Phibro Animal Health (PAHC) 10-Q9 May 162016 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 02, 2016
Entity Registrant Name	PHIBRO ANIMAL HEALTH CORP
Entity Central Index Key	1,069,899
Trading Symbol	pahc
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Class A common stock
Entity Common Stock, Shares Outstanding		18,519,757
Class B common stock
Entity Common Stock, Shares Outstanding		20,887,811

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 183,461	$ 187,495	$ 562,354	$ 563,641
Cost of goods sold	123,506	128,385	379,823	388,117
Gross profit	59,955	59,110	182,531	175,524
Selling, general and administrative expenses	38,784	37,297	116,881	108,819
Operating income	21,171	21,813	65,650	66,705
Interest expense, net	4,265	3,602	12,051	10,607
Foreign currency (gains) losses, net	(2,243)	(4,633)	(5,139)	(6,855)
Income before income taxes	19,149	22,844	58,738	62,953
Provision (benefit) for income taxes	572	6,148	(8,770)	13,077
Net income	$ 18,577	$ 16,696	$ 67,508	$ 49,876
Net income per share:
basic (in dollars per share)	$ 0.47	$ 0.43	$ 1.72	$ 1.28
diluted (in dollars per share)	$ 0.46	$ 0.42	$ 1.69	$ 1.25
Weighted average common shares outstanding:
basic (in shares)	39,356	38,998	39,203	38,951
diluted (in shares)	40,000	39,919	39,996	39,766
Dividends per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 18,577	$ 16,696	$ 67,508	$ 49,876
Change in fair value of derivative instruments	4,316	(2,624)	1,322	(3,347)
Foreign currency translation adjustment	4,935	(16,673)	(14,780)	(34,011)
Unrecognized net pension gains (losses)	446	351	1,338	1,053
(Provision) benefit for income taxes	(1,828)	2,729	487	5,435
Other comprehensive income (loss)	7,869	(16,217)	(11,633)	(30,870)
Comprehensive income (loss)	$ 26,446	$ 479	$ 55,875	$ 19,006

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
ASSETS
Cash and cash equivalents	$ 32,225	$ 29,216
Accounts receivable, net	116,233	111,099
Inventories, net	168,293	149,786
Other current assets	15,847	23,627
Total current assets	332,598	313,728
Property, plant and equipment, net	123,100	104,414
Intangibles, net	61,671	37,281
Other assets	72,512	37,895
Total assets	589,881	493,318
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	2,809	2,809
Accounts payable	51,852	63,061
Accrued expenses and other current liabilities	45,119	45,463
Total current liabilities	99,780	111,333
Revolving credit facility	82,000	3,000
Long-term debt	281,606	283,709
Other liabilities	48,794	65,648
Total liabilities	$ 512,180	$ 463,690
Commitments and contingencies (Note 11)
Common stock, par value $0.0001; 300,000,000 Class A shares authorized, 18,515,351 and 17,747,793 shares issued and outstanding at March 31, 2016 and June 30, 2015, respectively; 30,000,000 Class B shares authorized, 20,887,811 and 21,320,275 shares issued and outstanding at March 31, 2016 and June 30, 2015, respectively	$ 4	$ 4
Preferred stock, par value $0.0001; 16,000,000 shares authorized, no shares issued and outstanding
Paid-in capital	$ 118,247	$ 118,192
Retained earnings (accumulated deficit)	22,683	(36,968)
Accumulated other comprehensive income (loss)	(63,233)	(51,600)
Total stockholders' equity	77,701	29,628
Total liabilities and stockholders' equity	$ 589,881	$ 493,318

CONSOLIDATED BALANCE SHEETS (u5

CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Jun. 30, 2015
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
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
Class A common stock
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	18,515,351	17,747,793
Common stock, shares outstanding	18,515,351	17,747,793
Class B common stock
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	20,887,811	21,320,275
Common stock, shares outstanding	20,887,811	21,320,275

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 67,508	$ 49,876
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	16,678	15,950
Amortization of deferred financing costs and debt discount	734	725
Acquisition-related cost of goods sold	1,601
Acquisition-related accrued compensation	1,260	327
Acquisition-related accrued interest	1,083	235
Deferred income taxes valuation allowance	(21,323)
Deferred income taxes	(1,794)	3,331
Foreign currency (gains) losses, net	(5,635)	(4,587)
Other	286	(40)
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable, net	(6,556)	(6,879)
Inventories, net	(19,822)	(6,733)
Prepaid expenses and other current assets	(991)	1,449
Other assets	(1,770)	105
Accounts payable	(11,715)	(1,199)
Accrued expenses and other liabilities	(8,918)	(5,718)
Net cash provided (used) by operating activities	10,626	46,842
INVESTING ACTIVITIES
Capital expenditures	(28,648)	(13,103)
Business acquisition	(46,546)	(5,000)
Other, net	142	(4,002)
Net cash provided (used) by investing activities	(75,052)	(22,105)
FINANCING ACTIVITIES
Borrowings under the revolving credit facility	222,500	2,000
Repayments of the revolving credit facility	(143,500)	(2,000)
Payments of long-term debt, capital leases and other	(3,198)	(3,358)
Proceeds from common shares issued	3,965	616
Dividends paid	(11,767)	(11,692)
Net cash provided (used) by financing activities	68,000	(14,434)
Effect of exchange rate changes on cash	(565)	(1,320)
Net increase (decrease) in cash and cash equivalents	3,009	8,983
Cash and cash equivalents at beginning of period	29,216	11,821
Cash and cash equivalents at end of period	$ 32,225	$ 20,804

