Oil-Dri Corporation of America (ODC) 10-Q 5 Mar 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jan. 31, 2020shares
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, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding
Common Stock
Entity Information
Entity Common Stock, Shares Outstanding	5,415,926
Common Class B
Entity Information
Entity Common Stock, Shares Outstanding	2,196,170

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Current Assets
Cash and cash equivalents	$ 21,569	$ 21,862
Accounts receivable, less allowance of $851 and $644 at January 31, 2020 and July 31, 2019, respectively	35,699	35,459
Inventories	22,679	24,163
Prepaid repairs expense	4,679	4,708
Prepaid expenses and other assets	1,555	3,084
Total Current Assets	86,181	89,276
Property, Plant and Equipment
Cost	253,927	249,834
Less accumulated depreciation and amortization	(164,096)	(159,036)
Total Property, Plant and Equipment, Net	89,831	90,798
Other Assets
Goodwill	9,262	9,262
Other intangibles, net of accumulated amortization of $398 and $299 at January 31, 2020 and July 31, 2019, respectively	1,545	1,599
Customer list, net of accumulated amortization of $6,592 and $6,297 at January 31, 2020 and July 31, 2019, respectively	1,193	1,488
Deferred income taxes	7,445	7,755
Operating lease right-of-use assets	8,535	0
Other	5,087	5,049
Total Other Assets	33,067	25,153
Total Assets	209,079	205,227
Current Liabilities
Current maturities of notes payable, net of unamortized debt issuance costs of $17 at January 31, 2020	3,067	3,083
Accounts payable	9,565	8,092
Dividends payable	1,766	1,761
Operating lease liabilities	1,461	0
Accrued expenses:
Salaries, wages and commissions	7,446	6,740
Trade promotions and advertising	1,387	1,588
Freight	1,862	2,635
Other	6,951	8,707
Total Current Liabilities	33,505	32,606
Noncurrent Liabilities
Notes payable, net of unamortized debt issuance costs of $31 at July 31, 2019	0	3,052
Deferred compensation	4,881	6,014
Pension and postretirement benefits	12,637	23,721
Long-term operating lease liabilities	8,602	0
Other	2,525	4,288
Total Noncurrent Liabilities	28,645	37,075
Total Liabilities	62,150	69,681
Stockholders’ Equity
Additional paid-in capital	43,149	41,300
Retained earnings	169,590	164,756
Noncontrolling interest	(171)	(14)
Accumulated Other Comprehensive Loss:
Pension and postretirement benefits	(9,343)	(14,891)
Cumulative translation adjustment	(246)	(148)
Total Accumulated Other Comprehensive Loss	(9,589)	(15,039)
Less Treasury Stock, at cost (2,933,243 Common and 335,816 Class B shares at January 31, 2020 and 2,926,547 Common and 324,741 Class B shares at July 31, 2019)	(57,138)	(56,543)
Total Stockholders' Equity	146,929	135,546
Total Liabilities & Stockholders’ Equity	209,079	205,227
Common Stock
Stockholders’ Equity
Common Stock, Value, Issued	835	828
Common Class B
Stockholders’ Equity
Common Stock, Value, Issued	$ 253	$ 258

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Current Assets
Allowance for doubtful accounts	$ 851	$ 644
Other Assets
Accumulated amortization of other intangibles	398	299
Accumulated amortization of customer lists	6,592	6,297
Current Liabilities
Net unamortized debt issuance costs	$ 17
Noncurrent Liabilities
Net unamortized debt issuance costs		$ 31
Common Stock
Stockholder's Equity
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	8,349,169	8,284,199
Treasury stock, common shares	2,933,243	2,926,547
Common Class B
Stockholder's Equity
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	2,531,986	2,576,479
Treasury stock, common shares	335,816	324,741

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Net Sales	$ 71,005	$ 69,880	$ 142,127	$ 136,023
Cost of Sales	(52,047)	(54,476)	(103,234)	(104,609)
Gross Profit	18,958	15,404	38,893	31,414
Selling, General and Administrative Expenses	(13,085)	(12,577)	(28,899)	(27,584)
Income from Operations	5,873	2,827	9,994	3,830
Other Income (Expense)
Interest expense	(103)	(142)	(206)	(293)
Interest income	92	47	190	96
Other, net	(104)	56	(143)	39
Total Other Expense, Net	(115)	(39)	(159)	(158)
Income Before Income Taxes	5,758	2,788	9,835	3,672
Income Tax Expense	(1,009)	(506)	(1,626)	(456)
Net Income	4,749	2,282	8,209	3,216
Net (Loss) Income Attributable to Noncontrolling Interest	(81)	(5)	(157)	23
Net Income Attributable to Oil-Dri	$ 4,830	$ 2,287	$ 8,366	$ 3,193
Net Income Per Share
Diluted Common (in dollars per share)	$ 0.63	$ 0.30	$ 1.09	$ 0.42
Average Shares Outstanding
Diluted Common (in shares)	7,344	7,229	7,321	7,242
Common Stock
Net Income Per Share
Basic Common (in dollars per share)	$ 0.68	$ 0.33	$ 1.19	$ 0.46
Average Shares Outstanding
Basic Common (in shares)	5,181	5,121	5,164	5,099
Dividends Declared Per Share (in dollars per share)	$ 0.2500	$ 0.2400	$ 0.5000	$ 0.4800
Common Class B
Net Income Per Share
Basic Common (in dollars per share)	$ 0.51	$ 0.25	$ 0.89	$ 0.34
Average Shares Outstanding
Basic Common (in shares)	2,039	2,068	2,045	2,069
Dividends Declared Per Share (in dollars per share)	$ 0.1875	$ 0.1800	$ 0.3750	$ 0.3600

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Net Income Attributable to Oil-Dri	$ 4,830	$ 2,287	$ 8,366	$ 3,193
Other Comprehensive Income:
Pension and postretirement benefits (net of tax)	5,277	124	5,548	291
Cumulative translation adjustment	(54)	28	(98)	(36)
Other Comprehensive Income	5,223	152	5,450	255
Total Comprehensive Income	$ 10,053	$ 2,439	$ 13,816	$ 3,448

