,473	$ 158,935	$ (55,946)	$ (10,615)	$ (18)
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2018		10,555,828
Treasury Stock, End of Period (in shares) at Jul. 31, 2018					(3,238,833)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Cash Flows from Operating Activities
Net Income	$ 8,222	$ 10,792
Adjustments to reconcile net income to net cash provided by operating activites:
Depreciation and amortization	12,756	12,772
Amortization of investment discounts	(129)	(47)
Non-cash stock compensation expense	1,600	1,507
Excess tax benefits for share-based payments	0	(424)
Deferred income taxes	7,270	2,408
Provision for bad debts and cash discounts	252	(13)
Loss on the sale of property, plant and equipment	84	326
Life insurance benefits	(340)	0
(Increase) decrease in:
Accounts receivable	(522)	(2,331)
Inventories	225	666
Prepaid expenses	(807)	(1,248)
Other assets	134	(694)
Increase (decrease) in:
Accounts payable	(2,436)	2,423
Accrued expenses	771	(845)
Deferred compensation	(5,437)	1,033
Pension and postretirement benefits	(11,048)	209
Other liabilities	17	415
Total Adjustments	2,390	16,157
Net Cash Provided by Operating Activities	10,612	26,949
Cash Flows from Investing Activities
Capital expenditures	(15,074)	(14,763)
Proceeds from sale of property, plant and equipment	48	64
Payments to Acquire Businesses and Interest in Affiliates	(730)	0
Purchases of short-term investments	(35,911)	(47,531)
Dispositions of short-term investments	52,492	34,186
Proceeds from life insurance	1,747	0
Net Cash Provided by (Used in) Investing Activities	2,572	(28,044)
Cash Flows from Financing Activities
Principal payments on notes payable	(3,083)	(3,083)
Dividends paid	(6,230)	(5,926)
Purchase of treasury stock	(26)	(135)
Proceeds from issuance of common stock	0	170
Excess tax benefits for share-based payments	0	424
Net Cash Used in Financing Activities	(9,339)	(8,550)
Effect of exchange rate changes on cash and cash equivalents	(183)	111
Net Increase (Decrease) in Cash and Cash Equivalents	3,662	(9,534)
Cash and Cash Equivalents, Beginning of Year	9,095	18,629
Cash and Cash Equivalents, End of Year	12,757	9,095
Cash paid for:
Interest, net of amounts capitalized	282	484
Income taxes	1,994	3,176
Noncash investing and financing activities:
Capital expenditures accrued, but not paid	997	1,557
Cash dividends declared and accrued, but not paid	$ 1,627	$ 1,553

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

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

PRINCIPLES OF CONSOLIDATION

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

MANAGEMENT USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our estimates and assumptions are revised periodically. Actual results could differ from these estimates. For more information see Critical Accounting Policies and Estimates in Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations.”

CASH AND CASH EQUIVALENTS

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

SHORT-TERM INVESTMENTS

The table below shows the composition of short-term investments as of July 31 (in thousands):



	2018		2017
U.S. Treasury securities	$	3,992	$	13,976
Certificates of deposit	3,132		9,600
Short-term investments	$	7,124	$	23,576

Short-term investments have maturities of one year or less. We intend and have the ability to hold these investments to maturity; therefore, these investments are reported at amortized cost.

TRADE RECEIVABLES

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

INVENTORIES

Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor and other overhead costs. We performed a detailed review of our inventory items to determine if an obsolescence reserve adjustment was necessary. The review surveyed all of our operating facilities and sales groups to ensure that both historical issues and new market trends were considered. The obsolescence reserve not only considered specific items, but also took into consideration the overall value of the inventory as of the balance sheet date. We recorded inventory obsolescence reserves of approximately $1,136,000 and $619,000 as of July 31, 2018 and 2017, respectively. The reserve increased due to higher levels of discontinued, slow moving and unsaleable inventory.

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



	2018		2017
Finished goods	$	14,223	$	14,704
Packaging	5,349		4,988
Other	2,949		2,923
Inventories	$	22,521	$	22,615

TRANSLATION OF FOREIGN CURRENCIES

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

INTANGIBLES AND GOODWILL

We amortize most of our intangibles on a straight-line basis over periods ranging from 10 to 20 years. Our customer list intangible asset is amortized at an accelerated amortization rate in the earlier years to reflect the expected pattern of decline in the related benefits over time. Intangible amortization was $1,017,000 in fiscal year 2018 and $1,228,000 in fiscal year 2017. We have some intangible assets that were determined to have indefinite lives and are not amortized, specifically one acquired trademark recorded at $376,000.

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



2019	$	832
2020	$	663
2021	$	479
2022	$	330
2023	$	197

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



	Weighted Average Amortization Period
Trademarks and patents	15.9
Debt issuance costs	2.1
Customer list	5.3
Total intangible assets subject to amortization	6.8

We periodically review indefinite-lived intangibles and goodwill to assess for impairment. Our review is based on cash flow considerations and other approaches that require significant judgment with respect to volume, revenue, expenses and allocations. Impairment occurs when the carrying value exceeds the fair value. Much of our goodwill cannot be specifically assigned to one of our operating segments because of the shared nature of our production facilities; however, for purposes of our most recent impairment analysis we estimated the goodwill allocation and assigned $5,381,000 to the Retail and Wholesale Products Group and $3,881,000 to the Business to Business Products Group.

We performed our annual impairment testing in the fourth quarter of fiscal years 2018 and 2017. We will continue to consider the need to re-perform impairment testing throughout the year when circumstances such as unexpected adverse economic factors, unanticipated technological changes, competitive activities and acts by governments and courts indicate that an asset may become impaired. There was no impairment required based on our analysis for fiscal years 2018 or 2017.

OVERBURDEN REMOVAL AND MINING COSTS

We 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 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 sales in the period they are incurred. Stripping costs included in cost of sales were approximately $2,849,000 and $2,936,000 for fiscal years 2018 and 2017, respectively. We defer and amortize the pre-production overburden removal costs associated with opening a new mine. No pre-production overburden removal costs were deferred in the last two fiscal years.

Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral rights, including legal fees and drilling expenses, are also capitalized. The amount of land and mineral rights included in land on the Consolidated Balance Sheets were approximately $13,615,000 and $2,165,000, respectively, as of July 31, 2018, and were $13,453,000 and $2,165,000, respectively, as of July 31, 2017. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the mineral are also capitalized. No material capitalized pre-production development costs were recorded in fiscal years 2018 and 2017. Prepaid royalties included in current prepaid expenses and in non-current other assets on the Consolidated Balance Sheets were approximately $1,167,000 and $1,122,000 as of July 31, 2018 and 2017, respectively.

RECLAMATION

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

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

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are generally depreciated using the straight-line method over their estimated useful lives which are listed below. Depreciation expense was $11,739,000 and $11,544,000 in fiscal years 2018 and 2017, respectively. Major improvements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use. Capitalized interest was $176,000 and $80,000 in fiscal years 2018 and 2017, respectively.



	Years
Buildings and leasehold improvements	3	-	39
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	3	-	15
Office furniture and equipment	2	-	12
Vehicles	3	-	15

Property, plant and equipment are carried at cost on the Consolidated Balance Sheets and are reviewed for possible impairment on an annual basis or when circumstances indicate impairment that an asset may become impaired. We take into consideration idle and underutilized equipment and review business plans for possible impairment. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value. No impairment was recorded in either fiscal year 2018 or 2017.

TRADE PROMOTIONS

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

ADVERTISING

Advertising costs for the development of printed materials, television commercials, web-based digital banners, web-based social media and sales videos are deferred and expensed upon the first use of the materials, unless such amounts are immaterial. Costs paid for communicating advertising over a period of time, such as television air time, radio commercials and print media advertising space, are deferred and expensed on a pro-rata basis. All other advertising costs, including participation in industry conventions and shows and market research, are expensed when incurred. All advertising costs are part of selling, general and administrative expenses. Advertising expenses were approximately $10,551,000 and $13,751,000 in fiscal years 2018 and 2017, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Non-derivative financial instruments included in the Consolidated Balance Sheets are cash and cash equivalents, short-term investments and notes payable. These instruments, except for notes payable, were carried at amounts approximating fair value as of July 31, 2018 and 2017. Short-term investments were certificates of deposits and treasury securities. We intend and have the ability to hold our short-term investments to maturity; therefore, these investments were reported at amortized cost on the Consolidated Balance Sheets, which approximated fair value. See Note 4 of the Notes to the Consolidated Financial Statements for additional information regarding the fair value of our financial instruments, including notes payable.

REVENUE RECOGNITION

We recognize revenue when risk of loss and title are transferred under the terms of our sales agreements with customers at a fixed and determinable price and collection of payment is probable. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Sales returns and allowances are not material.

COST OF SALES

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

SHIPPING AND HANDLING COSTS

Shipping and handling costs are included in cost of sales and were approximately $42,542,000 and $39,226,000 for fiscal years 2018 and 2017, respectively.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

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

RESEARCH AND DEVELOPMENT

Research and development costs of approximately $3,430,000 and $3,215,000 were charged to expense as incurred for fiscal years 2018 and 2017, respectively, and are recorded in selling, general and administrative expenses.

PENSION AND POSTRETIREMENT BENEFIT COSTS

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

STOCK-BASED COMPENSATION

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

INCOME TAXES

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

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

U.S. income tax expense and foreign withholding taxes are provided on remittances of foreign earnings and on unremitted foreign earnings that are not indefinitely reinvested. Where unremitted foreign earnings are indefinitely reinvested, no provision for federal or state tax expense is recorded. When circumstances change and we determine that some or all of the undistributed earnings will be remitted in the foreseeable future, a corresponding expense is accrued in the current period. See Note 5 of the Notes to the Consolidated Financial Statements for additional information about income taxes.

NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

In the first quarter of fiscal year 2018, we adopted the FASB guidance under ASC 718, Compensation-Stock Compensation, that simplified several aspects of the accounting for share-based payment transactions, including accounting for income taxes and classification of excess tax benefits in the statement of cash flows. As a result of implementing this guidance, we recognized $175,000 of excess tax benefits as a reduction of income tax expense for fiscal year 2018, rather than in Stockholders' Equity on the Consolidated Balance Sheets, and is classified in operating activities on the Consolidated Statements of Cash Flows. These changes have been applied prospectively in accordance with the guidance and prior period presentations have not been adjusted. The adoption resulted in approximately a 1% benefit to our effective tax rate for fiscal year 2018. In addition, we excluded the excess tax benefits from the assumed proceeds available to repurchase shares under the treasury stock method for the computation of diluted earnings per share. This change did not have a material impact on our diluted earnings per share for fiscal year 2018. The guidance allows for a policy election to either use estimated forfeitures or account for them as they occur to determine the amount of compensation cost to be recognized each period. We have elected to continue to account for forfeitures on an estimated basis. No other material changes resulted from the adoption of this standard.

In the first quarter of fiscal year 2018, we adopted the FASB guidance under ASC 740, Balance Sheet Classification of Deferred Taxes, which required deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. Prior periods presented were also restated. We reclassified $2,787,000 from Total Current Assets to Total Other Assets on the Consolidated Balance Sheets as of July 31, 2017.

In the first quarter of fiscal year 2018, we adopted the FASB guidance under ASC 330, Simplifying the Measurement of Inventory. The new guidance required inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Adoption of this guidance did not have a material impact on our Consolidated Financial Statements.

In the third quarter of fiscal year 2018, we early adopted the FASB guidance under ASC 220, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Current U.S. GAAP requires deferred tax liabilities and assets to be adjusted for a change in tax laws or rates with the effect included in income from continuing operations, even when the deferred taxes being remeasured were established through other comprehensive income. As a result, a disproportionate tax effect may remain in accumulated other comprehensive income. The new guidance under ASC 220 provided an option to reclassify from accumulated other comprehensive income to retained earnings the stranded tax effects that resulted from the 2017 Tax Act, which was enacted on December 22, 2017. Upon adoption of the guidance, we reclassified $2,264,000 from accumulated other comprehensive income to retained earnings on the Consolidated Balance Sheets. See Notes 6 and 5 of the Notes to the Consolidated Financial Statements for further information about our accumulated other comprehensive income and about the impact of the 2017 Tax Act, respectively.