Description of Business

Description of Business	9 Months Ended
Description of Business	Mar. 31, 2016
Description Of Business [Abstract]
Description of Business	1. Description of Business Phibro Animal Health Corporation (“Phibro” or “PAHC”) and its subsidiaries (collectively, 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, automotive, industrial chemical and chemical catalyst industries. Unless otherwise indicated or the context requires otherwise, references in this report to “we,” “our,” “us,” “the Company” and similar expressions refer to Phibro and its subsidiaries. The unaudited consolidated financial information for the three and nine months ended March 31, 2016 and 2015 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, 2015 (the “Annual Report”), filed with the Securities and Exchange Commission on September 10, 2015 (File no. 001-36410). In the opinion of management, these financial statements include all adjustments necessary for a fair statement of financial position, results of operations and cash flows 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, 2015 was derived from the audited consolidated financial statements, which include the accounts of Phibro and its consolidated subsidiaries, but does not include all disclosures required by accounting principles generally accepted in the United States of America. 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. The decision whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective control over the entity. Intercompany balances and transactions have been eliminated in the consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies and New Accounting Standards	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
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. As of March 31, 2016, there have been no material changes to any of the significant accounting policies contained therein, except for the application of Accounting Standards Update (“ASU”) 2015-17, Income Taxes (Topic 740), during the quarter ended December 31, 2015. For further discussion regarding this guidance, see “—New Accounting Standards.” 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 equivalents resulting from the assumed exercise of stock options and warrants. For the three and nine months ended March 31, 2016 and 2015, all common share equivalents were included in the calculation of diluted net income per share. Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Net income $ 18,577 $ 16,696 $ 67,508 $ 49,876 Weighted average number of shares – basic 39,356 38,998 39,203 38,951 Dilutive effect of stock options and warrant 644 921 793 815 Weighted average number of shares – diluted 40,000 39,919 39,996 39,766 Net income per share: basic $ 0.47 $ 0.43 $ 1.72 $ 1.28 diluted $ 0.46 $ 0.42 $ 1.69 $ 1.25 New Accounting Standards Financial Accounting Standards Board (“FASB”) ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, amends Compensation—Stock Compensation (Topic 718). This new standard simplifies the accounting for share-based payments. The application of this ASU will change various aspects of the current accounting treatment, including accounting for income taxes to require that excess tax deficiencies/benefits be recognized as income tax expense/benefit rather than additional paid-in capital as currently required, as well as accounting for minimum statutory tax withholding requirements and forfeitures. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is permitted and should be applied on a modified retrospective basis. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2016-02, Leases (Topic 842), supersedes the current lease accounting guidance and requires an entity to recognize assets and liabilities for both financing and operating leases on the balance sheet and requires additional qualitative and quantitative disclosures regarding leasing arrangements. This ASU is effective for annual reporting periods beginning after December 15, 2018. Early application is permitted. The provisions of this guidance are to be applied using a modified retrospective approach, and provide for certain practical expedients. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2015-17, Income Taxes (Topic 740), requires entities to classify deferred tax assets and liabilities as noncurrent on the consolidated balance sheet. The guidance is effective for annual periods beginning after December 15, 2016. Early application is permitted, and either retrospective or prospective application is allowed. We elected early application of this ASU during the quarter ended December 31, 2015 to simplify the presentation of deferred tax assets and liabilities. We applied the guidance prospectively; periods prior to December 31, 2015 were not retrospectively adjusted. The application of this guidance did not have a material impact on our consolidated balance sheet. ASU 2015-12, Plan Accounting, has multiple parts that may potentially impact our consolidated financial statements. Plan Investment Disclosures (Part II) will eliminate the requirements to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation for investments by general type. The net appreciation or depreciation in investments for the period still will be required to be presented in the aggregate, but will no longer be required to be disaggregated and disclosed by general type. Measurement Date Practical Expedient (Part III) is applicable for fully benefit-responsive investment contracts only, and will allow for the contract value to be the only required method of measurement for these contracts. Under the current guidance these contracts are required to be measured at fair value. The guidance is effective for annual periods beginning after December 15, 2015. Early application is permitted. Retrospective application of the provisions of this guidance will be required. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2015-11, Inventory (Topic 330), requires entities to measure inventory at the lower of cost and net realizable value (“NRV”). NRV is defined as “the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. Early application is permitted. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments in this Update provide guidance to companies regarding the treatment of cloud computing arrangements and if an arrangement includes a software license. This guidance is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for both prospective and retrospective transition methods. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), intends to simplify presentation of debt issuance costs. The provisions of ASU 2015-03 require that debt issuance costs related to a recorded debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the treatment required of debt discounts. The provisions of ASU 2015-03 are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 will be effective for annual periods ending after December 15, 2016. Earlier adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), establishes principles for the recognition of revenue from contracts with customers. The underlying principle is to identify the performance obligations of a contract, allocate the revenue to each performance obligation and then to recognize revenue when the company satisfies a specific performance obligation of the contract. Subsequently, ASU 2016-08, Revenue from Contracts with Customers (Topic 606), was issued and amends ASU 2014-09 to clarify the implementation guidance for principal versus agent considerations, and reporting revenue gross versus net. In addition, ASU 2015-14, Revenue from Contracts with Customers—Deferral of the Effective Date, was issued resulting in a one year deferral of the ASU 2014-09 effective date. Thus, ASU 2014-09, along with the guidance in ASU 2016-08, is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2016. The guidance should be applied retrospectively to each prior reporting period presented. We are evaluating the impact of adoption of this guidance on our consolidated financial statements.

Acquisition

Acquisition	9 Months Ended
Acquisition	Mar. 31, 2016
Business Combinations [Abstract]
Acquisition	3. Acquisition In January 2016, we purchased the assets of MVP Laboratories, Inc. (“MVP”). MVP was a developer, manufacturer and marketer of livestock vaccines, vaccine adjuvants and other products. We acquired all of the assets and assumed certain liabilities used in MVP’s business, including working capital, intellectual property, manufacturing equipment, real property and facilities. The purchase price of approximately $46,546 was paid in cash at closing. We incurred $618 in transaction expenses in connection with the acquisition, which are included in selling, general and administrative expenses. The acquisition was accounted for as a business combination in accordance with ASC 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 $ 4,893 Property, plant and equipment 4,774 Definite-lived intangible assets 28,380 Goodwill 8,499 Net assets acquired $ 46,546 We may further refine the determination of certain assets during the measurement period.The definite-lived intangible assets relate to developed products and will be amortized over an estimated useful life of 15 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	9 Months Ended
Statements of Operations-Additional Information	Mar. 31, 2016
Supplemental Income Statement Elements [Abstract]
Statements of Operations-Additional Information	4. Statements of Operations—Additional Information Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Interest expense, net Term B Loan $ 2,888 $ 2,887 $ 8,750 $ 8,808 Revolving credit facility 720 211 1,322 680 Acquisition-related accrued interest 394 235 1,083 235 Amortization of deferred financing fees and debt discount 251 241 734 725 Other 79 88 335 316 Interest expense 4,332 3,662 12,224 10,764 Interest (income) (67 ) (60 ) (173 ) (157 ) $ 4,265 $ 3,602 $ 12,051 $ 10,607 Depreciation and amortization Depreciation of property, plant and equipment $ 4,328 $ 4,066 $ 12,514 $ 12,417 Amortization of intangible assets 1,469 1,233 3,988 3,359 Amortization of other assets 59 57 176 174 $ 5,856 $ 5,356 $ 16,678 $ 15,950

