Oil-Dri Corporation of America (ODC) 10-Q 11 Mar 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jan. 31, 2019shares
Entity Information
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
Entity Small Business	true
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Information
Entity Common Stock, Shares Outstanding	5,311,462
Common Class B
Entity Information
Entity Common Stock, Shares Outstanding	2,251,738

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Current Assets
Cash and cash equivalents	$ 9,375	$ 12,757
Short-term investments	480	7,124
Accounts receivable, less allowance of $690 and $817 at January 31, 2019 and July 31, 2018, respectively	38,282	33,602
Inventories	28,123	22,521
Prepaid repairs expense	4,116	4,111
Prepaid expenses and other assets	1,924	2,899
Total Current Assets	82,300	83,014
Property, Plant and Equipment
Cost	241,425	236,091
Less accumulated depreciation and amortization	(155,232)	(149,385)
Total Property, Plant and Equipment, Net	86,193	86,706
Other Assets
Goodwill	9,262	9,262
Trademarks and patents, net of accumulated amortization of $283 and $267 at January 31, 2019 and July 31, 2018, respectively	1,298	1,220
Customer list, net of accumulated amortization of $5,918 and $5,540 at January 31, 2019 and July 31, 2018, respectively	1,867	2,245
Deferred income taxes	7,013	7,349
Other	5,204	4,886
Total Other Assets	24,644	24,962
Total Assets	193,137	194,682
Current Liabilities
Current maturities of notes payable	3,083	3,083
Accounts payable	7,882	6,543
Dividends payable	1,680	1,627
Accrued expenses:
Salaries, wages and commissions	4,518	8,974
Trade promotions and advertising	1,132	1,280
Freight	5,302	1,767
Other	7,492	7,675
Total Current Liabilities	31,089	30,949
Noncurrent Liabilities
Notes payable, net of unamortized debt issuance costs of $46 and $60 at January 31, 2019 and July 31, 2018, respectively	3,038	6,107
Deferred compensation	5,664	6,100
Pension and postretirement benefits	16,474	15,906
Other	4,108	3,735
Total Noncurrent Liabilities	29,284	31,848
Total Liabilities	60,373	62,797
Stockholders’ Equity
Additional paid-in capital	39,730	38,473
Retained earnings	158,788	158,935
Stockholders' Equity Attributable to Noncontrolling Interest	5	(18)
Accumulated other comprehensive loss:
Pension and postretirement benefits	(10,093)	(10,384)
Cumulative translation adjustment	(267)	(231)
Total accumulated other comprehensive loss	(10,360)	(10,615)
Less Treasury Stock, at cost (2,924,987 Common and 324,741 Class B shares at January 31, 2019 and 2,914,092 Common and 324,741 Class B shares at July 31, 2018)	(56,480)	(55,946)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	132,764	131,885
Total Liabilities & Stockholders’ Equity	193,137	194,682
Common Stock
Stockholders’ Equity
Common Stock, Value, Issued	823	809
Common Class B
Stockholders’ Equity
Common Stock, Value, Issued	$ 258	$ 247

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Current Assets
Allowance for doubtful accounts	$ 690	$ 817
Other Assets
Accumulated amortization of trademarks and patents	283	267
Accumulated amortization of customer lists	5,918	5,540
Noncurrent Liabilities
Net unamortized debt issuance costs	$ 46	$ 60
Common Stock
Stockholder's Equity
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	8,236,449	8,086,849
Treasury stock, common shares	2,924,987	2,914,092
Common Class B
Stockholder's Equity
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	2,576,479	2,468,979
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, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Net Sales	$ 69,880	$ 68,894	$ 136,023	$ 135,540
Cost of Sales	(54,476)	(49,237)	(104,609)	(96,908)
Gross Profit	15,404	19,657	31,414	38,632
Selling, General and Administrative Expenses	(12,577)	(14,474)	(27,584)	(29,234)
Income from Operations	2,827	5,183	3,830	9,398
Other Income (Expense)
Interest expense	(142)	(199)	(293)	(400)
Interest income	47	65	96	119
Other, net	56	22	39	(207)
Total Other Expense, Net	(39)	(112)	(158)	(488)
Income Before Income Taxes	2,788	5,071	3,672	8,910
Income Tax Expense	(506)	(6,167)	(456)	(6,956)
Net Income	2,282	(1,096)	3,216	1,954
Net Income (Loss) Attributable to Noncontrolling Interest	(5)	0	23	0
Net Income (Loss) Attributable to Oil-Dri	2,287	(1,096)	3,193	1,954
Retained Earnings:
Balance at beginning of period			158,935	154,735
Cash dividends declared			(3,340)	(3,118)
Balance at End of Period	$ 158,788	$ 153,571	$ 158,788	$ 153,571
Net Income (Loss) Per Share
Diluted Common (in dollars per share)	$ 0.30	$ (0.15)	$ 0.42	$ 0.26
Average Shares Outstanding
Diluted Common (in shares)	7,229	7,139	7,242	7,215
Common Stock
Net Income (Loss) Per Share
Basic Common (in dollars per share)	$ 0.33	$ (0.17)	$ 0.46	$ 0.29
Average Shares Outstanding
Basic Common (in shares)	5,121	5,035	5,099	5,030
Dividends Declared Per Share (in dollars per share)	$ 0.2400	$ 0.2300	$ 0.4800	$ 0.4600
Common Class B
Net Income (Loss) Per Share
Basic Common (in dollars per share)	$ 0.25	$ (0.12)	$ 0.34	$ 0.22
Average Shares Outstanding
Basic Common (in shares)	2,068	2,104	2,069	2,097
Dividends Declared Per Share (in dollars per share)	$ 0.1800	$ 0.1725	$ 0.3600	$ 0.3450

