Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended April 30, 2024 or | ||||||||
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____________ to ______________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
The registrant's telephone number, including area code: ( |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large Accelerated Filer o | Non-accelerated Filer o | |||||||||||||
Smaller Reporting Company | ||||||||||||||
Emerging Growth Company o |
PART I – FINANCIAL INFORMATION | ||||||||
Page | ||||||||
Item 1: | ||||||||
Item 2: | ||||||||
Item 4: | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1A: | ||||||||
Item 2: | ||||||||
Item 4: | ||||||||
Item 5: | ||||||||
Item 6: | ||||||||
(in thousands, except for share and per share amounts) | |||||||||||
ASSETS | April 30, 2024 | July 31, 2023 | |||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowances of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses | |||||||||||
Total Current Assets | |||||||||||
Property, Plant and Equipment | |||||||||||
Cost | |||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||
Total Property, Plant and Equipment, Net | |||||||||||
Other Assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||
Deferred income taxes | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total Other Assets | |||||||||||
Total Assets | $ | $ |
(in thousands, except for share and per share amounts) | |||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | April 30, 2024 | July 31, 2023 | |||||||||
Current Liabilities | |||||||||||
Current maturities of notes payable | $ | $ | |||||||||
Accounts payable | |||||||||||
Dividends payable | |||||||||||
Operating lease liabilities | |||||||||||
Accrued expenses | |||||||||||
Total Current Liabilities | |||||||||||
Noncurrent Liabilities | |||||||||||
Notes payable, net of unamortized debt issuance costs of $ | |||||||||||
Deferred compensation | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other | |||||||||||
Total Noncurrent Liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies (See note 7) | |||||||||||
Stockholders’ Equity | |||||||||||
Common Stock, par value $ and | |||||||||||
Class B Stock, par value $ and | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Less Treasury Stock, at cost ( April 30, 2024 and | ( | ( | |||||||||
Total Stockholders’ Equity | |||||||||||
Total Liabilities & Stockholders’ Equity | $ | $ |
(unaudited) | |||||||||||
(in thousands, except for per share amounts) | For the Nine Months Ended April 30, | ||||||||||
2024 | 2023 | ||||||||||
Net Sales | $ | $ | |||||||||
Cost of Goods Sold | ( | ( | |||||||||
Gross Profit | |||||||||||
Selling, General and Administrative Expenses | ( | ( | |||||||||
Income from Operations | |||||||||||
Other (Expense) Income | |||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Loss on pension termination | ( | ||||||||||
Other, net | ( | ( | |||||||||
Total Other Expense, Net | ( | ( | |||||||||
Income Before Income Taxes | |||||||||||
Income Tax Expense | ( | ( | |||||||||
Net Income | |||||||||||
Net Loss Attributable to Noncontrolling Interest | ( | ||||||||||
Net Income Attributable to Oil-Dri | $ | $ | |||||||||
Earnings Per Share | |||||||||||
Basic Common | $ | $ | |||||||||
Basic Class B | $ | $ | |||||||||
Diluted Common | $ | $ | |||||||||
Diluted Class B | $ | $ | |||||||||
Average Shares Outstanding | |||||||||||
Basic Common | |||||||||||
Basic Class B | |||||||||||
Diluted Common | |||||||||||
Diluted Class B | |||||||||||
Dividends Declared Per Share | |||||||||||
Basic Common | $ | $ | |||||||||
Basic Class B | $ | $ |
(in thousands) | For the Nine Months Ended April 30, | ||||||||||
2024 | 2023 | ||||||||||
Net Income Attributable to Oil-Dri | $ | $ | |||||||||
Other Comprehensive (Loss) Income: | |||||||||||
Pension and postretirement (expenses) benefits (net of tax) | ( | ||||||||||
Cumulative translation adjustment | ( | ||||||||||
Other Comprehensive (Loss) Income | ( | ||||||||||
Total Comprehensive Income | $ | $ |
(unaudited) | |||||||||||
For the Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Net Sales | $ | $ | |||||||||
Cost of Goods Sold | ( | ( | |||||||||
Gross Profit | |||||||||||
Selling, General and Administrative Expenses | ( | ( | |||||||||
Income from Operations | |||||||||||
Other (Expense) Income | |||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Loss on pension termination | ( | ||||||||||
Other, net | ( | ||||||||||
Total Other Expense, Net | ( | ( | |||||||||
Income Before Income Taxes | |||||||||||
Income Tax Expense | ( | ( | |||||||||
Net Income | |||||||||||
Net Loss Attributable to Noncontrolling Interest | ( | ||||||||||
Net Income Attributable to Oil-Dri | $ | $ | |||||||||
Net Income Per Share | |||||||||||
Basic Common | $ | $ | |||||||||
Basic Class B | $ | $ | |||||||||
Diluted Common | $ | $ | |||||||||
Diluted Class B | $ | $ | |||||||||
Average Shares Outstanding | |||||||||||
Basic Common | |||||||||||
Basic Class B | |||||||||||
Diluted Common | |||||||||||
Diluted Class B | |||||||||||
Dividends Declared Per Share | |||||||||||
Basic Common | $ | $ | |||||||||
Basic Class B | $ | $ |
(unaudited) | |||||||||||
For the Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Net Income Attributable to Oil-Dri | $ | $ | |||||||||
Other Comprehensive (Loss) Income: | |||||||||||
Pension and postretirement (expenses) benefits (net of tax) | ( | ||||||||||
Cumulative translation adjustment | ( | ( | |||||||||
Other Comprehensive (Loss) Income | ( | ||||||||||
Total Comprehensive Income | $ | $ |
For the Three Months Ended April 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common & Class B Stock | Treasury Stock | Common & Class B Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Non-Controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, January 31, 2023 | ( | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of Treasury Stock | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of stock under long-term incentive plans | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Restricted Stock | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 30, 2023 | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance, January 31, 2024 | ( | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of Treasury Stock | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of stock under long-term incentive plans | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Restricted Stock | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 30, 2024 | ( | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended April 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common & Class B Stock | Treasury Stock | Common & Class B Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Non-controlling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, July 31, 2022 | ( | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of Treasury Stock | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of stock under long-term incentive plans | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Restricted Stock | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 30, 2023 | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance, July 31, 2023 | ( | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of Treasury Stock | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of stock under long-term incentive plans | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Restricted Stock | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 30, 2024 | ( | $ | $ | $ | $ | ( | $ | $ | $ |
(in thousands) | For the Nine Months Ended April 30, | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | 2024 | 2023 | |||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash stock-based compensation | |||||||||||
Loss on pension termination | |||||||||||
Deferred income taxes | ( | ||||||||||
Provision for bad debts and cash discounts | |||||||||||
Impairment of patents | |||||||||||
Loss on Impairment of Fixed Assets | |||||||||||
Accretion of Asset Retirement Obligation | |||||||||||
Loss on the disposals of property, plant and equipment | |||||||||||
(Increase) Decrease in assets: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses | ( | ||||||||||
Other assets | |||||||||||
Increase (Decrease) in liabilities: | |||||||||||
Accounts payable | ( | ||||||||||
Accrued expenses | ( | ||||||||||
Deferred compensation | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Total Adjustments | |||||||||||
