Document and Entity Information
Document and Entity Information | 9 Months Ended |
Apr. 30, 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 | Apr. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Common Stock | |
Entity Information | |
Entity Common Stock, Shares Outstanding | 5,350,575 |
Common Class B | |
Entity Information | |
Entity Common Stock, Shares Outstanding | 2,251,738 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 16,224 | $ 12,757 |
Short-term investments | 730 | 7,124 |
Accounts receivable, less allowance of $676 and $817 at April 30, 2019 and July 31, 2018, respectively | 35,906 | 33,602 |
Inventories | 26,738 | 22,521 |
Prepaid repairs expense | 4,110 | 4,111 |
Prepaid expenses and other assets | 3,100 | 2,899 |
Total Current Assets | 86,808 | 83,014 |
Property, Plant and Equipment | ||
Cost | 244,378 | 236,091 |
Less accumulated depreciation and amortization | (157,292) | (149,385) |
Total Property, Plant and Equipment, Net | 87,086 | 86,706 |
Other Assets | ||
Goodwill | 9,262 | 9,262 |
Trademarks and patents, net of accumulated amortization of $291 and $267 at April 30, 2019 and July 31, 2018, respectively | 1,356 | 1,220 |
Customer list, net of accumulated amortization of $6,107 and $5,540 at April 30, 2019 and July 31, 2018, respectively | 1,678 | 2,245 |
Deferred income taxes | 7,013 | 7,349 |
Other | 5,275 | 4,886 |
Total Other Assets | 24,584 | 24,962 |
Total Assets | 198,478 | 194,682 |
Current Liabilities | ||
Current maturities of notes payable | 3,083 | 3,083 |
Accounts payable | 8,608 | 6,543 |
Dividends payable | 1,689 | 1,627 |
Accrued expenses: | ||
Salaries, wages and commissions | 6,487 | 8,974 |
Trade promotions and advertising | 864 | 1,280 |
Freight | 3,831 | 1,767 |
Other | 6,939 | 7,675 |
Total Current Liabilities | 31,501 | 30,949 |
Noncurrent Liabilities | ||
Notes payable, net of unamortized debt issuance costs of $39 and $60 at April 30, 2019 and July 31, 2018, respectively | 3,045 | 6,107 |
Deferred compensation | 5,679 | 6,100 |
Pension and postretirement benefits | 16,756 | 15,906 |
Other | 3,982 | 3,735 |
Total Noncurrent Liabilities | 29,462 | 31,848 |
Total Liabilities | 60,963 | 62,797 |
Stockholders’ Equity | ||
Additional paid-in capital | 40,487 | 38,473 |
Retained earnings | 162,718 | 158,935 |
Stockholders' Equity Attributable to Noncontrolling Interest | (53) | (18) |
Accumulated other comprehensive loss: | ||
Pension and postretirement benefits | (9,947) | (10,384) |
Cumulative translation adjustment | (238) | (231) |
Total accumulated other comprehensive loss | (10,185) | (10,615) |
Less Treasury Stock, at cost (2,926,374 Common and 324,741 Class B shares at April 30, 2019 and 2,914,092 Common and 324,741 Class B shares at July 31, 2018) | (56,537) | (55,946) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 137,515 | 131,885 |
Total Liabilities & Stockholders’ Equity | 198,478 | 194,682 |
Common Stock | ||
Stockholders’ Equity | ||
Common Stock, Value, Issued | 828 | 809 |
Common Class B | ||
Stockholders’ Equity | ||
Common Stock, Value, Issued | $ 257 | $ 247 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet Parenthetical - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Current Assets | ||
Allowance for doubtful accounts | $ 676 | $ 817 |
Other Assets | ||
Accumulated amortization of trademarks and patents | 291 | 267 |
Accumulated amortization of customer lists | 6,107 | 5,540 |
Noncurrent Liabilities | ||
Net unamortized debt issuance costs | $ 39 | $ 60 |
Common Stock | ||
Stockholder's Equity | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares issued | 8,276,949 | 8,086,849 |
Treasury stock, common shares | 2,926,374 | 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 | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Net Sales | $ 70,885 | $ 64,847 | $ 206,908 | $ 200,387 |
Cost of Sales | (54,051) | (47,187) | (158,660) | (144,095) |
Gross Profit | 16,834 | 17,660 | 48,248 | 56,292 |
Selling, General and Administrative Expenses | (14,507) | (14,366) | (42,091) | (43,600) |
Income from Operations | 2,327 | 3,294 | 6,157 | 12,692 |
Other Income (Expense) | ||||
Interest expense | (141) | (149) | (434) | (549) |
Interest income | 53 | 80 | 149 | 199 |
Other, net | 4,465 | 70 | 4,504 | (137) |
Total Other Income (Expense), Net | 4,377 | 1 | 4,219 | (487) |
Income Before Income Taxes | 6,704 | 3,295 | 10,376 | 12,205 |
Income Tax Expense (Benefit) | (1,143) | 290 | (1,599) | (6,666) |
Net Income | 5,561 | 3,585 | 8,777 | 5,539 |
Net Loss Attributable to Noncontrolling Interest | (58) | 0 | (35) | 0 |
Net Income Attributable to Oil-Dri | 5,619 | 3,585 | 8,812 | 5,539 |
Retained Earnings: | ||||