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Net Income (Loss) Attributable to Oil-Dri	$ 2,287	$ (1,096)	$ 3,193	$ 1,954
Other Comprehensive Income:
Pension and postretirement benefits (net of tax)	124	237	291	418
Cumulative translation adjustment	28	144	(36)	70
Other Comprehensive Income	152	381	255	488
Total Comprehensive Income (Loss)	$ 2,439	$ (715)	$ 3,448	$ 2,442

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 3,216	$ 1,954
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,539	6,413
Amortization of investment net discount	(10)	(57)
Stock-based compensation	898	770
Deferred income taxes	106	5,312
Provision for bad debts and cash discounts	(168)	155
Loss on the sale of fixed assets	1	31
Life insurance benefits	0	(334)
(Increase) Decrease in assets:
Accounts receivable	(4,529)	362
Inventories	(5,607)	75
Prepaid expenses	970	(51)
Other assets	(422)	55
Increase (Decrease) in liabilities:
Accounts payable	2,295	(743)
Accrued expenses	(1,390)	(3,637)
Deferred compensation	(436)	268
Pension and postretirement benefits	859	649
Other liabilities	370	407
Total Adjustments	(524)	9,675
Net Cash Provided by Operating Activities	2,692	11,629
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,199)	(6,850)
Proceeds from sale of property, plant and equipment	0	11
Purchases of short-term investments	(3,948)	(24,101)
Dispositions of short-term investments	10,602	25,840
Net Cash Provided by (Used in) Investing Activities	455	(5,100)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes payable	(3,083)	(3,083)
Dividends paid	(3,287)	(3,112)
Purchase of treasury stock	(135)	(27)
Net Cash Used in Financing Activities	(6,505)	(6,222)
Effect of exchange rate changes on cash and cash equivalents	(24)	(21)
Net (Decrease) Increase in Cash and Cash Equivalents	(3,382)	286
Cash and Cash Equivalents, Beginning of Period	12,757	9,095
Cash and Cash Equivalents, End of Period	9,375	9,381
Supplemental disclosure of non-cash investing and financing activities:
Capital expenditures accrued, but not paid	416	890
Cash dividends declared and accrued, but not paid	$ 1,680	$ 1,559

