Item 9A. Controls and Procedures
ITEM 9A – CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Management conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Form 10-K. The controls evaluation was conducted under the supervision and with the participation of management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”). Based upon the controls evaluation, our CEO and CFO have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the SEC, and that such information is accumulated and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control Over Financial Reporting
Management’s Report on Internal Control Over Financial Reporting is set forth in Part II, Item 8 of this Annual Report on Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the fiscal year ended July 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including the CEO and CFO, do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
ITEM 9B – OTHER INFORMATION
On June 29, 2023, the Company entered into the Sixth Amendment (the “Amendment”) to the Memorandum of Agreement #1450 “Fresh Step”® dated as of March 12, 2001 between A&M Products Manufacturing Company, a subsidiary of The Clorox Company, and Oil-Dri Corporation of America (as amended by the First Amendment, dated December 13, 2002, the Second Amendment, dated October 15, 2007, the Third Amendment, dated May 27, 2016, the Fourth Amendment, dated December 4, 2020, and the Fifth Amendment, dated April 10, 2023, the “Memorandum Agreement”). The Amendment extends the initial term of the Memorandum Agreement.
On September 21, 2023, the Company entered into the Seventh Amendment (the “Seventh Amendment”) to the Memorandum of Agreement, as amended by the Sixth Amendment. The Seventh Amendment further extends the initial term of the
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Memorandum Agreement. The foregoing is a brief description of the material terms of the Sixth Amendment and the Seventh Amendment and does not purport to be a complete description of the rights and obligations of the parties thereunder. The foregoing description is qualified in its entirety by reference to the Sixth Amendment and the Seventh Amendment, which are filed as Exhibits 10.40 and 10.41 to this Annual Report on Form 10-K, respectively.
ITEM 9C - DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.
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PART III
ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information required by this Item (except as set forth below) will be included in Oil-Dri’s Proxy Statement for its 2023 annual meeting of stockholders under the captions “PROPOSALS - 1. Election of Directors,” “Executive Officers,” “CORPORATE GOVERNANCE MATTERS - Director Nominations,” “Board of Directors Committee Membership and Meetings,” (including the “Audit Committee” section thereunder) and “Corporate Governance Matters” and is incorporated herein by this reference.
The Company has adopted a Code of Ethics and Business Conduct (the “Code”) which applies to all of its directors, officers (including the Company’s Chief Executive Officer and senior financial officers) and employees. The Code imposes significant responsibilities on the Chief Executive Officer and the senior financial officers of the Company. The Code, the Company’s Corporate Governance Guidelines and the charter of its Audit Committee may be viewed on the Company’s website at www.oildri.com and are available in print to any person upon request to Investor Relations, Oil-Dri Corporation of America, 410 North Michigan Avenue, Suite 400, Chicago, Illinois 60611-4213, telephone (312) 321-1515 or e-mail to info@oildri.com. Any amendment to, or waiver of, a provision of the Code which applies to the Company’s Chief Executive Officer or senior financial officers and relates to the elements of a “code of ethics” as defined by the SEC will also be posted on the Company’s website. As allowed by the “controlled company” exemption to certain NYSE rules, the Company does not have a nominating/corporate governance committee (as defined by the NYSE rules) and its compensation committee does not have a charter.
ITEM 11 – EXECUTIVE COMPENSATION
The information required by this Item will be included in Oil-Dri ’ s Proxy Statement for its 2023 annual meeting of stockholders under the captions “Executive Compensation,” “CORPORATE GOVERNANCE MATTERS – Director Compensation,” and “Board of Directors Committee Membership and Meetings,” (including the “Compensation Committee” thereunder) and is incorporated herein by reference.
ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Except as set forth herein, t he information required by this Item will be included in Oil-Dri’s Proxy Statement for its 2023 annual meeting of stockholders under the captions “Principal Stockholders” and “Security Ownership of Management” and is incorporated herein by reference.
Equity Compensation Plan Information. The following table presents information about compensation plans under which our equity securities are authorized for issuance. There are no outstanding stock options as of July 31, 2023. See Note 7 of the Notes to the Consolidated Financial Statements for further information about these stock-based compensation plans.
