Phibro Animal Health (PAHC) 10-Q 4 Nov 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2019	Oct. 29, 2019
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	PHIBRO ANIMAL HEALTH CORP
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001069899
Amendment Flag	false
Trading Symbol	pahc
Common stock-Class A
Entity Common Stock, Shares Outstanding		20,287,574
Common stock-Class B
Entity Common Stock, Shares Outstanding		20,166,034

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 189,720	$ 200,153
Cost of goods sold	132,057	134,348
Gross profit	57,663	65,805
Selling, general and administrative expenses	47,516	42,952
Operating income	10,147	22,853
Interest expense, net	3,354	2,783
Foreign currency (gains) losses, net	3,221	(2,635)
Income before income taxes	3,572	22,705
Provision for income taxes	1,057	6,391
Net income	$ 2,515	$ 16,314
Net income per share
Basic (in dollars per share)	$ 0.06	$ 0.40
Diluted (in dollars per share)	$ 0.06	$ 0.40
Weighted average common shares outstanding
Basic (in shares)	40,454	40,369
Diluted (in shares)	40,504	40,560

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 2,515	$ 16,314
Change in fair value of derivative instruments	(1,084)	541
Foreign currency translation adjustment	(6,823)	(7,682)
Unrecognized net pension gains (losses)	120	108
(Provision) benefit for income taxes	240	(162)
Other comprehensive income (loss)	(7,547)	(7,195)
Comprehensive income (loss)	$ (5,032)	$ 9,119

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
ASSETS
Cash and cash equivalents	$ 54,893	$ 57,573
Short-term investments	24,000	24,000
Accounts receivable, net	145,444	159,022
Inventories, net	203,873	198,322
Other current assets	27,302	27,245
Total current assets	455,512	466,162
Property, plant and equipment, net	142,164	140,235
Intangibles, net	77,536	47,478
Goodwill	52,990	27,348
Other assets	67,037	45,448
Total assets	795,239	726,671
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	14,084	12,540
Accounts payable	61,372	73,189
Accrued expenses and other current liabilities	66,517	68,498
Total current liabilities	141,973	154,227
Revolving credit facility	168,000	96,000
Long-term debt	213,040	217,635
Other liabilities	65,532	42,794
Total liabilities	588,545	510,656
Commitments and contingencies (Note 9)
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,287,574 shares issued and outstanding at September 30, 2019 and June 30, 2019; 30,000,000 Class B shares authorized, 20,166,034 shares issued and outstanding at September 30, 2019 and June 30, 2019 and 2018	4	4
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding
Paid-in capital	133,831	133,266
Retained earnings	166,587	168,926
Accumulated other comprehensive income (loss)	(93,728)	(86,181)
Total stockholders' equity	206,694	216,015
Total liabilities and stockholders' equity	$ 795,239	$ 726,671

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2019	Jun. 30, 2019
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	16,000,000	16,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock-Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	20,287,574	20,287,574
Common stock, shares outstanding	20,287,574	20,287,574
Common stock-Class B
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	20,166,034	20,166,034
Common stock, shares outstanding	20,166,034	20,166,034

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income	$ 2,515	$ 16,314
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	7,781	6,691
Amortization of debt issuance costs and debt discount	221	221
Stock-based compensation	565	565
Acquisition-related cost of goods sold	280
Acquisition-related accrued interest	53	0
Deferred income taxes	(652)	(473)
Foreign currency (gains) losses, net	1,660	(2,981)
Other	116	266
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable, net	14,065	(85)
Inventories, net	(9,086)	(9,504)
Other current assets	(813)	(3,654)
Other assets	(1,071)	371
Accounts payable	(11,834)	2,794
Accrued expenses and other liabilities	(7,370)	(9,245)
Net cash provided (used) by operating activities	(3,570)	1,280
INVESTING ACTIVITIES
Capital expenditures	(7,675)	(6,049)
Business acquisitions	(54,560)	(9,838)
Other, net	(296)	(262)
Net cash provided (used) by investing activities	(62,531)	(16,149)
FINANCING ACTIVITIES
Revolving credit facility borrowings	119,000	71,000
Revolving credit facility repayments	(47,000)	(56,000)
Payments of long-term debt and other	(3,215)	(3,215)
Issuance of acquisition note payable		3,775
Proceeds from common shares issued		211
Dividends paid	(4,854)	(4,037)
Net cash provided (used) by financing activities	63,931	11,734
Effect of exchange rate changes on cash	(510)	(173)
Net increase (decrease) in cash and cash equivalents	(2,680)	(3,308)
Cash and cash equivalents at beginning of period	57,573	29,168
Cash and cash equivalents at end of period	$ 54,893	$ 25,860

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Jun. 30, 2018	$ 4	$ 129,873	$ 131,560	$ (76,483)	$ 184,954
Balance (in shares) at Jun. 30, 2018	40,357,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new revenue standard			1,245		1,245
Comprehensive income (loss)			16,314	(7,195)	9,119
Exercise of stock options		211			211
Exercise of stock options (in shares)	17,860
Dividends declared			(4,037)		(4,037)
Stock-based compensation expense		565			565
Balance at Sep. 30, 2018	$ 4	130,649	145,082	(83,678)	192,057
Balance (in shares) at Sep. 30, 2018	40,375,568
Balance at Jun. 30, 2019	$ 4	133,266	168,926	(86,181)	216,015
Balance (in shares) at Jun. 30, 2019	40,453,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)			2,515	(7,547)	(5,032)
Dividends declared			(4,854)		(4,854)
Stock-based compensation expense		565			565
Balance at Sep. 30, 2019	$ 4	$ 133,831	$ 166,587	$ (93,728)	$ 206,694
Balance (in shares) at Sep. 30, 2019	40,453,608

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends declared per share	$ 0.12	$ 0.10

Description of Business

Description of Business	3 Months Ended
	Sep. 30, 2019
Description of Business
Description of Business	1. Description of Business Phibro Animal Health Corporation (“Phibro” or “PAHC”) and its subsidiaries (together, the “Company”) is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for food animals including poultry, swine, cattle, dairy and aquaculture. The Company is also a manufacturer and marketer of performance products for use in the personal care, industrial chemical and chemical catalyst industries. Unless otherwise indicated or the context requires otherwise, references in this report to “we,” “our,” “us,” and similar expressions refer to Phibro and its subsidiaries. The unaudited consolidated financial information for the three months ended September 30, 2019 and 2018, is presented on the same basis as the financial statements included in the Company’s Annual Report on Form 10‑K for the fiscal year ended June 30, 2019 (the “Annual Report”), filed with the Securities and Exchange Commission on August 27, 2019 (File no. 001‑36410). In the opinion of management, these financial statements include all adjustments necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods, and the adjustments are of a normal and recurring nature. The financial results for any interim period are not necessarily indicative of the results for the full year. The consolidated balance sheet information as of June 30, 2019, was derived from the audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The consolidated financial statements include the accounts of Phibro and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated from the consolidated financial statements. The decision whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective control over the entity.