Net Cash Provided by Operating Activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of notes payable | |||||||||||
Payment of debt issuance costs | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ||||||||||
Effect of exchange rate changes on Cash and Cash Equivalents | ( | ||||||||||
Net Increase in Cash and Cash Equivalents | |||||||||||
Cash and Cash Equivalents, Beginning of Period | |||||||||||
Cash and Cash Equivalents, End of Period | $ | $ |
(in thousands) | For the Nine Months Ended April 30, | ||||||||||
2024 | 2023 | ||||||||||
Supplemental disclosures: | |||||||||||
Other cash flows: | |||||||||||
Interest payments, net of amounts capitalized | $ | $ | |||||||||
Income tax payments, net of refunds | |||||||||||
Non-cash investing and financing activities: | |||||||||||
Capital expenditures accrued, but not paid | $ | $ | |||||||||
Cash dividends declared and accrued, but not paid | $ | $ |
For the Nine Months Ended April 30, 2024 | |||||||||||||||||
(in thousands, except for per share data) | |||||||||||||||||
Total | Common | Class B | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Distributed and undistributed earnings on restricted shares | ( | ( | ( | ||||||||||||||
Income available to stockholders | $ | $ | $ | ||||||||||||||
Net Income (Numerator) | $ | $ | |||||||||||||||
Weighted Average Shares Outstanding (Denominator) | |||||||||||||||||
Basic EPS | $ | $ | |||||||||||||||
Effect of dilution - Net Income (1) | $ | $ | |||||||||||||||
Net income assuming dilution (Numerator) | $ | $ | |||||||||||||||
Effect of dilution - Shares (1) | $ | ||||||||||||||||
Shares assuming dilution (Denominator) | $ | ||||||||||||||||
Diluted EPS | $ | $ | |||||||||||||||
For the Three Months Ended April 30, 2024 | |||||||||||||||||
(in thousands, except for per share data) | |||||||||||||||||
Total | Common | Class B | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Distributed and undistributed earnings on restricted shares | ( | ( | ( | ||||||||||||||
Income available to stockholders | $ | $ | $ | ||||||||||||||
Net Income (Numerator) | $ | $ | |||||||||||||||
Weighted Average Shares Outstanding (Denominator) | |||||||||||||||||
Basic EPS | $ | $ | |||||||||||||||
Effect of dilution - Net Income (1) | $ | $ | |||||||||||||||
Net income assuming dilution (Numerator) | $ | $ | |||||||||||||||
Effect of dilution - Shares (1) | $ | ||||||||||||||||
Shares assuming dilution (Denominator) | $ | ||||||||||||||||
Diluted EPS | $ | $ | |||||||||||||||
(1) The impact of unvested restricted stock was anti-dilutive therefore not included in the calculation of diluted EPS |
April 30, 2024 | July 31, 2023 | ||||||||||
Finished goods | $ | $ | |||||||||
Packaging | |||||||||||
Spare parts | |||||||||||
Other | |||||||||||
Total Inventories | $ | $ |
April 30, 2024 | July 31, 2023 | |||||||||||||
Salaries, Wages, Commissions and Employee Benefits | $ | $ | ||||||||||||
Freight | ||||||||||||||
Trade Promotions and Advertising | ||||||||||||||
Georgia Landfill Modification Reserve | ||||||||||||||
Real Estate Tax | ||||||||||||||
Other | ||||||||||||||
$ | $ |
For the Three Months Ended April 30, | For the Nine Months Ended April 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Operating Lease Cost | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term operating lease cost |
For the Three Months Ended April 30, | For the Nine Months Ended April 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | $ | $ | $ | $ | |||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
April 30, 2024 | July 31, 2023 | ||||||||||
Weighted-average remaining lease term - operating leases | |||||||||||
Weighted-average discount rate - operating leases |
Fiscal year 2024 (remaining three months) | $ | ||||
Fiscal year 2025 | |||||
Fiscal year 2026 | |||||
Fiscal year 2027 | |||||
Fiscal year 2028 | |||||
Thereafter | |||||
Total | |||||
Less: imputed interest | ( | ||||
Net lease obligation | $ |
Pension Benefits | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the Three Months Ended April 30, | For the Nine Months Ended April 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Other actuarial loss | |||||||||||||||||||||||
Loss on pension termination | $ | $ | $ | $ | |||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Postretirement Health Benefits | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the Three Months Ended April 30, | For the Nine Months Ended April 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Other actuarial loss | ( | ( | ( | ( | |||||||||||||||||||
Prior service costs | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Business to Business Products Group | Retail and Wholesale Products Group | ||||||||||||||||||||||
For the Nine Months Ended April 30, | |||||||||||||||||||||||
Product | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Cat Litter | $ | $ | $ | $ | |||||||||||||||||||
Industrial and Sports | $ | ||||||||||||||||||||||
Agricultural and Horticultural | |||||||||||||||||||||||
Bleaching Clay and Fluids Purification | $ | ||||||||||||||||||||||
Animal Health and Nutrition | |||||||||||||||||||||||
Net Sales | $ | $ | $ |
Business to Business Products Group | Retail and Wholesale Products Group | ||||||||||||||||||||||
For the Three Months Ended April 30, | |||||||||||||||||||||||
Product | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Cat Litter | $ | $ | $ | $ | |||||||||||||||||||
Industrial and Sports | |||||||||||||||||||||||
Agricultural and Horticultural | |||||||||||||||||||||||
Bleaching Clay and Fluids Purification | |||||||||||||||||||||||
Animal Health and Nutrition | |||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | |||||||||||||||||||
Assets | |||||||||||||||||||||||
April 30, 2024 | July 31, 2023 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Business to Business Products Group | $ | $ | |||||||||||||||||||||
Retail and Wholesale Products Group | |||||||||||||||||||||||
Unallocated Assets | |||||||||||||||||||||||
Total Assets | $ | $ |
For the Nine Months Ended April 30, | |||||||||||||||||||||||
Net Sales | Income | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Business to Business Products Group | $ | $ | $ | $ | |||||||||||||||||||
Retail and Wholesale Products Group | $ | $ | |||||||||||||||||||||
Net Sales | $ | $ | |||||||||||||||||||||
Corporate Expenses | ( | ( | |||||||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Total Other Expenses, Net | ( | ( | |||||||||||||||||||||
Income before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interest | ( | ||||||||||||||||||||||
Net Income Attributable to Oil-Dri | $ | $ | |||||||||||||||||||||
For the Three Months Ended April 30, | |||||||||||||||||||||||
Net Sales | Income | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Business to Business Products Group | $ | $ | $ | $ | |||||||||||||||||||
Retail and Wholesale Products Group | $ | $ | |||||||||||||||||||||
Net Sales | $ | $ | |||||||||||||||||||||
Corporate Expenses | ( | ( | |||||||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Total Other Expenses, Net | ( | ( | |||||||||||||||||||||
Income before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interest | ( | ||||||||||||||||||||||
Net Income Attributable to Oil-Dri | $ | $ |
Restricted Shares (in thousands) | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested restricted stock outstanding at July 31, 2023 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeitures | ( | $ | |||||||||
Non-vested restricted stock outstanding at April 30, 2024 | $ |
Pension and Postretirement Health Benefits | Cumulative Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance as of July 31, 2023 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income before reclassifications, net of tax | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | ( | ( | |||||||||||||||
Net current-period other comprehensive (loss) income, net of tax | ( | ( | |||||||||||||||
Balance as of April 30, 2024 | $ | $ | ( | $ |
For the Nine Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by operating activities | $ | 36,929 | $ | 36,041 | |||||||
Net cash used in investing activities | (23,536) | (16,735) | |||||||||
Net cash provided by (used in) financing activities | 1,462 | (5,806) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 212 | (52) | |||||||||
Net increase in cash and cash equivalents | $ | 15,067 | $ | 13,448 |