Recently Issued Accounting Standards

In May 2014, the FASB issued guidance under ASC 606, Revenue from Contracts with Customers, which establishes a single comprehensive revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. This guidance was subsequently amended several times to further clarify the principles for recognizing revenue. The guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. Oil-Dri's revenue is generated from the sale of finished goods to customers. Those sales predominantly contain a single delivery obligation. Under Oil-Dri's current accounting policy, revenue is recognized at a single point in time when ownership, risks and rewards transfer. We are in the process of finalizing our assessment and documentation of our evaluation of the new standard. Based on our evaluation process completed to date and review of our contracts with customers, the timing and amount of revenue recognized under the new guidance is not significantly changed from our revenue recognition under previous guidance. We plan to adopt the standard at the beginning of our first quarter of fiscal year 2019 using the modified retrospective implementation method, and we will expand our financial statement disclosures as required. The adoption of this new guidance is not expected to have a material impact on our results operations, cash flows or financial position.

In January 2016, the FASB issued guidance under ASC 825, Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This guidance is effective for our first quarter of fiscal year 2019. The provisions relevant to us relate to fair value disclosures for our notes payable, which are measured at amortized cost on the balance sheet. These provisions require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, as well as eliminate the requirement to disclose the method and significant assumptions used to estimate the fair value in such disclosure. This guidance impacts disclosures only and will not have a material impact on our Consolidated Financial Statements.

In March 2017, the FASB issued guidance under ASC 715, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires presenting the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. This standard also requires that other components of the net periodic benefit cost be presented separately from the line item(s) that includes service costs and outside of any subtotal of operating income, if one is presented, on a retrospective basis. Additionally, the new guidance limits the components that are eligible for capitalization in assets to only the service cost component. The new guidance is effective for our first quarter of fiscal year 2019. Upon adoption of this guidance, we will separately present the components of net periodic benefit cost or income related to our pension plan and postretirement health plan, excluding the service cost component, in non-operating expenses on a retrospective basis. See Note 8 of the Notes to the Consolidated Financial Statements for further information about our pension and postretirement health plans.

In February 2016, the FASB issued guidance under ASC 842, Leases, which provides that, for leases with a term greater than 12 months, a lessee must recognize in the statement of financial position both a liability to make lease payments and an asset representing its right to use the underlying asset. Other requirements describe expense recognition, as well as financial statement presentation and disclosure. This guidance is effective for our first quarter of fiscal year 2020 using a modified retrospective approach, which includes a number of optional practical expedients. Early adoption is permitted. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements.

In June 2016, the FASB issued guidance under ASC 326, Financial Instruments-Credit Losses, which requires companies to utilize an impairment model for most financial assets measured at amortized cost and certain other financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses. In addition, this new guidance changes the recognition method for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk, as well as additional disclosures. In general, this guidance will require modified retrospective adoption for all outstanding instruments that fall under this guidance. This guidance is effective for our first quarter of fiscal year 2021. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements.

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

OPERATING SEGMENTS Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

OPERATING SEGMENTS [Abstract]

Operating Segments

OPERATING SEGMENTS

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

Net sales and operating income for each segment are provided below. Revenues by product line are not provided because it would be impracticable to do so. The accounting policies of the segments are the same as those described in the Note 1 of the Notes to the Consolidated Financial Statements.

We do not rely on any operating segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance. The corporate expenses line represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual.



					July 31,
					Assets
					2018			2017
					(in thousands)
Business to Business Products					$	65,143		$	65,337
Retail and Wholesale Products					89,623			90,508
Unallocated assets (1)					39,916			56,730
Total Assets					$	194,682		$	212,575

	Year Ended July 31,
	Net Sales				Income
	2018		2017		2018			2017
	(in thousands)
Business to Business Products	$	105,043	$	100,419	$	35,120		$	33,343
Retail and Wholesale Products	160,957		161,888		6,975			6,775
Net Sales	$	266,000	$	262,307
Corporate Expenses					(27,425		)	(24,888		)
Income from Operations					14,670			15,230
Total Other Income (Expense), Net					196			(685		)
Income Before Income Taxes					14,866			14,545
Income Tax Expense					(6,644		)	(3,753		)
Net Income					$	8,222		$	10,792
Net Loss Attributable to Noncontrolling Interest					$	(18	)	$	—
Net Income Attributable to Oil-Dri					$	8,240		$	10,792

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



	2018			2017
Sales to unaffiliated customers by:
Domestic operations	$	254,158		$	249,772
Foreign subsidiaries	$	11,842		$	12,535
Sales or transfers between geographic areas:
Domestic operations	$	5,570		$	5,842
Income before income taxes:
Domestic operations	$	14,742		$	14,524
Foreign subsidiaries	$	124		$	21
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	8,249		$	10,833
Foreign subsidiaries	$	(9	)	$	(41	)
Identifiable assets:
Domestic operations (1)	$	185,361		$	204,547
Foreign subsidiaries	$	9,321		$	8,028

(1) Prior year amounts have been retrospectively adjusted to conform to the current year presentation of debt issuance costs required by new guidance under ASC 835, Simplifying the Presentation of Debt Issuance Cost. See Note 1 of the Notes to the Consolidated Financial Statements for details.

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



	2018	2017
Net sales for the years ended July 31	18%	20%
Net accounts receivable as of July 31	26%	28%

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

DEBT Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

Notes Payable [Abstract]

Debt

DEBT

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



	2018			2017
Senior notes payable in annual principal installments on August 1: $3,083 in each fiscal year 2019 through 2021. Interest is payable semiannually at an annual rate of 3.96%	$	9,250		$	12,333
Less current maturities of notes payable	(3,083		)	(3,083		)
Less unamortized debt issuance costs	$	(60	)	$	(89	)
Noncurrent notes payable	$	6,107		$	9,161

We issued senior promissory notes in November 2010 for $18,500,000. The note agreement provides that the proceeds could be used to fund future principal payments on debt, acquisitions, stock repurchases, capital expenditures and working capital purposes. The note agreement contains restrictions against certain activities, among other things and under various conditions, as well as financial covenants, including a minimum fixed charges coverage ratio and a minimum consolidated debt ratio.

On December 4, 2014, we signed a fourth amendment to our credit agreement with BMO Harris, to extend the term to December 4, 2019. The new agreement provides for a $25,000,000 unsecured revolving credit agreement, including a maximum of $5,000,000 for foreign letters of credit. The remaining terms are substantially unchanged from our previous agreement with BMO Harris, including the provision that we may select a variable rate based on either BMO Harris’ prime rate or a LIBOR-based rate, plus a margin which varies depending on our debt to earnings ratio, or a fixed rate as agreed between us and BMO Harris. As of July 31, 2018, the variable rates would have been 5.00% for the BMO Harris’ prime-based rate or 3.34% for the LIBOR-based rate. The credit agreement contains restrictive covenants that, among other things and under various conditions, limit our ability to incur additional indebtedness or to dispose of assets. The agreement also requires us to maintain a minimum fixed coverage ratio, a minimum consolidated net worth and a minimum consolidated debt ratio. We borrowed $6,000,000 at a weighted average interest rate of 2.96% under the credit agreement during the third quarter of fiscal year 2018. The amount borrowed was repaid in the fourth quarter of fiscal year 2018. The proceeds from the borrowing were used to make a voluntary contribution to our pension plan. As of July 31, 2018 and 2017, there were no outstanding borrowings under this credit agreement; however, there was a total of $1,236,000 allocated for guarantees required by one of our insurance policies and by a state environmental regulation.

Our debt agreements also contain provisions such that if we default on one debt agreement, the others will automatically default. If we default on any guaranteed debt with a balance greater than $1,000,000, our unsecured revolving credit agreement with BMO Harris will be considered in default. If we default on any debt with a balance greater than $5,000,000 we will also be considered in default with the senior promissory notes. We were in compliance with all restrictive covenants and limitations as of July 31, 2018.

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2018 (in thousands):



2019	$	3,083
2020	3,083
2021	3,084
	$	9,250

FINANCIAL INSTRUMENTS Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

FAIR VALUE [Abstract]

Fair Value

FINANCIAL INSTRUMENTS

Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into one of three categories based on the lowest level of input that is significant to the fair value measurement. Categories in the hierarchy are as follows:



Level 1:	Financial assets and liabilities whose values are based on quoted market prices in active markets for identical assets or liabilities.
Level 2:	Financial assets and liabilities whose values are based on:
	1)	Quoted prices for similar assets or liabilities in active markets.
	2)	Quoted prices for identical or similar assets or liabilities in markets that are not active.
	3)	Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.
Level 3:	Financial assets and liabilities whose values are based on valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect estimates of the assumptions that market participants would use in valuing the financial assets and liabilities.

Cash equivalents are classified as Level 1 of the fair value hierarchy because they were valued using quoted market prices in active markets. Cash equivalents were $9,920,000 and $3,814,000 as of July 31, 2018 and 2017, respectively. These cash instruments are primarily money market funds and are included in cash and cash equivalents on the Consolidated Balance Sheets.

Short-term investments on the Consolidated Balance Sheets include certificates of deposit and treasury securities. We intend and have the ability to hold our short-term investments to maturity; therefore, these investments were reported at amortized cost on the Consolidated Balance Sheets, which approximated fair value as of July 31, 2018 and 2017. These balances are excluded from the above table.

Accounts receivable and accounts payable balances on the Consolidated Balance Sheets approximate their fair values as of July 31, 2018 and 2017 due to the short maturity and nature of those balances; therefore, these balances are excluded from the above table.

Notes payable on the Consolidated Balance Sheets are carried at the face amount of future maturities and are excluded from the above table. The estimated fair value of notes payable was approximately $9,553,000 as of July 31, 2018 and $13,001,000 as of July 31, 2017. Our debt does not trade on a daily basis in an active market, therefore the fair value of notes payable was estimated based on market observable borrowing rates currently available for debt with similar terms and average maturities and is classified as Level 2.

Concentration of Credit Risk

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash, short-term investments and accounts receivable. Our cash is held in banks which are covered by the Federal Deposit Insurance Corporation; however, our cash balances are in excess of the maximum amount that is insured. Our short-term investments are placed in government-backed instruments and with other high quality institutions. Concentrations of credit risk with respect to accounts receivable are subject to the financial condition of certain major customers, principally the customer referred to in Note 2 of the Notes to the Consolidated Financial Statements. We generally do not require collateral to secure customer receivables; however, we require letters of credit for some foreign customers or we purchase insurance to reduce our risk.

- Definition

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

+ References + Details

INCOME TAXES Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

INCOME TAXES [Abstract]

Income Taxes

INCOME TAXES

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



	2018		2017
Current
Federal	$	4,490	$	2,715
Foreign	57		23
State	149		577
Current Income Tax Total	4,696		3,315
Deferred
Federal	1,491		335
Foreign	94		40
State	363		63
Deferred Income Tax Total	1,948		438
Total Income Tax Expense	$	6,644	$	3,753

On December 22, 2017, the U.S. government enacted the the 2017 Tax Act. The 2017 Tax Act included a number of changes to existing U.S. tax laws that impact us, most notably a reduction of the U.S. corporate income tax rate and acceleration of depreciation for certain assets placed into service after September 27, 2017, as well as prospective changes, including repeal of the domestic manufacturing deduction and capitalization of research and development expenditures. The 2017 Tax Act reduced the U.S. federal corporate tax rate from 35.0% to 21.0% for all corporations effective January 1, 2018. For fiscal year companies, the change in law requires the application of a blended rate for each quarter of the fiscal year of enactment. We applied a blended tax rate of 26.9% for fiscal year 2018. For fiscal years thereafter, the applicable statutory rate is 21.0%. In addition, during fiscal year 2018 the change in the U.S. corporate income tax rate caused us to adjust our U.S. net deferred tax assets to the reduced U.S. federal corporate tax rate and to record a provisional charge as a discrete item in the provision for income taxes. This transitional impact resulted in a provisional net charge of $3,996,000 in fiscal year 2018.