Balance at beginning of period | 158,935 | 154,735 | ||
Cash dividends declared | (5,029) | (4,676) | ||
Tax Cuts And Jobs Act Reclassification From AOCI To RetainedEarnings | 0 | 2,264 | ||
Balance at End of Period | $ 162,718 | $ 157,862 | $ 162,718 | $ 157,862 |
Net Income Per Share | ||||
Diluted Common (in dollars per share) | $ 0.74 | $ 0.48 | $ 1.17 | $ 0.75 |
Average Shares Outstanding | ||||
Diluted Common (in shares) | 7,253 | 7,222 | 7,245 | 7,217 |
Common Stock | ||||
Net Income Per Share | ||||
Basic Common (in dollars per share) | $ 0.81 | $ 0.53 | $ 1.27 | $ 0.82 |
Average Shares Outstanding | ||||
Basic Common (in shares) | 5,126 | 5,037 | 5,108 | 5,032 |
Dividends Declared Per Share (in dollars per share) | $ 0.2400 | $ 0.2300 | $ 0.7200 | $ 0.6900 |
Common Class B | ||||
Net Income Per Share | ||||
Basic Common (in dollars per share) | $ 0.61 | $ 0.40 | $ 0.95 | $ 0.62 |
Average Shares Outstanding | ||||
Basic Common (in shares) | 2,068 | 2,102 | 2,068 | 2,099 |
Dividends Declared Per Share (in dollars per share) | $ 0.1800 | $ 0.1725 | $ 0.5400 | $ 0.5175 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Net Income Attributable to Oil-Dri | $ 5,619 | $ 3,585 | $ 8,812 | $ 5,539 |
Other Comprehensive Income: | ||||
Pension and postretirement benefits (net of tax) | 146 | 238 | 437 | 656 |
Cumulative translation adjustment | 29 | (165) | (7) | (95) |
Other Comprehensive Income (Loss) | 175 | 73 | 430 | 561 |
Total Comprehensive Income | $ 5,794 | $ 3,658 | $ 9,242 | $ 6,100 |
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, 2017 | $ 126,037 | $ 1,053 | $ 36,242 | $ 154,735 | $ (55,701) | $ (10,292) | $ 0 |
Common & Class B Stock, Beginning of Period (in shares) at Jul. 31, 2017 | 10,528,678 | ||||||
Treasury Stock, Beginning of Period (in shares) at Jul. 31, 2017 | (3,232,111) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (loss) | 5,539 | $ 0 | 0 | 5,539 | $ 0 | 0 | 0 |
Other comprehensive income | 561 | 0 | 0 | 0 | 0 | 561 | 0 |
Reclassification upon adoption of accounting standard | 0 | 0 | 0 | 2,264 | 0 | (2,264) | 0 |
Dividends declared | (4,676) | 0 | 0 | (4,676) | 0 | 0 | 0 |
Purchases of treasury stock | (27) | 0 | 0 | 0 | $ (27) | 0 | 0 |
Purchases of treasury stock (in shares) | (622) | ||||||
Net issuance of stock under long-term incentive plans | 241 | $ 2 | 442 | 0 | $ (203) | 0 | 0 |
Net issuance of stock under long-term incentive plans (in shares) | 25,050 | (5,600) | |||||
Amortization of restricted stock | 1,338 | $ 0 | 1,338 | 0 | $ 0 | 0 | 0 |
Total, End of Period at Apr. 30, 2018 | 129,013 | $ 1,055 | 38,022 | 157,862 | $ (55,931) | (11,995) | 0 |
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2018 | 10,553,728 | ||||||
Treasury Stock, End of Period (in shares) at Apr. 30, 2018 | (3,238,333) | ||||||
Total, Beginning of Period at Jan. 31, 2018 | 126,262 | $ 1,055 | 37,253 | 153,571 | $ (55,813) | (9,804) | 0 |
Common & Class B Stock, Beginning of Period (in shares) at Jan. 31, 2018 | 10,552,728 | ||||||
Treasury Stock, Beginning of Period (in shares) at Jan. 31, 2018 | (3,235,333) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (loss) | 3,585 | $ 0 | 0 | 3,585 | $ 0 | 0 | 0 |
Other comprehensive income | 73 | 0 | 0 | 0 | 0 | 73 | 0 |
Reclassification upon adoption of accounting standard | 0 | 0 | 0 | 2,264 | 0 | (2,264) | 0 |
Dividends declared | (1,558) | 0 | 0 | (1,558) | 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 | 241 | $ 0 | 359 | 0 | $ (118) | 0 | 0 |
Net issuance of stock under long-term incentive plans (in shares) | 1,000 | (3,000) | |||||
Amortization of restricted stock | 410 | $ 0 | 410 | 0 | $ 0 | 0 | 0 |
Total, End of Period at Apr. 30, 2018 | 129,013 | $ 1,055 | 38,022 | 157,862 | $ (55,931) | (11,995) | 0 |
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2018 | 10,553,728 | ||||||
Treasury Stock, End of Period (in shares) at Apr. 30, 2018 | (3,238,333) | ||||||
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 (loss) | 8,777 | $ 0 | 0 | 8,812 | $ 0 | 0 | (35) |
Other comprehensive income | 430 | 0 | 0 | 0 | 0 | 430 | 0 |
Dividends declared | (5,029) | 0 | 0 | (5,029) | 0 | 0 | 0 |
Purchases of treasury stock | (141) | 0 | 0 | 0 | $ (141) | 0 | 0 |
Purchases of treasury stock (in shares) | (4,545) | ||||||
Net issuance of stock under long-term incentive plans | (1) | $ 29 | 420 | 0 | $ (450) | 0 | 0 |
Net issuance of stock under long-term incentive plans (in shares) | 297,600 | (7,737) | |||||
Amortization of restricted stock | 1,594 | $ 0 | 1,594 | 0 | $ 0 | 0 | 0 |
Total, End of Period at Apr. 30, 2019 | 137,515 | $ 1,085 | 40,487 | 162,718 | $ (56,537) | (10,185) | (53) |
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2019 | 10,853,428 | ||||||
