Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |||
Jul. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Common Stock | Common Class B | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'OIL DRI CORP OF AMERICA | ' | ' | ' |
Entity Central Index Key | '0000074046 | ' | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Jul-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 5,001,742 | 2,069,994 |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $167,618,000 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $16,230 | $24,035 |
Restricted Cash | 129 | 0 |
Short-term investments | 2,640 | 18,459 |
Accounts receivable, less allowance of $707 and $641 in 2014 and 2013, respectively | 30,997 | 31,148 |
Inventories | 24,483 | 20,723 |
Deferred income taxes | 1,570 | 3,986 |
Prepaid repairs expense | 3,722 | 3,458 |
Prepaid expenses and other assets | 3,745 | 1,563 |
Total Current Assets | 83,516 | 103,372 |
Property, Plant and Equipment | ' | ' |
Buildings and leasehold improvements | 28,557 | 28,475 |
Machinery and equipment | 120,081 | 112,056 |
Office furniture and equipment | 10,244 | 9,880 |
Vehicles | 12,099 | 11,615 |
Gross depreciable assets | 170,981 | 162,026 |
Less accumulated depreciation and amortization | -124,199 | -118,082 |
Net depreciable assets | 46,782 | 43,944 |
Construction in progress | 11,759 | 5,845 |
Land and mineral rights | 16,355 | 16,266 |
Total Property, Plant and Equipment, Net | 74,896 | 66,055 |
Other Assets | ' | ' |
Goodwill | 9,034 | 5,162 |
Trademarks and patents, net of accumulated amortization of $420 and $427 in 2014 and 2013, respectively | 660 | 581 |
Debt issuance costs, net of accumulated amortization of $522 and $455 in 2014 and 2013, respectively | 243 | 309 |
Licensing agreements and non-compete agreements, net of accumulated amortization of $1,145 and $1,861 in 2014 and 2013, respectively | 155 | 378 |
Customer list, net of accumulated amortization of $764 in 2014 | 7,020 | 0 |
Deferred income taxes | 4,448 | 2,164 |
Other | 6,232 | 5,538 |
Total Other Assets | 27,792 | 14,132 |
Total Assets | 186,204 | 183,559 |
Current Liabilities | ' | ' |
Current maturities of notes payable | 3,500 | 3,500 |
Accounts payable | 7,352 | 6,483 |
Dividends payable | 1,311 | 1,236 |
Accrued expenses | ' | ' |
Salaries, wages and commissions | 4,448 | 9,087 |
Trade promotions and advertising | 2,182 | 2,824 |
Freight | 2,504 | 2,154 |
Other | 8,203 | 6,163 |
Total Current Liabilities | 29,500 | 31,447 |
Noncurrent Liabilities | ' | ' |
Notes payable | 18,900 | 22,400 |
Deferred compensation | 9,267 | 8,569 |
Pension and postretirement benefits | 22,273 | 16,362 |
Other | 1,956 | 1,843 |
Total Noncurrent Liabilities | 52,396 | 49,174 |
Total Liabilities | 81,896 | 80,621 |
Stockholdersb Equity | ' | ' |
Additional paid-in capital | 33,130 | 31,317 |
Restricted unearned stock compensation | -2,225 | -1,824 |
Retained earnings | 136,039 | 132,750 |
Accumulated Other Comprehensive Income | ' | ' |
Unrealized gain on marketable securities | 114 | 86 |
Pension and postretirement benefits | -8,632 | -5,608 |
Cumulative translation adjustment | 255 | 487 |
Total Accumulated Other Comprehensive Income | -8,263 | -5,035 |
Less Treasury Stock, at cost (2,915,651 Common and 324,741 Class B shares in 2014 and 2,914,567 Common and 324,741 Class B shares in 2013) | -55,404 | -55,296 |
Total Stockholdersb Equity | 104,308 | 102,938 |
Total Liabilities and Stockholdersb Equity | 186,204 | 183,559 |
Common Stock | ' | ' |
Stockholdersb Equity | ' | ' |
Common Stock, par value $.10 | 792 | 787 |
Common Class B | ' | ' |
Stockholdersb Equity | ' | ' |
Common Stock, par value $.10 | $239 | $239 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet Parentheticals (Parentheticals) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $707 | $641 |
Trademarks and patents accumulated amortization | 420 | 427 |
Debt issuance costs accumulated amortization | 522 | 455 |
Licensing agreements and non-compete agreements accumulated amortization | 1,145 | 1,861 |
Customer list accumulated amortization | $764 | $0 |
Common Stock, par value per share | $0.10 | $0.10 |
Common Stock | ' | ' |
Common Stock, par value per share | $0.10 | $0.10 |
Common Stock, shares issued | 7,917,393 | 7,866,560 |
Treasury Stock, shares | 2,915,651 | 2,914,567 |
Common Class B | ' | ' |
Common Stock, par value per share | $0.10 | $0.10 |
Common Stock, shares issued | 2,394,735 | 2,394,487 |
Treasury Stock, shares | 324,741 | 324,741 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Net Sales | $266,313 | $250,583 | $240,681 |
Cost of Sales | -206,663 | -184,084 | -181,676 |
Gross Profit | 59,650 | 66,499 | 59,005 |
Selling, General and Administrative Expenses | -47,232 | -47,558 | -47,303 |
Capacity Rationalization Charges | 0 | -70 | -1,623 |
Income from Operations | 12,418 | 18,871 | 10,079 |
Other Income (Expense) | ' | ' | ' |
Interest income | 23 | 34 | 31 |
Interest expense | -1,569 | -1,773 | -2,060 |
Foreign exchange loss | 35 | -56 | -196 |
Other, net | 430 | 423 | 507 |
Total Other Expense, Net | -1,081 | -1,372 | -1,718 |
Income Before Income Taxes | 11,337 | 17,499 | 8,361 |
Income Taxes | -2,981 | -2,913 | -2,263 |
Net Income | $8,356 | $14,586 | $6,098 |
Net Income Per Share | ' | ' | ' |
Diluted | $1.17 | $2.07 | $0.85 |
Average Shares Outstanding | ' | ' | ' |
Diluted (in shares) | 7,004 | 6,927 | 7,062 |
Basic Common | ' | ' | ' |
Net Income Per Share | ' | ' | ' |
Basic | $1.27 | $2.25 | $0.92 |
Average Shares Outstanding | ' | ' | ' |
Basic (in shares) | 4,981 | 4,909 | 5,063 |
Basic Class B Common | ' | ' | ' |
Net Income Per Share | ' | ' | ' |
Basic | $0.96 | $1.69 | $0.70 |
Average Shares Outstanding | ' | ' | ' |
Basic (in shares) | 2,001 | 1,970 | 1,934 |
Consolidate_Statements_of_Comp
Consolidate Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Net Income | $8,356 | $14,586 | $6,098 |
Unrealized gain on marketable securities | 28 | 14 | 1 |
Pension and postretirement benefits (net of tax) | -3,024 | 5,983 | -6,276 |
Cumulative translation adjustment | -232 | -86 | -226 |
Other Comprehensive (Loss) Income | -3,228 | 5,911 | -6,501 |
Comprehensive Income (Loss) | $5,128 | $20,497 | ($403) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity Statement (USD $) | Total | Common & Class B Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Restricted Unearned Stock Compensation | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | |||||||
Total, Beginning of Period at Jul. 31, 2011 | $95,298 | $1,012 | ($49,424) | $29,213 | $121,388 | ($2,446) | ($4,445) |
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2011 | ' | ' | -2,967,128 | ' | ' | ' | ' |
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2011 | ' | 10,123,183 | ' | ' | ' | ' | ' |
Net Income | 6,098 | 0 | 0 | 0 | 6,098 | 0 | 0 |
Other Comprehensive (Loss) Income | -6,501 | 0 | 0 | 0 | 0 | 0 | -6,501 |
Dividends Declared | -4,511 | 0 | 0 | 0 | -4,511 | 0 | 0 |
Purchases of Treasury Stock | -6,247 | 0 | -6,247 | 0 | 0 | 0 | 0 |
Purchases of Treasury Stock (in shares) | ' | ' | -296,427 | ' | ' | ' | ' |
Net Issuance of Stock Under Long-Term Incentive Plans | 353 | 4 | 463 | 448 | -74 | -488 | 0 |
Net Issuance of Stock Under Long-Term Incentive Plans (in shares) | ' | 37,917 | 27,250 | ' | ' | ' | ' |
Share-based Compensation | 98 | 0 | 0 | 98 | 0 | 0 | 0 |
Amortization of Restricted Stock | 720 | 0 | 0 | 0 | 0 | 720 | 0 |
Total, End of Period at Jul. 31, 2012 | 85,308 | 1,016 | -55,208 | 29,759 | 122,901 | -2,214 | -10,946 |
Treasury Stock, End of Period (in shares) at Jul. 31, 2012 | ' | ' | -3,236,305 | ' | ' | ' | ' |
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2012 | ' | 10,161,100 | ' | ' | ' | ' | ' |
Net Income | 14,586 | 0 | 0 | 0 | 14,586 | 0 | 0 |
Other Comprehensive (Loss) Income | 5,911 | 0 | 0 | 0 | 0 | 0 | 5,911 |
Dividends Declared | -4,712 | 0 | 0 | 0 | -4,712 | 0 | 0 |
Purchases of Treasury Stock | -175 | 0 | -175 | 0 | 0 | 0 | 0 |
Purchases of Treasury Stock (in shares) | ' | ' | -8,253 | ' | ' | ' | ' |
Net Issuance of Stock Under Long-Term Incentive Plans | 887 | 10 | 87 | 1,289 | -25 | -474 | 0 |
Net Issuance of Stock Under Long-Term Incentive Plans (in shares) | ' | 99,947 | 5,250 | ' | ' | ' | ' |
Share-based Compensation | 269 | 0 | 0 | 269 | 0 | 0 | 0 |
Amortization of Restricted Stock | 864 | 0 | 0 | 0 | 0 | 864 | 0 |
Total, End of Period at Jul. 31, 2013 | 102,938 | 1,026 | -55,296 | 31,317 | 132,750 | -1,824 | -5,035 |
Treasury Stock, End of Period (in shares) at Jul. 31, 2013 | ' | ' | -3,239,308 | ' | ' | ' | ' |
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2013 | ' | 10,261,047 | ' | ' | ' | ' | ' |
Net Income | 8,356 | 0 | 0 | 0 | 8,356 | 0 | 0 |
Other Comprehensive (Loss) Income | -3,228 | 0 | 0 | 0 | 0 | 0 | -3,228 |
Dividends Declared | -5,040 | 0 | 0 | 0 | -5,040 | 0 | 0 |
Purchases of Treasury Stock | -87 | 0 | -87 | 0 | 0 | 0 | 0 |
Purchases of Treasury Stock (in shares) | ' | ' | -2,584 | ' | ' | ' | ' |
Net Issuance of Stock Under Long-Term Incentive Plans | 94 | 5 | -21 | 1,727 | -27 | -1,590 | 0 |
Net Issuance of Stock Under Long-Term Incentive Plans (in shares) | ' | 51,081 | 1,500 | ' | ' | ' | ' |
Share-based Compensation | 86 | 0 | 0 | 86 | 0 | 0 | 0 |
Amortization of Restricted Stock | 1,189 | 0 | 0 | 0 | 0 | 1,189 | 0 |
Total, End of Period at Jul. 31, 2014 | $104,308 | $1,031 | ($55,404) | $33,130 | $136,039 | ($2,225) | ($8,263) |
Treasury Stock, End of Period (in shares) at Jul. 31, 2014 | ' | ' | -3,240,392 | ' | ' | ' | ' |
Common & Class B Stock, End of Period (in shares) at Jul. 31, 2014 | ' | 10,312,128 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Cash Flows from Operating Activities | ' | ' | ' |
Net Income | $8,356 | $14,586 | $6,098 |
Adjustments to reconcile net income to net cash provided by operating activites: | ' | ' | ' |
Depreciation and amortization | 10,396 | 8,946 | 9,272 |
Amortization of investment (discounts) premiums | -2 | -7 | 15 |
Non-cash stock compensation expense | 1,189 | 864 | 727 |
Excess tax benefits for share-based payments | -86 | -268 | -92 |
Deferred income taxes | 284 | -398 | -2,568 |
Provision for bad debts | 69 | 64 | 32 |
Loss on the sale of property, plant and equipment | 452 | 8 | 445 |
Capacity rationalization charges | 0 | 70 | 1,623 |
(Increase) decrease in: | ' | ' | ' |
Accounts receivable | 82 | -984 | -1,026 |
Inventories | -2,966 | -1,050 | -456 |
Prepaid expenses | -1,988 | 1,416 | 1,878 |
Other assets | -817 | -1,025 | -510 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable | 187 | 135 | 456 |
Accrued expenses | -2,586 | 2,159 | 1,622 |
Deferred compensation | 698 | 452 | 921 |
Pension and postretirement benefits | 2,887 | -1,896 | 4,730 |
Other liabilities | 141 | 294 | 172 |
Total Adjustments | 7,940 | 8,780 | 17,241 |
Net Cash Provided by Operating Activities | 16,296 | 23,366 | 23,339 |
Cash Flows from Investing Activities | ' | ' | ' |
Capital expenditures | -18,566 | -9,795 | -6,960 |
Proceeds from sale of property, plant and equipment | 180 | 66 | 31 |
Acquisition of business | -12,876 | 0 | 0 |
Restricted cash | -129 | 0 | 0 |
Purchases of short-term investments | -10,391 | -34,439 | -17,601 |
Dispositions of short-term investments | 26,212 | 25,150 | 24,260 |
Net Cash Used in Investing Activities | -15,570 | -19,018 | -270 |
Cash Flows from Financing Activities | ' | ' | ' |
Principal payments on notes payable | -3,500 | -3,800 | -3,600 |
Dividends paid | -4,965 | -4,630 | -4,486 |
Purchase of treasury stock | -87 | -175 | -6,247 |
Proceeds from issuance of treasury stock | 82 | 82 | 31 |
Proceeds from issuance of common stock | 12 | 805 | 321 |
Excess tax benefits for share-based payments | 86 | 268 | 92 |
Net Cash Used in Financing Activities | -8,372 | -7,450 | -13,889 |
Effect of exchange rate changes on cash and cash equivalents | -159 | 44 | 28 |
Net (Decrease) Increase in Cash and Cash Equivalents | -7,805 | -3,058 | 9,208 |
Cash and Cash Equivalents, Beginning of Year | 24,035 | 27,093 | 17,885 |
Cash and Cash Equivalents, End of Year | $16,230 | $24,035 | $27,093 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 1 (Notes) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
NATURE OF OPERATIONS | |||||||||
We are a leader in developing, manufacturing and/or marketing sorbent products. Our sorbent products are principally produced from clay minerals. Our absorbent clay products include cat litter, industrial floor absorbents, agricultural chemical carriers and enterosorbents used in animal feed. Our adsorbent products include synthetic sorbents, which are used for industrial cleanup, and bleaching clay products, which are used for filtration of edible oils and for purification aid of petroleum-based oils. | |||||||||
PRINCIPLES OF CONSOLIDATION | |||||||||
The Consolidated Financial Statements include the accounts of Oil-Dri Corporation of America and its subsidiaries, all of which are wholly-owned. All significant intercompany balances and transactions have been eliminated from the Consolidated Financial Statements. | |||||||||
MANAGEMENT USE OF ESTIMATES | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
CASH AND CASH EQUIVALENTS | |||||||||
Cash equivalents are highly liquid investments with maturities of three months or less when purchased. | |||||||||
SHORT-TERM INVESTMENTS | |||||||||
The composition of short-term investments was as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
U.S. Treasury Securities | $ | — | $ | 8,999 | |||||
Certificates of Deposit | 2,640 | 9,460 | |||||||
Short-Term Investments | $ | 2,640 | $ | 18,459 | |||||
We intend and have the ability to hold these investments to maturity; therefore, these investments are reported at amortized cost on the Consolidated Balance Sheets. | |||||||||
TRADE RECEIVABLES | |||||||||
We recognize trade receivables when the risk of loss and title pass to the customer. We record an allowance for doubtful accounts based on our historical experience and a periodic review of our accounts receivable, including a review of the overall aging of accounts and analysis of specific accounts. A customer account is determined to be uncollectible when we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment. We retain outside collection agencies to facilitate our collection efforts. Past due status is determined based on contractual terms and customer payment history. | |||||||||
INVENTORIES | |||||||||
We value inventories at the lower of cost (first-in, first-out) or market. We recorded inventory obsolescence reserves of approximately $390,000 and $364,000 as of July 31, 2014 and 2013, respectively. The composition of inventories was as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 14,326 | $ | 12,112 | |||||
Packaging | 5,402 | 4,003 | |||||||
Other | 4,755 | 4,608 | |||||||
Inventories | $ | 24,483 | $ | 20,723 | |||||
TRANSLATION OF FOREIGN CURRENCIES | |||||||||
Assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated at the exchange rates in effect at period end. Income statement items are translated at the average exchange rate on a monthly basis. Resulting translation adjustments are recorded as a separate component of stockholders’ equity. | |||||||||
INTANGIBLE ASSETS AND GOODWILL | |||||||||
We amortize most of our intangible assets on a straight-line basis over periods ranging from seven to 17 years. Our customer list intangible asset, related to the acquisition of certain assets of MFM, is amortized at an accelerated amortization rate in the earlier years to reflect the expected pattern of decline in the related benefits over time. Intangible amortization was $1,107,000 in fiscal 2014 and $343,000 in fiscal 2013. We have some intangible assets that were determined to have indefinite lives and are not amortized, specifically one acquired trademark recorded at $376,000. | |||||||||
Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||
2015 | $ | 1,581 | |||||||
2016 | $ | 1,443 | |||||||
2017 | $ | 1,188 | |||||||
2018 | $ | 979 | |||||||
2019 | $ | 792 | |||||||
The weighted average amortization period of our intangible assets subject to amortization is as follows (in years): | |||||||||
Weighted Average Amortization Period | |||||||||
Trademarks and patents | 4.5 | ||||||||
Debt issuance costs | 5 | ||||||||
Licensing agreements and noncompete agreements | 0.8 | ||||||||
Customer list | 9.3 | ||||||||
Total intangible assets subject to amortization | 8.9 | ||||||||
We periodically review indefinite-lived intangibles and goodwill to assess for impairment. Our review is based on cash flow considerations and other approaches that require significant judgment with respect to volume, revenue and expenses. Impairment occurs when the carrying value exceeds the fair value. Our impairment analysis is generally performed in the first quarter of the fiscal year and when indicators such as unexpected adverse economic factors, unanticipated technological changes, competitive activities and acts by governments and courts indicate that an asset may become impaired. | |||||||||
During fiscal 2014 a total of $3,872,000 was added to goodwill related to the MFM acquisition. See Note 3 of the Notes to the Consolidated Financial Statements for further information. | |||||||||
OVERBURDEN REMOVAL AND MINING COSTS | |||||||||
We mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of sales in the period they are incurred. Stripping costs included in cost of sales were approximately $4,179,000, $2,187,000, and $2,031,000 for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. The increase in stripping costs in fiscal 2014 reflect increased tons mined and extraction of clay reserves that required more overburden removal. We defer and amortize the pre-production overburden removal costs associated with opening a new mine. No pre-production overburden removal costs were deferred in the last two fiscal years. | |||||||||
Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral rights, including legal fees and drilling expenses, are also capitalized. The amount of land and mineral rights included in land on the Consolidated Balance Sheets were approximately $13,348,000 and $2,165,000, respectively, as of July 31, 2014 and $13,000,000 and $2,165,000, respectively, as of July 31, 2013. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the mineral are also capitalized. Prepaid royalties included in prepaid expenses and other assets on the Consolidated Balance Sheets were approximately $1,052,000 and $1,059,000 as of July 31, 2014 and 2013, respectively. No capitalized pre-production development costs were recorded in the last two fiscal years. 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 various mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the mines. | |||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment are generally depreciated using the straight-line method over their estimated useful lives which are listed below. Major improvements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. | |||||||||
Years | |||||||||
Buildings and leasehold improvements | 3 | - | 39 | ||||||
Machinery and equipment | |||||||||
Packaging | 2 | - | 20 | ||||||
Processing | 2 | - | 25 | ||||||
Mining and Other | 3 | - | 15 | ||||||
Office furniture, computers and equipment | 2 | - | 12 | ||||||
Vehicles | 3 | - | 15 | ||||||
Depreciation expense was $9,289,000 and $8,603,000 for fiscal 2014 and 2013, respectively. | |||||||||
Property, plant and equipment are reviewed for possible impairment on an annual basis. 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. | |||||||||
TRADE PROMOTIONS | |||||||||
We routinely commit to one-time or ongoing trade promotion programs, primarily in our Retail and Wholesale Products Group. All such costs are netted against sales. We have accrued liabilities at the end of each period for the estimated expenses incurred but not yet paid for these programs. Promotional reserves are provided for sales incentives made directly to consumers, such as coupons, and sales incentives made to customers, such as slotting, discounts based on sales volume, cooperative marketing programs and other arrangements. We use judgment for estimates to determine our trade spending liabilities. We rely on our historical experience with trade spending patterns and that of the industry, current trends and forecast data. | |||||||||
ADVERTISING | |||||||||
Advertising costs for the development of printed materials, television commercials, web-based digital banners, web-based social media and sales videos are deferred and expensed upon the first use of the materials, unless such amounts are immaterial. Costs paid for communicating advertising over a period of time, such as television air time, radio commercials and print media advertising space, are deferred and expensed on a pro-rata basis. All other advertising costs, including participation in industry conventions and shows and market research, are expensed when incurred. All advertising costs are part of selling, general and administrative expenses. | |||||||||
Advertising expenses were approximately $8,886,000, $7,975,000, and $10,846,000 for the years ended July 31, 2014, 2013 and 2012, respectively. Advertising expenses were higher in fiscal 2012 for our Cat's Pride Fresh & Light products, which were introduced in the fourth quarter of fiscal 2011. | |||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||
Non-derivative financial instruments included in the Consolidated Balance Sheets are cash and cash equivalents, short-term investments, cash surrender value of life insurance policies and notes payable. These instruments, except for notes payable, were carried at amounts approximating fair value as of July 31, 2014 and 2013. The short-term investments included certificates of deposits and, as of July 31, 2013, also included U.S. Treasury securities. We intend and have the ability to hold our short-term investments to maturity; therefore, these investments were reported at amortized cost, which was approximately equal to fair value. See Note 6 of the Notes to the Consolidated Financial Statements for additional information regarding the fair value of notes payable, as well as assets and liabilities recorded at fair value. | |||||||||
REVENUE RECOGNITION | |||||||||
We recognize revenue when risk of loss and title are transferred under the terms of our sales agreements with customers at a fixed and determinable price and collection of payment is probable. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Sales returns and allowances are not material. | |||||||||
COST OF SALES | |||||||||
Cost of sales consists of all manufacturing costs, including depreciation and amortization related to assets used in the manufacturing and distribution process, inbound and outbound freight, inspection costs, purchasing costs associated with materials and packaging used in the production process and warehouse and distribution costs. | |||||||||
SHIPPING AND HANDLING COSTS | |||||||||
Shipping and handling costs are included in cost of sales and were approximately $49,456,000, $45,002,000 and $42,095,000 for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | |||||||||
Selling, general and administrative expenses include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses. | |||||||||
RESEARCH AND DEVELOPMENT | |||||||||
Research and development costs of approximately $2,587,000, $2,620,000 and $2,006,000 were charged to expense as incurred for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||
PENSION AND POSTRETIREMENT BENEFIT COSTS | |||||||||
