Oil-Dri Corporation of America (ODC) 10-Q 9 Mar 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jan. 31, 2016shares
Entity Information
Entity Registrant Name	OIL DRI CORP OF AMERICA
Entity Central Index Key	74,046
Current Fiscal Year End Date	--07-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Information
Entity Common Stock, Shares Outstanding	5,058,090
Common Class B
Entity Information
Entity Common Stock, Shares Outstanding	2,190,994

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Current Assets
Cash and cash equivalents	$ 13,827	$ 20,138
Short-term investments	15,092	2,190
Accounts receivable, less allowance of $883 and $761 at January 31, 2016 and July 31, 2015, respectively	30,708	31,466
Inventories	22,949	21,369
Deferred income taxes	2,468	2,468
Prepaid repairs expense	3,791	3,813
Prepaid expenses and other assets	3,885	1,199
Total Current Assets	92,720	82,643
Property, Plant and Equipment
Cost	213,046	209,584
Less accumulated depreciation and amortization	(133,597)	(129,929)
Total Property, Plant and Equipment, Net	79,449	79,655
Other Assets
Goodwill	9,034	9,034
Trademarks and patents, net of accumulated amortization of $313 and $301 at January 31, 2016 and July 31, 2015, respectively	879	818
Debt issuance costs, net of accumulated amortization of $147 and $133 at January 31, 2016 and July 31 2015, respectively	132	146
Customer list, net of accumulated amortization of $2,777 and $2,094 at January 31, 2016 and July 31, 2015, respectively	5,008	5,691
Deferred income taxes	5,792	6,031
Other	6,041	6,013
Total Other Assets	26,886	27,733
Total Assets	199,055	190,031
Current Liabilities
Current maturities of notes payable	3,083	3,483
Accounts payable	7,704	7,428
Dividends payable	1,407	1,376
Accrued expenses:
Salaries, wages and commissions	8,662	6,245
Trade promotions and advertising	2,441	2,721
Freight	2,326	1,874
Other	6,531	5,761
Total Current Liabilities	32,154	28,888
Noncurrent Liabilities
Notes payable	12,333	15,417
Deferred compensation	9,622	9,518
Pension and postretirement benefits	23,675	23,429
Other	3,200	2,251
Total Noncurrent Liabilities	48,830	50,615
Total Liabilities	80,984	79,503
Stockholders’ Equity
Additional paid-in capital	33,460	32,632
Retained earnings	148,493	142,095
Accumulated other comprehensive loss
Pension and postretirement benefits	(8,667)	(8,975)
Cumulative translation adjustment	(420)	(270)
Total accumulated other comprehensive loss	(9,087)	(9,245)
Less Treasury Stock, at cost (2,922,653 Common and 324,741 Class B shares at January 31, 2016 and 2,932,796 Common and 324,741 Class B shares at July 31, 2015)	(55,845)	(55,987)
Total Stockholders' Equity	118,071	110,528
Total Liabilities & Stockholders’ Equity	199,055	190,031
Common Stock
Stockholders’ Equity
Common Stock, Value, Issued	798	794
Common Class B
Stockholders’ Equity
Common Stock, Value, Issued	$ 252	$ 239

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Current Assets
Allowance for doubtful accounts	$ 883	$ 761
Other Assets
Accumulated amortization Trademarks and patents	313	301
Accumulated amortization Debt issuance costs	147	133
Accumulated amortization Customer lists	$ 2,777	$ 2,094
Common Stock
Stockholder's Equity
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	7,980,743	7,936,343
Treasury stock, common shares	2,922,653	2,932,796
Common Class B
Stockholder's Equity
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	2,515,735	2,389,735
Treasury stock, common shares	324,741	324,741