ISSUER PURCHASES OF EQUITY SECURITIES1, 2 | ||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | |||||||||||||||||||||||
Period | Total Number of Shares Purchased3 | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that may yet be Purchased Under Plans or Programs4 | ||||||||||||||||||||||
February 1, 2024 to February 29, 2024 | — | $— | — | 382,404 | ||||||||||||||||||||||
March 1, 2024 to March 31, 2024 | 1,651 | $69.48 | — | 380,753 | ||||||||||||||||||||||
April 1, 2024 to April 30, 2024 | — | $— | — | 380,753 | ||||||||||||||||||||||
Exhibit No. | Description | SEC Document Reference | ||||||||||||
2.1* | Incorporated by reference to Exhibit 2.1 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 16, 2024 | |||||||||||||
10.1 | Incorporated by reference to Exhibit 2.1 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 16, 2024 | |||||||||||||
31 | Filed herewith. | |||||||||||||
32 | Furnished herewith. | |||||||||||||
95 | Filed herewith. | |||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith. | ||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith. | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith. | ||||||||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | Filed herewith. | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith. | ||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Filed herewith. |
Date: | June 6, 2024 | ||||
By: | /s/ Daniel S. Jaffee | ||||
Daniel S. Jaffee Chairman, President and Chief Executive Officer |
Date: | June 6, 2024 | ||||
By: | /s/ Susan M. Kreh | ||||
Susan M. Kreh Chief Financial Officer |
Dated: | June 6, 2024 | ||||
/s/ Daniel S. Jaffee | |||||
Name: Daniel S. Jaffee Title: Chairman, President and Chief Executive Officer |
Dated: | June 6, 2024 | ||||
/s/ Susan M. Kreh | |||||
Name: Susan M. Kreh Title: Chief Financial Officer |
Legal Actions | |||||||||||||||||||||||||||||||||||
Mine ID | Mine Location | Section 104 “Significant and Substantial” Violations | Section 104(b) Orders | Section 104(d) Citations and Orders | Section 110(b)(2) Flagrant Violations | Section 107(a) Imminent Danger Orders | Total Dollar Value of Proposed MSHA Assessments | Mining Related Fatalities | Pending as of Last Day of Period | Initiated During Period | Resolved During Period | ||||||||||||||||||||||||
(#) | (#) | (#) | (#) | (#) | ($) | (#) | (#) | (#) | (#) | ||||||||||||||||||||||||||
0900114 | Ochlocknee, Georgia | — | — | — | — | — | 749 | — | — | — | — | ||||||||||||||||||||||||
2200035 | Ripley, Mississippi | 1 | — | — | — | — | 1,424 | — | — | — | — | ||||||||||||||||||||||||
1102403 | Mounds, Illinois | 6 | — | — | — | — | — | — | 2 | — | 3 | ||||||||||||||||||||||||
2200582 | Blue Mountain, Mississippi | — | — | — | — | — | 630 | — | — | — | — | ||||||||||||||||||||||||
0402964 | Taft, California | 3 | — | — | — | — | 6,619 | — | — | — | — |
Mine ID | Mine location | Contests of Citations and Orders | Contests of Proposed Penalties | Complaints for Compensation | Complaints of Discharge, Discrimination or Interference | Applications for Temporary Relief | Appeals of Judges Decisions or Orders to the Commission | ||||||||||||||||
0900114 | Ochlocknee, Georgia | — | — | — | — | — | — | ||||||||||||||||
2200035 | Ripley, Mississippi | — | — | — | — | — | — | ||||||||||||||||
1102403 | Mounds, Illinois | — | 2 | — | — | — | — | ||||||||||||||||
2200582 | Blue Mountain, Mississippi | — | — | — | — | — | — | ||||||||||||||||
0402964 | Taft, California | — | — | — | — | — | — |
Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jul. 31, 2023 |
---|---|---|
Allowance for doubtful accounts | $ 1,094 | $ 1,087 |
Accumulated amortization of other intangibles | 8,394 | 8,341 |
Net unamortized debt issuance costs | $ 140 | $ 173 |
Common | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares issued | 8,827,223 | 8,750,223 |
Treasury stock, common shares | 3,695,982 | 3,658,989 |
Class B | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares issued | 2,518,056 | 2,397,056 |
Treasury stock, common shares | 362,649 | 351,641 |
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Net Sales | $ 106,779 | $ 105,425 | $ 323,885 | $ 305,633 |
Cost of Goods Sold | (76,642) | (77,958) | (231,815) | (232,840) |
Gross Profit | 30,137 | 27,467 | 92,070 | 72,793 |
Selling, General and Administrative Expenses | (19,705) | (13,011) | (53,317) | (44,462) |
Income from Operations | 10,432 | 14,456 | 38,753 | 28,331 |
Other (Expense) Income | ||||
Interest expense | (379) | (363) | (1,102) | (1,094) |
Interest income | 285 | 97 | 757 | 212 |
Loss on pension termination | 0 | (4,858) | 0 | (4,858) |
Other, net | (200) | 649 | (758) | (1,134) |
Total Other Expense, Net | (294) | (4,475) | (1,103) | (6,874) |
Income Before Income Taxes | 10,138 | 9,981 | 37,650 | 21,457 |
Income Tax Expense | (2,361) | (1,493) | (6,749) | (3,893) |
Net Income | 7,777 | 8,488 | 30,901 | 17,564 |
Net Loss Attributable to Noncontrolling Interest | 0 | (47) | 0 | (68) |
Net Income Attributable to Oil-Dri | 7,777 | $ 8,535 | 30,901 | $ 17,632 |
Common | ||||
Other (Expense) Income | ||||
Net Income Attributable to Oil-Dri | $ 5,908 | $ 23,503 | ||
Net Income Per Share | ||||
Basic Common (in dollars per share) | $ 1.15 | $ 1.28 | $ 4.59 | $ 2.66 |
Diluted Common (in dollars per share) | $ 1.07 | $ 1.24 | $ 4.26 | $ 2.58 |
Average Shares Outstanding | ||||
Basic Common (in shares) | 4,912 | 4,838 | 4,874 | 4,824 |
Diluted Common (in shares) | 6,892 | 5,003 | 6,848 | 4,964 |
Dividends Declared Per Share (in dollars per share) | $ 0.290 | $ 0.280 | $ 0.870 | $ 0.840 |
Class B | ||||
Other (Expense) Income | ||||
Net Income Attributable to Oil-Dri | $ 1,869 | $ 7,398 | ||
Net Income Per Share | ||||
Basic Common (in dollars per share) | $ 0.87 | 0.96 | $ 3.45 | 1.99 |
Diluted Common (in dollars per share) | $ 0.87 | $ 0.95 | $ 3.45 | $ 1.97 |
Average Shares Outstanding | ||||
Basic Common (in shares) | 1,980 | 1,964 | 1,974 | 1,957 |
Diluted Common (in shares) | 1,980 | 1,999 | 1,974 | 1,984 |
Dividends Declared Per Share (in dollars per share) | $ 0.218 | $ 0.210 | $ 0.654 | $ 0.630 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
|
Net Income Attributable to Oil-Dri | $ 7,777 | $ 8,535 | $ 30,901 | $ 17,632 |
Other Comprehensive (Loss) Income: | ||||
Pension and postretirement (expenses) benefits (net of tax) | (21) | 2,960 | (64) | 2,947 |
Cumulative translation adjustment | (14) | (151) | 14 | (280) |
Other Comprehensive (Loss) Income | (35) | 2,809 | (50) | 2,667 |
Total Comprehensive Income | $ 7,742 | $ 11,344 | $ 30,851 | $ 20,299 |
Basis of Statement Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Statement Presentation | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in compliance with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements and the related notes are condensed and should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. The unaudited Condensed Consolidated Financial Statements include the accounts of Oil-Dri Corporation of America and its subsidiaries. All significant intercompany transactions are eliminated. Except as otherwise indicated herein or as the context otherwise requires, references to "Oil-Dri," the "Company," "we," "us" or "our" refer to Oil-Dri Corporation of America and its subsidiaries. The unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals and reclassifications which are, in the opinion of management, necessary for a fair presentation of the statements contained herein. Operating results for the three and nine months ended April 30, 2024 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2024. Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These immaterial reclassifications had no effect on the previously reported net income. Management Use of Estimates The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period, as well as the related disclosures. Estimates and assumptions about future events cannot be made with certainty. All of our estimates and assumptions are revised periodically. Actual results could differ from these estimates. Summary of Significant Accounting Policies Our significant accounting policies, which are summarized in detail in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023, have not materially changed. The following is a description of certain of our significant accounting policies: Trade Receivables. We recognize trade receivables when control of finished products are transferred to our customers. We record an allowance for credit losses based on our expectations and a periodic review of our accounts receivable, including a review of the overall aging of accounts, consideration of customer credit risk and analysis of facts and circumstances about specific accounts. A customer account is determined to be uncollectible when it is probable that a loss will be incurred after we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment. We retain outside collection agencies to facilitate our collection efforts. Past due status is determined based on contractual terms and customer payment history. Property, Plant and Equipment. Property, plant and equipment includes depreciable assets such as building, machinery, equipment, furniture, vehicles, and capitalized spare parts. These assets are depreciated using the straight-line method over their estimated useful lives. Major improvements are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use. These assets are carried at cost on the Consolidated Balance Sheets and are reviewed for possible impairment on an annual basis or when circumstances indicate impairment that an asset may become impaired. We take into consideration idle and underutilized equipment and review business plans for possible impairment. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value. Land, Mining Property and Mineral Rights. We surface mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of goods sold in the period they are incurred. We defer and amortize the pre-production overburden removal costs during the development phase associated with opening a new mine. Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred. Reclamation. We perform ongoing reclamation activities during the normal course of our overburden removal. As overburden is removed from a mine site, it is hauled to previously mined sites and is used to refill older sites. This process allows us to continuously reclaim older mine sites and dispose of overburden simultaneously, therefore minimizing the costs associated with the reclamation process. On an annual basis we evaluate our potential reclamation liability in accordance with ASC 410, Asset Retirement and Environmental Obligations. The reclamation assets are depreciated over the estimated useful lives of the respective mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the respective mines. Leases. ASC 842, Leases, provides that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset and, accordingly, a lease liability and a related right-of-use ("ROU") asset is recognized at the commencement date on our consolidated balance sheet. As provided in ASC 842, we have elected not to apply these measurement and recognition requirements to short-term leases (i.e., leases with a term of 12 months or less). Short-term leases will not be recorded as ROU assets or lease liabilities on our consolidated balance sheet, and the related lease payments will be recognized in net earnings on a straight-line basis over the lease term. For leases other than short-term leases, the lease liability is equal to the present value of unpaid lease payments over the remaining lease term. The lease term may reflect options to extend or terminate the lease when it is reasonably certain that such options will be exercised. To determine the present value of the lease liability, we used an incremental borrowing rate, which is defined as the rate of interest we would have to pay to borrow (on a collateralized basis over a similar term) an amount equal to the lease payments in similar economic environments. The ROU asset is based on the corresponding lease liability adjusted for certain costs such as initial direct costs, prepaid lease payments and lease incentives received. Both operating and finance lease ROU assets are reviewed for impairment, consistent with other long-lived assets, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. After a ROU asset is impaired, any remaining balance of the ROU asset is amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful life. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change in the accounting for leases. Certain of our leases provide for variable lease payments that vary due to changes in facts and circumstances occurring after the commencement date, other than the passage of time. Variable lease payments that are dependent on an index or rate (e.g., the Consumer Price Index) are included in the initial measurement of the lease liability and the ROU asset. Variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset, are expensed as incurred. Our variable lease payments primarily include common area maintenance charges based on the percentage of the total square footage leased and the usage of assets, such as photocopiers. Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis. Revenue Recognition. We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Sales returns are not material nor are warranties and any related obligations. We have an unconditional right to consideration under the payment terms specified in the contracts upon completion of the performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a liability for these advance payments of $0.1 million as of April 30, 2024, and no liability as of July 31, 2023. This liability is reported in Other within Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. There was no revenue recognized during the nine months ended April 30, 2024, that was included in the liability for advance payments at the beginning of the period. We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and with customers, such as volume discounts, cooperative marketing and other arrangements. We estimate and accrue the expected costs of these programs. These costs are considered variable consideration under ASC 606, Revenue from Contracts with Customers, and are netted against sales when revenue is recorded. The accruals are based on our best estimate of the amounts necessary to settle future and existing obligations on products sold as of the balance sheet date. To estimate these accruals, we rely on our historical experience of trade spending patterns and that of the industry, current trends and forecasted data. Selling, General and Administrative Expenses. Selling, general and administrative expenses ("SG&A") include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses. Other Current and Noncurrent Liabilities. Other liabilities include the accruals for general expenses not yet paid, cash collected not yet vouchered, legal reserves, postretirement health benefit obligations, and reclamation liability accrual. Current liabilities are due to be paid within the next 12 months. Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet includes $4.6 million for the reclamation liability as of April 30, 2024 and $4.5 million as of July 31, 2023 and $1.9 million for postretirement health benefit as of April 30, 2024 and $1.8 million as of July 31, 2023, respectively. Earnings Per Share. We utilize the two-class method to report our earnings per share ("EPS"). The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Common Stock is entitled to cash dividends equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. In computing earnings per share, the Company has allocated dividends declared to shares of Common Stock and Class B Stock based on amounts actually declared for each class of stock and 33.33% more of the undistributed earnings have been allocated to the shares of Common Stock than to the shares of Class B Stock on a per share basis. Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share. Common Stock has no conversion rights. Class B Stock is convertible on a share-by-share basis into Common Stock at any time and is subject to mandatory conversion under certain circumstances. Basic EPS is computed by dividing net earnings, reduced for any distributed and undistributed earnings allocated to unvested restricted shares, by the weighted-average number of shares outstanding during the period for each class of share. Diluted EPS, for each class of common stock, is computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period. Dilution for Common Stock takes into consideration the effect of both unvested restricted shares and convertible shares of Class B Stock, if the effect is dilutive. Dilution for Class B takes into consideration the effect of unvested restricted shares, if the effect is dilutive. Below is a reconciliation of the calculation of basic and diluted EPS.