Summary of Significant Accounti

Summary of Significant Accounting Policies and New Accounting Standards	3 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies and New Accounting Standards
Summary of Significant Accounting Policies and New Accounting Standards	2. Summary of Significant Accounting Policies and New Accounting Standards Our significant accounting policies are described in the notes to the consolidated financial statements included in our Annual Report. We adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), effective July 1, 2019. See “New Accounting Standards” and “Note 7—Leases.” As of September 30, 2019, there have been no other material changes to our significant accounting policies. Leases We determine at the inception of an arrangement whether the arrangement contains a lease. If an arrangement contains a lease, we assess the lease term when the underlying asset is available for use (“lease commencement.”) Individual lease terms reflect the non-cancellable period of the lease, reasonably certain renewal periods and consideration of termination options. We determine the lease classification as either operating or financing at lease commencement, which governs the pattern of expense recognition and presentation in our consolidated financial statements. Our current lease portfolio only includes operating leases. We recognize a right-of-use (“ROU”) asset and a corresponding lease liability at lease commencement for leases with terms exceeding twelve months. Short-term leases with terms of twelve months or less are not recognized on the consolidated balance sheet and lease payments are recognized on a straight-line basis over the term. The values of the ROU assets and lease liabilities are calculated based on the present value of the fixed payment obligations over the lease term, using our incremental borrowing rate (“IBR”), determined at lease commencement. The IBR reflects the rate of interest we would expect to pay on a secured basis to borrow an amount equal to the lease payments under similar terms. The IBR incorporates the term and economic environment of the respective lease arrangements. We have elected to account for lease and non-lease components together as a single lease component and include fixed payment obligations related to such non-lease components in the measurement of ROU assets and lease liabilities. Fixed lease payments are recognized on a straight-line basis over the lease term. Variable lease payments can include index-based lease payments, real estate taxes, maintenance costs, utilization charges and other non-lease services paid to lessors and are not determinable at lease commencement. Variable lease payments are not included in the measurement of ROU assets and lease liabilities and are recognized in the period incurred. Net Income per Share and Weighted Average Shares Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the assumed exercise of stock options and vesting of restricted stock units. All common share equivalents were included in the calculation of diluted net income per share in the periods included in the consolidated financial statements. Three Months For the Periods Ended September 30 2019 2018 Net income $ 2,515 $ 16,314 Weighted average number of shares – basic 40,454 40,369 Dilutive effect of stock options and restricted stock units 50 191 Weighted average number of shares – diluted 40,504 40,560 Net income per share basic $ 0.06 $ 0.40 diluted $ 0.06 $ 0.40 New Accounting Standards ASU 2018‑14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715‑20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , modifies existing disclosure requirements for defined benefit pension and other postretirement plans. This ASU is effective for fiscal years ending after December 15, 2020 and must be applied on a retrospective basis. We continue to evaluate the effect of adoption of this guidance on our consolidated financial statements. ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , modifies existing disclosure requirements for fair value measurement. This ASU is effective for fiscal years beginning after December 15, 2019. We continue to evaluate the effect of adoption of this guidance on our consolidated financial statements. ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income allows reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects related to adjustments resulting from the United States Tax Cuts and Jobs Act. This ASU is effective for our consolidated financial statements beginning July 1, 2019. The adoption of this guidance did not have a material effect on our consolidated financial statements. ASU 2016-02, Leases (Topic 842) requires an entity to recognize assets and liabilities on the balance sheet for both financing and operating leases and requires additional qualitative and quantitative disclosures regarding leasing arrangements. We adopted ASU 2016-02 and its amendments effective July 1, 2019, using a modified retrospective transition approach, which does not require modifications to periods prior to the date of initial application. We utilized certain permitted practical expedients intended to ease transition to the new standard, including carrying forward the original lease classifications without reassessment. We did not use hindsight in our assessment of lease terms as of the effective date. Upon adoption of ASU 2016-02 on July 1, 2019, we recognized initial ROU assets and lease liabilities of $18,576 and $19,368 respectively, on the consolidated balance sheet. The difference in the amounts of the ROU assets and lease liabilities recognized relates to landlord incentives and deferred rent. An adjustment to opening retained earnings was not required, and the recognition of lease expense in the consolidated statements of operations did not change significantly. Refer to “Note 7 – Leases” for further information.

Acquisition

Acquisition	3 Months Ended
	Sep. 30, 2019
Acquisition
Acquisition	3. Acquisition In August 2019, we acquired the business and assets of Osprey Biotechnics, Inc. (“Osprey”). Osprey is a developer, manufacturer and marketer of microbial products and bioproducts for a variety of applications serving animal health and nutrition, environmental, industrial and agricultural customers. The business is included in the Animal Health segment. We acquired assets used in Osprey’s business, including intellectual property, working capital and property, plant and equipment, for an aggregate cash payment at closing of $54,560, subject to certain customary adjustments. The agreement also includes a future additional payment to be determined based on Osprey’s financial performance for the year ending June 30, 2021. We recorded a $7,553 liability for the estimated future payment. The additional payment will be no less than $4,840 and has no maximum limit. We accounted for the acquisition as a business combination in accordance with FASB Accounting Standards Codification No. 805, Business Combinations . Pro forma information giving effect to the acquisition has not been provided because the results are not material to the consolidated financial statements. The preliminary fair values of the acquired assets and liabilities as of the acquisition date were: Working capital, net $ 2,366 Property, plant and equipment 2,005 Definite-lived intangible assets 32,100 Goodwill 25,642 Net assets acquired $ 62,113 We may further refine the determination of certain assets during the measurement period. The definite-lived intangible assets relate to trade names, developed products and customer relationships and will be amortized over estimated useful lives ranging from five to twelve years. The preliminary amount of goodwill has been allocated to our Animal Health segment and is deductible for tax purposes.

Statements of Operations-Additi

Statements of Operations-Additional Information	3 Months Ended
	Sep. 30, 2019
Statements of Operations-Additional Information
Statements of Operations-Additional Information	4 . Statements of Operations—Additional Information We develop, manufacture and market a broad range of products for food animals including poultry, swine, beef and dairy cattle and aquaculture. The products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. The animal health and mineral nutrition products are sold directly to integrated poultry, swine and cattle integrators and through commercial animal feed manufacturers, wholesalers and distributors. The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused in regions where the majority of livestock production is consolidated in large commercial farms. We have a diversified portfolio of products that are classified within our three business segments—Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team. Animal Health The Animal Health business develops, manufactures and markets products in three main categories: · MFAs and Other: MFAs and other products primarily consist of concentrated medicated products that are administered through animal feeds, commonly referred to as Medicated Feed Additives (“MFAs”). Specific product classifications include antibacterials, which inhibit the growth of pathogenic bacteria that cause bacterial infections in animals; anticoccidials, which inhibit the growth of coccidia (parasites) that damage the intestinal tract of animals; and other related products. · Nutritional Specialties: Nutritional specialty products enhance nutrition to help improve health and performance in areas such as immune system function and digestive health. · Vaccines: Our vaccines are primarily focused on preventing diseases in poultry and swine. They protect animals from either viral or bacterial disease challenges. We develop, manufacture and market licensed and autogenous vaccine products and also market adjuvants to vaccine manufacturers. We have developed and market an innovative and proprietary delivery platform for vaccines. Mineral Nutrition The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. The customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. We manufacture and market a broad range of mineral nutrition products for food animals including poultry, swine and beef and dairy cattle. Performance Products The Performance Products business manufactures and markets a number of specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States. The following tables present our revenues disaggregated by major product category and geographic region: Net Sales by Product Type Three Months For the Periods Ended September 30 2019 2018 Animal Health MFAs and other $ 75,034 $ 87,004 Nutritional specialties 30,433 26,970 Vaccines 16,383 17,215 Total Animal Health $ 121,850 $ 131,189 Mineral Nutrition 52,649 54,838 Performance Products 15,221 14,126 Total $ 189,720 $ 200,153 Net Sales by Region Three Months For the Periods Ended September 30 2019 2018 United States $ 118,487 $ 114,487 Latin America and Canada 36,741 38,883 Europe,Middle East and Africa 23,693 24,836 Asia Pacific 10,799 21,947 Total $ 189,720 $ 200,153 Net sales by region are based on country of destination. Deferred revenue was $5,276 and $5,464 as of September 30, 2019 and June 30, 2019, respectively. Accrued expenses and other current liabilities included $1,002 and $965 of the total deferred revenue as of September 30, 2019 and June 30, 2019, respectively. The deferred revenue resulted primarily from certain customer arrangements, including technology licensing fees and discounts on future product sales. The transaction price associated with our deferred revenue arrangements is generally based on the stand alone sales prices of the individual products or services. Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 to 70 days after the revenue is recognized. Interest Expense and Depreciation and Amortization Three Months For the Periods Ended September 30 2019 2018 Interest expense, net Term loan $ 2,048 $ 2,112 Revolving credit facility 1,431 747 Amortization of debt issuance costs and debt discount 221 221 Acquisition-related accrued interest 53 — Other 80 163 Interest expense 3,833 3,243 Interest (income) (479) (460) $ 3,354 $ 2,783 Three Months For the Periods Ended September 30 2019 2018 Depreciation and amortization Depreciation of property, plant and equipment $ 5,731 $ 5,188 Amortization of intangible assets 2,038 1,491 Amortization of other assets 12 12 $ 7,781 $ 6,691

