Balance Sheets-Additional Information

12 Months Ended

Jun. 30, 2018

Balance Sheets Additional Information [Abstract]

4. Balance Sheets—Additional Information

As of June 30	2018			2017
Accounts receivable, net
Trade accounts receivable		$	141,999		$	132,275
Allowance for doubtful accounts			(6,257)			(6,428)
		$	135,742		$	125,847

As of June 30	2018			2017			2016
Allowance for doubtful accounts
Balance at beginning of period		$	6,428		$	4,953		$	3,378
Provision for bad debts			166			1,412			1,774
Effect of changes in exchange rates			(215)			159			(132)
Bad debt write-offs (recovery)			(122)			(96)			(67)
Balance at end of period		$	6,257		$	6,428		$	4,953

As of June 30	June 30, 2018			June 30, 2017
Inventories
Raw materials		$	62,373		$	54,861
Work-in-process			14,731			12,402
Finished goods			101,066			93,970
		$	178,170		$	161,233

As of June 30	2018			2017
Property, plant and equipment, net
Land		$	10,140		$	9,584
Buildings and improvements			68,769			65,958
Machinery and equipment			227,092			212,589
			306,001			288,131
Accumulated depreciation			(175,893)			(160,780)
		$	130,108		$	127,351

Certain facilities in Israel are on leased land. The leases expire in 2023, 2035 and 2062.

Property, plant and equipment, net includes internal-use software costs, net of accumulated depreciation, of $2,700 and $3,558 at June 30, 2018 and 2017, respectively.

Machinery and equipment includes construction-in-progress of $7,783 and $2,690 at June 30, 2018 and 2017, respectively.

As of June 30	Weighted- Average Useful Life (Years)		2018			2017
Intangibles, net
Cost
Technology		13		$	69,475		$	67,907
Product registrations, marketing and distribution rights		9			17,902			17,914
Customer relationships		13			12,211			10,616
Trade names, trademarks and other		5			2,740			2,740
In-process research and development					1,800			1,800
					104,128			100,977
Accumulated amortization
Technology					(23,937)			(18,776)
Product registrations, marketing and distribution rights					(17,902)			(17,914)
Customer relationships					(7,614)			(6,995)
Trade names, trademarks and other					(2,697)			(2,690)
					(52,150)			(46,375)
				$	51,978		$	54,602

As of June 30	June 30, 2018			June 30, 2017
Goodwill roll-forward
Balance at beginning of period		$	23,982		$	21,121
Purchase price allocation adjustment			—			2,861
Acquisition			5,642			—
Translation			(2,276)			—
Balance at end of period		$	27,348		$	23,982

In September 2017, we acquired a business for $15,000. The business develops, manufactures and markets animal health products. We accounted for the acquisition as a business combination in accordance with ASC 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. Net assets acquired included accounts receivable, inventories, property, plant and equipment, intangible assets, goodwill, accounts payable, accrued expenses and other liabilities. Goodwill is not deductible for income tax purposes. The business is included in the Animal Health segment.

In January 2016, we purchased the assets of MVP Laboratories, Inc. (“MVP”). MVP was a developer, manufacturer and marketer of livestock vaccines, 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 $46,576 was paid in cash primarily at closing. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations and is included in the Animal Health segment.

As of June 30	2018			2017
Other assets
Acquisition-related note receivable		$	—		$	5,000
Equity method investments			3,944			4,235
Insurance investments			5,235			5,097
Deferred financing fees			2,042			2,552
Deferred income taxes			15,424			23,269
Deposits			6,692			7,074
Indemnification asset			3,000			—
Fair value of derivative			5,078			—
Other			5,369			6,570
		$	46,784		$	53,797

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 $3,432 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 June 30	June 30, 2018			June 30, 2017
Accrued expenses and other current liabilities
Employee related		$	27,333		$	26,553
Commissions and rebates			7,341			6,443
Insurance-related			1,168			1,515
Professional fees			4,350			3,823
Income and other taxes			3,610			3,035
Acquisition-related consideration			12,845			—
Other			14,497			11,283
		$	71,144		$	52,652

In July 2018, we accelerated the closing date and completed the purchase of intellectual property and certain other assets comprising the MJ Biologics, Inc. (“MJB”) business relating to animal vaccines. The Company and MJB had originally agreed in January 2015 to the purchase, with a contemplated closing date in January 2021. The final amount due, net of previously paid amounts, was $12,775 and is included in accrued expenses and other current liabilities at June 30, 2018.

As of June 30	2018			2017
Other liabilities
U.S. pension plan		$	2,910		$	6,150
International retirement plans			4,644			5,257
Supplemental retirement benefits, deferred compensation and other			10,792			9,783
Long term and deferred income taxes			9,729			8,946
Acquisition-related consideration			456			11,751
Other long term liabilities			15,171			7,666
		$	43,702		$	49,553

As of June 30	2018			2017
Accumulated other comprehensive income (loss)
Derivative instruments		$	4,986		$	2,686
Foreign currency translation adjustment			(67,098)			(43,556)
Unrecognized net pension gains (losses)			(18,213)			(18,059)
(Provision) benefit for income taxes on derivative instruments			(1,241)			(1,553)
(Provision) benefit for incomes taxes on long-term intercompany investments			8,166			8,166
(Provision) benefit for income taxes on pension gains (losses)			(3,083)			(3,121)
		$	(76,483)		$	(55,437)