The guidance established a one-year measurement period (through December 22, 2018) where provisional amounts could be subject to adjustment. We are continuing to analyze the impact of the 2017 Tax Act. As such, our financial results reflect reasonable estimates of items for which the income tax effects of the 2017 Tax Act have not been completed as of July 31, 2018. Adjustments to the provisional charges will be recorded as discrete items in the provision for income taxes in the period in when those adjustments become reasonably estimable and/or the accounting is complete.

The 2017 Tax Act also included a one-time transition tax on cumulative unrepatriated foreign earnings. Based on information available, we estimated our unrepatriated foreign earnings represent a cumulative loss and therefore no additional income tax expense was recorded related to this provision.

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



	2018		2017
U.S. federal income tax rate	26.9	%	35.0	%
Depletion deductions allowed for mining	(10.1	)	(12.8	)
State income tax expense, net of federal tax expense	2.5		2.9
Difference in effective tax rate of foreign subsidiaries	0.1		—
Prior year income taxes	0.2		2.4
Change in federal tax rate applied to deferred tax assets and liabilities	26.8		—
Deduction for domestic production activities	(1.4	)	(1.4	)
Other	(0.3	)	(0.3	)
Effective income tax rate	44.7	%	25.8	%

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



	2018					2017
	Assets			Liabilities		Assets			Liabilities
Depreciation	$	—		$	3,284	$	—		$	5,888
Deferred compensation	2,057			—		5,018			—
Postretirement benefits	4,164			—		10,419			—
Allowance for doubtful accounts	118			—		163			—
Deferred marketing expenses	—			13		—			508
Other assets	374			—		427			—
Accrued expenses	2,131			—		2,930			—
Tax credits	683			—		926			—
Amortization	200			—		301			—
Inventories	570			—		251			—
Depletion	—			293		—			464
Stock-based compensation	367			—		343			—
Reclamation	309			—		418			—
Other assets – foreign	755			—		853			—
Valuation allowance	(789		)	—		(793		)	—
Total deferred taxes	$	10,939		$	3,590	$	21,256		$	6,860

The adjustment to reflect the reduced U.S. federal corporate tax rate under the 2017 Tax Act impacted the deferred tax amounts in the table above, particularly deferred taxes for depreciation, deferred compensation and postretirement benefits. Deferred taxes for postretirement benefits were also affected by a voluntary contribution that significantly reduced our pension liability. Deferred taxes for deferred compensation were also impacted by the large payout of balances in accordance with plan provisions during fiscal 2018. See Notes 8 and 9 of the Notes to the Consolidated Financial Statements for further information about our postretirement benefits and deferred compensation liabilities, respectively.

We recorded a valuation allowance of $789,000 and $793,000 as of July 31, 2018 and July 31, 2017, respectively, for the amount of the deferred tax benefit related to our foreign net operating loss carryforwards since we believe it is unlikely we will realize the benefit of these tax attributes in the future. As of July 31, 2018, we have total net operating loss carryforwards from state jurisdictions of approximately $6,800,000. No valuation allowance has been established for these carryforwards since we expect our future profitability will allow us to fully realize these tax benefits.

Our foreign subsidiaries in the United Kingdom and China have not generated any untaxed foreign income, therefore we have not provided for any related income taxes.

We had no liability for unrecognized tax benefits based on tax positions related to the current and prior fiscal years as of July 31, 2018 and 2017; correspondingly, no related interest and penalties were recognized as income tax expense and there were no accruals for such items in either of these fiscal years.

We are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Our federal income tax returns for fiscal year 2016 was under examination as of July 31, 2018 and returns for fiscal years 2015 and 2017 remain open for examination. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from three to five years. The state impact of any federal income tax changes remains subject to examination by various states for a period of up to one year after formal notification to the states. There are a limited number of open state and local income tax audits in which no material issues have been preliminarily identified. There are no material open or unsettled foreign income tax audits. We believe our accrual for tax liabilities is adequate for all open audit years.

STOCKHOLDERS EQUITY Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Common Stock

Our authorized capital stock as of July 31, 2018 and 2017 consisted of 15,000,000 shares of Common Stock, 7,000,000 shares of Class B Stock and 30,000,000 shares of Class A Common Stock, each with a par value of $.10 per share. There are no Class A Common Stock shares currently outstanding.

The Common Stock and Class B Stock are equal, on a per share basis, in all respects except as to voting rights, conversion rights, cash dividends and stock splits or stock dividends. The Class A Common Stock is equal, on a per share basis, in all respects, to the Common Stock except as to voting rights and stock splits or stock dividends. In the case of voting rights, Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share, while Class A Common Stock generally has no voting rights. Common Stock and Class A Common Stock have no conversion rights. Class B Stock is convertible on a share-by-share basis into Common Stock at any time and is subject to mandatory conversion under certain circumstances.

Common Stock is entitled to cash dividends, as and when declared or paid, equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. Class A Common Stock is entitled to cash dividends on a per share basis equal to the cash dividend on Common Stock. Additionally, while shares of Common Stock, Class A Common Stock and Class B Stock are outstanding, the sum of the per share cash dividend paid on shares of Common Stock and Class A Common Stock, must be equal to at least 133.33% of the sum of the per share cash dividend paid on Class B Stock and Class A Common Stock. See Note 3 of the Notes to the Consolidated Financial Statements regarding dividend restrictions provided in our debt agreements.

Shares of Common Stock, Class A Common Stock and Class B Stock are equal in respect of all rights to dividends (other than cash) and distributions in the form of stock or other property (including stock dividends and split-ups) in each case in the same ratio except in the case of a Special Stock Dividend. A Special Stock Dividend, which can be issued only once, is either a dividend of one share of Class A Common Stock for each share of Common Stock and Class B Stock outstanding or a recapitalization, in which half of each outstanding share of Common Stock and Class B Stock would be converted into a half share of Class A Common Stock.

Our Board of Directors has authorized in the aggregate the repurchase of 3,966,771 shares of the Company stock since fiscal year 1991. Through fiscal year-end 2018, 3,365,949 shares of Common Stock and 342,241 shares of Class B Stock have been repurchased under the Board approved repurchase authorizations. Common Stock was repurchased by other transactions authorized by management prior to the adoption of the Board’s repurchase authorizations.

Accumulated Other Comprehensive (Loss) Income

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



	Pension and Postretirement Health Benefits				Cumulative Translation Adjustment			Total Accumulated Other Comprehensive (Loss) Income
Balance as of July 31, 2016	$	(13,867	)		$	(155	)	(14,022		)
Other comprehensive income before reclassifications, net of tax	2,384			a)	190			2,574
Amounts reclassified from accumulated other comprehensive income, net of tax	1,156			b)	—			1,156
Net current-period other comprehensive income, net of tax	3,540				190			3,730
Balance as of July 31, 2017	$	(10,327	)		$	35		$	(10,292	)
Other comprehensive income (loss) before reclassifications, net of tax	1,310			a)	(266		)	1,044
Amounts reclassified from accumulated other comprehensive income, net of tax	897			b)	—			897
Net current-period other comprehensive income (loss), net of tax	2,207				(266		)	1,941
Reclassification to retained earnings upon adoption of accounting standard	$	(2,264	)		$	—		$	(2,264	)
Balance as of July 31, 2018	$	(10,384	)		$	(231	)	$	(10,615	)


a)	Amounts are net of taxes of $413,000 and $1,461,000 in fiscal years 2018 and 2017, respectively, and are included in Other Comprehensive Loss.


b)	Amounts are net of taxes of $373,000 and $709,000 in fiscal years 2018 and 2017, respectively. Amounts are included in the components of net periodic benefit cost for the pension and postretirement health plans.

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

STOCK-BASED COMPENSATION (Notes)

12 Months Ended

Jul. 31, 2018

STOCK-BASED COMPENSATION [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

We determined the fair value of stock options and restricted stock issued under our long term incentive plans as of the grant date. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. The fair value of the stock options was estimated on the date of the grant using a Black-Scholes option valuation model that used various assumptions. The risk free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. Expected life (estimated period of time outstanding) of a grant was determined by reference to the vesting schedule and past exercise behavior. The dividend rate at the date of grant was used as the best estimate of future dividends. Expected volatility was determined by calculating the standard deviation of our stock price for the five years immediately prior to the grant date. This period of time closely resembles the expected term. All stock options issued under our plans have an exercise price equal to the closing market price of our Common Stock on the date of grant.

STOCK OPTIONS

The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (“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 937,500. Stock options have been granted to our outside directors with a vesting period of one year and stock options granted to employees generally vest 25% two years after the grant date and in each of the three following anniversaries of the grant date. In addition, shares of restricted stock have been issued under the 2006 Plan as described in the restricted stock section below. As of July 31, 2018, there were 366,658 shares available for future grants under this plan.

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



	Number of Shares (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Options outstanding and exercisable at July 31, 2016	10		$	17.00	0.3	$	205
Exercised	(10	)	$	17.00		$	211
Options outstanding and exercisable at July 31, 2017	—		$	—		$	—
Options outstanding and exercisable at July 31, 2018	—		$	—		$	—

The amount of cash received from the exercise of options during fiscal year 2017 was $170,000 and the related tax benefit was $80,000.

The related compensation expense was recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service to us. No stock-based compensation expense related to stock options was recognized during either fiscal year 2018 or 2017.

RESTRICTED STOCK

All non-vested restricted stock as of July 31, 2018 was issued under the 2006 Plan with vesting periods generally from two to five years.

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



	Number of Shares (in thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2016	194		$	29.09	3.8	$	4,282
Granted	31		$	36.84
Vested	(39	)	$	26.38
Forfeited	(1	)	$	31.24
Non-vested restricted stock outstanding at July 31, 2017	185		$	30.96	2.8	$	3,893
Granted	27		$	42.59
Vested	(28	)	$	29.88
Forfeited	(6	)	$	35.90
Non-vested restricted stock outstanding at July 31, 2018	178		$	32.74	1.7	$	3,050

Stock-based compensation for restricted stock of $1,349,000 and $934,000, net of related tax effect, was recognized in fiscal years 2018 and 2017, respectively. The total restricted stock compensation related tax benefit was $426,000 and $573,000 in fiscal years 2018 and 2017, respectively.

PENSION AND OTHER POSTRETIREMENT BENEFITS Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

EMPLOYEE BENEFIT PLANS [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Oil-Dri Corporation of American Pension Plan (“Pension Plan”) is a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits are based on a formula of years of credited service and levels of compensation or stated amounts for each year of credited service.

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

A 401(k) savings plan is maintained under which we match a portion of employee contributions. This plan is available to essentially all domestic employees following a specific number of days of employment. Our contributions to this plan, and to similar plans maintained by our foreign subsidiaries, were $782,000 and $746,000 for fiscal years 2018 and 2017, respectively.

Obligations and Funded Status

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



	Pension Benefits						Postretirement Health Benefits
	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation, beginning of year	$	53,742		$	55,124		$	2,925		$	2,746
Service cost	1,723			1,826			106			125
Interest cost	2,022			1,861			84			78
Actuarial (gain) loss	(1,811		)	(3,684		)	(363		)	(11		)
Benefits paid	(1,409		)	(1,385		)	(85		)	(13		)
Benefit obligation, end of year	54,267			53,742			2,667			2,925

Change in plan assets:
Fair value of plan assets, beginning of year	27,457			25,264			—			—
Actual return on plan assets	1,719			1,921			—			—
Employer contribution	13,204			1,657			85			13
Benefits paid	(1,409		)	(1,385		)	(85		)	(13		)
Fair value of plan assets, end of year	40,971			27,457			—			—
Funded status, recorded in Consolidated Balance Sheets	$	(13,296	)	$	(26,285	)	$	(2,667	)	$	(2,925	)

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

The accumulated benefit obligation for the Pension Plan was $48,358,000 and $47,880,000 as of July 31, 2018 and July 31, 2017, respectively.