Treasury Stock, End of Period (in shares) at Apr. 30, 2019 | (3,251,115) | ||||||
Total, Beginning of Period at Jan. 31, 2019 | 132,764 | $ 1,081 | 39,730 | 158,788 | $ (56,480) | (10,360) | 5 |
Common & Class B Stock, Beginning of Period (in shares) at Jan. 31, 2019 | 10,812,928 | ||||||
Treasury Stock, Beginning of Period (in shares) at Jan. 31, 2019 | (3,249,728) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (loss) | 5,561 | $ 0 | 0 | 5,619 | $ 0 | 0 | (58) |
Other comprehensive income | 175 | 0 | 0 | 0 | 0 | 175 | 0 |
Dividends declared | (1,689) | 0 | 0 | (1,689) | 0 | 0 | 0 |
Purchases of treasury stock | (6) | 0 | 0 | 0 | $ (6) | 0 | 0 |
Purchases of treasury stock (in shares) | 0 | ||||||
Net issuance of stock under long-term incentive plans | 0 | $ 4 | 47 | 0 | $ (51) | 0 | 0 |
Net issuance of stock under long-term incentive plans (in shares) | 40,500 | (1,387) | |||||
Amortization of restricted stock | 710 | $ 0 | 710 | 0 | $ 0 | 0 | 0 |
Total, End of Period at Apr. 30, 2019 | $ 137,515 | $ 1,085 | $ 40,487 | $ 162,718 | $ (56,537) | $ (10,185) | $ (53) |
Common Stock & Class B Stock, End of Period (in shares) at Apr. 30, 2019 | 10,853,428 | ||||||
Treasury Stock, End of Period (in shares) at Apr. 30, 2019 | (3,251,115) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 8,777 | $ 5,539 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 9,849 | 9,577 |
Amortization of investment net discount | (10) | (96) |
Stock-based compensation | 1,590 | 1,172 |
Deferred income taxes | 277 | 6,242 |
Provision for bad debts and cash discounts | (151) | 185 |
Loss on the sale of fixed assets | 4 | 34 |
Life insurance benefits | 0 | (340) |
(Increase) Decrease in assets: | ||
Accounts receivable | (2,185) | 35 |
Inventories | (4,248) | (783) |
Prepaid expenses | (201) | (42) |
Other assets | (564) | (32) |
Increase (Decrease) in liabilities: | ||
Accounts payable | 2,873 | (888) |
Accrued expenses | (1,762) | (1,198) |
Deferred compensation | (421) | (5,272) |
Pension and postretirement benefits | 1,287 | (11,223) |
Other liabilities | 249 | (121) |
Total Adjustments | 6,587 | (2,750) |
Net Cash Provided by Operating Activities | 15,364 | 2,789 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (10,162) | (10,533) |
Proceeds from sale of property, plant and equipment | 0 | 19 |
Purchases of short-term investments | (4,678) | (29,035) |
Dispositions of short-term investments | 11,082 | 38,410 |
Proceeds from life insurance | 0 | 1,747 |
Net Cash (Used in) Provided by Investing Activities | (3,758) | 608 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Principal payments on notes payable | (3,083) | (3,083) |
Dividends paid | (4,967) | (4,671) |
Purchase of treasury stock | (141) | (27) |
Proceeds from short-term borrowing | 0 | 6,000 |
Net Cash Used in Financing Activities | (8,191) | (1,781) |
Effect of exchange rate changes on cash and cash equivalents | 52 | (98) |
Net Increase in Cash and Cash Equivalents | 3,467 | 1,518 |
Cash and Cash Equivalents, Beginning of Period | 12,757 | 9,095 |
Cash and Cash Equivalents, End of Period | 16,224 | 10,613 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Capital expenditures accrued, but not paid | 468 | 890 |
Cash dividends declared and accrued, but not paid | $ 1,689 | $ 1,559 |
Basis of Statement Presentation
Basis of Statement Presentation | 9 Months Ended |
Apr. 30, 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. In accordance with guidance under ASC 220, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, the unaudited Condensed Consolidated Financial Statements for the three and nine months ended April 30, 2018 include a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects that resulted from a change in tax rates under the Tax Cuts and Jobs Act (the “2017 Tax Act”). Operating results for the three and nine months ended April 30, 2019 are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2019 . Correction of Error In the third quarter of fiscal 2019, we discovered an error in the unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended April 30, 2018. The reported line item for Other Comprehensive Income: Pension and postretirement benefits (net of tax) improperly included the amount reclassified from accumulated other comprehensive income upon adoption of ASC 220 described above. As a result of this error, Other Comprehensive Income and Total Comprehensive Income were understated by $2,264,000 for the three and nine months ended April 30, 2018. Other Comprehensive Loss from pension and postretirement benefits (net of tax) was previously reported as $2,026,000 and $1,608,000 for the three months and nine months ended April 30, 2018, respectively. Comprehensive Income was properly reported on the financial statements presented in our Form 10-K for fiscal year 2018. We have assessed the materiality of the misstatement both quantitatively and qualitatively and determined that the error was immaterial to prior consolidated interim financial statements taken as a whole. Corrected amounts are included in the comparative periods presented in this Form 10-Q. 