Balance Sheets-Additional Infor

Balance Sheets-Additional Information	3 Months Ended
	Sep. 30, 2019
Balance Sheets Additional Information
Balance Sheets-Additional Information	5. Balance Sheets—Additional Information September 30, June 30, As of 2019 2019 Inventories Raw materials $ 71,737 $ 64,441 Work-in-process 8,934 10,699 Finished goods 123,202 123,182 $ 203,873 $ 198,322 September 30, June 30, As of 2019 2019 Goodwill roll-forward Balance at beginning of period $ 27,348 $ 27,348 Osprey acquisition 25,642 — Balance at end of period $ 52,990 $ 27,348 September 30, June 30, As of 2019 2019 Other assets Equity method investments $ 4,374 $ 4,196 Insurance investments 5,521 5,431 Deferred financing fees 1,404 1,531 Deferred income taxes 17,357 16,770 ROU operating lease assets 20,830 — Deposits 6,534 7,024 Indemnification asset 3,000 3,000 Other 8,017 7,496 $ 67,037 $ 45,448 We evaluate our investments in equity method investees for impairment if circumstances indicate that the fair value of the investment may be impaired. The assets underlying a $3,446 equity investment are currently idled; we have concluded the investment is not currently impaired, based on expected future operating cash flows and/or disposal value. September 30, June 30, As of 2019 2019 Accrued expenses and other current liabilities Employee related $ 25,999 $ 28,298 Current operating lease liabilities 6,267 — Commissions and rebates 7,366 8,397 Insurance-related 1,274 1,279 Professional fees 3,993 5,212 Income and other taxes 3,655 6,067 Restructuring costs 2,655 3,590 Other 15,308 15,655 $ 66,517 $ 68,498 During the three months ended June 30, 2019, we initiated business restructuring activities related to productivity and cost saving initiatives in the Animal Health segment. We recorded pre-tax charges of $6,281 for these activities, including $3,500 related to the termination of a contract manufacturing agreement and $2,781 for employee separation charges. As of June 30, 2019, $691 had been paid. During the three months ended September 30, 2019, we recorded an additional $425 and paid $1,360 related to employee separation charges. Business restructuring activities during the three months ended September 30, 2019, are summarized in the below table: Liability balance at June 30, 2019 $ 5,590 Charges 425 Payments (1,360) Liability balance at September 30, 2019 $ 4,655 The charges are included in selling, general and administrative expenses in our consolidated statements of operations. As of September 30, 2019, $2,655 was included in accrued expenses and other current liabilities and $2,000 was included in other liabilities. We expect to record an additional charge for employee separation costs of an estimated $500 and complete the additional separation actions by December 31, 2019. September 30, June 30, As of 2019 2019 Other liabilities U.S. pension plan $ 3,545 $ 3,934 International retirement plans 5,139 5,133 Supplemental retirement benefits, deferred compensation and other 7,713 7,605 Long term and deferred income taxes 9,022 8,978 Acquisition-related consideration 7,603 — Long-term operating lease liabilities 15,546 — Restructuring costs 2,000 2,000 Other long term liabilities 14,964 15,144 $ 65,532 $ 42,794 September 30, June 30, As of 2019 2019 Accumulated other comprehensive income (loss) Derivative instruments $ (1,678) $ (594) Foreign currency translation adjustment (78,048) (71,225) Unrecognized net pension gains (losses) (19,930) (20,050) (Provision) benefit for income taxes on derivative instruments 418 148 (Provision) benefit for incomes taxes on long-term intercompany investments 8,166 8,166 (Provision) benefit for income taxes on pension gains (losses) (2,656) (2,626) $ (93,728) $ (86,181)

Debt

Debt	3 Months Ended
	Sep. 30, 2019
Debt
Debt	6. Debt Term Loans and Revolving Credit Facilities Pursuant to a credit agreement (the “Credit Agreement”), we have a revolving credit facility (the “Revolver”), where we can borrow up to $250,000, subject to the terms of the agreement, and a term A loan with an aggregate initial principal amount of $250,000 (the “Term A Loan,” and together with the Revolver, the “Credit Facilities”). The Credit Facilities have applicable margins equal to 2.00%, 1.75% or 1.50%, in the case of LIBOR and Eurodollar rate loans and 1.00%, 0.75% or 0.50%, in the case of base rate loans; the applicable margins are based on the First Lien Net Leverage Ratio, as defined in the Credit Agreement. The LIBOR rate is subject to a floor of 0.00%. The Credit Facilities mature on June 29, 2022. The Credit Facilities require, among other things, the maintenance of (i) a maximum First Lien Net Leverage Ratio and (ii) a minimum consolidated interest coverage ratio, each calculated on a trailing four quarter basis, and contain an acceleration clause should an event of default (as defined in the Credit Agreement) occur. As of September 30, 2019, we were in compliance with the financial covenants. As of September 30, 2019, we had $168,000 in borrowings under the Revolver and had outstanding letters of credit of $3,009, leaving $78,991 available for borrowings and letters of credit under the Revolver. We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The terms of these letters of credit are all less than one year. As of September 30, 2019, the interest rates for the Revolver and the Term A Loan were 3.53% and 3.42%, respectively. The weighted-average interest rates for the outstanding revolving credit facilities were 3.70% and 3.68% for the three months ended September 31, 2019 and 2018, respectively. The weighted-average interest rates for the term loans were 3.48% and 3.43% for the three months ended September 30, 2019 and 2018, respectively. In July 2017, we entered into an interest rate swap agreement on $150,000 of notional principal that effectively converts the floating LIBOR portion of our interest obligation on that amount of debt, to a fixed interest rate of 1.8325% plus the applicable rate. The agreement matures concurrent with the Credit Agreement. We designated the interest rate swap as a highly effective cash flow hedge. For additional details, see “—Derivatives.” Long-Term Debt September 30, June 30, As of 2019 2019 Term A Loan due June 2022 $ 228,125 $ 231,250 Other 21 40 228,146 231,290 Unamortized debt issuance costs and debt discount (1,022) (1,115) 227,124 230,175 Less: current maturities (14,084) (12,540) $ 213,040 $ 217,635

Leases

Leases	3 Months Ended
	Sep. 30, 2019
Leases
Leases	7. Leases Our lease portfolio consists of real estate, vehicles and equipment ROU assets, classified as operating leases. As of September 30, 2019, the remaining non-cancelable lease terms, inclusive of renewal options reasonably certain of exercise, range from one to 20 years. The following table summarizes the ROU assets and the related lease liabilities recorded on the consolidated balance sheet: September 30, As of 2019 Balance Sheet Classification Assets: Operating lease ROU assets $ 20,830 Other Assets Liabilities: Current portion 6,267 Accrued expenses and other current liabilities Non-current portion 15,546 Other liabilities Total operating lease liabilities $ 21,813 The following table summarizes the composition of net lease cost: Three months For the Period Ended September 30 2019 Operating lease expense $ 1,851 Variable lease expense 324 Short-term lease expense 203 Total lease cost $ 2,378 The following tables include other supplemental information: Three months For the Period Ended September 30 2019 Operating cash flows used for ROU operating leases $ 1,677 Right of use assets obtained in exchange for new operating lease liabilities (non-cash) $ 3,790 As of September 30, 2019 Weighted average remaining lease term (in years) - ROU operating leases 6.36 Weighted average discount rate - ROU operating leases 4.13 % At September 30, 2019, maturities of future lease liabilities are: For the Years Ending June 30 2020 $ 5,450 2021 5,856 2022 4,382 2023 2,258 2024 1,786 2025 and thereafter 5,473 Total lease payments 25,205 Less: interest 3,392 Total operating lease liabilities $ 21,813 There were no significant future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of September 30, 2019. Our lease agreements do not contain any material restrictive covenants or residual value guarantee provisions. Future minimum lease payments for operating leases accounted for under ASC 840, " Leases ," with remaining non-cancelable terms in excess of one year at June 30, 2019 were: For the Years Ending June 30 2020 $ 5,815 2021 4,160 2022 3,191 2023 1,445 2024 865 Thereafter 765 Total minimum lease payments $ 16,241