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands	Total	Common & Class B Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Total, Beginning of Period at Jul. 31, 2018	$ 131,885	$ 1,056	$ 38,473	$ 158,935	$ (55,946)	$ (10,615)	$ (18)
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2018		10,555,828
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2018					(3,238,833)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	3,193	$ 0	0	3,193	$ 0	0
Net (Loss) Income Attributable to Noncontrolling Interest	23						23
Net Income, Including Portion Attributable to Noncontrolling Interest	3,216
Other comprehensive income	255	0	0	0	0	255	0
Dividends declared	(3,340)	0	0	(3,340)	0	0	0
Purchases of treasury stock	(135)	0	0	0	$ (135)	0	0
Purchases of treasury stock (in shares)					4,545
Net issuance of stock under long-term incentive plans	1	$ (25)	(373)	0	$ (399)	0	0
Net issuance of stock under long-term incentive plans (in shares)		257,100			(6,350)
Amortization of restricted stock	884	$ 0	884	0	$ 0	0	0
Total, End of Period at Jan. 31, 2019	132,764	$ 1,081	39,730	158,788	$ (56,480)	(10,360)	5
Common Stock & Class B Stock, End of Period (in shares) at Jan. 31, 2019		10,812,928
Treasury Stock, End of Period (in shares) at Jan. 31, 2019					(3,249,728)
Total, Beginning of Period at Oct. 31, 2018	131,787	$ 1,071	39,186	158,185	$ (56,154)	(10,512)	11
Common & Class B Stock, Beginning of Period (in shares) at Oct. 31, 2018		10,705,328
Treasury Stock, Beginning of Period (in shares) at Oct. 31, 2018					(3,245,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,281
Net Income Attributable to Oil-Dri	2,287	$ 0	0	2,287	$ 0	0
Net (Loss) Income Attributable to Noncontrolling Interest	(5)						(6)
Net Income, Including Portion Attributable to Noncontrolling Interest	2,282
Other comprehensive income	152	0	0	0	0	152	0
Dividends declared	(1,684)	0	0	(1,684)	0	0	0
Purchases of treasury stock	0	0	0	0	$ 0	0	0
Purchases of treasury stock (in shares)					0
Net issuance of stock under long-term incentive plans	1	$ (10)	(315)	0	$ (326)	0	0
Net issuance of stock under long-term incentive plans (in shares)		107,600			(4,250)
Amortization of restricted stock	229	$ 0	229	0	$ 0	0	0
Total, End of Period at Jan. 31, 2019	132,764	$ 1,081	39,730	158,788	$ (56,480)	(10,360)	5
Common Stock & Class B Stock, End of Period (in shares) at Jan. 31, 2019		10,812,928
Treasury Stock, End of Period (in shares) at Jan. 31, 2019					(3,249,728)
Total, Beginning of Period at Jul. 31, 2019	135,546	$ 1,086	41,300	164,756	$ (56,543)	(15,039)	(14)
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2019		10,860,678
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2019					(3,251,288)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	8,366	$ 0	0	8,366	$ 0	0
Net (Loss) Income Attributable to Noncontrolling Interest	(157)						(157)
Net Income, Including Portion Attributable to Noncontrolling Interest	8,209
Other comprehensive income	5,450	0	0	0	0	5,450	0
Dividends declared	(3,532)	0	0	3,532	0	0	0
Purchases of treasury stock	(523)	0	0	0	$ 523	0	0
Purchases of treasury stock (in shares)					15,621
Net issuance of stock under long-term incentive plans	0	$ (2)	(70)	0	$ 72	0	0
Net issuance of stock under long-term incentive plans (in shares)		20,477			(2,150)
Amortization of restricted stock	1,779	$ 0	1,779	0	$ 0	0	0
Total, End of Period at Jan. 31, 2020	146,929	$ 1,088	43,149	169,590	$ (57,138)	(9,589)	(171)
Common Stock & Class B Stock, End of Period (in shares) at Jan. 31, 2020		10,881,155
Treasury Stock, End of Period (in shares) at Jan. 31, 2020					(3,269,059)
Total, Beginning of Period at Oct. 31, 2019	137,936	$ 1,088	42,327	166,526	$ (57,103)	(14,812)	(90)
Common & Class B Stock, Beginning of Period (in shares) at Oct. 31, 2019		10,879,655
Treasury Stock, Beginning of Period (in shares) at Oct. 31, 2019					(3,268,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Oil-Dri	4,830	$ 0	0	4,830	$ 0	0
Net (Loss) Income Attributable to Noncontrolling Interest	(81)						(81)
Net Income, Including Portion Attributable to Noncontrolling Interest	4,749
Other comprehensive income	5,223	0	0	0	0	5,223	0
Dividends declared	(1,766)	0	0	(1,766)	0	0	0
Purchases of treasury stock	(23)	0	0	0	$ (23)	0	0
Purchases of treasury stock (in shares)					602
Net issuance of stock under long-term incentive plans	0	$ 0	(12)	0	$ (12)	0	0
Net issuance of stock under long-term incentive plans (in shares)		1,500			(400)
Amortization of restricted stock	810	$ 0	810	0	$ 0	0	0
Total, End of Period at Jan. 31, 2020	$ 146,929	$ 1,088	$ 43,149	$ 169,590	$ (57,138)	$ (9,589)	$ (171)
Common Stock & Class B Stock, End of Period (in shares) at Jan. 31, 2020		10,881,155
Treasury Stock, End of Period (in shares) at Jan. 31, 2020					(3,269,059)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 8,209	$ 3,216
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,929	6,539
Amortization of investment net discount	0	(10)
Stock-based compensation	1,779	898
Deferred income taxes	312	106
Provision for bad debts and cash discounts	221	(168)
Loss on the sale of fixed assets	116	1
Curtailment gain on SERP Plan	(1,296)	0
(Increase) Decrease in assets:
Accounts receivable	(434)	(4,529)
Inventories	1,508	(5,607)
Prepaid expenses	1,561	970
Other assets	731	(422)
Increase (Decrease) in liabilities:
Accounts payable	2,661	2,295
Accrued expenses	(1,602)	(1,390)
Deferred compensation	163	(436)
Pension and postretirement benefits	(5,536)	859
Other liabilities	(1,052)	370
Total Adjustments	6,061	(524)
Net Cash Provided by Operating Activities	14,270	2,692
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(7,286)	(6,199)
Purchases of short-term investments	0	(3,948)
Dispositions of short-term investments	0	10,602
Net Cash (Used in) Provided by Investing Activities	(7,286)	455
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes payable	(3,083)	(3,083)
Dividends paid	(3,527)	(3,287)
Purchase of treasury stock	(523)	(135)
Net Cash Used in Financing Activities	(7,133)	(6,505)
Effect of exchange rate changes on Cash and Cash Equivalents	(144)	(24)
Net Decrease in Cash and Cash Equivalents	(293)	(3,382)
Cash and Cash Equivalents, Beginning of Period	21,862	12,757
Cash and Cash Equivalents, End of Period	21,569	9,375
Supplemental disclosure of non-cash investing and financing activities:
Capital expenditures accrued, but not paid	628	416
Cash dividends declared and accrued, but not paid	$ 1,766	$ 1,680