Equity Compensation Plan Information As Of July 31, 2023
Plan Category Number of securities to be issued upon exercise of outstanding options (in thousands)
(a) Weighted-average exercise price of outstanding options
(b) Number of securities remaining available for further issuance under equity compensation plans (excluding securities reflected in column (a)) (in thousands)
(c)
Equity compensation plans approved by stockholders — $— 242
The number of securities remaining in column (c) above includes, in accordance with the terms of the plan, shares that were: 1) not vested or exercised in full due to expiration or termination, or 2) tendered or withheld for payment of the exercise price or to satisfy tax withholding amounts.
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ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by this Item will be included in Oil-Dri’s Proxy Statement for its 2023 annual meeting of stockholders under the captions “CORPORATE GOVERNANCE MATTERS – Certain Relationships and Related Party Transactions” and “Director Independence” and is incorporated herein by reference.
ITEM 14 – PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this Item will be included in Oil-Dri’s Proxy Statement for its 2023 annual meeting of stockholders under the caption “Other Matters Relating to the Independent Auditor - Auditor Fees” and is incorporated herein by reference.
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PART IV
ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULE
(a)(1) The following consolidated financial statements are contained herein.
Consolidated Balance Sheets as of July 31, 2023 and July 31, 2022.
Consolidated Statements of Operations for the fiscal years ended July 31, 2023 and July 31, 2022.
Consolidated Statements of Comprehensive Income for the fiscal years ended July 31, 2023 and July 31, 2022.
Consolidated Statements of Stockholders’ Equity for the fiscal years ended July 31, 2023 and July 31, 2022.
Consolidated Statements of Cash Flows for the fiscal years ended July 31, 2023 and July 31, 2022.
Notes to the Consolidated Financial Statements.
Report of Independent Registered Public Accounting Firm.
(a)(2) The following financial statement schedule is contained herein:
Schedule to Financial Statements, as follows:
Schedule II - Valuation and Qualifying Accounts, years ended July 31, 2023 and July 31, 2022.
All other schedules are omitted because they are inapplicable, not required under the instructions or the information is included in the consolidated financial statements or notes thereto.
(a)(3) The following documents are exhibits to this Report:
Exhibit
No. Description SEC Document Reference
3.1 Certificate of Incorporation of Oil-Dri, as amended. Incorporated by reference to Exhibit 4.1 to Oil-Dri’s Registration Statement on Form S-8 (Registration No. 333-57625), filed on June 24, 1998.
3.2 By-Laws of Oil-Dri Corporation of America, as Amended and Restated on December 12, 2017. Incorporated by reference to Exhibit 3 to Oil-Dri’s (file No. 001-12622) Quarterly Report on Form 10-Q filed on March 9, 2018.
4.1 Description of Capital Stock Filed herewith
10.1 Memorandum of Agreement #1450 “Fresh Step“ ® dated as of March 12, 2001 between A&M Products Manufacturing Company and Oil-Dri.
Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended October 31, 2020.
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Exhibit
No. Description SEC Document Reference
10.2 First Amendment, dated as of December 13, 2002, to Memorandum of Agreement #1450 “Fresh Step” ® dated as of March 12, 2001.
Incorporated by reference to Exhibit 10.2 to Oil-Dri’s (File No. 001-12622) Annual Report on Form 10-K for the fiscal year ended July 31, 2007.
10.3 Second Amendment, dated as of October 15, 2007, to Memorandum of Agreement #1450 “Fresh Step” ® dated as of March 12, 2001.
Incorporated by reference to Exhibit 10.2 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended October 31, 2020.
10.4 Third Amendment, dated as of May 27, 2016, to Memorandum of Agreement #1450 “Fresh Step” ® dated as of March 12, 2001.
Incorporated by reference to Exhibit 10.3 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended October 31, 2020.