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



	Pension Benefits						Postretirement Health Benefits
	2018			2017			2018			2017
Deferred income taxes	$	3,525		$	9,311		$	639		$	1,108
Other current liabilities	$	—		$	—		$	(57	)	$	(49	)
Other noncurrent liabilities	$	(13,296	)	$	(26,285	)	$	(2,610	)	$	(2,876	)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss	$	10,301		$	10,036		$	110		$	315
Prior service cost (income)	$	2		$	3		$	(29	)	$	(27	)

Benefit Costs and Amortizations

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



	Pension Cost						Postretirement Health Benefit Cost
	2018			2017			2018			2017
Service cost	$	1,723		$	1,826		$	106		$	125
Interest cost	2,022			1,861			84			78
Expected return on plan assets	(2,168		)	(1,774		)	—			—
Amortization of:
Prior service costs (income)	2			2			(6		)	(6		)
Other actuarial loss	1,274			1,828			—			41
Net periodic benefit cost	$	2,853		$	3,743		$	184		$	238

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



	Pension Benefits						Postretirement Health Benefits
	2018			2017			2018			2017
Net actuarial gain	$	(1,034	)	$	(2,377	)	$	(276	)	$	(7	)
Amortization of:
Prior service (cost) income	(2		)	(2		)	1			4
Amortization of actuarial loss (gain)	(901		)	(1,133		)	5			(25		)
Total recognized in other comprehensive income	$	(1,937	)	$	(3,512	)	$	(270	)	$	(28	)

The following table shows amortization amounts, net of tax, expected to be recognized in fiscal year 2019 in accumulated other comprehensive income (in thousands):



Amortization of:	Pension Benefits		Postretirement Health Benefits
Net actuarial loss	$	673	$	—
Prior service cost (income)	2		(5		)
Total to be recognized as other comprehensive loss (income)	$	675	$	(5	)

Cash Flows

We have funded the Pension Plan based upon actuarially determined contributions that take into account the amount deductible for income tax purposes, the normal cost and the minimum contribution required and the maximum contribution allowed under applicable regulations. During fiscal 2018, we made an $11,500,000 voluntary contribution in excess of the minimum required amount. This contribution was made within eight and one-half months after the end of our fiscal year 2017 and therefore was deductible for our 2017 tax year. We received a greater tax benefit for this deduction in our 2017 tax year compared to the the benefit we would have received if the contribution was attributed to our 2018 tax year. See Note 5 of the Notes to the Consolidated Financial Statements for further discussion of the tax rates and other changes enacted by the 2017 Tax Act. This voluntary contribution also improved our funded status and contributed to a lower net periodic benefit expense for fiscal year 2018 compared to fiscal 2017.

We do not expect to make a contribution to the Pension Plan in fiscal year 2019. The postretirement health plan is an unfunded plan. Our policy is to pay insurance premiums and claims from our assets.

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



	Pension Benefits		Postretirement Health Benefits
2019	$	1,687	$	57
2020	$	1,699	$	95
2021	$	1,786	$	122
2022	$	1,904	$	124
2023	$	1,944	$	165
2024-28	$	13,139	$	1,360

Assumptions

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



	Pension Benefits		Postretirement Health Benefits
	2018	2017	2018	2017
Discount rate for net periodic benefit costs	3.75%	3.36%	3.26%	2.71%
Discount rate for year-end obligations	4.04%	3.75%	3.81%	3.26%
Rate of increase in compensation levels for net periodic benefit costs	3.50%	3.50%	—	—
Rate of increase in compensation levels for year-end obligations	3.50%	3.50%	—	—
Long-term expected rate of return on assets	7.00%	7.00%	—	—

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

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

For fiscal year 2018, the medical cost trend assumption used for the postretirement health benefit cost was 7.2%. The graded trend rate is expected to decrease to an ultimate rate of 4.5% in fiscal year 2036.

The following table reflects the effect on postretirement health costs and accruals in fiscal year 2018 of a one-percentage point change in the assumed health care cost trend (in thousands):



	One-Percentage Point Increase	One-Percentage Point Decrease
Effect on total service and interest cost	$26	$(22)
Effect on accumulated postretirement benefit obligation	$274	$(243)

Pension Plan Assets

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

We measure and monitor the plan’s asset investment performance and the allocation of assets through quarterly investment portfolio reviews. Investment performance is measured by absolute returns, returns relative to benchmark indices and any other appropriate basis of comparison. The targeted allocation percentages of plan assets is shown below for fiscal year 2019 and the actual allocation as of July 31:



Asset Allocation	Target fiscal 2019	2018	2017
Cash and accrued income	2%	—%	—%
Fixed income	38%	36%	44%
Equity	60%	64%	56%

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



	Fair Value At July 31, 2018
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents^(a)	$	1,102	$	1,102	$	—
Equity securities^(b):
U.S. companies	14,253		5,519		8,734
International companies	3,157		3,157		—
Equity securities - international mutual funds:
Developed market^(c)	5,851		—		5,851
Emerging markets^(d)	905		—		905
Commodities^(e)	687		—		687
Fixed Income:
U.S. Treasuries	1,929		—		1,929
Bonds^(e)	8,325		—		8,325
Government sponsored entities^(f)	1,814		—		1,814
Money market fund^(g)	1,567		—		1,567
Other^(h)	1,381		—		1,381
Total	$	40,971	$	9,778	$	31,193


	Fair Value At July 31, 2017
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents^(a)	$	97	$	97	$	—
Equity securities^(b):
U.S. companies	8,696		3,933		4,763
International companies	2,119		2,119		—
Equity securities - international mutual funds:
Developed market^(c)	4,207		—		4,207
Emerging markets^(d)	374		—		374
Fixed Income:
U.S. Treasuries	2,080		—		2,080
Bonds^(e)	5,264		—		5,264
Government sponsored entities^(f)	2,529		—		2,529
Money market fund^(g)	1,087		—		1,087
Other^(h)	1,004		—		1,004
Total	$	27,457	$	6,149	$	21,308


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


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


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


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


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


(f)	This class represents a beneficial ownership interest in a pool of single-family residential mortgage loans. These investments are generally not backed by the full faith and credit of the United States government, except for securities valued at $443,000 in our portfolio as of July 31, 2018 and $577,000 as of July 31, 2017.

(g)

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


(h)	This class seeks long-term positive returns by employing a number of arbitrage and alternative investment strategies. The portfolio of instruments may include equities, debt securities, warrants, options, swaps, future contracts, forwards or other types of derivative instruments.

DEFERRED COMPENSATION Level 1 (Notes)	12 Months Ended
DEFERRED COMPENSATION Level 1 (Notes)	Jul. 31, 2018
DEFERRED COMPENSATION [Abstract]
Deferred Compensation	DEFERRED COMPENSATION Oil-Dri's deferred compensation plans permit directors and certain management employees to defer portions of their compensation and to earn interest on the deferred amounts. Participants have deferred $578,000 and $677,000 into these plans in fiscal years 2018 and 2017, respectively. We recorded $371,000 and $404,000 of interest expense associated with these plans in fiscal years 2018 and 2017, respectively. Payments to participants were $6,010,000 and $581,000 in fiscal years 2018 and 2017, respectively, and the total liability recorded for deferred compensation was $4,218,000 and $9,617,000 as of July 31, 2018 and 2017, respectively. The Oil-Dri Corporation of America Annual Incentive Plan provides certain executives with the opportunity to receive a deferred executive bonus award if certain financial goals are met. A total of $609,000 and $583,000 were awarded to certain executives for fiscal years 2018 and 2017, respectively. These awards will vest and accrue interest over a three-year period. Both of the above deferred compensation plans are unfunded. We fund these benefits when payments are made, and the timing and amount of the payments are determined according to the plans' provisions and, for certain plans, according to individual employee agreements. The Oil-Dri Corporation of America Supplemental Executive Retirement Plan (“SERP”) provides certain retired participants in the Pension Plan with the amount of benefits that would have been provided under the Pension Plan but for: (1) the limitations on benefits imposed by Section 415 of the Internal Revenue Code (“Code”), and/or (2) the limitation on compensation for purposes of calculating benefits under the Pension Plan imposed by Section 401(a)(17) of the Code. The SERP liability is actuarially determined at the end of each fiscal year using assumptions similar to those used for the Pension Plan, see Note 8 of the Notes to the Consolidated Financial Statements. The SERP liability was $2,169,000 and $2,082,000 as of July 31, 2018 and July 31, 2017, respectively. We recorded expense related to the SERP of $87,000 and $114,000 in fiscal years 2018 and 2017, respectively. The SERP is unfunded and benefits will be funded when payments are made.

OTHER CONTINGENCIES Level 1 (Notes)	12 Months Ended
OTHER CONTINGENCIES Level 1 (Notes)	Jul. 31, 2018
OTHER CONTINGENCIES [Abstract]
Other Contingencies Disclosure	OTHER CONTINGENCIES We are party to various legal actions from time to time that are ordinary in nature and incidental to the operation of our business. 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. See Item 3 “Legal Proceedings” for more information about specific legal matters related to our patents.

LEASES Level 1 (Notes)

12 Months Ended

Jul. 31, 2018

Leases [Abstract]

Leases of Lessor Disclosure

LEASES

Our mining operations are conducted on property we lease or own. These leases generally provide us with the right to mine as long as we continue to pay a minimum monthly rental, which is typically applied against the per ton royalty when the property is mined. We also lease certain offices and production facilities. In addition, we may lease vehicles, railcars, mining property and equipment, warehouse space, data processing equipment, and office equipment. In most cases, we expect that, in the normal course of business, leases will be renewed or replaced by other leases.

The following is a schedule by fiscal year of future minimum rent requirements under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of July 31, 2018 (in thousands):



2019	$	2,134
2020	$	1,735
2021	$	1,424
2022	$	1,410
2023	$	778
Later years	$	7,810

The following schedule shows the composition of total rent expense by fiscal year for all operating leases, including those with terms of one month or less which were not renewed (in thousands):



	2018		2017
Vehicles and Railcars	$	1,404	$	1,431
Office facilities	985		959
Warehouse facilities	408		379
Mining properties:
Minimum	106		113
Contingent (1)	208		191
Other	92		78
	$	3,203	$	3,151

(1) Contingent mining royalty payments are determined based on the tons of raw clay mined.

SUBSEQUENT EVENTS Level 1 (Notes)	12 Months Ended
SUBSEQUENT EVENTS Level 1 (Notes)	Jul. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements.

RELATED PARTY TRANSACTIONS (Notes)	12 Months Ended
RELATED PARTY TRANSACTIONS (Notes)	Jul. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTIES One member of our Board of Directors is currently the President and Chief Executive Officer of a customer of ours. Total net sales to that customer, including sales to subsidiaries of that customer, were $388,000 and $395,000 for fiscal years 2018 and 2017, respectively. There were $14,000 outstanding accounts receivable due from that customer, and its subsidiaries, as of July 31, 2018. There was no outstanding amount due from that customer, and its subsidiaries, as of July 31, 2017. One member of our Board of Directors is currently the President and Chief Executive Officer of a vendor of ours. Total payments to this vendor for fees and cost reimbursements were $229,000 and $321,000 for fiscal years 2018 and 2017, respectively. There were no outstanding amounts due to that vendor as of July 31, 2018. There were $19,000 outstanding accounts payable due to that vendor as of July 31, 2017.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 2 (Policies)

12 Months Ended

Jul. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATION

Management Use of Estimates

MANAGEMENT USE OF ESTIMATES

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

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

Short-Term Investments

SHORT-TERM INVESTMENTS

The table below shows the composition of short-term investments as of July 31 (in thousands):



	2018		2017
U.S. Treasury securities	$	3,992	$	13,976
Certificates of deposit	3,132		9,600
Short-term investments	$	7,124	$	23,576

Short-term investments have maturities of one year or less. We intend and have the ability to hold these investments to maturity; therefore, these investments are reported at amortized cost.