Basis of Statement Presentation

Basis of Statement Presentation	6 Months Ended
	Jan. 31, 2020
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, 2019 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, 2020 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2020 . 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 Our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2019 have not materially changed, except as described herein, including policies associated with the August 1, 2019 adoption of Accounting Standards Codification (“ASC”) 842, Leases . Changes to our accounting policies as a result of the ASC 842 adoption are discussed below and further information is also provided in Note 2 of the Notes to unaudited Condensed Consolidated Financial Statements. Following is a description of certain of our significant accounting policies. Leases. ASC 842 provides that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset and, accordingly, a lease liability and a related right-of-use (“ROU”) asset is recognized at the commencement date on our consolidated balance sheet. As provided in ASC 842, we have elected not to apply these measurement and recognition requirements to short-term leases (i.e., leases with a term of 12 months or less). Short-term leases will not be recorded as ROU assets or lease liabilities on our consolidated balance sheet, and the related lease payments will be recognized in net earnings on a straight-line basis over the lease term. For leases other than short-term leases, the lease liability is equal to the present value of unpaid lease payments over the remaining lease term. The lease term may reflect options to extend or terminate the lease when it is reasonably certain that such options will be exercised. To determine the present value of the lease liability, we used an incremental borrowing rate, which is defined as the rate of interest we would have to pay to borrow (on a collateralized basis over a similar term) an amount equal to the lease payments in similar economic environments. The ROU asset is based on the corresponding lease liability adjusted for certain costs such as initial direct costs, prepaid lease payments and lease incentives received. Both operating and finance lease ROU assets are reviewed for impairment, consistent with other long-lived assets, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. After a ROU asset is impaired, any remaining balance of the ROU asset is amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful life. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change in the accounting for leases. Certain of our leases provide for variable lease payments that vary due to changes in facts and circumstances occurring after the commencement date, other than the passage of time. Variable lease payments that are dependent on an index or rate (e.g., Consumer Price Index) are included in the initial measurement of the lease liability and the ROU asset. Variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset, are expensed as incurred. Our variable lease payments primarily include common area maintenance charges based on the percentage of the total square footage leased and the usage of assets, such as photocopiers. Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis. Revenue Recognition. We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. 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 $313,000 and $259,000 as of January 31, 2020 and July 31, 2019 , respectively. This liability is reported in Other Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. Revenue recognized during the six months ended January 31, 2020 that was included in the liability for advance payments at the beginning of the period was $234,000 . 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, 2020
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS AND REGULATIONS Recently Adopted Pronouncements On August 1, 2019 we adopted ASC 842, Leases , using the modified retrospective transition approach and, accordingly, we did not restate prior comparative period financial statements. As of the date of adoption, we elected the package of practical expedients that allowed us to forgo assessment under the ASC 842 guidance whether existing or expired contracts contained leases, the classification of expired or existing leases and the accounting for previously incurred initial direct costs. We also elected the practical expedient to forgo assessment under ASC 842 whether existing or expired land easements not previously accounted for under legacy leasing GAAP contain leases. The adoption of ASC 842 on August 1, 2019 resulted in the recognition of additional ROU assets and lease liabilities related to operating leases of $ 9,348,000 and $ 10,910,000 , respectively, on our unaudited Condensed Consolidated Balance Sheet. There was no material impact to any of our other unaudited consolidated financial statements. Recently Issued Pronouncements In December 2019, the FASB issued guidance under ASC 740, Income Taxes , which simplifies the accounting for income taxes. The guidance removes several specific exceptions to the general principles in ASC 740 and clarifies and makes amendments to improve consistent application of and simplify existing accounting for other areas in ASC 740. This guidance is effective for our first quarter of fiscal year 2022, with early adoption 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.

Inventories

Inventories	6 Months Ended
	Jan. 31, 2020
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The composition of inventories is as follows (in thousands): January 31, July 31, Finished goods $ 13,353 $ 13,957 Packaging 5,122 5,681 Other 4,204 4,525 Total Inventories $ 22,679 $ 24,163 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, 2020 and July 31, 2019 were $1,362,000 and $704,000 , respectively. The higher obsolescence reserve is attributed to our focus on inventory management and enhanced data available from our enterprise resource planning (“ERP”) system.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized into categories based on the lowest level of input that is significant to the fair value measurement. The categories in the fair value hierarchy are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs for similar assets or liabilities or valuation models whose inputs are observable, directly or indirectly. Level 3: Unobservable inputs. Cash equivalents are primarily money market mutual funds classified as Level 1. We had $26,000 cash equivalents as of both January 31, 2020 and July 31, 2019 , which are included in Cash and cash equivalents on the unaudited Condensed Consolidated Balance Sheet. Balances of accounts receivable and accounts payable approximated their fair values at January 31, 2020 and July 31, 2019 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 $3,176,000 and $6,357,000 as of January 31, 2020 and July 31, 2019 , respectively, and are classified as Level 2. The fair value was estimated using the exit price notion of fair value. 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, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets, other than goodwill, include trademarks, patents, customer lists and product registrations. Intangible amortization expense was $249,000 and $209,000 in the second quarter of fiscal years 2020 and 2019 , respectively. Intangible amortization expense was $416,000 and $419,000 in the first six months of fiscal years 2020 and 2019. Estimated intangible amortization for the remainder of fiscal year 2020 is $370,000 . Estimated intangible amortization for the next five fiscal years is as follows (in thousands): 2021 $ 556 2022 $ 406 2023 $ 202 2024 $ 67 2025 $ 47 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 2019 and no impairment was identified. There have been no triggering events that would indicate a new impairment analysis is needed.