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2019
Related Party Transactions
Related Party Transactions	8. Related Party Transactions Certain relatives of Jack C. Bendheim, our Chairman, President and Chief Executive Officer, provided services to us as employees or consultants and received aggregate compensation and benefits of approximately $451 and $783 during the three months ended September 30, 2019 and 2018, respectively. Mr. Bendheim has sole authority to vote shares of our stock owned by BFI Co., LLC, an investment vehicle of the Bendheim family.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	9 . Commitments and Contingencies Environmental Our operations and properties are subject to extensive federal, state, local and foreign laws and regulations, including those governing pollution; protection of the environment; the use, management, and release of hazardous materials, substances and wastes; air emissions; greenhouse gas emissions; water use, supply and discharges; the investigation and remediation of contamination; the manufacture, distribution, and sale of regulated materials, including pesticides; the importing, exporting and transportation of products; and the health and safety of our employees (collectively, “Environmental Laws”). As such, the nature of our current and former operations exposes us to the risk of claims with respect to such matters, including fines, penalties, and remediation obligations that may be imposed by regulatory authorities. Under certain circumstances, we might be required to curtail operations until a particular problem is remedied. Known costs and expenses under Environmental Laws incidental to ongoing operations, including the cost of litigation proceedings relating to environmental matters, are included within operating results. Potential costs and expenses may also be incurred in connection with the repair or upgrade of facilities to meet existing or new requirements under Environmental Laws or to investigate or remediate potential or actual contamination and from time to time we establish reserves for such contemplated investigation and remediation costs. In many instances, the ultimate costs under Environmental Laws and the time period during which such costs are likely to be incurred are difficult to predict. While we believe that our operations are currently in material compliance with Environmental Laws, we have, from time to time, received notices of violation from governmental authorities, and have been involved in civil or criminal action for such violations. Additionally, at various sites, our subsidiaries are engaged in continuing investigation, remediation and/or monitoring efforts to address contamination associated with historic operations of the sites. We devote considerable resources to complying with Environmental Laws and managing environmental liabilities. We have developed programs to identify requirements under, and maintain compliance with Environmental Laws; however, we cannot predict with certainty the effect of increased and more stringent regulation on our operations, future capital expenditure requirements, or the cost of compliance. The nature of our current and former operations exposes us to the risk of claims with respect to environmental matters and we cannot assure we will not incur material costs and liabilities in connection with such claims. Based upon our experience to date, we believe that the future cost of compliance with existing Environmental Laws, and liabilities for known environmental claims pursuant to such Environmental Laws, will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity. The United States Environmental Protection Agency (the “EPA”) is investigating and planning for the remediation of offsite contaminated groundwater that has migrated from the Omega Chemical Corporation Superfund Site (“Omega Chemical Site”), which is upgradient of Phibro-Tech’s Santa Fe Springs, California facility. The EPA has named Phibro-Tech and certain other subsidiaries of PAHC as potentially responsible parties (“PRPs”) due to groundwater contamination from Phibro-Tech’s Santa Fe Springs facility that has allegedly commingled with contaminated groundwater from the Omega Chemical Site. In September 2012, the EPA notified approximately 140 PRPs, including Phibro-Tech and the other subsidiaries, that they have been identified as potentially responsible for remedial action for the groundwater plume affected by the Omega Chemical Site and for EPA oversight and response costs. Phibro-Tech contends that any groundwater contamination at its site is localized and due to historical operations that pre-date Phibro-Tech and/or contaminated groundwater that has migrated from upgradient properties. In addition, a successor to a prior owner of the Phibro-Tech site has asserted that PAHC and Phibro-Tech are obligated to provide indemnification for its potential liability and defense costs relating to the groundwater plume affected by the Omega Chemical Site. Phibro-Tech has vigorously contested this position and has asserted that the successor to the prior owner is required to indemnify Phibro-Tech for its potential liability and defense costs. Furthermore, a group of companies that sent chemicals to the Omega Chemical Site for processing and recycling has filed a complaint under CERCLA and RCRA in the United States District Court for the Central District of California against many of the PRPs allegedly associated with the groundwater plume affected by the Omega Chemical Site (including Phibro-Tech) for contribution toward past and future costs associated with the investigation and remediation of the groundwater plume affected by the Omega Chemical Site. Due to the ongoing nature of the EPA’s investigation, the preliminary stage of the ongoing litigation and Phibro-Tech’s dispute with the prior owner’s successor, at this time we cannot predict with any degree of certainty what, if any, liability Phibro-Tech or the other subsidiaries may ultimately have for investigation, remediation and the EPA oversight and response costs associated with the affected groundwater plume. Based upon information available, to the extent such costs can be estimated with reasonable certainty, we estimated the cost for further investigation and remediation of identified soil and groundwater problems at operating sites, closed sites and third-party sites, and closure costs for closed sites, to be approximately $5,869 and $5,890 at September 30, 2019 and June 30, 2019, respectively, which is included in current and long-term liabilities on the consolidated balance sheets. However, future events, such as new information, changes in existing Environmental Laws or their interpretation, and more vigorous enforcement policies of regulatory agencies, may give rise to additional expenditures or liabilities that could be material. For all purposes of the discussion under this caption and elsewhere in this report, it should be noted that we take and have taken the position that neither PAHC nor any of our subsidiaries is liable for environmental or other claims made against one or more of our other subsidiaries or for which any of such other subsidiaries may ultimately be responsible. Claims and Litigation PAHC and its subsidiaries are party to a number of claims and lawsuits arising out of the normal course of business including product liabilities, payment disputes and governmental regulation. Certain of these actions seek damages in various amounts. In many cases, such claims are covered by insurance. We believe that none of the claims or pending lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Derivatives

Derivatives	3 Months Ended
	Sep. 30, 2019
Derivatives
Derivatives	10. Derivatives We monitor our exposure to foreign currency exchange rates and interest rates and from time-to-time use derivatives to manage certain of these risks. We designate derivatives as a hedge of a forecasted transaction or of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). All changes in the fair value of a highly effective cash flow hedge are recorded in accumulated other comprehensive income (loss). We routinely assess whether the derivatives used to hedge transactions are effective. If we determine a derivative ceases to be an effective hedge, we discontinue hedge accounting in the period of the assessment for that derivative, and immediately recognize any unrealized gains or losses related to the fair value of that derivative in the consolidated statements of operations. We record derivatives at fair value in the consolidated balance sheets. For additional details regarding fair value, see “—Fair Value Measurements.” We entered into an interest rate swap agreement on $150,000 of notional principal that effectively converts the floating LIBOR portion of our interest obligation on that amount of debt, to a fixed interest rate of 1.8325% plus the applicable rate. The agreement matures concurrent with the Credit Agreement. The forecasted transactions are probable of occurring, and the interest rate swap has been designated as a highly effective cash flow hedge. We entered into foreign currency option contracts to hedge cash flows related to monthly inventory purchases. The individual option contracts mature monthly through June 2021. The forecasted inventory purchases are probable of occurring and the individual option contracts were designated as highly effective cash flow hedges. The following table details the Company’s outstanding derivatives that are designated and effective as cash flow hedges as of September 30, 2019: Notional Asset (Liability) Amount at fair value as of September 30, Consolidated September 30, June 30, Instrument Hedge 2019 Balance Sheet 2019 2019 Options Brazilian Real calls R$ 90,000 (1) $ 390 $ 413 Options Brazilian Real puts R$ 90,000 (1) $ (370) $ (30) Swap Interest rate swap $ 150,000 Other assets / (Other liabilities) $ (1,698) $ (977) (1) We record the net fair values of our outstanding foreign currency option contracts within the respective balance sheet line item based on the net financial position and maturity date of the individual contracts as of the balance sheet date. Other current assets as of September 30, 2019 and June 30, 2019, included net fair values of $20 and $383, respectively. The following tables show the effects of derivatives on the consolidated statements of operations and other comprehensive income for the three months ended September 30, 2019 and 2018. Gain (Loss) recognized in consolidated Consolidated Statement of For the Three Months Ended September 30 Gain (Loss) recorded in OCI statements of operations Operations Line Item Total Consolidated Statement of Instrument Hedge 2019 2018 Operations 2019 2018 2019 2018 Options Brazilian Real calls $ (363) $ (109) Cost of goods sold $ (45) $ $ 132,057 $ 134,348 Swap Interest rate swap $ (721) $ 650 Interest expense, net $ — $ — $ 3,354 $ 2,783 We recognize gains (losses) related to these foreign currency derivatives as a component of cost of goods sold at the time the hedged item is sold.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Fair Value Measurements	11. Fair Value Measurements Short-term investments As of September 30, 2019, our short-term investments consist of cash deposits held at financial institutions. We consider the carrying amounts of these short-term investments to be representative of their fair value. Current Assets and Liabilities We consider the carrying amounts of current assets and current liabilities to be representative of their fair value because of the current nature of these items. Contingent Consideration on Acquisitions We determine the fair value of contingent consideration on acquisitions based on contractual terms, our current forecast of performance factors related to the acquired business and an applicable discount rate. Letters of Credit We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The carrying values of these letters of credit are considered to be representative of their fair values because of the nature of the instruments. Debt We record debt, including term loans and revolver balances, at book value in our consolidated financial statements. We believe the carrying value of the debt is approximately equal to its fair value, due to the variable nature of the instruments. Derivatives We determine the fair value of derivative instruments based upon pricing models using observable market inputs for these types of financial instruments, such as spot and forward currency translation rates. Non-financial assets Our non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related ROU assets, are not required to be measured at fair value on a recurring basis, and instead are reported at carrying value in the consolidated balance sheet. We assess the carrying values of non-financial assets for impairment on a periodic basis or whenever events or changes in circumstances indicate an asset may not be fully recoverable. Fair Value of Assets (Liabilities) September 30, 2019 June 30, 2019 As of Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 24,000 $ — $ — $ 24,000 $ — $ — Derivatives asset (liability) $ — $ 20 $ — $ — $ 383 $ — Interest rate swap (liability) $ — $ (1,698) $ — $ — $ (977) $ — Contingent consideration on acquisitions $ — $ — $ (7,603) $ — $ — $ — During the three months ended September 30, 2019, we recorded $7,603 of contingent consideration associated with the Osprey acquisition, inclusive of accrued interest.