Balance Sheets-Additional Infor

Balance Sheets-Additional Information	9 Months Ended
Balance Sheets-Additional Information	Mar. 31, 2016
Balance Sheets Additional Information [Abstract]
Balance Sheets-Additional Information	5. Balance Sheets—Additional Information As of March 31, 2016 June 30, 2015 Inventories Raw materials $ 46,971 $ 40,012 Work-in-process 9,276 7,617 Finished goods 112,046 102,157 $ 168,293 $ 149,786 Goodwill roll-forward Balance at beginning of period $ 12,613 $ 12,613 MVP acquisition 8,499 — Balance at end of period $ 21,112 $ 12,613 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 $4,049 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. As of March 31, 2016 June 30, 2015 Accrued expenses and other current liabilities Employee related $ 20,394 $ 22,273 Commissions and rebates 3,895 4,148 Insurance related 1,403 1,368 Professional fees 4,041 3,543 Income and other taxes 2,003 817 Deferred consideration on acquisitions 1,250 1,196 Fair value of derivatives 220 1,542 Other 11,913 10,576 $ 45,119 $ 45,463 As of March 31, 2016 June 30, 2015 Accumulated other comprehensive income (loss) Derivative instruments $ (220 ) $ (1,542 ) Foreign currency translation adjustment (47,503 ) (32,723 ) Unrecognized net pension gains (losses) (18,546 ) (19,884 ) (Provision) benefit for income taxes on derivative instruments (2,327 ) 63 (Provision) benefit for incomes taxes on long-term intercompany investments 8,166 4,923 (Provision) benefit for income taxes on pension gains (losses) (2,803 ) (2,437 ) $ (63,233 ) $ (51,600 )

Debt

Debt	9 Months Ended
Debt	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	6. Debt Revolving Credit Facility and Term B Loan We have a revolving credit facility (the “Revolver”) and a term B loan (the “Term B Loan,” and together with the Revolver, the “Credit Facilities”). The Term B Loan has applicable margins equal to 3.00% in the case of LIBOR loans and 2.00% in the case of base rate loans. The LIBOR rate on the Term B Loan is subject to a floor of 1.00%. In January 2016, we amended the agreements governing our Credit Facilities to, among other things, increase the commitment available to us under the Revolver from $100,000 to $200,000. All other material terms and conditions were unchanged. The Revolver requires, among other things, the maintenance of a maximum consolidated first lien net debt to consolidated EBITDA leverage ratio, calculated on a trailing four quarter basis, and contains an acceleration clause should an event of default (as defined in the agreement governing the Credit Facilities) occur. As of March 31, 2016, we were in compliance with the covenants of the Credit Facilities. As of March 31, 2016, we had $82,000 in borrowings under the Revolver and had outstanding letters of credit of $14,183 leaving $103,817 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 tenors of these letters of credit are all one year or less. The weighted-average interest rates on the Revolver and Term B Loan were 3.00% and 4.00%, respectively, for the nine months ended March 31, 2016. Long-Term Debt As of March 31, 2016 June 30, 2015 Term B loan due April 2021 $ 284,925 $ 287,100 Capitalized lease obligations 13 18 284,938 287,118 Unamortized debt discount (523 ) (600 ) 284,415 286,518 Less: current maturities (2,809 ) (2,809 ) $ 281,606 $ 283,709

Dividends

Dividends	9 Months Ended
Dividends	Mar. 31, 2016
Equity [Abstract]
Dividends	7. Dividends We intend to pay regular quarterly dividends to holders of our Class A and Class B common stock out of assets legally available for this purpose. We declared and paid quarterly cash dividends totaling $3,940, and $11,767 for the three and nine months ended March 31, 2016, respectively, to holders of our Class A common stock and Class B common stock. Our future ability to pay dividends will depend upon our results of operations, financial condition, capital requirements, our ability to obtain funds from our subsidiaries and other factors that our Board of Directors deems relevant. Additionally, the terms of our current and any future agreements governing our indebtedness could limit our ability to pay dividends or make other distributions.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Certain relatives of Jack C. Bendheim provided services to us as employees or consultants and received aggregate compensation and benefits of approximately $388 and $1,515 during the three and nine months ended March 31, 2016, respectively, and $385 and $1,554 during the three and nine months ended March 31, 2015, respectively. Mr. Bendheim has sole authority to vote shares of our stock owned by BFI Co., LLC, an investment vehicle of the Bendheim family.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
Employee Benefit Plans	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	9. Employee Benefit Plans The Company maintains a noncontributory defined benefit pension plan for all domestic nonunion employees employed on or prior to December 31, 2013, who meet certain requirements of age, length of service and hours worked per year. Plan benefits are based upon years of service and average compensation, as defined within the plan. The following table details the net periodic pension expense: Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Service cost – benefits earned during the period $ 735 $ 739 $ 2,204 $ 2,217 Interest cost on benefit obligation 723 654 2,170 1,963 Expected return on plan assets (794 ) (707 ) (2,382 ) (2,121 ) Amortization of net actuarial (gain) loss and prior service costs 446 351 1,338 1,053 Net periodic pension expense $ 1,110 $ 1,037 $ 3,330 $ 3,112