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New Accounting Pronouncements |
9 Months Ended |
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Apr. 30, 2024 | |
NEW ACCOUNTING PRONOUNCEMENTS [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS AND REGULATIONS Recently Issued Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." These amendments primarily require enhanced disclosures and disaggregation of income tax information by jurisdiction in the annual income tax reconciliation and quantitative disclosures regarding income taxes paid. These amendments are to be applied prospectively, with the option to apply the standard retrospectively, for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that the adoption of this guidance will have on our disclosures. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." These amendments primarily require enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. In addition, ASU No. 2023-07 also requires all annual disclosures currently required by Topic 280 to be included in interim periods. These amendments are to be applied retrospectively for all periods presented in the financial statements and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that the adoption of this guidance will have on our disclosures. Recently Adopted Accounting Standards There have been no new accounting pronouncements adopted in the period.
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Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES The composition of inventories is as follows (in thousands):
Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor, and other overhead costs. The Company maintains reserves against inventory to reduce the carrying value to the expected net realizable value. These reserves are based upon a combination of factors including historical issues and market trends. Inventory reserves were $3.8 million and $3.6 million as of April 30, 2024 and July 31, 2023, respectively.
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Fair Value Measurements |
9 Months Ended |
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Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs. Cash equivalents are primarily money market mutual funds classified as Level 1. We had $0.9 million in cash equivalents as of April 30, 2024 and $15.4 million in cash equivalents as of July 31, 2023. Balances of accounts receivable and accounts payable approximated their fair values at April 30, 2024 and July 31, 2023 due to the short maturity and nature of those balances. Notes payable are reported at the face amount of future maturities. The estimated fair value of notes payable, including current maturities, was $41.1 million and $29.7 million as of April 30, 2024 and July 31, 2023, respectively, and are classified as Level 2. The fair value was estimated using the exit price notion by discounting future cash flows based on an observable market rate. We apply fair value techniques on at least an annual basis associated with: (1) valuing potential impairment loss related to goodwill, trademarks and other indefinite-lived intangible assets and (2) valuing potential impairment loss related to long-lived assets. See Note 5 of the Notes to the unaudited Condensed Consolidated Financial Statements for further information about goodwill and other intangible assets.
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Goodwill and Other Intangibles (Notes) |
9 Months Ended |
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Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets, other than goodwill, include trademarks, patents, and customer lists. Estimated intangible amortization for fiscal year 2024 is $0.1 million. Estimated intangible amortization for each of the next five fiscal years is $0.1 million. We have one acquired trademark recorded at a cost of $0.4 million that was determined to have an indefinite life and is not amortized. There have been no triggering events in fiscal years 2024 or 2023 that would indicate a new impairment analysis is needed.
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Accrued Expenses |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current | ACCRUED EXPENSES Accrued expenses is as follows (in thousands):
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Other Contingencies |
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Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Contingencies | OTHER CONTINGENCIES We are party to various legal actions from time to time that are ordinary in nature and incidental to the operation of our business, including ongoing litigation. While it is not possible at this time to determine with certainty the ultimate outcome of these or other lawsuits, we believe that none of the pending proceedings will have a material adverse effect on our business, financial condition, results of operations or cash flows. In the second quarter of fiscal year 2023, we recorded a reserve of $2.5 million for anticipated modification costs that we expected to incur to address capacity issues at our sole landfill located in Ochlocknee, Georgia. Reserves are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The amount of the reserve represented management’s best estimate of the costs for the modification with respect to this matter, at the time. Work began on the modifications in the second quarter of fiscal year 2024 at which time we increased our reserve by $0.5 million to reflect an update to our best estimate. This has been offset by $1.2 million of payments made to date. The modification work is expected to be completed during the fourth quarter of fiscal year 2024, and we have not made any additional changes to our reserve in the third quarter of fiscal year 2024. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards, and emerging technologies for handling site modification. Consequently, it is reasonably possible that modification costs in excess of amounts accrued could have a material impact on the Company’s results of operations, financial condition and cash flows.
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Debt |
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Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | DEBT We are party to an Amended and Restated Note Purchase and Private Shelf Agreement (as amended, the "Note Agreement") with PGIM, Inc. ("Prudential") and certain existing noteholders and purchasers affiliated with Prudential named therein. Pursuant to the Note Agreement, (i) on May 15, 2020 we issued $10 million in aggregate principal amount of our 3.95% Series B Senior Notes due May 15, 2030, of which $7 million aggregate principal amount remained outstanding as of April 30, 2024, (ii) on December 16, 2021, we issued an additional $25 million in aggregate principal amount of our 3.25% Series C Senior Notes due December 16, 2031, all of which remained outstanding as of April 30, 2024, and (iii) on April 30, 2024 we issued $10 million in aggregate principal amount of our 6.47% Series D Senior Notes due April 30, 2033, all of which remained outstanding as of April 30, 2024. The Note Agreement also provides us with the ability to request, from time to time, that Prudential affiliate(s) purchase, at Prudential’s discretion and on an uncommitted basis, additional senior unsecured notes of Oil-Dri (the “Shelf Notes,” and collectively with the Series A Senior Notes, Series B Senior Notes, Series C Senior Notes, and Series D Senior Notes, the “Notes”) in an aggregate principal amount of up to $75 million minus the aggregate principal amount of Notes then outstanding and Shelf Notes that have been accepted for purchase. Interest payable on any Shelf Note agreed to be purchased under the Note Agreement will be at a rate determined by Prudential and will mature no more than fifteen years after the date of original issue of such Shelf Note. On September 21, 2023, the Company entered into Amendment No. 4 to the Note Agreement extending the time frame for issuing and selling Shelf Notes to September 21, 2026. We are party to the Credit Agreement, dated as of January 27, 2006 (as previously amended, the “Credit Agreement”), among us, BMO Harris Bank N.A (“BMO”), and certain of our domestic subsidiaries. The agreement provides for a $45 million unsecured revolving credit facility, including a maximum of $10 million for letters of credit. The Credit Agreement contains restrictive covenants that, among other things and under various conditions, limit our ability to incur additional indebtedness or to dispose of assets. On August 30, 2022, we entered into the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”). The Sixth Amendment extended the facility termination date to August 30, 2027; replaced the LIBOR-based reference rate with an adjusted term Secured Overnight Financing Rate ("SOFR"); revised the method for calculating consolidated EBITDA and consolidated debt for purposes of the Credit Agreement; modified certain restrictive covenants, including increasing the unsecured indebtedness basket from $50 million to $75 million; and revised the existing financial covenants by replacing the consolidated debt covenant with a covenant to maintain a maximum debt to earnings ratio, lowering the minimum fixed charge coverage ratio level and revising the method for calculating the fixed charge coverage ratio. On April 16, 2024, we entered into the Seventh Amendment to Credit Agreement (the “Seventh Amendment”). The Seventh Amendment amends the Credit Agreement to, among other things, revise the method for calculating consolidated EBITDA for purposes of financial covenant compliance under the Credit Agreement; provide specific conditions precedent to advance funds for the Transaction (as defined in Note 15 below); and modify certain covenants and other provisions to permit certain indebtedness and liens of Ultra Pet Company, Inc. (“Ultra Pet”) and facilitate the Transaction. As of April 30, 2024, and July 31, 2023, we were in compliance with the covenants. There were no borrowings during the third quarter of fiscal year 2024. However, we had $1.5 million and $1.0 million of letters of credit outstanding under the Credit Agreement as of April 30, 2024 and July 31, 2023, respectively. |
Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | LEASES We have operating leases primarily for real estate properties, including corporate headquarters, customer service and sales offices, manufacturing and packaging facilities, warehouses, and research and development facilities, as well as for rail tracks, railcars and office equipment. Certain of our leases for a shared warehouse and office facility, rail track and railcars have options to extend which we are reasonably certain we will exercise and, accordingly, have been considered in the lease term used to recognize our ROU assets and lease liabilities. To determine the present value of the lease liability, we use an incremental borrowing rate, which is defined as the rate of interest that the Company would have to pay to borrow (on a collateralized basis over a similar term) an amount equal to the lease payments in similar economic environments. Further information about our accounting policy for leases is included in Note 1 of the Notes to the unaudited Condensed Consolidated Financial Statements. We have no material finance leases, and variable costs for operating leases are immaterial for the three and nine months ended April 30, 2024. Operating lease costs are included in Cost of Goods Sold or SG&A expenses based on the nature of the lease. The following table summarizes total lease costs for our operating leases (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Operating lease ROU assets and operating lease liabilities are separately presented on the unaudited Condensed Consolidated Balance Sheet, excluding leases with an initial term of twelve months or less. Other supplemental balance sheet information related to leases was as follows:
Lease liability maturities as of April 30, 2024, are as follows (in thousands):
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Pension and Other Postretirement Benefits |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure | PENSION AND OTHER POSTRETIREMENT BENEFITS The Oil-Dri Corporation of America Pension Plan ("Pension Plan") was a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits were based on a formula of years of credited service and levels of compensation or stated amounts for each year of credited service. On January 9, 2020, Oil-Dri amended the Pension Plan to freeze participation, all future benefit accruals and accrual of benefit service, including consideration of compensation increases, effective March 1, 2020. Consequently, the Pension Plan was closed to new participants and existing participants no longer earned additional benefits on or after March 1, 2020. On September 20, 2022, the Company's Board of Directors (the "Board") approved a resolution to terminate the Company's defined benefit pension plan. The pension obligations were fully settled in April 2023. A postretirement health benefits plan is also provided to domestic salaried employees who meet specific age, participation and length of service requirements at the time of retirement. Eligible employees may elect to continue their health care coverage under the Oil-Dri Corporation of America Employee Benefits Plan until the date certain criteria are met, including attaining the age of Medicare eligibility. We have the right to modify or terminate the postretirement health benefit plan at any time. The postretirement health plan is an unfunded plan. We pay insurance premiums and claims from our assets. The components of net periodic pension and postretirement health benefit costs were as follows:
The non-service cost components of net periodic benefit cost are included in Other Income (Expense) in the line item Other, net on the unaudited Condensed Consolidated Statements of Income. The discount rate for the net periodic benefit cost used in the calculation of the postretirement health benefits was 4.90% for the three and nine months ended April 30, 2024, and 3.82% for the three and nine months ended 2023. The medical cost trend assumption for postretirement health benefits was 8.20%. The graded trend rate is expected to decrease to an ultimate rate of 4.90% in fiscal year 2044.
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Operating Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Disclosure | OPERATING SEGMENTS We have two operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, the farm and fleet channel, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies, sports field product users and marketers of consumer products. The Business to Business Products Group customers include: processors and refiners of edible oils, renewable diesel, petroleum-based oils and biodiesel fuel, manufacturers of animal feed and agricultural chemicals, and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Net sales for our principal products by segment are as follows (in thousands):
We do not rely on any segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance.
Net sales and operating income for each segment are provided below. The corporate expenses line includes certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as information systems, finance, legal, human resources and customer service.
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Stock-Based Compensation |
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | STOCK-BASED COMPENSATION The Amended and Restated Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (the "2006 Plan"), permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 1,719,500. As of April 30, 2024, there were 636,977 shares of Common Stock or Class B Stock available for future grants under this plan. Restricted Stock All of our non-vested restricted stock as of April 30, 2024 was issued under the 2006 Plan with vesting periods generally between and five years. We determined the fair value of restricted stock as of the grant date. We recognize the related compensation expense over the period from the date of grant to the date the shares vest. There were 73,000 and 59,000 restricted shares of Common Stock granted during the first nine months of fiscal years 2024 and 2023, respectively. There were 125,000 restricted shares of Class B Stock granted during the first nine months of fiscal year 2024 and none in fiscal year 2023. Stock-based compensation expense was $0.9 million and $0.7 million for the three-months ended April 30, 2024 and 2023 respectively, and $2.7 million and $2.3 million for the nine months ended April 30, 2024 and 2023, respectively. A summary of restricted stock transactions is shown below:
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Accumulated Other Comprehensive (Loss) Income (Notes) |
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Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of April 30, 2024 (in thousands):
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Related Party Transactions (Notes) |
9 Months Ended |
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Apr. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS One member of our Board is currently the President and Chief Executive Officer of a vendor of ours. Total payments to this vendor for fees and cost reimbursements were $1.2 million and $0.1 million for the first nine months of fiscal years 2024 and 2023, respectively. There were no outstanding accounts payable to that vendor as of April 30, 2024 or July 31, 2023.
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Subsequent Events (Notes) |
9 Months Ended |
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Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On May 1, 2024, pursuant to a Stock Purchase Agreement (the “Purchase Agreement”), dated April 16, 2024, we acquired all of the issued and outstanding shares of capital stock of Ultra Pet for an aggregate cash consideration of approximately $46 million, subject to certain adjustments set forth in the Purchase Agreement, in order to enter into the crystal cat litter segment (the “Transaction”). The purchase price was financed through cash on hand, a $10 million advance under the Credit Agreement, and the issuance of $10 million in aggregate principal amount of 6.47% Series D Senior Notes due April 30, 2033 pursuant to the shelf facility provisions of the Note Agreement. Going forward, Ultra Pet will operate as a wholly-owned subsidiary of Oil-Dri. For additional information about the Purchase Agreement and the Transaction, please see the Current Reports on Form 8-K we filed with the SEC on April 16, 2024 and May 1, 2024.
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Basis of Statement Presentation Level 2 (Policies) |
9 Months Ended |
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Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Trade Receivables | We recognize trade receivables when control of finished products are transferred to our customers. We record an allowance for credit losses based on our expectations and a periodic review of our accounts receivable, including a review of the overall aging of accounts, consideration of customer credit risk and analysis of facts and circumstances about specific accounts. A customer account is determined to be uncollectible when it is probable that a loss will be incurred after we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment. We retain outside collection agencies to facilitate our collection efforts. Past due status is determined based on contractual terms and customer payment history. |
Property, Plant and Equipment, Policy | Property, plant and equipment includes depreciable assets such as building, machinery, equipment, furniture, vehicles, and capitalized spare parts. These assets are depreciated using the straight-line method over their estimated useful lives. Major improvements are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. Interest expense may also be capitalized for assets that require a period of time to get them ready for their intended use. These assets are carried at cost on the Consolidated Balance Sheets and are reviewed for possible impairment on an annual basis or when circumstances indicate impairment that an asset may become impaired. We take into consideration idle and underutilized equipment and review business plans for possible impairment. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value. |
Land, Mining Property and Mineral Rights | We surface mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of goods sold in the period they are incurred. We defer and amortize the pre-production overburden removal costs during the development phase associated with opening a new mine. Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred.