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 $157,000 and $96,000 as of April 30, 2019 and July 31, 2018 , respectively. This liability is reported in Other Accrued Expenses on the Condensed Consolidated Balance Sheet. Revenue recognized during the nine months ended April 30, 2019 that was included in the liability for advance payments at the beginning of the period was $96,000 . 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 | 9 Months Ended |
Apr. 30, 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. In 2018, the SEC adopted a final rule to simplify certain disclosure requirements, Disclosure Update and Simplification ( the “Final Rule”) , which removed or modified certain disclosure requirements that require substantially similar information in other SEC disclosure requirements or under U.S. GAAP, as well as information that has become outdated over time. The amendments generally eliminate disclosures, but also include one expanded disclosure related to interim-period changes in stockholders' equity. The Final Rule became effective on November 5, 2018. The SEC staff clarified that a filer's first presentation of the expanded interim disclosure regarding changes in stockholders' equity may be included in its Form 10-Q for the quarter that begins after the effective date. Accordingly, we have included unaudited Statements of Stockholders' Equity in this Form 10-Q for our third quarter ended April 30, 2019. |
Inventories
Inventories | 9 Months Ended |
Apr. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The composition of inventories is as follows (in thousands): April 30, July 31, Finished goods $ 15,604 $ 14,223 Packaging 6,722 5,349 Other 4,412 2,949 Total Inventories $ 26,738 $ 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 April 30, 2019 and July 31, 2018 were $931,000 and $1,136,000 , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 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 $26,000 and $9,920,000 as of April 30, 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 April 30, 2019 and July 31, 2018 . Balances of accounts receivable and accounts payable approximated their fair values at April 30, 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 $6,308,000 and $9,553,000 as of April 30, 2019 and July 31, 2018 , respectively, and are classified as Level 2. The fair value as of April 30, 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) | 9 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Intangible amortization expense was $209,000 and $255,000 in the third quarter of fiscal years 2019 and 2018 , respectively. Intangible amortization expense was $628,000 and $762,000 in the first nine months of fiscal years 2019 and 2018 , respectively. Estimated intangible amortization for the remainder of fiscal year 2019 is $209,000 . Estimated intangible amortization for the next five fiscal years is as follows (in thousands): 2020 $ 668 2021 $ 484 2022 $ 334 2023 $ 202 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 | 9 Months Ended |
Apr. 30, 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 April 30, For the Nine Months Ended April 30, 2019 2018 2019 2018 Service cost $ 407 $ 431 $ 1,220 $ 1,293 Interest cost 529 503 1,586 1,517 Expected return on plan assets (702 ) (656 ) (2,107 ) (1,627 ) Amortization of: Prior service costs — 1 1 2 Other actuarial loss 192 314 578 955 Net periodic benefit cost $ 426 $ 593 $ 1,278 $ 2,140 Postretirement Health Benefits (in thousands) For the Three Months Ended April 30, For the Nine Months Ended April 30, 2019 2018 2019 2018 Service cost $ 27 $ 26 $ 79 $ 80 Interest cost 24 20 73 63 Amortization of: Prior service costs (2 ) (2 ) (5 ) (5 ) Other actuarial loss — — — — Net periodic benefit cost $ 49 $ 44 $ 147 $ 138 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 nine 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 third quarter and the first nine 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 Nine Months Ended April 30, 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 | 9 Months Ended |