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Retained Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net Sales	$ 65,367	$ 64,643	$ 133,162	$ 130,687
Cost of Sales	(46,305)	(49,410)	(93,447)	(101,685)
Gross Profit	19,062	15,233	39,715	29,002
Selling, General and Administrative Expenses	(13,662)	(10,952)	(26,539)	(21,561)
Income from Operations	5,400	4,281	13,176	7,441
Other Income (Expense)
Interest expense	(252)	(307)	(511)	(689)
Interest income	6	2	9	5
Other, net	(85)	(90)	(65)	(6)
Total Other Expense, Net	(331)	(395)	(567)	(690)
Income Before Income Taxes	5,069	3,886	12,609	6,751
Income Taxes	(1,248)	(1,089)	(3,365)	(1,834)
Net Income	3,821	2,797	9,244	4,917
Retained Earnings:
Balance at beginning of period			142,095	136,039
Cash dividends declared and treasury stock issuances			(2,846)	(2,626)
Balance at End of Period	$ 148,493	$ 138,330	$ 148,493	$ 138,330
Net Income Per Share
Diluted (in dollars per share)	$ 0.53	$ 0.39	$ 1.28	$ 0.69
Average Shares Outstanding
Diluted (in shares)	7,096	7,030	7,074	7,023
Common Stock
Net Income Per Share
Basic Common (in dollars per share)	$ 0.57	$ 0.43	$ 1.39	$ 0.75
Average Shares Outstanding
Basic Common (in shares)	4,982	4,953	4,978	4,951
Dividends Declared Per Share (in dollars per share)	$ 0.2100	$ 0.2000	$ 0.4200	$ 0.4000
Common Class B
Net Income Per Share
Basic Common (in dollars per share)	$ 0.43	$ 0.32	$ 1.04	$ 0.56
Average Shares Outstanding
Basic Common (in shares)	2,055	2,022	2,046	2,016
Dividends Declared Per Share (in dollars per share)	$ 0.1575	$ 0.1500	$ 0.3150	$ 0.3000

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net Income	$ 3,821	$ 2,797	$ 9,244	$ 4,917
Other Comprehensive Income (Loss):
Unrealized loss on marketable securities			0	(114)
Pension and postretirement benefits (net of tax)	130	93	308	192
Cumulative translation adjustment	(139)	(352)	(150)	(437)
Other Comprehensive Income (Loss)	(9)	(259)	158	(359)
Total Comprehensive Income	$ 3,812	$ 2,538	$ 9,402	$ 4,558

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 9,244	$ 4,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,914	5,936
Amortization of investment net discount	(2)	(1)
Non-cash stock compensation expense	638	656
Excess tax benefits for share-based payments	(55)	(16)
Deferred income taxes	189	166
Provision for bad debts and cash discounts	131	173
Loss on the sale of fixed assets	202	118
Gain on sale of marketable securities	0	(105)
(Increase) Decrease in assets:
Accounts receivable	521	(1,431)
Inventories	(1,674)	822
Prepaid expenses	(2,671)	1,628
Other assets	(118)	(1,205)
Increase (Decrease) in liabilities:
Accounts payable	(201)	(1,232)
Accrued expenses	3,295	(867)
Deferred compensation	104	357
Pension and postretirement benefits	554	519
Other liabilities	980	172
Total Adjustments	7,807	5,690
Net Cash Provided by Operating Activities	17,051	10,607
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(4,795)	(9,920)
Proceeds from sale of property, plant and equipment	249	15
Restricted cash	0	129
Purchases of short-term investments	(14,125)	(700)
Dispositions of short-term investments	1,225	2,401
Proceeds from sale of marketable securities	0	108
Net Cash Used in Investing Activities	(17,446)	(7,967)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes payable	(3,484)	(3,500)
Dividends paid	(2,783)	(2,623)
Purchase of treasury stock	(18)	0
Proceeds from issuance of treasury stock	185	0
Proceeds from issuance of common stock	96	15
Excess tax benefits for share-based payments	55	16
Net Cash Used in Financing Activities	(5,949)	(6,092)
Effect of exchange rate changes on cash and cash equivalents	33	(15)
Net Decrease in Cash and Cash Equivalents	(6,311)	(3,467)
Cash and Cash Equivalents, Beginning of Period	20,138	16,230
Cash and Cash Equivalents, End of Period	13,827	12,763
Supplemental disclosure of non-cash investing and financing activities:
Capital expenditures accrued, but not paid	924	1,020
Cash dividends declared and accrued, but not paid	$ 1,407	$ 1,313