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes During the quarter ended December 31, 2015, we concluded it was more likely than not that the value of domestic deferred tax assets would be realized and it was no longer necessary to maintain a valuation allowance. Accordingly we released our domestic valuation allowance. We continue to maintain valuation allowances against deferred tax assets related to certain foreign jurisdictions. We review the realizability of our deferred tax assets on a quarterly basis, or whenever events or changes in circumstances indicate a review is required. The provision (benefit) for income taxes for the three and nine months ended March 31, 2016, included a benefit from the release of our valuation allowance against domestic deferred tax assets of approximately $2,536 and $21,323, respectively. Excluding the release of the valuation allowance, the Company’s income tax provisions were comprised primarily of income taxes relating to profitable foreign jurisdictions; income taxes relating to domestic income were substantially offset by the utilization of net operating losses that previously had been offset by the valuation allowance. The provision for income taxes also included benefits from the recognition of certain previously unrecognized tax benefits of $2,130 and $3,677 for the three and nine months ended March 31, 2016, respectively, and $0 and $1,218 for the three and nine months ended March 31, 2015, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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 U.S. 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 a facility in Santa Fe Springs, California, operated by our subsidiary Phibro-Tech, Inc. (“Phibro-Tech”). 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 groundwater contamination at its site is 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 nearby property owner has filed a complaint in the Superior Court of the State of California against many of the PRPs allegedly associated with the groundwater plume affected by the Omega Chemical Site (including Phibro-Tech) for alleged contamination of groundwater underneath its property, and a group of companies that sent chemicals to the Omega Chemical Site for processing and recycling has filed a complaint under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, and the common law public nuisance doctrine 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 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 our 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 $6,435 and $6,827 at March 31, 2016 and June 30, 2015, 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	9 Months Ended
Derivatives	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	12. Derivatives We monitor our exposure to commodity prices, interest rates and foreign currency exchange rates, and use derivatives to manage certain of these risks. These derivatives generally have an expiration/maturity of two years or less and are intended to hedge cash flows related to the purchase of inventory. 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). We record the portion of the changes in the value of the derivative, related to a hedged asset or liability (the effective portion), in accumulated other comprehensive income (loss). As the hedged item is sold, we recognize the gain or loss recorded in accumulated other comprehensive income (loss) to the consolidated statements of operations on the same line where the hedged item is charged when released/sold. We immediately recognize in the consolidated statements of operations in the same line as the hedged item, the portion of the changes in fair value of derivatives used as cash flow hedges that is not offset by changes in the expected cash flows related to a recognized asset or liability (the ineffective portion). 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.” At March 31, 2016, the following table details the Company’s outstanding derivatives that are designated and effective as cash flow hedges: Instrument Hedge Notional Fair value as of March 31, June 30, Options Brazilian Real calls R$136,500 $ 1,561 $ 493 Options Brazilian Real puts R$136,500 $ (1,781 ) $ (2,035 ) The unrecognized gains (losses) at March 31, 2016, are unrealized and will fluctuate based on future exchange rates until the derivative contracts mature. Other comprehensive income (loss) included $4,316 and $1,322 of unrecognized gains for the three and nine months ended March 31, 2016, respectively. Accumulated other comprehensive income (loss) at March 31, 2016 included $220 of net unrecognized losses on derivative instruments; we anticipate that $289 of those losses will be recognized in earnings within the next twelve months. We realized net losses of $618 and $2,559 related to contracts that matured during the three and nine months ended March 31, 2016, respectively, and recorded the cost as a component of inventory. In addition, during the three and nine months ended March 31, 2016 we recognized $174 of losses in earnings in relation to contracts that matured; we anticipate the balance of the realized net losses in inventory as of March 31, 2016 will be recognized in earnings within the next twelve months. We recognize gains (losses) related to these derivative instruments as a component of cost of goods sold at the time the hedged item is sold. We hedge forecasted transactions for periods not exceeding twenty-four months.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. Fair Value Measurements Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1— Quoted prices in active markets for identical assets or liabilities. Level 2— Significant observable inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3— Unobservable inputs for which there is little or no market data available, and which are significant to the overall fair value measurement, are employed which require the reporting entity to develop its own assumptions. In assessing the fair value of financial instruments at March 31, 2016 and June 30, 2015, we used a variety of methods and assumptions which were based on estimates of market conditions and risks existing at the time. 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. 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. The tenors of these letters of credit are all one year or less. Long Term Debt We record the Term B Loan at book value in our consolidated financial statements. We believe the carrying value of the Term B Loan is approximately equal to the fair value, which is based on quoted broker prices that are Level 2 inputs. Deferred Consideration on Acquisitions We estimated the fair value of the deferred consideration on acquisitions using the income approach, based on the Company’s current sales forecast related to the acquired business. 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. As of March 31, 2016 June 30, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivatives asset/(liability) $ — $ (220 ) $ — $ — $ (1,542 ) $ — Deferred consideration on acquisitions $ — $ — $ (6,351 ) $ — $ — $ (5,465 ) The table below provides a summary of the changes in the fair value of Level 3 liabilities: Balance, June 30, 2015 $ (5,465 ) Acquisition-related accrued interest (1,082 ) Payment and other 196 Balance, March 31, 2016 $ (6,351 )