Apr. 30, 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 Nine Months Ended April 30, Product 2019 2018 2019 2018 Cat Litter $ 9,943 $ 10,018 $ 101,754 $ 93,997 Industrial and Sports — — 25,509 25,536 Agricultural and Horticultural 18,320 18,182 — — Bleaching Clay and Fluids Purification 38,116 37,639 1,820 1,628 Animal Health and Nutrition 11,446 13,387 — — Net Sales $ 77,825 $ 79,226 $ 129,083 $ 121,161 Business to Business Products Group Retail and Wholesale Products Group For the Three Months Ended April 30, Product 2019 2018 2019 2018 Cat Litter $ 3,441 $ 2,945 $ 34,141 $ 29,711 Industrial and Sports — — 10,080 9,850 Agricultural and Horticultural 5,622 5,203 — — Bleaching Clay and Fluids Purification 13,662 12,094 623 502 Animal Health and Nutrition 3,316 4,542 — — Net Sales $ 26,041 $ 24,784 $ 44,844 $ 40,063 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 April 30, 2019 July 31, 2018 (in thousands) Business to Business Products Group $ 64,544 $ 65,143 Retail and Wholesale Products Group 90,859 89,623 Unallocated Assets 43,075 39,916 Total Assets $ 198,478 $ 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. Other income for the third quarter and the first nine months of fiscal year 2019 included net proceeds upon resolution of legal proceedings. The amount received under a confidential agreement resolving such legal proceedings was material to our financial results for the period. For the Nine Months Ended April 30, Net Sales Income 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 77,825 $ 79,226 $ 21,758 $ 26,191 Retail and Wholesale Products Group 129,083 121,161 6,823 7,010 Net Sales $ 206,908 $ 200,387 Corporate Expenses (22,424 ) (20,509 ) Income from Operations 6,157 12,692 Total Other Income (Expense), Net 4,219 (487 ) Income before Income Taxes 10,376 12,205 Income Tax Expense (1,599 ) (6,666 ) Net Income 8,777 5,539 Net Loss Attributable to Noncontrolling Interest (35 ) — Net Income Attributable to Oil-Dri $ 8,812 $ 5,539 For the Three Months Ended April 30, Net Sales Income 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 26,041 $ 24,784 $ 7,454 $ 7,556 Retail and Wholesale Products Group 44,844 40,063 4,161 2,223 Net Sales $ 70,885 $ 64,847 Corporate Expenses (9,288 ) (6,485 ) Income from Operations 2,327 3,294 Total Other Income, Net 4,377 1 Income before Income Taxes 6,704 3,295 Income Tax (Expense) Benefit (1,143 ) 290 Net Income 5,561 3,585 Net Loss Attributable to Noncontrolling Interest (58 ) — Net Income Attributable to Oil-Dri $ 5,619 $ 3,585 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Apr. 30, 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 April 30, 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 41,000 and 1,000 restricted shares of Common Stock granted during the third quarter of fiscal year 2019 and 2018 , respectively. Stock-based compensation expense related to non-vested restricted stock was $710,000 and $410,000 for the third quarter of fiscal years 2019 and 2018 , respectively. Stock-based compensation expense related to non-vested restricted stock was $1,599,000 and $1,338,000 for the first nine 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 314 $ 32.93 Vested (60 ) $ 31.86 Forfeitures (24 ) $ 30.85 Non-vested restricted stock outstanding at April 30, 2019 408 $ 33.13 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income (Notes) | 9 Months Ended |
Apr. 30, 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 April 30, 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 — (7 ) (7 ) Amounts reclassified from accumulated other comprehensive income, net of tax 437 (a) — 437 Net current-period other comprehensive income (loss), net of tax 437 (7 ) 430 Balance as of April 30, 2019 $ (9,947 ) $ (238 ) $ (10,185 ) (a) Amount is net of tax expense of $137,000 . 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) | 9 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS One member of our Board of Directors and our Lead Independent Director 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 $158,000 and $150,000 for the third quarters of fiscal years 2019 and 2018 , respectively, and were $360,000 and $313,000 for the first nine months of fiscal years 2019 and 2018 , respectively. Outstanding accounts receivable from that customer, and its subsidiaries, were $34,000 and $14,000 as of April 30, 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 $140,000 and $67,000 for the third quarters of fiscal years 2019 and 2018 , respectively, and were $237,000 and $183,000 for the first nine months of fiscal years 2019 and 2018 , respectively. There were no outstanding accounts payable to that vendor as of April 30, 2019 or July 31, 2018 . |
Basis of Statement Presentati_2
Basis of Statement Presentation Level 2 (Policies) | 9 Months Ended |