Leases (Notes)

Leases (Notes)	6 Months Ended
	Jan. 31, 2020
Leases [Abstract]
Lessee, Operating Leases	LEASES We have operating leases primarily for real estate properties, including corporate headquarters, customer service and sales offices, manufacturing and packaging facilities, warehouses, and research and development facilities, as well as for rail tracks, railcars and office equipment. Certain of our leases for a shared warehouse and office facility, rail track and railcars have options to extend which we are reasonably certain we will exercise and, accordingly, have been considered in the lease term used to recognize our ROU assets and lease liabilities. Further information about our accounting policy for leases is included in Note 1 of the Notes to unaudited Condensed Consolidated Financial Statements. We have no material finance leases, and variable costs for operating leases are immaterial for the second quarter of fiscal year 2020 . Operating lease costs are included in Cost of Sales or SG&A expenses based on the nature of the lease. The following table summarizes total lease costs for our operating leases (in thousands): For the Three Months Ended January 31, 2020 For the Six Months Ended January 31, 2020 Operating Lease Cost Operating lease cost $ 517 $ 1,034 Short-term operating lease cost 195 400 Supplemental cash flow information related to leases was as follows (in thousands): For the Three Months Ended January 31, 2020 For the Six Months Ended January 31, 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 430 $ 855 Operating lease ROU assets and operating lease liabilities are separately presented on the unaudited Condensed Consolidated Balance Sheet, excluding leases with an initial term of twelve months or less. Other supplemental balance sheet information related to leases was as follows: For the Six Months Ended January 31, 2020 Weighted-average remaining lease term - operating leases 10.8 years Weighted-average discount rate - operating leases 4.01% The following table summarizes scheduled minimum future lease payments due within twelve months for operating leases with terms longer than one year for which cash flows are fixed and determinable as of January 31, (in thousands): 2020 $ 1,823 2021 1,512 2022 1,141 2023 812 2024 773 Thereafter 6,523 Total 12,584 Less: imputed interest (2,521 ) Net lease obligation $ 10,063 The following table summarizes scheduled minimum future lease payments due within twelve months for operating leases with terms longer than one year for which cash flows are fixed and determinable as of July 31, 2019 (in thousands): 2020 $ 2,255 2021 1,640 2022 1,513 2023 1,038 2024 899 Thereafter 7,422

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jan. 31, 2020
Defined Benefit Plan [Abstract]
Pension and Other Postretirement Benefits Disclosure	PENSION AND OTHER POSTRETIREMENT BENEFITS Pension and Postretirement Health Benefits The Oil-Dri Corporation of America Pension Plan (“Pension Plan”) is a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits are based on a formula of years of credited service and levels of compensation or stated amounts for each year of credited service. On January 9, 2020, we amended the Pension Plan to freeze participation, all future benefit accruals and accrual of benefit service, including consideration of compensation increases, effective March 1, 2020. Consequently, the Pension Plan is closed to new participants and current participants will no longer earn additional benefits on or after March 1, 2020. The amendment of the Pension Plan triggered a pension curtailment, which required a remeasurement of the Pension Plan's obligation. The remeasurement resulted in a decrease in the benefit obligation of approximately $6,632,000 , which has been recorded in Other Comprehensive Income, net of taxes of $1,592,000 . 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, 2020 2019 2020 2019 Service cost $ 363 $ 391 $ 851 $ 813 Interest cost 503 517 1,012 1,057 Expected return on plan assets (716 ) (703 ) (1,414 ) (1,405 ) Amortization of: Prior service costs — 1 — 1 Other actuarial loss 313 165 670 386 Net periodic benefit cost $ 463 $ 371 $ 1,119 $ 852 Postretirement Health Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2020 2019 2020 2019 Service cost $ 28 $ 25 $ 58 $ 52 Interest cost 20 24 41 49 Amortization of: Prior service costs (2 ) (2 ) (3 ) (3 ) Net periodic benefit cost $ 46 $ 47 $ 96 $ 98 The non-service cost components of net periodic benefit cost are included in Other Income (Expense) in the line item Other, net on the unaudited Condensed Consolidated Statements of Income. The 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, but did make a $5,000,000 voluntary contribution to the Pension Plan during the second quarter of fiscal year 2020 . We have no minimum funding requirements for the remainder of fiscal year 2020 but we may consider making an additional voluntary contribution. 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, 2020 2019 2020 2019 Discount rate for net periodic benefit cost 3.35 % 4.04 % 2.93 % 3.81 % 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 7.35% . The graded trend rate is expected to decrease to an ultimate rate of 4.50% in fiscal year 2038 . Supplemental Executive Retirement Plan The Oil-Dri Corporation of America Supplemental Executive Retirement Plan (“SERP”) provides certain retired participants in the Pension Plan with the amount of benefits that would have been provided under the Pension Plan but for: (1) the limitations on benefits imposed by Section 415 of the Internal Revenue Code (“Code”) and/or (2) the limitation on compensation for purposes of calculating benefits under the Pension Plan imposed by Section 401(a)(17) of the Code. The SERP liability is actuarially determined at the end of each fiscal year using assumptions similar to those used for the Pension Plan. The SERP is unfunded and benefits will be funded when payments are made. On January 9, 2020, we amended the SERP to freeze participation and any excess benefit, supplemental benefit or additional benefit effective March 1, 2020. Consequently, the SERP is closed to new participants and current participants no longer earn additional benefits on or after March 1, 2020. The amendment of the SERP triggered a pension curtailment which required a remeasurement of the SERP's obligation. The remeasurement resulted in a decrease in the SERP liability of approximately $1,296,000 , which has been recorded in SG&A in the second quarter of fiscal year 2020.