Basis of Statement Presentation

Basis of Statement Presentation	6 Months Ended
	Jan. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Statement Presentation	BASIS OF STATEMENT PRESENTATION The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in compliance with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements and the related notes are condensed and should be read in conjunction with the Consolidated Financial Statements and related notes for the year ended July 31, 2015 included in our Annual Report on Form 10-K filed with the SEC. The unaudited Condensed Consolidated Financial Statements include the accounts of Oil-Dri Corporation of America and its subsidiaries. All significant intercompany transactions are eliminated. Except as otherwise indicated herein or as the context otherwise requires, references to “Oil-Dri,” the “Company,” “we,” “us” or “our” refer to Oil-Dri Corporation of America and its subsidiaries. The unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals and reclassifications which are, in the opinion of management, necessary for a fair presentation of the statements contained herein. Operating results for the three and six months ended January 31, 2016 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2016 . The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. Estimates and assumptions are revised periodically. Actual results could differ from these estimates. 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. Trade promotion 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. Such trade promotion costs are netted against sales. Sales returns and allowances are not material. Selling, general and administrative expenses include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all advertising and 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. 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 customer 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 mine sorbent materials on property that we either own or lease as part of our overall operations. A significant part of our overall mining cost is incurred during the process of removing the overburden (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of sales in the period they are incurred. We defer and amortize the pre-production overburden removal costs associated with opening a new mine. Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred. 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, thereby minimizing the costs associated with the reclamation process.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jan. 31, 2016
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS Recently Issued Regulations In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under Accounting Standards Codification “ASC” 606, 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 permitted. The implementation date for this guidance was recently deferred and will now be effective at the beginning of our first quarter of fiscal year 2019. We are currently evaluating the impact of the adoption of this 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 ending July 31, 2017. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. In April 2015, the FASB issued guidance under ASC 835, Simplifying the Presentation of Debt Issuance Cost, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, rather than as an asset. This guidance is effective for our first quarter of fiscal year 2017 and early adoption is permitted. The guidance must be applied on a retrospective basis. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. In July 2015, the FASB issued guidance under ASC 330, Simplifying the Measurement of Inventory. The new guidance requires inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. This new guidance is effective for our first quarter of fiscal year 2018 and early adoption is permitted. The guidance must be applied prospectively. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. In November 2015, the FASB issued guidance under ASC 740, Balance Sheet Classification of Deferred Taxes, which requires deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This guidance is effective for our first quarter of fiscal year 2018 and early adoption is permitted. The guidance may be applied either prospectively or retrospectively to all periods presented. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. In January 2016, the FASB issued guidance under ASC 825, Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The provisions relevant to us at this time require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, as well as eliminates the requirement to disclose the method and significant assumptions used to estimate the fair value in such disclosure. This guidance is effective for our first quarter of fiscal year 2019 and early adoption is generally not permitted. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. In February 2016, the FASB issued guidance under ASC 842, Leases , which provides that for leases with a term greater than 12 months, a lessee must recognize in the statement of financial position both a liability to make lease payments and an asset representing its right to use the underlying asset. Other requirements describe expense recognition, as well as financial statement presentation and disclosure. This guidance is effective for our first quarter of fiscal year 2020 using a modified retrospective approach, which includes a number of optional practical expedients. Early adoption is permitted. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements.