Apr. 30, 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 $157,000 and $96,000 as of April 30, 2019 and July 31, 2018 , respectively. This liability is reported in Other Accrued Expenses on the Condensed Consolidated Balance Sheet. Revenue recognized during the nine months ended April 30, 2019 that was included in the liability for advance payments at the beginning of the period was $96,000 . 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) | 9 Months Ended |
Apr. 30, 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) | 9 Months Ended |
Apr. 30, 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) | 9 Months Ended |
Apr. 30, 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) | 9 Months Ended |
Apr. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | The composition of inventories is as follows (in thousands): April 30, July 31, Finished goods $ 15,604 $ 14,223 Packaging 6,722 5,349 Other 4,412 2,949 Total Inventories $ 26,738 $ 22,521 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Apr. 30, 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 $ 668 2021 $ 484 2022 $ 334 2023 $ 202 2024 $ 68 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Apr. 30, 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 April 30, For the Nine Months Ended April 30, 2019 2018 2019 2018 Service cost $ 407 $ 431 $ 1,220 $ 1,293 Interest cost 529 503 1,586 1,517 Expected return on plan assets (702 ) (656 ) (2,107 ) (1,627 ) Amortization of: Prior service costs — 1 1 2 Other actuarial loss 192 314 578 955 Net periodic benefit cost $ 426 $ 593 $ 1,278 $ 2,140 Postretirement Health Benefits (in thousands) For the Three Months Ended April 30, For the Nine Months Ended April 30, 2019 2018 2019 2018 Service cost $ 27 $ 26 $ 79 $ 80 Interest cost 24 20 73 63 Amortization of: Prior service costs (2 ) (2 ) (5 ) (5 ) Other actuarial loss — — — — Net periodic benefit cost $ 49 $ 44 $ 147 $ 138 |
Schedule of Assumptions Used | Assumptions used in the previous calculations were as follows: Pension Benefits Postretirement Health Benefits For the Three and Nine Months Ended April 30, 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) | 9 Months Ended |
Apr. 30, 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 Nine Months Ended April 30, Product 2019 2018 2019 2018 Cat Litter $ 9,943 $ 10,018 $ 101,754 $ 93,997 Industrial and Sports — — 25,509 25,536 Agricultural and Horticultural 18,320 18,182 — — Bleaching Clay and Fluids Purification 38,116 37,639 1,820 1,628 Animal Health and Nutrition 11,446 13,387 — — Net Sales $ 77,825 $ 79,226 $ 129,083 $ 121,161 Business to Business Products Group Retail and Wholesale Products Group For the Three Months Ended April 30, Product 2019 2018 2019 2018 Cat Litter $ 3,441 $ 2,945 $ 34,141 $ 29,711 Industrial and Sports — — 10,080 9,850 Agricultural and Horticultural 5,622 5,203 — — Bleaching Clay and Fluids Purification 13,662 12,094 623 502 Animal Health and Nutrition 3,316 4,542 — — Net Sales $ 26,041 $ 24,784 $ 44,844 $ 40,063 |
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 April 30, 2019 July 31, 2018 (in thousands) Business to Business Products Group $ 64,544 $ 65,143 Retail and Wholesale Products Group 90,859 89,623 Unallocated Assets 43,075 39,916 Total Assets $ 198,478 $ 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. Other income for the third quarter and the first nine months of fiscal year 2019 included net proceeds upon resolution of legal proceedings. The amount received under a confidential agreement resolving such legal proceedings was material to our financial results for the period. For the Nine Months Ended April 30, Net Sales Income 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 77,825 $ 79,226 $ 21,758 $ 26,191 Retail and Wholesale Products Group 129,083 121,161 6,823 7,010 Net Sales $ 206,908 $ 200,387 Corporate Expenses (22,424 ) (20,509 ) Income from Operations 6,157 12,692 Total Other Income (Expense), Net 4,219 (487 ) Income before Income Taxes 10,376 12,205 Income Tax Expense (1,599 ) (6,666 ) Net Income 8,777 5,539 Net Loss Attributable to Noncontrolling Interest (35 ) — Net Income Attributable to Oil-Dri $ 8,812 $ 5,539 For the Three Months Ended April 30, Net Sales Income 2019 2018 2019 2018 (in thousands) Business to Business Products Group $ 26,041 $ 24,784 $ 7,454 $ 7,556 Retail and Wholesale Products Group 44,844 40,063 4,161 2,223 Net Sales $ 70,885 $ 64,847 Corporate Expenses (9,288 ) (6,485 ) Income from Operations 2,327 3,294 Total Other Income, Net 4,377 1 Income before Income Taxes 6,704 3,295 Income Tax (Expense) Benefit (1,143 ) 290 Net Income 5,561 3,585 Net Loss Attributable to Noncontrolling Interest (58 ) — Net Income Attributable to Oil-Dri $ 5,619 $ 3,585 