We provide a defined benefit pension plan for eligible salaried and hourly employees and we make contributions to fund the plan. We also provide a postretirement health benefit plan to domestic salaried employees who qualify under the plan’s provisions. The postretirement health benefit plan is unfunded. Our pension and postretirement health benefit plans are accounted for using actuarial valuations required by ASC 715, Compensation – Retirement Benefits. The funded status of our defined pension and postretirement health benefit plans are recognized on the Consolidated Balance Sheets. Changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost are recognized within other comprehensive income, net of income tax. See Note 10 of the Notes to the Consolidated Financial Statements for additional information. | |||||||||
STOCK-BASED COMPENSATION | |||||||||
We account for stock options and restricted stock issued under our long term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. See Note 9 of the Notes to the Consolidated Financial Statements for additional information. | |||||||||
INCOME TAXES | |||||||||
Deferred income tax assets and liabilities are recorded for the impact of temporary differences between the tax basis of assets and liabilities and the amounts recognized for financial reporting purposes. Deferred tax assets are reviewed and a valuation allowance is established if management believes that it is more likely than not that some portion of our deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. | |||||||||
In addition to existing valuation allowances, we provide for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement standards prescribed by ASC 740, Income Taxes. Amounts for uncertain tax positions are adjusted when new information becomes available or when positions are effectively settled. We recognize interest and penalties accrued related to uncertain tax positions in income tax (benefit) expense. | |||||||||
U.S. income tax expense and foreign withholding taxes are provided on remittances of foreign earnings and on unremitted foreign earnings that are not indefinitely reinvested. Where unremitted foreign earnings are indefinitely reinvested, no provision for federal or state tax expense is recorded. When circumstances change and we determine that some or all of the undistributed earnings will be remitted in the foreseeable future, a corresponding expense is accrued in the current period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information about income taxes. | |||||||||
NEW ACCOUNTING PRONOUNCEMENTS | |||||||||
Recently Adopted Accounting Standards | |||||||||
In the first quarter of fiscal 2014 we adopted new guidance from the FASB issued under ASC 220, Comprehensive Income-Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The guidance required presentation by the respective net income line items, either on the face of the statement where net income is presented or in the notes, of information about significant amounts required to be reclassified out of AOCI. We elected to present the reclassifications in the notes to the financial statements. See Note 8 of the Notes to the Consolidated Financial Statements for additional information regarding amounts reclassified from AOCI. | |||||||||
In the first quarter of fiscal 2014 we considered the FASB guidance issued under ASC 350, Testing Indefinite-Lived Intangible Assets for Impairment, which provides the option to first assess qualitative factors to determine if the annual two-step test for impairment must be performed. We did not elect to perform a qualitative assessment and continued to perform a quantitative analysis to measure potential indefinite-lived intangible asset impairment. There was no impact on our Consolidated Financial Statements as a result of this new guidance. | |||||||||
Recently Issued Accounting Standards and Regulations | |||||||||
In September 2013, the IRS released final repair regulations under Sections 162(a) and 263(a) of the Internal Revenue Code, regarding the deduction and capitalization of amounts paid to acquire, produce, or improve tangible property. The repair regulations provide guidance on the timing of deduction for tangible property and repairs. The final regulations replace temporary regulations that were issued in March 2011 and are effective for our tax year beginning August 1, 2014, with early adoption permitted for tax years beginning January 1, 2012. We do not believe these regulations will have a material impact on our Consolidated Financial Statements. | |||||||||
In May 2014, the FASB issued guidance under ASC 250, Revenue from Contract with Customers, which establishes a single comprehensive revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. Transition options include either a full or modified retrospective approach and early adoption is not permitted. This guidance will be effective at the beginning of our first quarter of fiscal 2017. We are currently evaluating the impact of the adoption of these requirement on our Consolidated Financial Statements. | |||||||||
In August 2014, the FASB issued guidance under ASC 205, Presentation of Financial Statements - Going Concern, which defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. This guidance will be effective for our fiscal year ended July 31, 2017. We are currently evaluating the impact of the adoption of these requirement on our Consolidated Financial Statements. |
SPECIAL_CHARGES
SPECIAL CHARGES | 12 Months Ended | ||||
Jul. 31, 2014 | |||||
SPECIAL CHARGES [Abstract] | ' | ||||
Capacity Rationalization Charges | ' | ||||
SPECIAL CHARGES | |||||
Capacity Rationalization Charges | |||||
In fiscal 2012 we announced the planned relocation of production of our industrial floor absorbent and cat litter products from our facility located in Mounds, Illinois, to our plants located in Mississippi. This decision was made due to the continued decline in the coarse cat litter market and after a comprehensive evaluation of our manufacturing operations and cost structure, including state regulatory requirements. During fiscal 2012 we incurred a pre-tax asset write-off of $1,187,000 and severance and other employee-related costs of $436,000. During fiscal 2013 we recorded pre-tax employee-related costs of $70,000 (net of an adjustment to reduce the reserve estimate), which concluded our expenditures and eliminated our reserve related to this production relocation. These costs are shown as “Capacity Rationalization Charges” on the Consolidated Statements of Operations in fiscal years 2013 and 2012. Allocation of these expenses between operating segments is impracticable due to the shared nature of our production facilities. | |||||
The table below shows a rollforward of the reserve included in Other Accrued Expenses on the Consolidated Balance Sheets as of July 31, 2013. | |||||
Severance and other employee related costs | |||||
Reserve balance at July 31, 2012 | $ | 413 | |||
Charges against reserve | (403 | ) | |||
Reserve adjustment | (10 | ) | |||
Reserve balance at July 31, 2013 | $ | — | |||
ACQUISITION_Notes
ACQUISITION (Notes) | 12 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Acquisition [Abstract] | ' | ||||||
Business Combination Disclosure [Text Block] | ' | ||||||
ACQUISITION | |||||||
On November 1, 2013, we acquired certain assets of MFM, a company engaged in the manufacturing, marketing and distribution of primarily private label cat litter. MFM and its parent company, MFM Delaware, Inc., had filed for bankruptcy in May 2013. The purchase of MFM’s cat litter business assets was a strategic business decision intended to expand our private label cat litter business. We did not acquire any land or mineral rights nor did we operate the MFM plant. MFM’s customers’ orders were transitioned to our existing cat litter manufacturing plants which had available capacity and were producing similar cat litter products. | |||||||
This transaction qualifies as a business combination for accounting purposes, therefore the assets acquired were recorded at their respective estimated fair values at the date of acquisition. The excess of the purchase price over those fair values was recorded as goodwill. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the acquisition date. | |||||||
Estimated Fair Value as of November 1, 2013 | |||||||
(in thousands) | |||||||
Consideration transferred: | |||||||
Cash | $ | 12,505 | |||||
Contingent Consideration - Escrow | 500 | ||||||
Contingent Consideration - Proceeds on land sale | (255 | ) | |||||
Fair value of total consideration transferred | 12,750 | ||||||
Recognized amounts of identifiable assets acquired: | |||||||
Inventories | 664 | ||||||
Current assets | 130 | ||||||
Equipment | 300 | ||||||
Customer list | 7,784 | ||||||
Total identifiable assets | 8,878 | ||||||
Goodwill | $ | 3,872 | |||||
Contingent consideration we may owe represents our maximum obligation for expenses to be incurred to prepare and sell the real property retained by MFM. We deposited this amount in an escrow account and we expect the full escrow amount to be spent within a year. As of July 31, 2014, the remaining balance in escrow was $129,000. The cash held in escrow is shown as restricted cash and the corresponding liability is included in current liabilities on the Consolidated Balance Sheets. | |||||||
We may receive monies back from MFM contingent on the sale of the real property retained by MFM. The MFM purchase agreement provides that we will receive half of the proceeds upon the sale. Although an independent appraisal was performed to determine the fair value of the real property as of the acquisition date, MFM subsequently entered into an agreement with a third party to sell the land at an amount substantially less than fair value in order to resolve its bankruptcy proceedings. Although that sale was not completed as of July 31 2014, we expect the ultimate selling price to be significantly less than fair value and we have estimated the contingent consideration we may receive based on MFM's agreed upon selling price to the third party. This contingent receivable is included in current assets on the Consolidated Balance Sheets. | |||||||
Inventories acquired included finished goods, packaging supplies and raw materials. The inventory fair value was determined using the comparative sales method approach. | |||||||
Current assets on the Consolidated Balance Sheets included a prepaid asset for MFM deposits held by packaging suppliers to which we are entitled as of November 1, 2013. | |||||||
Various machinery and equipment purchased was valued primarily using a market valuation approach; however, a cost approach was used for certain equipment for which appropriate market comparisons were not available. | |||||||
We acquired a customer list which was recorded as an intangible asset at fair value using an income valuation approach. The valuation process estimated the present value of the anticipated benefits in excess of the returns on the contributory assets required to realize those benefits. The value of the customer list will be amortized over a period of 10 years with an accelerated amortization rate in the earlier years to reflect the expected pattern of decline in the related benefits over time. This customer list is related to the Retail and Wholesale Products Group segment. | |||||||
The goodwill recorded from the acquisition is primarily attributable to anticipated synergies of our product portfolios. All of the goodwill recognized is deductible for tax purposes. This goodwill is related to the Retail and Wholesale Products Group segment. | |||||||
We incurred $355,000 of acquisition-related costs, which are included in selling, general and administrative expenses on the Consolidated Statements of Operations. | |||||||
The summarized proforma financial information below presents the combined results of operations as if the acquisition of MFM had occurred as of August 1, 2012. MFM’s pre-acquisition results have been added to Oil-Dri’s historical results and include certain adjustments related to the acquisition, such as amortization of intangible assets and depreciation expense. These proforma results do not include any anticipated cost synergies and do not reflect the actual results of operations that would have been achieved, nor are they indicative of future results of operations. The following proforma results are presented for comparative purposes only (unaudited) (in thousands, except per share amounts): | |||||||
For the Twelve Months Ended July 31, | |||||||
2014 | 2013 | ||||||
Proforma net sales | $ | 271,279 | $ | 271,453 | |||
Proforma net income | $ | 7,834 | $ | 13,387 | |||
Proforma net income per share - Basic Common | $ | 1.19 | $ | 2.06 | |||
Proforma net income per share - Basic Class B | $ | 0.9 | $ | 1.55 | |||
Proforma net income per share - Diluted | $ | 1.11 | $ | 1.9 | |||
The net sales for MFM-related customers after the acquisition that are included in our Consolidated Financial Statements for fiscal 2014 were approximately $10,100,000. The amount of net income specifically attributed to these customers cannot be determined because MFM’s customers’ orders were fulfilled in our existing cat litter manufacturing plants and with our existing sales team and logistics processes. |
OPERATING_SEGMENTS_Level_1_Not
OPERATING SEGMENTS Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
OPERATING SEGMENTS [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
OPERATING SEGMENTS | |||||||||||||||||||||||||
We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, wholesale clubs, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies and sports field product users. The Business to Business Products Group customers include: processors and refiners of edible oils, petroleum-based oils and biodiesel fuel; manufacturers of animal feed and agricultural chemicals; distributors of animal health and nutrition products; and marketers of consumer products. | |||||||||||||||||||||||||
Sales to Wal-Mart Stores, Inc. (“Walmart”) and its affiliates accounted for approximately 19%, 20% and 22% of our total net sales for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. Walmart is a customer in our Retail and Wholesale Products Group segment. There are no customers in the Business to Business Products Group with sales equal to or greater than 10% of our total sales; however, sales to Clorox (a customer in our Business to Business Products Group) and its affiliates accounted for approximately 6% of total net sales for the fiscal year ended July 31, 2014 and 7% of total net sales for each of the fiscal years ended July 31, 2013 and 2012. | |||||||||||||||||||||||||
Net sales and operating income for each segment are provided below. Revenues by product line are not provided because it would be impracticable to do so. The accounting policies of the segments are the same as those described in the Note 1 of the Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||
We do not rely on any operating segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance. The corporate expenses line represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual. | |||||||||||||||||||||||||
July 31, | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business to Business Products | $ | 53,823 | $ | 53,721 | $ | 44,250 | |||||||||||||||||||
Retail and Wholesale Products | 95,712 | 76,376 | 79,658 | ||||||||||||||||||||||
Unallocated Assets | 36,669 | 53,462 | 50,359 | ||||||||||||||||||||||
Total Assets | $ | 186,204 | $ | 183,559 | $ | 174,267 | |||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||
Net Sales | Income | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business to Business Products | $ | 94,286 | $ | 92,969 | $ | 85,456 | $ | 26,654 | $ | 30,739 | $ | 28,643 | |||||||||||||
Retail and Wholesale Products | 172,027 | 157,614 | 155,225 | 3,568 | 10,561 | 2,098 | |||||||||||||||||||
Total Sales | $ | 266,313 | $ | 250,583 | $ | 240,681 | |||||||||||||||||||
Corporate Expenses | (17,804 | ) | (22,359 | ) | (19,039 | ) | |||||||||||||||||||
Capacity Rationalization Charges | — | (70 | ) | (1,623 | ) | ||||||||||||||||||||
Income from Operations | 12,418 | 18,871 | 10,079 | ||||||||||||||||||||||
Total Other Expense, Net | (1,081 | ) | (1,372 | ) | (1,718 | ) | |||||||||||||||||||
Income before Income Taxes | 11,337 | 17,499 | 8,361 | ||||||||||||||||||||||
Income Taxes | (2,981 | ) | (2,913 | ) | (2,263 | ) | |||||||||||||||||||
Net Income | $ | 8,356 | $ | 14,586 | $ | 6,098 | |||||||||||||||||||
The following is a summary of financial information by geographic region for the years ended July 31 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Sales to unaffiliated customers by: | |||||||||||||||||||||||||
Domestic operations | $ | 255,067 | $ | 238,655 | $ | 229,382 | |||||||||||||||||||
Foreign subsidiaries | $ | 11,246 | $ | 11,928 | $ | 11,299 | |||||||||||||||||||
Sales or transfers between geographic areas: | |||||||||||||||||||||||||
Domestic operations | $ | 4,285 | $ | 4,624 | $ | 4,440 | |||||||||||||||||||
Income (Loss) before income taxes: | |||||||||||||||||||||||||
Domestic operations | $ | 12,209 | $ | 17,744 | $ | 9,382 | |||||||||||||||||||
Foreign subsidiaries | $ | (872 | ) | $ | (245 | ) | $ | (1,021 | ) | ||||||||||||||||
Net Income (Loss): | |||||||||||||||||||||||||
Domestic operations | $ | 9,064 | $ | 14,762 | $ | 6,974 | |||||||||||||||||||
Foreign subsidiaries | $ | (708 | ) | $ | (176 | ) | $ | (876 | ) | ||||||||||||||||
Identifiable assets: | |||||||||||||||||||||||||
Domestic operations | $ | 178,061 | $ | 175,261 | $ | 165,565 | |||||||||||||||||||
Foreign subsidiaries | $ | 8,143 | $ | 8,298 | $ | 8,702 | |||||||||||||||||||
Our largest customer accounted for the following percentage of consolidated net sales and net accounts receivable: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Net sales for the years ended July 31 | 19% | 20% | 22% | ||||||||||||||||||||||
Net accounts receivable as of July 31 | 28% | 30% | 32% |
NOTES_PAYABLE_Level_1_Notes
NOTES PAYABLE Level 1 (Notes) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTES PAYABLE | |||||||||
The composition of notes payable is as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Prudential Insurance Company of America and other parties | |||||||||
Payable in annual principal installments on August 1: $3,083 in each fiscal year 2016 through 2021. Interest is payable semiannually at an annual rate of 3.96% | $ | 18,500 | $ | 18,500 | |||||
The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company | |||||||||
Payable in annual principal installments on October 15: $3,500 in fiscal 2015; and $400 in fiscal 2016. Interest is payable semiannually at an annual rate of 5.89% | 3,900 | 7,400 | |||||||
Total notes payable | 22,400 | 25,900 | |||||||
Less current maturities of notes payable | (3,500 | ) | (3,500 | ) | |||||
Noncurrent notes payable | $ | 18,900 | $ | 22,400 | |||||
We have $18,500,000 of senior promissory notes pursuant to an agreement with The Prudential Insurance Company of America and other parties. The notes bear interest at 3.96% per annum and mature on August 1, 2020. The proceeds of the sale may be used to fund future principal payments of our debt, acquisitions, stock repurchases, capital expenditures and for working capital purposes. The note agreement contains certain covenants that restrict our ability and the ability of certain of our subsidiaries to, among other things, (i) incur liens, (ii) incur indebtedness, (iii) merge or consolidate, (iv) sell assets, (v) sell stock of those certain subsidiaries, (vi) engage in business that would change the general nature of the business we are engaged in, and (vii) enter into transactions other than on “arm's length” terms with affiliates. | |||||||||
We sold at face value $15,000,000 in senior promissory notes to The Prudential Insurance Company of America and to Prudential Retirement Insurance and Annuity Company pursuant to a Note Agreement dated December 16, 2005. The notes bear interest at 5.89% per annum and mature on October 15, 2015. The proceeds of the sale may be used to fund future principal payments on debt, acquisitions, stock repurchases, and capital expenditures and for working capital purposes. The note agreement contains certain covenants that restrict our ability to, among other things, incur additional indebtedness, dispose of assets and merge or consolidate. The note agreement also requires a minimum fixed coverage ratio and a minimum consolidated net worth to be maintained. | |||||||||
On December 21, 2011, we signed a second amendment to extend our $15,000,000 unsecured revolving credit agreement with BMO Harris. The second amendment extends the credit agreement until December 31, 2014. The credit agreement with BMO Harris provides that we may select a variable rate based on either BMO Harris’ prime rate or a LIBOR-based rate, plus a margin which varies depending on our debt to earnings ratio, or a fixed rate as agreed between us and BMO Harris. At July 31, 2014, the variable rates would have been 3.25% for the BMO Harris’ prime-based rate or 1.56% for the LIBOR-based rate. The credit agreement contains restrictive covenants that, among other things and under various conditions, limit our ability to incur additional indebtedness or to dispose of assets. The agreement also requires us to maintain a minimum fixed coverage ratio and a minimum consolidated net worth. On June 21, 2012, we signed a third amendment to the credit agreement which also allows us to obtain foreign letters of credit when necessary. As of July 31, 2014 and 2013, there were no outstanding borrowings under this credit agreement. | |||||||||
Our debt agreements also contain provisions such that if we default on one debt agreement, the others will automatically default. If we default on any guaranteed debt with a balance greater than $1,000,000, our unsecured revolving credit agreement with BMO Harris will be considered in default. If we default on any debt with a balance greater than $5,000,000 we will also be considered in default with the promissory notes to The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company. In addition, our credit agreement with BMO Harris indirectly limits dividends by requiring us to maintain consolidated net worth, as defined, of about $56,760,000 plus 25% of cumulative quarterly earnings from January 31, 2006. | |||||||||
We were in compliance with all restrictive covenants and limitations at July 31, 2014. | |||||||||
The following is a schedule by fiscal year of future maturities of notes payable as of July 31, 2014 (in thousands): | |||||||||
2015 | $ | 3,500 | |||||||
2016 | 3,483 | ||||||||
2017 | 3,083 | ||||||||
2018 | 3,083 | ||||||||
2019 | 3,083 | ||||||||
Later years | 6,168 | ||||||||
$ | 22,400 | ||||||||
FINANCIAL_INSTRUMENTS_Level_1_
FINANCIAL INSTRUMENTS Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into one of three categories based on the lowest level of input that is significant to the fair value measurement. Categories in the hierarchy are as follows: | |||||||||||||||||||||||||
Level 1: | Financial assets and liabilities whose values are based on quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2: | Financial assets and liabilities whose values are based on: | ||||||||||||||||||||||||
1) | Quoted prices for similar assets or liabilities in active markets. | ||||||||||||||||||||||||
2) | Quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||||||||||
3) | Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||||||
Level 3: | Financial assets and liabilities whose values are based on valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs may reflect estimates of the assumptions that market participants would use in valuing the financial assets and liabilities. | ||||||||||||||||||||||||
The following table summarizes our financial assets and liabilities that were reported at fair value by level within the fair value hierarchy (in thousands): | |||||||||||||||||||||||||
Fair Value at July 31, 2014 | Fair Value at July 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash equivalents | $ | 16,230 | $ | 16,230 | $ | — | $ | 14,918 | $ | 14,918 | $ | — | |||||||||||||
Marketable equity securities | $ | 117 | $ | 117 | $ | — | $ | 88 | $ | 88 | $ | — | |||||||||||||
Cash surrender value of life insurance | $ | 4,625 | $ | — | $ | 4,625 | $ | 4,426 | $ | — | $ | 4,426 | |||||||||||||
Cash equivalents are classified as Level 1 of the fair value hierarchy because they were valued using quoted market prices in active markets. These cash instruments are primarily money market mutual funds. | |||||||||||||||||||||||||
Marketable equity securities were valued using quoted market prices in active markets and as such are classified as Level 1 in the fair value hierarchy. These securities represent stock we own in one publicly traded company and are included in other noncurrent assets on the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Cash surrender value of life insurance is classified as Level 2. The value was determined by the underwriting insurance company’s valuation models, which take into account the passage of time, mortality tables, interest rates, cash values for paid-up additions and dividend accumulations. The cash surrender value represents the guaranteed value we would receive upon surrender of these policies held on former key employees as of July 31, 2014 and 2013, as appropriate. The cash surrender value of life insurance is included in other assets on the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Short-term investments on the Consolidated Balance Sheets included certificates of deposit at July 31, 2014 and, at July 31, 2013, also included U.S. Treasury securities. We intend and have the ability to hold our short-term investments to maturity; therefore, these investments were reported at amortized cost on the Consolidated Balance Sheets, which approximated fair value as of July 31, 2014 and 2013, and these balances are excluded from the above table. | |||||||||||||||||||||||||
Accounts receivable and accounts payable balances on the Consolidated Balance Sheets approximate their fair values at July 31, 2014 and 2013 due to the short maturity and nature of those balances; therefore, these balances are excluded from the above table. | |||||||||||||||||||||||||
Notes payable on the Consolidated Balance Sheets are carried at the face amount of future maturities and are excluded from the above table. The estimated fair value of notes payable was approximately $23,940,000 as of July 31, 2014 and $27,514,000 as of July 31, 2013. Our debt does not trade on a daily basis in an active market, therefore the fair value of notes payable was estimated based on market observable borrowing rates currently available for debt with similar terms and average maturities and is classified as Level 2. | |||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||
Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash, short-term investments and accounts receivable. Our cash is held in banks which are covered by the Federal Deposit Insurance Corporation; however, our cash balances are in excess of the maximum amount that is insured. Our short-term investments are placed in government-backed instruments and with other high quality institutions. Concentrations of credit risk with respect to accounts receivable are subject to the financial condition of certain major customers, principally the customer referred to in Note 4 of the Notes to the Consolidated Financial Statements. We generally do not require collateral to secure customer receivables; however, we require letters of credit for some foreign customers or we purchase insurance to reduce our risk. |
INCOME_TAXES_Level_1_Notes
INCOME TAXES Level 1 (Notes) | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
The provision for income tax expense (benefit) consists of the following at July 31 (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current | |||||||||||||||||
Federal | $ | 1,267 | $ | 5,446 | $ | (252 | ) | ||||||||||
Foreign | 63 | 19 | 358 | ||||||||||||||
State | 308 | 578 | (165 | ) | |||||||||||||
Current Income Tax Total | 1,638 | 6,043 | (59 | ) | |||||||||||||
Deferred | |||||||||||||||||
Federal | 1,381 | (2,984 | ) | 2,038 | |||||||||||||
Foreign | (215 | ) | (88 | ) | (171 | ) | |||||||||||
State | 177 | (58 | ) | 455 | |||||||||||||
Deferred Income Tax Total | 1,343 | (3,130 | ) | 2,322 | |||||||||||||
Total Income Tax Expense | $ | 2,981 | $ | 2,913 | $ | 2,263 | |||||||||||
Principal reasons for variations between the statutory federal rate and the effective rates were as follows for the years ended July 31: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
U.S. federal income tax rate | 34 | % | 34 | % | 34 | % | |||||||||||
Depletion deductions allowed for mining | (12.2 | ) | (9.7 | ) | (16.5 | ) | |||||||||||
State income tax expense, net of federal tax expense | 2.8 | 2.9 | 2.3 | ||||||||||||||
Difference in effective tax rate of foreign subsidiaries | 0.9 | (0.8 | ) | 1.2 | |||||||||||||
Empowerment zone credits | (0.5 | ) | (0.5 | ) | (1.7 | ) | |||||||||||
Valuation allowance increase (decrease) | 3.2 | (7.8 | ) | 11.4 | |||||||||||||
Other | (1.9 | ) | (1.5 | ) | (3.6 | ) | |||||||||||
Effective income tax rate | 26.3 | % | 16.6 | % | 27.1 | % | |||||||||||
We added approximately $693,000 to our domestic AMT credit carryforwards in fiscal 2014 based on the amount and composition of our taxable earnings and various tax attributes. We correspondingly increased the related valuation allowance that had been established in prior years for the full amount of the deferred tax benefit related to the AMT credits. In the prior year, we utilized approximately $1,369,000 and correspondingly decreased the related valuation allowance, thereby significantly reducing our effective income tax rate for fiscal 2013. | |||||||||||||||||
The Consolidated Balance Sheets included the following tax effects of cumulative temporary differences as of July 31 (in thousands): | |||||||||||||||||
` | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets 1 | Liabilities 1 | ||||||||||||||
Depreciation | $ | — | $ | 7,332 | $ | — | $ | 6,868 | |||||||||
Deferred compensation | 3,733 | — | 3,375 | — | |||||||||||||
Postretirement benefits | 7,651 | — | 5,741 | — | |||||||||||||
Allowance for doubtful accounts | 303 | — | 264 | — | |||||||||||||
Deferred marketing expenses | — | 10 | — | 9 | |||||||||||||
Other assets | — | 84 | 207 | — | |||||||||||||
Accrued expenses | 1,289 | — | 3,290 | — | |||||||||||||
Tax credits | 3,386 | — | 2,692 | — | |||||||||||||
Amortization | — | 229 | — | 356 | |||||||||||||
Inventories | 453 | — | 442 | — | |||||||||||||
Depletion | — | 488 | — | 503 | |||||||||||||
Stock-based compensation | 248 | — | 199 | — | |||||||||||||
Reclamation | 141 | — | 241 | — | |||||||||||||
Other assets – foreign | 930 | — | 640 | — | |||||||||||||
Valuation allowance | (3,973 | ) | — | (3,205 | ) | — | |||||||||||
Total deferred taxes | $ | 14,161 | $ | 8,143 | $ | 13,886 | $ | 7,736 | |||||||||
1 We identified an error in the amounts previously disclosed in this footnote in fiscal 2013 related to deferred taxes of our United Kingdom subsidiary. The fiscal 2013 amounts reported as Other assets - foreign and Valuation allowance were both overstated by $1,494,000 as previously reported and have been revised in the table above. The disclosure error is considered immaterial, individually and in the aggregate, to the previously reported consolidated financial statements as of and for the year ended July 31, 2013. | |||||||||||||||||
As of July 31, 2014, we had a total of approximately $3,973,000 for AMT credit and foreign net operating loss carryforwards, which can be carried forward indefinitely or until utilized. A number of factors determine whether or not we will be able to utilize these tax attributes. For example, certain factors, such as depletion and the cost of fuel used in our manufacturing process, have a significant impact on our ability to use the deferred tax benefit related to our AMT credit carryforwards. In determining whether a valuation allowance is warranted, we take into account such factors as prior earnings history, expected future earnings and other factors that could affect the realization of deferred tax assets. We believe it is more likely than not that we will not realize a benefit from the carryforwards; therefore, a valuation allowance has been established for the full amount of the deferred tax benefit related to the AMT credits and the foreign net operating loss. | |||||||||||||||||
Our foreign subsidiary in the United Kingdom has not generated any untaxed foreign income, therefore we have not provided for any related income taxes. | |||||||||||||||||
As of July 31, 2014, we had no liability for unrecognized tax benefits (“UTBs”) based on tax positions related to the current and prior fiscal years. Reconciliations of the beginning and ending amount of UTBs were as follows for the years ended July 31 (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Gross balance – beginning of year | $ | 273 | $ | 273 | $ | 273 | |||||||||||
Gross decreases - tax positions from prior years | (273 | ) | — | — | |||||||||||||
Gross balance – end of year | $ | — | $ | 273 | $ | 273 | |||||||||||
We classify interest and penalty accruals related to UTBs as income tax expense. During fiscal 2014, we recognized no interest and penalties and we had accrued no accrual for the payment of interest and penalties. | |||||||||||||||||
We are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Our federal income tax returns for the fiscal years ended July 31, 2011, 2012 and 2013 remain open and are currently under examination. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from three to five years. The state impact of any federal income tax changes remains subject to examination by various states for a period of up to one year after formal notification to the states. There are no material open or unsettled state, local or foreign income tax audits. We believe our accrual for tax liabilities is adequate for all open audit years. |
STOCKHOLDERS_EQUITY_Level_1_No
STOCKHOLDERS EQUITY Level 1 (Notes) | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure | ' | |||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock at July 31, 2014 and 2013 consisted of 15,000,000 shares of Common Stock, 7,000,000 shares of Class B Stock and 30,000,000 shares of Class A Common Stock, each with a par value of $.10 per share. There are no Class A Common Stock shares currently outstanding. | ||||||||||||||||
The Common Stock and Class B Stock are equal, on a per share basis, in all respects except as to voting rights, conversion rights, cash dividends and stock splits or stock dividends. The Class A Common Stock is equal, on a per share basis, in all respects, to the Common Stock except as to voting rights and stock splits or stock dividends. In the case of voting rights, Common Stock is entitled to one vote per share and Class B Stock is entitled to ten votes per share, while Class A Common Stock generally has no voting rights. Common Stock has no conversion rights and Class A 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. | ||||||||||||||||
Common Stock is entitled to cash dividends, as and when declared or paid, equal to at least 133.33% on a per share basis of the cash dividend paid on Class B Stock. Class A Common Stock is entitled to cash dividends on a per share basis equal to the cash dividend on Common Stock. Additionally, while shares of Common Stock, Class A Common Stock and Class B Stock are outstanding, the sum of the per share cash dividend paid on shares of Common Stock and Class A Common Stock, must be equal to at least 133.33% of the sum of the per share cash dividend paid on Class B Stock and Class A Common Stock. See Note 5 of the Notes to the Consolidated Financial Statements regarding dividend restrictions provided in our debt agreements. | ||||||||||||||||
Shares of Common Stock, Class A Common Stock and Class B Stock are equal in respect of all rights to dividends (other than cash) and distributions in the form of stock or other property (including stock dividends and split-ups) in each case in the same ratio except in the case of a Special Stock Dividend. A Special Stock Dividend, which can be issued only once, is either a dividend of one share of Class A Common Stock for each share of Common Stock and Class B Stock outstanding or a recapitalization, in which half of each outstanding share of Common Stock and Class B Stock would be converted into a half share of Class A Common Stock. | ||||||||||||||||
Our Board of Directors has authorized in the aggregate the repurchase of 3,666,771 shares of the Company stock since fiscal 1991. As of July 31, 2014, 3,014,917 shares of Common Stock and 342,241 shares of Class B Stock have been repurchased under the Board approved repurchase authorizations. Common Stock was repurchased by other transactions authorized by management prior to the adoption of the Board’s repurchase authorizations. | ||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive income by component as of July 31, 2014 (in thousands): | ||||||||||||||||
Unrealized Gain on Marketable Securities | Pension and Postretirement Health Benefits | Cumulative Translation Adjustment | Total Accumulated Other Comprehensive Income | |||||||||||||
Balance as of July 31, 2013 | $ | 86 | $ | (5,608 | ) | $ | 487 | $ | (5,035 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | 28 | (3,266 | ) | (232 | ) | (3,470 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | — | 242 | a) | — | 242 | |||||||||||
Net current-period other comprehensive income (loss), net of tax | 28 | (3,024 | ) | (232 | ) | (3,228 | ) | |||||||||
Balance as of July 31, 2014 | $ | 114 | $ | (8,632 | ) | $ | 255 | $ | (8,263 | ) | ||||||
a) Amount is net of tax expense of $148,000. Amounts are included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 10 of the Notes to the Consolidated Financial Statements for further information. |
STOCKBASED_COMPENSATION_Notes
STOCK-BASED COMPENSATION (Notes) | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
We determined the fair value of stock options and restricted stock issued under our long term incentive plans as of the grant date. The fair value of restricted stock was determined by the closing market price of our Common Stock on the date of grant multiplied by the number of shares granted. The fair value of the stock options was estimated on the date of the grant using a Black-Scholes option valuation model that used various assumptions. The risk free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. Expected life (estimated period of time outstanding) of a grant was determined by reference to the vesting schedule, past exercise behavior and comparison with other reporting companies. The dividend rate at the date of grant was used as the best estimate of future dividends. Expected volatility was determined by calculating the standard deviation of our stock price for the five years immediately prior to the grant date. This period of time closely resembles the expected term. All stock options issued under our plans have an exercise price equal to the closing market price of our Common Stock on the date of grant. All options currently outstanding have a term of ten years. | ||||||||||||||||
STOCK OPTIONS | ||||||||||||||||
Our 1995 Long Term Incentive Plan (“1995 Plan”) provided for grants of both incentive and non-qualified stock options and restricted stock. Stock options granted under the 1995 Plan generally vest 25% two years after the grant date and in each of the three following anniversaries of the grant date. All shares of stock issued upon option exercises under this plan were from authorized but unissued stock; all shares of restricted stock issued were from treasury stock. All remaining outstanding options were exercised during fiscal 2014 and there were no shares available for future grants under this plan as of July 31, 2014. | ||||||||||||||||
The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (“2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 937,500. Stock options have been granted to our outside directors with a vesting period of one year and stock options granted to employees generally vest 25% two years after the grant date and in each of the three following anniversaries of the grant date. In addition, shares of restricted stock have been issued under the 2006 Plan as described in the restricted stock section below. As of July 31, 2014, there were 552,304 shares available for future grants under this plan. | ||||||||||||||||
The Oil-Dri Corporation of America Outside Director Stock Plan (the “Directors’ Plan”) provided for grants of stock options to directors. Stock options have been granted to our directors with a one year vesting period. All remaining outstanding options were exercised during fiscal 2014 and there were no shares available for future grants under this plan as of July 31, 2014. All shares of stock issued under the Directors’ Plan were from treasury stock. | ||||||||||||||||
A summary of stock option transactions under the plans is shown below. | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||
(in thousands) | Exercise | Remaining | Value | |||||||||||||
Price | Contractual | (in thousands) | ||||||||||||||
Term | ||||||||||||||||
(Years) | ||||||||||||||||
Options exercisable at July 31, 2011 | 184 | $ | 10.94 | 2.8 | $ | 1,793 | ||||||||||
Options non-vested at July 31, 2011 | 5 | $ | 17 | |||||||||||||
Options outstanding at July 31, 2011 | 189 | $ | 11.1 | 2.8 | $ | 1,882 | ||||||||||
Exercised | (42 | ) | $ | 8.34 | $ | 515 | ||||||||||
Options outstanding and exercisable at July 31, 2012 | 147 | $ | 11.89 | 2.2 | $ | 1,473 | ||||||||||
Exercised | (87 | ) | $ | 10.25 | $ | 1,385 | ||||||||||
Options outstanding and exercisable at July 31, 2013 | 60 | $ | 14.25 | 2.3 | $ | 1,059 | ||||||||||
Exercised | (8 | ) | $ | 12.47 | $ | 151 | ||||||||||
Forfeited | (8 | ) | $ | 9.43 | ||||||||||||
Options outstanding and exercisable at July 31, 2014 | 44 | $ | 15.43 | 1.9 | $ | 611 | ||||||||||
The amount of cash received from the exercise of options during the fiscal year ended July 31, 2014 was approximately $93,000 and the related tax benefit was approximately $39,000. The amount of cash received from the exercise of options during the fiscal year ended July 31, 2013 was approximately $2,271,000 and the related tax benefit was approximately $613,000. The amount of cash received from the exercise of options during the fiscal year ended July 31, 2012 was approximately $866,000 and the related tax benefit was approximately $234,000. | ||||||||||||||||
The following table summarizes information related to stock options outstanding and exercisable at July 31, 2014. All outstanding stock options were exercisable as of July 31, 2014. | ||||||||||||||||
Options Outstanding and Exercisable by Price Range as of July 31, 2014 | ||||||||||||||||
Range of Exercise Prices | Outstanding and Exercisable (in thousands) | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | |||||||||||||
$ | 13.51 | - | $ | 15 | 25 | 1.9 | $ | 14.82 | ||||||||
$ | 15.01 | - | $ | 16.5 | 9 | 1.6 | $ | 15.37 | ||||||||
$ | 16.51 | - | $ | 17 | 10 | 2.3 | $ | 17 | ||||||||
$ | 13.51 | - | $ | 17 | 44 | 1.9 | $ | 15.43 | ||||||||
We recognized the related compensation expense over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service to us. We recognized no stock-based compensation expense related to stock options during fiscal years 2014 and 2013 and recognized $4,000 expense during fiscal 2012, net of related tax effect. | ||||||||||||||||
As of July 31, 2014, 2013 and 2012 we had no unamortized expense associated with outstanding stock options. | ||||||||||||||||
RESTRICTED STOCK | ||||||||||||||||
All of our non-vested restricted stock as of July 31, 2014 was issued under the 2006 Plan with vesting periods from two to five years. | ||||||||||||||||
A summary of restricted stock transactions under the plans is shown below. | ||||||||||||||||
Number of | Weighted | Weighted | Unamortized | |||||||||||||
Shares | Average | Average | Expense | |||||||||||||
(in thousands) | Grant Date | Remaining | (in thousands) | |||||||||||||
Fair Value | Contractual | |||||||||||||||
Term | ||||||||||||||||
(Years) | ||||||||||||||||
Non-vested restricted stock outstanding at July 31, 2011 | 139 | $ | 21.54 | 4 | $ | 2,446 | ||||||||||
Granted | 28 | $ | 20.95 | |||||||||||||
Vested | (30 | ) | $ | 20.67 | ||||||||||||
Forfeited | (5 | ) | $ | 19.61 | ||||||||||||
Non-vested restricted stock outstanding at July 31, 2012 | 132 | $ | 21.68 | 3.1 | $ | 2,214 | ||||||||||
Granted | 20 | $ | 25.03 | |||||||||||||
Vested | (34 | ) | $ | 21.75 | ||||||||||||
Forfeited | (1 | ) | $ | 20.6 | ||||||||||||
Non-vested restricted stock outstanding at July 31, 2013 | 117 | $ | 22.24 | 2.1 | $ | 1,824 | ||||||||||
Granted | 51 | $ | 34.18 | |||||||||||||
Vested | (40 | ) | $ | 21.5 | ||||||||||||
Forfeited | (6 | ) | $ | 25.41 | ||||||||||||
Non-vested restricted stock outstanding at July 31, 2014 | 122 | $ | 27.31 | 2.4 | $ | 2,226 | ||||||||||
We recognized stock-based compensation related to restricted stock of $880,000, $631,000 and $519,000, net of related tax effect, in fiscal 2014, 2013 and 2012, respectively. The total restricted stock compensation related tax benefit was $309,000, $233,000 and $201,000 in fiscal 2014, 2013 and 2012, respectively. |
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFITS Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | |||||||||||||||||||||||||
The Oil-Dri Corporation of American Pension Plan (“Pension Plan”) is a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits are based on a formula of years of credited service and levels of compensation or stated amounts for each year of credited service. | |||||||||||||||||||||||||
We also provide a postretirement health benefits plan 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. | |||||||||||||||||||||||||
We also maintain a 401(k) savings plan under which we match a portion of employee contributions. This plan is available to essentially all domestic employees following a specific number of days of employment. Our contributions to this plan, and to similar plans maintained by our foreign subsidiaries, were $814,000, $708,000 and $673,000 for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||
The following tables provide a reconciliation of changes in the plans’ benefit obligations, assets’ fair values and funded status for the fiscal years ended July 31 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 36,866 | $ | 41,839 | $ | 2,441 | $ | 2,585 | |||||||||||||||||
Service cost | 1,425 | 1,751 | 111 | 136 | |||||||||||||||||||||
Interest cost | 1,761 | 1,544 | 110 | 96 | |||||||||||||||||||||