Trade Receivables

TRADE RECEIVABLES

Inventories

INVENTORIES

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



	2018		2017
Finished goods	$	14,223	$	14,704
Packaging	5,349		4,988
Other	2,949		2,923
Inventories	$	22,521	$	22,615

Translation of Foreign Currencies

TRANSLATION OF FOREIGN CURRENCIES

Intangibles and Goodwill

INTANGIBLES AND GOODWILL

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



2019	$	832
2020	$	663
2021	$	479
2022	$	330
2023	$	197

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



	Weighted Average Amortization Period
Trademarks and patents	15.9
Debt issuance costs	2.1
Customer list	5.3
Total intangible assets subject to amortization	6.8

Overburden Removal and Mining Costs

OVERBURDEN REMOVAL AND MINING COSTS

Reclamation

RECLAMATION

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT



	Years
Buildings and leasehold improvements	3	-	39
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	3	-	15
Office furniture and equipment	2	-	12
Vehicles	3	-	15

Trade Promotions

TRADE PROMOTIONS

Advertising

ADVERTISING

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Revenue Recognition

REVENUE RECOGNITION

Cost of Sales

COST OF SALES

Shipping and Handling Costs

SHIPPING AND HANDLING COSTS

Shipping and handling costs are included in cost of sales and were approximately $42,542,000 and $39,226,000 for fiscal years 2018 and 2017, respectively.

Selling, General and Administrative Expenses

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Research and Development

RESEARCH AND DEVELOPMENT

Pension and Postretirement Benefit Costs

PENSION AND POSTRETIREMENT BENEFIT COSTS

Stock-Based Compensation

STOCK-BASED COMPENSATION

Income Taxes

INCOME TAXES

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Standards

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

OPERATING SEGMENTS Level 2 (Policy)	12 Months Ended
OPERATING SEGMENTS Level 2 (Policy)	Jul. 31, 2018
Accounting Policies [Abstract]
Segment Reporting	We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, wholesale clubs, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies and sports field product users. The Business to Business Products Group customers include: processors and refiners of edible oils, petroleum-based oils and biodiesel fuel; manufacturers of animal feed and agricultural chemicals; distributors of animal health and nutrition products; and marketers of consumer products.

FINANCIAL INSTRUMENTS Fair Value (Policies)

12 Months Ended

Jul. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurement, Policy



Level 1:	Financial assets and liabilities whose values are based on quoted market prices in active markets for identical assets or liabilities.
Level 2:	Financial assets and liabilities whose values are based on:
	1)	Quoted prices for similar assets or liabilities in active markets.
	2)	Quoted prices for identical or similar assets or liabilities in markets that are not active.
	3)	Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.
Level 3:	Financial assets and liabilities whose values are based on valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect estimates of the assumptions that market participants would use in valuing the financial assets and liabilities.

STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Policies)	12 Months Ended
	Jul. 31, 2018
Accounting Policies [Abstract]
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	STOCK-BASED COMPENSATION We account for stock options and restricted stock issued under our long term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information. We determined the fair value of stock options and restricted stock issued under our long term incentive plans as of the grant date. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. The fair value of the stock options was estimated on the date of the grant using a Black-Scholes option valuation model that used various assumptions. The risk free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. Expected life (estimated period of time outstanding) of a grant was determined by reference to the vesting schedule and past exercise behavior. The dividend rate at the date of grant was used as the best estimate of future dividends. Expected volatility was determined by calculating the standard deviation of our stock price for the five years immediately prior to the grant date. This period of time closely resembles the expected term. All stock options issued under our plans have an exercise price equal to the closing market price of our Common Stock on the date of grant.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jul. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Short-Term Investments

The table below shows the composition of short-term investments as of July 31 (in thousands):



	2018		2017
U.S. Treasury securities	$	3,992	$	13,976
Certificates of deposit	3,132		9,600
Short-term investments	$	7,124	$	23,576

Inventories

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



	2018		2017
Finished goods	$	14,223	$	14,704
Packaging	5,349		4,988
Other	2,949		2,923
Inventories	$	22,521	$	22,615

Estimated Intangible Amortization Expense

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



2019	$	832
2020	$	663
2021	$	479
2022	$	330
2023	$	197

Acquired Finite-Lived Intangible Assets Weighted Average Amortization Period

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



	Weighted Average Amortization Period
Trademarks and patents	15.9
Debt issuance costs	2.1
Customer list	5.3
Total intangible assets subject to amortization	6.8

Property, Plant and Equipment Estimated Useful Lives



	Years
Buildings and leasehold improvements	3	-	39
Machinery and equipment
Packaging	2	-	20
Processing	2	-	25
Mining and other	3	-	15
Office furniture and equipment	2	-	12
Vehicles	3	-	15

OPERATING SEGMENTS (Tables)

12 Months Ended

Jul. 31, 2018

OPERATING SEGMENTS [Abstract]

Segment Reporting Information



					July 31,
					Assets
					2018			2017
					(in thousands)
Business to Business Products					$	65,143		$	65,337
Retail and Wholesale Products					89,623			90,508
Unallocated assets (1)					39,916			56,730
Total Assets					$	194,682		$	212,575

	Year Ended July 31,
	Net Sales				Income
	2018		2017		2018			2017
	(in thousands)
Business to Business Products	$	105,043	$	100,419	$	35,120		$	33,343
Retail and Wholesale Products	160,957		161,888		6,975			6,775
Net Sales	$	266,000	$	262,307
Corporate Expenses					(27,425		)	(24,888		)
Income from Operations					14,670			15,230
Total Other Income (Expense), Net					196			(685		)
Income Before Income Taxes					14,866			14,545
Income Tax Expense					(6,644		)	(3,753		)
Net Income					$	8,222		$	10,792
Net Loss Attributable to Noncontrolling Interest					$	(18	)	$	—
Net Income Attributable to Oil-Dri					$	8,240		$	10,792

Financial Information by Geographic Region

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



	2018			2017
Sales to unaffiliated customers by:
Domestic operations	$	254,158		$	249,772
Foreign subsidiaries	$	11,842		$	12,535
Sales or transfers between geographic areas:
Domestic operations	$	5,570		$	5,842
Income before income taxes:
Domestic operations	$	14,742		$	14,524
Foreign subsidiaries	$	124		$	21
Net Income (Loss) attributable to Oil-Dri:
Domestic operations	$	8,249		$	10,833
Foreign subsidiaries	$	(9	)	$	(41	)
Identifiable assets:
Domestic operations (1)	$	185,361		$	204,547
Foreign subsidiaries	$	9,321		$	8,028

Largest Customer Information



	2018	2017
Net sales for the years ended July 31	18%	20%
Net accounts receivable as of July 31	26%	28%

DEBT (Tables)

12 Months Ended

Jul. 31, 2018

Notes Payable [Abstract]

Schedule of Notes Payable

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



	2018			2017
Senior notes payable in annual principal installments on August 1: $3,083 in each fiscal year 2019 through 2021. Interest is payable semiannually at an annual rate of 3.96%	$	9,250		$	12,333
Less current maturities of notes payable	(3,083		)	(3,083		)
Less unamortized debt issuance costs	$	(60	)	$	(89	)
Noncurrent notes payable	$	6,107		$	9,161

Schedule of Maturities

The following is a schedule by fiscal year of future principal maturities of notes payable as of July 31, 2018 (in thousands):



2019	$	3,083
2020	3,083
2021	3,084
	$	9,250

INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2018

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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



	2018		2017
Current
Federal	$	4,490	$	2,715
Foreign	57		23
State	149		577
Current Income Tax Total	4,696		3,315
Deferred
Federal	1,491		335
Foreign	94		40
State	363		63
Deferred Income Tax Total	1,948		438
Total Income Tax Expense	$	6,644	$	3,753

Schedule of Effective Income Tax Rate Reconciliation

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



	2018		2017
U.S. federal income tax rate	26.9	%	35.0	%
Depletion deductions allowed for mining	(10.1	)	(12.8	)
State income tax expense, net of federal tax expense	2.5		2.9
Difference in effective tax rate of foreign subsidiaries	0.1		—
Prior year income taxes	0.2		2.4
Change in federal tax rate applied to deferred tax assets and liabilities	26.8		—
Deduction for domestic production activities	(1.4	)	(1.4	)
Other	(0.3	)	(0.3	)
Effective income tax rate	44.7	%	25.8	%

Schedule of Deferred Tax Assets and Liabilities

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



	2018					2017
	Assets			Liabilities		Assets			Liabilities
Depreciation	$	—		$	3,284	$	—		$	5,888
Deferred compensation	2,057			—		5,018			—
Postretirement benefits	4,164			—		10,419			—
Allowance for doubtful accounts	118			—		163			—
Deferred marketing expenses	—			13		—			508
Other assets	374			—		427			—
Accrued expenses	2,131			—		2,930			—
Tax credits	683			—		926			—
Amortization	200			—		301			—
Inventories	570			—		251			—
Depletion	—			293		—			464
Stock-based compensation	367			—		343			—
Reclamation	309			—		418			—
Other assets – foreign	755			—		853			—
Valuation allowance	(789		)	—		(793		)	—
Total deferred taxes	$	10,939		$	3,590	$	21,256		$	6,860

STOCKHOLDERS EQUITY Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Jul. 31, 2018

Accumulated Other Comprehensive Income [Abstract]

Comprehensive Income (Loss)

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



	Pension and Postretirement Health Benefits				Cumulative Translation Adjustment			Total Accumulated Other Comprehensive (Loss) Income
Balance as of July 31, 2016	$	(13,867	)		$	(155	)	(14,022		)
Other comprehensive income before reclassifications, net of tax	2,384			a)	190			2,574
Amounts reclassified from accumulated other comprehensive income, net of tax	1,156			b)	—			1,156
Net current-period other comprehensive income, net of tax	3,540				190			3,730
Balance as of July 31, 2017	$	(10,327	)		$	35		$	(10,292	)
Other comprehensive income (loss) before reclassifications, net of tax	1,310			a)	(266		)	1,044
Amounts reclassified from accumulated other comprehensive income, net of tax	897			b)	—			897
Net current-period other comprehensive income (loss), net of tax	2,207				(266		)	1,941
Reclassification to retained earnings upon adoption of accounting standard	$	(2,264	)		$	—		$	(2,264	)
Balance as of July 31, 2018	$	(10,384	)		$	(231	)	$	(10,615	)


a)	Amounts are net of taxes of $413,000 and $1,461,000 in fiscal years 2018 and 2017, respectively, and are included in Other Comprehensive Loss.


b)	Amounts are net of taxes of $373,000 and $709,000 in fiscal years 2018 and 2017, respectively. Amounts are included in the components of net periodic benefit cost for the pension and postretirement health plans.