Inventories

Inventories	6 Months Ended
	Jan. 31, 2016
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The composition of inventories is as follows (in thousands): January 31, July 31, Finished goods $ 13,139 $ 12,117 Packaging 4,844 4,735 Other 4,966 4,517 Total Inventories $ 22,949 $ 21,369 Inventories are valued at the lower of cost (first-in, first-out) or market. Inventory costs include the cost of raw materials, packaging supplies, labor and other overhead costs. We perform a detailed review of our inventory items to determine if an obsolescence reserve adjustment is necessary. The review surveys all of our operating facilities and sales groups to ensure that both historical issues and new market trends are considered. The obsolescence reserve not only considers specific items, but also takes into consideration the overall value of the inventory as of the balance sheet date. The inventory obsolescence reserve values at January 31, 2016 and July 31, 2015 were $380,000 and $521,000 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs. Cash equivalents of $4,193,000 and $9,297,000 as of January 31, 2016 and July 31, 2015 , respectively, were classified as Level 1. These cash instruments are primarily money market mutual funds and are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. Short-term investments included U.S. Treasury securities and certificates of deposit. We intend and have the ability to hold our short-term investments to maturity; therefore, these investments were reported at amortized cost, which approximated fair value as of January 31, 2016 and July 31, 2015 . Accounts receivable and accounts payable balances approximated their fair values at January 31, 2016 and July 31, 2015 due to the short maturity and nature of those balances. Notes payable are reported at the face amount of future maturities. The estimated fair value of notes payable, including current maturities, was $16,619,000 and $20,476,000 as of January 31, 2016 and July 31, 2015 , respectively. Our debt does not trade on a daily basis in an active market, therefore the fair value estimate is based on market observable borrowing rates currently available for debt with similar terms and average maturities and is classified as Level 2. We apply fair value techniques on at least an annual basis associated with: (1) valuing potential impairment loss related to goodwill, trademarks and other indefinite-lived intangible assets and (2) valuing potential impairment loss related to long-lived assets. See Note 5 for further information about goodwill and other intangible assets.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Notes)	6 Months Ended
	Jan. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Intangible amortization expense was $364,000 and $400,000 in the second quarter of fiscal 2016 and 2015 , respectively. Intangible amortization expense was $727,000 and $820,000 for the first six months of fiscal 2016 and 2015 , respectively. Estimated intangible amortization for the remainder of fiscal 2016 is $726,000 . Estimated intangible amortization for the next five fiscal years is as follows (in thousands): 2017 $ 1,226 2018 $ 1,016 2019 $ 829 2020 $ 659 2021 $ 476 We have one acquired trademark recorded at a cost of $376,000 that was determined to have an indefinite life and is not amortized. We performed our annual goodwill impairment analysis in the first quarter of fiscal 2016 and no impairment was identified.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jan. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure	PENSION AND OTHER POSTRETIREMENT BENEFITS The components of net periodic pension and postretirement health benefit costs were as follows: Pension Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2016 2015 2016 2015 Service cost $ 267 $ 371 $ 756 $ 803 Interest cost 484 457 967 925 Expected return on plan assets (485 ) (469 ) (962 ) (939 ) Amortization of: Prior service costs 2 3 4 5 Other actuarial loss 209 139 496 289 Net periodic benefit cost $ 477 $ 501 $ 1,261 $ 1,083 Postretirement Health Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2016 2015 2016 2015 Service cost $ 21 $ 34 $ 43 $ 67 Interest cost 21 26 41 53 Amortization of: Prior service costs (1 ) (1 ) (3 ) (3 ) Other actuarial loss — 9 — 18 Net periodic benefit cost $ 41 $ 68 $ 81 $ 135 The net periodic pension benefit cost for the second quarter of fiscal 2016 was lower than for the first quarter due to updated actuarial estimates. The postretirement health plan is an unfunded plan. We pay insurance premiums and claims from our assets. The pension plan is funded 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 contributed $315,000 and $599,000 to our pension plan during the second quarter and first six months of fiscal 2016 , respectively. We estimate contributions will be $679,000 for the remainder of fiscal 2016 . See Item 3. "Quantitative and Qualitative Disclosures About Market Risk" for a discussion of the potential impact of financial market fluctuations on pension plan assets and future funding contributions. Assumptions used in the previous calculations were as follows: Pension Benefits Postretirement Health Benefits For the Three and Six Months Ended January 31, 2016 2015 2016 2015 Discount rate for net periodic benefit cost 4.22 % 4.28 % 3.51 % 3.87 % Rate of increase in compensation levels 3.50 % 3.50 % — — Long-term expected rate of return on assets 7.50 % 7.50 % — — The medical cost trend assumption for postretirement health benefits was 7.5% . The graded trend rate is expected to decrease to an ultimate rate of 4.0% in fiscal 2035 .

Operating Segment

Operating Segment	6 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Operating Segment Disclosure	OPERATING SEGMENTS We have two operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include: mass merchandisers; 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. Our operating segments are also our reportable segments. 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 Note 1 of the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2015 . We do not rely on any segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance. The corporate expenses line includes certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the estimated annual incentive plan bonus accrual. Assets January 31, 2016 July 31, 2015 (in thousands) Business to Business Products $ 56,394 $ 55,767 Retail and Wholesale Products 96,543 96,043 Unallocated Assets 46,118 38,221 Total Assets $ 199,055 $ 190,031 For the Six Months Ended January 31, Net Sales Income 2016 2015 2016 2015 (in thousands) Business to Business Products $ 48,446 $ 46,695 $ 16,745 $ 14,314 Retail and Wholesale Products 84,716 83,992 9,697 2,148 Total Sales $ 133,162 $ 130,687 Corporate Expenses (13,266 ) (9,021 ) Income from Operations 13,176 7,441 Total Other Expense, Net (567 ) (690 ) Income before Income Taxes 12,609 6,751 Income Taxes (3,365 ) (1,834 ) Net Income $ 9,244 $ 4,917 For the Three Months Ended January 31, Net Sales Income 2016 2015 2016 2015 (in thousands) Business to Business Products $ 22,625 $ 23,047 $ 7,576 $ 7,443 Retail and Wholesale Products 42,742 41,596 4,295 1,262 Total Sales $ 65,367 $ 64,643 Corporate Expenses (6,471 ) (4,424 ) Income from Operations 5,400 4,281 Total Other Expense, Net (331 ) (395 ) Income before Income Taxes 5,069 3,886 Income Taxes (1,248 ) (1,089 ) Net Income $ 3,821 $ 2,797