Basis of Statement Presentation

Basis of Statement Presentation	6 Months Ended
	Jan. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Statement Presentation	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in compliance with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements and the related notes are condensed and should be read in conjunction with the Consolidated Financial Statements and related notes for the fiscal year ended July 31, 2018 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. In addition, certain prior year reclassifications were made to conform to the current year presentation. Operating results for the three and six months ended January 31, 2019 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2019 . Management Use of Estimates 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 and expenses during the reporting period, as well as the related disclosures. All of our estimates and assumptions are revised periodically. Actual results could differ from these estimates. Summary of Significant Accounting Policies Except as described herein, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2018 have not materially changed. However, the unaudited Condensed Consolidated Financial Statements reflect changes required upon adoption of new accounting guidance, as described in Note 2 of the Notes to unaudited Condensed Consolidated Financial Statements. The following is a description of certain of our significant accounting policies. Revenue Recognition. We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. We have an unconditional right to consideration under the payment terms specified in the contract upon completion of the performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a liability for these advance payments of $96,000 and $390,000 as of January 31, 2019 and July 31, 2018 , respectively. This liability is reported in Other Accrued Expenses on the Condensed Consolidated Balance Sheet. Revenue recognized during the second quarter ended January 31, 2019 that was included in the liability for advance payments at the beginning of the period was $84,000 . We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and with customers, such as volume discounts, cooperative marketing and other arrangements. We estimate and accrue the expected costs of these programs. These costs are considered variable consideration under ASC 606, Revenue from Contracts with Customers , and are netted against sales when revenue is recorded. The accruals are based on our best estimate of the amounts necessary to settle future and existing obligations on products sold as of the balance sheet date. To estimate these accruals, we rely on our historical experience of trade spending patterns and that of the industry, current trends and forecasted data. Selling, General and Administrative Expenses. Selling, general and administrative expenses (“SG&A”) include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses. Trade Receivables. We record an allowance for doubtful accounts based on our historical experience and a periodic review of our accounts receivable, including a review of the overall aging of accounts, consideration of customer credit risk and analysis of facts and circumstances about specific customer accounts. A customer account is determined to be uncollectible when it is probable that a loss will be incurred after we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment. 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. 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.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jan. 31, 2019
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS AND REGULATIONS Recently Issued Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance under ASC 842, Leases , which provides that, for leases with a term greater than 12 months, a lessee must recognize in the statement of financial position both a liability to make lease payments and an asset representing its right to use the underlying asset. Other requirements describe expense recognition, as well as financial statement presentation and disclosure. This guidance is effective for our first quarter of fiscal year 2020 using a modified retrospective approach, which includes a number of optional practical expedients. Early adoption is permitted. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. In June 2016, the FASB issued guidance under ASC 326, Financial Instruments-Credit Losses , which requires companies to utilize an impairment model for most financial assets measured at amortized cost and certain other financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses. In addition, this new guidance changes the recognition method for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk, as well as additional disclosures. In general, this guidance will require modified retrospective adoption for all outstanding instruments that fall under this guidance. This guidance is effective for our first quarter of fiscal year 2021. We are currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements. There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our Consolidated Financial Statements. Recently Adopted Pronouncements In May 2014, the FASB issued guidance under ASC 606, Revenue from Contracts with Customers , and subsequently issued several amendments to further clarify the principles for recognizing revenue. This guidance establishes a single comprehensive revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. The core principle of ASC 606 is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. Oil-Dri adopted the new guidance on a modified retrospective basis effective August 1, 2018. We applied the practical expedient available under ASC 606 to disregard determining significant financing components if the good is transferred and payment is received within one year. We also adopted the policy election to exclude from the transaction price all amounts collected from customers for sales and other taxes. We do not expect a material impact on our annual Consolidated Financial Statements from the adoption of this guidance. Results for periods beginning on or after August 1, 2018 are recognized and presented in accordance with ASC 606, while prior period amounts have not been adjusted and continue to be reported in accordance with the prior account guidance under ASC 605, Revenue Recognition . In January 2016, the FASB issued guidance under ASC 825, Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This guidance was effective for our first quarter of fiscal year 2019. The provisions relevant to us relate to fair value disclosures for our notes payable, which are measured at amortized cost on the balance sheet. These provisions require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, as well as eliminate the requirement to disclose the method and significant assumptions used to estimate the fair value in such disclosure. This guidance impacted our disclosures only on a prospective basis and did not have a material impact on our unaudited Condensed Consolidated Financial Statements. See Note 4 of the Notes to unaudited Condensed Consolidated Financial Statements for further information about Fair Value Measurements. In March 2017, the FASB issued guidance under ASC 715, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires presenting the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. This standard also requires that other components of the net periodic benefit cost be presented separately from the line items that includes service costs and outside of any subtotal of operating income, if one is presented, on a retrospective basis. We adopted this new guidance in the first quarter of fiscal 2019 and accordingly recorded the non-service cost components of net periodic benefit cost in Other Income (Expense) in the line item Other, net on the unaudited Condensed Consolidated Statements of Income and Retained Earnings. As such, the adoption did not have a material impact on our Consolidated Financial Statements. See Note 6 of the Notes to unaudited Condensed Consolidated Financial Statements for further information about our pension and postretirement health plans.