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

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jul. 31, 2018

STOCK-BASED COMPENSATION [Abstract]

Schedule of stock option plans transactions

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



	Number of Shares (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Options outstanding and exercisable at July 31, 2016	10		$	17.00	0.3	$	205
Exercised	(10	)	$	17.00		$	211
Options outstanding and exercisable at July 31, 2017	—		$	—		$	—
Options outstanding and exercisable at July 31, 2018	—		$	—		$	—

Schedule of summary of restricted stock

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



	Number of Shares (in thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)	Unamortized Expense (in thousands)
Non-vested restricted stock outstanding at July 31, 2016	194		$	29.09	3.8	$	4,282
Granted	31		$	36.84
Vested	(39	)	$	26.38
Forfeited	(1	)	$	31.24
Non-vested restricted stock outstanding at July 31, 2017	185		$	30.96	2.8	$	3,893
Granted	27		$	42.59
Vested	(28	)	$	29.88
Forfeited	(6	)	$	35.90
Non-vested restricted stock outstanding at July 31, 2018	178		$	32.74	1.7	$	3,050

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Jul. 31, 2018

EMPLOYEE BENEFIT PLANS [Abstract]

Schedule of Obligations and Funded Status

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



	Pension Benefits						Postretirement Health Benefits
	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation, beginning of year	$	53,742		$	55,124		$	2,925		$	2,746
Service cost	1,723			1,826			106			125
Interest cost	2,022			1,861			84			78
Actuarial (gain) loss	(1,811		)	(3,684		)	(363		)	(11		)
Benefits paid	(1,409		)	(1,385		)	(85		)	(13		)
Benefit obligation, end of year	54,267			53,742			2,667			2,925

Change in plan assets:
Fair value of plan assets, beginning of year	27,457			25,264			—			—
Actual return on plan assets	1,719			1,921			—			—
Employer contribution	13,204			1,657			85			13
Benefits paid	(1,409		)	(1,385		)	(85		)	(13		)
Fair value of plan assets, end of year	40,971			27,457			—			—
Funded status, recorded in Consolidated Balance Sheets	$	(13,296	)	$	(26,285	)	$	(2,667	)	$	(2,925	)

Schedule of Amounts Recognized in Balance Sheet

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



	Pension Benefits						Postretirement Health Benefits
	2018			2017			2018			2017
Deferred income taxes	$	3,525		$	9,311		$	639		$	1,108
Other current liabilities	$	—		$	—		$	(57	)	$	(49	)
Other noncurrent liabilities	$	(13,296	)	$	(26,285	)	$	(2,610	)	$	(2,876	)
Accumulated other comprehensive loss – net of tax:
Net actuarial loss	$	10,301		$	10,036		$	110		$	315
Prior service cost (income)	$	2		$	3		$	(29	)	$	(27	)

Schedule of Net Benefit Costs

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



	Pension Cost						Postretirement Health Benefit Cost
	2018			2017			2018			2017
Service cost	$	1,723		$	1,826		$	106		$	125
Interest cost	2,022			1,861			84			78
Expected return on plan assets	(2,168		)	(1,774		)	—			—
Amortization of:
Prior service costs (income)	2			2			(6		)	(6		)
Other actuarial loss	1,274			1,828			—			41
Net periodic benefit cost	$	2,853		$	3,743		$	184		$	238

Schedule of Amounts Recognized in Other Comprehensive Income

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



	Pension Benefits						Postretirement Health Benefits
	2018			2017			2018			2017
Net actuarial gain	$	(1,034	)	$	(2,377	)	$	(276	)	$	(7	)
Amortization of:
Prior service (cost) income	(2		)	(2		)	1			4
Amortization of actuarial loss (gain)	(901		)	(1,133		)	5			(25		)
Total recognized in other comprehensive income	$	(1,937	)	$	(3,512	)	$	(270	)	$	(28	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The following table shows amortization amounts, net of tax, expected to be recognized in fiscal year 2019 in accumulated other comprehensive income (in thousands):



Amortization of:	Pension Benefits		Postretirement Health Benefits
Net actuarial loss	$	673	$	—
Prior service cost (income)	2		(5		)
Total to be recognized as other comprehensive loss (income)	$	675	$	(5	)

Schedule of Expected Benefit Payments

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



	Pension Benefits		Postretirement Health Benefits
2019	$	1,687	$	57
2020	$	1,699	$	95
2021	$	1,786	$	122
2022	$	1,904	$	124
2023	$	1,944	$	165
2024-28	$	13,139	$	1,360

Schedule of Assumptions Used

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



	Pension Benefits		Postretirement Health Benefits
	2018	2017	2018	2017
Discount rate for net periodic benefit costs	3.75%	3.36%	3.26%	2.71%
Discount rate for year-end obligations	4.04%	3.75%	3.81%	3.26%
Rate of increase in compensation levels for net periodic benefit costs	3.50%	3.50%	—	—
Rate of increase in compensation levels for year-end obligations	3.50%	3.50%	—	—
Long-term expected rate of return on assets	7.00%	7.00%	—	—

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

The following table reflects the effect on postretirement health costs and accruals in fiscal year 2018 of a one-percentage point change in the assumed health care cost trend (in thousands):



	One-Percentage Point Increase	One-Percentage Point Decrease
Effect on total service and interest cost	$26	$(22)
Effect on accumulated postretirement benefit obligation	$274	$(243)

Schedule of Allocation of Plan Assets

The targeted allocation percentages of plan assets is shown below for fiscal year 2019 and the actual allocation as of July 31:



Asset Allocation	Target fiscal 2019	2018	2017
Cash and accrued income	2%	—%	—%
Fixed income	38%	36%	44%
Equity	60%	64%	56%

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



	Fair Value At July 31, 2018
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents^(a)	$	1,102	$	1,102	$	—
Equity securities^(b):
U.S. companies	14,253		5,519		8,734
International companies	3,157		3,157		—
Equity securities - international mutual funds:
Developed market^(c)	5,851		—		5,851
Emerging markets^(d)	905		—		905
Commodities^(e)	687		—		687
Fixed Income:
U.S. Treasuries	1,929		—		1,929
Bonds^(e)	8,325		—		8,325
Government sponsored entities^(f)	1,814		—		1,814
Money market fund^(g)	1,567		—		1,567
Other^(h)	1,381		—		1,381
Total	$	40,971	$	9,778	$	31,193


	Fair Value At July 31, 2017
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)
Asset Class
Cash and cash equivalents^(a)	$	97	$	97	$	—
Equity securities^(b):
U.S. companies	8,696		3,933		4,763
International companies	2,119		2,119		—
Equity securities - international mutual funds:
Developed market^(c)	4,207		—		4,207
Emerging markets^(d)	374		—		374
Fixed Income:
U.S. Treasuries	2,080		—		2,080
Bonds^(e)	5,264		—		5,264
Government sponsored entities^(f)	2,529		—		2,529
Money market fund^(g)	1,087		—		1,087
Other^(h)	1,004		—		1,004
Total	$	27,457	$	6,149	$	21,308


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


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


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


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


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


(f)	This class represents a beneficial ownership interest in a pool of single-family residential mortgage loans. These investments are generally not backed by the full faith and credit of the United States government, except for securities valued at $443,000 in our portfolio as of July 31, 2018 and $577,000 as of July 31, 2017.

(g)


(h)	This class seeks long-term positive returns by employing a number of arbitrage and alternative investment strategies. The portfolio of instruments may include equities, debt securities, warrants, options, swaps, future contracts, forwards or other types of derivative instruments.

LEASES (Tables)

12 Months Ended

Jul. 31, 2018

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases



2019	$	2,134
2020	$	1,735
2021	$	1,424
2022	$	1,410
2023	$	778
Later years	$	7,810

Schedule of Rent Expense

The following schedule shows the composition of total rent expense by fiscal year for all operating leases, including those with terms of one month or less which were not renewed (in thousands):



	2018		2017
Vehicles and Railcars	$	1,404	$	1,431
Office facilities	985		959
Warehouse facilities	408		379
Mining properties:
Minimum	106		113
Contingent (1)	208		191
Other	92		78
	$	3,203	$	3,151

(1) Contingent mining royalty payments are determined based on the tons of raw clay mined.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Short-Term Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Investment
Short-term investments	$ 7,124	$ 23,576
U.S. Treasury Securities
Investment
Short-term investments	3,992	13,976
Certificates of Deposit
Investment
Short-term investments	$ 3,132	$ 9,600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Finished goods	$ 14,223	$ 14,704
Packaging	5,349	4,988
Other	2,949	2,923
Inventories	$ 22,521	$ 22,615

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Amortization Expense (Details) $ in Thousands	Jul. 31, 2018 USD ($)
Estimated Intangible Amortization Expense
2019	$ 832
2020	663
2021	479
2022	330
2023	$ 197

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Weighted Average Amortization Period (Details)	12 Months Ended
	Jul. 31, 2018
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	6 years 9 months 17 days
Trademarks and patents
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	15 years 10 months 23 days
Debt issuance costs
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	2 years 1 month 5 days
Customer list
Finite-Lived Intangible Assets
Finite-lived Intangible Assets, Weighted Average Amortization Period	5 years 3 months 18 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details)	12 Months Ended
	Jul. 31, 2018
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment
Estimated useful life	3 years
Minimum \| Machinery and Equipment - Packaging
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Machinery and Equipment - Processing
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Machinery and Equipment - Mining and Other
Property, Plant and Equipment
Estimated useful life	3 years
Minimum \| Office furniture and equipment
Property, Plant and Equipment
Estimated useful life	2 years
Minimum \| Vehicles
Property, Plant and Equipment
Estimated useful life	3 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment
Estimated useful life	39 years
Maximum \| Machinery and Equipment - Packaging
Property, Plant and Equipment
Estimated useful life	20 years
Maximum \| Machinery and Equipment - Processing
Property, Plant and Equipment
Estimated useful life	25 years
Maximum \| Machinery and Equipment - Mining and Other
Property, Plant and Equipment
Estimated useful life	15 years
Maximum \| Office furniture and equipment
Property, Plant and Equipment
Estimated useful life	12 years
Maximum \| Vehicles
Property, Plant and Equipment
Estimated useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Maximum maturity of cash equivalents	3 months	3 months
Short-term investments original maturity maximum	1 year	1 year
Inventory obsolescence reserves	$ 1,136,000	$ 619,000
Amortization of intangibles	1,017,000	1,228,000
Indefinite-lived trademarks	376,000	376
Goodwill	9,262,000	9,034,000
Goodwill impairment	0	0
Stripping costs	2,849,000	2,936,000
Pre-production overburden removal costs	0	0
Land	13,615,000	13,453,000
Mineral rights	2,165,000	2,165,000
Pre-production development costs	0	0
Prepaid royalties	1,167,000	1,122,000
Depreciation	11,739,000	11,544,000
Interest Costs Capitalized	176,000	80,000
Impairment of property, plant and equipment	0	0
Advertising expense	10,551,000	13,751,000
Shipping and handling costs	42,542,000	39,226,000
Research and development costs	$ 3,430,000	$ 3,215,000
Minimum
Amortization period of intangible assets (years)	10 years	10 years
Maximum
Amortization period of intangible assets (years)	20 years	20 years
Retail and Wholesale Products
Goodwill	$ 5,381,000
Business to Business Products
Goodwill	3,881,000
Compensation-Stock Compensation
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 175,000
Impact on effective tax rate of adoption of ASU 2016-09	1.00%
Balance sheet reclassification of deferred taxes
Deferred Tax Assets, Net of Valuation Allowance, Current		$ 2,787,000
Reclass of certain tax effects from accumulated other comprehensive income
Tax Cuts And Jobs Act Reclassification From AOCI To RetainedEarnings	$ 2,264,000

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Segment Reporting Information
Assets	$ 194,682	$ 212,575
Net Sales	266,000	262,307
Corporate Expenses	(27,425)	(24,888)
Income from Operations	14,670	15,230
Total Other Income (Expense), Net	196	(685)
Income Before Income Taxes	14,866	14,545
Income Taxes	(6,644)	(3,753)
Net Income	8,222	10,792
Net Loss Attributable to Noncontrolling Interest	(18)	0
Net Income Attributable to Oil-Dri	8,240	10,792
Business to Business Products
Segment Reporting Information
Assets	65,143	65,337
Segment Net Sales	105,043	100,419
Segment Income	35,120	33,343
Retail and Wholesale Products
Segment Reporting Information
Assets	89,623	90,508
Segment Net Sales	160,957	161,888
Segment Income	6,975	6,775
Unallocated Assets
Segment Reporting Information
Assets	$ 39,916	$ 56,730

