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 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 and is incorporated herein by reference.
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, 2026 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, does 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
During the quarter ended July 31, 2026, none of our officers or directors adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (each as defined in Item 408 of Regulation S-K).
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 2026 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 CEO and senior financial officers) and employees. The Code imposes significant responsibilities on the CEO 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 CEO 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 2026 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 2026 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, 2026. See Note 8 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, 2026
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 — $— 1,082
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 2026 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 2026 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, 2026 and July 31, 2025.
Consolidated Statements of Operations for the fiscal years ended July 31, 2026, July 31, 2025 and July 31, 2024.
Consolidated Statements of Comprehensive Income for the fiscal years ended July 31, 2026, July 31, 2025 and July 31, 2024.
Consolidated Statements of Stockholders’ Equity for the fiscal years ended July 31, 2026, July 31, 2025 and July 31, 2024.
Consolidated Statements of Cash Flows for the fiscal years ended July 31, 2026, July 31, 2025 and July 31, 2024.
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, 2026 and July 31, 2025.
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
2.1** Stock Purchase Agreement, dated April 16, 2024, by and among the Oil-Dri Corporation of America, Ultra Pet, LLC, Ultra Pet Company, Inc., and certain equity holders of Ultra Pet, LLC set forth on the signature page thereto. Incorporated by reference to Exhibit 2.1 to Oil-Dri's Current Report on Form 8-K (File No. 001-12622) filed on April 16, 2024.
3.1 Certificate of Incorporation of Oil-Dri, as amended on December 11, 2024 .
Incorporated by reference to Exhibit 3.1 to Oil-Dri’s Quarterly Report on Form 10-Q filed on March 11, 2025.
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
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Exhibit
No. Description SEC Document Reference
10.1 Credit Agreement, dated January 27, 2006 among Oil-Dri Corporation of America, certain subsidiaries of Oil-Dri Corporation of America 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.
10.2 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.
10.3 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.
10.4 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.
10.5 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.
10.6 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.
10.7 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.
10.8 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.
10.9 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.
10.10 Seventh Amendment to Credit Agreement, dated April 16, 2024, by and between Oil-Dri Corporation of America and BMO Bank N.A. Incorporated by reference to Exhibit 10 .1 to Oil-Dri's Current Report on Form 8-K (File No. 001-12622) filed on April 16, 2024.
10.11 Eighth Amendment to Credit Agreement, dated September 30, 2024, by and between Oil-Dri Corporation of America and BMO Bank N.A. Incorporated by reference to Exhibit 10 .1 to Oil-Dri's Current Report on Form 8-K (File No. 001-12622) filed on October 1, 2024.
10.12 Ninth Amendment to Credit Agreement, dated October 7, 2026, by and between Oil-Dri Corporation of America and BMO Bank N.A. Incorporated by reference to Exhibit 2.1 to Oil-Dri's Current Report on Form 8-K (File No. 001-12622) filed on October 8 , 202 6 .
82
Exhibit
No. Description SEC Document Reference
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.
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 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.
10.16 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.
10.17 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.
10.18 Amendment No. 4 to Amended and Restated Note Purchase and Private Shelf Agreement, dated September 21, 2023 among Oil-Dri Corporation of America, PGIM, Inc. and existing note holders Incorporated by reference to Exhibit 10.1 to Oil-Dri's (file No. 001-12622) Current Report on Form 8-K filed on September 22, 2023.
10.19 Amendment No. 5 to Amended and Restated Note Purchase and Private Shelf Agreement, dated October 7, 2026 among Oil-Dri Corporation of America, PGIM, Inc. and existing note holders Incorporated by reference to Exhibit 10. 2 to Oil-Dri's (file No. 001-12622) Current Report on Form 8-K filed on October 8 , 2026 .
10.20 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.
10.21 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.
10.22 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.
10.23 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.
83
Exhibit
No. Description SEC Document Reference
10.24 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.
10.25 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.