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments	STOCK-BASED COMPENSATION We determine the fair value of stock options and restricted stock issued under our long term incentive plans as of the grant date. We recognize 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 the Company. The Oil-Dri Corporation of America 2006 Long Term Incentive Plan (the “2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 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, restricted shares have been issued under the 2006 Plan as described in the restricted stock section below. Stock Options A summary of stock option transactions is shown below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (Years) (in thousands) Options outstanding and exercisable, July 31, 2015 41 $ 15.43 0.9 $ 447 Exercised (19 ) $ 15.01 $ 242 Options outstanding and exercisable, January 31, 2016 22 $ 15.79 0.6 $ 488 The amount of cash received from the exercise of stock options during the second quarter of fiscal year 2016 was $96,000 and the related tax benefit was $40,000 . There were no stock options exercised in the second quarter of fiscal year 2015. The amount of cash received from the exercise of stock options during the first six months of fiscal 2016 was $281,000 and the related tax benefit was $68,000 . The amount of cash received from the exercise of stock options during the first six months of fiscal 2015 was $15,000 and the related tax benefit was $3,000 . No stock options were granted in the first six months of either fiscal 2016 or 2015 . Restricted Stock All of our non-vested restricted stock as of January 31, 2016 was issued under the 2006 Plan with vesting periods between two years and five years . Under the 2006 Plan, 400 restricted shares of Common Stock were granted in the second quarter of fiscal year 2016 . There were 2,000 restricted shares of Common Stock granted in the second quarter of fiscal 2015 . Stock-based compensation expense related to non-vested restricted stock in the second quarter of fiscal years 2016 and 2015 was $306,000 and $348,000 , respectively. In the first six months of fiscal years 2016 and 2015 , the stock-based compensation related to non-vested restricted stock was $638,000 and $656,000 , respectively. A summary of restricted stock transactions is shown below: Restricted Shares (in thousands) Weighted Average Grant Date Fair Value Non-vested restricted stock outstanding at July 31, 2015 74 $ 28.83 Granted 164 $ 28.57 Vested (28 ) $ 23.23 Forfeitures (2 ) $ 32.23 Non-vested restricted stock outstanding at January 31, 2016 208 $ 29.36

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Notes)	6 Months Ended
	Jan. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table summarizes the changes in accumulated other comprehensive (loss) income by component as of January 31, 2016 (in thousands): Pension and Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive (Loss) Income Balance as of July 31, 2015 $ (8,975 ) $ (270 ) $ (9,245 ) Other comprehensive loss before reclassifications, net of tax — (150 ) (150 ) Amounts reclassified from accumulated other comprehensive income, net of tax 308 a) — 308 Net current-period other comprehensive income (loss), net of tax 308 (150 ) 158 Balance as of January 31, 2016 $ (8,667 ) $ (420 ) $ (9,087 ) a) Amount is net of tax expense of $189,000 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 6 for further information.

Basis of Statement Presentati16

Basis of Statement Presentation Level 2 (Policies)	6 Months Ended
	Jan. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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. Trade promotion 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. Such trade promotion costs are netted against sales. Sales returns and allowances are not material.
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 advertising and 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.
Trade Receivable	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 customer 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.
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 (non-usable material) from the mine site, thus exposing the sorbent material used in a majority of our production processes. These stripping costs are treated as a variable inventory production cost and are included in cost of sales in the period they are incurred. We defer and amortize the pre-production overburden removal costs associated with opening a new mine. Additionally, it is our policy to capitalize the purchase cost of land and mineral rights, including associated legal fees, survey fees and real estate fees. The costs of obtaining mineral patents, including legal fees and drilling expenses, are also capitalized. Pre-production development costs on new mines and any prepaid royalties that may be offset against future royalties due upon extraction of the minerals are also capitalized. All exploration related costs are expensed as incurred.
Reclamation	We perform ongoing reclamation activities during the normal course of our overburden removal. As overburden is removed from a mine site, it is hauled to previously mined sites and is used to refill older sites. This process allows us to continuously reclaim older mine sites and dispose of overburden simultaneously, thereby minimizing the costs associated with the reclamation process.

Inventories Level 2 (Policies)

Inventories Level 2 (Policies)	6 Months Ended
	Jan. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories are valued at the lower of cost (first-in, first-out) or market. Inventory costs include the cost of raw materials, packaging supplies, labor and other overhead costs. We perform a detailed review of our inventory items to determine if an obsolescence reserve adjustment is necessary. The review surveys all of our operating facilities and sales groups to ensure that both historical issues and new market trends are considered. The obsolescence reserve not only considers specific items, but also takes into consideration the overall value of the inventory as of the balance sheet date.