Business Segments

Business Segments	9 Months Ended
Business Segments	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segments	14. Business Segments The Animal Health segment manufactures and markets products for the poultry, swine, cattle, dairy, aquaculture and ethanol markets. The business includes net sales of medicated feed additives and other related products, nutritional specialty products and vaccines. The Mineral Nutrition segment manufactures and markets trace minerals for the cattle, swine, poultry and pet food markets. The Performance Products segment manufactures and markets a variety of products for use in the personal care, automotive, industrial chemical and chemical catalyst industries. 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 such costs are referred to as Corporate. We do not allocate such items to the principal segments because they are not used to evaluate their operating results or financial position. Assets include cash and cash equivalents, debt issue costs and certain other assets. We evaluate performance of our segments based on adjusted EBITDA. We define adjusted EBITDA as EBITDA plus (a) (income) loss from, and disposal of, discontinued operations, (b) 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 (c) certain items that we consider to be unusual or non-recurring. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes or less benefit for income taxes and (iii) depreciation and amortization. The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein. Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Net sales Animal Health $ 118,328 $ 117,346 $ 359,966 $ 353,356 Mineral Nutrition 53,029 57,320 166,351 171,509 Performance Products 12,104 12,829 36,037 38,776 $ 183,461 $ 187,495 $ 562,354 $ 563,641 Depreciation and amortization Animal Health $ 4,246 $ 3,829 $ 11,951 $ 11,367 Mineral Nutrition 656 613 1,876 1,822 Performance Products 196 133 584 426 Corporate 758 781 2,267 2,335 $ 5,856 $ 5,356 $ 16,678 $ 15,950 Adjusted EBITDA Animal Health $ 32,151 $ 29,629 $ 95,978 $ 90,379 Mineral Nutrition 4,012 3,761 11,361 10,994 Performance Products 490 994 568 2,192 Corporate (6,987 ) (6,888 ) (22,100 ) (20,583 ) $ 29,666 $ 27,496 $ 85,807 $ 82,982 Reconciliation of Adjusted EBITDA to income before income taxes Adjusted EBITDA $ 29,666 $ 27,496 $ 85,807 $ 82,982 Depreciation and amortization (5,856 ) (5,356 ) (16,678 ) (15,950 ) Acquisition-related cost of goods sold (1,601 ) — (1,601 ) — Acquisition-related accrued compensation (420 ) (327 ) (1,260 ) (327 ) Acquisition-related transaction costs (618 ) — (618 ) — Interest expense, net (4,265 ) (3,602 ) (12,051 ) (10,607 ) Foreign currency gains (losses), net 2,243 4,633 5,139 6,855 Income before income taxes $ 19,149 $ 22,844 $ 58,738 $ 62,953 As of March 31, 2016 June 30, 2015 Identifiable assets Animal Health $ 433,754 $ 361,078 Mineral Nutrition 58,966 59,881 Performance Products 24,850 22,255 Corporate 72,311 50,104 $ 589,881 $ 493,318 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 $4,049 and $4,364 as of March 31, 2016 and June 30, 2015, respectively. The Performance Products segment includes an investment in an equity method investee of $407 and $361 as of March 31, 2016 and June 30, 2015, respectively. Corporate includes all cash and cash equivalents.

Summary of Significant Accoun21

Summary of Significant Accounting Policies and New Accounting Standards (Policies)	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
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 equivalents resulting from the assumed exercise of stock options and warrants. For the three and nine months ended March 31, 2016 and 2015, all common share equivalents were included in the calculation of diluted net income per share. Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Net income $ 18,577 $ 16,696 $ 67,508 $ 49,876 Weighted average number of shares – basic 39,356 38,998 39,203 38,951 Dilutive effect of stock options and warrant 644 921 793 815 Weighted average number of shares – diluted 40,000 39,919 39,996 39,766 Net income per share: basic $ 0.47 $ 0.43 $ 1.72 $ 1.28 diluted $ 0.46 $ 0.42 $ 1.69 $ 1.25
New Accounting Standards	New Accounting Standards Financial Accounting Standards Board (“FASB”) ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, amends Compensation—Stock Compensation (Topic 718). This new standard simplifies the accounting for share-based payments. The application of this ASU will change various aspects of the current accounting treatment, including accounting for income taxes to require that excess tax deficiencies/benefits be recognized as income tax expense/benefit rather than additional paid-in capital as currently required, as well as accounting for minimum statutory tax withholding requirements and forfeitures. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is permitted and should be applied on a modified retrospective basis. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2016-02, Leases (Topic 842), supersedes the current lease accounting guidance and requires an entity to recognize assets and liabilities for both financing and operating leases on the balance sheet and requires additional qualitative and quantitative disclosures regarding leasing arrangements. This ASU is effective for annual reporting periods beginning after December 15, 2018. Early application is permitted. The provisions of this guidance are to be applied using a modified retrospective approach, and provide for certain practical expedients. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2015-17, Income Taxes (Topic 740), requires entities to classify deferred tax assets and liabilities as noncurrent on the consolidated balance sheet. The guidance is effective for annual periods beginning after December 15, 2016. Early application is permitted, and either retrospective or prospective application is allowed. We elected early application of this ASU during the quarter ended December 31, 2015 to simplify the presentation of deferred tax assets and liabilities. We applied the guidance prospectively; periods prior to December 31, 2015 were not retrospectively adjusted. The application of this guidance did not have a material impact on our consolidated balance sheet. ASU 2015-12, Plan Accounting, has multiple parts that may potentially impact our consolidated financial statements. Plan Investment Disclosures (Part II) will eliminate the requirements to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation for investments by general type. The net appreciation or depreciation in investments for the period still will be required to be presented in the aggregate, but will no longer be required to be disaggregated and disclosed by general type. Measurement Date Practical Expedient (Part III) is applicable for fully benefit-responsive investment contracts only, and will allow for the contract value to be the only required method of measurement for these contracts. Under the current guidance these contracts are required to be measured at fair value. The guidance is effective for annual periods beginning after December 15, 2015. Early application is permitted. Retrospective application of the provisions of this guidance will be required. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2015-11, Inventory (Topic 330), requires entities to measure inventory at the lower of cost and net realizable value (“NRV”). NRV is defined as “the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. Early application is permitted. We are evaluating the impact of adoption of this guidance on our consolidated financial statements. ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments in this Update provide guidance to companies regarding the treatment of cloud computing arrangements and if an arrangement includes a software license. This guidance is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for both prospective and retrospective transition methods. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), intends to simplify presentation of debt issuance costs. The provisions of ASU 2015-03 require that debt issuance costs related to a recorded debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the treatment required of debt discounts. The provisions of ASU 2015-03 are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 will be effective for annual periods ending after December 15, 2016. Earlier adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), establishes principles for the recognition of revenue from contracts with customers. The underlying principle is to identify the performance obligations of a contract, allocate the revenue to each performance obligation and then to recognize revenue when the company satisfies a specific performance obligation of the contract. Subsequently, ASU 2016-08, Revenue from Contracts with Customers (Topic 606), was issued and amends ASU 2014-09 to clarify the implementation guidance for principal versus agent considerations, and reporting revenue gross versus net. In addition, ASU 2015-14, Revenue from Contracts with Customers—Deferral of the Effective Date, was issued resulting in a one year deferral of the ASU 2014-09 effective date. Thus, ASU 2014-09, along with the guidance in ASU 2016-08, is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2016. The guidance should be applied retrospectively to each prior reporting period presented. We are evaluating the impact of adoption of this guidance on our consolidated financial statements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies and New Accounting Standards (Tables)	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of net income per share and weighted average shares	Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Net income $ 18,577 $ 16,696 $ 67,508 $ 49,876 Weighted average number of shares – basic 39,356 38,998 39,203 38,951 Dilutive effect of stock options and warrant 644 921 793 815 Weighted average number of shares – diluted 40,000 39,919 39,996 39,766 Net income per share: basic $ 0.47 $ 0.43 $ 1.72 $ 1.28 diluted $ 0.46 $ 0.42 $ 1.69 $ 1.25