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Reclamation | We perform ongoing reclamation activities during the normal course of our overburden removal. As overburden is removed from a mine site, it is hauled to previously mined sites and is used to refill older sites. This process allows us to continuously reclaim older mine sites and dispose of overburden simultaneously, therefore minimizing the costs associated with the reclamation process. On an annual basis we evaluate our potential reclamation liability in accordance with ASC 410, Asset Retirement and Environmental Obligations. The reclamation assets are depreciated over the estimated useful lives of the respective mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the respective mines.
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Leases | ASC 842, Leases, provides that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset and, accordingly, a lease liability and a related right-of-use ("ROU") asset is recognized at the commencement date on our consolidated balance sheet. As provided in ASC 842, we have elected not to apply these measurement and recognition requirements to short-term leases (i.e., leases with a term of 12 months or less). Short-term leases will not be recorded as ROU assets or lease liabilities on our consolidated balance sheet, and the related lease payments will be recognized in net earnings on a straight-line basis over the lease term. For leases other than short-term leases, the lease liability is equal to the present value of unpaid lease payments over the remaining lease term. The lease term may reflect options to extend or terminate the lease when it is reasonably certain that such options will be exercised. To determine the present value of the lease liability, we used an incremental borrowing rate, which is defined as the rate of interest we would have to pay to borrow (on a collateralized basis over a similar term) an amount equal to the lease payments in similar economic environments. The ROU asset is based on the corresponding lease liability adjusted for certain costs such as initial direct costs, prepaid lease payments and lease incentives received. Both operating and finance lease ROU assets are reviewed for impairment, consistent with other long-lived assets, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. After a ROU asset is impaired, any remaining balance of the ROU asset is amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful life. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change in the accounting for leases. Certain of our leases provide for variable lease payments that vary due to changes in facts and circumstances occurring after the commencement date, other than the passage of time. Variable lease payments that are dependent on an index or rate (e.g., the Consumer Price Index) are included in the initial measurement of the lease liability and the ROU asset. Variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset, are expensed as incurred. Our variable lease payments primarily include common area maintenance charges based on the percentage of the total square footage leased and the usage of assets, such as photocopiers. Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis.
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Revenue Recognition | We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Sales returns are not material nor are warranties and any related obligations. We have an unconditional right to consideration under the payment terms specified in the contracts upon completion of the performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a liability for these advance payments of $0.1 million as of April 30, 2024, and no liability as of July 31, 2023. This liability is reported in Other within Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. There was no revenue recognized during the nine months ended April 30, 2024, that was included in the liability for advance payments at the beginning of the period. We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and with customers, such as volume discounts, cooperative marketing and other arrangements. We estimate and accrue the expected costs of these programs. These costs are considered variable consideration under ASC 606, Revenue from Contracts with Customers, and are netted against sales when revenue is recorded. The accruals are based on our best estimate of the amounts necessary to settle future and existing obligations on products sold as of the balance sheet date. To estimate these accruals, we rely on our historical experience of trade spending patterns and that of the industry, current trends and forecasted data.
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Selling, General and Administrative Expenses | Selling, general and administrative expenses ("SG&A") include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses. |
Other Current and Noncurrent Liabilities | Other liabilities include the accruals for general expenses not yet paid, cash collected not yet vouchered, legal reserves, postretirement health benefit obligations, and reclamation liability accrual. Current liabilities are due to be paid within the next 12 months. Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet includes $4.6 million for the reclamation liability as of April 30, 2024 and $4.5 million as of July 31, 2023 and $1.9 million for postretirement health benefit as of April 30, 2024 and $1.8 million as of July 31, 2023, respectively. |
Earnings Per Share | We utilize the two-class method to report our earnings per share ("EPS"). The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Common Stock is entitled to cash dividends equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. In computing earnings per share, the Company has allocated dividends declared to shares of Common Stock and Class B Stock based on amounts actually declared for each class of stock and 33.33% more of the undistributed earnings have been allocated to the shares of Common Stock than to the shares of Class B Stock on a per share basis. Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share. Common Stock has no conversion rights. Class B Stock is convertible on a share-by-share basis into Common Stock at any time and is subject to mandatory conversion under certain circumstances. Basic EPS is computed by dividing net earnings, reduced for any distributed and undistributed earnings allocated to unvested restricted shares, by the weighted-average number of shares outstanding during the period for each class of share. Diluted EPS, for each class of common stock, is computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period. Dilution for Common Stock takes into consideration the effect of both unvested restricted shares and convertible shares of Class B Stock, if the effect is dilutive. Dilution for Class B takes into consideration the effect of unvested restricted shares, if the effect is dilutive. |
Inventories Level 2 (Policies) |
9 Months Ended |
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Apr. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor, and other overhead costs. |
Fair Value Measurements Fair Value Measurements (Policies) |
9 Months Ended |
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Apr. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs.
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Operating Segments Level 2 (Policies) |
9 Months Ended |
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Apr. 30, 2024 | |
Segment Reporting [Abstract] | |
Operating Segments | We have two operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, the farm and fleet channel, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies, sports field product users and marketers of consumer products. The Business to Business Products Group customers include: processors and refiners of edible oils, renewable diesel, petroleum-based oils and biodiesel fuel, manufacturers of animal feed and agricultural chemicals, and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023.
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Basis of Statement Presentation Level 3 (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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Inventories Level 3 (Tables) |
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | The composition of inventories is as follows (in thousands):
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Accrued Expenses (Tables) |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | Accrued expenses is as follows (in thousands):
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease cost | We have no material finance leases, and variable costs for operating leases are immaterial for the three and nine months ended April 30, 2024. Operating lease costs are included in Cost of Goods Sold or SG&A expenses based on the nature of the lease. The following table summarizes total lease costs for our operating leases (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Operating lease ROU assets and operating lease liabilities are separately presented on the unaudited Condensed Consolidated Balance Sheet, excluding leases with an initial term of twelve months or less. Other supplemental balance sheet information related to leases was as follows:
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Operating lease payments due within next fiscal year as of April 30, 2024 | April 30, 2024, are as follows (in thousands):
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Pension and Other Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic pension and postretirement health benefit costs were as follows:
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Operating Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Principal Product by Operating Segment | Net sales for our principal products by segment are as follows (in thousands):
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Operating Segments Information | We do not rely on any segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance.
Net sales and operating income for each segment are provided below. The corporate expenses line includes certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as information systems, finance, legal, human resources and customer service.