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Apr. 30, 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 314 $ 32.93 Vested (60 ) $ 31.86 Forfeitures (24 ) $ 30.85 Non-vested restricted stock outstanding at April 30, 2019 408 $ 33.13 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Apr. 30, 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 April 30, 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 — (7 ) (7 ) Amounts reclassified from accumulated other comprehensive income, net of tax 437 (a) — 437 Net current-period other comprehensive income (loss), net of tax 437 (7 ) 430 Balance as of April 30, 2019 $ (9,947 ) $ (238 ) $ (10,185 ) (a) Amount is net of tax expense of $137,000 . Amount is included in the components of net periodic benefit cost for the pension and postretirement health plans. See Note 6 of the Notes to unaudited Condensed Consolidated Financial Statements for further information. |
Basis of Statement Presentati_3
Basis of Statement Presentation Revenue Recognition (Details) - Payments In Advance - USD ($) | 9 Months Ended | |
Apr. 30, 2019 | Jul. 31, 2018 | |
Deferred Revenue Arrangement | ||
Liability for Payments in Advance | $ 157,000 | $ 96,000 |
Payments in Advance, Revenue Recognized | $ 96,000 |
Basis of Statement Presentati_4
Basis of Statement Presentation Correction of Error (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Other Comprehensive Income | ||||
Pension and postretirement benefits (net of tax) | $ (146,000) | $ (238,000) | $ (437,000) | $ (656,000) |
Adjustment Immaterial Error Correction | ||||
Other Comprehensive Income | ||||
Pension and postretirement benefits (net of tax) | 2,264,000 | 2,264,000 | ||
Previously Reported | ||||
Other Comprehensive Income | ||||
Pension and postretirement benefits (net of tax) | $ 2,026,000 | $ 1,608,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Inventory | ||
Finished goods | $ 15,604 | $ 14,223 |
Packaging | 6,722 | 5,349 |
Other | 4,412 | 2,949 |
Total Inventories | $ 26,738 | $ 22,521 |
Inventories Narrative (Details)
Inventories Narrative (Details) - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Inventory | ||
Inventory obsolescence reserve | $ 931,000 | $ 1,136,000 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash Equivalents | $ 26,000 | $ 9,920,000 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Notes Payable, Fair Value | $ 6,308,000 | $ 9,553,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense | |
2020 | $ 668 |
2021 | 484 |
2022 | 334 |
2023 | 202 |
2024 | $ 68 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Finite-Lived Intangible Assets | |||||
Amortization of intangible assets | $ 209,000 | $ 255,000 | $ 628,000 | $ 762,000 | |
Amortization expense for remainder of current fiscal year | 209,000 | 209,000 | |||
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 | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | $ 407 | $ 431 | $ 1,220 | $ 1,293 |
Interest cost | 529 | 503 | 1,586 | 1,517 |
Expected return on plan assets | (702) | (656) | (2,107) | (1,627) |
Amortization of Prior service costs | 0 | 1 | 1 | 2 |
Amortization of Other actuarial loss | 192 | 314 | 578 | 955 |
Net periodic benefit cost | 426 | 593 | 1,278 | 2,140 |
Postretirement Health Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Service cost | 27 | 26 | 79 | 80 |
Interest cost | 24 | 20 | 73 | 63 |
Amortization of Prior service costs | (2) | (2) | (5) | (5) |
Amortization of Other actuarial loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 49 | $ 44 | $ 147 | $ 138 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits Assumptions (Details) | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 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) | 9 Months Ended |
Apr. 30, 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 | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenue by Principal Product | ||||
Net Sales | $ 70,885 | $ 64,847 | $ 206,908 | $ 200,387 |
Business to Business Products | ||||
Revenue by Principal Product | ||||
Net Sales | 26,041 | 24,784 | 77,825 | 79,226 |
Business to Business Products | Cat Litter | ||||
Revenue by Principal Product | ||||
Net Sales | 3,441 | 2,945 | 9,943 | 10,018 |
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 | 5,622 | 5,203 | 18,320 | 18,182 |
Business to Business Products | Bleaching Clay and Fluids Purification | ||||
Revenue by Principal Product | ||||
Net Sales | 13,662 | 12,094 | 38,116 | 37,639 |
Business to Business Products | Animal Health and Nutrition | ||||
Revenue by Principal Product | ||||
Net Sales | 3,316 | 4,542 | 11,446 | 13,387 |
Retail and Wholesale Products | ||||
Revenue by Principal Product | ||||