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
Acquisition (Tables)	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of acquired assets and liabilities as of the acquisition	Working capital, net $ 4,893 Property, plant and equipment 4,774 Definite-lived intangible assets 28,380 Goodwill 8,499 Net assets acquired $ 46,546

Statements of Operations-Addi24

Statements of Operations-Additional Information (Tables)	9 Months Ended
Statements of Operations-Additional Information (Tables)	Mar. 31, 2016
Supplemental Income Statement Elements [Abstract]
Schedule of additional information of statements of operations	Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Interest expense, net Term B Loan $ 2,888 $ 2,887 $ 8,750 $ 8,808 Revolving credit facility 720 211 1,322 680 Acquisition-related accrued interest 394 235 1,083 235 Amortization of deferred financing fees and debt discount 251 241 734 725 Other 79 88 335 316 Interest expense 4,332 3,662 12,224 10,764 Interest (income) (67 ) (60 ) (173 ) (157 ) $ 4,265 $ 3,602 $ 12,051 $ 10,607 Depreciation and amortization Depreciation of property, plant and equipment $ 4,328 $ 4,066 $ 12,514 $ 12,417 Amortization of intangible assets 1,469 1,233 3,988 3,359 Amortization of other assets 59 57 176 174 $ 5,856 $ 5,356 $ 16,678 $ 15,950

Balance Sheets-Additional Inf25

Balance Sheets-Additional Information (Tables)	9 Months Ended
Balance Sheets-Additional Information (Tables)	Mar. 31, 2016
Balance Sheets Additional Information [Abstract]
Schedule of additional information of balance sheets	As of March 31, 2016 June 30, 2015 Inventories Raw materials $ 46,971 $ 40,012 Work-in-process 9,276 7,617 Finished goods 112,046 102,157 $ 168,293 $ 149,786 Goodwill roll-forward Balance at beginning of period $ 12,613 $ 12,613 MVP acquisition 8,499 — Balance at end of period $ 21,112 $ 12,613 As of March 31, 2016 June 30, 2015 Accrued expenses and other current liabilities Employee related $ 20,394 $ 22,273 Commissions and rebates 3,895 4,148 Insurance related 1,403 1,368 Professional fees 4,041 3,543 Income and other taxes 2,003 817 Deferred consideration on acquisitions 1,250 1,196 Fair value of derivatives 220 1,542 Other 11,913 10,576 $ 45,119 $ 45,463 As of March 31, 2016 June 30, 2015 Accumulated other comprehensive income (loss) Derivative instruments $ (220 ) $ (1,542 ) Foreign currency translation adjustment (47,503 ) (32,723 ) Unrecognized net pension gains (losses) (18,546 ) (19,884 ) (Provision) benefit for income taxes on derivative instruments (2,327 ) 63 (Provision) benefit for incomes taxes on long-term intercompany investments 8,166 4,923 (Provision) benefit for income taxes on pension gains (losses) (2,803 ) (2,437 ) $ (63,233 ) $ (51,600 )

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long term debt	As of March 31, 2016 June 30, 2015 Term B loan due April 2021 $ 284,925 $ 287,100 Capitalized lease obligations 13 18 284,938 287,118 Unamortized debt discount (523 ) (600 ) 284,415 286,518 Less: current maturities (2,809 ) (2,809 ) $ 281,606 $ 283,709

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
Employee Benefit Plans (Tables)	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of net periodic pension expense	Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Service cost – benefits earned during the period $ 735 $ 739 $ 2,204 $ 2,217 Interest cost on benefit obligation 723 654 2,170 1,963 Expected return on plan assets (794 ) (707 ) (2,382 ) (2,121 ) Amortization of net actuarial (gain) loss and prior service costs 446 351 1,338 1,053 Net periodic pension expense $ 1,110 $ 1,037 $ 3,330 $ 3,112

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
Derivatives (Tables)	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding derivatives designated and effective as cash flow hedges	Instrument Hedge Notional Fair value as of March 31, June 30, Options Brazilian Real calls R$136,500 $ 1,561 $ 493 Options Brazilian Real puts R$136,500 $ (1,781 ) $ (2,035 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of fair value of derivative instruments based upon pricing models	As of March 31, 2016 June 30, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivatives asset/(liability) $ — $ (220 ) $ — $ — $ (1,542 ) $ — Deferred consideration on acquisitions $ — $ — $ (6,351 ) $ — $ — $ (5,465 )
Schedule of changes in the fair value of Level 3 assets	Balance, June 30, 2015 $ (5,465 ) Acquisition-related accrued interest (1,082 ) Payment and other 196 Balance, March 31, 2016 $ (6,351 )