Operating Segments

Operating Segments	6 Months Ended
	Jan. 31, 2020
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, 2019 . 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 2020 2019 2020 2019 Cat Litter $ 7,247 $ 6,502 $ 74,970 $ 67,613 Industrial and Sports — — 15,012 15,429 Agricultural and Horticultural 10,296 12,698 — — Bleaching Clay and Fluids Purification 24,605 24,454 1,196 1,197 Animal Health and Nutrition 8,801 8,130 — — Net Sales $ 50,949 $ 51,784 $ 91,178 $ 84,239 Business to Business Products Group Retail and Wholesale Products Group For the Three Months Ended January 31, Product 2020 2019 2020 2019 Cat Litter $ 3,550 $ 3,287 $ 38,591 $ 35,218 Industrial and Sports — — 7,412 7,652 Agricultural and Horticultural 4,577 6,646 — — Bleaching Clay and Fluids Purification 12,382 12,559 531 552 Animal Health and Nutrition 3,962 3,966 — — Net Sales $ 24,471 $ 26,458 $ 46,534 $ 43,422 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. We have refined the basis of allocation for certain of our assets as of January 31, 2020 and we have restated the allocation of assets as of July 31, 2019 presented below to enhance comparability. 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, 2020 July 31, 2019 (in thousands) Business to Business Products Group $ 63,744 $ 66,655 Retail and Wholesale Products Group 96,043 95,593 Unallocated Assets 49,292 42,979 Total Assets $ 209,079 $ 205,227 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 2020 2019 2020 2019 (in thousands) Business to Business Products Group $ 50,949 $ 51,784 $ 15,848 $ 14,304 Retail and Wholesale Products Group 91,178 84,239 8,968 2,662 Net Sales $ 142,127 $ 136,023 Corporate Expenses (14,822 ) (13,136 ) Income from Operations 9,994 3,830 Total Other Expense, Net (159 ) (158 ) Income before Income Taxes 9,835 3,672 Income Tax Expense (1,626 ) (456 ) Net Income 8,209 3,216 Net (Loss) Income Attributable to Noncontrolling Interest (157 ) 23 Net Income Attributable to Oil-Dri $ 8,366 $ 3,193 For the Three Months Ended January 31, Net Sales Income 2020 2019 2020 2019 (in thousands) Business to Business Products Group $ 24,471 $ 26,458 $ 7,552 $ 7,272 Retail and Wholesale Products Group 46,534 43,422 5,608 2,653 Net Sales $ 71,005 $ 69,880 Corporate Expenses (7,287 ) (7,098 ) Income from Operations 5,873 2,827 Total Other Expense, Net (115 ) (39 ) Income before Income Taxes 5,758 2,788 Income Tax Expense (1,009 ) (506 ) Net Income 4,749 2,282 Net Loss Attributable to Noncontrolling Interest (81 ) (5 ) Net Income Attributable to Oil-Dri $ 4,830 $ 2,287

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments	STOCK-BASED COMPENSATION The Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (the “2006 Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards. Our employees and outside directors are eligible to receive grants under the 2006 Plan. The total number of shares of stock subject to grants under the 2006 Plan may not exceed 1,219,500 . Restricted Stock All of our non-vested restricted stock as of January 31, 2020 was issued under the 2006 Plan with vesting periods generally between one 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 1,500 and 117,000 restricted shares of Common Stock granted during the second quarter of fiscal years 2020 and 2019 , respectively. There were no restricted shares of Class B Stock granted during the second quarter of fiscal year 2020 and 7,000 restricted shares of Class B Stock granted during the second quarter of fiscal year 2019 . Stock-based compensation expense related to non-vested restricted stock was $810,000 and $229,000 for the second quarter of fiscal years 2020 and 2019 , respectively. Stock-based compensation expense related to non-vested restricted stock was $1,779,000 and $889,000 for the first six months of fiscal years 2020 and 2019 , 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, 2019 414 $ 33.09 Granted 21 $ 33.51 Vested (41 ) $ 32.34 Forfeitures (2 ) $ 33.51 Non-vested restricted stock outstanding at January 31, 2020 392 $ 33.19

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income (Notes)	6 Months Ended
	Jan. 31, 2020
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, 2020 (in thousands): Pension and Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive (Loss) Income Balance as of July 31, 2019 $ (14,891 ) $ (148 ) $ (15,039 ) Other comprehensive loss before reclassifications, net of tax — (98 ) (98 ) Amounts reclassified from accumulated other comprehensive income, net of tax 508 (a) — 508 Curtailment on Pension Plan $ 5,040 (b) $ — $ 5,040 Net current-period other comprehensive income (loss), net of tax 5,548 (98 ) 5,450 Balance as of January 31, 2020 $ (9,343 ) $ (246 ) $ (9,589 ) (a) Amount is net of tax expense of $160,138 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 7 of the Notes to unaudited Condensed Consolidated Financial Statement-s for further information. (b) Amount is net of tax expense of $1,592,000 . See Note 7 of the Notes to the unaudited Condensed Consolidated Financial Statements for further information.

Related Party Transactions (Not

Related Party Transactions (Notes)	6 Months Ended
	Jan. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTY TRANSACTIONS One member of our Board of Directors (the “Board”), and our Lead Independent Director, retired from the role of President and Chief Executive Officer of a customer of ours in September 2019. That company was a customer of ours before the board member joined that company and before he became a member of our Board. Total net sales to that customer, including sales to subsidiaries of that customer, were $49,000 and $105,000 for the second quarter of fiscal years 2020 and 2019 , respectively, and were $160,000 and $202,000 for the first six months of fiscal years 2020 and 2019 , respectively. Outstanding accounts receivable from that customer, and its subsidiaries, were $10,000 at both January 31, 2020 and July 31, 2019 . One member of our Board, and of the Compensation Committee of our Board, 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 $25,000 and $51,000 for the second quarter of fiscal years 2020 and 2019 , respectively, and were $63,000 and $97,000 for the first six months of fiscal years 2020 and 2019 , respectively. There were no outstanding accounts payable to that vendor as of January 31, 2020 or July 31, 2019 .