Inventories

Inventories	6 Months Ended
	Jan. 31, 2019
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The composition of inventories is as follows (in thousands): January 31, July 31, Finished goods $ 17,747 $ 14,223 Packaging 6,177 5,349 Other 4,199 2,949 Total Inventories $ 28,123 $ 22,521 Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor and other overhead costs. We performed a detailed review of our inventory items to determine if an obsolescence reserve adjustment was necessary. The review surveyed all of our operating facilities and sales groups to ensure that both historical issues and new market trends were considered. The obsolescence reserve not only considered specific items, but also took into consideration the overall value of the inventory as of the balance sheet date. The inventory obsolescence reserve values at January 31, 2019 and July 31, 2018 were $1,028,000 and $1,136,000 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2019
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 $7,163,000 and $9,920,000 as of January 31, 2019 and July 31, 2018 , 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 unaudited Condensed Consolidated Balance Sheet. 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, 2019 and July 31, 2018 . Balances of accounts receivable and accounts payable approximated their fair values at January 31, 2019 and July 31, 2018 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 $6,384,000 and $9,553,000 as of January 31, 2019 and July 31, 2018 , respectively, and are classified as Level 2. The fair value as of January 31, 2019 , was determined using the exit price notion of fair value required by the adoption of new accounting guidance for fiscal year 2019, as discussed in Note 2 of the Notes to unaudited Condensed Consolidated Financial Statements. We apply fair value techniques on at least an annual basis associated with: (1) valuing potential impairment loss related to goodwill, trademarks and other indefinite-lived intangible assets and (2) valuing potential impairment loss related to long-lived assets. See Note 5 of the Notes to unaudited Condensed Consolidated Financial Statements for further information about goodwill and other intangible assets.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Notes)	6 Months Ended
	Jan. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Intangible amortization expense was $209,000 and $253,000 in the second quarter of fiscal years 2019 and 2018 , respectively. Intangible amortization expense was $419,000 and $507,000 in the first six months of fiscal years 2019 and 2018 , respectively. Estimated intangible amortization for the remainder of fiscal year 2019 is $417,000 . Estimated intangible amortization for the next five fiscal years is as follows (in thousands): 2020 $ 667 2021 $ 483 2022 $ 333 2023 $ 201 2024 $ 68 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 fourth quarter of fiscal year 2018 and no impairment was identified. There have been no triggering events that would indicate a new impairment analysis is needed.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jan. 31, 2019
Defined Benefit Plan [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, 2019 2018 2019 2018 Service cost $ 391 $ 438 $ 813 $ 862 Interest cost 517 517 1,057 1,014 Expected return on plan assets (703 ) (485 ) (1,405 ) (971 ) Amortization of: Prior service costs 1 — 1 1 Other actuarial loss 165 354 386 641 Net periodic benefit cost $ 371 $ 824 $ 852 $ 1,547 Postretirement Health Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2019 2018 2019 2018 Service cost $ 25 $ 25 $ 52 $ 54 Interest cost 24 19 49 43 Amortization of: Prior service costs (2 ) (1 ) (3 ) (3 ) Other actuarial loss — (5 ) — — Net periodic benefit cost $ 47 $ 38 $ 98 $ 94 The non-service cost components of net periodic benefit cost are included in Other Income (Expense) in the line item Other, net on the unaudited Condensed Consolidated Statements of Income and Retained Earnings. 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 were not required to make, and did not make, a contribution to the pension plan during the first six months of fiscal year 2019 . We have no minimum funding requirements for the remainder of fiscal year 2019. We made a significant voluntary contribution to the pension plan in excess of the minimum required contribution in the third quarter of fiscal year 2018. This voluntary contribution improved the plan's funded status and contributed to a lower net periodic benefit expense for the second quarter and the first six months of fiscal year 2019 compared to the same period in the prior year. The postretirement health plan is an unfunded plan. We pay insurance premiums and claims from our assets. Assumptions used in the previous calculations were as follows: Pension Benefits Postretirement Health Benefits For the Three and Six Months Ended January 31, 2019 2018 2019 2018 Discount rate for net periodic benefit cost 4.04 % 3.75 % 3.81 % 3.26 % Rate of increase in compensation levels 3.50 % 3.50 % — — Long-term expected rate of return on assets 7.00 % 7.00 % — — The medical cost trend assumption for postretirement health benefits was 7.50% . The graded trend rate is expected to decrease to an ultimate rate of 4.50% in fiscal year 2038 .

Operating Segments

Operating Segments	6 Months Ended
	Jan. 31, 2019
Segment Reporting [Abstract]
Operating Segment Disclosure	OPERATING SEGMENTS We have two operating segments: (1) Business to Business Products Group and (2) Retail and Wholesale 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. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2018 . Net sales for our principal products by segment are as follows (in thousands): Business to Business Products Group Retail and Wholesale Products Group For the Six Months Ended January 31, Product 2019 2018 2019 2018 Cat Litter $ 6,502 $ 7,073 $ 67,613 $ 64,286 Industrial and Sports — — 15,429 15,686 Agricultural and Horticultural 12,698 12,979 — — Bleaching Clay and Fluids Purification 24,454 25,545 1,197 1,126 Animal Health and Nutrition 8,130 8,845 — — Net Sales $ 51,784 $ 54,442 $ 84,239 $ 81,098 Business to Business Products Group Retail and Wholesale Products Group For the Three Months Ended January 31, Product 2019 2018 2019 2018 Cat Litter $ 3,287 $ 3,273 $ 35,218 $ 33,464 Industrial and Sports — — 7,652 7,569 Agricultural and Horticultural 6,646 6,936 — — Bleaching Clay and Fluids Purification 12,559 12,928 552 506 Animal Health and Nutrition 3,966 4,218 — — Net Sales $ 26,458 $ 27,355 $ 43,422 $ 41,539 We do not rely on any segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance. Assets January 31, 2019 July 31, 2018 (in thousands) Business to Business Products Group $ 60,283 $ 65,143 Retail and Wholesale Products Group 93,950 89,623 Unallocated Assets 38,904 39,916 Total Assets $ 193,137 $ 194,682 Net sales and operating income for each segment are provided below. The corporate expenses line includes certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the estimated annual incentive plan bonus accrual. For the Six Months Ended January 31, Net Sales Income (Loss) 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 51,784 $ 54,442 $ 14,304 $ 18,635 Retail and Wholesale Products Group 84,239 81,098 2,662 4,787 Net Sales $ 136,023 $ 135,540 Corporate Expenses (13,136 ) (14,024 ) Income from Operations 3,830 9,398 Total Other Expense, Net (158 ) (488 ) Income before Income Taxes 3,672 8,910 Income Tax Expense (456 ) (6,956 ) Net Income 3,216 1,954 Net Income Attributable to Noncontrolling Interest 23 — Net Income Attributable to Oil-Dri $ 3,193 $ 1,954 For the Three Months Ended January 31, Net Sales Income (Loss) 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 26,458 $ 27,355 $ 7,272 $ 9,759 Retail and Wholesale Products Group 43,422 41,539 2,653 2,422 Net Sales $ 69,880 $ 68,894 Corporate Expenses (7,098 ) (6,998 ) Income from Operations 2,827 5,183 Total Other Expense, Net (39 ) (112 ) Income before Income Taxes 2,788 5,071 Income Tax Expense (506 ) (6,167 ) Net Income (Loss) 2,282 (1,096 ) Net Loss Attributable to Noncontrolling Interest (5 ) — Net Income (Loss) Attributable to Oil-Dri $ 2,287 $ (1,096 )