10.5 Exclusive Supply Agreement dated May 19, 1999 between Church & Dwight Co., Inc. and Oil-Dri. Incorporated by reference to Exhibit 10.5 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended October 31, 2020.
10.6 Credit Agreement, dated January 27, 2006 among the Company, certain subsidiaries of the Company and Harris N.A. Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Current Report on Form 8-K filed on February 1, 2006.
10.7 First Amendment, dated as of December 19, 2008 to Credit Agreement dated as of January 27, 2006. Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended January 31, 2009.
10.8 Second Amendment, dated as of December 21, 2011 to Credit Agreement dated as of January 27, 2006. Incorporated by reference to Exhibit 10 to Oil-Dri’s (File No. 001-12622) Current Report on Form 8-K filed on December 28, 2011.
10.9 Third Amendment, dated as of June 21, 2012 to Credit Agreement dated as of January 27, 2006. Incorporated by reference to Exhibit 10.12 to Oil-Dri’s (File No. 001-12622) Annual Report on Form 10-K for the fiscal year ended July 31, 2012.
10.10 Fourth Amendment, dated as of December 4, 2014 to Credit Agreement dated as of January 27, 2006. Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended October 31, 2014.
10.11 Fifth Amendment, dated as of January 31, 2019 to Credit Agreement dated as of January 27, 2006. Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Current Report on Form 8-K filed on January 31, 2019.
10.12 Annex A to the Fifth Amendment to Credit Agreement dated as of January 27, 2006. Incorporated by reference to Exhibit 10.2 to Oil-Dri’s (File No. 001-12622) Current Report on Form 8-K filed on January 31, 2019.
10.13 $18,500,000 Note Agreement dated as of November 12, 2010 among Oil-Dri Corporation of America, The Prudential Insurance Company of America, Prudential Retirement Insurance and Annuity Company, Forethought Life Insurance Company, Physicians Mutual Insurance Company and BCBSM, Inc. dba Blue Cross and Blue Shield of Minnesota. Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Current Report on Form 8-K filed on November 16, 2010.
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Exhibit
No. Description SEC Document Reference
10.14 Amended and Restated Note Purchase and Private Shelf Agreement, dated as of May 15, 2020, among Oil-Dri Corporation of America, PGIM, Inc. and existing noteholders and purchasers named therein. Incorporated by reference to Exhibit 10.1 to Oil-Dri's (file No. 001-12622) Current Report on Form 8-K filed on May 21, 2020.
10.15 Oil-Dri Corporation of America Deferred Compensation Plan, as amended and restated effective April 1, 2003.* Incorporated by reference to Exhibit (10)(j)(1) to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended April 30, 2003.
10.16 First Amendment, effective as of January 1, 2007, to Oil-Dri Corporation of America Deferred Compensation Plan, as amended and restated effective April 1, 2003.* Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended January 31, 2008.
10.17 Second Amendment, effective as of January 1, 2008, to Oil-Dri Corporation of America Deferred Compensation Plan, as amended and restated effective April 1, 2003.* Incorporated by reference to Exhibit 10.2 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended January 31, 2008.
10.18 Oil-Dri Corporation of America Annual Incentive Plan (as amended and restated effective January 1, 2008).* Incorporated by reference to Exhibit 10.4 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended January 31, 2008.
10.19 Oil-Dri Corporation of America 2005 Deferred Compensation Plan (as amended and restated effective January 1, 2008)* Incorporated by reference to Exhibit 10.3 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended January 31, 2008.
10.20 First Amendment, effective July 1, 2020, to the Oil-Dri Corporation of America 2005 Deferred Compensation Plan (as amended and restated effective January 1, 2008).* Incorporated by reference to Exhibit 10.24 to Oil Dri's ( File No. 001-12622) Annual Report on Form 10-K for the fiscal year ended July 31, 2020.
10.21 Oil-Dri Corporation of America 2006 Long Term Incentive Plan (as amended and restated effective July 28, 2006)* Incorporated by reference to Appendix A to Oil-Dri’s (File No. 001-12622) Definitive Proxy Statement on Schedule 14A filed on November 3, 2006.