Basis of Statement Presentati_2

Basis of Statement Presentation Level 2 (Policies)	6 Months Ended
	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Leases	ASC 842 provides that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset and, accordingly, a lease liability and a related right-of-use (“ROU”) asset is recognized at the commencement date on our consolidated balance sheet. As provided in ASC 842, we have elected not to apply these measurement and recognition requirements to short-term leases (i.e., leases with a term of 12 months or less). Short-term leases will not be recorded as ROU assets or lease liabilities on our consolidated balance sheet, and the related lease payments will be recognized in net earnings on a straight-line basis over the lease term. For leases other than short-term leases, the lease liability is equal to the present value of unpaid lease payments over the remaining lease term. The lease term may reflect options to extend or terminate the lease when it is reasonably certain that such options will be exercised. To determine the present value of the lease liability, we used an incremental borrowing rate, which is defined as the rate of interest we would have to pay to borrow (on a collateralized basis over a similar term) an amount equal to the lease payments in similar economic environments. The ROU asset is based on the corresponding lease liability adjusted for certain costs such as initial direct costs, prepaid lease payments and lease incentives received. Both operating and finance lease ROU assets are reviewed for impairment, consistent with other long-lived assets, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. After a ROU asset is impaired, any remaining balance of the ROU asset is amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful life. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change in the accounting for leases. Certain of our leases provide for variable lease payments that vary due to changes in facts and circumstances occurring after the commencement date, other than the passage of time. Variable lease payments that are dependent on an index or rate (e.g., Consumer Price Index) are included in the initial measurement of the lease liability and the ROU asset. Variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset, are expensed as incurred. Our variable lease payments primarily include common area maintenance charges based on the percentage of the total square footage leased and the usage of assets, such as photocopiers. Some of our contracts may contain lease components as well as non-lease components, such as an agreement to purchase services. As allowed under ASC 842, we have elected not to separate the lease components from non-lease components for all asset classes and we will not allocate the contract consideration to these components. This policy was applied to all existing leases upon adoption of ASC 842 and will be applied to new leases on an ongoing basis.
Revenue Recognition	We recognize revenue when performance obligations under the terms of the contracts with customers are satisfied. Our performance obligation generally consists of the promise to sell finished products to wholesalers, distributors and retailers or consumers and our obligations have an original duration of one year or less. Control of the finished products are transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. We have completed our performance obligation when control is transferred and we recognize revenue accordingly. 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 $313,000 and $259,000 as of January 31, 2020 and July 31, 2019 , respectively. This liability is reported in Other Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet. Revenue recognized during the six months ended January 31, 2020 that was included in the liability for advance payments at the beginning of the period was $234,000 . 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.
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, 2020
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, 2020
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, 2020
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, 2019 .

Inventories Level 3 (Tables)

Inventories Level 3 (Tables)	6 Months Ended
	Jan. 31, 2020
Inventory Disclosure [Abstract]
Inventories	The composition of inventories is as follows (in thousands): January 31, July 31, Finished goods $ 13,353 $ 13,957 Packaging 5,122 5,681 Other 4,204 4,525 Total Inventories $ 22,679 $ 24,163

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jan. 31, 2020
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): 2021 $ 556 2022 $ 406 2023 $ 202 2024 $ 67 2025 $ 47

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 31, 2020
Leases [Abstract]
Lease cost	We have no material finance leases, and variable costs for operating leases are immaterial for the second quarter of fiscal year 2020 . Operating lease costs are included in Cost of Sales or SG&A expenses based on the nature of the lease. The following table summarizes total lease costs for our operating leases (in thousands): For the Three Months Ended January 31, 2020 For the Six Months Ended January 31, 2020 Operating Lease Cost Operating lease cost $ 517 $ 1,034 Short-term operating lease cost 195 400 Supplemental cash flow information related to leases was as follows (in thousands): For the Three Months Ended January 31, 2020 For the Six Months Ended January 31, 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 430 $ 855 Operating lease ROU assets and operating lease liabilities are separately presented on the unaudited Condensed Consolidated Balance Sheet, excluding leases with an initial term of twelve months or less. Other supplemental balance sheet information related to leases was as follows: For the Six Months Ended January 31, 2020 Weighted-average remaining lease term - operating leases 10.8 years Weighted-average discount rate - operating leases 4.01%
Operating lease payments due within next twelve months as of January 31,	The following table summarizes scheduled minimum future lease payments due within twelve months for operating leases with terms longer than one year for which cash flows are fixed and determinable as of January 31, (in thousands): 2020 $ 1,823 2021 1,512 2022 1,141 2023 812 2024 773 Thereafter 6,523 Total 12,584 Less: imputed interest (2,521 ) Net lease obligation $ 10,063
Operating lease payments due within next twelve months as of July 31, 2019	The following table summarizes scheduled minimum future lease payments due within twelve months for operating leases with terms longer than one year for which cash flows are fixed and determinable as of July 31, 2019 (in thousands): 2020 $ 2,255 2021 1,640 2022 1,513 2023 1,038 2024 899 Thereafter 7,422