Actuarial loss (gain) | 5,379 | (7,324 | ) | 114 | (285 | ) | |||||||||||||||||||
Plan amendments | — | — | — | (70 | ) | ||||||||||||||||||||
Benefits paid | (1,064 | ) | (944 | ) | (6 | ) | (21 | ) | |||||||||||||||||
Benefit obligation, end of year | 44,367 | 36,866 | 2,770 | 2,441 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 22,887 | 20,108 | — | — | |||||||||||||||||||||
Actual return on plan assets | 1,938 | 2,514 | — | — | |||||||||||||||||||||
Employer contribution | 1,043 | 1,209 | 6 | 21 | |||||||||||||||||||||
Benefits paid | (1,064 | ) | (944 | ) | (6 | ) | (21 | ) | |||||||||||||||||
Fair value of plan assets, end of year | 24,804 | 22,887 | — | — | |||||||||||||||||||||
Funded status, recorded in Consolidated Balance Sheets | $ | (19,563 | ) | $ | (13,979 | ) | $ | (2,770 | ) | $ | (2,441 | ) | |||||||||||||
The accumulated benefit obligation for the Pension Plan was $37,813,000 as of July 31, 2014 and $31,841,000 as of July 31, 2013. | |||||||||||||||||||||||||
The following table shows amounts recognized in the Consolidated Balance Sheets as of July 31 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Deferred income taxes | $ | 6,634 | $ | 4,843 | $ | 1,017 | $ | 898 | |||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | (60 | ) | $ | (58 | ) | |||||||||||||||
Other noncurrent liabilities | $ | (19,563 | ) | $ | (13,979 | ) | $ | (2,710 | ) | $ | (2,383 | ) | |||||||||||||
Accumulated other comprehensive income –net of tax: | |||||||||||||||||||||||||
Net actuarial loss | $ | 8,156 | $ | 5,172 | $ | 500 | $ | 445 | |||||||||||||||||
Prior service cost (income) | $ | 15 | $ | 24 | $ | (39 | ) | $ | (43 | ) | |||||||||||||||
Net obligation at transition | $ | — | $ | — | $ | — | $ | 10 | |||||||||||||||||
Benefit Costs and Amortizations | |||||||||||||||||||||||||
The following table shows the components of the net periodic pension and postretirement health benefit costs for the fiscal years ended July 31 (in thousands): | |||||||||||||||||||||||||
Pension Cost | Postretirement Health Benefit Cost | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 1,425 | $ | 1,751 | $ | 1,324 | $ | 111 | $ | 136 | $ | 104 | |||||||||||||
Interest cost | 1,761 | 1,544 | 1,617 | 110 | 96 | 105 | |||||||||||||||||||
Expected return on plan assets | (1,715 | ) | (1,510 | ) | (1,480 | ) | — | — | — | ||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Net transition obligation | — | — | — | 16 | 15 | 15 | |||||||||||||||||||
Prior service costs (income) | 13 | 15 | 15 | (6 | ) | — | — | ||||||||||||||||||
Other actuarial loss | 343 | 884 | 317 | 24 | 53 | 30 | |||||||||||||||||||
Net periodic benefit cost | $ | 1,827 | $ | 2,684 | $ | 1,793 | $ | 255 | $ | 300 | $ | 254 | |||||||||||||
The following table shows amounts, net of tax, that are recognized in other comprehensive income for the fiscal years ended July 31 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss (gain) | $ | 3,196 | $ | (5,164 | ) | $ | 70 | $ | (177 | ) | |||||||||||||||
Prior service cost establishment due to plan amendments | — | — | — | (43 | ) | ||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service (cost) income | (8 | ) | (9 | ) | 4 | — | |||||||||||||||||||
Net transition obligation | — | — | (10 | ) | (9 | ) | |||||||||||||||||||
Amortization of actuarial loss | (213 | ) | (548 | ) | (15 | ) | (33 | ) | |||||||||||||||||
Total recognized in other comprehensive loss (income) | $ | 2,975 | $ | (5,721 | ) | $ | 49 | $ | (262 | ) | |||||||||||||||
The following table shows amortization amounts, net of tax, expected to be recognized in fiscal 2015 in accumulated other comprehensive income (in thousands): | |||||||||||||||||||||||||
Amortization of: | Pension Benefits | Postretirement Health Benefits | |||||||||||||||||||||||
Net actuarial loss | $ | 372 | $ | 23 | |||||||||||||||||||||
Prior service cost (income) | 6 | (4 | ) | ||||||||||||||||||||||
Total to be recognized as other comprehensive loss | $ | 378 | $ | 19 | |||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||
We have funded the Pension Plan based upon actuarially determined contributions that take into account the amount deductible for income tax purposes, the normal cost and the minimum contribution required and the maximum contribution allowed under applicable regulations. We expect to contribute approximately $1,856,000 in fiscal 2015. | |||||||||||||||||||||||||
The postretirement health plan is an unfunded plan. Our policy is to pay insurance premiums and claims from our assets. | |||||||||||||||||||||||||
The following table shows the estimated future benefit payments (in thousands): | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefits | Health Benefits | ||||||||||||||||||||||||
2015 | $ | 1,208 | $ | 60 | |||||||||||||||||||||
2016 | $ | 1,240 | $ | 87 | |||||||||||||||||||||
2017 | $ | 1,327 | $ | 106 | |||||||||||||||||||||
2018 | $ | 1,460 | $ | 116 | |||||||||||||||||||||
2019 | $ | 1,543 | $ | 139 | |||||||||||||||||||||
2020-24 | $ | 9,319 | $ | 1,007 | |||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Our pension benefit and postretirement health benefit obligations and the related effects on operations are calculated using actuarial models. Critical assumptions that are important elements of plan expenses and asset/liability measurements include discount rate and expected return on assets for the Pension Plan and health care cost trend for the postretirement health plan. We evaluate these critical assumptions at least annually. Other assumptions involving demographic factors such as retirement age, mortality and turnover are evaluated periodically and are updated to reflect our experience and to meet regulatory requirements. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. The assumptions used in the previous calculations were as follows: | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate for net periodic benefit costs | 4.80% | 3.75% | 4.80% | 3.75% | |||||||||||||||||||||
Discount rate for year-end obligations | 4.28% | 4.80% | 3.87% | 4.80% | |||||||||||||||||||||
Rate of increase in compensation levels for net periodic benefit costs | 3.50% | 3.50% | — | — | |||||||||||||||||||||
Rate of increase in compensation levels for year-end obligations | 3.50% | 3.50% | — | — | |||||||||||||||||||||
Long-term expected rate of return on assets | 7.50% | 7.50% | — | — | |||||||||||||||||||||
The discount rate for the fiscal 2014 obligation was based on the Citigroup Pension Discount Curve (“CPDC”) to determine separately for the Pension Plan and the postretirement health plan, the single equivalent rate that would yield the same present value as the specific plan’s expected cash flows. In fiscal 2013, the discount rate for both plans was based on the Citigroup Pension Liability Index (“CPLI”), which also provided a single equivalent rate but did not consider each plan's unique expected cash flow stream. While the CPLI is considered an acceptable basis to determine discount rates, we believe the more plan-specific rates identified using the CPDC provides a better representation of each plan's obligations and costs. | |||||||||||||||||||||||||
Our expected rate of return on Pension Plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment managers and investment advisors), and long-term inflation assumptions. | |||||||||||||||||||||||||
For fiscal 2014, the medical cost trend assumption was 8.0% . The graded trend rate is expected to decrease to an ultimate rate of 5.0% in fiscal 2024. | |||||||||||||||||||||||||
The following table reflects the effect on postretirement health costs and accruals of a one-percentage point change in the assumed health care cost trend in the fiscal year ended July 31, 2014 (in thousands): | |||||||||||||||||||||||||
One-Percentage Point | One-Percentage | ||||||||||||||||||||||||
Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost | $33 | ($28) | |||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $337 | ($293) | |||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||
The investment objective for the Pension Plan assets is to optimize long-term return at a moderate level of risk in order to secure the benefit obligations to participants at a reasonable cost. To reach this goal, our investment structure includes various asset classes, asset allocations and investment management styles that, in total, have a reasonable likelihood of producing a sufficient level of overall diversification that balances expected return with expected risk over the long-term. The Pension Plan does not invest directly in Company stock. | |||||||||||||||||||||||||
We measure and monitor the plan’s asset investment performance and the allocation of assets through quarterly investment portfolio reviews. Investment performance is measured by absolute returns, returns relative to benchmark indices and any other appropriate basis of comparison. The targeted allocation percentages of plan assets is shown below for fiscal 2015 and the actual allocation as of July 31: | |||||||||||||||||||||||||
Asset Allocation | Target fiscal 2015 | 2014 | 2013 | ||||||||||||||||||||||
Cash and accrued income | 2% | 5% | 13% | ||||||||||||||||||||||
Fixed income | 38% | 27% | 25% | ||||||||||||||||||||||
Equity | 60% | 67% | 62% | ||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets carried at fair value as of July 31 (in thousands): | |||||||||||||||||||||||||
Fair Value At July 31, 2014 | |||||||||||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Cash and Cash Equivalents(a) | $ | 1,123 | $ | 1,123 | $ | — | $ | — | |||||||||||||||||
Equity securities(b): | |||||||||||||||||||||||||
U.S. companies | 10,168 | 10,168 | — | — | |||||||||||||||||||||
International companies | 2,698 | 2,698 | — | — | |||||||||||||||||||||
Equity securities - international mutual funds: | |||||||||||||||||||||||||
Developed market(c) | 2,005 | — | 2,005 | — | |||||||||||||||||||||
Emerging markets(d) | 351 | — | 351 | — | |||||||||||||||||||||
Commodities(e) | 383 | — | 383 | — | |||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||||
U.S. Treasuries | 3,020 | — | 3,020 | — | |||||||||||||||||||||
Corporate bonds(f) | 1,911 | — | 1,911 | — | |||||||||||||||||||||
Floating rate debt(k) | 838 | — | 838 | — | |||||||||||||||||||||
Government sponsored entities(h) | 376 | — | 376 | — | |||||||||||||||||||||
Multi-strategy bond fund(i) | 856 | — | 856 | — | |||||||||||||||||||||
Other(j) | 1,075 | — | 1,075 | — | |||||||||||||||||||||
Total | $ | 24,804 | $ | 13,989 | $ | 10,815 | $ | — | |||||||||||||||||
Fair Value At July 31, 2013 | |||||||||||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Cash and Cash Equivalents(a) | $ | 2,469 | $ | 2,469 | $ | — | $ | — | |||||||||||||||||
Equity securities(b): | |||||||||||||||||||||||||
U.S. companies | 8,962 | 8,933 | 29 | — | |||||||||||||||||||||
International companies | 1,901 | 1,901 | — | — | |||||||||||||||||||||
Equity securities - international mutual funds: | |||||||||||||||||||||||||
Developed market(c) | 1,741 | — | 1,741 | — | |||||||||||||||||||||
Emerging markets(d) | 567 | — | 567 | — | |||||||||||||||||||||
Commodities(e) | 379 | 7 | 372 | — | |||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||||
U.S. Treasuries | 2,694 | — | 2,694 | — | |||||||||||||||||||||
Corporate bonds(f) | 1,998 | — | 1,998 | — | |||||||||||||||||||||
Emerging markets(g) | 666 | — | 666 | — | |||||||||||||||||||||
Government sponsored entities(h) | 320 | — | 320 | — | |||||||||||||||||||||
Multi-strategy bond fund(i) | 624 | — | 624 | — | |||||||||||||||||||||
Other(j) | 566 | — | 566 | — | |||||||||||||||||||||
Total | $ | 22,887 | $ | 13,310 | $ | 9,577 | $ | — | |||||||||||||||||
(a) | Cash and cash equivalents consists of highly liquid investments which are traded in active markets. | ||||||||||||||||||||||||
(b) | This class represents equities traded on regulated exchanges, as well as funds that invest in a portfolio of such stocks. | ||||||||||||||||||||||||
(c) | These mutual funds seek long-term capital growth by investing at least 80% of their assets in stocks of non- U.S. companies that are primarily in developed markets, however the fund allows up to 20% to be invested in emerging markets. | ||||||||||||||||||||||||
(d) | These mutual funds seek long-term capital growth by investing at least 80% of their assets in stocks of companies located in Asia, excluding Japan. | ||||||||||||||||||||||||
(e) | The majority of the investments in this class seek maximum real return by investing primarily in commodity-linked derivative instruments. Assets not invested in commodity-linked instruments may be invested in inflation-indexed securities and other fixed income instruments. | ||||||||||||||||||||||||
(f) | This class includes bonds of U.S. and non-U.S. issuers from diverse industries. | ||||||||||||||||||||||||
(g) | This class invests at least 80% of its net assets, plus any borrowing for investment purposes, directly in, or in derivative instruments that provide exposure to, emerging market bonds and other debt instruments denominated in the local currency of issue. | ||||||||||||||||||||||||
(h) | This class represents a beneficial ownership interest in a pool of single-family residential mortgage loans. These investments are not backed by the full faith and credit of the United States government. | ||||||||||||||||||||||||
(i) | This class invests at least 80% of its net assets in bonds and other fixed income instruments issued by governmental or private-sector entities. More than 50% of its net assets are invested in mortgage-backed securities. The fund may invest up to 33 1/3% of its net assets in high-yield bonds, bank loans and assignments and credit default swaps. | ||||||||||||||||||||||||
(j) | This class seek long-term positive returns by employing a number of arbitrage and alternative investment strategies. The portfolio of instruments may include equities, convertible securities, debt securities, warrants, options, swaps, future contracts, forwards or other types of derivative instruments. | ||||||||||||||||||||||||
(k) | This fund invests at least 80% of its net assets in first- and second-lien senior floating rate debt securities that are generally rated below investment grade. The fund may invest up to 20% of its net assets in debt securities that are lower than a senior claim on collateral and up to 20% of its net assets in senior loans made to non-U.S. borrowers. The fund may also include derivative instruments. |
DEFERRED_COMPENSATION_Level_1_
DEFERRED COMPENSATION Level 1 (Notes) | 12 Months Ended |
Jul. 31, 2014 | |
DEFERRED COMPENSATION [Abstract] | ' |
Compensation Related Costs, General | ' |
DEFERRED COMPENSATION | |
Oil-Dri's deferred compensation plans permit directors and certain management employees to defer portions of their compensation and to earn interest on the deferred amounts. Participants have deferred $542,000 into these plans in each of fiscal years 2014 and 2013. We recorded $431,000 and $412,000 of interest expense associated with these plans in fiscal years 2014 and 2013, respectively. Payments to participants were $418,000 and $465,000 in fiscal 2014 and 2013, respectively, and the total liability recorded for deferred compensation was $8,161,000 and $7,813,000 at July 31, 2014 and 2013, respectively. | |
The Oil-Dri Corporation of America Annual Incentive Plan provides certain executives with the opportunity to receive a deferred executive bonus award if certain financial goals are met. Financial targets under the provisions of the plan were not achieved to merit an award for the fiscal year ended July 31, 2014. A total of $877,000 was awarded to certain executives for the fiscal year ended July 31, 2013, which will vest and accrue interest over a three-year period. | |
Both of the above deferred compensation plans are unfunded. We fund these benefits when payments are made, and the timing and amount of the payments are determined according to the plans' provisions and, for certain plans, according to individual employee agreements. | |
The Oil-Dri Corporation of America Supplemental Executive Retirement Plan provides certain retired participants in the Pension Plan with the amount of benefits that would have been provided under the Pension Plan but for: (1) the limitations on benefits imposed by Section 415 of the Internal Revenue Code (“Code”), and/or (2) the limitation on compensation for purposes of calculating benefits under the Pension Plan imposed by Section 401(a)(17) of the Code. The SERP liability is actuarially determined at the end of each fiscal year using assumptions similar to those used for the Pension Plan, see Note 10 of the Notes to the Consolidated Financial Statements. The SERP liability recorded at July 31, 2014 was $1,255,000, which was higher than the $1,039,000 liability recorded at July 31, 2013 due primarily to a decrease in the discount rate used to actuarially value the obligation at July 31, 2014. As a result of the higher SERP liability, we recorded approximately $215,000 of expense for the fiscal year ended July 31, 2014, compared to $202,000 of income for the fiscal year ended July 31, 2013. The SERP is unfunded and we will fund benefits when payments are made. |
OTHER_CONTINGENCIES_Level_1_No
OTHER CONTINGENCIES Level 1 (Notes) | 12 Months Ended |
Jul. 31, 2014 | |
OTHER CONTINGENCIES [Abstract] | ' |
Other Contingencies Disclosure [Text Block] | ' |
OTHER CONTINGENCIES | |
We are party to various legal actions from time to time that are ordinary in nature and incidental to the operation of our business. While it is not possible at this time to determine with certainty the ultimate outcome of these or other lawsuits, we believe that none of the pending proceedings will have a material adverse effect on our business or financial condition. |
LEASES_Level_1_Notes
LEASES Level 1 (Notes) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases of Lessor Disclosure [Text Block] | ' | ||||||||||||
LEASES | |||||||||||||
Our mining operations are conducted on leased or owned property. These leases generally provide us with the right to mine as long as we continue to pay a minimum monthly rental, which is applied against the per ton royalty when the property is mined. We also lease certain offices and production facilities. In addition, we lease vehicles, railcars, mining property and equipment, warehouse space, data processing equipment, and office equipment. In most cases, we expect that, in the normal course of business, leases will be renewed or replaced by other leases. | |||||||||||||
The following is a schedule by year of future minimum rental requirements under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of July 31, 2014 (in thousands): | |||||||||||||
2015 | $ | 1,527 | |||||||||||
2016 | $ | 1,263 | |||||||||||
2017 | $ | 1,200 | |||||||||||
2018 | $ | 1,046 | |||||||||||
2019 | $ | 323 | |||||||||||
Later years | $ | 535 | |||||||||||
The following schedule shows the composition of total rental expense for all operating leases, including those with terms of one month or less which were not renewed, for the fiscal years ended July 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Vehicles and Railcars | $ | 1,818 | $ | 1,885 | $ | 2,029 | |||||||
Office facilities | 890 | 844 | 848 | ||||||||||
Warehouse facilities | 235 | 229 | 252 | ||||||||||
Mining properties: | |||||||||||||
Minimum | 292 | 320 | 123 | ||||||||||
Contingent | 162 | 120 | 302 | ||||||||||
Other | 108 | 133 | 141 | ||||||||||
$ | 3,505 | $ | 3,531 | $ | 3,695 | ||||||||
Contingent mining royalty payments are determined based on the tons of raw clay mined. | |||||||||||||
We have one capital lease for three pieces of equipment used at our manufacturing facilities. All scheduled lease payments have been made as of July 31, 2014. The remaining obligation of $1,330,000, which is included in Other Accrued Expenses on the Consolidated Balance Sheets, represents the purchase option price we intend to pay to obtain title to the equipment in fiscal 2015. These assets under capital lease are included on the Consolidated Balance Sheets in Machinery and Equipment for $1,523,000, and in Accumulated Depreciation and Amortization for $32,000. Depreciation expense related to these assets is included in Cost of Sales on the Consolidated Statements of Operations. |
OTHER_CASH_FLOW_INFORMATION_Le
OTHER CASH FLOW INFORMATION Level 1 (Notes) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
OTHER CASH FLOW INFORMATION [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
OTHER CASH FLOW INFORMATION | |||||||||||||
Cash payments for interest and income taxes were as follows for the fiscal years ended July 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest | $ | 1,078 | $ | 1,351 | $ | 1,607 | |||||||
Income taxes | $ | 3,022 | $ | 5,064 | $ | 993 | |||||||
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
A summary of selected information for fiscal years 2014 and 2013 is as follows (in thousands, except for per share amounts): | |||||||||||||||||||||
Fiscal 2014 Quarter Ended | |||||||||||||||||||||
31-Oct | 31-Jan | 30-Apr | 31-Jul | Fiscal 2014 | |||||||||||||||||
Net Sales | $ | 63,546 | $ | 69,305 | $ | 67,417 | $ | 66,045 | $ | 266,313 | |||||||||||
Gross Profit | $ | 16,500 | $ | 16,893 | $ | 13,884 | $ | 12,373 | $ | 59,650 | |||||||||||
Net Income | $ | 2,887 | $ | 4,281 | $ | 722 | $ | 466 | $ | 8,356 | |||||||||||
Net Income Per Share | |||||||||||||||||||||
Basic Common | $ | 0.44 | $ | 0.65 | $ | 0.11 | $ | 0.07 | $ | 1.27 | |||||||||||
Basic Class B Common | $ | 0.33 | $ | 0.49 | $ | 0.08 | $ | 0.05 | $ | 0.96 | |||||||||||
Diluted | $ | 0.41 | $ | 0.6 | $ | 0.1 | $ | 0.07 | $ | 1.17 | |||||||||||
Dividends Per Share | |||||||||||||||||||||
Common | $ | 0.19 | $ | 0.19 | $ | 0.19 | $ | 0.2 | $ | 0.77 | |||||||||||
Class B | $ | 0.1425 | $ | 0.1425 | $ | 0.1425 | $ | 0.15 | $ | 0.5775 | |||||||||||
Common Stock Price Range | |||||||||||||||||||||
High | $ | 36.8 | $ | 41.74 | $ | 36.27 | $ | 34.9 | |||||||||||||
Low | $ | 30.35 | $ | 32.9 | $ | 31.24 | $ | 28.71 | |||||||||||||
Fiscal 2013 Quarter Ended | |||||||||||||||||||||
31-Oct | 31-Jan | 30-Apr | 31-Jul | Fiscal 2013 | |||||||||||||||||
Net Sales | $ | 61,417 | $ | 61,122 | $ | 64,152 | $ | 63,892 | $ | 250,583 | |||||||||||
Gross Profit | $ | 17,231 | $ | 16,269 | $ | 16,891 | $ | 16,108 | $ | 66,499 | |||||||||||
Net Income | $ | 4,452 | $ | 2,146 | $ | 3,251 | $ | 4,737 | $ | 14,586 | |||||||||||
Net Income Per Share | |||||||||||||||||||||
Basic Common | $ | 0.69 | $ | 0.33 | $ | 0.5 | $ | 0.73 | $ | 2.25 | |||||||||||
Basic Class B Common | $ | 0.52 | $ | 0.25 | $ | 0.37 | $ | 0.55 | $ | 1.69 | |||||||||||
Diluted | $ | 0.64 | $ | 0.31 | $ | 0.46 | $ | 0.67 | $ | 2.07 | |||||||||||
Dividends Per Share | |||||||||||||||||||||
Common | $ | 0.18 | $ | 0.36 | $ | — | $ | 0.19 | $ | 0.73 | |||||||||||
Class B | $ | 0.135 | $ | 0.27 | $ | — | $ | 0.1425 | $ | 0.5475 | |||||||||||
Common Stock Price Range | |||||||||||||||||||||
High | $ | 23.77 | $ | 30.34 | $ | 28.52 | $ | 32.4 | |||||||||||||
Low | $ | 21.26 | $ | 20.82 | $ | 23.92 | $ | 25.3 | |||||||||||||
SUBSEQUENT_EVENTS_Level_1_Note
SUBSEQUENT EVENTS Level 1 (Notes) | 12 Months Ended |
Jul. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 2 (Policies) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
Principles of Consolidation | ' | ||||||||
PRINCIPLES OF CONSOLIDATION | |||||||||