OPERATING SEGMENTS Financial Information by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Financial Information by Geographic Region
Sales to unaffiliated customers	$ 266,000	$ 262,307
Net Income (Loss) attributable to Oil-Dr	8,240	10,792
Identifiable assets	194,682	212,575
Domestic Operations
Financial Information by Geographic Region
Sales to unaffiliated customers	254,158	249,772
Sales or transfers between geographic areas	5,570	5,842
Income before income taxes	14,742	14,524
Net Income (Loss) attributable to Oil-Dr	8,249	10,833
Identifiable assets	185,361	204,547
Foreign subsidiaries
Financial Information by Geographic Region
Sales to unaffiliated customers	11,842	12,535
Income before income taxes	124	21
Net Income (Loss) attributable to Oil-Dr	(9)	(41)
Identifiable assets	$ 9,321	$ 8,028

OPERATING SEGMENTS Largest Customer (Details) - Customer, Walmart	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Net sales for the years ended July 31
Revenue, Major customer
Concentration risk, percentage	18.00%	20.00%
Net accounts receivable as of July 31
Revenue, Major customer
Concentration risk, percentage	26.00%	28.00%

OPERATING SEGMENTS Narrative (Details)	12 Months Ended
OPERATING SEGMENTS Narrative (Details)	Jul. 31, 2018 segment
Segment Reporting Information
Number of Reportable Segments	2

DEBT Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT Notes Payable (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Debt Instrument
Less current maturities of notes payable	$ (3,083)	$ (3,083)
Noncurrent Notes payable	6,107	9,161
Senior Notes Issued November 2010
Debt Instrument
Notes Payable	9,250	12,333
Less current maturities of notes payable	(3,083)	(3,083)
Less unamortized debt issuance costs	(60)	(89)
Noncurrent Notes payable	6,107	$ 9,161
Annual Principal Installments	$ 3,083
Starting payments	Aug. 01, 2018
Ending payments	Aug. 01, 2020
Annual rate	3.96%

DEBT Maturities of Notes Payable (Details) - Senior Notes Issued November 2010 - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Notes Payable Maturities
2019	$ 3,083
2020	3,083
2021	3,084
Notes Payable	$ 9,250	$ 12,333

DEBT Debt (Narrative) (Details) - USD ($)	12 Months Ended
DEBT Debt (Narrative) (Details) - USD ($)	Jul. 31, 2018	Jul. 31, 2017
Senior Notes Issued November 2010
Debt Instrument
Face amount	$ 18,500,000
Minimum overdue financial obligation considered as default	$ 5,000,000
Line of Credit, BMO Harris
Debt Instrument
Initiation date	Dec. 04, 2014
Expiration date	Dec. 04, 2019
Maximum borrowing capacity	$ 25,000,000
Maximum borrowing capacity for foreign letters of credit	$ 5,000,000
Variable interest rate, prime based	5.00%
Variable interest rate, LIBOR based	3.34%
Proceeds from Lines of Credit	$ 6,000,000
Repayments of Lines of Credit	$ 6,000,000
Short-term Debt, Weighted Average Interest Rate, over Time	2.96%
Line of credit amount outstanding	$ 0	$ 0
Guarantees	1,236,000
Minimum overdue financial obligation considered as default	$ 1,000,000

FINANCIAL INSTRUMENTS Narrative (Details) - USD ($)	Jul. 31, 2018	Jul. 31, 2017
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents, Fair Value Disclosure	$ 9,920,000	$ 3,814,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 9,553,000	$ 13,001,000

INCOME TAXES Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Current - Federal	$ 4,490	$ 2,715
Current - Foreign	57	23
Current - State	149	577
Current Income Tax Total	4,696	3,315
Deferred - Federal	1,491	335
Deferred - Foreign	94	40
Deferred - State	363	63
Deferred Income Tax Total	1,948	438
Total Income Tax Expense	$ 6,644	$ 3,753

INCOME TAXES Income Tax Effective Rate Reconciliation (Details)	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Jul. 31, 2018	Jul. 31, 2018	Jul. 31, 2017
U.S. federal income tax rate	35.00%	21.00%	26.90%	35.00%
Depletion deductions allowed for mining			(10.10%)	(12.80%)
State income tax expense, net of federal tax expense			2.50%	2.90%
Difference in effective tax rate of foreign subsidiaries			0.10%	0.00%
Prior year income taxes			0.20%	2.40%
Change in federal tax rate applied to deferred tax assets and liabilities			26.80%	0.00%
Deduction for domestic production activities			(1.40%)	(1.40%)
Other			(0.30%)	(0.30%)
Effective income tax rate			44.70%	25.80%

INCOME TAXES Components of Deferred Tax Assets and Liabilities (Details) - USD ($)	Jul. 31, 2018	Jul. 31, 2017
Deferred Tax Asset
Depreciation	$ 0	$ 0
Deferred compensation	2,057,000	5,018,000
Postretirement benefits	4,164,000	10,419,000
Allowance for doubtful accounts	118,000	163,000
Deferred marketing expenses	0	0
Other assets	374,000	427,000
Accrued expenses	2,131,000	2,930,000
Tax credits	683,000	926,000
Amortization	200,000	301,000
Inventories	570,000	251,000
Depletion	0	0
Stock-based compensation	367,000	343,000
Reclamation	309,000	418,000
Other assets - foreign	755,000	853,000
Valuation allowance	(789,000)	(793,000)
Total deferred tax assets	10,939,000	21,256,000
Deferred Tax Liability
Depreciation	3,284,000	5,888,000
Deferred compensation	0	0
Postretirement benefits	0	0
Allowance for doubtful accounts	0	0
Deferred marketing expenses	13,000	508,000
Other liabilities	0	0
Accrued expenses	0	0
Tax credits	0	0
Amortization	0	0
Inventories	0	0
Depletion	293,000	464,000
Stock-based compensation	0	0
Reclamation	0	0
Other assets - foreign	0	0
Valuation allowance	0	0
Total deferred tax liabilities	$ 3,590,000	$ 6,860,000

INCOME TAXES Narrative (Details) - USD ($)	5 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
INCOME TAXES Narrative (Details) - USD ($)	Dec. 31, 2017	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	21.00%			26.90%	35.00%
Tax Cuts And Jobs Act of 2017 Effective Income Tax Rate Reconciliation At Federal Blended Statutory Income Tax Rate					26.90%
Tax Cuts And Jobs Act Of 2017 Provisional Income Tax Expense Related To Remeasurement Of Deferred Tax Assets			$ 3,996,000
Tax Cuts and Jobs Act of 2017 Provisional Charge Related To Cumulative Unrepatriated Foreign Earnings			$ 0
Operating Loss Carryforwards		$ 6,800,000			$ 6,800,000
Unrecognized tax benefits, liability		0			0	$ 0
Unrecognized tax benefits, penalties and interest expense					0	0
Unrecognized tax benefits, penalties and interest accrued		0			$ 0	0
Minimum
Foreign and U.S. state tax statute of limitations (years)					3 years
Maximum
Foreign and U.S. state tax statute of limitations (years)					5 years
Deferred Tax Asset
Deferred Tax Assets, Valuation Allowance		$ 789,000			$ 789,000	$ 793,000
Scenario, Forecast
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%

STOCKHOLDERS EQUITY Accumulated Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	$ (10,292,000)
Other Comprehensive Loss	1,941,000	$ 3,730,000
Reclassification to retained earnings upon adoption of accounting standard	0
Accumulated Other Comprehensive (Loss) Income, ending balance	(10,615,000)	(10,292,000)
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(10,327,000)	(13,867,000)
Other comprehensive income (loss), before reclassifications, net of tax	1,310,000	2,384,000
Amounts reclassified from accumulated other comprehensive income, net of tax	897,000	1,156,000
Other Comprehensive Loss	2,207,000	3,540,000
Reclassification to retained earnings upon adoption of accounting standard	(2,264,000)
Accumulated Other Comprehensive (Loss) Income, ending balance	(10,384,000)	(10,327,000)
Tax on Other comprehensive (loss) incomes, Pension and postretirement benefit Plans before reclassifications	413,000	1,461,000
Tax on amount reclassified from AOCI, Pension and postretirement health benefits	373,000	709,000
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	35,000	(155,000)
Other comprehensive income (loss), before reclassifications, net of tax	(266,000)	190,000
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Other Comprehensive Loss	(266,000)	190,000
Reclassification to retained earnings upon adoption of accounting standard	0
Accumulated Other Comprehensive (Loss) Income, ending balance	(231,000)	35,000
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive (Loss) Income, beginning balance	(10,292,000)	(14,022,000)
Other comprehensive income (loss), before reclassifications, net of tax	1,044,000	2,574,000
Amounts reclassified from accumulated other comprehensive income, net of tax	897,000	1,156,000
Other Comprehensive Loss	1,941,000	3,730,000
Reclassification to retained earnings upon adoption of accounting standard	(2,264,000)
Accumulated Other Comprehensive (Loss) Income, ending balance	$ (10,615,000)	$ (10,292,000)

STOCKHOLDERS EQUITY Narrative (Details) - $ / shares	12 Months Ended
STOCKHOLDERS EQUITY Narrative (Details) - $ / shares	Jul. 31, 2018	Jul. 31, 2017
Stockholders' Equity
Par Value Per Share	$ 0.10	$ 0.10
Relative Total Dividend Rate - Common Stock Plus Class A Versus Class A Plus Class B Stock	133.33%
Number of Shares Authorized to be Repurchased	3,966,771
Common Stock
Stockholders' Equity
Shares Authorized	15,000,000	15,000,000
Par Value Per Share	$ 0.10	$ 0.10
Voting Rights	one
Relative Dividend Rate - Common Stock Versus Class B Stock	133.33%
Shares Repurchased, Board Approved, Cummulative	3,365,949
Common Class B
Stockholders' Equity
Shares Authorized	7,000,000	7,000,000
Par Value Per Share	$ 0.10	$ 0.10
Voting Rights	ten
Shares Repurchased, Board Approved, Cummulative	342,241
Class A Common Stock
Stockholders' Equity
Shares Authorized	30,000,000	30,000,000
Shares Outstanding	0
Voting Rights	0

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2018
Summary of Share-based Award Activity
Options outstanding, Number	0	10	0
Options exercisable, number	0		0
Options outstanding, Weighted Average Exercise Price	$ 0.00	$ 17.00	$ 0.00
Options exercisable, Weighted Average Exercise Price	$ 0.00		$ 0.00
Options outstanding, Weighted Average Remaining Contractual Term (Years)		3 months 19 days
Options exercisable, Weighted Average Remaining Contractual Term (Years)		3 months 19 days
Options outstanding, Aggregate Intrinsic Value	$ 0	$ 205	$ 0
Options exercisable, Aggregate Intrinsic Value	$ 0		$ 0
Exercised, Number	(10)
Exercised, Weighted Average Exercise Price	$ 17.00
Exercised, Aggregate Intrinsic Value	$ 211

STOCK-BASED COMPENSATION (Summary of Restricted Stock Activity) (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2016
Summary of Restricted Stock Activity
Nonvested restricted stock outstanding, Number	178	185	194
Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value	$ 32.74	$ 30.96	$ 29.09
Nonvested restricted stock outstanding, Weighted Average Remaining Contractual Term (Years)	1 year 8 months 23 days	2 years 10 months	3 years 9 months 12 days
Nonvested retricted stock outstanding, Unamortized Expense	$ 3,050	$ 3,893	$ 4,282
Granted, Number	27	31
Granted, Weighted Average Grant Date Fair Value	$ 42.59	$ 36.84
Vested, Number	(28)	(39)
Vested, Weighted Average Grant Date Fair Value	$ 29.88	$ 26.38
Forfeitures, Number	(6)	(1)
Forfeitures, Weighted Average Grant Date Fair Value	$ 35.90	$ 31.24