10.26 Second Amendment, effective April 3, 2026, to the Oil-Dri Corporation of America 2005 Deferred Compensation Plan (as amended and restated effective January 1, 2008).* Incorporated by reference to Exhibit 10.1 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 3, 2026 .
10.27 Amended and Restated Oil-Dri Corporation of America 2006 Long Term Incentive Plan* Incorporated by reference to Appendix A to Oil-Dri’s (File No. 001-12622) Definitive Proxy Statement on Schedule 14A filed on October 30, 2023.
10.28 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.
10.29 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.
10.3 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.
10.31 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
10.32 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.
10.33 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.
10.34 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.
10.35 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.
84
Exhibit
No. Description SEC Document Reference
10.36 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Employee Restricted Stock Agreement for Class A Common Stock.* Incorporated by reference to Exhibit 10. 2 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 3, 2026 .
10.37 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Employee Restricted Stock Agreement for Common Stock.* Incorporated by reference to Exhibit 10.3 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 3, 2026.
10.38 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Employee Restricted Stock Agreement for Class B Stock.* Incorporated by reference to Exhibit 10.4 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 3, 2026.
10.39 Form of Oil-Dri Corporation of America 2006 Long Term Incentive Plan Director Restricted Stock Agreement for Common Stock.* Incorporated by reference to Exhibit 10.5 to Oil-Dri Corporation of America’s Current Report on Form 8-K filed on April 3, 2026.
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.
19.1 Insider Trading Policy Filed herewith.
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. Filed herewith.
95 Mine Safety Disclosure Filed herewith.
97 Oil-Dri Corporation of America Compensation Recovery Policy 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 Filed herewith.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document Filed herewith.
101.DEF XBRL Taxonomy Extension Definition Linkbase Document Filed herewith.
101.LAB XBRL Taxonomy Extension Labels Linkbase Document Filed herewith.
85
Exhibit
No. Description SEC Document Reference
101.PRE XBRL Taxonomy Extension Presentation Linkbase Filed herewith.
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) Filed herewith.
* Management contract or compensatory plan or arrangement.
** The schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to provide a copy of the omitted schedules and similar attachments on a supplemental basis to the Commission or its staff, if requested.
86
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 8, 2026
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 8, 2026
Daniel S. Jaffee
President and Chief Executive Officer,
Chairman of the Board of Directors
(Principal Executive Officer)
/s/ Susan M. Kreh October 8, 2026
Susan M. Kreh
Chief Financial Officer
(Principal Financial Officer)
/s/ Jonathan Blake
October 8, 2026
Jonathan Blake
Corporate Controller
(Principal Accounting Officer)
/s/ Ellen-Blair Chube October 8, 2026
Ellen-Blair Chube
Director
/s/ Paul M. Hindsley October 8, 2026
Paul M. Hindsley
Director
/s/ Michael A. Nemeroff October 8, 2026
Michael A. Nemeroff
Director
/s/ George C. Roeth October 8, 2026
George C. Roeth
Director
87
/s/ Amy L. Ryan October 8, 2026
Amy L. Ryan
Director
/s/ Patricia J. Schmeda October 8, 2026
Patricia J. Schmeda
Director
/s/ Allan H. Selig October 8, 2026
Allan H. Selig
Director
/s/ Lawrence E. Washow October 8, 2026
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,
2026 2025
(in thousands )
Allowance for credit losses and cash discounts:
Balance, beginning of year $ 1,493 $ 934
(Decrease) Increase charged to expense (262) 559
Write-offs (329) —
Balance, end of year $ 902 $ 1,493
Valuation reserve for income taxes:
Balance, beginning of year $ 2,846 $ 2,470
(Decrease) Increase (438) 376
Balance, end of year $ 2,408 $ 2,846
Inventory Reserve
Balance, beginning of year $ 3,677 $ 3,772
Increase (Decrease) $ 166 $ (95)
Balance, end of year $ 3,843 $ 3,677
89