The Consolidated Financial Statements include the accounts of Oil-Dri Corporation of America and its subsidiaries, all of which are wholly-owned. All significant intercompany balances and transactions have been eliminated from the Consolidated Financial Statements. | |||||||||
Management Use of Estimates | ' | ||||||||
MANAGEMENT USE OF ESTIMATES | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
CASH AND CASH EQUIVALENTS | |||||||||
Cash equivalents are highly liquid investments with maturities of three months or less when purchased. | |||||||||
Short-Term Investments | ' | ||||||||
SHORT-TERM INVESTMENTS | |||||||||
The composition of short-term investments was as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
U.S. Treasury Securities | $ | — | $ | 8,999 | |||||
Certificates of Deposit | 2,640 | 9,460 | |||||||
Short-Term Investments | $ | 2,640 | $ | 18,459 | |||||
We intend and have the ability to hold these investments to maturity; therefore, these investments are reported at amortized cost on the Consolidated Balance Sheets. | |||||||||
Trade Receivables | ' | ||||||||
TRADE RECEIVABLES | |||||||||
We recognize trade receivables when the risk of loss and title pass to the customer. We record an allowance for doubtful accounts based on our historical experience and a periodic review of our accounts receivable, including a review of the overall aging of accounts and analysis of specific accounts. A customer account is determined to be uncollectible when we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment. We retain outside collection agencies to facilitate our collection efforts. Past due status is determined based on contractual terms and customer payment history. | |||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
We value inventories at the lower of cost (first-in, first-out) or market. We recorded inventory obsolescence reserves of approximately $390,000 and $364,000 as of July 31, 2014 and 2013, respectively. The composition of inventories was as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 14,326 | $ | 12,112 | |||||
Packaging | 5,402 | 4,003 | |||||||
Other | 4,755 | 4,608 | |||||||
Inventories | $ | 24,483 | $ | 20,723 | |||||
Translation of Foreign Currencies | ' | ||||||||
TRANSLATION OF FOREIGN CURRENCIES | |||||||||
Assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated at the exchange rates in effect at period end. Income statement items are translated at the average exchange rate on a monthly basis. Resulting translation adjustments are recorded as a separate component of stockholders’ equity. | |||||||||
Intangible Assets and Goodwill | ' | ||||||||
INTANGIBLE ASSETS AND GOODWILL | |||||||||
We amortize most of our intangible assets on a straight-line basis over periods ranging from seven to 17 years. Our customer list intangible asset, related to the acquisition of certain assets of MFM, is amortized at an accelerated amortization rate in the earlier years to reflect the expected pattern of decline in the related benefits over time. Intangible amortization was $1,107,000 in fiscal 2014 and $343,000 in fiscal 2013. We have some intangible assets that were determined to have indefinite lives and are not amortized, specifically one acquired trademark recorded at $376,000. | |||||||||
Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||
2015 | $ | 1,581 | |||||||
2016 | $ | 1,443 | |||||||
2017 | $ | 1,188 | |||||||
2018 | $ | 979 | |||||||
2019 | $ | 792 | |||||||
The weighted average amortization period of our intangible assets subject to amortization is as follows (in years): | |||||||||
Weighted Average Amortization Period | |||||||||
Trademarks and patents | 4.5 | ||||||||
Debt issuance costs | 5 | ||||||||
Licensing agreements and noncompete agreements | 0.8 | ||||||||
Customer list | 9.3 | ||||||||
Total intangible assets subject to amortization | 8.9 | ||||||||
We periodically review indefinite-lived intangibles and goodwill to assess for impairment. Our review is based on cash flow considerations and other approaches that require significant judgment with respect to volume, revenue and expenses. Impairment occurs when the carrying value exceeds the fair value. Our impairment analysis is generally performed in the first quarter of the fiscal year and when indicators such as unexpected adverse economic factors, unanticipated technological changes, competitive activities and acts by governments and courts indicate that an asset may become impaired. | |||||||||
During fiscal 2014 a total of $3,872,000 was added to goodwill related to the MFM acquisition. See Note 3 of the Notes to the Consolidated Financial Statements for further information. | |||||||||
Overburden Removal and Mining Costs | ' | ||||||||
OVERBURDEN REMOVAL AND MINING COSTS | |||||||||
We mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of sales in the period they are incurred. Stripping costs included in cost of sales were approximately $4,179,000, $2,187,000, and $2,031,000 for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. The increase in stripping costs in fiscal 2014 reflect increased tons mined and extraction of clay reserves that required more overburden removal. We defer and amortize the pre-production overburden removal costs associated with opening a new mine. No pre-production overburden removal costs were deferred in the last two fiscal years. | |||||||||
Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral rights, including legal fees and drilling expenses, are also capitalized. The amount of land and mineral rights included in land on the Consolidated Balance Sheets were approximately $13,348,000 and $2,165,000, respectively, as of July 31, 2014 and $13,000,000 and $2,165,000, respectively, as of July 31, 2013. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the mineral are also capitalized. Prepaid royalties included in prepaid expenses and other assets on the Consolidated Balance Sheets were approximately $1,052,000 and $1,059,000 as of July 31, 2014 and 2013, respectively. No capitalized pre-production development costs were recorded in the last two fiscal years. All exploration related costs are expensed as incurred. | |||||||||
Reclamation | ' | ||||||||
RECLAMATION | |||||||||
We perform ongoing reclamation activities during the normal course of our overburden removal. As overburden is removed from a mine site, it is hauled to previously mined sites and is used to refill older sites. This process allows us to continuously reclaim older mine sites and dispose of overburden simultaneously, therefore minimizing the costs associated with the reclamation process. | |||||||||
On an annual basis we evaluate our potential reclamation liability in accordance with ASC 410, Asset Retirement and Environmental Obligations. The reclamation assets are depreciated over the estimated useful lives of the various mines. The reclamation liabilities are increased based on a yearly accretion charge over the estimated useful lives of the mines. | |||||||||
Property, Plant and Equipment | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment are generally depreciated using the straight-line method over their estimated useful lives which are listed below. Major improvements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. | |||||||||
Years | |||||||||
Buildings and leasehold improvements | 3 | - | 39 | ||||||
Machinery and equipment | |||||||||
Packaging | 2 | - | 20 | ||||||
Processing | 2 | - | 25 | ||||||
Mining and Other | 3 | - | 15 | ||||||
Office furniture, computers and equipment | 2 | - | 12 | ||||||
Vehicles | 3 | - | 15 | ||||||
Depreciation expense was $9,289,000 and $8,603,000 for fiscal 2014 and 2013, respectively. | |||||||||
Property, plant and equipment are reviewed for possible impairment on an annual basis. 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. | |||||||||
Trade Promotions | ' | ||||||||
TRADE PROMOTIONS | |||||||||
We routinely commit to one-time or ongoing trade promotion programs, primarily in our Retail and Wholesale Products Group. All such costs are netted against sales. We have accrued liabilities at the end of each period for the estimated expenses incurred but not yet paid for these programs. Promotional reserves are provided for sales incentives made directly to consumers, such as coupons, and sales incentives made to customers, such as slotting, discounts based on sales volume, cooperative marketing programs and other arrangements. We use judgment for estimates to determine our trade spending liabilities. We rely on our historical experience with trade spending patterns and that of the industry, current trends and forecast data. | |||||||||
Advertising | ' | ||||||||
ADVERTISING | |||||||||
Advertising costs for the development of printed materials, television commercials, web-based digital banners, web-based social media and sales videos are deferred and expensed upon the first use of the materials, unless such amounts are immaterial. Costs paid for communicating advertising over a period of time, such as television air time, radio commercials and print media advertising space, are deferred and expensed on a pro-rata basis. All other advertising costs, including participation in industry conventions and shows and market research, are expensed when incurred. All advertising costs are part of selling, general and administrative expenses. | |||||||||
Advertising expenses were approximately $8,886,000, $7,975,000, and $10,846,000 for the years ended July 31, 2014, 2013 and 2012, respectively. Advertising expenses were higher in fiscal 2012 for our Cat's Pride Fresh & Light products, which were introduced in the fourth quarter of fiscal 2011. | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||
Non-derivative financial instruments included in the Consolidated Balance Sheets are cash and cash equivalents, short-term investments, cash surrender value of life insurance policies and notes payable. These instruments, except for notes payable, were carried at amounts approximating fair value as of July 31, 2014 and 2013. The short-term investments included certificates of deposits and, as of July 31, 2013, also included U.S. Treasury securities. We intend and have the ability to hold our short-term investments to maturity; therefore, these investments were reported at amortized cost, which was approximately equal to fair value. See Note 6 of the Notes to the Consolidated Financial Statements for additional information regarding the fair value of notes payable, as well as assets and liabilities recorded at fair value. | |||||||||
Revenue Recognition | ' | ||||||||
REVENUE RECOGNITION | |||||||||
We recognize revenue when risk of loss and title are transferred under the terms of our sales agreements with customers at a fixed and determinable price and collection of payment is probable. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Sales returns and allowances are not material. | |||||||||
Cost of Sales | ' | ||||||||
COST OF SALES | |||||||||
Cost of sales consists of all manufacturing costs, including depreciation and amortization related to assets used in the manufacturing and distribution process, inbound and outbound freight, inspection costs, purchasing costs associated with materials and packaging used in the production process and warehouse and distribution costs. | |||||||||
Shipping and Handling Costs | ' | ||||||||
SHIPPING AND HANDLING COSTS | |||||||||
Shipping and handling costs are included in cost of sales and were approximately $49,456,000, $45,002,000 and $42,095,000 for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||
Selling, General and Administrative Expenses | ' | ||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | |||||||||
Selling, general and administrative expenses include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses. | |||||||||
Research and Development | ' | ||||||||
RESEARCH AND DEVELOPMENT | |||||||||
Research and development costs of approximately $2,587,000, $2,620,000 and $2,006,000 were charged to expense as incurred for the fiscal years ended July 31, 2014, 2013 and 2012, respectively. | |||||||||
Pension and Postretirement Benefit Costs | ' | ||||||||
PENSION AND POSTRETIREMENT BENEFIT COSTS | |||||||||
We provide a defined benefit pension plan for eligible salaried and hourly employees and we make contributions to fund the plan. We also provide a postretirement health benefit plan to domestic salaried employees who qualify under the plan’s provisions. The postretirement health benefit plan is unfunded. Our pension and postretirement health benefit plans are accounted for using actuarial valuations required by ASC 715, Compensation – Retirement Benefits. The funded status of our defined pension and postretirement health benefit plans are recognized on the Consolidated Balance Sheets. Changes in the funded status that arise during the period but are not recognized as components of net periodic benefit cost are recognized within other comprehensive income, net of income tax. See Note 10 of the Notes to the Consolidated Financial Statements for additional information. | |||||||||
Stock-Based Compensation | ' | ||||||||
STOCK-BASED COMPENSATION | |||||||||
We account for stock options and restricted stock issued under our long term incentive plans in accordance with ASC 718, Compensation – Stock Compensation. The fair value of stock-based compensation is determined at the grant date. The related compensation expense is recognized over the appropriate vesting period. See Note 9 of the Notes to the Consolidated Financial Statements for additional information. | |||||||||
Income Taxes | ' | ||||||||
INCOME TAXES | |||||||||
Deferred income tax assets and liabilities are recorded for the impact of temporary differences between the tax basis of assets and liabilities and the amounts recognized for financial reporting purposes. Deferred tax assets are reviewed and a valuation allowance is established if management believes that it is more likely than not that some portion of our deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. | |||||||||
In addition to existing valuation allowances, we provide for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement standards prescribed by ASC 740, Income Taxes. Amounts for uncertain tax positions are adjusted when new information becomes available or when positions are effectively settled. We recognize interest and penalties accrued related to uncertain tax positions in income tax (benefit) expense. | |||||||||
U.S. income tax expense and foreign withholding taxes are provided on remittances of foreign earnings and on unremitted foreign earnings that are not indefinitely reinvested. Where unremitted foreign earnings are indefinitely reinvested, no provision for federal or state tax expense is recorded. When circumstances change and we determine that some or all of the undistributed earnings will be remitted in the foreseeable future, a corresponding expense is accrued in the current period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information about income taxes. |
OPERATING_SEGMENTS_Level_2_Pol
OPERATING SEGMENTS Level 2 (Policy) | 12 Months Ended |
Jul. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Segment Reporting | ' |
We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, wholesale clubs, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies and sports field product users. The Business to Business Products Group customers include: processors and refiners of edible oils, petroleum-based oils and biodiesel fuel; manufacturers of animal feed and agricultural chemicals; distributors of animal health and nutrition products; and marketers of consumer products. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
Short-Term Investments [Table Text Block] | ' | ||||||||
The composition of short-term investments was as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
U.S. Treasury Securities | $ | — | $ | 8,999 | |||||
Certificates of Deposit | 2,640 | 9,460 | |||||||
Short-Term Investments | $ | 2,640 | $ | 18,459 | |||||
Inventories [Table Text Block] | ' | ||||||||
The composition of inventories was as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 14,326 | $ | 12,112 | |||||
Packaging | 5,402 | 4,003 | |||||||
Other | 4,755 | 4,608 | |||||||
Inventories | $ | 24,483 | $ | 20,723 | |||||
Estimated Intangible Amortization Expense [Table Text Block] | ' | ||||||||
Our estimated intangible amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||
2015 | $ | 1,581 | |||||||
2016 | $ | 1,443 | |||||||
2017 | $ | 1,188 | |||||||
2018 | $ | 979 | |||||||
2019 | $ | 792 | |||||||
Acquired Finite-Lived Intangible Assets Weighted Average Amortization Period [Table Text Block] | ' | ||||||||
The weighted average amortization period of our intangible assets subject to amortization is as follows (in years): | |||||||||
Weighted Average Amortization Period | |||||||||
Trademarks and patents | 4.5 | ||||||||
Debt issuance costs | 5 | ||||||||
Licensing agreements and noncompete agreements | 0.8 | ||||||||
Customer list | 9.3 | ||||||||
Total intangible assets subject to amortization | 8.9 | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Property, plant and equipment are generally depreciated using the straight-line method over their estimated useful lives which are listed below. Major improvements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of the applicable assets are expensed as incurred. | |||||||||
Years | |||||||||
Buildings and leasehold improvements | 3 | - | 39 | ||||||
Machinery and equipment | |||||||||
Packaging | 2 | - | 20 | ||||||
Processing | 2 | - | 25 | ||||||
Mining and Other | 3 | - | 15 | ||||||
Office furniture, computers and equipment | 2 | - | 12 | ||||||
Vehicles | 3 | - | 15 |
SPECIAL_CHARGES_Tables
SPECIAL CHARGES (Tables) | 12 Months Ended | ||||
Jul. 31, 2014 | |||||
SPECIAL CHARGES [Abstract] | ' | ||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||
The table below shows a rollforward of the reserve included in Other Accrued Expenses on the Consolidated Balance Sheets as of July 31, 2013. | |||||
Severance and other employee related costs | |||||
Reserve balance at July 31, 2012 | $ | 413 | |||
Charges against reserve | (403 | ) | |||
Reserve adjustment | (10 | ) | |||
Reserve balance at July 31, 2013 | $ | — | |||
ACQUISITION_Tables
ACQUISITION (Tables) | 12 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Acquisition [Abstract] | ' | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||
The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the acquisition date. | |||||||
Estimated Fair Value as of November 1, 2013 | |||||||
(in thousands) | |||||||
Consideration transferred: | |||||||
Cash | $ | 12,505 | |||||
Contingent Consideration - Escrow | 500 | ||||||
Contingent Consideration - Proceeds on land sale | (255 | ) | |||||
Fair value of total consideration transferred | 12,750 | ||||||
Recognized amounts of identifiable assets acquired: | |||||||
Inventories | 664 | ||||||
Current assets | 130 | ||||||
Equipment | 300 | ||||||
Customer list | 7,784 | ||||||
Total identifiable assets | 8,878 | ||||||
Goodwill | $ | 3,872 | |||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||
The following proforma results are presented for comparative purposes only (unaudited) (in thousands, except per share amounts): | |||||||
For the Twelve Months Ended July 31, | |||||||
2014 | 2013 | ||||||
Proforma net sales | $ | 271,279 | $ | 271,453 | |||
Proforma net income | $ | 7,834 | $ | 13,387 | |||
Proforma net income per share - Basic Common | $ | 1.19 | $ | 2.06 | |||
Proforma net income per share - Basic Class B | $ | 0.9 | $ | 1.55 | |||
Proforma net income per share - Diluted | $ | 1.11 | $ | 1.9 | |||
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
OPERATING SEGMENTS [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Information [Table Text Block] | ' | ||||||||||||||||||||||||
We do not rely on any operating segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance. The corporate expenses line represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual. | |||||||||||||||||||||||||
July 31, | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business to Business Products | $ | 53,823 | $ | 53,721 | $ | 44,250 | |||||||||||||||||||
Retail and Wholesale Products | 95,712 | 76,376 | 79,658 | ||||||||||||||||||||||
Unallocated Assets | 36,669 | 53,462 | 50,359 | ||||||||||||||||||||||
Total Assets | $ | 186,204 | $ | 183,559 | $ | 174,267 | |||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||
Net Sales | Income | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business to Business Products | $ | 94,286 | $ | 92,969 | $ | 85,456 | $ | 26,654 | $ | 30,739 | $ | 28,643 | |||||||||||||
Retail and Wholesale Products | 172,027 | 157,614 | 155,225 | 3,568 | 10,561 | 2,098 | |||||||||||||||||||
Total Sales | $ | 266,313 | $ | 250,583 | $ | 240,681 | |||||||||||||||||||
Corporate Expenses | (17,804 | ) | (22,359 | ) | (19,039 | ) | |||||||||||||||||||
Capacity Rationalization Charges | — | (70 | ) | (1,623 | ) | ||||||||||||||||||||
Income from Operations | 12,418 | 18,871 | 10,079 | ||||||||||||||||||||||
Total Other Expense, Net | (1,081 | ) | (1,372 | ) | (1,718 | ) | |||||||||||||||||||
Income before Income Taxes | 11,337 | 17,499 | 8,361 | ||||||||||||||||||||||
Income Taxes | (2,981 | ) | (2,913 | ) | (2,263 | ) | |||||||||||||||||||
Net Income | $ | 8,356 | $ | 14,586 | $ | 6,098 | |||||||||||||||||||
Financial information by geographic region [Table Text Block] | ' | ||||||||||||||||||||||||
The following is a summary of financial information by geographic region for the years ended July 31 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Sales to unaffiliated customers by: | |||||||||||||||||||||||||
Domestic operations | $ | 255,067 | $ | 238,655 | $ | 229,382 | |||||||||||||||||||
Foreign subsidiaries | $ | 11,246 | $ | 11,928 | $ | 11,299 | |||||||||||||||||||
Sales or transfers between geographic areas: | |||||||||||||||||||||||||
Domestic operations | $ | 4,285 | $ | 4,624 | $ | 4,440 | |||||||||||||||||||
Income (Loss) before income taxes: | |||||||||||||||||||||||||
Domestic operations | $ | 12,209 | $ | 17,744 | $ | 9,382 | |||||||||||||||||||
Foreign subsidiaries | $ | (872 | ) | $ | (245 | ) | $ | (1,021 | ) | ||||||||||||||||
Net Income (Loss): | |||||||||||||||||||||||||
Domestic operations | $ | 9,064 | $ | 14,762 | $ | 6,974 | |||||||||||||||||||
Foreign subsidiaries | $ | (708 | ) | $ | (176 | ) | $ | (876 | ) | ||||||||||||||||
Identifiable assets: | |||||||||||||||||||||||||
Domestic operations | $ | 178,061 | $ | 175,261 | $ | 165,565 | |||||||||||||||||||
Foreign subsidiaries | $ | 8,143 | $ | 8,298 | $ | 8,702 | |||||||||||||||||||
Largest Customer Information [Table Text Block] | ' | ||||||||||||||||||||||||
Our largest customer accounted for the following percentage of consolidated net sales and net accounts receivable: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Net sales for the years ended July 31 | 19% | 20% | 22% | ||||||||||||||||||||||
Net accounts receivable as of July 31 | 28% | 30% | 32% |
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
The composition of notes payable is as follows as of July 31 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Prudential Insurance Company of America and other parties | |||||||||
Payable in annual principal installments on August 1: $3,083 in each fiscal year 2016 through 2021. Interest is payable semiannually at an annual rate of 3.96% | $ | 18,500 | $ | 18,500 | |||||
The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company | |||||||||