10.22 First Amendment, effective as of January 1, 2008, to Oil-Dri Corporation of America 2006 Long Term Incentive Plan (as amended and restated effective July 28, 2006)* Incorporated by reference to Exhibit 10.5 to Oil-Dri’s (File No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended January 31, 2008.
10.23 Second Amendment, effective as of October 15, 2015, to Oil-Dri Corporation of America 2006 Long Term Incentive Plan (as previously amended and restated effective July 28, 2006)* Incorporated by reference to Appendix A to Oil-Dri’s (File No. 001-12622) Definitive Proxy Statement on Schedule 14A filed on October 28, 2015.
10.24 Third Amendment to Oil-Dri Corporation of America 2006 Long Term Incentive Plan* Incorporated by reference to Appendix A of Oil-Dri's (File No. 001-12622) Definitive Proxy Statement on Schedule 14A filed on October 30, 2019
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Exhibit
No. Description SEC Document Reference
10.25 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Employee Stock Option Agreement for Class A Common Stock.* Incorporated by reference to Exhibit 10.2 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.26 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Employee Stock Option Agreement for Common Stock.* Incorporated by reference to Exhibit 10.3 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.27 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Employee Stock Option Agreement for Class B Stock.* Incorporated by reference to Exhibit 10.4 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.28 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Director Stock Option Agreement for Common Stock.* Incorporated by reference to Exhibit 10.5 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.29 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Restricted Stock Agreement for Class A Common Stock.* Incorporated by reference to Exhibit 10.6 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.30 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Restricted Stock Agreement for Common Stock.* Incorporated by reference to Exhibit 10.7 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.31 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Restricted Stock Agreement for Class B Stock.* Incorporated by reference to Exhibit 10.8 to Oil-Dri’s (file No. 001-12622) Current Report on Form 8-K filed on December 11, 2006.
10.32 Form of 2018 Restricted Stock Agreement for Class B Stock under the Oil-Dri Corporation of America 2006 Long Term Incentive Plan.* Incorporated by reference to Exhibit 10.29 to Oil-Dri's (file No. 001-12622) Annual Report on Form 10-K for the fiscal year ended July 31, 2018 .
10.33 Fourth Amendment, dated as of December 4, 2020, to Memorandum of Agreement #1450 “Fresh Step”® dated as of March 12, 2001.† Incorporated by reference to Exhibit 10.4 to Oil-Dri’s (file No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended October 31, 2020.
10.34 Amendment No. 1 dated December 16, 2021 to the Amended and Restated Note Purchase and Private Shelf Agreement among Oil-Dri Corporation of America, PGIM, Inc. and existing noteholders and purchasers named therein. Incorporated by reference to Exhibit 10.1 to Oil-Dri's (file No. 001-12622) Current Report on Form 8-K filed on December 17, 2021.
10.35 Oil-Dri BMO - Modification to BMO Harris Bank N.A. Credit Agreement. Incorporated by reference to Exhibit 10.1 to Oil-Dri’s (file No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended April 30, 2022.
10.36 Amendment No. 2 to Amended and Restated Note Purchase and Private Shelf Agreement. Incorporated by reference to Exhibit 10.2 to Oil-Dri’s (file No. 001-12622) Quarterly Report on Form 10-Q for the quarter ended April 30, 2022.
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Exhibit
No. Description SEC Document Reference
10.37 Sixth Amendment to Credit Agreement dated as of August 30, 2022, between Oil-Dri Corporation of America and BMO Harris Bank N.A. Incorporated by reference to Exhibit 10.1 to Oil-Dri's (file No. 001-12622) Current Report on Form 8-K filed on September 6, 2022.
10.38
Amendment No. 3 to Amended and Restated Note Purchase and Private Shelf Agreement, dated August 30, 2022, among Oil-Dri Corporation of America, PGIM, Inc. and existing noteholders named therein.
Incorporated by reference to Exhibit 10.2 to Oil-Dri's (file No. 001-12622) Current Report on Form 8-K filed on September 6, 2022.