Business Segments

Business Segments	3 Months Ended
	Sep. 30, 2019
Business Segments
Business Segments	12. Business Segments We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, business technology, legal, finance, human resources and business development. We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as income before income taxes plus (a) interest expense, net, (b) depreciation and amortization, (c) (income) loss from, and disposal of, discontinued operations, (d) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and loss on extinguishment of debt, and (e) certain items that we consider to be unusual, non-operational or non-recurring. The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein. Three Months For the Periods Ended September 30 2019 2018 Net sales Animal Health $ 121,850 $ 131,189 Mineral Nutrition 52,649 54,838 Performance Products 15,221 14,126 Total segments $ 189,720 $ 200,153 Depreciation and amortization Animal Health $ 6,384 $ 5,356 Mineral Nutrition 613 597 Performance Products 377 273 Total segments $ 7,374 $ 6,226 Adjusted EBITDA Animal Health $ 25,061 $ 35,716 Mineral Nutrition 3,475 2,563 Performance Products 852 716 Total segments $ 29,388 $ 38,995 Reconciliation of income before income taxes to Adjusted EBITDA Income before income taxes $ 3,572 $ 22,705 Interest expense, net 3,354 2,783 Depreciation and amortization – Total segments 7,374 6,226 Depreciation and amortization – Corporate 407 465 Corporate costs 9,728 8,886 Restructure costs 425 — Stock-based compensation 565 565 Acquisition-related cost of goods sold 280 — Acquisition-related transaction costs 462 — Foreign currency (gains) losses, net 3,221 (2,635) Adjusted EBITDA – Total segments $ 29,388 $ 38,995 September 30, June 30, As of 2019 2019 Identifiable assets Animal Health $ 572,933 $ 508,864 Mineral Nutrition 71,551 67,662 Performance Products 33,323 32,886 Total segments 677,807 609,412 Corporate 117,432 117,259 Total $ 795,239 $ 726,671 The Animal Health segment includes all goodwill of the Company. The Animal Health segment includes advances to and investment in an equity method investee of $3,446 and $3,287 as of September 30, 2019 and June 30, 2019, respectively. The Performance Products segment includes an investment in an equity method investee of $852 and $759 as of September 30, 2019 and June 30, 2019, respectively. Corporate assets include cash and cash equivalents, short-term investments, debt issuance costs, income tax related assets and certain other assets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and New Accounting Standards (Policies)	3 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies and New Accounting Standards
Leases	Leases We determine at the inception of an arrangement whether the arrangement contains a lease. If an arrangement contains a lease, we assess the lease term when the underlying asset is available for use (“lease commencement.”) Individual lease terms reflect the non-cancellable period of the lease, reasonably certain renewal periods and consideration of termination options. We determine the lease classification as either operating or financing at lease commencement, which governs the pattern of expense recognition and presentation in our consolidated financial statements. Our current lease portfolio only includes operating leases. We recognize a right-of-use (“ROU”) asset and a corresponding lease liability at lease commencement for leases with terms exceeding twelve months. Short-term leases with terms of twelve months or less are not recognized on the consolidated balance sheet and lease payments are recognized on a straight-line basis over the term. The values of the ROU assets and lease liabilities are calculated based on the present value of the fixed payment obligations over the lease term, using our incremental borrowing rate (“IBR”), determined at lease commencement. The IBR reflects the rate of interest we would expect to pay on a secured basis to borrow an amount equal to the lease payments under similar terms. The IBR incorporates the term and economic environment of the respective lease arrangements. We have elected to account for lease and non-lease components together as a single lease component and include fixed payment obligations related to such non-lease components in the measurement of ROU assets and lease liabilities. Fixed lease payments are recognized on a straight-line basis over the lease term. Variable lease payments can include index-based lease payments, real estate taxes, maintenance costs, utilization charges and other non-lease services paid to lessors and are not determinable at lease commencement. Variable lease payments are not included in the measurement of ROU assets and lease liabilities and are recognized in the period incurred.
Net Income per Share and Weighted Average Shares	Net Income per Share and Weighted Average Shares Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the assumed exercise of stock options and vesting of restricted stock units. All common share equivalents were included in the calculation of diluted net income per share in the periods included in the consolidated financial statements. Three Months For the Periods Ended September 30 2019 2018 Net income $ 2,515 $ 16,314 Weighted average number of shares – basic 40,454 40,369 Dilutive effect of stock options and restricted stock units 50 191 Weighted average number of shares – diluted 40,504 40,560 Net income per share basic $ 0.06 $ 0.40 diluted $ 0.06 $ 0.40
New Accounting Standards	New Accounting Standards ASU 2018‑14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715‑20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , modifies existing disclosure requirements for defined benefit pension and other postretirement plans. This ASU is effective for fiscal years ending after December 15, 2020 and must be applied on a retrospective basis. We continue to evaluate the effect of adoption of this guidance on our consolidated financial statements. ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , modifies existing disclosure requirements for fair value measurement. This ASU is effective for fiscal years beginning after December 15, 2019. We continue to evaluate the effect of adoption of this guidance on our consolidated financial statements. ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income allows reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects related to adjustments resulting from the United States Tax Cuts and Jobs Act. This ASU is effective for our consolidated financial statements beginning July 1, 2019. The adoption of this guidance did not have a material effect on our consolidated financial statements. ASU 2016-02, Leases (Topic 842) requires an entity to recognize assets and liabilities on the balance sheet for both financing and operating leases and requires additional qualitative and quantitative disclosures regarding leasing arrangements. We adopted ASU 2016-02 and its amendments effective July 1, 2019, using a modified retrospective transition approach, which does not require modifications to periods prior to the date of initial application. We utilized certain permitted practical expedients intended to ease transition to the new standard, including carrying forward the original lease classifications without reassessment. We did not use hindsight in our assessment of lease terms as of the effective date. Upon adoption of ASU 2016-02 on July 1, 2019, we recognized initial ROU assets and lease liabilities of $18,576 and $19,368 respectively, on the consolidated balance sheet. The difference in the amounts of the ROU assets and lease liabilities recognized relates to landlord incentives and deferred rent. An adjustment to opening retained earnings was not required, and the recognition of lease expense in the consolidated statements of operations did not change significantly. Refer to “Note 7 – Leases” for further information.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and New Accounting Standards (Tables)	3 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies and New Accounting Standards
Schedule of Net Income per Share, Weighted Average Shares and Dividends per Share	Three Months For the Periods Ended September 30 2019 2018 Net income $ 2,515 $ 16,314 Weighted average number of shares – basic 40,454 40,369 Dilutive effect of stock options and restricted stock units 50 191 Weighted average number of shares – diluted 40,504 40,560 Net income per share basic $ 0.06 $ 0.40 diluted $ 0.06 $ 0.40

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Sep. 30, 2019
Acquisition
Summary of preliminary fair values of the acquired assets and liabilities	Working capital, net $ 2,366 Property, plant and equipment 2,005 Definite-lived intangible assets 32,100 Goodwill 25,642 Net assets acquired $ 62,113