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of information regarding reportable segments	Three Months Nine Months For the Periods Ended March 31 2016 2015 2016 2015 Net sales Animal Health $ 118,328 $ 117,346 $ 359,966 $ 353,356 Mineral Nutrition 53,029 57,320 166,351 171,509 Performance Products 12,104 12,829 36,037 38,776 $ 183,461 $ 187,495 $ 562,354 $ 563,641 Depreciation and amortization Animal Health $ 4,246 $ 3,829 $ 11,951 $ 11,367 Mineral Nutrition 656 613 1,876 1,822 Performance Products 196 133 584 426 Corporate 758 781 2,267 2,335 $ 5,856 $ 5,356 $ 16,678 $ 15,950 Adjusted EBITDA Animal Health $ 32,151 $ 29,629 $ 95,978 $ 90,379 Mineral Nutrition 4,012 3,761 11,361 10,994 Performance Products 490 994 568 2,192 Corporate (6,987 ) (6,888 ) (22,100 ) (20,583 ) $ 29,666 $ 27,496 $ 85,807 $ 82,982 Reconciliation of Adjusted EBITDA to income before income taxes Adjusted EBITDA $ 29,666 $ 27,496 $ 85,807 $ 82,982 Depreciation and amortization (5,856 ) (5,356 ) (16,678 ) (15,950 ) Acquisition-related cost of goods sold (1,601 ) — (1,601 ) — Acquisition-related accrued compensation (420 ) (327 ) (1,260 ) (327 ) Acquisition-related transaction costs (618 ) — (618 ) — Interest expense, net (4,265 ) (3,602 ) (12,051 ) (10,607 ) Foreign currency gains (losses), net 2,243 4,633 5,139 6,855 Income before income taxes $ 19,149 $ 22,844 $ 58,738 $ 62,953 As of March 31, 2016 June 30, 2015 Identifiable assets Animal Health $ 433,754 $ 361,078 Mineral Nutrition 58,966 59,881 Performance Products 24,850 22,255 Corporate 72,311 50,104 $ 589,881 $ 493,318

Summary of Significant Accoun31

Summary of Significant Accounting Policies and New Accounting Standards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Net income (in dollars)	$ 18,577	$ 16,696	$ 67,508	$ 49,876
Weighted average number of shares - basic	39,356	38,998	39,203	38,951
Dilutive effect of stock options and warrant	644	921	793	815
Weighted average number of shares - diluted	40,000	39,919	39,996	39,766
Net income per share:
basic (in dollars per share)	$ 0.47	$ 0.43	$ 1.72	$ 1.28
diluted (in dollars per share)	$ 0.46	$ 0.42	$ 1.69	$ 1.25

Acquisition (Detail)

Acquisition (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Jan. 31, 2016	Jun. 30, 2015	Jun. 30, 2014
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 21,112		$ 12,613	$ 12,613
MVP Laboratories, Inc
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Working capital, net		$ 4,893
Property, plant and equipment		4,774
Definite-lived intangible assets		28,380
Goodwill		8,499
Net assets acquired		$ 46,546

Acquisition (Detail Textuals)

Acquisition (Detail Textuals) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
Acquisition (Detail Textuals) - USD ($) $ in Thousands	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Acquisition purchase price		$ 46,546	$ 5,000
Definite-lived intangible assets useful life		15 years
MVP Laboratories, Inc
Business Acquisition [Line Items]
Acquisition purchase price	$ 46,546
MVP Laboratories, Inc \| Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition transaction cost	$ 618

Statements of Operations-Addi34

Statements of Operations-Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Depreciation and amortization
Depreciation of property, plant and equipment	$ 4,328	$ 4,066	$ 12,514	$ 12,417
Amortization of intangible assets	1,469	1,233	3,988	3,359
Amortization of other assets	59	57	176	174
Depreciation and amortization	5,856	5,356	16,678	15,950
Interest expense, net
Acquisition-related accrued interest	394	235	1,083	235
Amortization of deferred financing fees and debt discount	251	241	734	725
Other	79	88	335	316
Interest expense	4,332	3,662	12,224	10,764
Interest (income)	(67)	(60)	(173)	(157)
Interest expense, net	4,265	3,602	12,051	10,607
Term B Loan
Interest expense, net
Acquisition-related accrued interest	2,888	2,887	8,750	8,808
Revolving credit facility
Interest expense, net
Acquisition-related accrued interest	$ 720	$ 211	$ 1,322	$ 680

Balance Sheets-Additional Inf35

Balance Sheets-Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Inventories
Raw materials	$ 46,971	$ 40,012
Work-in-process	9,276	7,617
Finished goods	112,046	102,157
Inventory, net	168,293	149,786
Goodwill roll-forward
Balance at beginning of period	12,613	$ 12,613
MVP acquisition	8,499
Balance at end of period	21,112	$ 12,613
Accrued expenses and other current liabilities
Employee related	20,394	22,273
Commissions and rebates	3,895	4,148
Insurance related	1,403	1,368
Professional fees	4,041	3,543
Income and other taxes	2,003	817
Deferred consideration on acquisitions	1,250	1,196
Fair value of derivatives	220	1,542
Other	11,913	10,576
Accrued expenses and other current liabilities, total	45,119	45,463
Accumulated other comprehensive income (loss)
Derivative instruments	(220)	(1,542)
Foreign currency translation adjustment	(47,503)	(32,723)
Unrecognized net pension gains (losses)	(18,546)	(19,884)
(Provision) benefit for income taxes on derivative instruments	(2,327)	63
(Provision) benefit for income taxes on long-term intercompany investments	8,166	4,923
(Provision) benefit for income taxes on pension gains (losses)	(2,803)	(2,437)
Accumulated other comprehensive income (loss)	$ (63,233)	$ (51,600)

Debt - Summary of long-term deb

Debt - Summary of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Capitalized lease obligations	$ 13	$ 18
Long-term debt and capital lease obligations, gross	284,938	287,118
Unamortized debt discount	(523)	(600)
Long-term debt and capital lease obligations, net	284,415	286,518
Less: current maturities	(2,809)	(2,809)
Total	281,606	283,709
Term B loan due April 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 284,925	$ 287,100

Debt (Detail Textuals)

Debt (Detail Textuals) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	9 Months Ended
Debt (Detail Textuals) - USD ($) $ in Thousands	Jan. 31, 2016	Dec. 31, 2015	Mar. 31, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Outstanding borrowings			$ 82,000	$ 3,000
Credit Agreement \| Term B Loan
Debt Instrument [Line Items]
Weighted-average interest rates			4.00%
Credit Agreement \| Term B Loan \| LIBOR
Debt Instrument [Line Items]
Applicable interest rates			3.00%
Applicable floor rates			1.00%
Credit Agreement \| Term B Loan \| Base Rate
Debt Instrument [Line Items]
Applicable interest rates			2.00%
Credit Agreement \| Revolver
Debt Instrument [Line Items]
Increase in credit facility	$ 200,000	$ 100,000
Outstanding borrowings			$ 82,000
Outstanding letters of credit			14,183
Available borrowings under credit lines			$ 103,817
Weighted-average interest rates			3.00%