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jan. 31, 2020
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, 2020 2019 2020 2019 Service cost $ 363 $ 391 $ 851 $ 813 Interest cost 503 517 1,012 1,057 Expected return on plan assets (716 ) (703 ) (1,414 ) (1,405 ) Amortization of: Prior service costs — 1 — 1 Other actuarial loss 313 165 670 386 Net periodic benefit cost $ 463 $ 371 $ 1,119 $ 852 Postretirement Health Benefits (in thousands) For the Three Months Ended January 31, For the Six Months Ended January 31, 2020 2019 2020 2019 Service cost $ 28 $ 25 $ 58 $ 52 Interest cost 20 24 41 49 Amortization of: Prior service costs (2 ) (2 ) (3 ) (3 ) Net periodic benefit cost $ 46 $ 47 $ 96 $ 98
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, 2020 2019 2020 2019 Discount rate for net periodic benefit cost 3.35 % 4.04 % 2.93 % 3.81 % 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 7.35% . 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, 2020
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 2020 2019 2020 2019 Cat Litter $ 7,247 $ 6,502 $ 74,970 $ 67,613 Industrial and Sports — — 15,012 15,429 Agricultural and Horticultural 10,296 12,698 — — Bleaching Clay and Fluids Purification 24,605 24,454 1,196 1,197 Animal Health and Nutrition 8,801 8,130 — — Net Sales $ 50,949 $ 51,784 $ 91,178 $ 84,239 Business to Business Products Group Retail and Wholesale Products Group For the Three Months Ended January 31, Product 2020 2019 2020 2019 Cat Litter $ 3,550 $ 3,287 $ 38,591 $ 35,218 Industrial and Sports — — 7,412 7,652 Agricultural and Horticultural 4,577 6,646 — — Bleaching Clay and Fluids Purification 12,382 12,559 531 552 Animal Health and Nutrition 3,962 3,966 — — Net Sales $ 24,471 $ 26,458 $ 46,534 $ 43,422
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. We have refined the basis of allocation for certain of our assets as of January 31, 2020 and we have restated the allocation of assets as of July 31, 2019 presented below to enhance comparability. 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, 2020 July 31, 2019 (in thousands) Business to Business Products Group $ 63,744 $ 66,655 Retail and Wholesale Products Group 96,043 95,593 Unallocated Assets 49,292 42,979 Total Assets $ 209,079 $ 205,227 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 2020 2019 2020 2019 (in thousands) Business to Business Products Group $ 50,949 $ 51,784 $ 15,848 $ 14,304 Retail and Wholesale Products Group 91,178 84,239 8,968 2,662 Net Sales $ 142,127 $ 136,023 Corporate Expenses (14,822 ) (13,136 ) Income from Operations 9,994 3,830 Total Other Expense, Net (159 ) (158 ) Income before Income Taxes 9,835 3,672 Income Tax Expense (1,626 ) (456 ) Net Income 8,209 3,216 Net (Loss) Income Attributable to Noncontrolling Interest (157 ) 23 Net Income Attributable to Oil-Dri $ 8,366 $ 3,193 For the Three Months Ended January 31, Net Sales Income 2020 2019 2020 2019 (in thousands) Business to Business Products Group $ 24,471 $ 26,458 $ 7,552 $ 7,272 Retail and Wholesale Products Group 46,534 43,422 5,608 2,653 Net Sales $ 71,005 $ 69,880 Corporate Expenses (7,287 ) (7,098 ) Income from Operations 5,873 2,827 Total Other Expense, Net (115 ) (39 ) Income before Income Taxes 5,758 2,788 Income Tax Expense (1,009 ) (506 ) Net Income 4,749 2,282 Net Loss Attributable to Noncontrolling Interest (81 ) (5 ) Net Income Attributable to Oil-Dri $ 4,830 $ 2,287

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [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, 2019 414 $ 33.09 Granted 21 $ 33.51 Vested (41 ) $ 32.34 Forfeitures (2 ) $ 33.51 Non-vested restricted stock outstanding at January 31, 2020 392 $ 33.19

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jan. 31, 2020
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, 2020 (in thousands): Pension and Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive (Loss) Income Balance as of July 31, 2019 $ (14,891 ) $ (148 ) $ (15,039 ) Other comprehensive loss before reclassifications, net of tax — (98 ) (98 ) Amounts reclassified from accumulated other comprehensive income, net of tax 508 (a) — 508 Curtailment on Pension Plan $ 5,040 (b) $ — $ 5,040 Net current-period other comprehensive income (loss), net of tax 5,548 (98 ) 5,450 Balance as of January 31, 2020 $ (9,343 ) $ (246 ) $ (9,589 ) (a) Amount is net of tax expense of $160,138 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 7 of the Notes to unaudited Condensed Consolidated Financial Statement-s for further information. (b) Amount is net of tax expense of $1,592,000 . See Note 7 of the Notes to the 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, 2020	Jul. 31, 2019
Deferred Revenue Arrangement
Liability for Payments in Advance	$ 313,000	$ 259,000
Payments in Advance, Revenue Recognized	$ 234,000

New Accounting Pronouncements A

New Accounting Pronouncements Adjustment for New Accounting Pronouncement (Details) - USD ($)	Jan. 31, 2020	Aug. 01, 2019	Jul. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle
Operating lease right-of-use assets	$ 8,535,000		$ 0
Net lease obligation	$ 10,063,000
ASC 842 Leases
New Accounting Pronouncements or Change in Accounting Principle
Operating lease right-of-use assets		$ 9,348,000
Net lease obligation		$ 10,910,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Inventory
Finished goods	$ 13,353	$ 13,957
Packaging	5,122	5,681
Other	4,204	4,525
Total Inventories	$ 22,679	$ 24,163

Inventories Narrative (Details)

Inventories Narrative (Details) - USD ($)	Jan. 31, 2020	Jul. 31, 2019
Inventory
Inventory obsolescence reserve	$ 1,362,000	$ 704,000

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	Jan. 31, 2020	Jul. 31, 2019
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash Equivalents	$ 26,000	$ 26,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes Payable, Fair Value	$ 3,176,000	$ 6,357,000

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Details) $ in Thousands	Jan. 31, 2020USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense
2021	$ 556
2022	406
2023	202
2024	67
2025	$ 47

Goodwill and Other Intangible_4

Goodwill and Other Intangibles Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jul. 31, 2019
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 249,000	$ 209,000	$ 416,000	$ 419,000
Amortization expense for remainder of current fiscal year	370,000		370,000
Indefinite-lived trademarks	$ 376,000		$ 376,000
Goodwill impairment loss					$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2020	Jul. 31, 2019
Lease, Cost
Operating lease cost	$ 517	$ 1,034
Short-term operating lease cost	195	400
Operating cash flows used for operating leases	$ 430	$ 855
Weighted-average remaining lease term - operating leaes	10 years 9 months	10 years 9 months
Weighted-average discount rate - operating leases	4.01%	4.01%
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity
2020	$ 1,823	$ 1,823
2021	1,512	1,512
2022	1,141	1,141
2023	812	812
2024	773	773
Thereafter	6,523	6,523
Total	12,584	12,584
Less: imputed interest	(2,521)	(2,521)
Net lease obligation	$ 10,063	$ 10,063
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity
2020			$ 2,255
2021			1,640
2022			1,513
2023			1,038
2024			899
Thereafter			$ 7,422

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 363	$ 391	$ 851	$ 813
Interest cost	503	517	1,012	1,057
Expected return on plan assets	(716)	(703)	(1,414)	(1,405)
Amortization of Prior service costs	0	1	0	1
Amortization of Other actuarial loss	313	165	670	386
Net periodic benefit cost	463	371	1,119	852
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	28	25	58	52
Interest cost	20	24	41	49
Amortization of Prior service costs	(2)	(2)	(3)	(3)
Net periodic benefit cost	$ 46	$ 47	$ 96	$ 98