Statements of Operations-Addi_2

Statements of Operations-Additional Information (Tables)	3 Months Ended
	Sep. 30, 2019
Statements of Operations-Additional Information
Schedule of revenues disaggregated by major product category and geographic region	Net Sales by Product Type Three Months For the Periods Ended September 30 2019 2018 Animal Health MFAs and other $ 75,034 $ 87,004 Nutritional specialties 30,433 26,970 Vaccines 16,383 17,215 Total Animal Health $ 121,850 $ 131,189 Mineral Nutrition 52,649 54,838 Performance Products 15,221 14,126 Total $ 189,720 $ 200,153 Net Sales by Region Three Months For the Periods Ended September 30 2019 2018 United States $ 118,487 $ 114,487 Latin America and Canada 36,741 38,883 Europe,Middle East and Africa 23,693 24,836 Asia Pacific 10,799 21,947 Total $ 189,720 $ 200,153
Schedule of additional information of statements of operations	Three Months For the Periods Ended September 30 2019 2018 Interest expense, net Term loan $ 2,048 $ 2,112 Revolving credit facility 1,431 747 Amortization of debt issuance costs and debt discount 221 221 Acquisition-related accrued interest 53 — Other 80 163 Interest expense 3,833 3,243 Interest (income) (479) (460) $ 3,354 $ 2,783 Three Months For the Periods Ended September 30 2019 2018 Depreciation and amortization Depreciation of property, plant and equipment $ 5,731 $ 5,188 Amortization of intangible assets 2,038 1,491 Amortization of other assets 12 12 $ 7,781 $ 6,691

Balance Sheets-Additional Inf_2

Balance Sheets-Additional Information (Tables)	3 Months Ended
	Sep. 30, 2019
Balance Sheets Additional Information
Schedule of additional information of balance sheets	September 30, June 30, As of 2019 2019 Inventories Raw materials $ 71,737 $ 64,441 Work-in-process 8,934 10,699 Finished goods 123,202 123,182 $ 203,873 $ 198,322 September 30, June 30, As of 2019 2019 Goodwill roll-forward Balance at beginning of period $ 27,348 $ 27,348 Osprey acquisition 25,642 — Balance at end of period $ 52,990 $ 27,348 September 30, June 30, As of 2019 2019 Other assets Equity method investments $ 4,374 $ 4,196 Insurance investments 5,521 5,431 Deferred financing fees 1,404 1,531 Deferred income taxes 17,357 16,770 ROU operating lease assets 20,830 — Deposits 6,534 7,024 Indemnification asset 3,000 3,000 Other 8,017 7,496 $ 67,037 $ 45,448 September 30, June 30, As of 2019 2019 Accrued expenses and other current liabilities Employee related $ 25,999 $ 28,298 Current operating lease liabilities 6,267 — Commissions and rebates 7,366 8,397 Insurance-related 1,274 1,279 Professional fees 3,993 5,212 Income and other taxes 3,655 6,067 Restructuring costs 2,655 3,590 Other 15,308 15,655 $ 66,517 $ 68,498 Liability balance at June 30, 2019 $ 5,590 Charges 425 Payments (1,360) Liability balance at September 30, 2019 $ 4,655 September 30, June 30, As of 2019 2019 Other liabilities U.S. pension plan $ 3,545 $ 3,934 International retirement plans 5,139 5,133 Supplemental retirement benefits, deferred compensation and other 7,713 7,605 Long term and deferred income taxes 9,022 8,978 Acquisition-related consideration 7,603 — Long-term operating lease liabilities 15,546 — Restructuring costs 2,000 2,000 Other long term liabilities 14,964 15,144 $ 65,532 $ 42,794 September 30, June 30, As of 2019 2019 Accumulated other comprehensive income (loss) Derivative instruments $ (1,678) $ (594) Foreign currency translation adjustment (78,048) (71,225) Unrecognized net pension gains (losses) (19,930) (20,050) (Provision) benefit for income taxes on derivative instruments 418 148 (Provision) benefit for incomes taxes on long-term intercompany investments 8,166 8,166 (Provision) benefit for income taxes on pension gains (losses) (2,656) (2,626) $ (93,728) $ (86,181)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2019
Debt
Schedule of long term debt	September 30, June 30, As of 2019 2019 Term A Loan due June 2022 $ 228,125 $ 231,250 Other 21 40 228,146 231,290 Unamortized debt issuance costs and debt discount (1,022) (1,115) 227,124 230,175 Less: current maturities (14,084) (12,540) $ 213,040 $ 217,635

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2019
Leases
Summary of the ROU assets and the related lease liabilities recorded on the consolidated balance sheet	The following table summarizes the ROU assets and the related lease liabilities recorded on the consolidated balance sheet: September 30, As of 2019 Balance Sheet Classification Assets: Operating lease ROU assets $ 20,830 Other Assets Liabilities: Current portion 6,267 Accrued expenses and other current liabilities Non-current portion 15,546 Other liabilities Total operating lease liabilities $ 21,813
Summary of the composition of net lease cost	The following table summarizes the composition of net lease cost: Three months For the Period Ended September 30 2019 Operating lease expense $ 1,851 Variable lease expense 324 Short-term lease expense 203 Total lease cost $ 2,378
Summary of other supplemental information	The following tables include other supplemental information: Three months For the Period Ended September 30 2019 Operating cash flows used for ROU operating leases $ 1,677 Right of use assets obtained in exchange for new operating lease liabilities (non-cash) $ 3,790 As of September 30, 2019 Weighted average remaining lease term (in years) - ROU operating leases 6.36 Weighted average discount rate - ROU operating leases 4.13 %
Summary of maturities of future lease liabilities	At September 30, 2019, maturities of future lease liabilities are: For the Years Ending June 30 2020 $ 5,450 2021 5,856 2022 4,382 2023 2,258 2024 1,786 2025 and thereafter 5,473 Total lease payments 25,205 Less: interest 3,392 Total operating lease liabilities $ 21,813
Summary of future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year	Future minimum lease payments for operating leases accounted for under ASC 840, " Leases ," with remaining non-cancelable terms in excess of one year at June 30, 2019 were: For the Years Ending June 30 2020 $ 5,815 2021 4,160 2022 3,191 2023 1,445 2024 865 Thereafter 765 Total minimum lease payments $ 16,241

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Sep. 30, 2019
Derivatives
Schedule of significant outstanding derivatives employed to manage market risk and designated as cash flow hedges	Notional Asset (Liability) Amount at fair value as of September 30, Consolidated September 30, June 30, Instrument Hedge 2019 Balance Sheet 2019 2019 Options Brazilian Real calls R$ 90,000 (1) $ 390 $ 413 Options Brazilian Real puts R$ 90,000 (1) $ (370) $ (30) Swap Interest rate swap $ 150,000 Other assets / (Other liabilities) $ (1,698) $ (977) (1) We record the net fair values of our outstanding foreign currency option contracts within the respective balance sheet line item based on the net financial position and maturity date of the individual contracts as of the balance sheet date. Other current assets as of September 30, 2019 and June 30, 2019, included net fair values of $20 and $383, respectively.
Schedule of consolidated statements of operations and other comprehensive income	Gain (Loss) recognized in consolidated Consolidated Statement of For the Three Months Ended September 30 Gain (Loss) recorded in OCI statements of operations Operations Line Item Total Consolidated Statement of Instrument Hedge 2019 2018 Operations 2019 2018 2019 2018 Options Brazilian Real calls $ (363) $ (109) Cost of goods sold $ (45) $ $ 132,057 $ 134,348 Swap Interest rate swap $ (721) $ 650 Interest expense, net $ — $ — $ 3,354 $ 2,783

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Schedule of fair value derivatives, assets and liabilities	September 30, 2019 June 30, 2019 As of Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 24,000 $ — $ — $ 24,000 $ — $ — Derivatives asset (liability) $ — $ 20 $ — $ — $ 383 $ — Interest rate swap (liability) $ — $ (1,698) $ — $ — $ (977) $ — Contingent consideration on acquisitions $ — $ — $ (7,603) $ — $ — $ —

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Sep. 30, 2019
Business Segments
Schedule of information regarding reportable segments	Three Months For the Periods Ended September 30 2019 2018 Net sales Animal Health $ 121,850 $ 131,189 Mineral Nutrition 52,649 54,838 Performance Products 15,221 14,126 Total segments $ 189,720 $ 200,153 Depreciation and amortization Animal Health $ 6,384 $ 5,356 Mineral Nutrition 613 597 Performance Products 377 273 Total segments $ 7,374 $ 6,226 Adjusted EBITDA Animal Health $ 25,061 $ 35,716 Mineral Nutrition 3,475 2,563 Performance Products 852 716 Total segments $ 29,388 $ 38,995 Reconciliation of income before income taxes to Adjusted EBITDA Income before income taxes $ 3,572 $ 22,705 Interest expense, net 3,354 2,783 Depreciation and amortization – Total segments 7,374 6,226 Depreciation and amortization – Corporate 407 465 Corporate costs 9,728 8,886 Restructure costs 425 — Stock-based compensation 565 565 Acquisition-related cost of goods sold 280 — Acquisition-related transaction costs 462 — Foreign currency (gains) losses, net 3,221 (2,635) Adjusted EBITDA – Total segments $ 29,388 $ 38,995 September 30, June 30, As of 2019 2019 Identifiable assets Animal Health $ 572,933 $ 508,864 Mineral Nutrition 71,551 67,662 Performance Products 33,323 32,886 Total segments 677,807 609,412 Corporate 117,432 117,259 Total $ 795,239 $ 726,671