Operating Segment Level 2 (Poli

Operating Segment Level 2 (Policies)	6 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Operating Segments	We have two operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include: mass merchandisers; 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. Our operating segments are also our reportable segments. 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 Note 1 of the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2015 .

Stock-Based Compensation Level

Stock-Based Compensation Level 2 (Policies)	6 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation Policy	We determine the fair value of stock options and restricted stock issued under our long term incentive plans as of the grant date. We recognize 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 the Company.

Inventories Level 3 (Tables)

Inventories Level 3 (Tables)	6 Months Ended
	Jan. 31, 2016
Inventory Disclosure [Abstract]
Inventories	The composition of inventories is as follows (in thousands): January 31, July 31, Finished goods $ 13,139 $ 12,117 Packaging 4,844 4,735 Other 4,966 4,517 Total Inventories $ 22,949 $ 21,369

Goodwill and Other Intangible21

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jan. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated intangible amortization for the next five fiscal years is as follows (in thousands): 2017 $ 1,226 2018 $ 1,016 2019 $ 829 2020 $ 659 2021 $ 476

Pension and Other Postretirem22

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jan. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Schedule of Net Benefit Costs	The components of net periodic pension and postretirement health benefit costs were as follows: Pension Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2016 2015 2016 2015 Service cost $ 267 $ 371 $ 756 $ 803 Interest cost 484 457 967 925 Expected return on plan assets (485 ) (469 ) (962 ) (939 ) Amortization of: Prior service costs 2 3 4 5 Other actuarial loss 209 139 496 289 Net periodic benefit cost $ 477 $ 501 $ 1,261 $ 1,083 Postretirement Health Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2016 2015 2016 2015 Service cost $ 21 $ 34 $ 43 $ 67 Interest cost 21 26 41 53 Amortization of: Prior service costs (1 ) (1 ) (3 ) (3 ) Other actuarial loss — 9 — 18 Net periodic benefit cost $ 41 $ 68 $ 81 $ 135
Schedule of Assumptions Used	Assumptions used in the previous calculations were as follows: Pension Benefits Postretirement Health Benefits For the Three and Six Months Ended January 31, 2016 2015 2016 2015 Discount rate for net periodic benefit cost 4.22 % 4.28 % 3.51 % 3.87 % Rate of increase in compensation levels 3.50 % 3.50 % — — Long-term expected rate of return on assets 7.50 % 7.50 % — — The medical cost trend assumption for postretirement health benefits was 7.5% . The graded trend rate is expected to decrease to an ultimate rate of 4.0% in fiscal 2035 .

Operating Segment (Tables)

Operating Segment (Tables)	6 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Operating Segments Information	Assets January 31, 2016 July 31, 2015 (in thousands) Business to Business Products $ 56,394 $ 55,767 Retail and Wholesale Products 96,543 96,043 Unallocated Assets 46,118 38,221 Total Assets $ 199,055 $ 190,031 For the Six Months Ended January 31, Net Sales Income 2016 2015 2016 2015 (in thousands) Business to Business Products $ 48,446 $ 46,695 $ 16,745 $ 14,314 Retail and Wholesale Products 84,716 83,992 9,697 2,148 Total Sales $ 133,162 $ 130,687 Corporate Expenses (13,266 ) (9,021 ) Income from Operations 13,176 7,441 Total Other Expense, Net (567 ) (690 ) Income before Income Taxes 12,609 6,751 Income Taxes (3,365 ) (1,834 ) Net Income $ 9,244 $ 4,917 For the Three Months Ended January 31, Net Sales Income 2016 2015 2016 2015 (in thousands) Business to Business Products $ 22,625 $ 23,047 $ 7,576 $ 7,443 Retail and Wholesale Products 42,742 41,596 4,295 1,262 Total Sales $ 65,367 $ 64,643 Corporate Expenses (6,471 ) (4,424 ) Income from Operations 5,400 4,281 Total Other Expense, Net (331 ) (395 ) Income before Income Taxes 5,069 3,886 Income Taxes (1,248 ) (1,089 ) Net Income $ 3,821 $ 2,797