Payable in annual principal installments on October 15: $3,500 in fiscal 2015; and $400 in fiscal 2016. Interest is payable semiannually at an annual rate of 5.89% | 3,900 | 7,400 | |||||||
Total notes payable | 22,400 | 25,900 | |||||||
Less current maturities of notes payable | (3,500 | ) | (3,500 | ) | |||||
Noncurrent notes payable | $ | 18,900 | $ | 22,400 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
The following is a schedule by fiscal year of future maturities of notes payable as of July 31, 2014 (in thousands): | |||||||||
2015 | $ | 3,500 | |||||||
2016 | 3,483 | ||||||||
2017 | 3,083 | ||||||||
2018 | 3,083 | ||||||||
2019 | 3,083 | ||||||||
Later years | 6,168 | ||||||||
$ | 22,400 | ||||||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes our financial assets and liabilities that were reported at fair value by level within the fair value hierarchy (in thousands): | |||||||||||||||||||||||||
Fair Value at July 31, 2014 | Fair Value at July 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash equivalents | $ | 16,230 | $ | 16,230 | $ | — | $ | 14,918 | $ | 14,918 | $ | — | |||||||||||||
Marketable equity securities | $ | 117 | $ | 117 | $ | — | $ | 88 | $ | 88 | $ | — | |||||||||||||
Cash surrender value of life insurance | $ | 4,625 | $ | — | $ | 4,625 | $ | 4,426 | $ | — | $ | 4,426 | |||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
The provision for income tax expense (benefit) consists of the following at July 31 (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current | |||||||||||||||||
Federal | $ | 1,267 | $ | 5,446 | $ | (252 | ) | ||||||||||
Foreign | 63 | 19 | 358 | ||||||||||||||
State | 308 | 578 | (165 | ) | |||||||||||||
Current Income Tax Total | 1,638 | 6,043 | (59 | ) | |||||||||||||
Deferred | |||||||||||||||||
Federal | 1,381 | (2,984 | ) | 2,038 | |||||||||||||
Foreign | (215 | ) | (88 | ) | (171 | ) | |||||||||||
State | 177 | (58 | ) | 455 | |||||||||||||
Deferred Income Tax Total | 1,343 | (3,130 | ) | 2,322 | |||||||||||||
Total Income Tax Expense | $ | 2,981 | $ | 2,913 | $ | 2,263 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||
Principal reasons for variations between the statutory federal rate and the effective rates were as follows for the years ended July 31: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
U.S. federal income tax rate | 34 | % | 34 | % | 34 | % | |||||||||||
Depletion deductions allowed for mining | (12.2 | ) | (9.7 | ) | (16.5 | ) | |||||||||||
State income tax expense, net of federal tax expense | 2.8 | 2.9 | 2.3 | ||||||||||||||
Difference in effective tax rate of foreign subsidiaries | 0.9 | (0.8 | ) | 1.2 | |||||||||||||
Empowerment zone credits | (0.5 | ) | (0.5 | ) | (1.7 | ) | |||||||||||
Valuation allowance increase (decrease) | 3.2 | (7.8 | ) | 11.4 | |||||||||||||
Other | (1.9 | ) | (1.5 | ) | (3.6 | ) | |||||||||||
Effective income tax rate | 26.3 | % | 16.6 | % | 27.1 | % | |||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||
The Consolidated Balance Sheets included the following tax effects of cumulative temporary differences as of July 31 (in thousands): | |||||||||||||||||
` | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets 1 | Liabilities 1 | ||||||||||||||
Depreciation | $ | — | $ | 7,332 | $ | — | $ | 6,868 | |||||||||
Deferred compensation | 3,733 | — | 3,375 | — | |||||||||||||
Postretirement benefits | 7,651 | — | 5,741 | — | |||||||||||||
Allowance for doubtful accounts | 303 | — | 264 | — | |||||||||||||
Deferred marketing expenses | — | 10 | — | 9 | |||||||||||||
Other assets | — | 84 | 207 | — | |||||||||||||
Accrued expenses | 1,289 | — | 3,290 | — | |||||||||||||
Tax credits | 3,386 | — | 2,692 | — | |||||||||||||
Amortization | — | 229 | — | 356 | |||||||||||||
Inventories | 453 | — | 442 | — | |||||||||||||
Depletion | — | 488 | — | 503 | |||||||||||||
Stock-based compensation | 248 | — | 199 | — | |||||||||||||
Reclamation | 141 | — | 241 | — | |||||||||||||
Other assets – foreign | 930 | — | 640 | — | |||||||||||||
Valuation allowance | (3,973 | ) | — | (3,205 | ) | — | |||||||||||
Total deferred taxes | $ | 14,161 | $ | 8,143 | $ | 13,886 | $ | 7,736 | |||||||||
1 We identified an error in the amounts previously disclosed in this footnote in fiscal 2013 related to deferred taxes of our United Kingdom subsidiary. The fiscal 2013 amounts reported as Other assets - foreign and Valuation allowance were both overstated by $1,494,000 as previously reported and have been revised in the table above. The disclosure error is considered immaterial, individually and in the aggregate, to the previously reported consolidated financial statements as of and for the year ended July 31, 2013. | |||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||||||
Reconciliations of the beginning and ending amount of UTBs were as follows for the years ended July 31 (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Gross balance – beginning of year | $ | 273 | $ | 273 | $ | 273 | |||||||||||
Gross decreases - tax positions from prior years | (273 | ) | — | — | |||||||||||||
Gross balance – end of year | $ | — | $ | 273 | $ | 273 | |||||||||||
STOCKHOLDERS_EQUITY_Accumulate
STOCKHOLDERS EQUITY Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following table summarizes the changes in accumulated other comprehensive income by component as of July 31, 2014 (in thousands): | ||||||||||||||||
Unrealized Gain on Marketable Securities | Pension and Postretirement Health Benefits | Cumulative Translation Adjustment | Total Accumulated Other Comprehensive Income | |||||||||||||
Balance as of July 31, 2013 | $ | 86 | $ | (5,608 | ) | $ | 487 | $ | (5,035 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | 28 | (3,266 | ) | (232 | ) | (3,470 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | — | 242 | a) | — | 242 | |||||||||||
Net current-period other comprehensive income (loss), net of tax | 28 | (3,024 | ) | (232 | ) | (3,228 | ) | |||||||||
Balance as of July 31, 2014 | $ | 114 | $ | (8,632 | ) | $ | 255 | $ | (8,263 | ) | ||||||
a) Amount is net of tax expense of $148,000. Amounts are included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 10 of the Notes to the Consolidated Financial Statements for further information. |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | |||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | |||||||||||||||
A summary of stock option transactions under the plans is shown below. | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||
(in thousands) | Exercise | Remaining | Value | |||||||||||||
Price | Contractual | (in thousands) | ||||||||||||||
Term | ||||||||||||||||
(Years) | ||||||||||||||||
Options exercisable at July 31, 2011 | 184 | $ | 10.94 | 2.8 | $ | 1,793 | ||||||||||
Options non-vested at July 31, 2011 | 5 | $ | 17 | |||||||||||||
Options outstanding at July 31, 2011 | 189 | $ | 11.1 | 2.8 | $ | 1,882 | ||||||||||
Exercised | (42 | ) | $ | 8.34 | $ | 515 | ||||||||||
Options outstanding and exercisable at July 31, 2012 | 147 | $ | 11.89 | 2.2 | $ | 1,473 | ||||||||||
Exercised | (87 | ) | $ | 10.25 | $ | 1,385 | ||||||||||
Options outstanding and exercisable at July 31, 2013 | 60 | $ | 14.25 | 2.3 | $ | 1,059 | ||||||||||
Exercised | (8 | ) | $ | 12.47 | $ | 151 | ||||||||||
Forfeited | (8 | ) | $ | 9.43 | ||||||||||||
Options outstanding and exercisable at July 31, 2014 | 44 | $ | 15.43 | 1.9 | $ | 611 | ||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||
The following table summarizes information related to stock options outstanding and exercisable at July 31, 2014. All outstanding stock options were exercisable as of July 31, 2014. | ||||||||||||||||
Options Outstanding and Exercisable by Price Range as of July 31, 2014 | ||||||||||||||||
Range of Exercise Prices | Outstanding and Exercisable (in thousands) | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | |||||||||||||
$ | 13.51 | - | $ | 15 | 25 | 1.9 | $ | 14.82 | ||||||||
$ | 15.01 | - | $ | 16.5 | 9 | 1.6 | $ | 15.37 | ||||||||
$ | 16.51 | - | $ | 17 | 10 | 2.3 | $ | 17 | ||||||||
$ | 13.51 | - | $ | 17 | 44 | 1.9 | $ | 15.43 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Activity [Table Text Block] | ' | |||||||||||||||
A summary of restricted stock transactions under the plans is shown below. | ||||||||||||||||
Number of | Weighted | Weighted | Unamortized | |||||||||||||
Shares | Average | Average | Expense | |||||||||||||
(in thousands) | Grant Date | Remaining | (in thousands) | |||||||||||||
Fair Value | Contractual | |||||||||||||||
Term | ||||||||||||||||
(Years) | ||||||||||||||||
Non-vested restricted stock outstanding at July 31, 2011 | 139 | $ | 21.54 | 4 | $ | 2,446 | ||||||||||
Granted | 28 | $ | 20.95 | |||||||||||||
Vested | (30 | ) | $ | 20.67 | ||||||||||||
Forfeited | (5 | ) | $ | 19.61 | ||||||||||||
Non-vested restricted stock outstanding at July 31, 2012 | 132 | $ | 21.68 | 3.1 | $ | 2,214 | ||||||||||
Granted | 20 | $ | 25.03 | |||||||||||||
Vested | (34 | ) | $ | 21.75 | ||||||||||||
Forfeited | (1 | ) | $ | 20.6 | ||||||||||||
Non-vested restricted stock outstanding at July 31, 2013 | 117 | $ | 22.24 | 2.1 | $ | 1,824 | ||||||||||
Granted | 51 | $ | 34.18 | |||||||||||||
Vested | (40 | ) | $ | 21.5 | ||||||||||||
Forfeited | (6 | ) | $ | 25.41 | ||||||||||||
Non-vested restricted stock outstanding at July 31, 2014 | 122 | $ | 27.31 | 2.4 | $ | 2,226 | ||||||||||
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables provide a reconciliation of changes in the plans’ benefit obligations, assets’ fair values and funded status for the fiscal years ended July 31 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 36,866 | $ | 41,839 | $ | 2,441 | $ | 2,585 | |||||||||||||||||
Service cost | 1,425 | 1,751 | 111 | 136 | |||||||||||||||||||||
Interest cost | 1,761 | 1,544 | 110 | 96 | |||||||||||||||||||||
Actuarial loss (gain) | 5,379 | (7,324 | ) | 114 | (285 | ) | |||||||||||||||||||
Plan amendments | — | — | — | (70 | ) | ||||||||||||||||||||
Benefits paid | (1,064 | ) | (944 | ) | (6 | ) | (21 | ) | |||||||||||||||||
Benefit obligation, end of year | 44,367 | 36,866 | 2,770 | 2,441 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 22,887 | 20,108 | — | — | |||||||||||||||||||||
Actual return on plan assets | 1,938 | 2,514 | — | — | |||||||||||||||||||||
Employer contribution | 1,043 | 1,209 | 6 | 21 | |||||||||||||||||||||
Benefits paid | (1,064 | ) | (944 | ) | (6 | ) | (21 | ) | |||||||||||||||||
Fair value of plan assets, end of year | 24,804 | 22,887 | — | — | |||||||||||||||||||||
Funded status, recorded in Consolidated Balance Sheets | $ | (19,563 | ) | $ | (13,979 | ) | $ | (2,770 | ) | $ | (2,441 | ) | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
The following table shows amounts recognized in the Consolidated Balance Sheets as of July 31 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Deferred income taxes | $ | 6,634 | $ | 4,843 | $ | 1,017 | $ | 898 | |||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | (60 | ) | $ | (58 | ) | |||||||||||||||
Other noncurrent liabilities | $ | (19,563 | ) | $ | (13,979 | ) | $ | (2,710 | ) | $ | (2,383 | ) | |||||||||||||
Accumulated other comprehensive income –net of tax: | |||||||||||||||||||||||||
Net actuarial loss | $ | 8,156 | $ | 5,172 | $ | 500 | $ | 445 | |||||||||||||||||
Prior service cost (income) | $ | 15 | $ | 24 | $ | (39 | ) | $ | (43 | ) | |||||||||||||||
Net obligation at transition | $ | — | $ | — | $ | — | $ | 10 | |||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||
The following table shows the components of the net periodic pension and postretirement health benefit costs for the fiscal years ended July 31 (in thousands): | |||||||||||||||||||||||||
Pension Cost | Postretirement Health Benefit Cost | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 1,425 | $ | 1,751 | $ | 1,324 | $ | 111 | $ | 136 | $ | 104 | |||||||||||||
Interest cost | 1,761 | 1,544 | 1,617 | 110 | 96 | 105 | |||||||||||||||||||
Expected return on plan assets | (1,715 | ) | (1,510 | ) | (1,480 | ) | — | — | — | ||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Net transition obligation | — | — | — | 16 | 15 | 15 | |||||||||||||||||||
Prior service costs (income) | 13 | 15 | 15 | (6 | ) | — | — | ||||||||||||||||||
Other actuarial loss | 343 | 884 | 317 | 24 | 53 | 30 | |||||||||||||||||||
Net periodic benefit cost | $ | 1,827 | $ | 2,684 | $ | 1,793 | $ | 255 | $ | 300 | $ | 254 | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||||||
The following table shows amounts, net of tax, that are recognized in other comprehensive income for the fiscal years ended July 31 (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss (gain) | $ | 3,196 | $ | (5,164 | ) | $ | 70 | $ | (177 | ) | |||||||||||||||
Prior service cost establishment due to plan amendments | — | — | — | (43 | ) | ||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service (cost) income | (8 | ) | (9 | ) | 4 | — | |||||||||||||||||||
Net transition obligation | — | — | (10 | ) | (9 | ) | |||||||||||||||||||
Amortization of actuarial loss | (213 | ) | (548 | ) | (15 | ) | (33 | ) | |||||||||||||||||
Total recognized in other comprehensive loss (income) | $ | 2,975 | $ | (5,721 | ) | $ | 49 | $ | (262 | ) | |||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ' | ||||||||||||||||||||||||
The following table shows amortization amounts, net of tax, expected to be recognized in fiscal 2015 in accumulated other comprehensive income (in thousands): | |||||||||||||||||||||||||
Amortization of: | Pension Benefits | Postretirement Health Benefits | |||||||||||||||||||||||
Net actuarial loss | $ | 372 | $ | 23 | |||||||||||||||||||||
Prior service cost (income) | 6 | (4 | ) | ||||||||||||||||||||||
Total to be recognized as other comprehensive loss | $ | 378 | $ | 19 | |||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||
The following table shows the estimated future benefit payments (in thousands): | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefits | Health Benefits | ||||||||||||||||||||||||
2015 | $ | 1,208 | $ | 60 | |||||||||||||||||||||
2016 | $ | 1,240 | $ | 87 | |||||||||||||||||||||
2017 | $ | 1,327 | $ | 106 | |||||||||||||||||||||
2018 | $ | 1,460 | $ | 116 | |||||||||||||||||||||
2019 | $ | 1,543 | $ | 139 | |||||||||||||||||||||
2020-24 | $ | 9,319 | $ | 1,007 | |||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||
The assumptions used in the previous calculations were as follows: | |||||||||||||||||||||||||
Pension Benefits | Postretirement Health Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate for net periodic benefit costs | 4.80% | 3.75% | 4.80% | 3.75% | |||||||||||||||||||||
Discount rate for year-end obligations | 4.28% | 4.80% | 3.87% | 4.80% | |||||||||||||||||||||
Rate of increase in compensation levels for net periodic benefit costs | 3.50% | 3.50% | — | — | |||||||||||||||||||||
Rate of increase in compensation levels for year-end obligations | 3.50% | 3.50% | — | — | |||||||||||||||||||||
Long-term expected rate of return on assets | 7.50% | 7.50% | — | — | |||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | ||||||||||||||||||||||||
The following table reflects the effect on postretirement health costs and accruals of a one-percentage point change in the assumed health care cost trend in the fiscal year ended July 31, 2014 (in thousands): | |||||||||||||||||||||||||
One-Percentage Point | One-Percentage | ||||||||||||||||||||||||
Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost | $33 | ($28) | |||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | $337 | ($293) | |||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
The targeted allocation percentages of plan assets is shown below for fiscal 2015 and the actual allocation as of July 31: | |||||||||||||||||||||||||
Asset Allocation | Target fiscal 2015 | 2014 | 2013 | ||||||||||||||||||||||
Cash and accrued income | 2% | 5% | 13% | ||||||||||||||||||||||
Fixed income | 38% | 27% | 25% | ||||||||||||||||||||||
Equity | 60% | 67% | 62% | ||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets carried at fair value as of July 31 (in thousands): | |||||||||||||||||||||||||
Fair Value At July 31, 2014 | |||||||||||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Cash and Cash Equivalents(a) | $ | 1,123 | $ | 1,123 | $ | — | $ | — | |||||||||||||||||
Equity securities(b): | |||||||||||||||||||||||||
U.S. companies | 10,168 | 10,168 | — | — | |||||||||||||||||||||
International companies | 2,698 | 2,698 | — | — | |||||||||||||||||||||
Equity securities - international mutual funds: | |||||||||||||||||||||||||
Developed market(c) | 2,005 | — | 2,005 | — | |||||||||||||||||||||
Emerging markets(d) | 351 | — | 351 | — | |||||||||||||||||||||
Commodities(e) | 383 | — | 383 | — | |||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||||
U.S. Treasuries | 3,020 | — | 3,020 | — | |||||||||||||||||||||
Corporate bonds(f) | 1,911 | — | 1,911 | — | |||||||||||||||||||||
Floating rate debt(k) | 838 | — | 838 | — | |||||||||||||||||||||
Government sponsored entities(h) | 376 | — | 376 | — | |||||||||||||||||||||
Multi-strategy bond fund(i) | 856 | — | 856 | — | |||||||||||||||||||||
Other(j) | 1,075 | — | 1,075 | — | |||||||||||||||||||||
Total | $ | 24,804 | $ | 13,989 | $ | 10,815 | $ | — | |||||||||||||||||
Fair Value At July 31, 2013 | |||||||||||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Cash and Cash Equivalents(a) | $ | 2,469 | $ | 2,469 | $ | — | $ | — | |||||||||||||||||
Equity securities(b): | |||||||||||||||||||||||||
U.S. companies | 8,962 | 8,933 | 29 | — | |||||||||||||||||||||
International companies | 1,901 | 1,901 | — | — | |||||||||||||||||||||
Equity securities - international mutual funds: | |||||||||||||||||||||||||
Developed market(c) | 1,741 | — | 1,741 | — | |||||||||||||||||||||
Emerging markets(d) | 567 | — | 567 | — | |||||||||||||||||||||
Commodities(e) | 379 | 7 | 372 | — | |||||||||||||||||||||
Fixed Income: | |||||||||||||||||||||||||
U.S. Treasuries | 2,694 | — | 2,694 | — | |||||||||||||||||||||
Corporate bonds(f) | 1,998 | — | 1,998 | — | |||||||||||||||||||||
Emerging markets(g) | 666 | — | 666 | — | |||||||||||||||||||||
Government sponsored entities(h) | 320 | — | 320 | — | |||||||||||||||||||||
Multi-strategy bond fund(i) | 624 | — | 624 | — | |||||||||||||||||||||
Other(j) | 566 | — | 566 | — | |||||||||||||||||||||
Total | $ | 22,887 | $ | 13,310 | $ | 9,577 | $ | — | |||||||||||||||||
(a) | Cash and cash equivalents consists of highly liquid investments which are traded in active markets. | ||||||||||||||||||||||||
(b) | This class represents equities traded on regulated exchanges, as well as funds that invest in a portfolio of such stocks. | ||||||||||||||||||||||||
(c) | These mutual funds seek long-term capital growth by investing at least 80% of their assets in stocks of non- U.S. companies that are primarily in developed markets, however the fund allows up to 20% to be invested in emerging markets. | ||||||||||||||||||||||||
(d) | These mutual funds seek long-term capital growth by investing at least 80% of their assets in stocks of companies located in Asia, excluding Japan. | ||||||||||||||||||||||||
(e) | The majority of the investments in this class seek maximum real return by investing primarily in commodity-linked derivative instruments. Assets not invested in commodity-linked instruments may be invested in inflation-indexed securities and other fixed income instruments. | ||||||||||||||||||||||||
(f) | This class includes bonds of U.S. and non-U.S. issuers from diverse industries. | ||||||||||||||||||||||||
(g) | This class invests at least 80% of its net assets, plus any borrowing for investment purposes, directly in, or in derivative instruments that provide exposure to, emerging market bonds and other debt instruments denominated in the local currency of issue. | ||||||||||||||||||||||||
(h) | This class represents a beneficial ownership interest in a pool of single-family residential mortgage loans. These investments are not backed by the full faith and credit of the United States government. | ||||||||||||||||||||||||
(i) | This class invests at least 80% of its net assets in bonds and other fixed income instruments issued by governmental or private-sector entities. More than 50% of its net assets are invested in mortgage-backed securities. The fund may invest up to 33 1/3% of its net assets in high-yield bonds, bank loans and assignments and credit default swaps. | ||||||||||||||||||||||||
(j) | This class seek long-term positive returns by employing a number of arbitrage and alternative investment strategies. The portfolio of instruments may include equities, convertible securities, debt securities, warrants, options, swaps, future contracts, forwards or other types of derivative instruments. | ||||||||||||||||||||||||
(k) | This fund invests at least 80% of its net assets in first- and second-lien senior floating rate debt securities that are generally rated below investment grade. The fund may invest up to 20% of its net assets in debt securities that are lower than a senior claim on collateral and up to 20% of its net assets in senior loans made to non-U.S. borrowers. The fund may also include derivative instruments. |
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
The following is a schedule by year of future minimum rental requirements under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of July 31, 2014 (in thousands): | |||||||||||||
2015 | $ | 1,527 | |||||||||||
2016 | $ | 1,263 | |||||||||||
2017 | $ | 1,200 | |||||||||||
2018 | $ | 1,046 | |||||||||||
2019 | $ | 323 | |||||||||||
Later years | $ | 535 | |||||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||
The following schedule shows the composition of total rental expense for all operating leases, including those with terms of one month or less which were not renewed, for the fiscal years ended July 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Vehicles and Railcars | $ | 1,818 | $ | 1,885 | $ | 2,029 | |||||||
Office facilities | 890 | 844 | 848 | ||||||||||
Warehouse facilities | 235 | 229 | 252 | ||||||||||
Mining properties: | |||||||||||||
Minimum | 292 | 320 | 123 | ||||||||||
Contingent | 162 | 120 | 302 | ||||||||||
Other | 108 | 133 | 141 | ||||||||||
$ | 3,505 | $ | 3,531 | $ | 3,695 | ||||||||
OTHER_CASH_FLOW_INFORMATION_Ta
OTHER CASH FLOW INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
OTHER CASH FLOW INFORMATION [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
Cash payments for interest and income taxes were as follows for the fiscal years ended July 31 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest | $ | 1,078 | $ | 1,351 | $ | 1,607 | |||||||
Income taxes | $ | 3,022 | $ | 5,064 | $ | 993 | |||||||
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
A summary of selected information for fiscal years 2014 and 2013 is as follows (in thousands, except for per share amounts): | |||||||||||||||||||||
Fiscal 2014 Quarter Ended | |||||||||||||||||||||
31-Oct | 31-Jan | 30-Apr | 31-Jul | Fiscal 2014 | |||||||||||||||||
Net Sales | $ | 63,546 | $ | 69,305 | $ | 67,417 | $ | 66,045 | $ | 266,313 | |||||||||||
Gross Profit | $ | 16,500 | $ | 16,893 | $ | 13,884 | $ | 12,373 | $ | 59,650 | |||||||||||
Net Income | $ | 2,887 | $ | 4,281 | $ | 722 | $ | 466 | $ | 8,356 | |||||||||||
Net Income Per Share | |||||||||||||||||||||
Basic Common | $ | 0.44 | $ | 0.65 | $ | 0.11 | $ | 0.07 | $ | 1.27 | |||||||||||