Dividends (Detail Textuals)

Dividends (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Dividends (Detail Textuals) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Dividends [Line Items]
Cash dividends paid		$ 11,767	$ 11,692
Class A common stock
Dividends [Line Items]
Cash dividends paid	$ 3,940	11,767
Class B common stock
Dividends [Line Items]
Cash dividends paid	$ 3,940	$ 11,767

Related Party Transactions (Det

Related Party Transactions (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Relatives of Jack C. Bendheim \| Compensation And Benefit For Services
Related Party Transaction [Line Items]
Aggregate compensation and benefits	$ 388	$ 385	$ 1,515	$ 1,554

Employee Benefit Plans - Net pe

Employee Benefit Plans - Net periodic pension expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Service cost - benefits earned during the period	$ 735	$ 739	$ 2,204	$ 2,217
Interest cost on benefit obligation	723	654	2,170	1,963
Expected return on plan assets	(794)	(707)	(2,382)	(2,121)
Amortization of net actuarial (gain) loss and prior service costs	446	351	1,338	1,053
Net periodic pension expense	$ 1,110	$ 1,037	$ 3,330	$ 3,112

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Detail Textuals) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Deferred income taxes valuation allowance	$ 2,536		$ 21,323
Unrecognized tax benefits	$ 2,130	$ 0	$ 3,677	$ 1,218

Commitments and Contingencies (

Commitments and Contingencies (Detail Textuals) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)Party	Jun. 30, 2015USD ($)
Commitments And Contingencies [Line Items]
Number of potentially responsible parties \| Party	140
Current and long-term liabilities
Commitments And Contingencies [Line Items]
Accrual for environmental loss contingencies payments \| $	$ 6,435	$ 6,827

Derivatives (Details)

Derivatives (Details) - Options - Cash flow hedges - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Brazilian Real calls
Derivative [Line Items]
Notional amount	$ 136,500
Fair value	1,561	$ 493
Brazilian Real puts
Derivative [Line Items]
Notional amount	136,500
Fair value	$ (1,781)	$ (2,035)

Derivatives (Detail Textuals)

Derivatives (Detail Textuals) - Options - Cash flow hedges $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016USD ($)
Derivative [Line Items]
Other comprehensive income (loss), unrealized gains (losses) on derivatives	$ 4,316	$ 1,322
Accumulated other comprehensive income (loss) of unrecognized gains (losses) on derivative instruments	220	220
Unrecognized gains (losses) on derivative instruments recorded in earnings within the next twelve months		289
Realized losses on derivative instruments	618	2,559
Realized losses in earnings	$ 174	$ 174

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives
Deferred consideration on acquisition
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	$ (220)	$ (1,542)
Deferred consideration on acquisition
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives
Deferred consideration on acquisition	$ (6,351)	$ (5,465)

Fair Value Measurements (Deta46

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Business Combination, Contingent Consideration [Roll Forward]
Acquisition related accrued interest	$ (394)	$ (235)	$ (1,083)	$ (235)
Fair value \| Level 3
Business Combination, Contingent Consideration [Roll Forward]
Balance, June 30, 2015			(5,465)
Acquisition related accrued interest			(1,082)
Payment and other			196
Balance, March 31, 2016	$ (6,351)		$ (6,351)

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Segment Reporting Information [Line Items]
Net sales	$ 183,461	$ 187,495	$ 562,354	$ 563,641
Depreciation and amortization	5,856	5,356	16,678	15,950
Adjusted EBITDA	29,666	27,496	85,807	82,982
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA	29,666	27,496	85,807	82,982
Depreciation and amortization	(5,856)	$ (5,356)	(16,678)	(15,950)
Acquisition-related cost of goods sold	(1,601)		(1,601)
Acquisition-related accrued compensation	(420)	$ (327)	(1,260)	$ (327)
Acquisition-related transaction costs	(618)		(618)
Interest expense, net	(4,265)	$ (3,602)	(12,051)	$ (10,607)
Foreign currency gains (losses), net	2,243	4,633	5,139	6,855
Income before income taxes	19,149	22,844	58,738	62,953
Identifiable assets	589,881		589,881		$ 493,318
Operating Segments \| Animal Health
Segment Reporting Information [Line Items]
Net sales	118,328	117,346	359,966	353,356
Depreciation and amortization	4,246	3,829	11,951	11,367
Adjusted EBITDA	32,151	29,629	95,978	90,379
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA	32,151	29,629	95,978	90,379
Depreciation and amortization	(4,246)	(3,829)	(11,951)	(11,367)
Identifiable assets	433,754		433,754		361,078
Operating Segments \| Mineral Nutrition
Segment Reporting Information [Line Items]
Net sales	53,029	57,320	166,351	171,509
Depreciation and amortization	656	613	1,876	1,822
Adjusted EBITDA	4,012	3,761	11,361	10,994
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA	4,012	3,761	11,361	10,994
Depreciation and amortization	(656)	(613)	(1,876)	(1,822)
Identifiable assets	58,966		58,966		59,881
Operating Segments \| Performance Products
Segment Reporting Information [Line Items]
Net sales	12,104	12,829	36,037	38,776
Depreciation and amortization	196	133	584	426
Adjusted EBITDA	490	994	568	2,192
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA	490	994	568	2,192
Depreciation and amortization	(196)	(133)	(584)	(426)
Identifiable assets	24,850		24,850		22,255
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	758	781	2,267	2,335
Adjusted EBITDA	(6,987)	(6,888)	(22,100)	(20,583)
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA	(6,987)	(6,888)	(22,100)	(20,583)
Depreciation and amortization	(758)	$ (781)	(2,267)	$ (2,335)
Identifiable assets	$ 72,311		$ 72,311		$ 50,104

Business Segments (Detail Textu

Business Segments (Detail Textuals) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Animal Health
Segment Reporting Information [Line Items]
Equity method investments	$ 4,049	$ 4,364
Performance Products
Segment Reporting Information [Line Items]
Equity method investments	$ 407	$ 361