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits Assumptions (Details)	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Discount rate for net periodic benefit cost	3.35%	4.04%
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	2.93%	3.81%
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)	3 Months Ended	6 Months Ended
	Jan. 31, 2020USD ($)	Jan. 31, 2020USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans
Pension Plan Obligation Decrease for Curtailment		$ 6,632,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax		1,592,000
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Voluntary contributions	$ 5,000,000
Estimated contributions in remainder of current fiscal year	$ 0	$ 0
Postretirement Health Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Medical Cost Trend Assumption	7.35%	7.35%
Ultimate Health Care Cost Trend Rate	4.50%	4.50%
Year that Rate Reaches Ultimate Trend Rate		2038
Supplemental Executive Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment		$ 1,296,000

Operating Segments Disaggregati

Operating Segments Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Revenue by Principal Product
Net Sales	$ 71,005	$ 69,880	$ 142,127	$ 136,023
Business to Business Products
Revenue by Principal Product
Net Sales	24,471	26,458	50,949	51,784
Business to Business Products | Cat Litter
Revenue by Principal Product
Net Sales	3,550	3,287	7,247	6,502
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	4,577	6,646	10,296	12,698
Business to Business Products | Bleaching Clay and Fluids Purification
Revenue by Principal Product
Net Sales	12,382	12,559	24,605	24,454
Business to Business Products | Animal Health and Nutrition
Revenue by Principal Product
Net Sales	3,962	3,966	8,801	8,130
Retail and Wholesale Products
Revenue by Principal Product
Net Sales	46,534	43,422	91,178	84,239
Retail and Wholesale Products | Cat Litter
Revenue by Principal Product
Net Sales	38,591	35,218	74,970	67,613
Retail and Wholesale Products | Industrial and Sports
Revenue by Principal Product
Net Sales	7,412	7,652	15,012	15,429
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	531	552	1,196	1,197
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, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jul. 31, 2019
Segment Reporting Information
Assets	$ 209,079		$ 209,079		$ 205,227
Net Sales	71,005	$ 69,880	142,127	$ 136,023
Corporate Expenses	(7,287)	(7,098)	(14,822)	(13,136)
Income from Operations	5,873	2,827	9,994	3,830
Total Other Expense, Net	(115)	(39)	(159)	(158)
Income before Income Taxes	5,758	2,788	9,835	3,672
Income Tax Expense	(1,009)	(506)	(1,626)	(456)
Net Income	4,749	2,282	8,209	3,216
Net (Loss) Income Attributable to Noncontrolling Interest	(81)	(5)	(157)	23
Net Income Attributable to Oil-Dri	4,830	2,287	8,366	3,193
Business to Business Products
Segment Reporting Information
Assets	63,744		63,744		66,655
Segment Income	7,552	7,272	15,848	14,304
Net Sales	24,471	26,458	50,949	51,784
Retail and Wholesale Products
Segment Reporting Information
Assets	96,043		96,043		95,593
Segment Income	5,608	2,653	8,968	2,662
Net Sales	46,534	$ 43,422	91,178	$ 84,239
Unallocated Assets
Segment Reporting Information
Assets	$ 49,292		$ 49,292		$ 42,979

Operating Segments Narrative (D

Operating Segments Narrative (Details)	6 Months Ended
	Jan. 31, 2020segment
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, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Non-vested restricted stock outstanding, beginning balance | shares	414
Granted, number of shares | shares	21
Vested, number of shares | shares	(41)
Forfeitures, number of shares | shares	(2)
Non-vested restricted stock outstanding, ending balance | shares	392
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance | $ / shares	$ 33.09
Granted, weighted average grant date fair value | $ / shares	33.51
Vested, weighted average grant date fair value | $ / shares	32.34
Forfeitures, weighted average grant date fair value | $ / shares	33.51
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance | $ / shares	$ 33.19

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares			21,000
2006 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number Authorized (shares)	1,219,500		1,219,500
2006 Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period, Minimum (years)			1
Award Vesting Period, Maximum (years)			5 years
Share-based Compensation Expense	$ 810,000	$ 229,000	$ 1,779,000	$ 889,000
2006 Plan | Restricted Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	1,500	117,000
2006 Plan | Restricted Stock | Common Class B
Share-based Compensation Arrangement by Share-based Payment Award
Granted, number of shares	0	7,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income, Balance, beginning			$ (15,039)
Other comprehensive loss before reclassifications, net of tax			(98)
Amounts reclassified from accumulated other comprehensive income, net of tax			508
Curtailment on Pension Plan			5,040
Net current-period other comprehensive income (loss), net of tax	$ (5,223)	$ (152)	(5,450)	$ (255)
Accumulated Other Comprehensive (Loss) Income, Balance, ending	(9,589)		(9,589)
Pension and Postretirement Health Benefits
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income, Balance, beginning			(14,891)
Other comprehensive loss before reclassifications, net of tax			0
Amounts reclassified from accumulated other comprehensive income, net of tax			508
Curtailment on Pension Plan			5,040
Net current-period other comprehensive income (loss), net of tax			(5,548)
Accumulated Other Comprehensive (Loss) Income, Balance, ending	(9,343)		(9,343)
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income, Balance, beginning			(148)
Other comprehensive loss before reclassifications, net of tax			(98)
Amounts reclassified from accumulated other comprehensive income, net of tax			0
Curtailment on Pension Plan			0
Net current-period other comprehensive income (loss), net of tax			98
Accumulated Other Comprehensive (Loss) Income, Balance, ending	$ (246)		$ (246)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income Narrative (Details)	6 Months Ended
	Jan. 31, 2020USD ($)
Accumulated Other Comprehensive (Loss) Income
Tax for reclassification adjustment from AOCI for pension and other postretirement benefits	$ 160,138
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax	$ 1,592,000

Related Party Transactions (Det

Related Party Transactions (Details) - Director - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jul. 31, 2019
Related Party Transaction
Net sales to related party	$ 49,000	$ 105,000	$ 160,000	$ 202,000
Accounts receivable from related party	10,000		10,000		$ 10,000
Payments to related party	25,000	$ 51,000	63,000	$ 97,000
Accounts payable to related party	$ 0		$ 0