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Transactions	A summary of stock option transactions is shown below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (Years) (in thousands) Options outstanding and exercisable, July 31, 2015 41 $ 15.43 0.9 $ 447 Exercised (19 ) $ 15.01 $ 242 Options outstanding and exercisable, January 31, 2016 22 $ 15.79 0.6 $ 488
Schedule of Restricted Stock Transactions	A summary of restricted stock transactions is shown below: Restricted Shares (in thousands) Weighted Average Grant Date Fair Value Non-vested restricted stock outstanding at July 31, 2015 74 $ 28.83 Granted 164 $ 28.57 Vested (28 ) $ 23.23 Forfeitures (2 ) $ 32.23 Non-vested restricted stock outstanding at January 31, 2016 208 $ 29.36

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jan. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income by Component	The following table summarizes the changes in accumulated other comprehensive (loss) income by component as of January 31, 2016 (in thousands): Pension and Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive (Loss) Income Balance as of July 31, 2015 $ (8,975 ) $ (270 ) $ (9,245 ) Other comprehensive loss before reclassifications, net of tax — (150 ) (150 ) Amounts reclassified from accumulated other comprehensive income, net of tax 308 a) — 308 Net current-period other comprehensive income (loss), net of tax 308 (150 ) 158 Balance as of January 31, 2016 $ (8,667 ) $ (420 ) $ (9,087 ) a) Amount is net of tax expense of $189,000 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 6 for further information.

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Inventory
Finished goods	$ 13,139	$ 12,117
Packaging	4,844	4,735
Other	4,966	4,517
Total Inventories	$ 22,949	$ 21,369

Inventories Narrative (Details)

Inventories Narrative (Details) - USD ($)	Jan. 31, 2016	Jul. 31, 2015
Inventory
Inventory obsolescence reserve	$ 380,000	$ 521,000

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	Jan. 31, 2016	Jul. 31, 2015
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents	$ 4,193,000	$ 9,297,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes Payable, Fair Value	$ 16,619,000	$ 20,476,000

Goodwill and Other Intangible29

Goodwill and Other Intangibles (Details) $ in Thousands	Jan. 31, 2016USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense
2,017	$ 1,226
2,018	1,016
2,019	829
2,020	659
2,021	$ 476

Goodwill and Other Intangible30

Goodwill and Other Intangibles Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jan. 31, 2016	Oct. 31, 2015	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 364,000		$ 400,000	$ 727,000	$ 820,000
Amortization expense for remainder of current fiscal year	726,000			726,000
Indefinite-lived trademarks	$ 376,000			$ 376,000
Goodwill impairment loss		$ 0

Pension and Other Postretirem31

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 267	$ 371	$ 756	$ 803
Interest cost	484	457	967	925
Expected return on plan assets	(485)	(469)	(962)	(939)
Amortization of Prior service costs	2	3	4	5
Amortization of Other actuarial loss	209	139	496	289
Net periodic benefit cost	477	501	1,261	1,083
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	21	34	43	67
Interest cost	21	26	41	53
Amortization of Prior service costs	(1)	(1)	(3)	(3)
Amortization of Other actuarial loss	0	9	0	18
Net periodic benefit cost	$ 41	$ 68	$ 81	$ 135

Pension and Other Postretirem32

Pension and Other Postretirement Benefits Assumptions (Details)	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Discount rate for net periodic benefit cost	4.22%	4.28%
Rate of increase in compensation levels	3.50%	3.50%
Long-term expected rate of return on assets	7.50%	7.50%
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Discount rate for net periodic benefit cost	3.51%	3.87%
Rate of increase in compensation levels	0.00%	0.00%
Long-term expected rate of return on assets	0.00%	0.00%

Pension and Other Postretirem33

Pension and Other Postretirement Benefits Narrative (Details)	3 Months Ended	6 Months Ended
	Jan. 31, 2016USD ($)	Jan. 31, 2016USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Employer contributions	$ 315,000	$ 599,000
Estimated contributions in remainder of current fiscal year		$ 679,000
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Medical Cost Trend Assumption		7.50%
Ultimate Health Care Cost Trend Rate		4.00%
Year that Rate Reaches Ultimate Trend Rate	2,035	2,035

Operating Segment (Details)

Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Segment Reporting Information
Assets	$ 199,055		$ 199,055		$ 190,031
Total Sales	65,367	$ 64,643	133,162	$ 130,687
Corporate Expenses	(6,471)	(4,424)	(13,266)	(9,021)
Income from Operations	5,400	4,281	13,176	7,441
Total Other Expense, Net	(331)	(395)	(567)	(690)
Income before Income Taxes	5,069	3,886	12,609	6,751
Income Taxes	(1,248)	(1,089)	(3,365)	(1,834)
Net Income	3,821	2,797	9,244	4,917
Business to Business Products
Segment Reporting Information
Assets	56,394		56,394		55,767
Segment Net Sales	22,625	23,047	48,446	46,695
Segment Income	7,576	7,443	16,745	14,314
Retail and Wholesale Products
Segment Reporting Information
Assets	96,543		96,543		96,043
Segment Net Sales	42,742	41,596	84,716	83,992
Segment Income	4,295	$ 1,262	9,697	$ 2,148
Unallocated Assets
Segment Reporting Information
Assets	$ 46,118		$ 46,118		$ 38,221