Basic Class B Common | $ | 0.33 | $ | 0.49 | $ | 0.08 | $ | 0.05 | $ | 0.96 | |||||||||||
Diluted | $ | 0.41 | $ | 0.6 | $ | 0.1 | $ | 0.07 | $ | 1.17 | |||||||||||
Dividends Per Share | |||||||||||||||||||||
Common | $ | 0.19 | $ | 0.19 | $ | 0.19 | $ | 0.2 | $ | 0.77 | |||||||||||
Class B | $ | 0.1425 | $ | 0.1425 | $ | 0.1425 | $ | 0.15 | $ | 0.5775 | |||||||||||
Common Stock Price Range | |||||||||||||||||||||
High | $ | 36.8 | $ | 41.74 | $ | 36.27 | $ | 34.9 | |||||||||||||
Low | $ | 30.35 | $ | 32.9 | $ | 31.24 | $ | 28.71 | |||||||||||||
Fiscal 2013 Quarter Ended | |||||||||||||||||||||
31-Oct | 31-Jan | 30-Apr | 31-Jul | Fiscal 2013 | |||||||||||||||||
Net Sales | $ | 61,417 | $ | 61,122 | $ | 64,152 | $ | 63,892 | $ | 250,583 | |||||||||||
Gross Profit | $ | 17,231 | $ | 16,269 | $ | 16,891 | $ | 16,108 | $ | 66,499 | |||||||||||
Net Income | $ | 4,452 | $ | 2,146 | $ | 3,251 | $ | 4,737 | $ | 14,586 | |||||||||||
Net Income Per Share | |||||||||||||||||||||
Basic Common | $ | 0.69 | $ | 0.33 | $ | 0.5 | $ | 0.73 | $ | 2.25 | |||||||||||
Basic Class B Common | $ | 0.52 | $ | 0.25 | $ | 0.37 | $ | 0.55 | $ | 1.69 | |||||||||||
Diluted | $ | 0.64 | $ | 0.31 | $ | 0.46 | $ | 0.67 | $ | 2.07 | |||||||||||
Dividends Per Share | |||||||||||||||||||||
Common | $ | 0.18 | $ | 0.36 | $ | — | $ | 0.19 | $ | 0.73 | |||||||||||
Class B | $ | 0.135 | $ | 0.27 | $ | — | $ | 0.1425 | $ | 0.5475 | |||||||||||
Common Stock Price Range | |||||||||||||||||||||
High | $ | 23.77 | $ | 30.34 | $ | 28.52 | $ | 32.4 | |||||||||||||
Low | $ | 21.26 | $ | 20.82 | $ | 23.92 | $ | 25.3 | |||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Short-Term Investments (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-Term Investments | ' | ' |
Short-Term Investments | $2,640 | $18,459 |
U.S. Treasury Securities | ' | ' |
Short-Term Investments | ' | ' |
Short-Term Investments | 0 | 8,999 |
Certificates of Deposit | ' | ' |
Short-Term Investments | ' | ' |
Short-Term Investments | $2,640 | $9,460 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventories (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finished goods | $14,326 | $12,112 |
Packaging | 5,402 | 4,003 |
Other | 4,755 | 4,608 |
Inventories | $24,483 | $20,723 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Amortizatin Expense (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Intangible Amortization Expense | ' |
2015 | $1,581 |
2016 | 1,443 |
2017 | 1,188 |
2018 | 979 |
2019 | $792 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Intangible Assets Weighted Average Amortization Period (Details) | 12 Months Ended |
Jul. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets, Weighted Average Amortization Period | '8 years 10 months 21 days |
Trademarks and patents | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets, Weighted Average Amortization Period | '4 years 6 months 12 days |
Debt issuance costs | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets, Weighted Average Amortization Period | '4 years 11 months 16 days |
Licensing agreements and noncompete agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets, Weighted Average Amortization Period | '0 years 9 months 30 days |
Customer list | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets, Weighted Average Amortization Period | '9 years 3 months 5 days |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details) | 12 Months Ended |
Jul. 31, 2014 | |
Minimum | Buildings and leasehold improvements | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Minimum | Machinery and Equipment - Packaging | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '2 years |
Minimum | Machinery and Equipment - Processing | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '2 years |
Minimum | Machinery and Equipment - Mining and Other | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Minimum | Office furniture, computers and equipment | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '2 years |
Minimum | Vehicles | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Maximum | Buildings and leasehold improvements | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '39 years |
Maximum | Machinery and Equipment - Packaging | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '20 years |
Maximum | Machinery and Equipment - Processing | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '25 years |
Maximum | Machinery and Equipment - Mining and Other | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '15 years |
Maximum | Office furniture, computers and equipment | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '12 years |
Maximum | Vehicles | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '15 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Goodwill acquired during period | $3,872,000 | ' | ' |
Depreciation | 9,289,000 | 8,603,000 | ' |
Maximum maturity of cash equivalents | '3 months | ' | ' |
Inventory obsolescence reserves | 390,000 | 364,000 | ' |
Stripping costs | 4,179,000 | 2,187,000 | 2,031,000 |
Pre-production overburden removal costs | 0 | 0 | ' |
Land | 13,348,000 | 13,000,000 | ' |
Mineral rights | 2,165,000 | 2,165,000 | ' |
Prepaid royalties | 1,052,000 | 1,059,000 | ' |
Pre-production development costs | 0 | 0 | ' |
Advertising expense | 8,886,000 | 7,975,000 | 10,846,000 |
Shipping and handling costs | 49,456,000 | 45,002,000 | 42,095,000 |
Research and development costs | 2,587,000 | 2,620,000 | 2,006,000 |
Amortization of Intangible Assets | 1,107,000 | 343,000 | ' |
Indefinite-Lived Trademarks | $376,000 | ' | ' |
Minimum | ' | ' | ' |
Amortization period of intangible assets (years) | '7 years | ' | ' |
Maximum | ' | ' | ' |
Amortization period of intangible assets (years) | '17 years | ' | ' |
SPECIAL_CHARGES_Details
SPECIAL CHARGES (Details) (Severance and Other Employee Related Costs, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2013 |
Severance and Other Employee Related Costs | ' |
Capacity Rationalization Charges | ' |
Reserve balance, beginning | $413 |
Charges against reserve | -403 |
Reserve adjustment | -10 |
Reserve balance, ending | $0 |
SPECIAL_CHARGES_Narrative_Deta
SPECIAL CHARGES Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Capacity Rationalization Charges | ' | ' | ' |
Charges recognized in year | $0 | $70 | $1,623 |
Asset write-off | ' | ' | ' |
Capacity Rationalization Charges | ' | ' | ' |
Charges recognized in year | ' | ' | 1,187 |
Severance and Other Employee Related Costs | ' | ' | ' |
Capacity Rationalization Charges | ' | ' | ' |
Charges recognized in year | ' | $70 | $436 |
ACQUISITION_Consideration_Tran
ACQUISITION Consideration Transferred and Assets Acquired (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Nov. 02, 2013 |
Acquisition [Abstract] | ' | ' |
Consideration transferred: Cash | ' | $12,505 |
Contingent Consideration - Escrow | ' | 500 |
Contingent Consideration - Proceeds on land sale | ' | -255 |
Fair value of total consideration tansferred | 12,750 | ' |
Identifiable assets acquired: Inventories | ' | 664 |
Identfiable assets acquired: Current assets | ' | 130 |
Identifiable assets acquired: Equipment | ' | 300 |
Identifiable assets Acquired: Customer list | ' | 7,784 |
Identifiable assets acquired: Total identifiable assets | ' | 8,878 |
Goodwill | $3,872 | ' |
ACQUISITION_Proforma_Details
ACQUISITION Proforma (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Business Acquisition | ' | ' |
Proforma net sales | $271,279 | $271,453 |
Proforma net income | $7,834 | $13,387 |
Proforma net income per share - Diluted | $1.11 | $1.90 |
Common Stock | ' | ' |
Business Acquisition | ' | ' |
Proforma net income per share - Basic | $1.19 | $2.06 |
Common Class B | ' | ' |
Business Acquisition | ' | ' |
Proforma net income per share - Basic | $0.90 | $1.55 |
ACQUISITION_Narrative_Details
ACQUISITION Narrative (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Nov. 02, 2013 | Jul. 31, 2013 | |
Acquired Finite-Lived Intangible Assets | ' | ' | ' |
Restricted cash remaining balance | $129,000 | ' | $0 |
Acquisition-related costs | ' | 355,000 | ' |
Net sales of acquiree since acquisition date | $10,100,000 | ' | ' |
Customer list | ' | ' | ' |
Acquired Finite-Lived Intangible Assets | ' | ' | ' |
Acquired finite-lived Intangible assets, useful life | '10 years | ' | ' |
OPERATING_SEGMENTS_Details
OPERATING SEGMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $186,204 | ' | ' | ' | $183,559 | ' | ' | ' | $186,204 | $183,559 | $174,267 |
Net Sales | 66,045 | 67,417 | 69,305 | 63,546 | 63,892 | 64,152 | 61,122 | 61,417 | 266,313 | 250,583 | 240,681 |
Corporate Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -17,804 | -22,359 | -19,039 |
Capacity Rationalization Charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -70 | -1,623 |
Income from Operations | ' | ' | ' | ' | ' | ' | ' | ' | 12,418 | 18,871 | 10,079 |
Total Other Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | -1,081 | -1,372 | -1,718 |
Income before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 11,337 | 17,499 | 8,361 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,981 | -2,913 | -2,263 |
Net Income | 466 | 722 | 4,281 | 2,887 | 4,737 | 3,251 | 2,146 | 4,452 | 8,356 | 14,586 | 6,098 |
Business to Business Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 53,823 | ' | ' | ' | 53,721 | ' | ' | ' | 53,823 | 53,721 | 44,250 |
Segment Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 94,286 | 92,969 | 85,456 |
Segment Income | ' | ' | ' | ' | ' | ' | ' | ' | 26,654 | 30,739 | 28,643 |
Retail and Wholesale Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 95,712 | ' | ' | ' | 76,376 | ' | ' | ' | 95,712 | 76,376 | 79,658 |
Segment Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 172,027 | 157,614 | 155,225 |
Segment Income | ' | ' | ' | ' | ' | ' | ' | ' | 3,568 | 10,561 | 2,098 |
Unallocated Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $36,669 | ' | ' | ' | $53,462 | ' | ' | ' | $36,669 | $53,462 | $50,359 |
OPERATING_SEGMENTS_Financial_I
OPERATING SEGMENTS Financial Information by Geographic Region (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Financial Information by Geographic Region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | $66,045 | $67,417 | $69,305 | $63,546 | $63,892 | $64,152 | $61,122 | $61,417 | $266,313 | $250,583 | $240,681 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 11,337 | 17,499 | 8,361 |
Net Income (Loss) | 466 | 722 | 4,281 | 2,887 | 4,737 | 3,251 | 2,146 | 4,452 | 8,356 | 14,586 | 6,098 |
Identifiable assets | 186,204 | ' | ' | ' | 183,559 | ' | ' | ' | 186,204 | 183,559 | 174,267 |
Foreign subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Information by Geographic Region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 11,246 | 11,928 | 11,299 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -872 | -245 | -1,021 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -708 | -176 | -876 |
Identifiable assets | 8,143 | ' | ' | ' | 8,298 | ' | ' | ' | 8,143 | 8,298 | 8,702 |
Domestic Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Information by Geographic Region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 255,067 | 238,655 | 229,382 |
Sales or transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 4,285 | 4,624 | 4,440 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 12,209 | 17,744 | 9,382 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,064 | 14,762 | 6,974 |
Identifiable assets | $178,061 | ' | ' | ' | $175,261 | ' | ' | ' | $178,061 | $175,261 | $165,565 |
OPERATING_SEGMENTS_Largest_Cus
OPERATING SEGMENTS Largest Customer (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Revenue, Major customer | ' | ' | ' |
Net sales for the years ended July 31 | 19.00% | 20.00% | 22.00% |
Net accounts receivable as of July 31 | 28.00% | 30.00% | 32.00% |
OPERATING_SEGMENTS_Narrative_D
OPERATING SEGMENTS Narrative (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
segment | |||
Segment Reporting Information | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Net sales for the years ended July 31 | 19.00% | 20.00% | 22.00% |
Walmart | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales for the years ended July 31 | 19.00% | 20.00% | 22.00% |
Clorox | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Net sales for the years ended July 31 | 6.00% | 7.00% | 7.00% |
NOTES_PAYABLE_Notes_Payable_De
NOTES PAYABLE Notes Payable (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Debt Instrument | ' | ' |
Notes Payable, current and noncurrent | $22,400 | $25,900 |
Current maturities of notes payable | -3,500 | -3,500 |
Notes payable, noncurrent | 18,900 | 22,400 |
Prudential Insurance Company of America and other parties | ' | ' |
Debt Instrument | ' | ' |
Notes Payable, current and noncurrent | 18,500 | 18,500 |
Annual rate | 3.96% | ' |
Annual Principal Installments | 3,083 | ' |
Starting payments | 1-Aug-15 | ' |
Ending payments | 1-Aug-20 | ' |
The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company | ' | ' |
Debt Instrument | ' | ' |
Notes Payable, current and noncurrent | 3,900 | 7,400 |
Annual rate | 5.89% | ' |
Principal payment due October 15, 2014 | ' | ' |
Debt Instrument | ' | ' |
Annual Principal Installments | 3,500 | ' |
Principal payment due October 15, 2015 | ' | ' |
Debt Instrument | ' | ' |
Annual Principal Installments | $400 | ' |
NOTES_PAYABLE_Maturities_of_No
NOTES PAYABLE Maturities of Notes Payable (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notes Payable Maturities | ' | ' |
2015 | $3,500 | ' |
2016 | 3,483 | ' |
2017 | 3,083 | ' |
2018 | 3,083 | ' |
2019 | 3,083 | ' |
Later years | 6,168 | ' |
Notes Payable | $22,400 | $25,900 |
NOTES_PAYABLE_Notes_Payable_Na
NOTES PAYABLE Notes Payable (Narrative) (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Prudential Insurance Company of America and other parties | ' | ' |
Debt Instrument | ' | ' |
Face amount | $18,500,000 | ' |
Interest rate | 3.96% | ' |
Maturity date | 1-Aug-20 | ' |
The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company | ' | ' |
Debt Instrument | ' | ' |
Face amount | 15,000,000 | ' |
Interest rate | 5.89% | ' |
Maturity date | 15-Oct-15 | ' |
Minimum overdue financial obligation considered as default | 5,000,000 | ' |
Line of Credit, BMO Harris | ' | ' |
Debt Instrument | ' | ' |
Initiation date | 21-Dec-11 | ' |
Maximum borrowing capacity | 15,000,000 | ' |
Expiration date | 31-Dec-14 | ' |
Variable interest rate, prime based | 3.25% | ' |
Variable interest rate, LIBOR based | 1.56% | ' |
Line of credit amount outstanding | 0 | 0 |
Minimum overdue financial obligation considered as default | 1,000,000 | ' |
Consolidated net worth covenant base | $56,760,000 | ' |
Consolidated net worth covenant - additional % cumulative quarterly earnings | 25.00% | ' |
Consolidated net worth covenant - cumulative quarterly earnings commencement date | 31-Jan-06 | ' |
FINANCIAL_INSTRUMENTS_Details
FINANCIAL INSTRUMENTS (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Cash equivalents | $16,230 | $14,918 |
Marketable equity securities | 117 | 88 |
Cash surrender value of life insurance | 4,625 | 4,426 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Cash equivalents | 16,230 | 14,918 |
Marketable equity securities | 117 | 88 |
Cash surrender value of life insurance | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Cash equivalents | 0 | 0 |
Marketable equity securities | 0 | 0 |
Cash surrender value of life insurance | $4,625 | $4,426 |
FINANCIAL_INSTRUMENTS_Narrativ
FINANCIAL INSTRUMENTS Narrative (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Long-term Debt, Fair Value | $23,940,000 | $27,514,000 |
INCOME_TAXES_Income_Tax_Provis
INCOME TAXES Income Tax Provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Current Federal | $1,267 | $5,446 | ($252) |
Current Foreign | 63 | 19 | 358 |
Current State | 308 | 578 | -165 |
Current Income Tax Total | 1,638 | 6,043 | -59 |
Deferred Federal | 1,381 | -2,984 | 2,038 |
Deferred Foreign | -215 | -88 | -171 |
Deferred State | 177 | -58 | 455 |
Deferred Income Tax Total | 1,343 | -3,130 | 2,322 |
Total Income Tax Expense | $2,981 | $2,913 | $2,263 |
INCOME_TAXES_Income_Tax_Effect
INCOME TAXES Income Tax Effective Rate Reconciliation (Details) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
U.S. federal income tax rate | 34.00% | 34.00% | 34.00% |
Depletion deductions allowed for mining | -12.20% | -9.70% | -16.50% |
State income tax expense, net of federal tax expense | 2.80% | 2.90% | 2.30% |
Difference in effective tax rate of foreign subsidiaries | 0.90% | -0.80% | 1.20% |
Empowerment zone credits | -0.50% | -0.50% | -1.70% |
Valuation allowance increase (decrease) | 3.20% | -7.80% | 11.40% |
Other | -1.90% | -1.50% | -3.60% |
Effective income tax rate | 26.30% | 16.60% | 27.10% |
INCOME_TAXES_Components_of_Def
INCOME TAXES Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Asset | ' | ' |
Depreciation | $0 | $0 |
Deferred compensation | 3,733 | 3,375 |
Postretirement benefits | 7,651 | 5,741 |
Allowance for doubtful accounts | 303 | 264 |
Deferred marketing expenses | 0 | 0 |
Other assets | 0 | -207 |
Accrued expenses | 1,289 | 3,290 |
Tax credits | 3,386 | 2,692 |
Amortization | 0 | 0 |
Inventories | 453 | 442 |
Depletion | 0 | 0 |
Stock-based compensation | 248 | 199 |
Reclamation | 141 | 241 |
Other assets - foreign | 930 | 640 |
Valuation allowance | 3,973 | 3,205 |
Total deferred tax assets | 14,161 | 13,886 |
Deferred Tax Liability | ' | ' |
Depreciation | 7,332 | 6,868 |
Deferred compensation | 0 | 0 |
Postretirement benefits | 0 | 0 |
Allowance for doubtful accounts | 0 | 0 |
Deferred marketing expenses | 10 | 9 |
Other assets | 84 | 0 |
Accrued expenses | 0 | 0 |
Tax credits | 0 | 0 |
Amortization | 229 | 356 |
Inventories | 0 | 0 |
Depletion | 488 | 503 |
Stock-based compensation | 0 | 0 |
Reclamation | 0 | 0 |
Other assets - foreign | 0 | 0 |
Valuation allowance | 0 | 0 |
Total deferred tax liabilities | $8,143 | $7,736 |
INCOME_TAXES_Unrecognized_tax_
INCOME TAXES Unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Income Tax Contingency | ' | ' | ' |
Gross balance - beginning of year | $273 | $273 | $273 |
Gross decreases - tax positions from prior years | -273 | 0 | 0 |
Gross balance - end of year | $0 | $273 | $273 |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) (USD $) | 12 Months Ended | |||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | |
Deferred tax asset attribute to alternative minimum tax carryforward added/(utilized) | $693,000 | ($1,369,000) | ' | ' |
AMT credit and foreign net operating loss carryforward | 3,973,000 | ' | ' | ' |
Unrecognized tax benefits, penalties and interest expense | 0 | ' | ' | ' |
Unrecognized tax benefits, penalties and interest accrued | 0 | ' | ' | ' |
Unrecognized Tax Benefits | $0 | $273,000 | $273,000 | $273,000 |
Minimum | ' | ' | ' | ' |
Foreign and U.S. state tax statute of limitations (years) | '3 years | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Foreign and U.S. state tax statute of limitations (years) | '5 years | ' | ' | ' |
INCOME_TAXES_Error_Correction_
INCOME TAXES Error Correction (Details) (Foreign Deferred Tax Disclosure Error, USD $) | 12 Months Ended |
Jul. 31, 2014 | |
Foreign Deferred Tax Disclosure Error | ' |
Amount of correction to previously disclosed foreign DTA | $1,494,000 |
STOCKHOLDERS_EQUITY_Accumulate1
STOCKHOLDERS EQUITY Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), beginning balance | ($5,035,000) | ' | ' |
Other comprehensive income (loss), before reclassifications, net of tax | -3,470,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 242,000 | ' | ' |
Other Comprehensive (Loss) Income | -3,228,000 | 5,911,000 | -6,501,000 |
Accumulated Other Comprehensive Income (Loss), ending balance | -8,263,000 | -5,035,000 | ' |
AOCI: Net Unrealized Gain on Marketable Securities | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), beginning balance | 86,000 | ' | ' |
Other comprehensive income (loss), before reclassifications, net of tax | 28,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | ' | ' |
Other Comprehensive (Loss) Income | 28,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), ending balance | 114,000 | ' | ' |
AOCI: Pension and Postretirement Health Benefits | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), beginning balance | -5,608,000 | ' | ' |
Other comprehensive income (loss), before reclassifications, net of tax | -3,266,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 242,000 | ' | ' |
Other Comprehensive (Loss) Income | -3,024,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), ending balance | -8,632,000 | ' | ' |
Tax on amount reclassified from AOCI, Pension and postretirement health benefits | 148,000 | ' | ' |
AOCI: Cumulative Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), beginning balance | 487,000 | ' | ' |
Other comprehensive income (loss), before reclassifications, net of tax | -232,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | ' | ' |
Other Comprehensive (Loss) Income | -232,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), ending balance | $255,000 | ' | ' |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS EQUITY Narrative (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Stockholders' Equity | ' | ' |
Par Value Per Share | $0.10 | $0.10 |
Relative Total Dividend Rate - Common Stock Plus Class A Versus Class A Plus Class B Stock | 133.00% | ' |
Number of Shares Authorized to be Repurchased | 3,666,771 | ' |
Common Stock | ' | ' |
Stockholders' Equity | ' | ' |
Shares Authorized | 15,000,000 | 15,000,000 |
Par Value Per Share | $0.10 | $0.10 |
Voting Rights Per Share | 1 | ' |
Relative Dividend Rate - Common Stock Versus Class B Stock | 133.00% | ' |
Shares Repurchased, Board Approved, Cummulative | 3,014,917 | ' |
Common Class B | ' | ' |
Stockholders' Equity | ' | ' |
Shares Authorized | 7,000,000 | 7,000,000 |
Par Value Per Share | $0.10 | $0.10 |
Voting Rights Per Share | 10 | ' |
Shares Repurchased, Board Approved, Cummulative | 342,241 | ' |
Class A Common Stock | ' | ' |
Stockholders' Equity | ' | ' |
Shares Authorized | 30,000,000 | 30,000,000 |
Shares Outstanding | 0 | ' |
Voting Rights Per Share | 0 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Tax on amount reclassified from AOCI, Pension and postretirement health benefits | $148,000 | ' |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) (Stock Options, USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 |
Stock Options | ' | ' | ' | ' |
Summary of Share-based Award Activity | ' | ' | ' | ' |
Options outstanding, Number | 44 | 60 | 147 | 189 |
Options outstanding, Weighted Average Exercise Price | $15.43 | $14.25 | $11.89 | $11.10 |
Options outstanding, Weighted Average Remaining Contractual Term | '1 year 10 months 24 days | '2 years 3 months 19 days | '2 years 2 months 13 days | '2 years 9 months 22 days |
Options outstanding, Aggregate Intrinsic Value | $611 | $1,059 | $1,473 | $1,882 |
Options exercisable, Number | 44 | 60 | 147 | 184 |
Options exercisable, Weighted Average Exercise Price | $15.43 | $14.25 | $11.89 | $10.94 |
Options exercisable, Weighted Average Remaining Contractual Term | '1 year 10 months 24 days | '2 years 3 months 19 days | '2 years 2 months 13 days | '2 years 9 months 22 days |
Options exercisable, Aggregate Intrinsic Value | 611 | 1,059 | 1,473 | 1,793 |
Options nonvested, Number | ' | ' | ' | 5 |
Options nonvested, Weighted Average Exercise Price | ' | ' | ' | $17 |
Exercised, Number | -8 | -87 | -42 | ' |