10.39 Fifth Amendment, dated as of April 10, 2023, to Memorandum of Agreement #1450 “Fresh Step”® dated as of March 12, 2001.† Incorporated by reference to Exhibit 10.1 to Oil-Dri's (file No. 001-12611) Quarterly Report on Form 10-Q for the quarter ended April 30, 2023.
10.40 Sixth Amendment, dated as of June 29, 2023, to Memorandum of Agreement #1450 “Fresh Step”® dated as of March 12, 2001.† Filed herewith.
10.41 Seventh Amendment, dated as of September 21, 2023, to Memorandum of Agreement #1450 “Fresh Step”® dated as of March 12, 2001.† Filed herewith.
14.1 Amended and Restated Code of Ethics Available at Oil-Dri’s website at www.oildri.com or in print upon request to Investor Relations, Oil-Dri Corporation of America, 410 North Michigan Avenue, Suite 400, Chicago, IL 60611-4213, telephone (312) 321-1515 or e-mail to info@oildri.com.
21.1 Subsidiaries of Oil-Dri Corporation of America Filed herewith.
23.1 Consent of Independent Registered Public Accounting Firm Filed herewith.
31.1 Certifications pursuant to Rule 13a – 14(a). Filed herewith.
32.1 Certifications pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
95 Mine Safety Disclosure Filed herewith.
101.INS XBRL Taxonomy Instance Document The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH XBRL Taxonomy Extension Schema Document Furnished herewith.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document Furnished herewith.
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Exhibit
No. Description SEC Document Reference
101.DEF XBRL Taxonomy Extension Definition Linkbase Document Furnished herewith.
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) Furnished herewith
101.LAB XBRL Taxonomy Extension Labels Linkbase Document Furnished herewith.
101.PRE XBRL Taxonomy Extension Presentation Linkbase Furnished herewith.
† Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K. A copy of the omitted portions will be furnished supplementally to the Securities and Exchange Commission upon request.
* Management contract or compensatory plan or arrangement.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Oil-Dri has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
OIL-DRI CORPORATION OF AMERICA
(Registrant)
By /s/ Daniel S. Jaffee
Daniel S. Jaffee
President and Chief Executive Officer, Director
Dated: October 12, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Oil-Dri and in the capacities and on the dates indicated:
/s/ Daniel S. Jaffee October 12, 2023
Daniel S. Jaffee
President and Chief Executive Officer,
Chairman of the Board of Directors
(Principal Executive Officer)
/s/ Susan M. Kreh October 12, 2023
Susan M. Kreh
Chief Financial Officer
(Principal Financial Officer)
/s/ David M. Atkinson October 12, 2023
David M. Atkinson
Vice President, Corporate Controller
(Controller)
/s/ Ellen-Blair Chube October 12, 2023
Ellen-Blair Chube
Director
/s/ Paul M. Hindsley October 12, 2023
Paul M. Hindsley
Director
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/s/ Michael A. Nemeroff October 12, 2023
Michael A. Nemeroff
Director
/s/ George C. Roeth October 12, 2023
George C. Roeth
Director
/s/ Amy L. Ryan October 12, 2023
Amy L. Ryan
Director
/s/ Patricia J. Schmeda October 12, 2023
Patricia J. Schmeda
Director
/s/ Allan H. Selig October 12, 2023
Allan H. Selig
Director
/s/ Paul E. Suckow October 12, 2023
Paul E. Suckow
Director
/s/ Lawrence E. Washow October 12, 2023
Lawrence E. Washow
Director
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SCHEDULE II
OIL-DRI CORPORATION OF AMERICA AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
Year Ended July 31,
2023 2022
(in thousands )
Allowance for doubtful accounts and cash discounts:
Balance, beginning of year $ 922 $ 1,174
(Reduction) addition 165 (237)
Net recovery (15)
Balance, end of year $ 1,087 $ 922
Valuation reserve for income taxes:
Balance, beginning of year $ 1,761 $ 1,362
Change (63) 399
Balance, end of year $ 1,698 $ 1,761