Operating Segment Narrative (De

Operating Segment Narrative (Details)	6 Months Ended
	Jan. 31, 2016segment
Segment Reporting Information
Number of Reportable Segments	2

Stock-Based Compensation Stock

Stock-Based Compensation Stock Option (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2016	Jul. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Options outstanding, beginning balance		41,000
Options exercisable, beginning balance		41,000
Exercised, number of shares	0	(19,000)
Options outstanding, ending balance		22,000	41,000
Options exercisable, ending balance		22,000	41,000
Options outstanding, weighted average exercise price, beginning balance		$ 15.43
Options exercisable, weighted average exercise price, beginning balance		15.43
Exercised, weighted average exercise price		15.01
Options outstanding, weighted average exercise price, ending balance		15.79	$ 15.43
Options exercisable, weighted average exercise price, ending balance		$ 15.79	$ 15.43
Options outstanding, weighted average remaining contractual term		6 months 22 days	11 months
Options exercisable, weighted average remaining contractual term		6 months 22 days	11 months
Options outstanding, aggregate intrinsic value, beginning balance		$ 447
Options exercisable, aggregate intrinsic value, beginning balance		447
Exercised, aggregate intrinsic value		242
Options outstanding, aggregate intrinsic value, ending balance		488	$ 447
Options exercisable, aggregate intrinsic value, ending balance		$ 488	$ 447

Stock-Based Compensation Summar

Stock-Based Compensation Summary of Restricted Stock Transactions (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Jan. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Non-vested restricted stock outstanding, beginning balance | shares	74
Granted, number of shares | shares	164
Vested, number of shares | shares	(28)
Forfeitures, number of shares | shares	(2)
Non-vested restricted stock outstanding, ending balance | shares	208
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance | $ / shares	$ 28.83
Granted, weighted average grant date fair value | $ / shares	28.57
Vested, weighted average grant date fair value | $ / shares	23.23
Forfeitures, weighted average grant date fair value | $ / shares	32.23
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance | $ / shares	$ 29.36

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Cash Received from Exercise of Stock Options	$ 96,000		$ 281,000	$ 15,000
Tax Benefit Realized from Exercise of Stock Options	$ 40,000		$ 68,000	$ 3,000
Exercised, number of shares		0	19,000
Options, Granted (shares)			0	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted Stock Granted, Number (shares)			164,000
2006 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number Authorized (shares)	937,500		937,500
2006 Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period, Minimum (years)			2 years
Award Vesting Period, Maximum (years)			5 years
Share-based Compensation Expense	$ 306,000	$ 348,000	$ 638,000	$ 656,000
2006 Plan - Director Stock Option | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period (Years)			1 year
2006 Plan - Employee Stock Options | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
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
Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted Stock Granted, Number (shares)	400	2,000

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income, Balance, beginning			$ (9,245)
Other comprehensive loss, before reclassifications, net of tax			(150)
Amounts reclassified from accumulated other comprehensive income, net of tax			308
Net current-period other comprehensive income (loss), net of tax	$ (9)	$ (259)	158	$ (359)
Accumulated Other Comprehensive Income, Balance, ending	(9,087)		(9,087)
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income, Balance, beginning			(8,975)
Other comprehensive loss, before reclassifications, net of tax			0
Amounts reclassified from accumulated other comprehensive income, net of tax			308
Net current-period other comprehensive income (loss), net of tax			308
Accumulated Other Comprehensive Income, Balance, ending	(8,667)		(8,667)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income, Balance, beginning			(270)
Other comprehensive loss, before reclassifications, net of tax			(150)
Amounts reclassified from accumulated other comprehensive income, net of tax			0
Net current-period other comprehensive income (loss), net of tax			(150)
Accumulated Other Comprehensive Income, Balance, ending	$ (420)		$ (420)

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income Narrative (Details)	6 Months Ended
	Jan. 31, 2016USD ($)
Accumulated Other Comprehensive Income
Tax for reclassification adjustment from AOCI for pension and other postretirement benefits	$ 189,000