Net Sales | 44,844 | 40,063 | 129,083 | 121,161 |
Retail and Wholesale Products | Cat Litter | ||||
Revenue by Principal Product | ||||
Net Sales | 34,141 | 29,711 | 101,754 | 93,997 |
Retail and Wholesale Products | Industrial and Sports | ||||
Revenue by Principal Product | ||||
Net Sales | 10,080 | 9,850 | 25,509 | 25,536 |
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 | 623 | 502 | 1,820 | 1,628 |
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 | 9 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Segment Reporting Information | |||||
Assets | $ 198,478 | $ 198,478 | $ 194,682 | ||
Net Sales | 70,885 | $ 64,847 | 206,908 | $ 200,387 | |
Corporate Expenses | (9,288) | (6,485) | (22,424) | (20,509) | |
Income from Operations | 2,327 | 3,294 | 6,157 | 12,692 | |
Total Other Income (Expense), Net | 4,377 | 1 | 4,219 | (487) | |
Income before Income Taxes | 6,704 | 3,295 | 10,376 | 12,205 | |
Income Tax Expense (Benefit) | (1,143) | 290 | (1,599) | (6,666) | |
Net Income | 5,561 | 3,585 | 8,777 | 5,539 | |
Net Loss Attributable to Noncontrolling Interest | (58) | 0 | (35) | 0 | |
Net Income Attributable to Oil-Dri | 5,619 | 3,585 | 8,812 | 5,539 | |
Business to Business Products | |||||
Segment Reporting Information | |||||
Assets | 64,544 | 64,544 | 65,143 | ||
Segment Income | 7,454 | 7,556 | 21,758 | 26,191 | |
Net Sales | 26,041 | 24,784 | 77,825 | 79,226 | |
Retail and Wholesale Products | |||||
Segment Reporting Information | |||||
Assets | 90,859 | 90,859 | 89,623 | ||
Segment Income | 4,161 | 2,223 | 6,823 | 7,010 | |
Net Sales | 44,844 | $ 40,063 | 129,083 | $ 121,161 | |
Unallocated Assets | |||||
Segment Reporting Information | |||||
Assets | $ 43,075 | $ 43,075 | $ 39,916 |
Operating Segments Narrative (D
Operating Segments Narrative (Details) | 9 Months Ended |
Apr. 30, 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 | 9 Months Ended |
Apr. 30, 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 | 314 |
Vested, number of shares | shares | (60) |
Forfeitures, number of shares | shares | (24) |
Non-vested restricted stock outstanding, ending balance | shares | 408 |
Non-vested restricted stock outstanding, weighted average grant date fair value, beginning balance | $ / shares | $ 32.74 |
Granted, weighted average grant date fair value | $ / shares | 32.93 |
Vested, weighted average grant date fair value | $ / shares | 31.86 |
Forfeitures, weighted average grant date fair value | $ / shares | 30.85 |
Non-vested restricted stock outstanding, weighted average grant date fair value, ending balance | $ / shares | $ 33.13 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Granted, number of shares | 314,000 | |||
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 | $ 710,000 | $ 410,000 | $ 1,599,000 | $ 1,338,000 |
2006 Plan | Restricted Stock | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Granted, number of shares | 41,000 | 1,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive (Loss) Income, Balance, beginning | $ (10,615) | |||
Other comprehensive loss before reclassifications, net of tax | (7) | |||
Amounts reclassified from accumulated other comprehensive income, net of tax | 437 | |||
Net current-period other comprehensive income (loss), net of tax | $ (175) | $ (73) | (430) | $ (561) |
Accumulated Other Comprehensive (Loss) Income, Balance, ending | (10,185) | (10,185) | ||
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 | 437 | |||
Net current-period other comprehensive income (loss), net of tax | (437) | |||
Accumulated Other Comprehensive (Loss) Income, Balance, ending | (9,947) | (9,947) | ||
Cumulative Translation Adjustment | ||||
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive (Loss) Income, Balance, beginning | (231) | |||
Other comprehensive loss before reclassifications, net of tax | (7) | |||
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | |||
Net current-period other comprehensive income (loss), net of tax | 7 | |||
Accumulated Other Comprehensive (Loss) Income, Balance, ending | $ (238) | $ (238) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income Narrative (Details) | 9 Months Ended |
Apr. 30, 2019USD ($) | |
Accumulated Other Comprehensive (Loss) Income | |
Tax for reclassification adjustment from AOCI for pension and other postretirement benefits | $ 137,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Related Party Transaction | |||||
Net sales to related party | $ 158,000 | $ 150,000 | $ 360,000 | $ 313,000 | |
Accounts receivable from related party | 34,000 | 34,000 | $ 14,000 | ||
Payments to related party | 140,000 | $ 67,000 | 237,000 | $ 183,000 | |
Accounts payable to related party | $ 0 | $ 0 | $ 0 |