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2016
Stock Options
Share-based Compensation Award Disclosure
Fair value calculation, volatility calculation period (years)	5 years
Cash received from exercise of stock options		$ 170,000
Tax benefit from compensation expense		$ 80,000
Options outstanding, Number	0	0	10,000
Share-based compensation expense	$ 0	$ 0
Restricted Stock
Share-based Compensation Award Disclosure
Tax benefit from compensation expense	426,000	573,000
Share-based compensation expense	$ 1,349,000	$ 934,000
2006 Plan
Share-based Compensation Award Disclosure
Number of shares authorized	937,500
Number of shares available for grant	366,658
2006 Plan - Stock Options
Share-based Compensation Award Disclosure
Award vesting period (years)	1 year
Annual vesting percentage	25.00%
Number of years after grant date vesting starts (years)	2 years
Number of consecutive years vesting occurs after initial vest date (years)	3 years
2006 Plan - Restricted Stock \| Minimum
Share-based Compensation Award Disclosure
Award vesting period (years)	2 years
2006 Plan - Restricted Stock \| Maximum
Share-based Compensation Award Disclosure
Award vesting period (years)	5 years

PENSION AND OTHER POSTRETIREMENT BENEFITS Change in Benefit Obligation and Plan Assets, Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Benefit obligation, beginning of year	$ 53,742	$ 55,124
Service cost	1,723	1,826
Interest cost	2,022	1,861
Actuarial (gain) loss	(1,811)	(3,684)
Benefits paid	(1,409)	(1,385)
Benefit obligation, end of year	54,267	53,742
Fair value of plan assets. beginning of year	27,457	25,264
Actual return on plan assets	1,719	1,921
Employer contribution	13,204	1,657
Defined Benefit Plan, Plan Assets, Benefits Paid	(1,409)	(1,385)
Fair value of plan assets. end of year	40,971	27,457
Funded status, recorded in Consolidated Balance Sheets	(13,296)	(26,285)
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Benefit obligation, beginning of year	2,925	2,746
Service cost	106	125
Interest cost	84	78
Actuarial (gain) loss	(363)	(11)
Benefits paid	(85)	(13)
Benefit obligation, end of year	2,667	2,925
Fair value of plan assets. beginning of year	0	0
Actual return on plan assets	0	0
Employer contribution	85	13
Defined Benefit Plan, Plan Assets, Benefits Paid	(85)	(13)
Fair value of plan assets. end of year	0	0
Funded status, recorded in Consolidated Balance Sheets	$ (2,667)	$ (2,925)

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Jul. 31, 2017
Defined Benefit Plans and Postretirement Health Benefits
Other noncurrent Liabilities	$ (15,906)	$ (29,161)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Deferred income tax	3,525	9,311
Other current liabilities	0	0
Other noncurrent Liabilities	(13,296)	(26,285)
Accumulated other comprehensive income - net of tax, Net actuarial loss	10,301	10,036
Accumulated other comprehensive income - net of tax, Prior service cost (income)	2	3
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Deferred income tax	639	1,108
Other current liabilities	(57)	(49)
Other noncurrent Liabilities	(2,610)	(2,876)
Accumulated other comprehensive income - net of tax, Net actuarial loss	110	315
Accumulated other comprehensive income - net of tax, Prior service cost (income)	$ (29)	$ (27)

PENSION AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Service cost	$ 1,723	$ 1,826
Interest cost	2,022	1,861
Expected return on plan assets	(2,168)	(1,774)
Amortization of: Prior service costs (income)	2	2
Amortization of: Other actuarial loss	1,274	1,828
Net periodic benefit cost	2,853	3,743
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Service cost	106	125
Interest cost	84	78
Expected return on plan assets	0	0
Amortization of: Prior service costs (income)	(6)	(6)
Amortization of: Other actuarial loss	0	41
Net periodic benefit cost	$ 184	$ 238

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts recognized in other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Defined Benefit Plans and Postretirement Health Benefits
Total recognized in other comprehensive loss (income)	$ (2,207)	$ (3,540)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial gain	(1,034)	(2,377)
Amortization of: Prior service (cost) income	(2)	(2)
Amortization of actuarial loss (gain)	(901)	(1,133)
Total recognized in other comprehensive loss (income)	(1,937)	(3,512)
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Net actuarial gain	(276)	(7)
Amortization of: Prior service (cost) income	1	4
Amortization of actuarial loss (gain)	5	(25)
Total recognized in other comprehensive loss (income)	$ (270)	$ (28)

PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts to be recognized in other comprehensive income in the next fiscal year (Details) $ in Thousands	Jul. 31, 2018 USD ($)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Amortization of: Net actuarial loss	$ 673
Amortization of: Prior service cost (income)	2
Total to be recognized in other comprehensive loss	675
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Amortization of: Net actuarial loss	0
Amortization of: Prior service cost (income)	(5)
Total to be recognized in other comprehensive loss	$ (5)

PENSION AND OTHER POSTRETIREMENT BENEFITS Estimated future benefit payments (Details) $ in Thousands	Jul. 31, 2018 USD ($)
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
2019	$ 1,687
2020	1,699
2021	1,786
2022	1,904
2023	1,944
2024-28	13,139
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
2019	57
2020	95
2021	122
2022	124
2023	165
2024-28	$ 1,360

PENSION AND OTHER POSTRETIREMENT BENEFITS Assumptions used in calculations (Details)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Pension Benefits
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	3.75%	3.36%
Discount rate for year-end obligations	4.04%	3.75%
Rate of increase in compensation levels for net periodic benefit costs	3.50%	3.50%
Rate of increase in compensation levels for year-end obligations	3.50%	3.50%
Long-term expected rate of return on assets	7.00%	7.00%
Postretirement Health Benefits
Defined Benefit Plans and Postretirement Health Benefits
Discount rate for net periodic benefit costs	3.26%	2.71%
Discount rate for year-end obligations	3.81%	3.26%
Rate of increase in compensation levels for net periodic benefit costs	0.00%	0.00%
Rate of increase in compensation levels for year-end obligations	0.00%	0.00%
Long-term expected rate of return on assets	0.00%	0.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS Effect of one-percentage point change in assumed healthcare trend (Details) - Postretirement Health Benefits $ in Thousands	12 Months Ended
	Jul. 31, 2018 USD ($)
Defined Benefit Plans and Postretirement Health Benefits
Effect of One Percentage Point Increase on total service and interest cost	$ 26
Effect of One Percentage Point Decrease on total service and interest cost	(22)
Effect of One Percentage Point Increase on accumulated postretirement benefit obligation	274
Effect of One Percentage Point Decrease on accumulated postretirement benefit obligation	$ (243)

PENSION AND OTHER POSTRETIREMENT BENEFITS Plan Assets Allocation Percentages (Details)	Jul. 31, 2018	Jul. 31, 2017
Cash and accrued income
Defined Benefit Plan Disclosure
Target Allocation %	2.00%
Actual Allocation %	0.00%	0.00%
Fixed income
Defined Benefit Plan Disclosure
Target Allocation %	38.00%
Actual Allocation %	36.00%	44.00%
Equity
Defined Benefit Plan Disclosure
Target Allocation %	60.00%
Actual Allocation %	64.00%	56.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS Narrative (Details) - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Postretirement Health Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Health care cost trend rate assumed	7.20%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	4.50%
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate	2036
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Accumulated benefit obligation	$ 48,358,000	$ 47,880,000
Defined Benefit Plan Voluntary Contribution	11,500,000
Pension plan estimated employer contributions in next fiscal year	0
401K Plan
Defined Contribution Plan Disclosure
Contribution to defined contribution plans	$ 782,000	$ 746,000

DEFERRED COMPENSATION Deferred Comp and Bonus (Details) - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Deferred Compensation
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Annual Total Amount Deferred	$ 578,000	$ 677,000
Deferred Compensation Interest Expense	371,000	404,000
Deferred Compensation Payments to Participants	6,010,000	581,000
Deferred Compensation Recorded Liability	4,218,000	9,617,000
Executive Deferred Bonus
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 609,000	$ 583,000
Deferred Compensation Arrangement with Individual, Requisite Service Period	3 years

DEFERRED COMPENSATION SERP (Details) - Supplemental Employee Retirement Plan - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
SERP Disclosure
SERP, benefit obligation	$ 2,169,000	$ 2,082,000
SERP expense	$ 87,000	$ 114,000

LEASES Future minimum rental (Details) $ in Thousands	Jul. 31, 2018 USD ($)
Future Minimum Rental Requirements
2019	$ 2,134
2020	1,735
2021	1,424
2022	1,410
2023	778
Later years	$ 7,810

LEASES Rental Expense for all operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Total Rental Expense
Rent Expense, Total	$ 3,203	$ 3,151
Vehicles and Railcars
Total Rental Expense
Rent Expense	1,404	1,431
Office facilities
Total Rental Expense
Rent Expense	985	959
Warehouse facilities
Total Rental Expense
Rent Expense	408	379
Mining properties
Total Rental Expense
Rent Expense, Minimum	106	113
Rent Expense, Contingent	208	191
Other
Total Rental Expense
Rent Expense	$ 92	$ 78

RELATED PARTY TRANSACTIONS (Details) - Director - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Related Party Transaction
Net sales to related party customer	$ 388,000	$ 395,000
Accounts receivable due from related party customer	14,000	0
Purchases from related party vendor	229,000	321,000
Accounts payable due to related party vendor	$ 0	$ 19,000

PENSION AND OTHER POSTRETIREMENT BENEFITS Fair value level of pension plan assets (Details) - USD ($)	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2016
Equity securities - international mutual funds: Developed market
Defined Benefit Plan Disclosure
Minimum % of Fund Assets Invested in Non-US Stocks Developed Market	80.00%	80.00%
Fixed Income: Government sponsored entities
Defined Benefit Plan Disclosure
Amount Backed by US Government	$ 443,000	$ 577,000
Pension Benefits
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	40,971,000	27,457,000	$ 25,264,000
Pension Benefits \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	9,778,000	6,149,000
Pension Benefits \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	31,193,000	21,308,000
Pension Benefits \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,102,000	97,000
Pension Benefits \| Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,102,000	97,000
Pension Benefits \| Cash and Cash Equivalents \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Equity securities U.S. companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	14,253,000	8,696,000
Pension Benefits \| Equity securities U.S. companies \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	5,519,000	3,933,000
Pension Benefits \| Equity securities U.S. companies \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	8,734,000	4,763,000
Pension Benefits \| Equity securities International companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	3,157,000	2,119,000
Pension Benefits \| Equity securities International companies \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	3,157,000	2,119,000
Pension Benefits \| Equity securities International companies \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Equity securities - international mutual funds: Developed market
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	5,851,000	4,207,000
Pension Benefits \| Equity securities - international mutual funds: Developed market \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Equity securities - international mutual funds: Developed market \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	5,851,000	4,207,000
Pension Benefits \| Equity securities - international mutual funds: Emerging market
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	905,000	374,000
Pension Benefits \| Equity securities - international mutual funds: Emerging market \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Equity securities - international mutual funds: Emerging market \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	905,000	374,000
Pension Benefits \| Commodity Based Investments
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	687,000
Pension Benefits \| Commodity Based Investments \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0
Pension Benefits \| Commodity Based Investments \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	687,000
Pension Benefits \| Fixed Income: U.S. Treasuries
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,929,000	2,080,000
Pension Benefits \| Fixed Income: U.S. Treasuries \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Fixed Income: U.S. Treasuries \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,929,000	2,080,000
Pension Benefits \| Fixed Income: Bonds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	8,325,000	5,264,000
Pension Benefits \| Fixed Income: Bonds \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Fixed Income: Bonds \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	8,325,000	5,264,000
Pension Benefits \| Fixed Income: Government sponsored entities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,814,000	2,529,000
Pension Benefits \| Fixed Income: Government sponsored entities \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Fixed Income: Government sponsored entities \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,814,000	2,529,000
Pension Benefits \| Money Market Funds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,567,000	1,087,000
Pension Benefits \| Money Market Funds \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Money Market Funds \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,567,000	1,087,000
Pension Benefits \| Other
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	1,381,000	1,004,000
Pension Benefits \| Other \| Level 1
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Pension Benefits \| Other \| Level 2
Defined Benefit Plan Disclosure
Defined Benefit Plan, Fair Value of Plan Assets	$ 1,381,000	$ 1,004,000