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and New Accounting Standards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Summary of Significant Accounting Policies and New Accounting Standards
Net income	$ 2,515	$ 16,314
Weighted average number of shares - basic (in shares)	40,454	40,369
Dilutive effect of stock options and restricted stock units	50	191
Weighted average number of shares - diluted (in shares)	40,504	40,560
Net income per share
basic (in dollars per share)	$ 0.06	$ 0.40
diluted diluted (in dollars per share)	$ 0.06	$ 0.40

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and New Accounting Standards - Additional Information (Details) - USD ($) $ in Thousands	Jul. 01, 2019	Sep. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
ROU operating lease assets		$ 20,830
Lease liabilities		$ 21,813
ASU 2016-02
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease, Practical Expedient, Land Easement	true
Lease, Practical Expedient, Use of Hindsight	false
ROU operating lease assets	$ 18,576
Lease liabilities	$ 19,368

Acquisition - Acquired Assets a

Acquisition - Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Aug. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
The preliminary fair values of the acquired assets and liabilities as of the acquisition date
Goodwill	$ 52,990		$ 27,348	$ 27,348
Osprey Biotechnics, Inc. ("Osprey")
The preliminary fair values of the acquired assets and liabilities as of the acquisition date
Working capital, net		$ 2,366
Property, plant and equipment		2,005
Definite-lived intangible assets		32,100
Goodwill		25,642
Net assets acquired		$ 62,113

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Aggregate cash consideration		$ 54,560	$ 9,838
Minimum [Member]
Business Acquisition [Line Items]
Estimated useful life of definite-lived intangible assets	5 years
Maximum [Member]
Business Acquisition [Line Items]
Estimated useful life of definite-lived intangible assets	12 years
Osprey Biotechnics, Inc. ("Osprey")
Business Acquisition [Line Items]
Aggregate cash consideration	$ 54,560
Estimated future payment, liability	7,553	$ 7,603
Minimum additional consideration	$ 4,840

Statements of Operations (Detai

Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statements Of Operations Additional Information [Line Items]
Total	$ 189,720	$ 200,153
United States
Statements Of Operations Additional Information [Line Items]
Total	118,487	114,487
Latin America and Canada
Statements Of Operations Additional Information [Line Items]
Total	36,741	38,883
Europe,Middle East and Africa
Statements Of Operations Additional Information [Line Items]
Total	23,693	24,836
Asia Pacific
Statements Of Operations Additional Information [Line Items]
Total	10,799	21,947
Animal Health
Statements Of Operations Additional Information [Line Items]
Total	121,850	131,189
Animal Health | MFAs and other
Statements Of Operations Additional Information [Line Items]
Total	75,034	87,004
Animal Health | Nutritional Specialties
Statements Of Operations Additional Information [Line Items]
Total	30,433	26,970
Animal Health | Vaccines
Statements Of Operations Additional Information [Line Items]
Total	16,383	17,215
Mineral Nutrition
Statements Of Operations Additional Information [Line Items]
Total	52,649	54,838
Performance Products
Statements Of Operations Additional Information [Line Items]
Total	$ 15,221	$ 14,126

Statements of Operations - Inte

Statements of Operations - Interest Expense and Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Interest expense, net
Amortization of debt issuance costs and debt discount	$ 221	$ 221
Acquisition-related accrued interest	53	0
Other	80	163
Interest expense	3,833	3,243
Interest (income)	(479)	(460)
Interest expense, net	3,354	2,783
Depreciation and amortization
Depreciation of property, plant and equipment	5,731	5,188
Amortization of intangible assets	2,038	1,491
Amortization of other assets	12	12
Depreciation and amortization	7,781	6,691
Term Loan
Interest expense, net
Interest expense	2,048	2,112
Revolving credit facility
Interest expense, net
Interest expense	$ 1,431	$ 747

Statements of Operations - Addi

Statements of Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Statements Of Operations Additional Information [Line Items]
Deferred revenue	$ 5,276	$ 5,464
Current deferred revenue, included in accrued expense and other current liabilities	$ 1,002	$ 965
Customer [Member] | Maximum [Member]
Statements Of Operations Additional Information [Line Items]
Payment term	120 days
Average worldwide collection period for accounts receivable	70 days
Customer [Member] | Minimum [Member]
Statements Of Operations Additional Information [Line Items]
Payment term	30 days
Average worldwide collection period for accounts receivable	60 days

Balance Sheets-Additional Inf_3

Balance Sheets-Additional Information - Schedule of inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Inventories
Raw materials	$ 71,737	$ 64,441
Work-in-process	8,934	10,699
Finished goods	123,202	123,182
Inventory, net	$ 203,873	$ 198,322

Balance Sheets-Additional Inf_4

Balance Sheets-Additional Information - Other balance sheet items (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Goodwill roll-forward
Balance at beginning of period	$ 27,348
Osprey acquisition	25,642
Balance at end of period	52,990	$ 27,348
Other assets
Equity method investments	4,374	4,196
Insurance investments	5,521	5,431
Deferred financing fees	1,404	1,531
Deferred income taxes	17,357	16,770
ROU operating lease assets	20,830
Deposits	6,534	7,024
Indemnification asset	3,000	3,000
Other	8,017	7,496
Other assets, total	67,037	45,448
Accrued expenses and other current liabilities
Employee related	25,999	28,298
Current operating lease liabilities	6,267
Commissions and rebates	7,366	8,397
Insurance-related	1,274	1,279
Professional fees	3,993	5,212
Income and other taxes	3,655	6,067
Restructuring costs	2,655	3,590
Other	15,308	15,655
Accrued expenses and other current liabilities, total	66,517	68,498
Restructuring Reserve [Roll Forward]
Liability balance at June 30, 2019	5,590
Charges	425
Payments	(1,360)
Liability balance at September 30, 2019	4,655	5,590
Other liabilities
U.S. pension plan	3,545	3,934
International retirement plans	5,139	5,133
Supplemental retirement benefits, deferred compensation and other	7,713	7,605
Long term and deferred income taxes	9,022	8,978
Acquisition-related consideration	7,603
Long-term operating lease liabilities	15,546
Restructuring costs	2,000	2,000
Other long term liabilities	14,964	15,144
Other liabilities, total	65,532	42,794
Accumulated other comprehensive income (loss)
Derivative instruments	(1,678)	(594)
Foreign currency translation adjustment	(78,048)	(71,225)
Unrecognized net pension gains (losses)	(19,930)	(20,050)
(Provision) benefit for income taxes on derivative instruments	418	148
(Provision) benefit for income taxes on long-term intercompany investments	8,166	8,166
(Provision) benefit for income taxes on pension gains (losses)	(2,656)	(2,626)
Accumulated other comprehensive income (loss)	$ (93,728)	$ (86,181)

Balance Sheets-Additional Inf_5

Balance Sheets-Additional Information - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Additional Information Of Balance Sheet [Line Items]
Equity method investments	$ 4,374	$ 4,196
Expense paid for restructuring	1,360
Restructuring Charges	425
Accrued expenses and other current liabilities	66,517	68,498
Other liabilities	65,532	42,794
Animal Health
Additional Information Of Balance Sheet [Line Items]
Equity method investments	3,446	3,287
Pre tax restructuring charges		6,281
Charges related to termination of a contract manufacturing agreement		3,500
Employee separation costs		2,781
Expense paid for restructuring		$ 691
Accrued expenses and other current liabilities	2,655
Other liabilities	2,000
Additional charge for employee separation costs	$ 500

Debt - Summary of long-term deb

Debt - Summary of long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Debt
Term A Loan due June 2022	$ 228,125	$ 231,250
Other	21	40
Long-term debt including current maturities	228,146	231,290
Unamortized debt issuance costs and debt discount	(1,022)	(1,115)
Long-term debt after debt issuance costs	227,124	230,175
Less: current maturities	(14,084)	(12,540)
Long-term debt	$ 213,040	$ 217,635