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Transactions | A summary of restricted stock transactions is shown below:
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Accumulated Other Comprehensive (Loss) Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income by Component | The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of April 30, 2024 (in thousands):
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Basis of Statement Presentation Revenue Recognition (Details) - Payments In Advance - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Jul. 31, 2023 |
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Deferred Revenue Arrangement | ||
Liability for Payments in Advance | $ 0.1 | $ 0.0 |
Payments in Advance, Revenue Recognized | $ 0.0 |
Basis of Statement Presentation Other Noncurrent Liabilities (Details) - USD ($) $ in Millions |
Apr. 30, 2024 |
Jul. 31, 2023 |
---|---|---|
Liabilities, Current [Abstract] | ||
Reclamation liability | $ 4.6 | $ 4.5 |
Postretirement health benefits | $ 1.9 | $ 1.8 |
Inventories (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jul. 31, 2023 |
---|---|---|
Inventory | ||
Finished goods | $ 24,837 | $ 21,943 |
Packaging | 7,666 | 8,007 |
Spare parts | 7,016 | 5,981 |
Other | 5,949 | 6,681 |
Total Inventories | $ 45,468 | $ 42,612 |
Inventories Narrative (Details) - USD ($) $ in Millions |
Apr. 30, 2024 |
Jul. 31, 2023 |
---|---|---|
Inventory | ||
Inventory reserves | $ 3.8 | $ 3.6 |
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions |
Apr. 30, 2024 |
Jul. 31, 2023 |
---|---|---|
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash Equivalents | $ 0.9 | $ 15.4 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Notes Payable, Fair Value | $ 41.1 | $ 29.7 |
Goodwill and Other Intangibles (Details) $ in Millions |
Apr. 30, 2024
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Future Amortization Expense | |
2025 | $ 0.1 |
2026 | 0.1 |
2027 | 0.1 |
2028 | 0.1 |
2029 | $ 0.1 |
Goodwill and Other Intangibles Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Apr. 30, 2024
USD ($)
| |
Finite-Lived Intangible Assets | |
Amortization of intangible assets | $ 0.1 |
Indefinite-lived trademarks | $ 0.4 |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Apr. 30, 2024 |
Jul. 31, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Salaries, Wages, Commissions and Employee Benefits | $ 16,808 | $ 19,054 |
Freight | 2,490 | 3,078 |
Trade Promotions and Advertising | 1,813 | 2,292 |
Georgia Landfill Modification Reserve | 1,787 | 2,469 |
Real Estate Tax | 802 | 1,038 |
Other | 8,713 | 8,937 |
Accrued expenses | $ 32,413 | $ 36,868 |
Commitment and Contingencies (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Jul. 31, 2023 |
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Commitments and Contingencies Disclosure [Abstract] | ||
Georgia Landfill Modification Reserve | $ 1,787 | $ 2,469 |
Georgia Landfill Modification Reserve, Period Increase | 500 | |
Georgia Landfill Modification Reserve Payments | $ 1,200 |
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
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Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Loss on pension termination | $ 0 | $ (4,858) | $ 0 | $ (4,858) |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Interest cost | 0 | 336 | 0 | 1,009 |
Expected return on plan assets | 0 | (557) | 0 | (1,673) |
Amortization of Other actuarial loss | 0 | 14 | 0 | 42 |
Loss on pension termination | 0 | 4,858 | 0 | 4,858 |
Net periodic benefit cost | 0 | 4,651 | 0 | 4,236 |
Postretirement Health Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 19 | 21 | 56 | 63 |
Interest cost | 21 | 19 | 62 | 55 |
Amortization of Other actuarial loss | (27) | (21) | (80) | (62) |
Amortization of Prior service costs | (2) | (2) | (5) | (5) |
Net periodic benefit cost | $ 11 | $ 17 | $ 33 | $ 51 |
Pension and Other Postretirement Benefits Narrative (Details) - Postretirement Health Plan |
9 Months Ended | |
---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
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Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Discount rate for net periodic benefit cost | 4.90% | 3.82% |
Medical Cost Trend Assumption | 8.20% | |
Ultimate Health Care Cost Trend Rate | 4.90% | |
Year that Rate Reaches Ultimate Trend Rate | 2044 |
Operating Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jul. 31, 2023 |
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Segment Reporting Information | |||||
Assets | $ 319,152 | $ 319,152 | $ 286,235 | ||
Net Sales | 106,779 | $ 105,425 | 323,885 | $ 305,633 | |
Corporate Expenses | (11,045) | (6,091) | (28,040) | (23,463) | |
Income from Operations | 10,432 | 14,456 | 38,753 | 28,331 | |
Total Other Expenses, Net | (294) | (4,475) | (1,103) | (6,874) | |
Income Before Income Taxes | 10,138 | 9,981 | 37,650 | 21,457 | |
Income Tax Expense | (2,361) | (1,493) | (6,749) | (3,893) | |
Net Income | 7,777 | 8,488 | 30,901 | 17,564 | |
Net Loss Attributable to Noncontrolling Interest | 0 | (47) | 0 | (68) | |
Net Income Attributable to Oil-Dri | 7,777 | 8,535 | 30,901 | 17,632 | |
Business to Business Products | |||||
Segment Reporting Information | |||||
Assets | 89,931 | 89,931 | 84,424 | ||
Net Sales | 36,196 | 35,412 | 111,591 | 104,253 | |
Segment Income | 10,605 | 9,803 | 32,713 | 24,794 | |
Retail and Wholesale Products | |||||
Segment Reporting Information | |||||
Assets | 146,959 | 146,959 | 136,262 | ||
Net Sales | 70,583 | 70,013 | 212,294 | 201,380 | |
Segment Income | 10,872 | $ 10,744 | 34,080 | $ 27,000 | |
Unallocated Assets | |||||
Segment Reporting Information | |||||
Assets | $ 82,262 | $ 82,262 | $ 65,549 |
Operating Segments Narrative (Details) |
9 Months Ended |
---|---|
Apr. 30, 2024
segment
| |
Segment Reporting Information | |
Number of Reportable Segments | 2 |
Stock-Based Compensation Summary of Restricted Stock Transactions (Details) - Restricted Stock shares in Thousands |
9 Months Ended |
---|---|
Apr. 30, 2024
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award | |
Non-vested restricted stock outstanding, beginning balance | shares | 348 |
Granted, number of shares | shares | 198 |
Vested, number of shares | shares | (147) |
Forfeitures, number of shares | shares | (6) |
Non-vested restricted stock outstanding, ending balance | shares | 393 |
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance | $ / shares | $ 32.95 |
Granted, weighted average grant date fair value | $ / shares | 62.61 |
Vested, weighted average grant date fair value | $ / shares | 31.02 |
Forfeitures, weighted average grant date fair value | $ / shares | 40.41 |
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance | $ / shares | $ 48.52 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Apr. 30, 2023 |
Jul. 31, 2023 |
|
Related Party Transaction | |||
Accounts Payable To Related Parties | $ 13,728 | $ 17,101 | |
Director | |||
Related Party Transaction | |||
Payments to related party | 1,200 | $ 100 | |
Accounts Payable To Related Parties | $ 0 | $ 0 |
Subsequent Events (Details) $ in Millions |
9 Months Ended |
---|---|
Apr. 30, 2024
USD ($)
| |
Subsequent Events [Abstract] | |
Business Combination, Price of Acquisition, Expected | $ 46 |
Series D Senior Notes | |
Debt Instrument [Line Items] | |
Face Amount | $ 10 |
Annual Rate | 6.47% |
Debt Instrument, Maturity Date Range, End | Apr. 30, 2033 |
Line of Credit | |
Debt Instrument [Line Items] | |
Proceeds from Lines of Credit | $ 10 |
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