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jan. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments	STOCK-BASED COMPENSATION 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 . Restricted Stock All of our non-vested restricted stock as of January 31, 2019 was issued under the 2006 Plan with vesting periods generally between two years and five years . We determined the fair value of restricted stock as of the grant date. We recognize the related compensation expense over the period from the date of grant to the date the shares vest. There were 117,000 restricted shares of Common Stock and 7,000 restricted shares of Class B Stock granted during the second quarter of fiscal year 2019 . No restricted stock was granted during the second quarter of fiscal year 2018 . Stock-based compensation expense related to non-vested restricted stock was $229,000 and $426,000 for the second quarter of fiscal years 2019 and 2018 , respectively. Stock-based compensation expense related to non-vested restricted stock was $889,000 and $928,000 for the first six months of fiscal years 2019 and 2018 , 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, 2018 178 $ 32.74 Granted 273 $ 33.00 Vested (60 ) $ 31.82 Forfeitures (22 ) $ 30.21 Non-vested restricted stock outstanding at January 31, 2019 369 $ 33.23

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income (Notes)	6 Months Ended
	Jan. 31, 2019
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive (Loss) Income	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table summarizes the changes in accumulated other comprehensive (loss) income by component as of January 31, 2019 (in thousands): Pension and Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive (Loss) Income Balance as of July 31, 2018 $ (10,384 ) $ (231 ) $ (10,615 ) Other comprehensive loss before reclassifications, net of tax — (36 ) (36 ) Amounts reclassified from accumulated other comprehensive income, net of tax 291 (a) — 291 Net current-period other comprehensive income (loss), net of tax 291 (36 ) 255 Balance as of January 31, 2019 $ (10,093 ) $ (267 ) $ (10,360 ) (a) Amount is net of tax expense of $93,000 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 6 of the Notes to unaudited Condensed Consolidated Financial Statements for further information.

Related Party Transactions (Not

Related Party Transactions (Notes)	6 Months Ended
	Jan. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTY TRANSACTIONS One member of our Board of Directors is the President and Chief Executive Officer of a customer of ours. That customer was a customer of ours before the board member joined that customer and before he became a member of our Board of Directors. Total net sales to that customer, including sales to subsidiaries of that customer, were $105,000 and $77,000 for the second quarters of fiscal years 2019 and 2018 , respectively, and were $202,000 and $163,000 for the first six months of fiscal years 2019 and 2018 , respectively. Outstanding accounts receivable from that customer, and its subsidiaries, were $45,000 and $14,000 as of January 31, 2019 and July 31, 2018 , respectively. One member of our Board of Directors, and of the Compensation Committee of our Board of Directors, is the President and Chief Executive Officer as well as a director and shareholder of a law firm that regularly provides services to us. Total payments to that vendor for fees and cost reimbursements were $51,000 and $53,000 for the second quarters of fiscal years 2019 and 2018 , respectively, and were $97,000 and $116,000 for the first six months of fiscal years 2019 and 2018 , respectively. There were no outstanding accounts payable to that vendor as of January 31, 2019 or July 31, 2018 .

Basis of Statement Presentati_2

Basis of Statement Presentation Level 2 (Policies)	6 Months Ended
	Jan. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Recognition	We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. We have an unconditional right to consideration under the payment terms specified in the contract upon completion of the performance obligation. We may require certain customers to provide payment in advance of product shipment. We recorded a liability for these advance payments of $96,000 and $390,000 as of January 31, 2019 and July 31, 2018 , respectively. This liability is reported in Other Accrued Expenses on the Condensed Consolidated Balance Sheet. Revenue recognized during the second quarter ended January 31, 2019 that was included in the liability for advance payments at the beginning of the period was $84,000 . We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and with customers, such as volume discounts, cooperative marketing and other arrangements. We estimate and accrue the expected costs of these programs. These costs are considered variable consideration under ASC 606, Revenue from Contracts with Customers , and are netted against sales when revenue is recorded. The accruals are based on our best estimate of the amounts necessary to settle future and existing obligations on products sold as of the balance sheet date. To estimate these accruals, we rely on our historical experience of trade spending patterns and that of the industry, current trends and forecasted data.
Selling, General and Administrative Expenses	Selling, general and administrative expenses (“SG&A”) include salaries, wages and benefits associated with staff outside the manufacturing and distribution functions, all marketing related costs, any miscellaneous trade spending expenses not required to be included in net sales, research and development costs, depreciation and amortization related to assets outside the manufacturing and distribution process and all other non-manufacturing and non-distribution expenses.
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, consideration of customer credit risk and analysis of facts and circumstances about specific customer accounts. A customer account is determined to be uncollectible when it is probable that a loss will be incurred after we have completed our internal collection procedures, including termination of shipments, direct customer contact and formal demand of payment.
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, therefore minimizing the costs associated with the reclamation process.