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Jul. 31, 2017
Debt Instrument [Line Items]
Revolving credit facility	$ 168,000,000	$ 96,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Percentage of interest rate				1.8325%
Derivative, Notional Amount	150,000			$ 150,000
Credit Agreement [Member] | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Revolving credit facility	168,000,000
Outstanding letters of credit	3,009,000
Aggregate available credit facilities	$ 78,991,000
Weighted-average interest rates	3.70%		3.68%
Percentage of interest rate	3.53%
Credit Agreement [Member] | Term A Loans And Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity dates	June 29, 2022
Covenant requirement, permitted leverage ratio	a maximum First Lien Net Leverage Ratio and (ii) a minimum consolidated interest coverage ratio, each calculated on a trailing four quarter basis
Debt instrument, covenant compliance	we were in compliance with the financial covenants
Credit Agreement [Member] | Term A Loans And Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate, description	2.00%, 1.75% or 1.50%
Floor rate	0.00%
Credit Agreement [Member] | Term A Loans And Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Interest rate, description	2.00%, 1.75% or 1.50%
Credit Agreement [Member] | Term A Loans And Revolving Credit Facility [Member] | Base Rate
Debt Instrument [Line Items]
Interest rate, description	1.00%, 0.75% or 0.50%
Credit Agreement [Member] | Term A Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 250,000,000
Weighted-average interest rates	3.48%		3.43%
Percentage of interest rate	3.42%

Leases - ROU assets and the rel

Leases - ROU assets and the related lease liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases
Remaining non-cancelable lease terms	20 years
Operating lease ROU assets included in Other Assets	$ 20,830
Operating lease ROU assets included in Other Assets	us-gaap:OtherAssetsNoncurrent
Current portion included in Accrued expenses and other current liabilities	$ 6,267
Current portion included in Accrued expenses and other current liabilities	us-gaap:AccruedLiabilitiesCurrent
Non-current portion included in Other liabilities	$ 15,546
Non-current portion included in Other liabilities	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 21,813

Leases - Composition of net lea

Leases - Composition of net lease cost (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Leases
Operating lease expense	$ 1,851
Variable lease expense	324
Short-term lease expense	203
Total lease cost	$ 2,378

Leases - Other supplemental inf

Leases - Other supplemental information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Leases
Operating cash flows used for ROU operating leases	$ 1,677
Right of use assets obtained in exchange for new operating lease liabilities (non-cash)	$ 3,790
Weighted average remaining lease term (in years) - ROU operating leases	6 years 4 months 10 days
Weighted average discount rate - ROU operating leases	4.13%

Leases - Maturities of future l

Leases - Maturities of future lease liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases
2020	$ 5,450
2021	5,856
2022	4,382
2023	2,258
2024	1,786
2025 and thereafter	5,473
Total lease payments	25,205
Less: interest	3,392
Total operating lease liabilities	$ 21,813

Leases - Future minimum lease p

Leases - Future minimum lease payments for operating leases accounted for under ASC 840 (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases
2020	$ 5,815
2021	4,160
2022	3,191
2023	1,445
2024	865
Thereafter	765
Total minimum lease payments	$ 16,241

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Certain relatives of Jack C. Bendheim | Compensation and benefit for services provided
Related Party Transaction [Line Items]
Aggregate compensation and benefits	$ 451	$ 783

Commitments and Contingencies -

Commitments and Contingencies - Additional Informtion (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)item	Jun. 30, 2019USD ($)
Commitments And Contingencies [Line Items]
Number of potentially responsible parties | item	140
Current And Long Term Liabilities
Commitments And Contingencies [Line Items]
Accrual for environmental loss contingencies payments | $	$ 5,869	$ 5,890

Derivatives - Company's Outstan

Derivatives - Company's Outstanding Derivatives (Details) R$ in Thousands, $ in Thousands	Sep. 30, 2019BRL (R$)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Equity Option | Brazilian Real puts
Derivative [Line Items]
Notional amount | R$	R$ 90000
Fair value		$ 390	$ 413
Fair value		(370)	(30)
Swap | Interest Rate Swap
Derivative [Line Items]
Notional amount		150,000
Swap | Interest Rate Swap | Other liabilities
Derivative [Line Items]
Fair value		$ (1,698)	$ (977)

Derivatives - Effects of Deriva

Derivatives - Effects of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Cost of goods sold	$ 132,057	$ 134,348
Interest expense, net	3,354	2,783
Equity Option | Cash Flow Hedging | Brazilian Real puts | Cost of Sales
Derivative [Line Items]
Gain (loss) recognized in consolidated statements of operations	(45)	1,084
Equity Option | Cash Flow Hedging | Brazilian Real puts | Other Comprehensive Income (Loss)
Derivative [Line Items]
Gain (loss) recorded in OCI	(363)	(109)
Swap | Interest Rate Swap | Cash Flow Hedging | Other Comprehensive Income (Loss)
Derivative [Line Items]
Gain (loss) recorded in OCI	$ (721)	$ 650

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Jul. 31, 2017
Derivative [Line Items]
Maximum maturity period for Foreign Currency Derivatives	Jun. 30, 2021
Other Current Assets
Derivative [Line Items]
Fair values of total foreign currency derivatives outstanding	$ 20	$ 383
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000		$ 150,000
Percentage of interest rate	1.8325%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Aug. 31, 2019	Jun. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	$ 24,000		$ 24,000
Osprey Biotechnics, Inc. ("Osprey")
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration on acquisitions	(7,603)	$ (7,553)
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	24,000		24,000
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives asset (liability)	20		383
Interest rate swap (liability)	(1,698)		$ (977)
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration on acquisitions	$ (7,603)

Business Segments - Segments in

Business Segments - Segments in Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 189,720		$ 200,153
Depreciation and amortization	7,781		6,691
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	3,572		22,705
Interest expense, net	3,354		2,783
Depreciation and amortization	7,781		6,691
Stock-based compensation	565		565
Acquisition-related cost of goods sold	280
Foreign currency (gains) losses, net	3,221		(2,635)
Identifiable assets	795,239	$ 726,671
Animal Health
Segment Reporting Information [Line Items]
Net sales	121,850		131,189
Reconciliation of income before income taxes to Adjusted EBITDA
Restructure costs		6,281
Mineral Nutrition
Segment Reporting Information [Line Items]
Net sales	52,649		54,838
Performance Products
Segment Reporting Information [Line Items]
Net sales	15,221		14,126
Operating Segments
Segment Reporting Information [Line Items]
Net sales	189,720		200,153
Depreciation and amortization	7,374		6,226
Adjusted EBITDA - Total segments	29,388		38,995
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	3,572		22,705
Interest expense, net	3,354		2,783
Depreciation and amortization	7,374		6,226
Restructure costs	425
Stock-based compensation	565		565
Acquisition-related cost of goods sold	280
Acquisition-related transaction costs	462
Foreign currency (gains) losses, net	3,221		(2,635)
Adjusted EBITDA - Total segments	29,388		38,995
Identifiable assets	677,807	609,412
Operating Segments | Animal Health
Segment Reporting Information [Line Items]
Net sales	121,850		131,189
Depreciation and amortization	6,384		5,356
Adjusted EBITDA - Total segments	25,061		35,716
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	6,384		5,356
Adjusted EBITDA - Total segments	25,061		35,716
Identifiable assets	572,933	508,864
Operating Segments | Mineral Nutrition
Segment Reporting Information [Line Items]
Net sales	52,649		54,838
Depreciation and amortization	613		597
Adjusted EBITDA - Total segments	3,475		2,563
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	613		597
Adjusted EBITDA - Total segments	3,475		2,563
Identifiable assets	71,551	67,662
Operating Segments | Performance Products
Segment Reporting Information [Line Items]
Net sales	15,221		14,126
Depreciation and amortization	377		273
Adjusted EBITDA - Total segments	852		716
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	377		273
Adjusted EBITDA - Total segments	852		716
Identifiable assets	33,323	32,886
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	407		465
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	407		465
Corporate costs	9,728		$ 8,886
Identifiable assets	$ 117,432	$ 117,259

Business Segments - Additionl I

Business Segments - Additionl Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Segment Reporting Information [Line Items]
Equity method investments	$ 4,374	$ 4,196
Animal Health
Segment Reporting Information [Line Items]
Equity method investments	3,446	3,287
Performance Products
Segment Reporting Information [Line Items]
Equity method investments	$ 852	$ 759