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Pension and Other Postretirement Benefits
 6 Months Ended
Jan. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension and Other Postretirement Benefits Disclosure PENSION AND OTHER POSTRETIREMENT BENEFITS
The Oil-Dri Corporation of America Pension Plan ("Pension Plan") was a defined benefit pension plan for eligible salaried and hourly employees. Pension benefits were based on a formula of years of credited service and levels of compensation or stated amounts for each year of credited service. On January 9, 2020, Oil-Dri amended the Pension Plan to freeze participation, all future benefit accruals and accrual of benefit service, including consideration of compensation increases, effective March 1, 2020. Consequently, the Pension Plan was closed to new participants and existing participants no longer earned additional benefits on or after March 1, 2020. On September 20, 2022, the Company's Board of Directors (the "Board") approved a resolution to terminate the Company's defined benefit pension plan. The pension obligations were fully settled in April 2023.

A postretirement health benefits plan is also provided to domestic salaried employees who meet specific age, participation and length of service requirements at the time of retirement. Eligible employees may elect to continue their health care coverage under the Oil-Dri Corporation of America Employee Benefits Plan until the date certain criteria are met, including attaining the age of Medicare eligibility. We have the right to modify or terminate the postretirement health benefit plan at any time. The postretirement health plan is an unfunded plan. We pay insurance premiums and claims from our assets.




The components of net periodic pension and postretirement health benefit costs were as follows:

Pension Benefits
 (in thousands)
 For the Three Months Ended January 31,For the Six Months Ended January 31,
 2024202320242023
Interest cost$— $338 $— $673 
Expected return on plan assets— (558)— (1,116)
Amortization of:
  Other actuarial loss— 19 — 28 
Net periodic benefit cost$— $(201)$— $(415)
Postretirement Health Benefits
 (in thousands)
 For the Three Months Ended January 31,For the Six Months Ended January 31,
 2024202320242023
Service cost$18 $20 $37 $42 
Interest cost19 16 41 36 
Amortization of:
  Other actuarial loss(29)(23)(53)(41)
  Prior service costs(1)(1)(3)(3)
Net periodic benefit cost$7 $12 $22 $34 

The non-service cost components of net periodic benefit cost are included in Other Income (Expense) in the line item Other, net on the unaudited Condensed Consolidated Statements of Income.

The discount rate for the net periodic benefit cost used in the calculation of the postretirement health benefits was 4.90% for the three and six months ended January 31, 2024, and 3.82% for the three and six months ended 2023. The medical cost trend assumption for postretirement health benefits was 8.20%. The graded trend rate is expected to decrease to an ultimate rate of 4.90% in fiscal year 2044.