Inventories Level 2 (Policies)

Inventories Level 2 (Policies)	6 Months Ended
	Jan. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Inventory costs include the cost of raw materials, packaging supplies, labor and other overhead costs. We performed a detailed review of our inventory items to determine if an obsolescence reserve adjustment was necessary. The review surveyed all of our operating facilities and sales groups to ensure that both historical issues and new market trends were considered. The obsolescence reserve not only considered specific items, but also took into consideration the overall value of the inventory as of the balance sheet date.

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Policies)	6 Months Ended
	Jan. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs.

Operating Segments Level 2 (Pol

Operating Segments Level 2 (Policies)	6 Months Ended
	Jan. 31, 2019
Segment Reporting [Abstract]
Operating Segments	We have two operating segments: (1) Business to Business Products Group and (2) Retail and Wholesale 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. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2018 .

Inventories Level 3 (Tables)

Inventories Level 3 (Tables)	6 Months Ended
	Jan. 31, 2019
Inventory Disclosure [Abstract]
Inventories	The composition of inventories is as follows (in thousands): January 31, July 31, Finished goods $ 17,747 $ 14,223 Packaging 6,177 5,349 Other 4,199 2,949 Total Inventories $ 28,123 $ 22,521

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jan. 31, 2019
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): 2020 $ 667 2021 $ 483 2022 $ 333 2023 $ 201 2024 $ 68

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jan. 31, 2019
Defined Benefit Plan [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, 2019 2018 2019 2018 Service cost $ 391 $ 438 $ 813 $ 862 Interest cost 517 517 1,057 1,014 Expected return on plan assets (703 ) (485 ) (1,405 ) (971 ) Amortization of: Prior service costs 1 — 1 1 Other actuarial loss 165 354 386 641 Net periodic benefit cost $ 371 $ 824 $ 852 $ 1,547 Postretirement Health Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2019 2018 2019 2018 Service cost $ 25 $ 25 $ 52 $ 54 Interest cost 24 19 49 43 Amortization of: Prior service costs (2 ) (1 ) (3 ) (3 ) Other actuarial loss — (5 ) — — Net periodic benefit cost $ 47 $ 38 $ 98 $ 94
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, 2019 2018 2019 2018 Discount rate for net periodic benefit cost 4.04 % 3.75 % 3.81 % 3.26 % Rate of increase in compensation levels 3.50 % 3.50 % — — Long-term expected rate of return on assets 7.00 % 7.00 % — — The medical cost trend assumption for postretirement health benefits was 7.50% . The graded trend rate is expected to decrease to an ultimate rate of 4.50% in fiscal year 2038 .

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
	Jan. 31, 2019
Segment Reporting [Abstract]
Revenue by Principal Product by Operating Segment	Net sales for our principal products by segment are as follows (in thousands): Business to Business Products Group Retail and Wholesale Products Group For the Six Months Ended January 31, Product 2019 2018 2019 2018 Cat Litter $ 6,502 $ 7,073 $ 67,613 $ 64,286 Industrial and Sports — — 15,429 15,686 Agricultural and Horticultural 12,698 12,979 — — Bleaching Clay and Fluids Purification 24,454 25,545 1,197 1,126 Animal Health and Nutrition 8,130 8,845 — — Net Sales $ 51,784 $ 54,442 $ 84,239 $ 81,098 Business to Business Products Group Retail and Wholesale Products Group For the Three Months Ended January 31, Product 2019 2018 2019 2018 Cat Litter $ 3,287 $ 3,273 $ 35,218 $ 33,464 Industrial and Sports — — 7,652 7,569 Agricultural and Horticultural 6,646 6,936 — — Bleaching Clay and Fluids Purification 12,559 12,928 552 506 Animal Health and Nutrition 3,966 4,218 — — Net Sales $ 26,458 $ 27,355 $ 43,422 $ 41,539
Operating Segments Information	We do not rely on any segment asset allocations and we do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance. Assets January 31, 2019 July 31, 2018 (in thousands) Business to Business Products Group $ 60,283 $ 65,143 Retail and Wholesale Products Group 93,950 89,623 Unallocated Assets 38,904 39,916 Total Assets $ 193,137 $ 194,682 Net sales and operating income for each segment are provided below. The corporate expenses line includes certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as research and development, information systems, finance, legal, human resources and customer service. Corporate expenses also include the estimated annual incentive plan bonus accrual. For the Six Months Ended January 31, Net Sales Income (Loss) 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 51,784 $ 54,442 $ 14,304 $ 18,635 Retail and Wholesale Products Group 84,239 81,098 2,662 4,787 Net Sales $ 136,023 $ 135,540 Corporate Expenses (13,136 ) (14,024 ) Income from Operations 3,830 9,398 Total Other Expense, Net (158 ) (488 ) Income before Income Taxes 3,672 8,910 Income Tax Expense (456 ) (6,956 ) Net Income 3,216 1,954 Net Income Attributable to Noncontrolling Interest 23 — Net Income Attributable to Oil-Dri $ 3,193 $ 1,954 For the Three Months Ended January 31, Net Sales Income (Loss) 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 26,458 $ 27,355 $ 7,272 $ 9,759 Retail and Wholesale Products Group 43,422 41,539 2,653 2,422 Net Sales $ 69,880 $ 68,894 Corporate Expenses (7,098 ) (6,998 ) Income from Operations 2,827 5,183 Total Other Expense, Net (39 ) (112 ) Income before Income Taxes 2,788 5,071 Income Tax Expense (506 ) (6,167 ) Net Income (Loss) 2,282 (1,096 ) Net Loss Attributable to Noncontrolling Interest (5 ) — Net Income (Loss) Attributable to Oil-Dri $ 2,287 $ (1,096 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Stock Transactions	A summary of restricted stock transactions is shown below: Restricted Shares (in thousands) Weighted Average Grant Date Fair Value Non-vested restricted stock outstanding at July 31, 2018 178 $ 32.74 Granted 273 $ 33.00 Vested (60 ) $ 31.82 Forfeitures (22 ) $ 30.21 Non-vested restricted stock outstanding at January 31, 2019 369 $ 33.23