Exercised, Weighted Average Exercise Price | $12.47 | $10.25 | $8.34 | ' |
Exercised, Aggregate Intrinsic Value | $151 | $1,385 | $515 | ' |
Options forfeited, number | -8 | ' | ' | ' |
Options forfeited, Weighted Average Exercise Price | $9.43 | ' | ' | ' |
STOCKBASED_COMPENSATION_Summar1
STOCK-BASED COMPENSATION (Summary Related to Options Outstanding and Exercisable) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 |
Share-based Compensation, Options Outstanding and Exercisable, by Exercise Price Range | ' |
Outstanding and Exercisable, Number | 44 |
Weighted Average Remaining Contractual Life | '1 year 10 months 24 days |
Weighted Average Exercise Price | $15.43 |
Range of Exercise Prices, Lower Limit | $13.51 |
Range of Exercise Prices, Upper Limit | $17 |
$13.51 - $15.00 | ' |
Share-based Compensation, Options Outstanding and Exercisable, by Exercise Price Range | ' |
Outstanding and Exercisable, Number | 25 |
Weighted Average Remaining Contractual Life | '1 year 10 months 14 days |
Weighted Average Exercise Price | $14.82 |
Range of Exercise Prices, Lower Limit | $13.51 |
Range of Exercise Prices, Upper Limit | $15 |
$15.01 - $16.50 | ' |
Share-based Compensation, Options Outstanding and Exercisable, by Exercise Price Range | ' |
Outstanding and Exercisable, Number | 9 |
Weighted Average Remaining Contractual Life | '1 year 7 months 15 days |
Weighted Average Exercise Price | $15.37 |
Range of Exercise Prices, Lower Limit | $15.01 |
Range of Exercise Prices, Upper Limit | $16.50 |
$16.51 - $17.00 | ' |
Share-based Compensation, Options Outstanding and Exercisable, by Exercise Price Range | ' |
Outstanding and Exercisable, Number | 10 |
Weighted Average Remaining Contractual Life | '2 years 3 months 23 days |
Weighted Average Exercise Price | $17 |
Range of Exercise Prices, Lower Limit | $16.51 |
Range of Exercise Prices, Upper Limit | $17 |
STOCKBASED_COMPENSATION_Summar2
STOCK-BASED COMPENSATION (Summary of Restricted Stock Activity) (Details) (Restricted Stock, USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 |
Restricted Stock | ' | ' | ' | ' |
Summary of Restricted Stock Activity | ' | ' | ' | ' |
Nonvested restricted stock outstanding, Number | 122 | 117 | 132 | 139 |
Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $27.31 | $22.24 | $21.68 | $21.54 |
Nonvested restricted stock outstanding, Weighted Average Remaining Contractual Term (years) | '2 years 5 months 10 days | '2 years 1 month 6 days | '3 years 1 month 6 days | '4 years |
Nonvested retricted stock outstanding, Unamortized Expense | $2,226 | $1,824 | $2,214 | $2,446 |
Granted, Number | 51 | 20 | 28 | ' |
Granted, Weighted Average Grant Date Fair Value | $34.18 | $25.03 | $20.95 | ' |
Vested, Number | -40 | -34 | -30 | ' |
Vested, Weighted Average Grant Date Fair Value | $21.50 | $21.75 | $20.67 | ' |
Forfeitures, Number | -6 | -1 | -5 | ' |
Forfeitures, Weighted Average Grant Date Fair Value | $25.41 | $20.60 | $19.61 | ' |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Stock Options | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Fair value calculation, volatility calculation period (years) | '5 years | ' | ' |
Options expiration term (years) | '10 years | ' | ' |
Cash received from exercise of stock options | $93,000 | $2,271,000 | $866,000 |
Tax benefit realized from exercise of stock options | 39,000 | 613,000 | 234,000 |
Nonvested awards, unamortized compensation expense | 0 | 0 | 0 |
Share-based compensation expense | 0 | 0 | 4,000 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Share-based compensation expense | 880,000 | 631,000 | 519,000 |
Tax Benefit from Compensation Expense | $309,000 | $233,000 | $201,000 |
1995 Plan | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Annual vesting percentage | 25.00% | ' | ' |
Number of years after grant date vesting starts (years) | '2 years | ' | ' |
Number of consecutive years vesting occurs after initial vest date (years) | '3 years | ' | ' |
Number of shares available for grant | 0 | ' | ' |
2006 Plan | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Number of shares authorized | 937,500 | ' | ' |
Number of shares available for grant | 552,304 | ' | ' |
2006 Plan - Employee Stock Options | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Annual vesting percentage | 25.00% | ' | ' |
Number of years after grant date vesting starts (years) | '2 years | ' | ' |
Number of consecutive years vesting occurs after initial vest date (years) | '3 years | ' | ' |
2006 Plan - Restricted Stock | Minimum | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Award vesting period (years) | '2 years | ' | ' |
2006 Plan - Restricted Stock | Maximum | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Award vesting period (years) | '5 years | ' | ' |
Director Stock Option | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Award vesting period (years) | '1 year | ' | ' |
Directors' Plan | ' | ' | ' |
Share-based Compensation Award Disclosure | ' | ' | ' |
Number of shares available for grant | 0 | ' | ' |
Award vesting period (years) | '1 year | ' | ' |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT BENEFITS Change in Benefit Obligation and Plan Assets, Funded Status (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Fair value of plan assets. end of year | $24,804,000 | $22,887,000 | ' |
Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Benefit obligation, beginning of year | 36,866,000 | 41,839,000 | ' |
Service cost | 1,425,000 | 1,751,000 | 1,324,000 |
Interest cost | 1,761,000 | 1,544,000 | 1,617,000 |
Actuarial loss (gain) | 5,379,000 | -7,324,000 | ' |
Plan amendments | 0 | 0 | ' |
Benefits paid | -1,064,000 | -944,000 | ' |
Benefit obligation, end of year | 44,367,000 | 36,866,000 | 41,839,000 |
Fair value of plan assets. beginning of year | 22,887,000 | 20,108,000 | ' |
Actual return on plan assets | 1,938,000 | 2,514,000 | ' |
Employer contribution | 1,043,000 | 1,209,000 | ' |
Benefits paid | -1,064,000 | -944,000 | ' |
Fair value of plan assets. end of year | 24,804,000 | 22,887,000 | 20,108,000 |
Funded status, recorded in Consolidated Balance Sheets | -19,563,000 | -13,979,000 | ' |
Postretirement Health Benefits | ' | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Benefit obligation, beginning of year | 2,441,000 | 2,585,000 | ' |
Service cost | 111,000 | 136,000 | 104,000 |
Interest cost | 110,000 | 96,000 | 105,000 |
Actuarial loss (gain) | 114,000 | -285,000 | ' |
Plan amendments | 0 | -70,000 | ' |
Benefits paid | -6,000 | -21,000 | ' |
Benefit obligation, end of year | 2,770,000 | 2,441,000 | 2,585,000 |
Fair value of plan assets. beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contribution | 6,000 | 21,000 | ' |
Benefits paid | -6,000 | -21,000 | ' |
Fair value of plan assets. end of year | 0 | 0 | 0 |
Funded status, recorded in Consolidated Balance Sheets | ($2,770,000) | ($2,441,000) | ' |
PENSION_AND_OTHER_POSTRETIREME3
PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts Recognized in Consolidated Balance Sheet (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Postretirement Health Benefits | ' | ' |
Other noncurrent Liabilities | ($22,273) | ($16,362) |
Pension Benefits | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' |
Deferred income tax | 6,634 | 4,843 |
Other current liabilities | 0 | 0 |
Other noncurrent Liabilities | -19,563 | -13,979 |
Accumulated other comprehensive income - net of tax, Net actuarial loss | 8,156 | 5,172 |
Accumulated other comprehensive income - net of tax, Prior service cost (income) | 15 | 24 |
Accumulated other comprehensive income - net of tax, Net obligation at transition | 0 | 0 |
Postretirement Health Benefits | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' |
Deferred income tax | 1,017 | 898 |
Other current liabilities | -60 | -58 |
Other noncurrent Liabilities | -2,710 | -2,383 |
Accumulated other comprehensive income - net of tax, Net actuarial loss | 500 | 445 |
Accumulated other comprehensive income - net of tax, Prior service cost (income) | -39 | -43 |
Accumulated other comprehensive income - net of tax, Net obligation at transition | $0 | $10 |
PENSION_AND_OTHER_POSTRETIREME4
PENSION AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Service cost | $1,425,000 | $1,751,000 | $1,324,000 |
Interest cost | 1,761,000 | 1,544,000 | 1,617,000 |
Expected return on plan assets | -1,715,000 | -1,510,000 | -1,480,000 |
Amortization of: Net transition obligations | 0 | 0 | 0 |
Amortization of: Prior service costs (income) | 13,000 | 15,000 | 15,000 |
Amortization of: Other actuarial loss | 343,000 | 884,000 | 317,000 |
Net periodic benefit cost | 1,827,000 | 2,684,000 | 1,793,000 |
Postretirement Health Benefits | ' | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Service cost | 111,000 | 136,000 | 104,000 |
Interest cost | 110,000 | 96,000 | 105,000 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of: Net transition obligations | 16,000 | 15,000 | 15,000 |
Amortization of: Prior service costs (income) | -6,000 | 0 | 0 |
Amortization of: Other actuarial loss | 24,000 | 53,000 | 30,000 |
Net periodic benefit cost | $255,000 | $300,000 | $254,000 |
PENSION_AND_OTHER_POSTRETIREME5
PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts recognized in other comprehensive income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Total recognized in other comprehensive loss (income) | $3,024 | ($5,983) | $6,276 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Net actuarial loss (gain) | 3,196 | -5,164 | ' |
Prior service cost established due to plan amendments | 0 | 0 | ' |
Amortization of: Prior service (cost) income | -8 | -9 | ' |
Amortization of: Net transition obligation | 0 | 0 | ' |
Amortization of actuarial loss | -213 | -548 | ' |
Total recognized in other comprehensive loss (income) | 2,975 | -5,721 | ' |
Postretirement Health Benefits | ' | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' | ' |
Net actuarial loss (gain) | 70 | -177 | ' |
Prior service cost established due to plan amendments | 0 | -43 | ' |
Amortization of: Prior service (cost) income | 4 | 0 | ' |
Amortization of: Net transition obligation | -10 | -9 | ' |
Amortization of actuarial loss | -15 | -33 | ' |
Total recognized in other comprehensive loss (income) | $49 | ($262) | ' |
PENSION_AND_OTHER_POSTRETIREME6
PENSION AND OTHER POSTRETIREMENT BENEFITS Amounts to be recognized in other comprehensive income in the next fiscal year (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Pension Benefits | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' |
Amortization of: Net actuarial loss | $372 |
Amortization of: Prior service cost (income) | 6 |
Total to be recognized in other comprehensive loss | 378 |
Postretirement Health Benefits | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' |
Amortization of: Net actuarial loss | 23 |
Amortization of: Prior service cost (income) | -4 |
Total to be recognized in other comprehensive loss | $19 |
PENSION_AND_OTHER_POSTRETIREME7
PENSION AND OTHER POSTRETIREMENT BENEFITS Estimated future benefit payments (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' |
2015 | $1,208 |
2016 | 1,240 |
2017 | 1,327 |
2018 | 1,460 |
2019 | 1,543 |
2020-24 | 9,319 |
Postretirement Health Benefits | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' |
2015 | 60 |
2016 | 87 |
2017 | 106 |
2018 | 116 |
2019 | 139 |
2020-24 | $1,007 |
PENSION_AND_OTHER_POSTRETIREME8
PENSION AND OTHER POSTRETIREMENT BENEFITS Assumptions used in calculations (Details) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Pension Benefits | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' |
Discount rate for net periodic benefit costs | 4.80% | 3.75% |
Discount rate for year-end obligations | 4.28% | 4.80% |
Rate of increase in compensation levels for net periodic benefit costs | 3.50% | 3.50% |
Rate of increase in compensation levels for year-end obligations | 3.50% | 3.50% |
Long-term expected rate of return on assets | 7.50% | 7.50% |
Postretirement Health Benefits | ' | ' |
Defined Benefit Plans and Postretirement Health Benefits | ' | ' |
Discount rate for net periodic benefit costs | 4.80% | 3.75% |
Discount rate for year-end obligations | 3.87% | 4.80% |
Rate of increase in compensation levels for net periodic benefit costs | 0.00% | 0.00% |
Rate of increase in compensation levels for year-end obligations | 0.00% | 0.00% |
Long-term expected rate of return on assets | 0.00% | 0.00% |
PENSION_AND_OTHER_POSTRETIREME9
PENSION AND OTHER POSTRETIREMENT BENEFITS Effect of one-percentage point change in assumed healthcare trend (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Defined Benefit Plans and Postretirement Health Benefits | ' |
Effect of One Percentage Point Increase on total service and interest cost | $33 |
Effect of One Percentage Point Decrease on total service and interest cost | -28 |
Effect of One Percentage Point Increase on accumulated postretirement benefit obligation | 337 |
Effect of One Percentage Point Decrease on accumulated postretirement benefit obligation | ($293) |
Recovered_Sheet1
PENSION AND OTHER POSTRETIREMENT BENEFITS Plan Assets Allocation Percentages (Details) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Cash and accrued income | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Target Allocation % | 2.00% | ' |
Actual Allocation % | 5.00% | 13.00% |
Fixed Income | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Target Allocation % | 38.00% | ' |
Actual Allocation % | 27.00% | 25.00% |
Equity | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Target Allocation % | 60.00% | ' |
Actual Allocation % | 67.00% | 62.00% |
Recovered_Sheet2
PENSION AND OTHER POSTRETIREMENT BENEFITS Fair value level of pension plan assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $24,804 | $22,887 |
Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 13,989 | 13,310 |
Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 10,815 | 9,577 |
Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,123 | 2,469 |
Cash and Cash Equivalents | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,123 | 2,469 |
Cash and Cash Equivalents | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Cash and Cash Equivalents | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities U.S. companies | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 10,168 | 8,962 |
Equity securities U.S. companies | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 10,168 | 8,933 |
Equity securities U.S. companies | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 29 |
Equity securities U.S. companies | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities International companies | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,698 | 1,901 |
Equity securities International companies | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,698 | 1,901 |
Equity securities International companies | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities International companies | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities - international mutual funds: Developed market | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,005 | 1,741 |
Minimum % of Fund Assets Invested in Non-US Stocks Developed Market | 80.00% | 80.00% |
Maximum % of Fund Assets Invested in Non-US Stocks Emerging Markets | 20.00% | 20.00% |
Equity securities - international mutual funds: Developed market | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities - international mutual funds: Developed market | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,005 | 1,741 |
Equity securities - international mutual funds: Developed market | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities - international mutual funds: Emerging market | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 351 | 567 |
Minimum % of Fund Assets Invested Primarily in Asian Stocks excluding Japan | 80.00% | 80.00% |
Equity securities - international mutual funds: Emerging market | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity securities - international mutual funds: Emerging market | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 351 | 567 |
Equity securities - international mutual funds: Emerging market | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Commodities | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 383 | 379 |
Commodities | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 7 |
Commodities | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 383 | 372 |
Commodities | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: U.S. Treasuries | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,020 | 2,694 |
Fixed Income: U.S. Treasuries | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: U.S. Treasuries | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,020 | 2,694 |
Fixed Income: U.S. Treasuries | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Corporate bonds | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,911 | 1,998 |
Fixed Income: Corporate bonds | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Corporate bonds | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,911 | 1,998 |
Fixed Income: Corporate bonds | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Floating rate debt | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 838 | ' |
Minimum % of Fund Assets Invested in Floating Rate Debt | 80.00% | ' |
Maximum % of Fund Assets Invested in Debt Securities Lower Than Senior Claim | 20.00% | ' |
Maximum % of Fund Assets Invested in Senior Loans to Non-US Borrowers | 20.00% | ' |
Fixed Income: Emerging markets | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 666 |
Minimum % of Fund Assets Invested in Derivative, Emerging Markets or Other Debt Instruments | 80.00% | 80.00% |
Fixed Income: Emerging markets | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Emerging markets | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 838 | 666 |
Fixed Income: Emerging markets | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Government sponsored entities | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 376 | 320 |
Fixed Income: Government sponsored entities | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Government sponsored entities | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 376 | 320 |
Fixed Income: Government sponsored entities | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Multi-strategy bond fund | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 856 | 624 |
Minimum % of Fund Assets Invested in Bonds and Other Fixed Income | 80.00% | 80.00% |
Minimum % of Fund Assets Invested in Mortgage-Backed Securities | 50.00% | 50.00% |
Maximum % of Fund Invested in High-Yield Investments | 33.00% | 33.00% |
Fixed Income: Multi-strategy bond fund | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income: Multi-strategy bond fund | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 856 | 624 |
Fixed Income: Multi-strategy bond fund | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Other | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,075 | 566 |
Other | Level 1 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Other | Level 2 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,075 | 566 |
Other | Level 3 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 |
Recovered_Sheet3
PENSION AND OTHER POSTRETIREMENT BENEFITS Narrative (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Accumulated benefit obligation | $37,813,000 | $31,841,000 | ' |
Pension plan estimated employer contributions in next fiscal year | 1,856,000 | ' | ' |
Postretirement Health Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Health care cost trend rate assumed | 8.00% | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' | ' |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | '2024 | ' | ' |
401(k) Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Contribution to defined contribution plans | $814,000 | $708,000 | $673,000 |
DEFERRED_COMPENSATION_Details
DEFERRED COMPENSATION (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Deferred Compensation | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' |
Annual Total Amount Deferred | $542,000 | $542,000 |
Deferred Compensation Interest Expense | 431,000 | 412,000 |
Deferred Compensation Payments to Participants | 418,000 | 465,000 |
Deferred Compensation Recorded Liability | 8,161,000 | 7,813,000 |
Deferred Executive Bonus | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' |
Deferred Compensation Employer Awards | ' | 877,000 |
Deferred Compensation Vesting Period (years) | '3 | ' |
Supplemental Employee Retirement Plans, Defined Benefit | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' |
Supplemental Executive Retirement Plan Liability | 1,255,000 | 1,039,000 |
Supplemental Executive Retirement Plan Expense (Income) | $215,000 | ($202,000) |
LEASES_Future_minimum_rental_D
LEASES Future minimum rental (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Rental Requirements | ' |
2015 | $1,527 |
2016 | 1,263 |
2017 | 1,200 |
2018 | 1,046 |
2019 | 323 |
Later years | $535 |
LEASES_Rental_Expense_for_all_
LEASES Rental Expense for all operating leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Total Rental Expense | ' | ' | ' |
Rent Expense, Total | $3,505 | $3,531 | $3,695 |
Vehicles and Railcars | ' | ' | ' |
Total Rental Expense | ' | ' | ' |
Rent Expense | 1,818 | 1,885 | 2,029 |
Office facilities | ' | ' | ' |
Total Rental Expense | ' | ' | ' |
Rent Expense | 890 | 844 | 848 |
Warehouse facilities | ' | ' | ' |
Total Rental Expense | ' | ' | ' |
Rent Expense | 235 | 229 | 252 |
Mining properties | ' | ' | ' |
Total Rental Expense | ' | ' | ' |
Rent Expense, Minimum | 292 | 320 | 123 |
Rent Expense, Contingent | 162 | 120 | 302 |
Other | ' | ' | ' |
Total Rental Expense | ' | ' | ' |
Rent Expense | $108 | $133 | $141 |
LEASES_Narrative_Details
LEASES Narrative (Details) (USD $) | Jul. 31, 2014 |
Narrative [Abstract] | ' |
Capital lease obligations, current | $1,330,000 |
Capital leased assets, gross | 1,523,000 |
Capital leases, accumulated depreciation | $32,000 |
OTHER_CASH_FLOW_INFORMATION_De
OTHER CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Interest | $1,078 | $1,351 | $1,607 |
Income Taxes | $3,022 | $5,064 | $993 |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
Net Sales | $66,045 | $67,417 | $69,305 | $63,546 | $63,892 | $64,152 | $61,122 | $61,417 | $266,313 | $250,583 | $240,681 |
Gross Profit | 12,373 | 13,884 | 16,893 | 16,500 | 16,108 | 16,891 | 16,269 | 17,231 | 59,650 | 66,499 | 59,005 |
Net Income | $466 | $722 | $4,281 | $2,887 | $4,737 | $3,251 | $2,146 | $4,452 | $8,356 | $14,586 | $6,098 |
Net Income Per Share, Diluted | $0.07 | $0.10 | $0.60 | $0.41 | $0.67 | $0.46 | $0.31 | $0.64 | $1.17 | $2.07 | $0.85 |
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Per Share, Basic | $0.07 | $0.11 | $0.65 | $0.44 | $0.73 | $0.50 | $0.33 | $0.69 | $1.27 | $2.25 | $0.92 |
Dividends Per Share | $0.20 | $0.19 | $0.19 | $0.19 | $0.19 | $0 | $0.36 | $0.18 | $0.77 | $0.73 | ' |
Common Stock Price Range, High | $34.90 | $36.27 | $41.74 | $36.80 | $32.40 | $28.52 | $30.34 | $23.77 | ' | ' | ' |
Common Stock Price Range, Low | $28.71 | $31.24 | $32.90 | $30.35 | $25.30 | $23.92 | $20.82 | $21.26 | ' | ' | ' |
Common Class B | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Per Share, Basic | $0.05 | $0.08 | $0.49 | $0.33 | $0.55 | $0.37 | $0.25 | $0.52 | $0.96 | $1.69 | $0.70 |
Dividends Per Share | $0.15 | $0.14 | $0.14 | $0.14 | $0.14 | $0 | $0.27 | $0.14 | $0.58 | $0.55 | ' |