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jan. 31, 2019
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive (Loss) Income by Component	The following table summarizes the changes in accumulated other comprehensive (loss) income by component as of January 31, 2019 (in thousands): Pension and Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive (Loss) Income Balance as of July 31, 2018 $ (10,384 ) $ (231 ) $ (10,615 ) Other comprehensive loss before reclassifications, net of tax — (36 ) (36 ) Amounts reclassified from accumulated other comprehensive income, net of tax 291 (a) — 291 Net current-period other comprehensive income (loss), net of tax 291 (36 ) 255 Balance as of January 31, 2019 $ (10,093 ) $ (267 ) $ (10,360 ) (a) Amount is net of tax expense of $93,000 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 6 of the Notes to unaudited Condensed Consolidated Financial Statements for further information.

Basis of Statement Presentati_3

Basis of Statement Presentation Revenue Recognition (Details) - Payments In Advance - USD ($)	6 Months Ended
	Jan. 31, 2019	Jul. 31, 2018
Deferred Revenue Arrangement
Liability for Payments in Advance	$ 96,000	$ 390,000
Payments in Advance, Revenue Recognized	$ 84,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Inventory
Finished goods	$ 17,747	$ 14,223
Packaging	6,177	5,349
Other	4,199	2,949
Total Inventories	$ 28,123	$ 22,521

Inventories Narrative (Details)

Inventories Narrative (Details) - USD ($)	Jan. 31, 2019	Jul. 31, 2018
Inventory
Inventory obsolescence reserve	$ 1,028,000	$ 1,136,000

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	Jan. 31, 2019	Jul. 31, 2018
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents	$ 7,163,000	$ 9,920,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes Payable, Fair Value	$ 6,384,000	$ 9,553,000

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Details) $ in Thousands	Jan. 31, 2019USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense
2020	$ 667
2021	483
2022	333
2023	201
2024	$ 68

Goodwill and Other Intangible_4

Goodwill and Other Intangibles Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 209,000	$ 253,000	$ 419,000	$ 507,000
Amortization expense for remainder of current fiscal year	417,000		417,000
Indefinite-lived trademarks	$ 376,000		$ 376,000
Goodwill impairment loss					$ 0

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 391	$ 438	$ 813	$ 862
Interest cost	517	517	1,057	1,014
Expected return on plan assets	(703)	(485)	(1,405)	(971)
Amortization of Prior service costs	1	0	1	1
Amortization of Other actuarial loss	165	354	386	641
Net periodic benefit cost	371	824	852	1,547
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	25	25	52	54
Interest cost	24	19	49	43
Amortization of Prior service costs	(2)	(1)	(3)	(3)
Amortization of Other actuarial loss	0	(5)	0	0
Net periodic benefit cost	$ 47	$ 38	$ 98	$ 94

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits Assumptions (Details)	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Discount rate for net periodic benefit cost	4.04%	3.75%
Rate of increase in compensation levels	3.50%	3.50%
Long-term expected rate of return on assets	7.00%	7.00%
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Discount rate for net periodic benefit cost	3.81%	3.26%
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 Postretirem_5

Pension and Other Postretirement Benefits Narrative (Details)	6 Months Ended
	Jan. 31, 2019USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Employer contributions	$ 0
Estimated contributions in remainder of current fiscal year	$ 0
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Medical Cost Trend Assumption	7.50%
Ultimate Health Care Cost Trend Rate	4.50%
Year that Rate Reaches Ultimate Trend Rate	2038

Operating Segments Disaggregati

Operating Segments Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenue by Principal Product
Net Sales	$ 69,880	$ 68,894	$ 136,023	$ 135,540
Business to Business Products
Revenue by Principal Product
Net Sales	26,458	27,355	51,784	54,442
Business to Business Products | Cat Litter
Revenue by Principal Product
Net Sales	3,287	3,273	6,502	7,073
Business to Business Products | Industrial and Sports
Revenue by Principal Product
Net Sales	0	0	0	0
Business to Business Products | Agricultural and Horticultural
Revenue by Principal Product
Net Sales	6,646	6,936	12,698	12,979
Business to Business Products | Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	12,559	12,928	24,454	25,545
Business to Business Products | Animal Health and Nutrition
Revenue by Principal Product
Net Sales	3,966	4,218	8,130	8,845
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	43,422	41,539	84,239	81,098
Retail and Wholesale Products | Cat Litter
Revenue by Principal Product
Net Sales	35,218	33,464	67,613	64,286
Retail and Wholesale Products | Industrial and Sports
Revenue by Principal Product
Net Sales	7,652	7,569	15,429	15,686
Retail and Wholesale Products | Agricultural and Horticultural
Revenue by Principal Product
Net Sales	0	0	0	0
Retail and Wholesale Products | Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	552	506	1,197	1,126
Retail and Wholesale Products | Animal Health and Nutrition
Revenue by Principal Product
Net Sales	$ 0	$ 0	$ 0	$ 0

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018
Segment Reporting Information
Assets	$ 193,137		$ 193,137		$ 194,682
Net Sales	69,880	$ 68,894	136,023	$ 135,540
Corporate Expenses	(7,098)	(6,998)	(13,136)	(14,024)
Income from Operations	2,827	5,183	3,830	9,398
Total Other Expense, Net	(39)	(112)	(158)	(488)
Income before Income Taxes	2,788	5,071	3,672	8,910
Income Tax Expense	(506)	(6,167)	(456)	(6,956)
Net Income (Loss)	2,282	(1,096)	3,216	1,954
Net Income (Loss) Attributable to Noncontrolling Interest	(5)	0	23	0
Net Income (Loss) Attributable to Oil-Dri	2,287	(1,096)	3,193	1,954
Business to Business Products
Segment Reporting Information
Assets	60,283		60,283		65,143
Segment Income	7,272	9,759	14,304	18,635
Net Sales	26,458	27,355	51,784	54,442
Retail and Wholesale Products
Segment Reporting Information
Assets	93,950		93,950		89,623
Segment Income	2,653	2,422	2,662	4,787
Net Sales	43,422	$ 41,539	84,239	$ 81,098
Unallocated Assets
Segment Reporting Information
Assets	$ 38,904		$ 38,904		$ 39,916

Operating Segments Narrative (D

Operating Segments Narrative (Details)	6 Months Ended
	Jan. 31, 2019segment
Segment Reporting Information
Number of Reportable Segments	2

Stock-Based Compensation Summar

Stock-Based Compensation Summary of Restricted Stock Transactions (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Jan. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Non-vested restricted stock outstanding, beginning balance | shares	178
Granted, number of shares | shares	273
Vested, number of shares | shares	(60)
Forfeitures, number of shares | shares	(22)
Non-vested restricted stock outstanding, ending balance | shares	369
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance | $ / shares	$ 32.74
Granted, weighted average grant date fair value | $ / shares	33
Vested, weighted average grant date fair value | $ / shares	31.82
Forfeitures, weighted average grant date fair value | $ / shares	30.21
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance | $ / shares	$ 33.23

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares			273,000
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	$ 229,000	$ 426,000	$ 889,000	$ 928,000
2006 Plan | Restricted Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	117,000	0
2006 Plan | Restricted Stock | Common Class B
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	7,000	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income, Balance, beginning			$ (10,615)
Other comprehensive loss before reclassifications, net of tax			(36)
Amounts reclassified from accumulated other comprehensive income, net of tax			291
Net current-period other comprehensive income (loss), net of tax	$ (152)	$ (381)	(255)	$ (488)
Accumulated Other Comprehensive (Loss) Income, Balance, ending	(10,360)		(10,360)
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income, Balance, beginning			(10,384)
Other comprehensive loss before reclassifications, net of tax			0
Amounts reclassified from accumulated other comprehensive income, net of tax			291
Net current-period other comprehensive income (loss), net of tax			(291)
Accumulated Other Comprehensive (Loss) Income, Balance, ending	(10,093)		(10,093)
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income, Balance, beginning			(231)
Other comprehensive loss before reclassifications, net of tax			(36)
Amounts reclassified from accumulated other comprehensive income, net of tax			0
Net current-period other comprehensive income (loss), net of tax			36
Accumulated Other Comprehensive (Loss) Income, Balance, ending	$ (267)		$ (267)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income Narrative (Details)	6 Months Ended
	Jan. 31, 2019USD ($)
Accumulated Other Comprehensive (Loss) Income
Tax for reclassification adjustment from AOCI for pension and other postretirement benefits	$ 93,000

Related Party Transactions (Det

Related Party Transactions (Details) - Director - USD ($)	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018
Related Party Transaction
Net sales to related party	$ 105,000	$ 77,000
Accounts receivable from related party	45,000		$ 14,000
Payments to related party	51,000	$ 53,000
Accounts payable to related party	$ 0		$ 0